AKÇA KİMYEVİ MADDELER NAKLİYAT TİCARET VE SANAYİ A.Ş.

Regulatory Filings • Aug 26, 2025

CR-ER) JCR Eurasia Rating

Corporate Credit Rating

□New 図Update

Sector: Wholesale Trading Publishing Date: 25/08/2025

Team Leader Yeşim Özüdoğru +90 212 352 56 73 yesim.karaoqlu@jcrer.com.tr

Senior Analyst

Yunus Katrancı +90 212 352 56 73 vunus.katranci@icrer.com.tr

RATINGS		Long Term	Short Term
ICRs (Issuer Credit Profile)	National ICR	A (tr)	J1 (tr)
	National ICR Outlooks	Stable	Stable
	International FC ICR	BB
	International FC. ICR Outlooks	Stable
	International LC ICR	BB
	International I C. ICR Outlooks	Stable
ISRs (Issue Specific Profile)	National ISR
	International FC ISR
	International IC ISR
Sovereign *	Foreign Currency	BB (Stable)
	local Currency	BB (Stable)
* Assigned by JCR on May 10, 2024

EBITDA Margin (%) 8 41 8.28 9 8 ROAE (%) 58.55 100 NA 0 Current Ratio (x) 1.36 1.24 1 1 Adj.Net Debt/EBITDA (x) 1.45 2 0.64 0 Adj. Debt/Capital (%) 53 46 100 29,53

Akça Kimyevi Maddeler Nakliyat Ticaret ve Sanayi A.Ş.

JCR Eurasia Rating, has evaluated the consolidated structure of "Akça Kimyevi Maddeler Nakliyat Ticaret ve Sanayi A.S." in investment grade category with high credit quality and affirmed the Long-Term National Issuer Credit Rating at 'A (tr)' and the Short-Term National Issuer Credit Rating at 'J1 (tr)' with 'Stable' outlooks. On the other hand, the Long Term International Foreign and Local Currency Issuer Credit Ratings and outlooks were assigned as 'BB/Stable' as parallel to international ratings and outlooks of Republic of Türkive,

Akça Kimyevi Maddeler Nakliyat Ticaret ve Sanayi A.Ş. (hereinafter referred to as `Akça Kimya' or 'the Company') was established in 2004 in Kocaeli. Akça Kimya distributes various chemicals in the Turkish market and provides services in the fields of textile, wood, agriculture, polyester, paint, detergent and cosmetics, food and feed. The main product groups in the portfolio of the Company, which sells approximately 100 different chemical products, are alkali chemicals. acids, phosphates, solvents, salts and oils. The Company's facility and warehouse are located in the Yarımca region of Izmit on an area of 40,000 m². The Company has a warehouse of 4,000 m² for dry chemicals and operates 21 warehouse tanks with a capacity of 40.000 m³ for liguid chemicals. In addition, the facility has its own port and can be used for the discharge of liguid cargo ships. Akça Kimya employed a total workforce of 39 as of FYE2024 (FYE2023: 30).

İsfendiyar Zülfikari, the main partner of the Company, has been serving as the Chairman of the Board of Directors of Zülfikarlar Holding A.Ş. since 2001, as the third-generation representative of the Holding founded in 1942. Zülfikarlar Holding A.Ş., which started its activities in 1942 with the trade of chemicals, has also invested in different sectors during its journey and today operates in the fuel distribution, energy, chemistry, construction, logistic and finance sectors.

Key rating drivers, as strengths and constraints, are provided below.

Strengths	Constraints
· Maintaining moderate financial leverage	· Contraction in sales revenue and EBITDA
indicators as of FYE2024 despite increase in	growth in FY2024 accompanied by slight
borrowing level as of 1H2025 period-end	decrease in tonnage-based sales volume
through bond issuance	· Deterioration of interest coverage ratios in
• Funding diversity through effective utilization	FY2024 following the interest surplus in the
of bond issuances	previous period
CLENNUSED BE RESIDURE BES ULEWILLIER FRIGHT, BLIAN	C . PERSO LILLE . LEBELL . BE USER BAND BE BER . BARRE . BALL .

• · Sustainable positive net working capital over the years and satisfactory level of current ratio
• · Low collection risk through mostly insured structure of receivables
• Partially diversified product range offered to different industries contributing to revenue streams

• · Long-lasting experience in the sector

• · Sector-wide issue of import dependency and exposure to price volatility

• · As actions for a global soft-landing gain prominence, decisions with the potential to adversely affect global trade are engendering considerable uncertainty

Considering the aforementioned points, the Company's Long-Term National Issuer Credit Rating has been affirmed at 'A (tr)'. The Company's satisfactory leverage metrics, funding diversity, product variety and collection ability, global soft-landing actions along with ongoing uncertainties with potential to adversely affect global trade have been evaluated as important indicators for the stability of the ratings and the outlooks for Long and Short-Term National Issuer Credit Ratings are determined as 'Stable'. The Company's growth strategy, profitability indicators, financial leverage and asset quality will be closely monitored by JCR Eurasia Rating in upcoming periods. The macroeconomic indicators at national and international markets, as well as market conditions and legal framework about the sector will be monitored as well.

Copyric Copy by Dr. Earsa Rating Mack (o. 7 F 2 Blek Krater) (Tickly Telepher + 90 (22) 32.5.7.2 r. +9 (22) 32.5.5.2 r. +9 (22.3 3.5.7.
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