ARD GRUP BİLİŞİM TEKNOLOJİLERİ A.Ş.

Investor Presentation • Nov 7, 2024

07.11.2024

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Capital Efficiency: 26% ROE including TAS-29 Effect*

Growth: We expect 1,7 bn TRY of EBITDA at the end of 2024

Subsidiary Acquisition: 51% Shares of Oxivo Grup Bilişim A.Ş. Acquired

Company Establishment: Javtech Teknoloji ve Bilişim A.Ş. was established

* Return on Equity

⁵ PARTNERSHIP STRUCTURE

Ard Grup Holding Anonim Şirketi 25,13%
Other 74,71%

Share Buyback 0,16%

Board of Directors
Name and Surname	Title
Arda Ödemiş (ARD Grup Holding AŞ Adına)	Chairman of the Board
Doğan Ödemiş	Deputy Chairman of the Board of Directors
Gürkan Bilgin	Board Member
Sabri Çağrı Çakır	Board Member
Nükhet Doğan	Independent Board Member
Talat Ulussever	Independent Board Member

Personnel Having a Say in Management
Name and Surname Title
Gürkan Bilgin	Board Member / Deputy GM
Sabri Çağrı Çakır	Board Member / Deputy GM

SubsidiarIes
Title	Capital	Company's Capital Share	Business Overview
Açılımsoft Yazılım Teknolojileri A.Ş.	3.000.000 TL	100%	Virtual Reality ("VR") platforms, Artificial Intelligence ("AI") algorithms, Big Data Processing ("Big Data") are used in planning, execution, monitoring, forecasting and control processes for companies operating in the production, distribution, sales and after sales support sectors. To develop end-to-end commercial and mobile application software by using technologies such as software.
Dallmeier Turkey Elektronik Sanayi ve Ticaret A.Ş.	5.000.000 TL	100%	Security systems and software service activities
Signum Teknoloji Tanıtım ve Eğitim A.Ş.'	4.300.000 TL	51%	Developing management and operational processes software (Facility Management System) for facilities, campuses, health institutions, public buildings, ports, airports and logistics centers in all sectors.
ARDTECH LTD	100.000 GBP	60%	Development and export of Software Products.
Argedor Bilişim Teknolojileri Sanayi ve Ticaret A.Ş.	150.000 TL	60%	Developing software using Blockchain, Metaverse, Artificial Intelligence, Web3 and Game technologies.
ARDTECH Informatics	500.000.000 UZS	100%	System integration projects, development and export of innovative software.
Javtech Teknoloji ve Bilişim A.Ş.	1.000.000 TL	24,5%	To provide high technology software and system integration solutions in national and international areas, to develop local and national value-added large projects in the military, civil, public and private sectors, and to export services abroad.

⁸ EXECUTIVE SUMMARY

2024/06 & 2023/06PERIODICAL

*Other Income / Expense from Operating Activities are included in EBITDA

74,3% Real Growth in Sales in 2024/06 Period in Real Terms

449,9 784,5 0 100 200 300 400 500 600 700 800 900 6M23 6M24 Net Sales (mTL)

PERIODICAL FIGURES

➢ Net sales in the first half of 2024, including the TAS-29 effect, increased by 74,3% in real terms compared to the first half of 2023, reaching 784,5 million TL.

Growth Strengthened by Increase in Margins Accompanying Increase in Revenues

PERIODICAL FIGURES

➢ EBITDA increased by 25,3% annually in real terms to 485 million TL in the first half of 2024. Margins also supported the increase in profitability.

➢ In addition to the increase in the cost of sales and operating expenses, the financial expenses that increased with the increase in financial liabilities and financing costs, the net monetary loss item applied within the scope of TAS 29 suppressed the increase in net profit, and the net profit amount excluding the effect of TAS 29 was TL 238,4 million. The Company, which was in net loss in the 2023/06 period, continued its stable growth by switching to net profit in the 2024/06 period.

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Strong Growth Became the Main Parameter of Increase in EBITDA

• ➢ While rising sales stand out in EBITDA growth, the increase in sales costs and operating expenses have been the parameters that suppress EBITDA.
• ➢ R&D expenditures create expectations for EBITDA growth in the coming period.

∆ : Change

Steady Net Profit Growth Continues

Net Income (mTL)

➢ In addition to the increase in COGS and operating expenses, the increase in financial liabilities and financing costs, as well as the increase in financial expenses, the net monetary loss item applied within the scope of TAS 29 suppressed the increase in net profit, and the net profit amount excluding the effect of TAS 29 is TL 238,4 million. The Company, which was in net loss in the 2023/06 period, continued its stable growth by switching to net profit in the 2024/06 period.

∆ : Change

Working Capital to Sales Ratio Declined in 2024/06 Compared to 2023/12

Working Capital Analysis
mTL	2023/12	2024/06
Trade Receivables	1.134,5	1.266,3
Inventory + Other Current Assets	29,6	84,0
Trade Payables	(73,0)	(36,6)
Deferred Inc. + Other Debt	(47,8)	(123,2)
İşletme Sermayesi	1.043,2	1.190,5
Net Sales	1.140,6	1.475,1
Working Capital/Sales	91,5%	80,7%

Working Capital

Increase in Trade Receivables Became the Main Parameter for Increasing Working Capital

WORKING CAPITAL BRIDGE (MTL)

• ➢ In parallel with the increase in sales in the 2024/06 period, the increase in trade receivables by 131,8 million TL was the main parameter in the increase of working capital.
• ➢ Working capital, which was 1.043,2 million TL at the end of 2023, increased to 1.190,5 million TL in the 2024/06 period.

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∆ : Change

Net Debt/EBITDA Ratio of 0,5x Means High Debt Capacity

Net Cash Position Net Debt/EBITDA

Net Cash & Equity & Financial Leverage
TLm	2023/12	2024/06
Cash and Cash Equivalents	18,4	135,3
Financial Investments	89,5	0,0
Other Receivables	1,0	7,5
Short-Term Financial Debt	333,7	419,4
Other Financial Debt	0,9	25,4
Other Debt	44,7	93,1
Long-Term Financial Debt	88,9	102,1
Net Cash	359,4	497,2
Equity	2.191,3	2.218,3
Net Cash/Equity	16,4%	22,4%
Net Cash/EBITDA	0,4	0,5
EBITDA	871,3	969,2

359,4 497,2 0,4 0,5 0,0 0,1 0,2 0,3 0,4 0,5 0,6 - 100 200 300 400 500 600 2023/12 2024/06 Net Cash/EBITDA TLm Net Cash Net Cash/EBITDA

➢ The Company has a net foreign exchange liability of TL 13,3 million in the 2024/06 period. As of the end of the period, all loans are in TL and the effective interest rate fluctuates between 13,5% - 60,6%. (31 December 2023: 7,5% - 26%) Although a significant portion of financial debts are short-term, the Company has a significant borrowing capacity with low financial indebtedness. Working capital is the main basis of short-term debts.

In the 2024/06 Period, 51% of Oxivo Grup Bilişim A.Ş. was acquired for 42,5 million TL.

Investments (mTL)

26% ROE in Real Basis*

*The size of the bubble represents equity.

* Return on Equity

• ➢ The degree of liquidity of the balance sheet continued to increase
• ➢ Return on equity is above bond yield, indicating that capital is used efficiently.
• ➢ Low debt means that the Company has high borrowing capacity, and EBITDA/Financing Expense and Net Debt/EBITDA ratios indicate an investment grade rating.

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Financial Ratios

Liquidity Ratios	2024/06	2023/12	Reference
Current Ratio	2,22	2,55	1,0-1,5
Liquidity Ratios	2,18	2,53	0,8-1,0
Profitability Ratios (12MTrailing)	2024/06	2021/12	Reference
Gross Margin	73,2%	79,3%	Sector
EBIT Margin	57,2%	63,7%	Sector
EBITDA Margin	65,7%	76,4%	Sector
Net Margin	38,3%	38,9%	Sector
ROE	26,0%	20,7%	>Bond Yield
ROA	26,6%	25,0%	Sector
Financial Exp./Net Sales	-10,8%	-5,9%	<%3
OPEX/Net Sales	12,2%	7,9%	Sector

ROA (Return on Assets): Return on Assets Ratio. Obtained by the ratio of Operating Profit / Total Assets.

Financial Ratios

Debt Ratios	2024/06	2023/12	Reference
Total Debt/Total Assets	30,1%	24,7%	<%40
Short-Term Fin. Debt/Equity	19,3%	15,6%	<100%
Coverage Ratio	6,1	13,0	>3
Net Debt/EBITDA	0,5	0,4	<4
Short-Term Liabilities/Assets	21,2%	17,2%	Sector
Long-Term Liabilities/Assets	8,9%	7,5%	Sector
Equity/Assets	68,6%	73,7%	>%60
Total Liabilities/Equity	43,9%	33,5%	Sector
Financial Debt/Total Liabilities	54,6%	58,9%	Sector

• ➢ 4.573% return from the IPO date to June 30, 2024.
• ➢ Strong financial data and corporate governance principles compliance supported the stock performance.
• ➢ It has been among the top 50 companies in the "Deloitte Technology Fast 50 Turkey 2021" program, where the fastest growing technology companies in Turkey are selected, and has achieved the success of being ranked for 8 consecutive years in 2016/2017/2018/2019/2020/2021/2022 and 2023.
• ➢ Our company has received the 1st prize in a total of three categories in the "Turkey-Based Manufacturer Data Warehouse and Business Intelligence Software Category", "Turkey-Based Manufacturer Data Security Software Category" and "Energy Sector Software Category" in the evaluation of Turkey's top 500 IT Companies.

Investment Thesis

Increasing software spending around the world due to the pandemic makes the sector strategic; R&D and Technopolis incentives and low tax rate; Being one of the fastestgrowing technology companies in Turkey every year between 2016-2023 in the Deloitte Technology Fast 50 Turkey program; Being awarded 1st place in the "Turkey-Based Manufacturer Data Warehouse and Business Intelligence Software Category" and "Logistics Sector Software Category" categories and being ranked 68th in the overall ranking in the evaluation of Turkey's top 500 IT Companies; Being awarded the "Great Place To Work" title as a result of the analysis and evaluations made by the independent research company Great Place to Work; Being awarded first place in the "Turkey-Based Manufacturer CRM Software" and "Turkey-Based Manufacturer Data Warehouse and Business Intelligence Software" categories in the evaluation of Turkey's top 500 IT Companies; Low debt creates high borrowing capacity; Strong financials as of 2024/06; The fact that high R&D investments made every year will have a significant impact on EBITDA in the coming years means a liquid balance sheet and high dividend potential.

ARD Informatics has a vital potential for the investors with its strong financial data, growth potential, incentives and operating in a strategic sector.

APPENDIX

Expectations

NOTE: The data are excluding the effect of TAS 29.

Income Statements (TL) - TAS -29 Effect Included	2023/12 Audited	2024/06 UnAudited
Assets	2.908.403.519	3.173.436.088
Cash & Cash Equivalent Current Financial Investments	18.422.725 89.459.146	135.336.052 1.383
Trade Receivables	1.134.499.193	1.266.299.948
Other Current Assets Inventories	18.437.722 12.078.653	78.535.479 12.917.076
Current Assets	1.272.897.439	1.493.089.938
Investments In Subsidiaries And Associates	7.893.291	10.161.166
Trade Receivables	111.450.064	100.962.406
Other Receivables	30.564	21.300
Investment Property	53.685	43.039
Tangible Assets	16.143.639	16.597.796
Intangible Assets And Goodwill Intangible Assets	1.499.934.837 -	1.552.560.443 -
Fixed Assets	1.635.506.080	1.680.346.150
Equity and Liabilities	2.908.403.519	3.173.436.088
Short -Term Debt	333.745.253	419.415.675
Trade Payables	72.961.947	36.590.938
Other Debt	47.848.170	123.232.797
Other Short -Term Liabilities	44.650.015	93.103.075
Short -Term Liabilities	499.205.385	672.342.485
Long -Term Debt Other Long -Term Liabilities	88.909.255 128.983.591	102.130.193 180.686.670
Long -Term Liabilities	217.892.846	282.816.863
Paid -In Capital	170.000.000	170.000.000
Vergi İadeleri (Ödemeleri) ( - )	473.950.424	473.950.424
Treasury Shares	(2.463.150)	(2.463.166)
Other Comprehensive Inc.	(768.033)	(751.208)
Profit Reserves	43.940.427	60.796.574
Retained Earning	923.440.011	1.440.944.748
Net Income	534.360.884	35.272.474
Non -Controlling Interests	48.844.725	40.526.894
Equity	2.191.305.288	2.218.276.740

Income Statements (TL) - TAS -29 Effect Included	2023/06 Audited	2024/06 UnAudited
Net Sales	449.946.330	784.461.766
Change	0,0%	74,3%
CoGS	(86.345.165)	(245.110.866)
Gross Profit	363.601.165	539.350.900
Change	0,0%	48,3%
Gross Margin	80,8%	68,8%
General Administrative Exp.	(83.367.623)	(181.757.186)
Change	0,0%	118,0%
Marketing Expense	-	(605.760)
Change	0,0%	a.d.
R&D	(40.307.228)	(31.467.299)
Change	0,0%	(21,9%)
Other Income	22.934.293	33.590.713
Other Expenses	(32.700.865)	(11.389.472)
EBITDA	387.155.252	485.022.450
Change	0,0%	25,3%
EBITDA Margin	86,0%	61,8%
Depreciation	(156.995.510)	(137.300.554)
EBIT	230.159.742	347.721.896
Change	0,0%	51,1%
EBIT Margin	51,2%	44,3%
Income from Investment Activities	29.610.265	555.307
Gaıns Losses On Net Monetary Posıtıon	(65.569.189)	(188.126.932)
Net Financial Income	(25.592.599)	(117.533.801)
Profit Before Tax	168.608.219	42.616.470
Tax	(261.318.213)	(13.491.740)
Net Income	(92.709.994)	29.124.730
Change		(131,4%)
Margin	-20,6%	3,7%

		Summary Income Statement Including & Excluding the Effect of TAS 29
	TL	TAS 29 Effect Excluded	TAS 29 Effect Included
		30.06.2024	30.06.2024
	Revenue	643.374.815	784.461.766
	EBIT	345.224.158	325.520.655
	Profit Before Tax	238.381.681	42.616.470
	Period Profit	238.381.681	29.124.730
Net Sales (TL) 4 . 8 . 784.4 .7	Operating Profit (TL)		Profit Before Tax (TL)	Net Profit (TL)
43.374.8	34 . 4. 8 3 . .7 3. 3	38.38 . 8	4 . .47 .7 .	38.38 . 8 . 4.73
AS ffect xcluded AS orrection AS ffect Included	AS ffect xcluded AS orrection AS ffect Included	AS ffect xcluded	AS orrection AS ffect Included	AS ffect xcluded AS orrection AS ffect Included

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MILESTONES OF ARD GROUP

³² ARD GROUP

³³ DISCLAIMER

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This presentation may contain forward looking statements based on current assumptions and forecasts made by ARD INFORMATICS management and other information currently available to ARD INFORMATICS . Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. ARD INFORMATICS does not accept any responsibility or declaration for this information. Neither ARD INFORMATICS nor any respective agents of ARD INFORMATICS undertake any obligation to provide the recipient with access to any additional information or to update this presentation or any information or to correct any inaccuracies in any such information.

Certain numerical data, financial information and market data (including percentages) in this presentation have been rounded according to established commercial standards. As a result, the aggregate amounts (sum totals or interim totals or differences or if numbers are put in relation) in this presentation may not correspond in all cases to the amounts contained in the underlying (unrounded) figures appearing in the consolidated financial statements. Furthermore, in tables and charts, these rounded figures may not add up exactly to the totals contained in the respective tables and charts.

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