AYDEM YENİLENEBİLİR ENERJİ A.Ş.

Investor Presentation • Mar 18, 2024

Aydem Renewables Investor Presentation 2023 Full-Year Results

2 | Aydem Renewables, Investor Presentation 2023 Full-Year Results

The data in the presentation are taken from the financial statements prepared in accordance with TFRS. Note: In accordance with TAS 29, inflation accounting is applied on the presented figures as at the end of 2023 and 2022.

Sustainable Value-Creating Business Model

Outlook

Results and Developments

Sustainable Value-Creating Business Model

¹ According to the installed capacity of renewable energy generation ² 73% (619.9 MW) of the installed capacity of hydroelectric power plants consists of <river type= HPPs and 27% (232.2 MW) consists of HPPs with <reservoir<. Note: In accordance with TAS 29, inflation accounting is applied on the presented figures as at the end of 2023 and 2022.

Resilient Business Model

100% Green energy

78% USD-linked FIT eligible generation

Geographically diverse

New and modern assets

Investments supporting

portfolio diversity

Solid Financial Performance

(January 1, 2023 – December 31, 2023)

TL 5,187 mn (USD 176 mn)

EBITDA

82%

EBITDA Margin

-24%

EBITDA Change (2023 vs. 2022)

Türkiye9s Leading Renewable Energy Company 1

Source: IMF, TEIAS, Central Bank of Republic of Turkey, Turkish Statistical Institute, IEA

HPP and WPP	73
GPP	105
SPP	133

MODEL

1

Source: General Directorate of Meteorology

Wind

Future Outlook

Kırklareli WPP and Storage Generation Plant

Aydın Hybrid SPP WPP Capacity Increase Hybrid Channel SPP

Muğla Hybrid Floating SPP

Denizli Hybrid Floating SPP

Adana Hybrid Floating SPP

Şanlıurfa SPP and Storage Generation Plant

Sivas Hybrid SPP

Tokat Hybrid SPP

Uşak Hybrid SPP WPP Capacity Increase

Yalova Hybrid SPP WPP Capacity Increase

Hydroelectric

Geothermal Wind

Solar

Total Installed Capacity 1.180 MW	Total Installed Capacity 1.216 MW	Total Installed Capacity 1.692 MW	Total Installed Capacity 1.893 MW
852.1 MW 72.2%	852.1 MW 70.1%	852.1 MW 50.4%	852.1 MW 45.0%
6.9 MW 0.6%	6.9 MW 0.6%	6.9 MW 0.4%	6.9 MW 0.3%
7.0% 238.5 MW 20.2%	274.5 MW 22.6%	277.5 MW 16.4%	423.5 MW 22.4%
82.2 MW	82.2 MW 6.8%
		555.2 MW 32.8%	610.9 MW 32.3%
		400 MWh
			100 MWh
		Storage Battery Facility	Storage Battery Facility

160.5 MW

15.7%

6.9 MW

0.7%

852.1 MW

83.6%

Capacity

1.020 MW

		Hybrid SPP	82.2	2023	* Operational.
		ON-LAND (159.6 MW) (76%)	Hybrid SPP	41.6	2025
	Hybrid SPP Investments		Hybrid SPP	35.8	2026		Installed Capacity
Total Planned	(210.8 MW)		Hybrid Canal SPP	0.3	2025
Investments	(24%)	FLOATING (51.2 MW)	Hybrid Floating SPP	31.1	2025		1,893 MW
(2023-2026)		(24%)	Hybrid Floating SPP	19.8	2026		+
873 MW	Capacity Increase Investments (163 MW) (19%)		Capacity Increase	78.0	2023	* Operational.	Storage
+		WPP (163 MW) (100%)	Capacity Increase	36.0	2024		Battery Facility
Storage			Capacity Increase	3.0	2025		500 MWh
Battery Facility			Capacity Increase	46.0	2026
500 MWh	Storage Battery Facility	SPP (400 MW) (80%)	SPP and Storage Generation Plant	400.0	2025		BY 31.12.2026
Investments (500 MW) (57%)	SPP (100 MW) (20%)	SPP and Storage Generation Plant	100.0	2026

* In 2023 160 MW of installed capacity already commissioned. Note: Planned COD dates depend on the timing of required permits and approvals.

Results and Developments

¹Göktaş I, Adıgüzel, and Kemer power plants benefit directly from the reservoir. ²Göktaş II, Dalaman I-V, Bereket I-II, Feslek, Koyulhisar, Mentaş, and Akıncı power plants benefit indirectly from the reservoir.

Note: In accordance with TAS 29, inflation accounting is applied on the presented figures as at the end of 2023 and 2022.

Power Plants

Debt/EBITDA

x x of total assets 31/12/2023 Strong Balance Sheet Structure (31 December 2023) 31/12/2023

78% of the Generation from Power Plants Subject to FIT

*Including ancillary revenues Note: In accordance with TAS 29, inflation accounting is applied on the presented figures as at the end of 2023 and 2022.

HIGHLIGHTS

As of February 2, 2023 and August 2, 2023 in order to be transferred into the related investors' accounts, a total of USD 53.4 mn has been paid as the payments of coupons with regard to our Company's USD 750 mn 5.5 year maturity bonds.

Within the scope of our Board of Directors' buyback decision on May 11, 2022 our Company purchased Eurobonds (XS2368781477) with a nominal value of USD 26,104,000 between January 1, 2023 and March 15, 2024.

Within the scope of share buy-back transactions initiated with the resolution of Board of Directors dated February 14, 2022; between the dates of January 1, 2023 and March 15, 2024, a total of 6,105,026 shares were bought back.

As of report date, the number of employees is 567.

Note: In accordance with TAS 29, inflation accounting is applied on the presented figures as at the end of 2023 and 2022.

Annexes

ANNEX 1 Summary Consolidated Tables (TFRS) ANNEX 2 Awards and Achievements in 2023 ANNEX 3 Plant Based Production ANNEX 4 Developments - Subsequent Period ANNEX 5 Total Installed Capacity – Detailed ANNEX 6 YoungPortfolio With Long RemainingContractedAsset Life

	31 December 2023	31 December 2022
Current Assets	4,738	5,040
Non-Current Assets	50,868	54,749
Current Liabilities	2,087	2,633
Non-Current Liabilities	24,899	27,833
Equity	28,621	29,322

	31 December 2023	31 December 2022
Cost of Sales	(3,611)	(3,377)
General Administrative Expenses	(632)	(349)
Other Operating Income, Net	941	876
Depreciation and Amortization Expenses	2,130	2,148
Expenses from Investment Activities, Net	(3,358)	(4,942)
Financial Expenses, Net	(12,150)	(2,946)
Monetary Gain/(Loss)	14,307	13,271
Tax Income/(Expense)	(3,137)	(5,126)

ANNEXES

Turkey's largest company producing energy from 100% renewable sources as Aydem Renewables, we started to be traded in the BIST Sustainability Index, where international sustainability performance is evaluated!

In the 2023 International Occupational Safety Awards evaluation of the British Safety Council, one of the most respected institutions in the world in Occupational Health and Safety, within the first year of participation, Aydem Renewables was awarded the highest degree 8Distinction9 with 51 points!

As of April 7, 2023, among the BIST Electricity Index companies, we are the company with the Highest Degree of Compliance with Corporate Governance Principles! (9.56 out of 10 full points)

We put into operation Türkiye9s largest hybrid solar power plant (82.15 MW - Uşak WPP Hybrid SPP)!

As Aydem Renewables, we won the carbon hero award for the fourth time!

2023 evaluation where 54 companies from Türkiye participated in CDP Water Safety category, and 114 companies from Türkiye participated in Climate Change category, our Company became the first and only energy company in our country to be among the global leaders by scoring <A= in the Climate Change and Water Security categories two years in a row!

At the LACP Vision Awards 2022 organized by LACP, we were deemed worthy of the PLATINUM award in our Annual Report 2022 and Sustainability Report 2022!

Plant Name	2020	2020	2020	2020	2021	2021	2021	2021	2022	2022	2022	2022	2023	2023	2023	2023
(GWh)	Actual	Actual	Actual	Actual	Actual	Actual	Actual	Actual	Actual	Actual	Actual	Actual	Actual	Actual	Actual	Actual
	Q1-YTD	Q2-YTD	Q3-YTD	Q4-YTD	Q1-YTD	Q2-YTD	Q3-YTD	Q4-YTD	Q1-YTD	Q2-YTD	Q3-YTD	Q4-YTD	Q1-YTD	Q2-YTD	Q3-YTD	Q4-YTD
Bereket I-II HPP	5	6	8	10	4	5	6	8	4	6	6	9	4	6	7	10
Feslek HPP	5	6	7	9	4	5	7	8	5	5	5	6	3	5	5	6
Dalaman HPP	23	50	72	75	15	45	63	66	31	60	83	86	2	27	54	61
Gökyar HPP	9	14	16	20	9	12	14	19	12	18	20	25	6	12	14	20
Mentaş HPP	39	70	87	101	27	48	66	77	43	60	78	90	19	45	59	78
Koyulhisar HPP	3	58	132	177	12	47	95	101	38	76	143	197	27	97	171	244
Toros HPP	83	188	217	231	27	74	81	94	75	174	196	207	19	84	99	114
Aksu HPP	40	79	81	82	17	59	73	96	30	82	90	103	33	74	86	112
Kemer HPP	0	19	57	57	0	14	35	35	10	35	92	92	0	4	37	37
Adıgüzel HPP	0	25	29	29	0	5	4	4	0	0	0	0	0	0	0	0
Çırakdamı HPP	32	92	96	100	12	56	62	78	18	90	99	113	26	112	124	132
Dereli HPP	27	93	97	99	9	54	61	76	15	92	100	111	27	120	131	138
Söke WPP	48	81	124	157	47	90	136	177	50	91	137	176	41	77	114	152
WPP Uşak	49	72	102	131	46	79	111	154	38	69	110	156	43	95	187	268
Yalova WPP	42	70	115	150	45	70	108	152	37	65	103	143	33	55	97	140
GPP Kızıldere	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
HPP Akıncı	89	180	288	362	29	92	165	177	68	139	238	317	50	193	308	420
1 HPP Göktaş	106	248	316	363	67	128	162	201	78	168	223	272	40	102	148	193
2 HPP Göktaş	142	327	417	417	90	172	218	270	109	229	303	368	53	138	200	260
Total	742	1,680	2,261	2,636	457	1,053	1,467	1,793	661	1,457	2,024	2,469	421	1,241	1,837	2,380

• Our company has signed an agreement with SAHA Kurumsal Yönetim ve Kredi Derecelendirme Hizmetleri A.Ş. on February 1, 2024 to renew its corporate governance rating. SAHA Kurumsal Yönetim ve Kredi Derecelendirme Hizmetleri A.Ş. is officially authorized to make corporate governance rating assesment in compliance with the Corporate Governance Principles of the Capital Markets Board. Contract period is identified as 1 (one) year.
• Acting in line with the goal of fulfilling its environmental responsibilities, our Company provides CDP Climate Change and Water Security Reporting. As a result of the CDP – Carbon Disclosure Project Climate Change Reporting conducted by Aydem Renewables' in 2023, its rating has been confirmed as "A Leadership Level". "A Leadership Level" is the highest score achieved in 2023 in Turkey across the energy industry. Again, as a result of CDP – Carbon Disclosure Project Water (Water Security) Reporting carried out by Aydem Renewables' in 2023, its rating has been confirmed as "A Leadership Level". "A Leadership Level" is the highest score achieved in 2023 in Turkey across the energy industry. Our company continues to remain on the Global A List by receiving the "A Leadership Level" rating in both Climate Change Reporting and Water Security Reporting. In 2023, our Company is the only company in Turkey, among all sectors, to receive the A Leadership Level in both Climate Change Reporting and Water Security Reporting and to be included in CDP's Global Leaders List (A List) for 2 consecutive years. At the same time, our Company is the only company in the energy sector to receive A Leadership Level in both of these categories in 2023.

• As of 02.02.2024, in order to be transferred into the related investors' accounts, USD 26.121.646,25 has been paid as the payment of fifth coupons with regard to our Company's USD 750 million 5.5 year

• As stated in our Company's public disclosure dated 18.05.2023, it was publicly disclosed that our pre-license application for a total capacity of 500 MW (200 MW Keberli SPP, 200 MW Güzelkuyu SPP and 100 MW Kızılağaç WPP), including 400 MW SPP and 100 MW WPP, for storage generation facilities through Sarı Perakende Enerji Satış ve Tic. A.Ş, a 100% subsidiary of our Company, was accepted. In this process, revisions were made to the SPP projects site coordinates of our prelicensed projects belonging to our Sarı Perakende Enerji Satış ve Tic. A.Ş. company. On 03.08.2023, a project area change application was made to EMRA for the Keberli SPP project area, for which an EIA application was made on 03.08.2023, due to the planning of housing, trade and social reinforcement etc. construction within the scope of the Kahramanmaraş earthquake dated February 6, 2023, in accordance with the letter dated 18.08.2023 and numbered 466747 of the Mass Housing Administration of the Ministry of Environment, Urbanization and Climate Change of the Republic of Turkey. With the board decision dated 08.02.2024 and numbered 12428-6 by EMRA, it was found appropriate to change the district of the production facility from Eyyübiye to Halfeti. On 08.08.2023, a project site change application was made to EMRA due to the overlap of the Güzelkuyu SPP project area, for which an EIA application was made on 08.08.2023, with the Şanlıurfa OIZ additional area finalized on 16.08.2023, as stated in the letter of the Ministry of Industry and Technology dated 18.08.2023 and numbered 4989435. With the board decision dated 25.01.2024 and numbered 12401-8 by EMRA, it was found appropriate to change the production facility district

• maturity bonds.
• from Eyyübiye to Halfeti.

²River Type HPPs are Gökyar HPP, Dalaman 1-5 HPP, Mentaş HPP, Aksu HPP, Akıncı HPP, Dereli HPP, Çırakdamı HPP, Feslek HPP, Bereket 1-2 HPP, Koyulhisar HPP, Toros HPP and Göktaş 2 HPP. HPPs with reservoir are Kemer HPP, Adıgüzel HPP and Göktaş 1 HPP ³ Run-rate Generation for a period has been prepared using (i) historical long-term hydrological data between 1970 and 2016 on a basin-by-basin basis (including one-off outages) for HPPs, and (ii) a combination of historical performance (including one-off outages) and historical long-term wind data, in each case

Source: Company Data ¹ 61.5 MW portion is subject to YEKDEM (except for capacity increase) generation in order to project the average annual total energy production ⁴ 45.0 MW portion is subject to YEKDEM (except for capacity increase)

PROJECT NAME	INSTALLED CAPACITY (MWm)		ANNUAL RUN-RATE3 GENERATION CAPACITY (MWh)	LOCATION	END OF LICENSE DATE	END OF FIT (YEKDEM)
Bereket 1-2 HPP				Denizli /Honaz	18.11.2036
Dalaman 1-2-3-4-5 HPP				Muğla / Dalaman	18.11.2039
Feslek HPP				Aydın / Kurtuluş	18.11.2044
HPP Mentaş				Adana / İmamoğlu	18.11.2053
HPP Gökyar				Muğla / Dalaman	14.12.2044
Koyulhisar HPP				Sivas / Koyulhisar	10.02.2045
Aksu HPP Düzce				Düzce / Gölyaka	21.09.2055	31.12.2024
HPP Adıgüzel				Denizli / Güney	05.05.2066
Kemer HPP				Aydın / Bozdoğan	05.05.2066
HPP Akıncı				Tokat / Reşadiye	12.04.2056	31.12.2028
Toros HPP				Adana / Karaisalı	18.01.2056
1-2 HPP Göktaş				Adana / Kozan, Aladağ	14.12.2055	31.12.2025
HPP Çırakdamı				Giresun / Dereli	14.09.2053
Dereli HPP				Giresun / Dereli	06.12.2053	31.12.2024
WPP1 Uşak				Uşak / Banaz	08.07.2057	31.12.2024
Yalova WPP				Yalova / Armutlu	08.07.2057	31.12.2026
WPP4 Söke				/ Söke Aydın	04.01.2061	31.12.2026
GPP Kızıldere	6.85			Denizli / Sarayköy	17.07.2052
Hybrid SPP Uşak	82.15	164.1		/ Banaz Uşak	08.07.2057	31.12.2024

HYDRO² WIND GEOTHERMAL SOLAR

Remaining license life1 Years
Adiguzel (62.0 MW)	42.4	9 years
Kemer (48.0 MW)	42.4	Wind plants average
Soke (57.0 MW)	37.0	age since COD
Usak-SSP (82.2 MW)	33.5
Usak (127.5 MW)	33.5
Yalova (54.0 MW)	33.5	34 years
Akinci (99.0 MW)	32.3	Wind plants average
Toros (50.0 MW)	32.1	remaining license life
Goktas I-II (275.6 MW)	32.0
Aksu (46.2 MW)	31.7	10 years
Dereli (49.2 MW)	30.0	Hydro plants average
Mentas (49.6 MW)	29.9	age since COD2
Cirakdami (49.1 MW)	29.7
Saraykoy - Kizildere (6.9 MW)	28.6
Koyulhisar (63.0 MW)	21.1	31 years
Gokyar (11.0 MW)	21.0	Hydro plants average remaining license life
Feslek (8.8 MW)	20.9
Dalaman I-V (37.5 MW)	15.9
Bereket I-II (3.2 MW)	12.9

Source: Company Data ¹As of 31 December 2023

²Weighted average of life time weighted by installed capacity for own-built plants, calculated as of 31 December 2023 (excluding Adiguzel and Kemer hydro plants acquired through privatisation)

3FiT expiry date as of year-end

24 | Aydem Renewables, Investor Presentation 2023 Full-Year Results

Mehmet Yusuf Güngör, CPA Investor Relations Manager

Tel : +90 258 242 27 76 investorrelations@aydemenerji.com.tr www.aydemyenilenebilir.com.tr/investorrelations

Investor Relations

Headquarters

Adalet Mahallesi Hasan Gönüllü Bulvarı No:15/1 Merkezefendi / Denizli - Türkiye

https://www.aydemyenilenebilir.com.tr/en

All of the information and data in this presentation were prepared only to provide information and contain forward-looking statements that reflect the current views of the Company management regarding certain future events. Expectations and predictions in these statements are believed to be reasonable but are based on a number of assumptions. Various changes and variables that may occur in line with these assumptions may cause significantly different actual results compared to those predicted.

Nevertheless, Aydem Renewables makes no claims or guarantees about the accuracy or completeness of the information contained in this Report. The information contained in this presentation can be changed without notice.

Information contained in this presentation does not constitute an invitation to buy/sell Aydem Renewable shares and is not investment advice. This presentation and the information contained in this presentation cannot be reproduced, disclosed, or distributed without permission. Aydem Yenilenebilir Enerji A.Ş. assumes no responsibility or liability regarding any statement, express or implied, or incomplete information contained in this presentation, or other written and oral communications shared or made available. Aydem Renewables or its executives, managers, employees, or third parties may not, in any way, be held liable for any damage which may arise from the use of the information contained herein.

aydemyenilenebilir.com.tr/en