ZORLU ENERJİ ELEKTRİK ÜRETİM A.Ş.

Quarterly Report • Mar 11, 2025

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024

Convenience Translation of Consolidated Financial Statements Originally Issued in

Turkish

	Audited	Audited
	31 December	31 December
ASSETS	2024	2023
Current assets:
Cash and cash equivalents	1.541.918	2.791.942
Financial investments	-	576.172
Trade receivables	6.439.443	8.644.313
Trade receivables from related parties -	1.915.407	1.782.069
Trade receivables from third parties -	4.524.036	6.862.244
Other receivables	1.096.199	1.866.862
Other receivables from related parties -	1.045.942	1.656.005
Other receivables from third parties -	50.257	210.857
Receivables from service concession arrangements	2.827.315	2.501.954
Inventories	467.769	767.176
Prepaid expenses	199.712	151.413
-Prepaid expenses to third parties	199.712	151.413
Current tax assets	59.124	-
Other current assets	778.571	1.234.204
Other current assets from third parties -	778.571	1.234.204
Sub-total	13.410.051	18.534.036
Assets held for sale	-	10.092.151
Total current assets	13.410.051	28.626.187
Non-current assets:
Financial investments	2.820	2.820
- Other financial investments	2.820	2.820
Trade receivables	581.994	538.692
- Trade receivables from third parties	581.994	538.692
Other receivables	12.422.579	17.838.610
- Other receivables from related parties	12.393.118	17.382.082
- Other receivables from third parties	29.461	456.528
Contract assets	239.887	434.205
Other contract assets -	239.887	434.205
Receivables from service concession arrangements	9.426.971	10.666.064
Equity accounted investees	5.748.923	6.448.743
Tangible assets	54.966.237	58.368.006
Right of use assets	905.792	872.396
Intangible assets	10.487.578	11.061.118
Derivative financial assets	-	496.169
Prepaid expenses	14.230	15.991
Prepaid expenses to third parties -	14.230	15.991
Deferred tax assets	10.576.533	6.855.687
Other non-current assets	1.130	4.469
- Other non-current assets to third parties	1.130	4.469
Total non-current assets	105.374.674	113.602.970
Total assets	118.784.725	142.229.157

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024

Convenience Translation of Consolidated Financial Statements Originally Issued in

Turkish

	Audited	Audited
	31 December	31 December
LIABILITIES	2024	2023
Current liabilities:
Short-term borrowings	1.479.026	2.392.597
Short-term borrowings from third parties	1.479.026	2.392.597
Bank borrowings -	597.856	1.769.791
Issued debt instruments -	881.170	622.806
Short-term portion of long-term borrowings	9.716.387	22.012.854
Short-term portion of long-term borrowings from third parties	9.716.387	22.012.854
Bank borrowings -	1.824.359	16.534.861
Issued debt instruments -	7.812.273	5.297.541
Lease liabilities -	79.755	180.452
Trade payables	5.077.060	5.602.363
Trade payables to related parties -	291.430	337.874
Trade payables to third parties -	4.785.630	5.264.489
Payables related to employee benefits	143.467	70.646
Other payables	2.259.321	1.769.217
Other payables to related parties -	44.671	52.529
Other payables to third parties -	2.214.650	1.716.688
Deferred income	948.351	2.716.823
Deferred income from third parties -	50.890	-
Deferred income from related parties -	897.461	2.716.823
Current tax liabilities	15.176	153.303
Short-term provisions	127.918	106.508
Short-term provisions for employee benefits -	97.563	75.676
Other short-term provisions -	30.355	30.832
Other current liabilities	370.915	615.618
Other current liabilities to third parties -	370.915	615.618
Sub-total Liabilities related to assets held for sale	20.137.621 -	35.439.929 10.124.746
Total current liabilities	20.137.621	45.564.675
Non-current liabilities
Long-term borrowings	34.533.664	36.947.343
Long-term borrowings from third parties	34.533.664	36.947.343
Bank borrowings -	3.695.406	26.157.035
Lease liabilities -	265.174	428.344
Issued debt instruments	30.573.084	10.361.964
-
Other payables	15.832	16.123
Other payables to related parties -	15.832	16.123
Deferred income	742.614	-
- Deferred income from related parties	742.614	-
Long-term provisions	444.141	413.527
Long-term provisions for employee benefits -	444.141	413.527
Deferred tax liabilities	4.263.290	3.741.901
Total non-current liabilities	39.999.541	41.118.894
Total liabilities	60.137.162	86.683.569

CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE PERIOD ENDED 31 DECEMBER 2024

Convenience Translation of Consolidated Financial Statements Originally Issued in Turkish

	Audited	Audited 31 December
	31 September
	2024	2023
EQUITY
Equity attributable to owners of the Company	58.647.103	55.444.006
Paid-in capital	5.000.000	5.000.000
Adjustments to share capital	25.262.214	25.262.214
Share premium	46.984	46.984
Other comprehensive income not to be reclassified in profit or loss	8.473.148	9.060.348
Gains on revaluation and remeasurement	8.473.148	9.060.348
Increases on revaluation of property, plant and equipment -	8.844.903	9.432.586
Actuarial losses -	(371.755)	(372.238)
Other comprehensive expense to be reclassified in profit
or loss	(30.155.317)	(35.623.933)
Currency translation difference -	2.935.302	2.781.147
Losses on hedging transactions -
Losses on cash flow hedges	(33.090.619)	(38.405.080)
Restricted reserves appropriated from profits	145.280	145.280
Legal reserves -	145.280	145.280
Retained earnings	52.238.638	35.785.006
Current period profit/(loss)	(2.363.844)	15.768.107
Non-controlling interests	460	101.582
Total equity	58.647.563	55.545.588
Total liabilities and equity	118.784.725	142.229.157

CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE PERIOD ENDED 31 DECEMBER 2024

Convenience Translation of Consolidated Financial Statements Originally Issued in Turkish

	Audited	Audited
	1 January-	1 January
	31 December	31 December
	2024	2023
PROFIT/(LOSS)
Revenue	29.657.596	39.389.311
Cost of sales (-)	(25.947.551)	(33.957.316)
GROSS PROFIT	3.710.045	5.431.995
General administrative expenses (-)	(1.703.544)	(2.036.018)
Marketing expenses (-)	(237.029)	(236.760)
Other income from operating activities	2.921.533	4.250.788
Other expenses from operating activities (-)	(2.756.109)	(2.683.707)
Profit from operating activities	1.934.896	4.726.298
Income from investment activities	4.825.556	5.993.617
Loss from investment activities	-	(4.125)
Share of gain on equity accounted investees	800.581	196.693
PROFIT BEFORE
FINANCE INCOME/(EXPENSE)	7.561.033	10.912.483
Net monetary gain	840.052	12.716.229
Finance income	4.910.232	13.283.568
Finance expense (-)	(22.282.467)	(30.154.247)
PROFIT (LOSS) FROM CONTINUING
OPERATIONS, BEFORE TAX	(8.971.150)	6.758.033
	4.511.967	8.809.465
Tax income from continuing operations
Current period tax expense -	(393.455)	(700.134)
Deferred tax income -	4.905.422	9.509.599
PROFIT (LOSS) FROM CONTINUING
OPERATIONS	(4.459.183)	15.567.498
PROFIT FROM DISCONTINUED OPERATIONS FOR THE PERIOD	2.094.623	293.943
PROFIT (LOSS) FOR THE PERIOD	(2.364.560)	15.861.441
Profit attributable to:
Non-controlling interests	(716)	93.334
Equity holders of the Parent	(2.363.844)	15.768.107
Income per share (TL)
- Income/(loss) per share from continuing operations	(0,89)	4,67
- Income per share from discontinuing operations	0,42	0,09

CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE PERIOD ENDED 31 DECEMBER 2024

Convenience Translation of Consolidated Financial Statements Originally Issued in Turkish

(Amounts expressed in thousands of Turkish Lira ("TL") as adjusted for the effects of inflation in TL units current at 31 December 2024 pursuant to IAS 29.)

	Audited 1 January - 31 December 2024	Audited 1 January - 31 December 2023
OTHER COMPREHENSIVE INCOME/(LOSS)
CURRENT PERIOD NET PROFIT/(LOSS)	(2.364.560)	15.861.441
Other comprehensive income/(loss) not to be
reclassified to profit or loss	(2.081)	(14.805.558)
-Gains on revaluation of property,
plant and equipment	8.006	(18.294.579)
-Actuarial losses	(75.609)	(226.527)
Taxes relating to components of other comprehensive income/(loss) not to be
reclassified to profit or loss	65.522	3.715.548
Taxes relating to gains on revaluation -
of property, plant and equipment	46.620	3.658.916
Taxes relating to actuarial losses -	18.902	56.632
Other comprehensive loss to be
reclassified to profit or loss	5.468.616	343.767
- Exchange differences on translation of foreign operations,net of tax	154.155	(384.049)
Gains/(losses) on exchange differences on translation of foreign operations,net of tax	154.155	(384.049)
- Other comprehensive income (loss) relating to cash flow hedges	7.085.948	970.421
Taxes relating to components of other comprehensive loss to be
reclassified to profit or loss	(1.771.487)	(242.605)
-Taxes relating to cash flow hedges	(1.771.487)	(242.605)
OTHER COMPREHENSIVE INCOME/(LOSS)	5.466.535	(14.461.791)
TOTAL COMPREHENSIVE INCOME	3.101.975	1.399.650
Total comprehensive income/(loss) attributable to Non-controlling interests	(716)	93.334

Equity holders of the parent 3.102.691 1.306.316

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 DECEMBER 2024

Convenience Translation of Consolidated Financial Statements Originally Issued in Turkish

					Items that will not be		Items that are or may be
					reclassified to profit or loss		reclassified to profit or loss
	Share capital	Adjustments to share capital	Share premium	Revaluation of property plant and equipment	Actuarial losses	Foreign currency translation differences	Hedge reserves	Legal reserves	Retained earnings	Net profit for the period	Equity of the parent company	Non controlling interests	Total equity
Balance at 1 January 2023	2.500.000	23.604.780	14.382	26.390.353	(202.967)	3.149.593	(39.132.896)	145.280	19.772.516	13.706.613	49.947.654	(107.256)	49.840.398
Shareholders' additional capital contributions	2.500.000	1.657.434	32.602	-	-	-	-	-	-	-	4.190.036	-	4.190.036
Acquisition or disposal of subsidiary Transactions with the non-controlling	-	-	-	-	624	15.603	-	-	(16.227)	-	-	-	-
parties	-	-	-	-	-	-	-	-	-	-	-	115.504	115.504
Transfers	-	-	-	(2.322.104)	-	-	-	-	16.028.717	(13.706.613)	-	-	-
Total comprehensive income/(loss)	-	-	-	(14.635.663)	(169.895)	(384.049)	727.816	-	-	15.768.107	1.306.316	93.334	1.399.650
-Net profit for the period	-	-	-	-	-	-	-	-	-	15.768.107	15.768.107	93.334	15.861.441
-Total comprehensive income/(loss)	-	-	-	(14.635.663)	(169.895)	(384.049)	727.816	-	-	-	(14.461.791)	-	(14.461.791)
31 December 2023	5.000.000	25.262.214	46.984	9.432.586	(372.238)	2.781.147	(38.405.080)	145.280	35.785.006	15.768.107	55.444.006	101.582	55.545.588
Balance at 1 January 2024	5.000.000	25.262.214	46.984	9.432.586	(372.238)	2.781.147	(38.405.080)	145.280	35.785.006	15.768.107	55.444.006	101.582	55.545.588
Acquisition or disposal of subsidiary	-	-	-	-	57.190	-	-	-	43.216	-	100.406	(100.406)	-
Transfers	-	-	-	(642.309)	-	-	-	-	16.410.416	(15.768.107)	-	-	-
Total comprehensive income/(loss)	-	-	-	54.626	(56.707)	154.155	5.314.461	-	-	(2.363.844)	3.102.691	(716)	3.101.975
-Net profit for the period	-	-	-	-	-	-	-	-	-	(2.363.844)	(2.363.844)	(716)	(2.364.560)
-Total comprehensive income/(loss)	-	-	-	54.626	(56.707)	154.155	5.314.461	-	-	-	5.466.535	-	5.466.535
31 December 2024	5.000.000	25.262.214	46.984	8.844.903	(371.755)	2.935.302	(33.090.619)	145.280	52.238.638	(2.363.844)	58.647.103	460	58.647.563

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 DECEMBER 2024

Convenience Translation of Consolidated Financial Statements Originally Issued in Turkish

		Audited	Audited
		1 January-	1 January
	Notes	31 December 2024	31 December 2023
CASH FLOWS FROM OPERATING ACTIVITIES:		6.550.147	16.990.011
Net profit (loss) for the period		(2.364.560)	15.861.441
-Net profit (loss) for the period from continued operations		(4.459.183)	15.567.498
-Net profitfor the period from discontinued operations		2.094.623	293.943
Adjustments related to period net profit/(loss) reconciliation		(793.612)	(12.098.977)
Adjustments related to depreciation and amortization		4.827.761	6.194.368
Adjustments for provisions		72.620	120.561
-Adjustments for provisions related with employee benefits		51.210	46.915
-Adjustments for (reversal of) other provisions		21.410	73.646
Adjustments related to interest (income) and expense		8.580.408	7.082.503
-Adjustments related to interest (income)		(3.403.769)	(3.858.494)
-Adjustments related to interest expense		11.984.177	10.940.997
Adjustments related to unrealized foreign exchange losses/(gains)		5.631.376	14.830.605
Adjustments related to fair value losses/(gains)		288.716	(1.745.470)
-Adjustments related to fair value losses/(gains)
on derivative financial instruments		288.716	(16.335)
-Other adjustments related to fair value losses /(gains)		-	(1.729.135)
Adjustments for undistributed profits of investments
Accounted for using equity method		(800.581)	(196.693)
-Adjustments for undistributed profits of joint ventures		(800.581)	(196.693)
Adjustments related to tax (income) expense		(4.511.967)	(8.307.716)
Adjustments related to gains from disposals of fixed assets		(809)	(8.905)
-Adjustments related to gains resulting from disposal
of tangible assets		(809)	(8.905)
Adjustments related to monetary gains and losses		(10.438.912)	(25.992.964)
Adjustments related to gains from disposals
of subsidiaries or joint operations		(4.824.747)	(4.251.452)
Other adjustment to reconcile profit (loss)		382.523	176.186
Net cash generated from operating activities
before changes in working capital		10.388.866	13.750.679
Changes in trade receivables		3.005.669	6.781.109
-Changes in trade receivables from related parties		121.052	2.123.754
-Changes in trade receivables from third parties		2.884.617	4.657.355
Changes in other receivables		9.311.611	12.421.204
-Changes in other receivables from related parties		8.723.944	12.417.495
-Changes in other receivables from third parties		587.667	3.709
Changes in receivables from service concession arrangement		913.732	1.078.204
Changes in inventories		299.407	478.433
Changes in trade payables		(2.464.557)	(4.642.839)
-Changes in trade payables to related parties		(46.444)	(615.615)
Changes in trade payables to third parties -		(2.418.113)	(4.027.224)
Changes in other payables		(91.793)	(290.079)
Changes in other payables to third parties -		(91.793)	(290.079)
Changes in other liabilities		246.337	(1.367.376)
Changes in other assets -		418.219	(1.512.667)
Changes in other liabilities -		(171.882)	145.291
Changes in assets arising from customer contracts		194.318	(418.233)
Changes in other contract assets -		194.318	(418.233)
Changes in deferred income		(1.025.858)	(289.744)
Net cash generated from operating activities		7.230.694	17.513.143
Payments related with provisions for employee benefits		(84.056)	(66.468)
Income taxes paid		(596.491)	(456.664)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 DECEMBER 2024

Convenience Translation of Consolidated Financial Statements Originally Issued in Turkish

		Audited	Audited
		1 January-	1 January
	Notes	31 December 2024	31 December 2023
CASH FLOWS FROM INVESTING ACTIVITIES		3.623.192	(114.165)
Cash inflows from losing control of subsidiaries		4.808.664	3.039.266
Cash outflows related to capital advance payments of subsidiaries and/or
joint ventures		(378.080)	(1.974.778)
Cash inflows from the sale
of tangible and intangible assets		8.393	267.173
-Cash inflows from the sale of property, plant and equipment		8.393	267.173
Cash outflows from purchases
of property, plant and equipment and intangible assets		(1.210.612)	(1.486.255)
-Cash outflows from the sale of property, plant and equipment		(1.190.124)	(1.404.197)
-Cash outflows from the sale of intangible assets		(20.488)	(82.058)
Other inflows (outflows) of cash		-	(120.006)
Dividend received		394.827	160.435
CASH FLOW FROM FINANCING ACTIVITIES		(10.795.778)	(17.196.679)
Cash Inflows from Issuance of Shares and Other Equity Instruments		-	1.928.247
-Cash Inflows from Share Issuance		-	1.928.247
Cash inflows from borrowing		43.832.750	6.570.376
-Cash inflows from bank loans		2.573.908	377.314
-Cash inflows from issued debt instruments		41.258.842	6.193.062
Cash outflows related to debt payments		(46.027.674)	(17.503.790)
-Cash outflows related to loan repayments		(32.715.192)	(12.962.201)
Cash outflows from repayments of issued debt instruments -		(13.312.482)	(4.541.589)
Decrease in other payables to related parties		(71.960)	(1.122.044)
Payment of lease liabilities		(107.837)	(213.834)
Interest paid		(9.537.181)	(8.714.016)
Interest received		491.848	1.123.121
Cash inflows from derivative instruments		1.026.849	388.775
Other cash inflows		(402.573)	346.486
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
BEFORE EFFECT OF CURRENCY TRANSLATION DIFFERENCES		(622.439)	(320.833)
Effect of currency translation differences in cash and cash
equivalents		(83.485)	(211.657)
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS		(705.924)	(532.490)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD		2.779.085	5.456.515
INFLATION EFFECT ON CASH AND CASH EQUIVALENTS		(629.197)	(2.144.940)
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD		1.443.964	2.779.085