HİTİT BİLGİSAYAR HİZMETLERİ A.Ş.

Investor Presentation • May 8, 2024

A Rising Star in Airline & Travel IT Solutions

2024 March Results Presentation

Hitit At a Glance

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The 3 rd largest PSS provider in the world*

One integrated solution suitable for all airlines, from the smallest to the largest

Above pre-Covid levels both in passengers and revenue

Global scaling with cloud-based, modern, and flexible technology infrastructure

Crane Partner Community

We meet the needs of Partners in different business models all over the world

Hitit empowers aviation all around the globe

Visualization of Hitit Partner aircraft movements within a 24-hour period based on FlightRadar 24 data

Hitit empowers aviation all around the globe

Visualization of destinations served by Hitit Partners based on live airport data within Crane systems

	Hitit by Numbers	33% EBITDA Margin -7% vs 2023 Q1	7,0M USD 2024 Q1 Sales Revenues + 10% over 2023 Q1
6	+17% Passenger volumes over 2023 Q1		74 Partners +2 new, 1 suspended Partners within 2024 Q1

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Hitit by Numbers		700+ Airports served through Crane DCS
	85 Countries with border and custom systems integrated with Hitit
65+ Integrations with different banks and alternative payment systems		\$6.5 billion Sales volume generated by Hitit Partnersin 2023

Financial and Other Important Developments

Innovative Technology Investments

In line with the projects being carried out within the Technopolis regulations, 3.3 million dollars for R&D along with 1.8 million dollars for license, hardware, and fixtures were invested as of Q1 2024.

The effects of these investments, which reduce our costs and increase our revenues, are being realized as they are accomplished.

OOMS and ADS are two projects with long-term strategic value for the Company. On the OOMS front, in parallel to the ongoing developments the Company has been invited to present and share their vision and progress with the industry in two separate sessions at IATA's Geneva headquarters in May.

On ADS, new distribution agreements with non-airline travel content providers are being negotiated.

Regarding ESG initiatives, the Company published the result of its 2022 and 2023 GHG impact studies accessible at https://hitit.com/investor-relations/sustainability

Strong Cash Position

Cash and cash equivalents at the end of Q1 2024 is \$12.1 million. For the same period end, there are no bank loans or finance lease liabilities.

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As of the end of the Q1 2024, sales revenues increased by 10% compared to the same period of the previous year and reached \$7.0 million.

As of the end of the Q1 2024, the number of passengers, which is the basis of SaaS revenues increased by 17% compared to the same period of the previous year. Both new acquisitions and increase within the business volumes of existing partners have effect in this overall increase.

At the end of the Q1 2024, revenue exceeded the same period for 2023.

Financial Evolution (Reporting in USD Functional Currency)

As of the end of the Q1 2024, the EBITDA amount was 2.3m USD and the EBITDA margin was realized as 33%.

Sales were realized 76% in foreign currency, 24% in TL, with the international / domestic breakdown being 65% and 35%, respectively.

New Key Partner Developments

2 new Partners have signed up within Q1 2024. 4 implementation projects were completed with some Partners signed in 2023, with 7 more projects underway as of the end of the quarter.

As of the end of Q1 2024 we serve 74 Partners in 48 countries on 6 continents.

Forward-Looking Evaluations

In addition to the product and service production, sales and marketing activities carried in line with its growth strategy, the company continues its investments to achieve its goals.

Within this framework, as of the end of 2024, on a USD basis;

Net Profit Margin between 25% and 30%

Investment / Turnover ratio between 30% and 35%

is expected. The company meticulously monitors the developments regarding the projections announced above. Where necessary, The company will publish updates on such developments.

Financial Summary

Functional currency is USD since 01.01.2020.

2023-3M 2024-3M

\$12.1 mn net cash position as of March 31, 2024

¹¹ (*) Based on cost of sales except amortization.

Financial Summary

Approximately 76% of sales are in foreign currency (USD or EUR)

SaaS Share (%)

PSS	ADS	Other
81%	9%	10%

	2023-3M		2024-3M
Revenue Breakdown(USD)	USD	%	USD	%
SaaS	3,627	57%	3,980	57%
Software Development and Maintenance	1,863	29%	2,088	30%
IaaS ve Projects	853	14%	923	13%
Total	6,343	100%	6,991	100%

SaaS: Software as-a-Service

IaaS: Infrastructure-as-a-Service

Financial Summary

Approximately 53% of costs are in TL

Cost Breakdown¹

USD 6,156k by 2024 March

Cost Breakdown²

USD 6,156k by 2024 March

Currency Distribution

By 2024 March

(1) Cost breakdown including amortization expenses

(2) Personnel expense includes amortization expense resulting from capitalization of personnel expense

(3) Consists of consultancy, rent and office expenses

Key Developments Noteworthy Partner Acquisitions

and Developments in Q1 2024

New Partner Acquisitions and Implementations

2 new Partners have been signed in Q1 2024, both within existing geographies as part of our reinforcing growth strategy. 4 of the ongoing implementation projects from 2023 have been completed, with 7 active projects ongoing as of the end of the quarter.

Artificial Intelligence (AI) Developments

While Hitit's own AI models in various areas such as dynamic pricing, operational planning and disruption forecasting are being further developed, initial forays have also been made into Large Language Model (LLM) and generative AI.

Agency Distribution System (ADS) Developments

Technical developments in ADS backend as well as Crane APP frontend have continued progressing. On the content front, new agreements are being negotiated with non-airline travel content providers such as airport operators.

Offer and Order Management System (OOMS) Developments

In parallel to ongoing developments in our OOMS capabilities, Hitit has been invited by IATA to their Geneva headquarters to brief the industry on the latest progress and future vision of the Company.

Industrial KPIs Revenue Passenger Kilometers (RPK) Evolution Trends (%)

RPK Change %

Source: IATA Economics – Air Passenger Market Analysis(March 2024)

Industrial KPIs Revenue Passenger Kilometers (RPK) and Passenger Load Factors (PLF)

Global Revenue Passenger Kilometers (RPK)

Passenger Load Factor (PLF) as % of Available Seat Kilometers (ASK)

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Balance Sheet

Balance Sheet (USD '000)	31 -12 -2023	31.03.2024
Cash and cash equivalents	7,420	5,121
Financial assets	8,386	7,002
Trade receivables	6,263	7,189
Prepaid expenses	2,063	2,257
Other current assets	1,061	1,113
Total current assets	25,194	22,682
Property, plant and equipment	5,158	6,325
Intangible assets	25,807	28,450
Deferred tax assets	293	525
Prepaid expenses	2,248	2,412
Other non -current assets	61	60
Total non -current assets	33,567	37,772
Total assets	58,761	60,454
Trade payables	2,412	2,061
Current tax liabilities	174	72
Deferred income	942	993
Other current liabilities	1,636	2,113
Total current liabilities	5,164	5,239
Deferred income	2,379	2,545
Provision for employment termination benefits	359	358
Total non -current liabilities	2,738	2,903
Share capital	18,812	18,812
Share premium on capital stock	19,368	19,368
Legal reserves	693	693
Actuarial loss on defined retirement benefit plans, net of taxes	(113)	(113)
Currency translation difference	(234)	(234)
Profit for the year	5,934	1,454
Retained earnings	6,399	12,332
Total equity	50,859	52,312
Total liabilities and equity	58,761	60,454

Income Statement

Income Statement (USD '000)	1 January- 31 March 2023	1 January- 31 March 2024
Net sales	6,343	6,991
COGS (-)	(3,206)	(4,237)
Gross profit before D&A	3,819	3,658
Depreciation and amortization	681	904
Gross profit after D&A	3,138	2,754
Gross profit margin	49%	39%
Marketing and sales expense(-)	(603)	(748)
General administrative expense(-)	(947)	(1,171)
Other operating income	275	510
Other operating expense(-)	(290)	(370)
Operating profit	1,572	975
Income from financial investment activities	225	596
Finance expense (-)	(6)	(349)
Finance income	13
Profit before tax	1,803	1,222
Income tax expense	109	232
Net Profit	1,912	1,454
Depreciation and amortization	(952)	(1,314)
EBITDA	2,529	2,296
EBITDA Margin	40%	33%

Corp orate Social Responsibility Projects

Gender Equality

Mentoring women in technology jobs

Environment

Donations to foundations fighting against droughts

Education

Supporting students through grants and internship opportunities

Health

Supporting the healthcare of children with special needs in Pakistan

As a global player, Hitit places utmost importance on its commitments to society and social responsibility

2000 Earthquake Victims

Permanent table tennis areas are being established in container cities in the provinces that were primarily affected by the earthquake. The rehabilitation process through sports was initiated by giving regular table tennis training accompanied by trainers.

355 Schools Teachers

The initiative aims at introducing children with limited opportunities and from less -privileged backgrounds throughout Türkiye to sports. 370

1 60.000 Students

Since September 2018, Rackets Up reached 355 schools, 370 teachers and 140.000 children throughout Çorum, Isparta, Trabzon, Şanlıurfa and Sakarya provinces in Türkiye.

Sustainability Initiatives

We support our Partners and the aviation industry, as well as our own internal processes in adopting ESG principles and best practices.

2022 and 2023 GHG and Carbon Footprint reports have been published at https://hitit.com/investor-relations/sustainability

ರಿಯರು.	Purchased Emissions	ัวใหม่ ปี บิ๊ก ปี บิ๊ก ไปนั้น ปี ปัตร โมเป็นไป -Indirect Greenhouse Gas Emissions due to Energy -Other Indirect Greenhouse Gas
System Boundary:		Control Method
Industry:		Commercial
Revenue in the reporting year (IL):		311,102,695.00
Data Entry:		Annual
Number of Employees:		337 (Turkey) 3 . (Pakistan)
Production Volume:
Working days:		251

System Boundary:	Control Method
Industry:	Commercial
Revenue in the reporting year (TIL):	311,102,695.00
Data Entry:	Annual
Number of Employees:	337 (Turkey) 3 (Pakistan)
Production Volume:
Working days:	251
Global Warming Potentials	IPCC 6th AR: CO

Carbon
Category 1: Direct Greenhouse Gas Emissions
Category 2: Indirect Greenhouse Gas Emissions due to
Category 2: Indirect Greenhouse Gas Emissions due to

	Information with Study
Company:	Hitit Bilgisayar Hizmetleri A.Ş.
Address:	Reşitpaşa Mah. Katar Cad. No: 4/1 Arı Teknokent İç Kapı No: 601 34469
Purpose:	Quantification and reporting of greenhouse gas (GHG) emissions at the organization level.
Scope:	- Direct Greenhouse Gas Emission	Organization Boundaries:	Operational Control Approach
	Energy Indirect Greenhouse Gas Emissions Other Indirect Greenhouse Gas Emissions	Reporting Limits:	Türkiye,Pakistan,The Netherlands
Industry:	Services	Base Year:	2022
Turnover for the reporting year (TL):		Report Year:
Data Input:	Yearly	Report Period:
Number of Employees:	392	Report Frequency
Number of working days:	255	Area (m2):	0
	Global Warming Potentials: IPCC Sixth Assessment Report: CO2:1 CH4:27.9 NO2:273
	Carbon Footprint Result Information
Calculation Year			Base Year Emissions
Scone 1 Direct areenhouse 115.940248590789292 -ton CO2e			Scone 1. Direct areenhouse I-ton CO2e

Calculation Year		Base Year Emissions
as emissions	cope 1: Direct greenhouse 15.940248590789292 -ton CO2e	Scope 1: Direct greenhouse gas emissions	-ton CO2e
cope 1: Biomass GHG missions	0 -ton CO2e	Scope 1: Biomass GHG emissions	-ton CO2e
cope 2: Energy indirect reenhouse gas emissions Market Based	11.57573392178703 -ton CO2e	Scope 2: Energy indirect greenhouse gas emissions - Market Based	-ton CO2e
cope 2: Energy indirect	111.57573392178703 -ton CO2e	Scope 2: Energy indirect	-ton CO2e

Appendix

Shareholder Structure

Organizational Structure and Current Values

The Crane Family

Use of IPO Proceeds

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Shareholder Structure

As of March 31, 2024

Organizational Structure and Current Values

General Management

2024 Q1

2023

2022

2021

2020

2019

* Total of permanent staff and contracted consultants. 23

High Employee Seniority and Satisfaction

Seniority and retention of employees above the industry average

Senior IT Staff

According to 2024 LinkedIn data, while the average seniority in the top 10 software companies in Turkey is 2,9 years, this figure is 4.9 years for Hitit employees

High Employee Satisfaction and Retention

According to the 2023 WTW data, the turnover rate (employee loss) in IT companies is 18% on average, while the same rate is 7.2% in Hitit.

Experienced Management Staff

The average seniority of mid and senior- level managers reaches 9.8 years, so the hard-won expertise and corporate memory of Hitit are preserved and transferred.

Crane Solutions We provide turn-key solutions for every step of the way in air travel.

Reservations and Passenger Services ("PSS")

A series of mission-critical systems used by airlines for reservations, ticketing, check-in, internet and mobile sales, departure control, loyalty programs and customer care.

• Reservation and Ticketing
• Internet Booking Engine
• Mobile Application
• Charter Management System
• Communications Manager
• Departure Control System
• Weight and Balance
• Baggage Reconcilliation
• Loyalty Layer
• Customer Care Layer

Operations Planning Travel Solutions

• Crew Management • Schedule Planning
• Operations Control

Merchandising / Retailing Air Cargo

• Online Travel Agency

• Agent Portal

• Domestic Cargo Cargo Revenue Accounting
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• Cargo Reservation Services Airline Merchandising

Accounting Solutions

• Revenue Accounting Cost Accounting Business Performance Index

Use of IPO Proceeds

Infrastructure, development & improvementsfor the transition to cloud architecture

Development of software & infrastructure of products and solutions suitable for different markets

THANK YOU

Reşitpaşa Mah. Katar Cad. No: 4/1 ARI Teknokent 2 İç Kapı No: 601 34469 Maslak, İstanbul, Türkiye