GALATA WIND ENERJİ A.Ş.

Quarterly Report • Nov 4, 2025

GALATA WIND ENERJI ANONIM SIRKETI

CONVENIENCE TRANSLATION INTO ENGLISH OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE INTERIM PERIOD

AT 1 JANUARY - 30 SEPTEMBER 2025

(ORIGINALLY ISSUED IN TURKISH)

CONTENTS	PAGE
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INTERIM POSITION	CONDENSED		CONSOLIDATED	STATEMENTS	OF	FINANCIAL	1 - 2
				INTERIM CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME			3
INTERIM	CONDENSED		CONSOLIDATED	STATEMENTS EQUITY	OF	CHANGES	IN 4
				INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW			5 - 6
NOTES STATEMENTS	TO THE	INTERIM	CONDENSED	CONSOLIDATED		FINANCIAL	7 - 40

GALATA WIND ENERJI ANONIM SIRKETI INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2025

(Turkish Lira ("TRY") stated as according to purchasing power of Turkish Lira at 30 September 2025.)

ASSETS	Notes	Unaudited Current Period 30 September 2025	Audited Prior Period 31 December 2024
Current assets		1,598,508,319	2,028,746,384
Cash and cash equivalents	3	890,628,397	1,653,670,099
Financial investments	19	327,608,735	-
Trade receivables
- Due from third parties		330,322,450	275,911,105
Other receivables
- Due from third parties		36,177	70,062
Inventories		5,544,452	8,894,034
Prepaid expenses	9	42,535,327	55,393,364
Other current assets		1,832,781	34,807,720
Non-current assets		17,231,711,569	16,546,768,385
Derivative instruments		114,481,910	116,319,759
Financial investments	19	1,309,296	1,309,296
Other receivables
- Due from third parties		1,398,840	730,567
Property, plant and equipment	5	11,170,736,025	11,182,913,401
Intangible assets
- Licenses	6	5,290,497,523	4,546,763,422
- Goodwill		237,342,250	237,342,250
- Other	6	40,214,603	31,516,326
Right of use assets	7	276,490,900	188,239,275
Prepaid expenses	9	99,240,222	241,634,089
TOTAL ASSETS		18,830,219,888	18,575,514,769

The consolidated financial statements as of and for the period ended 30 September 2025 have been approved by the Board of Directors on 4 November 2025.

GALATA WIND ENERJI ANONIM SIRKETI INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2025

(Turkish Lira ("TRY") stated as according to purchasing power of Turkish Lira at 30 September 2025.)

LIABILITIES	Notes	Unaudited Current Period 30 September 2025	Audited Prior Period 31 December 2024
Current liabilities		959,597,049	1,012,128,562
Short-term borrowings
- Bank borrowings	4	-	534,211,720
Short-term portion of long-term borrowings
Short-term portion of long-term borrowings from third parties
- Bank borrowings	4	317,284,985	165,534,363
- Lease liabilities	4	2,785,452	5,084,776
- Short-term portion of long-term borrowings
from related parties
- Lease liabilities	4,18	1,119,969	258,460
Trade payables
- Due to related parties	18	3,430,049	5,995,942
- Due to third parties		83,193,060	167,631,089
Other payables
- Due to related parties	10	346,000,000	-
- Due to third parties		72,826,553	56,643,673
Payables related to employee benefits		2,857,975	27,044,373
Provision for period income tax	17	109,786,570	34,262,021
Short-term provisions
- Other short-term provisions	8	413,277	722,648
- Short-term provisions for employment benefits		19,899,159	14,739,497
Non-current liabilities		4,404,379,452	4,447,648,792
Long-term borrowings
- Long-term borrowings from third parties
- Bank borrowings	4	1,739,245,051	2,060,767,870
- Lease liabilities	4	129,791,638	108,042,463
- Long-term borrowings from related parties
- Lease liabilities	4,18	297,746	373,462
Long-term provisions
- Long-term provisions for
employment benefits		14,953,301	14,790,631
Deffered Tax Liabilities	17	2,520,091,716	2,263,674,366
EQUITY		13,466,243,387	13,115,737,415
Equity attributable to equity holders of the parent company		13,466,243,387	13,115,737,415
Share capital	10	540,000,000	540,000,000
Inflation Adjustments on Capital		4,664,937,096	4,664,937,096
Share premiums/(discounts)	10	26,681,088	26,681,088
Other comprehensive income (losses) that
will not be reclassified in profit or loss
- Actuarial gains (losses) on defined
benefit plans	10	(11,439,172)	(11,439,172)
Accumulated other comprehensive income/(expense)
to be reclassified to profit or loss
- Foreign currency conversion differences		(1,816,689)	(209,367)
- Gains on revaluation and classification of available-for-sale
financial assets		424,587	424,587
Restricted reserves	10	555,985,161	494,397,278
Retained earnings or accumulated losses		6,956,521,981	6,354,348,791
Net profit or loss for the period		734,949,335	1,046,597,114
TOTAL EQUITY AND LIABILITIES		18,830,219,888	18,575,514,769

GALATA WIND ENERJI ANONIM SIRKETI INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE PERIODS 1 JANUARY – 30 SEPTEMBER 2025 AND 2024

(Turkish Lira ("TRY") stated as according to purchasing power of Turkish Lira at 30 September 2025.)

	Notes	Unaudited Current Period 1 January - 30 September 2025	Unaudited Current Period 1 July - 30 September 2025	Unaudited Prior Period 1 January - 30 September 2024	Unaudited Prior Period 1 July - 30 September 2024
PROFIT OR LOSS
Revenue Cost of sales (-)	11 11	2,231,583,258 (1,153,973,916)	947,480,926 (462,706,861)	2,242,186,110 (1,024,918,141)	823,140,287 (366,049,813)
GROSS PROFIT/ (LOSS)		1,077,609,342	484,774,065	1,217,267,969	457,090,474
General administrative expenses (-) Marketing expenses (-) Other operating income Other operating expenses (-)	12 12 14 14	(174,771,501) (12,369,694) 420,308,180 (26,496,302)	(60,135,428) (4,312,870) 133,776,521 (9,056,246)	(168,977,288) (11,999,125) 114,451,534 (24,006,341)	(67,703,766) (3,257,373) 45,147,036 (9,650,836)
OPERATING PROFIT/ (LOSS)		1,284,280,025	545,046,042	1,126,736,749	421,625,535
OPERATING PROFIT/ (LOSS) BEFORE FINANCE (EXPENSE)/ INCOME		1,284,280,025	545,046,042	1,126,736,749	421,625,535
Finance expenses (-) Monetary Gain/(Loss)	15 16	(347,662,756) 243,471,215	(160,641,869) 123,485,291	(204,676,076) 312,053,458	(85,993,139) 33,512,297
PROFIT/ (LOSS) BEFORE TAXATION FROM CONTINUED OPERATIONS		1,180,088,484	507,889,464	1,234,114,131	369,144,693
Tax income/(expense) from continued operations		(445,139,149)	(216,238,689)	(427,046,713)	(166,766,632)
Tax income/ (expense) for the period Deferred tax income/ (expense)	17 17	(188,721,799) (256,417,350)	(103,972,515) (112,266,174)	(191,233,843) (235,812,870)	(73,281,405) (93,485,227)
PROFIT/ (LOSS) FOR THE PERIOD		734,949,335	291,650,775	807,067,418	202,378,061
Earning/(Loss) Per Share Attributable to Equity Holders of the Parent Company	20	1.361	0.540	1.495	0.375
OTHER COMPREHENSIVE INCOME
That will not be reclassified as profit or loss Actuarial gains (losses) on defined benefit plans Taxes related to other comprehensive income that will not be reclassified as		-	-	-	-
profit or loss Tax effect of actuarial gains (losses) on defined benefit plans		- -	- -	- -	- -
Other Comprehensive Income That Will Be Reclassified to Profit or Loss - Foreign currency conversion differences		(1,607,322)	(669,389)	285,327	63,637
OTHER COMPREHENSIVE INCOME (LOSS) TOTAL COMPREHENSIVE INCOME (LOSS)		(1,607,322) 733,342,013	(669,389) 290,981,386	285,327 807,352,745	63,637 202,441,698
Allocation of Total Comprehensive Income/(Loss)
Attributable to non-controlling interests Attributable to equity holders of the parent company		- 733,342,013	- 290,981,386	- 807,352,745	- 202,441,698

GALATA WIND ENERJİ ANONİM ŞİRKETİ INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE PERIODS 1 JANUARY – 30 SEPTEMBER 2025 AND 2024

(Turkish Lira ("TRY") stated as according to purchasing power of Turkish Lira at 30 September 2025.)

				Other comprehensive income or expense not to be reclassified	Other comprehensive income or expense not to be reclassified
				to profit or loss	to profit or loss				Retained earnings
	Share capital	Capital Adjustment Differences	Share premium/ discounts	Actuarial gain/ (loss)on defined benefit plans	foreign currency conversion Differences	Gains on revaluation and classification of available for sale financial Assets	Restricted reserves	Advance Dividend Paid	Retained earnings or accumulated loss	Profit (Loss) for Period	Equity attributable to equity holders of parent company	Non controlling interest	Total equity
Balance at 1 January 2024	540,000,000	4,664,937,096	26,681,088	(11,036,109)	40,636	-	418,190,889	(226,367,122)	6,194,296,556	1,129,205,651	12,735,948,685	-	12,735,948,685
Transfers Dividends Total comprehensive income	- - -	- - -	- - -	- - -	- - 285,327	- - -	76,206,389 - -	226,367,122 - -	826,632,140 (666,579,905) -	(1,129,205,651) - 807,067,418	- (666,579,905) 807,352,745	- - -	- (666,579,905) 807,352,745
- Other comprehensive income/ (expense)	-	-	-	-	285,327	-	-	-	-	-	285,327	-	285,327
- Net profit for the period (loss)	-	-	-	-	-	-	-	-	-	807,067,418	807,067,418	-	807,067,418
Balance at 30 September 2024	540,000,000	4,664,937,096	26,681,088	(11,036,109)	325,963	-	494,397,278	-	6,354,348,791	807,067,418	12,876,721,525	-	12,876,721,525
Balance at 1 January 2025	540,000,000	4,664,937,096	26,681,088	(11,439,172)	(209,367)	424,587	494,397,278	-	6,354,348,791	1,046,597,114	13,115,737,415	-	13,115,737,415
Transfers	-	-	-	-	-	-	61,587,883	-	985,009,231	(1,046,597,114)	-	-	-
Dividends Total comprehensive income - Other comprehensive income/	- -	- -	- -	- -	- (1,607,322)	- -	- -	- -	(382,836,041) -	- 734,949,335	(382,836,041) 733,342,013	- -	(382,836,041) 733,342,013
(expense) - Profit (Loss) for Period	- -	- -	- -	- -	(1,607,322) -	- -	- -	- -	- -	- 734,949,335	(1,607,322) 734,949,335	- -	(1,607,322) 734,949,335
Balance at 30 September 2025	540,000,000	4,664,937,096	26,681,088	(11,439,172)	(1,816,689)	424,587	555,985,161	-	6,956,521,981	734,949,335	13,466,243,387	-	13,466,243,387

GALATA WIND ENERJİ ANONİM ŞİRKETİ INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE PERIODS 1 JANUARY – 30 SEPTEMBER 2025 AND 2024

(Turkish Lira ("TRY") stated as according to purchasing power of Turkish Lira at 30 September 2025.)

	Notes	Unaudited Current Period 1 January - 30 September 2025	Unaudited Prior Period 1 January - 30 September 2024
A. NET CASH FROM OPERATING ACTIVITIES		1,272,607,854	1,368,437,555
Net profit (loss) for the period		734,949,335	807,067,418
Adjustments regarding reconciliation of net profit (loss)
for the period:		528,890,647	697,928,519
Adjustments related to depreciation and amortization	5,6,7	673,017,578	584,163,829
Adjustments related to provisions
- Adjustments related to long-term provision (reversals) for employee
benefits		2,935,348	2,934,481
Adjustments related to short-term provisions (reversals) for employee
benefits		14,274,959	7,899,266
- Adjustments related to other provisions (reversals)		309,371	945,260
Adjustments related to interest (income) and expenses
- Adjustments related to interest income	14	(214,624,717)	(68,267,242)
- Adjustments related to interest expenses	15	78,071,268	37,872,442
Adjustments related to fair value (gains) losses		1,837,849	54,913,416
Adjustments related to tax (income)/expense	17	445,139,149	427,046,713
Adjustments related to changes in unrealised
foreign exchange differences	4	232,787,741	137,380,770
Adjustments related to gains and losses on monetary positions		(704,857,899)	(486,960,416)
Changes in working capital		(100,870,614)	(157,221,684)
Adjustments for decreases/(increases) in inventories		3,349,582	-
Adjustments for decrease/ (increase) in trade receivables
-Decrease/ (increase) in trade receivables from related parties		-	(521)
-Decrease/ (increase) in trade receivables from non-related parties		(54,411,345)	58,920,998
Increase/ (decrease) in payables due to employee benefits		(24,186,398)	(14,541,648)
Adjustments regarding decrease/ (increase)
in other receivables on operations
(Increase)/ decrease in other receivables regarding
operations with non-related parties		33,885	57,255
Adjustments regarding increase (decrease) in trade payables
- Increase/ (decrease) in trade payables to related parties		(2,565,893)	661,054
- Increase/ (decrease) in trade payables to non-related parties		(84,438,029)	52,463,123
Adjustments regarding increase (decrease) in other payables on operations
- Increase/(decrease) in other payables
regarding operations with non-related parties		16,182,880	(240,874,587)
Adjustments for other increase (decrease) in working capital
- (Increase)/ decrease in other assets regarding operations		45,164,704	(13,907,358)
Net cash from operating activities		1,162,969,368	1,347,774,253
Income tax refunds / (payments)	17	(113,167,217)	(46,946,172)
Interest received		223,650,450	68,228,666
Payment of provisions for employee benefits		(844,747)	(619,192)

GALATA WIND ENERJİ ANONİM ŞİRKETİ INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE PERIODS 1 JANUARY – 30 SEPTEMBER 2025 AND 2024

(Turkish Lira ("TRY") stated as according to purchasing power of Turkish Lira at 30 September 2025.)

	Notes	Unaudited Current Period 1 January - 30 September 2025	Unaudited Prior Period 1 January - 30 September 2024
B. NET CASH FROM INVESTING ACTIVITIES		(1,558,609,458)	(493,587,126)
Cash inflows / (outflows) from the acquisition of shares or debt instruments
of other enterprises or funds	19	(327,608,735)	159,889,408
Cash outflows from purchase of
property, plant, equipment and intangible assets
Cash outflows from purchase of property, plant, equipment	5	(560,272,500)	(1,514,249,258)
Cash outflows from purchase of intangible assets	6	(730,159,789)	(96,232,016)
Cash advance given		142,393,867	1,049,707,678
Cash inflows from sale of property, plant, equipment and
intangible assets
Other cash inflows/(outflows)		(82,962,301)	(92,702,938)
C. NET CASH FROM FINANCING ACTIVITIES		(692,712,916)	(919,729,849)
Cash outflows on debt payments
- Cash outflows due to payments of bank borrowings	4	(592,401,350)	(190,368,470)
Cash outflows due to payments of lease liabilities	4	(26,773,427)	(21,363,197)
Interest paid	4,15	(73,538,139)	(41,418,277)
Dividend payments		-	(666,579,905)
D. INFLATION EFFECT
ON CASH AND CASH EQUIVALENTS		47,991,463	61,473,857
NET INCREASE/(DECREASE) IN
CASH AND CASH EQUIVALENTS
BEFORE FOREIGN CURRENCY
TRANSLATION DIFFERENCES (A+B+C+D)		(930,723,057)	16,594,437
E. EFFECT OF CURRENCY TRANSLATION
DIFFERENCES ON CASH AND
CASH EQUIVALENTS		176,707,087	4,777,854
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (A+B+C+D+E)		(754,015,970)	21,372,291
F.CASH AND CASH EQUIVALENTS AT THE
BEGINNING OF THE PERIOD	3	1,642,609,728	119,411,044
F. CASH AND CASH EQUIVALENTS AT THE
END OF THE PERIOD (A+B+C+D+E+F)	3	888,593,758	140,783,335

(Turkish Lira ("TRY") stated as according to purchasing power of Turkish Lira at 30 September 2025.)

NOTE 1 - ORGANIZATION AND NATURE OF OPERATIONS

Galata Wind Enerji Anonim Şirketi ("Galata Wind" or the "Company") was acquired and taken over from the İbrahimağaoğlu Family on 29 June 2012 as a Doğan Holding subsidiary.

While the Company operated as a subsidiary of Doğan Enerji Yatırımları Sanayi ve Ticaret A.Ş. ("Doğan Enerji") as part of Doğan Şirketler Grubu Holding A.Ş., it started to operate directly as a subsidiary of Doğan Şirketler Grubu Holding A.Ş. after the merger of Doğan Şirketler Grubu Holding A.Ş. and Doğan Enerji Yatırımları Sanayi ve Ticaret A.Ş. under Doğan Şirketler Grubu Holding A.Ş. on 2 March 2021. The ultimate beneficial owner of the Company is Doğan Family.

Galata Wind is subject to Capital Markets Legislation and Capital Markets Board ("CMB") regulations. Its shares have been traded on Borsa İstanbul A.Ş. ("Borsa İstanbul") since 22 April 2021. As per CMB Principle Decision No. 31/1059 dated 30 October 2014 and Principle Decision No. 21/655 dated 23 July 2010, and according to the records of Central Securities Depository ("CSD"), as of 4 November 2025, shares corresponding to 29.96% of Galata Wind's capital are accepted as being in circulation.

The main activities of the Company are establishing, operating and managing power plants and generating and selling electricity. In the scope of this purpose and field, the Company generates electricity using sustainable energy sources and sells this electricity to the Turkey Interconnected Grid.

The Company owns three wind power plants (WPP) and two solar power plants (SPP). Total installed capacity of these plants is 354.2 MW, 283.9 MW of which is comprised of WPPs, and 70.3 MW of which is comprised of SPPs. All power plants, except Mersin WPP and Şah WPP, sell the electricity generated to the feed-in-tariff system, within the scope of the Support Mechanism for Renewable Energy Sources ("YEKDEM"). As of September 2025, 691,609 MWh of electricity was generated, 647,323 MWh from WPPs and 44,286 MWh from SPPs.

The WPPs with 49-year generation licenses are Şah WPP, Taşpınar WPP and Mersin WPP. The 105 MW Şah WPP in Bandırma/Balıkesir has been in operation since 2011, while the 99.9 MW Mersin WPP in Mut/Mersin has been in operation since 2010. The Şah WPP and the Mersin WPP changed hands following the takeover of the company by the Doğan Group and have been operated by the Doğan Group since June 2012. The 79 MW Taşpınar power plant in Nilüfer/Bursa is a project developed by the company and was commissioned in October 2020 with a preliminary partial acceptance. In 2023-2024, the Taşpınar Wind Power Plant will be converted into a combined renewable energy power plant, known as the Taşpınar Hybrid Wind Power Plant (WPP). In total, the company has 77 wind turbines, including 35 Vestas turbines in Bandirma, 16 Nordex turbines in Taspinar and 26 Vestas turbines in Mersin.

"SPPs" operating within the scope of unlicensed power generation were commissioned with an installed capacity of 9.4 MW in Merkez/Çorum and 24.7 MW in Aziziye-Hınıs-Karayazı/Erzurum on 19 December 2017 and 31 December 2018, respectively.

(Turkish Lira ("TRY") stated as according to purchasing power of Turkish Lira at 30 September 2025.)

NOTE 1 - ORGANIZATION AND NATURE OF OPERATIONS (Continued)

Electricity sales prices are as follows:

• Şah WPP exited YEKDEM at the end of 2021. In this context, it sold the electricity generated in 2021 for the last time at a price of 73 USD/MWh. Since January 2022, it has been selling the generated electricity through bilateral agreements.
• The YEKDEM period for Taşpınar WPP began in 2021 and will continue until the end of 2030. In addition, since the equipment used at the Taşpınar WPP is domestically manufactured, the company will benefit from an additional local contribution price. Taşpınar WPP will sell the electricity it generates for USD 94/MWh (USD 73 + USD 21 local contribution) for 5 years. Taşpınar WPP will once again utilize YEKDEM in 2023. Taşpınar Hybrid SPP, which also produces using domestic equipment, will benefit from the same YEKDEM prices within the same periods. When YEKDEM expires, it will sell electricity at the spot price or through bilateral agreements.
• Mersin WPP, whose YEKDEM term expired at the end of 2020, has been selling its electricity since January 2021 through bilateral agreements.
• For SPPs, the 10-year YEKDEM period has begun from the date of operations. Çorum SPP will sell the electricity it generates until the end of 2027 and Erzurum SPP until the end of 2028 at a selling price of 133 USD/MWh through the distribution companies in the regions inwhich they operate.

Pursuant to the resolution of the Board of Directors of the Company dated 31 December 2020, all registered shares of Sunflower Solar Güneş Enerjisi Sistemleri Ticaret A.Ş. ("Sunflower"), which is 100% owned by Doğan Enerji, were purchased and taken over by the company with a nominal value of TRY 1,000,000. As of 31 December 2020, the corresponding share transfers are included in Sunflower's share register and as of 31 December 2020, control of Sunflower has been transferred to Galata Wind. The ultimate shareholder of Sunflower is Doğan Şirketler Grubu Holding A.Ş., and the share transfer is considered a transaction between entities under common control. The company's field of activity is the design and installation of all types of renewable energy sources, sunlight-to-energy conversion systems and sunlight-to-energy generation systems in all types of residences, housing estates, hotels, hospitals, factories, tourism facilities, vacation villages and similar facilities, sites and buildings. The company will continue its activities in the field of rooftop solar energy projects and energy storage in the future.

A Share Purchase and Sale Agreement dated 23 September 2022 was entered into between the Company and Şık Mehmet Aslan to acquire all registered shares corresponding to 100% of the capital of Gökova Elektrik Üretim ve Ticaret A.Ş. ("Gökova") at a price of TRY 38,265,698. The subject of the purchase is the wind power plant project ("Alapınar WPP Project"), which will operate within the borders of Muğla Province, has an installed capacity of 9 MWm / 6.8 MWe and a generation license number EÜ/3519-37/2164. As of 23 September 2022, corresponding share transfers are registered in the share register of Gökova. On 23 September 2022, control of Gökova was transferred to Galata Wind. Within the field coordinates included in Production License No. EU/3519-37/2164, in January 2025, the Company paid an additional fee of USD 1,750,000 in cash and in full to the Seller, provided that the obligation under the positive EIA decision is satisfied by the obligations under EMRA's decision dated 1 September 2022, No. 11159-7.

The company has completed the establishment of a new company/subsidiary based in the Netherlands with the name Galata Wind Energy Global BV, with a capital of EUR 1,000,000, in which it will hold 100% of the capital, for the purpose of consolidating and effectively coordinating potential investments abroad, as of 25 July 2023.

(Turkish Lira ("TRY") stated as according to purchasing power of Turkish Lira at 30 September 2025.)

NOTE 1 - ORGANIZATION AND NATURE OF OPERATIONS (Continued)

As of 30 September 2025, the main operations of the subsidiary of the Company (the Company and the subsidiary shall be together referred to as the "Group") and the country in which it operates are as follows:

Subsidiary	Main operation	Country registered
Sunflower Solar Güneş Enerjisi Sistemleri Ticaret A.Ş. ("Sunflower")	Energy	Turkiye
Gökova Elektrik Üretim ve Ticaret A.Ş. ("Gökova")	Energy	Turkiye
Galata Wind Energy Global BV ("Galata Wind Global")	Energy	Netherlands
Nova Grup Enerji Yatırımları A.Ş. ("Nova")	Energy	Turkiye
Avrupa Grup Enerji Yatırımları A.Ş. ("Avrupa")	Energy	Turkiye
Sunspark GmbH ("Sunspark")	Energy	Germany
Solevento Srl. ("Solevento")	Energy	Italy
Montescaglioso 1 S.R.L. ("M1")	Enerji	Italy
Ferrandina 14 S.R.L. ("F14")	Enerji	Italy

The Group had 66 employees as of 30 September 2025 (31 December 2024: 68).

The registered address of the group is as follows:

Burhaniye Mah. Kısıklı Cad. No: 65 34676 Üsküdar/Istanbul

NOTE 2 - BASIS OF PRESENTATION OF FINANCIAL STATEMENTS

2.1 Basis of Presentation

2.1.1 Preparation and Presentation of Financial Statements

Adopted Financial Reporting Standards

The consolidated financial statements of the Group have been prepared in accordance with the Capital Markets Board's ("CMB") Communiqué Serial II, 14.1 "Principles of Financial Reporting in Capital Markets" ("Communiqué") published in the Official Gazette dated 13 June 2013 and numbered 28676. Turkish Financial Reporting Standards and their annexes and comments ("TFRSs") published by the Public Oversight Accounting and Auditing Standards Authority ("KGK") in accordance with Article 5 of the Communiqué. The consolidated financial statements have been prepared in accordance with the formats specified in the "Announcement on TFRS Taxonomy" published by POA on July 3, 2024 and the Financial Statement Examples and User Guide published by the CMB.

The Group maintains their legal books of accounts in Turkish Lira in accordance with the Tax Legislation, and the Uniform Chart of Accounts (General Communiqué on Accounting System Implementation) issued by the Ministry of Finance. These consolidated financial statements, except for the financial assets that are presented at fair value, are prepared on the basis of historical cost.

Financial reporting in hyperinflationary econimics

The Group has prepared its consolidated financial statements for the year ended 30 September 2025 by applying TAS 29 "Financial Reporting in High Inflation Economies" Standard based on the announcement made by the KGK on 23 November 2023 and the "Implementation Guide on Financial Reporting in High Inflation Economies". In accordance with the standard, financial statements were prepared based on the currency of a hyperinflationary economy are prepared in the purchasing power of this currency at the balance sheet date, and comparative information is expressed in terms of the current measurement unit at the end of the reporting period for the purpose of comparison of previous period financial statements. Therefore, the Group has presented its consolidated financial statements as of 31 December 2024 and 30 September 2024, based on purchasing power as of 30 September 2025.

(Turkish Lira ("TRY") stated as according to purchasing power of Turkish Lira at 30 September 2025.)

NOTE 2 - BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (Continued)

2.1 Basis of Presentation (Continued)

2.1.1 Preparation and Presentation of Financial Statements (Continued)

Financial reporting in hyperinflationary economics (Continued)

In accordance with the CMB's decision dated 28 December 2023 and numbered 81/1820, issuers and capital market institutions subject to financial reporting regulations implementing Turkish Accounting/Financial Reporting Standards shall comply with the provisions of TMS 29, starting from their annual financial reports for the accounting periods ending as of 31 December 2023. It was decided to apply inflation accounting.

Rearrangements made in accordance with TMS 29 were made using the correction coefficient obtained from the Consumer Price Index in Turkey ("CPI") published by the Turkish Statistical Institute ("TURKSTAT"). As of September 30, 2025, the indices and correction coefficients used in the correction of consolidated financial statements are as follows:

Date	Index	Adjustment Coefficient	Three Years Compound Inflation Rate
30 September 2025	3,367.22	1.00000	%222
31 December 2024	2,684.55	1.25430	%291
30 September 2024	2,526.16	1.33294	%343

The main elements of the Group's adjustment for financial reporting purposes in high-inflation economies are as follows:

• The current period consolidated financial statements prepared in TRY are expressed with the purchasing power at the balance sheet date, and the amounts from previous reporting periods are also expressed by adjusting according to the purchasing power at the end of the reporting period.
• Monetary assets and liabilities are not adjusted as they are currently expressed with current purchasing power at the balance sheet date. In cases where the inflation-adjusted values of non-monetary items exceed the recoverable amount or net realizable value, the provisions of TMS 36 and TMS 2 were applied, respectively.
• Non-monetary assets and liabilities and equity items that are not expressed in current purchasing power at the balance sheet date have been corrected using the relevant correction coefficients.

All items in the statement of comprehensive income, except those that affect the statement of comprehensive income of non-monetary items in the balance sheet, are indexed with coefficients calculated over the periods when the income and expense accounts are first reflected in the financial statements. The effect of inflation on the Group's net monetary asset position in the current period is recorded in the net monetary position loss account in the income statement.

Functional and Presentation Currency

Items included in the financial statements of the Group are measured using the currency of the primary economic environment in which the entity operates ("the functional currency"). The consolidated financial statements are presented in Turkish Lira, which is the functional and presentation currency of Group.

(Turkish Lira ("TRY") stated as according to purchasing power of Turkish Lira at 30 September 2025.)

NOTE 2 - BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (Continued)

2.1 Basis of Presentation (Continued)

2.1.2 Consolidation Principles

(a) Subsidiaries

Subsidiaries comprise of the companies directly or indirectly controlled by Galata Wind.

Control is achieved when the Group:

• Has power over the company/asset;
• Is exposed, or has rights, to variable returns from its involvement with the company/asset; and
• Has the ability to use its power to affect its returns.

The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are indicators of a situation or an event that may cause any changes to at least one of the elements of control listed above.

When the Group considers all relevant facts and circumstances in assessing whether or not the Group's voting rights in the relevant investee are sufficient to give it power, including:

• The size of the Group's holding of voting rights relative to the size and dispersion of holdings of the other vote holders;
• Potential voting rights held by the Group, other vote holders or other parties;
• Rights arising from other contractual arrangements; and
• Any additional facts and circumstances that indicate that the Group has, or does not have, the current ability to direct the relevant activities (including voting patterns at previous shareholders' meetings).

Subsidiaries are consolidated by the date the Group takes the control and from the date the control is over, subsidiaries are excluded from the consolidation scope. Proportion of ownership interest represents the effective shareholding of the Group through the shares held by Galata Wind and/or indirectly by its subsidiaries.

Intercompany transactions and balances are eliminated on consolidation. The dividends arising from shares held by Group in its subsidiary are eliminated from equity and income for the period.

Subsidiaries acquired or disposed of during the accounting period are included in the consolidation from the date at which the control of operations are transferred to the Group and excluded from the consolidation when the control is lost. Even if non-controlling interests result in a deficit balance, total comprehensive income is attributed to the owners and to the non-controlling interests.

Income and expense of a subsidiary, acquired or disposed of the during the year are included in the consolidated statement of profit or loss and other comprehensive income from the date the Group gains control until the date when the Group ceases to control the subsidiary.

(Turkish Lira ("TRY") stated as according to purchasing power of Turkish Lira at 30 September 2025.)

NOTE 2 - BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (Continued)

2.1 Basis of Presentation (Continued)

2.1.2 Consolidation Principles (Continued)

Changes in ownership interests

The Group assesses transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their indirect interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognised in a separate reserve within equity.

As of 30 September 2025, Sunflower, Gökova, Galata Wind Global, Nova, Avrupa and Sunspark are the subsidiaries consolidated. The voting rights and effective ownership rates for Sunflower are shown below:

	Direct voting		Proportion of effective
		Rights (%)	Ownership interest (%)
	30 September	31 December	30 September	31 December
Subsidiaries	2025	2024	2025	2024
Sunflower	100	100	100	100
Gökova	100	100	100	100
Galata Wind Global	100	100	100	100
Nova	100	100	100	100
Avrupa	100	100	100	100
Sunspark	100	-	100	-
Solevento	100	-	100	-
Montescaglioso 1 S.R.L.	100	-	100	-
Ferrandina 14 S.R.L.	100	-	100	-

Summary financial information of Sunflower as of 30 September 2025 and 31 December 2024 are as follows:

	30 September 2025	31 December 2024
Current assets	1,333,290	1,337,929
Non-current assets	-	-
Current liabilities	6,177	250,616
Shareholders equity	1,327,113	1,087,313
Net (loss)/ profit for the period	(260,200)	(767,056)

Summary financial information of Gökova as of 30 September 2025 and 31 December 2024 are as follows:

	30 September2025	31 December 2024
Current assets	4,309,029	4,364,543
Non-current assets	7,151,711	6,306,192
Current liabilities	1,302	2,353
Shareholders equity	11,459,438	10,668,382
Net (loss)/ profit for the period	531,800	(213,261)

(Turkish Lira ("TRY") stated as according to purchasing power of Turkish Lira at 30 September 2025.)

NOTE 2 - BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (Continued)

2.1 Basis of Presentation (Continued)

2.1.2 Consolidation Principles (Continued)

Changes in ownership interests

Summary financial information of Galata Wind Global as of 30 September 2025 and 31 December 2024 are as follows: With the share purchase and sale agreement signed by Galata Wind Global on August 14, 2024, the financial information of Nova, Avrupa, Sunspark, Solevento, M1 and F14 are also shown under Galata Wind Global:

	30 September 2025	31 December 2024
Current assets	2,211,763	605,076
Non-current assets	810,492,165	102,396,478
Current liabilities	820,241,777	111,835,392
Shareholders equity	(7,537,849)	(8,833,838)
Net (loss)/ profit for the period	(4,058,969)	(35,559,569)

(b) Non-Controlling Interests

Non-controlling interests of shareholders over the net assets and operational results of subsidiaries are classified as non-controlling interest and non-controlling profit/loss in the consolidated statement of financial position and consolidated statement of income.

2.1.3 Offsetting

Financial assets and liabilities are offset and the net amount is reported when there is a legally enforceable right to set-off the recognised amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously.

To conform to the presentation of the current period's consolidated financial statements, comparative information is reclassified when deemed necessary and material differences are disclosed.

2.1.4 Comparative information and restatement of prior period financial statements

The Group's consolidated financial statements were prepared in comparison with the previous periods in order to determine financial position and performance trends. The Group prepared its consolidated statement of financial position as at 30 September 2025 in comparison with the consolidated statement of financial position as at 31 December 2024. The Group prepared its consolidated statement of profit or loss and other comprehensive income, consolidated statement of cash flows and consolidated statement of changes in equity for the period ending 1 January - 30 September 2025 in comparison with the consolidated financial statements for the period ending 1 January - 30 September 2024.

The Group has reclassified personnel expenses amounting to TL 21,717,739 and depreciation and amortization expenses amounting to TL 2,400,880, previously presented under "Marketing Expenses" for the accounting period between January 1 and September 30, 2024, as well as personnel expenses amounting to TL 7,631,226 and depreciation and amortization expenses amounting to TL 1,250,133, previously presented under "Marketing Expenses" for the accounting period between July 1 and September 30, 2025, to "General Administrative Expenses" in the financial statements prepared as of September 30, 2025, in order to ensure comparability between the relevant periods.

(Turkish Lira ("TRY") stated as according to purchasing power of Turkish Lira at 30 September 2025.)

NOTE 2 - BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (Continued)

2.1 Basis of Presentation (Continued)

2.1.5 Financial statements of subsidiaries operating abroad

The financial statements of subsidiaries operating abroad have been prepared in accordance with the laws and regulations of the countries in which they operate and have been prepared with adjustments made for the purpose of fair presentation in accordance with Turkish Accounting Standards. In this context, the Group's subsidiaries operating abroad prepare their financial statements in the functional currency Euro, assets and liabilities are translated into Turkish Lira at the exchange rate prevailing on the date of the consolidated balance sheet, and income and expenses are translated into Turkish Lira at the average exchange rate. Translation differences resulting from the use of closing and average rates and indexation effects resulting from the indexation of the income statements in accordance with TAS 29 are recognized in other comprehensive income and in equity under the currency translation reserve.

2.1.6 Changes in significant accounting policies, accounting estimates, errors and restatement of prior period financial statements

Changes of accounting policies resulting from the first-time implementation of the TAS are implemented retrospectively or prospectively in accordance with the transition provisions. Major accounting mistakes detected are applied retrospectively and the financial statements of previous period are revised. If the changes in accounting estimates only apply to one period, then they are applied in the current period when the change occurs; if the changes apply also to the future periods, they are applied in both the period of change and in the future period.

2.1.7 New and revised Turkish Financial Reporting Standards ("TFRS")

Amendments to TAS 21 Lack of Exchangeability

The amendments contain guidance to specify when a currency is exchangeable and how to determine the exchange rate when it is not. Amendments are effective from annual reporting periods beginning on or after 1 January 2025.

a) New and revised TFRS's in issue but not yet effective

TFRS 17 Insurance Contracts

TFRS 17 requires insurance liabilities to be measured at a current fulfillment value and provides a more uniform measurement and presentation approach for all insurance contracts. These requirements are designed to achieve the goal of a consistent, principle-based accounting for insurance contracts. TFRS 17 has been deferred for insurance, reinsurance and pension companies for a further year and will replace TFRS 4 Insurance Contracts on 1 January 2026.

Amendments to TFRS 17 Insurance Contracts and Initial Application of TFRS 17 and TFRS 9 — Comparative Information

Amendments have been made in TFRS 17 in order to reduce the implementation costs, to explain the results and to facilitate the initial application.

The amendment permits entities that first apply TFRS 17 and TFRS 9 at the same time to present comparative information about a financial asset as if the classification and measurement requirements of TFRS 9 had been applied to that financial asset before. Amendments are effective with the first application of TFRS 17.

(Turkish Lira ("TRY") stated as according to purchasing power of Turkish Lira at 30 September 2025.)

NOTE 2 - BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (Continued)

2.1 Basis of Presentation (Continued)

TFRS 18 Presentation and Disclosures in Financial Statements

TFRS 18 includes requirements for all entities applying TFRS for the presentation and disclosure of information in financial statements. Applicable to annual reporting periods beginning on or after 1 January 2027.

Amendments TFRS 9 and TFRS 7 regarding the classification and measurement of financial instruments

The amendments address matters identified during the post-implementation review of the classification and measurement requirements of TFRS 9 Financial Instruments. Amendments are effective from annual reporting periods beginning on or after 1 January 2026.

Amendments TFRS 9 and TFRS 7 regarding power purchase arrangements

The amendments aim at enabling entities to include information in their financial statements that in the IASB's view more faithfully represents contracts referencing nature-dependent electricity. Amendments are effective from annual reporting periods beginning on or after 1 January 2026.

TFRS 19 Subsidiaries without Public Accountability: Disclosures

TFRS 19 specifies the disclosure requirements an eligible subsidiary is permitted to apply instead of the disclosure requirements in other IFRS Accounting Standards. Applicable to annual reporting periods beginning on or after 1 January 2027.

NOTE 3 - CASH AND CASH EQUIVALENTS

	30 September 2025	31 December 2024
Banks (*)	890,628,397	1,653,670,099
- Demand deposits	638,204	591,831
- Time deposits (less than 3 months)	889,990,193	1,653,078,268
	890,628,397	1,653,670,099

^(*) As of 30 September 2025, the Group's overnight time deposits are 42% in TRL, 4% in USD and 2% in EUR (effective interest rate in EUR as of 31 December 2024 is 1%, effective interest rate in USD as of 31 December 2024 is 2%) and their maturities are less than 3 months. The Group has no blocked deposits as of 30 September 2025 (31 December 2024: None).

Cash and cash equivalents included in the cash flow statements in 30 September 2025 and 31 December 2024 are as follows:

	30 September	31 December	30 September	31 December
	2025	2024	2024	2023
Cash and cash equivalents	890,628,397	1,653,670,099	140,937,628	119,526,759
Interest accruals(-)	(2,034,639)	(11,060,371)	(154,293)	(115,715)
Total	888,593,758	1,642,609,728	140,783,335	119,411,044

(Turkish Lira ("TRY") stated as according to purchasing power of Turkish Lira at 30 September 2025.)

NOTE 4 - SHORT AND LONG-TERM BORROWINGS

The summary on short and long-term bank borrowings is as follows:

Short-term borrowings:	30 September 2025	31 December 2024
Short-term bank borrowings from third parties	-	534,211,720
	-	534,211,720
Short-term portion of
long-term borrowings:	30 September 2025	31 December 2024
Short-term portion of long-term bank borrowings
from third parties	317,284,985	165,534,363
Lease liabilities from
third parties	2,785,452	5,084,776
Lease liabilities
from related parties	1,119,969	258,460
	321,190,406	170,877,599
Long-term borrowings:	30 September 2025	31 December 2024
Long-term bank borrowings
from third parties	1,739,245,051	2,060,767,870
Lease liabilities from
third parties	129,791,638	108,042,463
Lease liabilities
from related parties	297,746	373,462
	1,869,334,435	2,169,183,795

a) Bank borrowings

Details of the bank borrowings as of 30 September 2025 and 31 December 2024 are as follows:

		30 September
	Interest rate per annum (%)	2025 Original currency	TRY
Short-term portion of long-term
bank borrowings:
- EUR denominated bank borrowings	Libor+0.65 - 0.80	3,822,248	186,674,753
-USD denominated bank borrowings	SOFR+3.80	3,141,058	130,610,232
Long term bank borrowings:
- EUR denominated bank borrowings	Libor+0.65 - 0.80	12,623,966	616,541,851
-USD denominated bank borrowings	SOFR+3.80	27,000,000	1,122,703,200
Total bank borrowings			2,056,530,036

(Turkish Lira ("TRY") stated as according to purchasing power of Turkish Lira at 30 September 2025.)

NOTE 4 - SHORT AND LONG-TERM BORROWINGS (Continued)

a) Bank borrowings (Continued)

		31 December 2024
	Interest rate per annum (%)	Original currency	TRY
Short-term borrowings:
-USD denominated bank borrowings	5.50%	12,050,364	534,211,720
Short-term portion of long-term
bank borrowings:
- EUR denominated bank borrowings	Libor+0.65 - 0.80	3,522,180	162,587,687
-USD denominated bank borrowings	SOFR+3.80	66,469	2,946,676
Long term bank borrowings:
- EUR denominated bank borrowings	Libor+0.65 - 0.80	15,831,954	730,820,390
-USD denominated bank borrowings	SOFR+3.80	30,000,000	1,329,947,480
Total bank borrowings			2,760,513,953

The redemption schedule of long-term bank borrowings as of 30 September 2025 and 31 December 2024 is as follows:

	30 September 2025	31 December 2024
In 2 years	406,164,550	414,073,770
In 3 years	406,164,550	414,073,770
In 4 years	406,164,550	414,073,770
More than 5 years	520,751,401	818,546,560
	1,739,245,051	2,060,767,870

As of 30 September 2025 and 31 December 2004, the Group's financial liabilities with floating interest rates is as follows:

	30 September 2025	31 December 2024
Financial borrowings with fixed rates	-	534,211,720
Financial borrowings with floating rates	2,056,530,036	2,226,302,233
	2,056,530,036	2,760,513,953

The Group have a financial commitment to comply with in its loan agreements. In accordance with the bank loan agreement, the measurement date of financial ratios is 31 December 2025.

As of 30 September 2025, the remaining credit limit of the Group in banks is TRY 11,433,066,098 (31 December 2024: TRY 7,020,138,763).

Commitments related to financial liabilities are presented in Note 8.

(Turkish Lira ("TRY") stated as according to purchasing power of Turkish Lira at 30 September 2025.)

NOTE 4 - SHORT AND LONG-TERM BORROWINGS (Continued)

b) Bank borrowings (Continued)

The movement of the financial borrowings as of 30 September 2025 and 2024 is as follows:

	2025	2024
1 January	2,760,513,953	1,337,439,817
Additions	-	-
Payments	(592,401,350)	(190,368,470)
Interest accruals	38,589,054	27,923,541
Unrealized exchange rate difference	409,494,828	153,975,205
Monetary Gain/(Loss)	(559,666,449)	(353,017,275)
30 September	2,056,530,036	975,952,818

The reconciliation of the net financial borrowings as of 30 September 2025 and 31 December 2024 are as follows:

	30 September 2025	31 December 2024
Cash and cash equivalents (Note 3)	890,628,397	1,653,670,099
Financial investments (Note 19)	327,608,735	-
Short-term borrowings	(317,284,985)	(699,746,083)
Long-term borrowings	(1,739,245,051)	(2,060,767,870)
Short-term lease liabilities	(3,905,421)	(5,343,236)
Long-term lease liabilities	(130,089,384)	(108,415,925)
Net financial (liability)/assets	(972,287,709)	(1,220,603,015)

(Turkish Lira ("TRY") stated as according to purchasing power of Turkish Lira at 30 September 2025.)

NOTE 4 - SHORT AND LONG-TERM BORROWINGS (Continued)

a) Bank borrowings (Continued)

	Long and short-term borrowings	Lease liabilities	Cash and cash equivalent	Net financial (asset)/liabilities
1 January 2025	2,760,513,954	113,759,161	(1,653,670,099)	1,220,603,016
Cash flow effect	(592,401,350)	24,515,976	882,731,593	314,846,219
Foreign currency adjustment	409,494,828	-	(176,707,087)	232,787,741
Interest accruals	38,589,053	20,350,181	9,025,732	67,964,966
Monetary Gain/(Loss)	(559,666,449)	(24,630,513)	47,991,463	(536,305,499)
30 September 2025	2,056,530,036	133,994,805	(890,628,398)	1,299,896,443
	Long and short-term	Lease	Cash and cash	Net financial
	Borrowings	liabilities	equivalent	(asset)/liabilities
1 January 2024 Cash flow effect	1,337,439,817 (190,368,469)	63,264,185 12,069,510	(119,526,759) (66,251,712)	1,281,177,243 (244,550,671)
Foreign currency adjustment	153,975,205	-	(16,594,435)	137,380,770
Interest accruals	27,923,540	10,341,113	(38,578)	38,226,075
Monetary Gain/(Loss)	(353,017,274)	(11,434,838)	61,473,857	(302,978,255)

b) Lease liabilities

Details of the lease liabilities as of 30 September 2025 and 31 December 2024 are as follows:

		30 September 2025
	Interest rate per annum (%)	Original Currency	TRY
Short-term portion of long-term lease liabilities:
TRY denominated lease borrowings
from third parties	18.79 – 22.55	2,785,452	2,785,452
TRY denominated lease liabilities
from related parties	18.00	1,119,969	1,119,969
Total short-term portion of long-term lease liabilities:			3,905,421
Long-term lease liabilities:
TRY denominated lease liabilities
from third parties TRY denominated lease liabilities	18.79 – 22.55	129,791,638	129,791,638
from related parties	18.00	297,746	297,746
Total long-term lease liabilities			130,089,384
Total lease liabilities			133,994,805

(Turkish Lira ("TRY") stated as according to purchasing power of Turkish Lira at 30 September 2025.)

NOTE 4 - SHORT AND LONG-TERM BORROWINGS (Continued)

c) Lease liabilities (Continued)

	31 December 2024
	Interest rate	Original
	per annum (%)	Currency	TRY
Short-term portion of long-term lease liabilities:
TRY denominated lease liabilities
from third parties	18.79 – 22.55	5,084,776	5,084,776
TRY denominated lease liabilities from related parties	18.00	258,460	258,460
Total short-term portion of long-term
lease liabilities:			5,343,236
Long-term lease liabilities:
TRY denominated lease liabilities
from third parties	18.79 – 22.55	108,042,463	108,042,463
TRY denominated lease liabilities
from related parties	18.00	347,392	347,392
Total long-term lease liabilities			108,415,925
Total lease liabilities			113,759,161
The movement of the lease liabilities as of 30	September 2025 and 2024	are as follows:
		2025	2024
1 January		113,759,161	63,264,185
		51,289,403	33,432,708
Additions Payments		(26,773,427)	(21,363,197)
Interest expense		20,350,181	10,341,113
Monetary Gain/(Loss)		(24,630,513)	(11,434,839)

(Turkish Lira ("TRY") stated as according to purchasing power of Turkish Lira at 30 September 2025.)

NOTE 5 - PROPERTY, PLANT AND EQUIPMENT

Movements of the property, plant and equipment for the periods ended 30 September 2025 and 2024 are as follows:

	1 January 2025	Additions	Transfers	Disposals	30 September 2025
Cost
Land and land improvements	240,233,560	1,573,559	102,764,652	-	344,571,771
Buildings	98,132,203	5,257,202	-	-	103,389,405
Wind turbines, transformer
and switchyard	11,936,437,114	74,402,661	3,219,555,991	-	15,230,395,766
Motor vehicles	48,211,761	5,859,351	-	-	54,071,112
Furniture and fixtures	255,709,774	7,985,148	-	-	263,694,922
Construction in progress (*)	3,581,915,580	457,926,653	(3,423,748,297)	-	616,093,936
Special costs	34,531,203	7,267,926	88,983,862	-	130,782,991
Total cost	16,195,171,195	560,272,500	(12,443,792)	-	16,742,999,903
Accumulated depreciation
Land and land improvements	(80,394,606)	(12,455,027)	-	-	(92,849,633)
Buildings	(20,569,318)	(1,559,364)	-	-	(22,128,682)
Wind turbines, transformer
and switchyard	(4,779,970,359)	(525,688,768)	-	-	(5,305,659,127)
Motor vehicles	(10,642,392)	(7,358,506)	-	-	(18,000,898)
Furniture and fixtures	(117,686,532)	(11,282,471)	-	-	(128,969,003)
Special costs	(2,994,587)	(1,661,948)	-	-	(4,656,535)
Total accumulated depreciation	(5,012,257,794)	(560,006,084)	-	-	(5,572,263,878)
Net book value	11,182,913,401				11,170,736,025

As of 30 September 2025, there are no capitalized borrowing costs in property, plant and equipment (31 December 2024: None). As of September 30, 2025, there were no mortgages on property, plant and equipment (December 31, 2024: None). The Group has no property, plant and equipment acquired through finance leases.

(Turkish Lira ("TRY") stated as according to purchasing power of Turkish Lira at 30 September 2025.)

NOTE 5 - PROPERTY, PLANT AND EQUIPMENT (Continued)

	1 January 2024	Additions	Transfers	Disposals	30 September 2024
Cost
Land and land improvements	235,887,309	-	-	-	235,887,309
Buildings	92,300,647	-	5,640,903	-	97,941,550
Wind turbines, transformer
and switchyard	11,639,917,760	1,480,856	295,277,265	-	11,936,675,881
Motor vehicles	5,881,878	34,022,718	-	-	39,904,596
Furniture and fixtures	248,782,388	2,883,866	-	-	251,666,254
Construction in progress	1,436,779,617	1,475,861,818	(301,298,711)	-	2,611,342,724
Special costs	34,150,659	-	380,543	-	34,531,202
Total cost	13,693,700,258	1,514,249,258	-	-	15,207,949,516
Accumulated depreciation
Land and land improvements	(65,424,925)	(11,172,961)	-	-	(76,597,886)
Buildings	(18,673,245)	(1,403,013)	-	-	(20,076,258)
Wind turbines, transformer
and switchyard	(4,179,695,570)	(448,577,434)	-	-	(4,628,273,004)
Motor vehicles	(4,838,445)	(4,216,873)	-	-	(9,055,318)
Furniture and fixtures	(103,882,232)	(10,209,470)	-	-	(114,091,702)
Special costs	(2,202,438)	(593,231)	-	-	(2,795,669)
Total accumulated depreciation	(4,374,716,855)	(476,172,982)	-	-	(4,850,889,837)
Net book value	9,318,983,403				10,357,059,679

NOTE 6 - INTANGIBLE ASSETS

Movements of the intangible assets for the periods ended 30 September 2025 and 2024 are as follows:

	1 January 2025	Additions	Transfers	Disposals	Foreign Cur. Difference	30 September 2025
Cost
Rights (*)	44,541,027	-	12,443,792	-	-	56,984,819
Licenses (**)	6,138,968,002	730,159,789	-	-	107,893,974	6,977,021,765
Total cost	6,183,509,029	730,159,789	12,443,792	-	107,893,974	7,034,006,584
Accumulated amortization
Rights	(13,024,701)	(3,745,515)	-	-	-	(16,770,216)
Licenses	(1,592,204,580)	(94,319,662)	-	-	-	(1,686,524,242)
Total accumulated amortization	(1,605,229,281)	(98,065,177)	-	-	-	(1,703,294,458)
Net book value	4,578,279,748					5,330,712,126

^(*) As of 30 September 2025, there are 1,282,969 tons of carbon credit sales rights. (31 December 2024: 1,282,969 tons) (**) Consists of the license purchase fees of 22 MW and 9 MW in Germany and 10 MW in Italy of SunSpark GmbH and Solevento Investments S.R.L., a 100% subsidiary of Galata Wind Energy Global BV, which was established to coordinate renewable energy investments in Europe.

(Turkish Lira ("TRY") stated as according to purchasing power of Turkish Lira at 30 September 2025.)

NOTE 6 - INTANGIBLE ASSETS (Continued)

	1 January 2024	Additions	Transfers	Disposals	30 September 2024
Cost
Rights (*)	44,241,630	299,397	-	-	44,541,027
Licenses	5,997,592,350	95,932,619	-	-	6,093,524,969
Total cost	6,041,833,980	96,232,016	-	-	6,138,065,996
Accumulated amortization Rights	(9,042,765)	(2,862,923)	-	-	(11,905,688)
Licenses	(1,466,445,031)	(94,319,662)	-	-	(1,560,764,693)
Total accumulated amortization	(1,475,487,796)	(97,182,585)	-	-	(1,572,670,381)
Net book value	4,566,346,184				4,565,395,615

NOTE 7 - RIGHT OF USE ASSETS

	1 January 2025	Additions	Disposals	30 September 2025
Cost:
Land	197,551,565	103,065,591	-	300,617,156
Motor vehicles	10,173,567	-	(4,791,555)	5,382,012
Offices	16,556,210	132,351	-	16,688,561
	224,281,342	103,197,942	(4,791,555)	322,687,729
Accumulated amortization:
Land	(22,964,552)	(11,440,978)	-	(34,405,530)
Motor vehicles	(7,123,756)	(1,830,961)	4,791,555	(4,163,162)
Offices	(5,953,759)	(1,674,378)	-	(7,628,137)
	(36,042,067)	(14,946,317)	4,791,555	(46,196,829)
Net book value	188,239,275			276,490,900
	1 January 2024	Additions	Disposals	30 September 2024
Cost:
Land	139,592,683	89,166,232	-	228,758,915
Motor vehicles	2,975,110	12,954,817	-	15,929,927
Offices	15,149,843 157,717,636	6,673,405 108,794,454	- -	21,823,248 266,512,090
Accumulated amortization:
Land	(16,443,498)	(4,908,784)	-	(21,352,282)
Motor vehicles	(2,975,110)	(4,324,363)	-	(7,299,473)
Offices	(5,107,902)	(1,575,115)	-	(6,683,017)
	(24,526,510)	(10,808,262)	-	(35,334,772)
Net book value	133,191,126			231,177,318

(Turkish Lira ("TRY") stated as according to purchasing power of Turkish Lira at 30 September 2025.)

NOTES 8 - PROVISIONS, CONTINGENT ASSETS AND LIABILITIES

a) Other short-term provisions:

	30 September 2025	31 December 2024
Provision for lawsuit	413,277	722,648
	413,277	722,648

b) Conditional Liabilities, Guarantee, Pledge, Mortgage, Bail and other

Collateral, Pledge and Mortgage ("CPM") positions as of 30 September 2025 and 31 December 2024 are presented below:

30 September 2025	TRY equivalent	TRY	EUR
A. GPM's given for companies own legal personality
- Guarantee (1)	397,706,980	94,535,505	6,231,954
- Pledge	-	-	-
- Mortgage	-	-	-
B. GPM's given on behalf of fully consolidated companies	-	-	-
C. GPM's given for continuation of its economic activities on
behalf of third parties	-	-	-
D. Total amount of other GPM's
i, Total amount of GPM's given on behalf of the majority shareholder	-	-	-
ii, Total amount of GPM's given to on behalf of other group companies
which are not companies which are not in scope of B and C	-	-	-
iii, Total amount of GPM's given on behalf of third parties
which are not in scope of C	-	-	-

Total 397,706,980 94,535,505 6,231,954

31 December 2024	TRY equivalent	TRY	EUR
A. GPM's given for companies own legal personality
- Guarantee (1)	391,289,342	112,929,725	6,039,943
- Pledge	-	-	-
- Mortgage	-	-	-
B. GPM's given on behalf of fully consolidated companies	-	-	-
C. GPM's given for continuation of its economic activities on
behalf of third parties	-	-	-
D. Total amount of other GPM's
i, Total amount of GPM's given on behalf of the majority shareholder	-	-	-
ii, Total amount of GPM's given to on behalf of other group companies
which are not companies which are not in scope of B and C	-	-	-
iii, Total amount of GPM's given on behalf of third parties
which are not in scope of C	-	-	-

Total 391,289,342 112,929,725 6,039,943

(1) Represents the guarantee letters provided. The Group provided guarantee letters to the Energy Market Regulation Authority and financial institutions.

(Turkish Lira ("TRY") stated as according to purchasing power of Turkish Lira at 30 September 2025.)

NOTES 8 - PROVISIONS, CONTINGENT ASSETS AND LIABILITIES (Continued)

c) Conditional Liabilities, Guarantee, Pledge, Mortgage, Bail and other (Continued)

The details of these guarantee letters are as follows:

	30 September 2025		31 December 2024
	Original TRY		Original	TRY
	currency	equivalent	currency	equivalent
Letter of guarantees - TRY	94,535,505	94,535,505	112,929,725	112,929,725
Letter of guarantees - EUR	6,231,954	303,171,475	6,039,943	278,359,617
Total		397,706,980		391,289,342

d) Letters of guarantee and collateral bills received

The letters of guarantee and collateral bills received consist of guarantee letters received from the responsible entity for imbalance and subcontractors related to Taşpınar WPP. The details of the Group's letters of guarantee and collateral bills are as follows:

	30 September 2025		31 December 2024
	Original	TRY	Original	TRY
	currency	equivalent	currency	equivalent
Guarantee letter – TRY	413,226,393	413,226,393	398,134,057	398,134,057
Guaranteed bill - TRY	10,000	10,000	12,543	12,543
Total		413,236,393		398,146,600

NOTES 9 - PREPAID EXPENSES

Short-term prepaid expenses

	30 September 2025	31 December 2024
Prepaid expenses	38,820,283	52,715,650
Advances given	3,715,044	2,677,714
	42,535,327	55,393,364
Long-term prepaid expenses
	30 September 2025	31 December 2024
Advances given	57,943,074	123,386,919

99,240,222 241,634,089

(Turkish Lira ("TRY") stated as according to purchasing power of Turkish Lira at 30 Septemer 2025.)

NOTE 10 - EQUITY

Paid Capital:

The ultimate shareholder of the Group is Doğan Family. The shareholders of the Group and the historical values of shares in equity at 30 September 2025 and 31 December 2024 are as follows:

Shareholder	Share (%)	30 September 2025	Share (%)	31 December 2024
Doğan Şirketler Grubu Holding A.Ş.	70.00	378,000,000	70.00	378,000,000
Publicly traded on Borsa İstanbul (1)	30.00	162,000,000	30.00	162,000,000
Nominal equity (2)	100	540,000,000	100	540,000,000

⁽¹⁾ In accordance with the "CMB" Resolution No: 31/1059 issued on 30 October 2014 and 21/655 issued on 23 July 2010, it is regarded that 161,781,068 shares corresponding to 29.96% of Galata Wind's capital are outstanding as of 7 August 2025 based on the Central Security Depository's ("CSD") records,

The Group's authorized share capital consist of 540,000,000 shares with a nominal value of 1 TRY per share (31 December 2024: 540,000,000 shares / 1 TRY).

Share premiums/ (discounts)

This account represents the differences that occur when the carrying amount of the net assets of the entities, acquired in a business combination transaction involving entities under common control, exceeds the transferred price at the date of the merger.

	30 September 2025	31 December 2024
Share premiums	26,681,088	26,681,088
Total	26,681,088	26,681,088

Restricted reserves

Restricted reserves are reserved from the prior period profit due to legal or contractual obligations or for certain purposes other than the profit distribution (for example, to obtain the tax advantage of gain on sale of associates). Restricted reserves are in the scope of solo legal records in accordance with TCC and TPL.

General Statutory Legal Reserves are reserved in accordance with the Article 519 of Turkish Commercial Code and used in accordance with the principles set out in this article. The afore-mentioned amounts should be classified in "Restricted Reserves" in accordance with the TAS.

(Turkish Lira ("TRY") stated as according to purchasing power of Turkish Lira at 30 Septemer 2025.)

NOTE 10 - EQUITY (Continued)

The details of restricted reserves as of 30 September 2025 and 31 December 2024 as follows:

	30 September 2025	31 December 2024
Restricted Reserves	555,985,161	494,397,278
Total	555,985,161	494,397,278

Other Comprehensive Income and Losses that will not be Reclassified in Profit or Loss

The Group's actuarial losses of defined benefit plan that aren't reclassified in accumulated other comprehensive income and expenses are summarized below:

i. Actuarial gains (losses) on defined benefit plans

The provision for termination benefits is calculated by estimating the present value of the Group's probable future obligation arising from the retirement of employees. The Group has recognized all actuarial gains and losses relating to the provision for termination benefits in other comprehensive income. The valuation losses recognized in the balance sheet as a valuation difference in equity amount to TRY 11,439,172 (December 31, 2024: TRY 11,439,172 valuation losses).

Capital Reserves and Retained Earnings

Subsequent to the first inflation adjusted financial statements, equity items such as; "Capital, Emission Premiums, General Statutory Legal Reserves, Statutory Reserves, Special Reserves and Extraordinary Reserves" are carried at carrying value in the statement of financial position and their adjusted values based on inflation are collectively presented in equity accounts group.

In accordance with the CMB regulations, "Issued capital", "Restricted Reserves" and "Share Premiums" shall be carried at their statutory amounts. The valuation differences resulted due to the inflation adjustment shall be disclosed as follows:

• If the difference is due to the "Issued Capital" and has not yet been transferred to capital, it should be classified under "Capital adjustment difference";
• If the difference is due to "Restricted Reserves" and "Share Premium" and the amount has not been subject to dividend distribution or capital increase yet, it shall be classified under "Retained Earnings/(Losses)".

Other equity items are carried at the amounts valued in accordance with TAS.

Capital adjustment differences have no other use than to be included to the share capital.

(Turkish Lira ("TRY") stated as according to purchasing power of Turkish Lira at 30 Septemer 2025.)

NOTE 10 - EQUITY (Continued)

Dividend Distribution

The Group makes decisions on the distribution of dividends and distributes them in accordance with the Turkish Commercial Code ("TCC"), tax laws, other relevant legislation, the Articles of Association and the resolutions of the General Assembly.

At the Group's Ordinary General Assembly Meeting held on April 3, 2025, it was decided to distribute a gross dividend of 346,000,000 Turkish Lira (indexed value TL 382,836,039) at the rate of 64.07% of the "Issued Capital" in accordance with the provisions of the Turkish Commercial Code ("TCC"), Corporate Tax, Income Tax and other relevant legislation, as well as the relevant provisions of the Group's Articles of Association, and to commence dividend distribution no later than December 31, 2025, in accordance with the Central Registry Agency Inc. rules applicable on the date of dividend distribution regarding "fractional shares." The dividend amount not yet distributed as of the reporting date is shown under "Other Payables to Related Parties."

Presentation of Capital Adjustment Differences, Share-Related Premiums/Discounts and Restricted Reserves Allocated from Profit in Financial Statements in accordance with TAS 29 and TPC

Statutory reserves and special reserves, etc., classified under "Legal Reserves" and "Other Reserves", including "Capital Adjustment Differences", "Premiums (Discounts) on Shares" (Emission Premium) in the financial statements prepared in accordance with the CMB legislation, Starting from the TFRS balance sheets for the reporting period ending in 2023, it has been shown over the CPI, and in the TPC financial statements over the PPI.

			Difference
	PPI Indexed	CPI Indexed	Recorded Under
	Statutory Records	Amounts	Retained Earnings
Inflation Adjustments on Capital	5,179,413,767	4,664,937,096	514,476,671
Share Premiums/Discounts	-	26,681,088	(26,681,088)
Restricted Reserves	484,787,874	555,985,161	(71,197,287)

NOTE 11 - REVENUE AND COST OF SALES

	1 January - 30 September 2025	1 July - 30 September 2025	1 January - 30 September 2024	1 July - 30 September 2024
Electricity sales from wind energy	1,964,402,969	840,590,479	1,968,153,701	711,653,014
Electricity sales from solar energy	257,101,950	106,597,922	273,847,935	111,431,510
Other	10,078,339	292,525	184,474	55,763
Sales proceeds	2,231,583,258	947,480,926	2,242,186,110	823,140,287

(Turkish Lira ("TRY") stated as according to purchasing power of Turkish Lira at 30 Septemer 2025.)

NOTE 12 - OPERATING EXPENSES

	1 January - 30 September 2025	1 July - 30 September 2025	1 January - 30 September 2024	1 July - 30 September 2024
General production expenses Service and maintenance expenses (*)	(380,426,857)	(168,101,896)	(339,214,435)	(132,732,486)
	(199,222,115)	(96,332,233)	(149,092,063)	(50,392,049)
Distribution and system usage fees (**)	(181,204,742)	(71,769,663)	(190,122,372)	(82,340,437)
Amortization and depreciation expense	(665,793,445)	(241,274,799)	(578,129,398)	(194,494,237)
Insurance expenses	(29,277,896)	(19,850,534)	(27,313,645)	(10,075,672)
Personnel expenses	(31,090,987)	(11,033,130)	(27,137,978)	(11,487,269)
Security expenses	(22,845,421)	(7,566,038)	(23,984,187)	(6,814,175)
Consultancy expenses	(8,016,973)	(3,425,397)	(9,891,341)	(2,246,384)
Other	(16,522,337)	(11,455,067)	(19,247,157)	(8,199,590)
Cost of sales	(1,153,973,916)	(462,706,861)	(1,024,918,141)	(366,049,813)
Gross profit	1,077,609,342	484,774,065	1,217,267,969	457,090,474

^(*) Includes annual maintenance expenses for turbines.

a) General Administrative Expenses

	1 January - 30 September 2025	1 July - 30 September 2025	1 January - 30 September 2024	1 July - 30 September 2024
Personnel expenses	(111,537,785)	(39,368,403)	(87,046,866)	(31,523,167)
Consultancy expenses(*)	(28,780,387)	(8,202,895)	(53,551,883)	(22,739,082)
Building management expenses	(8,633,966)	(3,158,704)	(6,570,994)	(2,454,344)
Transportation expenses	(3,989,364)	(1,601,929)	(3,002,630)	(631,207)
Depreciation and amortization expenses	(7,224,133)	(2,211,103)	(6,034,431)	(2,946,783)
Other taxes and fees	(3,322,862)	(1,371,019)	(4,038,984)	(3,850,720)
Other	(11,283,004)	(4,221,375)	(8,731,500)	(3,558,463)
	(174,771,501)	(60,135,428)	(168,977,288)	(67,703,766)

^(*) Consists of foreign investment development advisory costs and holding financial consultancy expenses.

b) Marketing Expenses

	1 January - 30 September 2025	1 July - 30 September 2025	1 January - 30 September 2024	1 July - 30 September 2024
Consultancy expenses	(8,305,733)	(3,226,847)	(8,620,949)	(2,006,977)
Transportation expenses	(2,048,880)	(474,834)	(1,155,145)	(462,860)
Other	(2,015,081)	(611,189)	(2,223,031)	(787,536)
	(12,369,694)	(4,312,870)	(11,999,125)	(3,257,373)

NOTE 13 - EXPENSES BY NATURE

Expenses are presented functionally for the periods ended 30 September 2025 and 2024, the details are given in Note 11 and Note 12.

^(**) Distribution and system usage fees paid based on the annual generation at the tariff defined by EM

(Turkish Lira ("TRY") stated as according to purchasing power of Turkish Lira at 30 Septemer 2025.)

NOTE 14 - OTHER INCOME AND EXPENSES FROM OPERATING ACTIVITIES

a) Other income from operating activities

	1 January - 30 September 2025	1 July - 30 September 2025	1 January - 30 September 2024	1 July - 30 September 2024
Interest income	214,624,717	39,799,571	68,267,244	36,820,443
Foreign exchange loss from operating activities	198,128,712	93,032,205	34,133,709	6,584,586
Other	7,554,751	944,745	12,050,581	1,742,007
	420,308,180	133,776,521	114,451,534	45,147,036

b) Other expenses from operating activities

	1 January - 30 September	1 July - 30 September	1 January - 30 September	1 July - 30 September
	2025	2025	2024	2024
Foreign exchange loss from operating activities	(21,421,626)	(5,730,039)	(17,539,274)	(6,480,730)
Donation and grants	(5,230,565)	(3,310,377)	(7,018,046)	(3,146,070)
Provision for lawsuit income/(expense)	155,889	(15,830)	550,979	(24,036)
	(26,496,302)	(9,056,246)	(24,006,341)	(9,650,836)

NOTE 15 – FINANCE INCOME AND EXPENSES, NET

	1 January - 30 September 2025	1 July - 30 September 2025	1 January - 30 September 2024	1 July - 30 September 2024
Foreign exchange (loss)/gain from bank
borrowings, net	(302,440,183)	(115,263,791)	(170,713,250)	(84,396,981)
Interest expense on bank borrowings	(78,071,268)	(43,062,523)	(37,872,442)	(11,423,208)
Derivative transaction income / (expense)	49,271,951	3,002,557	26,010,471	15,131,227
Bank commission expenses	(2,986,277)	(1,041,610)	(3,682,479)	(1,054,770)
Other	(13,436,979)	(4,276,502)	(18,418,376)	(4,249,407)
	(347,662,756)	(160,641,869)	(204,676,076)	(85,993,139)

(Turkish Lira ("TRY") stated as according to purchasing power of Turkish Lira at 30 Septemer 2025.)

NOTE 16 – EXPLANATIONS REGARDING NET MONETARY POSITION GAINS (LOSSES)

Non-Monetary items	30 September 2025
Statement of financial position items
Inventories	(1,220,251)
Prepaid expenses	(41,925,755)
Investments valued by equity method, financial investments,
subsidiaries	179,366
Goodwill	48,118,755
Property, Plant and Equipment	1,917,773,884
Intangibles	910,095,238
Right of use assets	79,713,275
Deferred tax assets	(458,937,218)
Paid-in capital	(1,055,248,664)
Legal reserves	(106,159,992)
Share premiums/(discounts)	(5,409,322)
Other comprehensive income (losses) that
will not be reclassified in profit or loss	2,319,177
Retained earning	(1,457,705,417)
Statement of profit or loss items
Revenue	(167,496,103)
Cost of sales	568,849,557
Marketing expenses	3,613,849
General administrative expense	11,925,762
Other income and expenses from operating activities	(1,846,591)
Finance income/expense	(3,168,335)
Monetary gain and/(loses)	243,471,215

NOTE 17 - TAXATION ON INCOME

	30 September 2025	31 December 2024
Current income tax expense	188,691,766	135,865,535
Less: Prepaid taxes	(78,905,196)	(101,603,514)
Total tax (liabilities)/ asset	109,786,570	34,262,021

The corporate tax rate is applied to the tax base found by adding expenses that are not deductible according to tax laws to the commercial income of the corporations, and deducting the exemptions (participation income exemptions) and discounts (such as R&D discounts) included in the tax laws. If the profit is not distributed, no other tax is paid.

Companies calculate a provisional tax of 25% on their quarterly financial profits and declare it by the 14th day of the second month following that period and pay it by the evening of the 17th day. The provisional tax paid during the year is for that year and is offset from the corporate tax to be calculated on the corporate tax return to be submitted the following year. If there is a remaining amount of provisional tax paid despite the offset, this amount can be refunded in cash or offset against any other financial debt to the state.

(Turkish Lira ("TRY") stated as according to purchasing power of Turkish Lira at 30 Septemer 2025.)

NOTE 17 - TAXATION ON INCOME (Continued)

With the "Law on the Establishment of Additional Motor Vehicle Tax for Compensation of Economic Losses Caused by the Earthquakes Occurring on 6/2/2023 and Amendment of Certain Laws and Legislative Decree No. 375" published in the Official Gazette dated 15 July 2023 and numbered 32249, the provisional tax and corporate tax rate was increased to 25% (30% for Banks and Other Financial Institutions). It was decided that this rate would be applied to provisional and corporate tax declarations submitted after 1 October 2023 (2023: 25%). With the provision added to Article 35 of Law No. 7256 and Article 32 of the Corporate Tax Law, it was stated that a 2 point discount will be applied to the corporate tax rate for 5 accounting periods starting from the accounting period in which the shares of institutions whose shares are offered to the public at least at a rate of 20% to be traded on Borsa Istanbul Equity Market for the first time. The Company's corporate tax rate as of July 1, 2023 has been calculated at 23%. In the consolidated financial statements of the Group as of September 30, 2025, when calculating deferred tax assets and liabilities for its subsidiaries located in Turkey, the tax rate for the parts of the relevant temporary differences to be realized as of 2025 has been taken into account as 25%.

There is no practice of reaching an agreement with the tax authority regarding the taxes to be paid in Turkey. Corporate tax returns are submitted to the affiliated tax office by the evening of the 25th day of the fourth month following the month in which the accounting period is closed.

The authorities authorized to conduct tax audits may examine the accounting records within five years and if an erroneous transaction is detected, the amount of tax to be paid may change due to the tax assessment to be made.

Deferred taxes

The Group calculates deferred income tax assets and liabilities by taking into account the effects of temporary differences arising from different evaluations between the Turkish Financial Reporting Standards and tax financial statements of the financial position statement items. The temporary differences in question arise from the accounting of income and expenses in different reporting periods according to Turkish Financial Reporting Standards and tax laws and from the transferred financial loss.

The rates to be applied for deferred tax assets and liabilities calculated according to the liability method on longterm temporary differences that will occur in future periods are the tax rates valid on the dates of the financial position statement and these rates are included in the table and explanations above.

The taxes on income reflected to statement of profit or loss for the periods ended 30 September 2025 and 2024 are summarized below:

	Cumulative temporary differences		Deferred tax assets / (liabilities)
	30 September 2025	31 December 2024	30 September 2025	31 December 2024
Net differences between the
tax base and carrying values of
property, plant and equipment	9,914,015,068	8,987,929,273	(2,478,503,767)	(2,246,982,318)
Lease liabilities	(133,994,804)	(113,759,160)	33,498,701	28,439,790
Right of use asset	276,490,900	188,239,276	(69,122,725)	(47,059,819)
Derivative instrument	114,481,908	116,319,758	(28,620,477)	(29,079,939)
Exchange rate effects on
monetary liabilities	(5,521,486)	(7,768,953)	1,380,372	1,942,238
Provision for employment
termination benefits	(14,953,301)	(15,328,048)	3,738,325	3,832,012
Exchange rate change effects on
monetary assets	752,538	251,905	(188,134)	(62,977)
Provision for lawsuit	(413,277)	(722,648)	103,319	180,662
Other	(70,490,680)	(100,463,939)	17,622,670	25,115,985
Deferred tax
asset / (liabilities), net			(2,520,091,716)	(2,263,674,366)

(Turkish Lira ("TRY") stated as according to purchasing power of Turkish Lira at 30 Septemer 2025.)

NOTE 17 - TAXATION ON INCOME (Continued)

Conclusions of netting has been reflected to consolidated statement of financial position of Galata and its subsidiaries which are separate taxpayer companies, have booked their deferred tax assets and liabilities by netting in their financial statements that were prepared in accordance with the TAS. Temporary differences and deferred tax assets and liabilities shown above have been prepared based on gross values.

Movements for net deferred taxes for the periods ended at 30 September 2025 and 2024 are as follows:

Deferred tax liability	2025	2024
Opening balance as of 1 January	(2,263,674,366)	(1,940,502,875)
Recognised under profit or loss statement	(256,417,350)	(235,812,870)
Closing balance as of 30 September	(2,520,091,716)	(2,176,315,745)

The taxes on income reflected to statement of profit or loss for the periods ended 30 September 2025 and 2024 are summarized below:

	1 January-	1 July-	1 January-	1 July
	30 September	30 September	30 September	30 September
	2025	2025	2024	2024
Income tax expense	(188,721,799)	(103,972,515)	(191,233,843)	(73,281,405)
Deferred tax (expense)/income	(256,417,350)	(112,266,174)	(235,812,870)	(93,485,227)
Total tax expense	(445,139,149)	(216,238,689)	(427,046,713)	(166,766,632)

The reconciliation of the taxation on income in the statement of profit or loss for periods ended 30 September 2025 and 2024 and the tax calculated at the corporate tax rate based on the income before minority interests and taxation on income are as follows:

	30 September 2025	30 September 2024
Profit before tax	1,180,088,484	1,234,114,131
Tax rate of 25% (30 September 2024: 25%)	(295,022,121)	(308,528,533)
Exceptions and deductions	10,811,520	14,534,650
Effect of tax rate changes	11,929,148	14,348,701
Non-deductible expenses	(4,792,085)	(2,426,296)
Tax base increase expenses	-	(3,375,625)
Inflation accounting effects (*)	(171,528,002)	(106,644,854)
Other	3,462,391	(34,954,756)
Tax expense recognized in statement of profit or loss	(445,139,149)	(427,046,713)

^(*) It consists of the deferred tax effect of temporary differences resulting from the adjustments for inflation accounting, in accordance with the Communiqué No. 32415 (2nd iteration) of the Tax Procedure Act of December 30, 2023.

NOTE 18 - RELATED PARTY DISCLOSURES

As of the date of consolidated statement of financial position, due from and to related parties and related party transactions for the periods ending 30 September 2025 and 2024 are disclosed below:

(Turkish Lira ("TRY") stated as according to purchasing power of Turkish Lira at 30 September 2025.)

NOTE 18 - RELATED PARTY DISCLOSURES (Continued)

i) Related party balances

	30 September 2025			31 December 2024
		Receivable	Payable		Receivable	Payable
	Current	Short-term	Current	Current	Short-term	Current
Related party balances	Trade	Other receivables	Trade	Trade	Other receivables	Trade
Değer Merkezi Hizmetler ve Yönetim Danışmanlığı A.Ş. (1)	-	-	3,348,232	-	-	5,677,492
Suzuki Motorlu Araçlar Pazarlama A.Ş.	-	-	44,400	-	-	144,651
D-Market Elektronik Hizm,Tic A.Ş. (2)	-	-	-	-	-	35,513
Doğan Trend	-	-	-	-	-	116,217
Otomobilite Motorlu Araçlar Ticaret A.Ş.	-	-	29,993	-	-	16,094
Karel İletişim Hizmetleri A.Ş.	-	-	7,424	-	-	5,975
	-	-	3,430,049	-	-	5,995,942

⁽¹⁾ Financial, legal, information technology and other consultancy service purchases and overhead bills such as vehicle and office rent, cleaning, heating and building maintenance,

⁽²⁾ Warehouse rent expenses,

(Turkish Lira ("TRY") stated as according to purchasing power of Turkish Lira at 30 September 2025.)

NOTE 18 - RELATED PARTY DISCLOSURES (Continued)

i) Related party balances (Continued)

Short-term portions of long-term lease liabilities from related parties

	30 September 2025	31 December 2024
Değer Merkezi Hizmetler ve
Yönetim Danışmanlığı A.Ş. (*)	1,119,969	258,460
	1,119,969	258,460
(*) Represents the lease liabilities recognised in accordance with TFRS 16 standard.
Long-term lease liabilities to related parties:
	30 September 2025	31 December 2024
Değer Merkezi Hizmetler ve
Yönetim Danışmanlığı A.Ş. (*)	297,746	373,462

297,746 373,462

^(*) Represents the lease liabilities recognised in accordance with TFRS 16 standard.

(Turkish Lira ("TRY") stated as according to purchasing power of Turkish Lira at 30 September 2025.)

NOTE 18 - RELATED PARTY DISCLOSURES (Continued)

ii) Related party transactions

	1 January – 30 September 2025			1 July –	30 September 2025
Transactions with related parties	Purchases of Sales of Goods and services Goods and services		Financial Expenses	Purchases of Goods and services	Sales of Goods and services	Financial Expenses
Değer Merkezi Hizmetler ve Yönetim Danışmanlığı A.Ş.(1)	24,591,335	-	-	8,448,311	-	-
Suzuki Motorlu Araçlar Pazarlama A.Ş.	602,005	-	-	110,530	-	-
Doğan Trend Otomotiv Ticaret Hizmetve Teknoloji A.Ş.	2,139,730	-	-	-	-	-
D-Market Elektronik Hizm.Tic A.Ş.	126,082	-	-	-	-	-
Otomobilite Motorlu Araçlar Ticaret A.Ş.	206,743	-	-	51,095	-	-
Other	178,460	(286,013)	-	178,460	(576,557)	-
	27,844,355	(286,013)	-	8,788,396	(576,557)	-

⁽¹⁾ Financial, legal, information technology and other consultancy service purchases and overhead bills such as vehicle and office rent, cleaning, heating and building maintenance.

	1 January – 30 September 2024			1 July –	30 September 2024
	Purchases of	Sales of	Financial	Purchases of	Sales of	Financial
Transactions with related parties	Goods and services	Goods and services	Expenses	Goods and services	Goods and services	Expenses
Değer Merkezi Hizmetler ve Yönetim Danışmanlığı A.Ş.(1)	23,812,355	-	-	8,394,501	-	-
Suzuki Motorlu Araçlar Pazarlama A.Ş.	1,204,539	-	-	223,609	-	-
Doğan Trend Otomotiv Ticaret Hizmetve Teknoloji A.Ş.	905,771	-	-	269,362	-	-
D-Market Elektronik Hizm.Tic A.Ş.	811,307	-	-	240,642	-	-
Otomobilite Motorlu Araçlar Ticaret A.Ş.	32,516,040	-	-	11,003,620	-	-
Other	-	(46,705)	-	-	(22,150)	-
	59,250,012	(46,705)	-	20,131,734	(22,150)	-

⁽¹⁾ Financial, legal, information technology and other consultancy service purchases and overhead bills such as vehicle and office rent, cleaning, heating and building maintenance.

(Turkish Lira ("TRY") stated as according to purchasing power of Turkish Lira at 30 September 2025.)

NOTE 18 - RELATED PARTY DISCLOSURES (Continued)

Benefits provided for the key management

The key management team of the Group is made up of members of the Board of Directors, General Manager, Deputy General Managers. Benefits provided for the key management members within the period are as the follows:

	1 January - 30 September 2025	1 July- 30 September 2025	1 January - 30 September 2024	1 July 30 September 2024
Salaries and other short term benefits	25,831,175	10,103,620	25,022,483	8,489,605
	25,831,175	10,103,620	25,022,483	8,489,605

NOTE 19 - FINANCIAL INSTRUMENTS

Financial investments

Short-term financial investments

Group' financial assets of the classified under short-term financial investments are as follows:

Assets recorded at fair value in

Statement of profit and loss:	30 September 2025	31 December 2024
- Investment funds and other short term financial
investments	327,608,735	-
Total	327,608,735	-

Long term financial investments

	30 September 2025		31 December 2024
	TRY	%	TRY	%
Enerji Piyasaları İşletme A.Ş.(*)	1,309,296	<1	1,309,296	<1
	1,309,296		1,309,296

NOTE 20 - EARNING/LOSS PER SHARE

	1 January - 30 September 2025	1 July- 30 September 2025	1 January - 30 September 2024	1 July 30 September 2024
Net profit for the period attributable to equity holders of the Parent Company
Weighted average number of shares with	734,949,335	291,650,775	807,067,418	202,378,061
face value of TRY 1 each	540,000,000	540,000,000	540,000,000	540,000,000
Earning per Share	1.361	0.540	1.495	0.375

(Turkish Lira ("TRY") stated as according to purchasing power of Turkish Lira at 30 September 2025.)

NOTE 21 – EXCHANGE RATE RISK AND FOREIGN CURRENCY POSITION

Foreign currency risk

The Group is exposed to foreign currency risk due to conversion of its foreign currency denominated liabilities to local currency. This risk monitored and limited by analyzing foreign currency position.

The Group is exposed to foreign exchange risk arising primarily from the USD and EUR.

	30 September 2025	31 December 2024
Foreign currency assets	886,468,965	156,502,992
Foreign currency liabilities	(2,065,538,245)	(2,772,862,460)
	(1,179,069,280)	(2,616,359,468)

Net foreign currency position

The table below summarizes the foreign currency position risk of the Group as of 30 September 2025 and 31 December 2024. The carrying amounts of foreign currency assets and liabilities held by the Group in terms of foreign currencies (in terms of TRY) are as follows:

		30 September 2025
		TRY Equivalent (Functional currency)	USD	EUR
1.	Trade receivables	-	-	-
2a.	Monetary financial assets	886,468,965	14,151,542	6,134,900
2b.	Non-monetary financial assets	-	-	-
3.	Other	-	-	-
4.	Current assets (1+2+3)	886,468,965	14,151,542	6,134,900
5.	Trade receivables	-	-	-
6a.	Monetary financial assets	-	-	-
6b.	Non-monetary financial assets	-	-	-
7.	Other	-	-	-
8.	Non-current assets (5+6+7)	-	-	-
9.	Total assets (4+8)	886,468,965	14,151,542	6,134,900
10.	Trade payables	9,008,209	-	184,447
11.	Financial liabilities	317,284,985	3,141,058	3,822,248
12a.	Other monetary liabilities	-	-	-
12b.	Other non-monetary liabilities	-	-	-
13.	Short term liabilities (10+11+12)	326,293,194	3,141,058	4,006,695
14.	Trade payables	-	-	-
15.	Monetary liabilities	1,739,245,051	27,000,000	12,623,966
16a.	Other monetary liabilities	-	-	-
16b.	Other non-monetary liabilities	-	-	-
17.	Long term liabilities (14+15+16)	1,739,245,051	27,000,000	12,623,966
18.	Total liabilities (13+17)	2,065,538,245	30,141,058	16,630,661
	Foreign Currency Derivative Instruments
19.	Net Asset / (Liability) Position (19a-19b)	-	-	-
	Effect of foreign currency denominated derivatives
19a.	/ Off-Balance Sheet (+)	-	-	-
	Effect of foreign currency denominated derivatives
19b.	/ Off-Balance Sheet (-)	-	-	-
20.	Net foreign currency position (9-18+19)	(1,179,069,280)	(15,989,516)	(10,495,761)

(Turkish Lira ("TRY") stated as according to purchasing power of Turkish Lira at 30 September 2025.)

NOTE 21 - EXCHANGE RATE RISK AND FOREIGN CURRENCY POSITION (Continued)

Net foreign currency position (Continued)

		31 December 2024
		TRY Equivalent (Functional currency)	USD	EUR
1,	Trade receivables	-	-	-
2a.	Monetary financial assets	156,502,992	3,524,752	11,413
2b.	Non-monetary financial assets	-	-	-
3.	Other	-	-	-
4.	Current assets (1+2+3)	156,502,992	3,524,752	11,413
5.	Trade receivables	-	-	-
6a.	Monetary financial assets	-	-	-
6b.	Non-monetary financial assets	-	-	-
7.	Other	-	-	-
8.	Non-current assets (5+6+7)	-	-	-
9.	Total assets (4+8)	156,502,992	3,524,752	11,413
10.	Trade payables	12,348,506	278,549	-
11.	Financial liabilities	699,746,084	12,116,833	3,522,180
12a.	Other monetary liabilities	-	-	-
12b.	Other non-monetary liabilities	-	-	-
13.	Short term liabilities (10+11+12)	712,094,590	12,395,382	3,522,180
14.	Trade payables	-	-	-
15.	Monetary liabilities	2,060,767,870	30,000,000	15,831,954
16a.	Other monetary liabilities	-	-	-
16b.	Other non-monetary liabilities	-	-	-
17.	Long term liabilities (14+15+16)	2,060,767,870	30,000,000	15,831,954
18.	Total liabilities (13+17)	2,772,862,460	42,395,382	19,354,134
	Foreign Currency Derivative Instruments
19.	Net Asset / (Liability) Position (19a-19b)	-	-	-
	Effect of foreign currency denominated derivatives	-	-	-
19a.	/ Off-Balance Sheet (+)
	Effect of foreign currency denominated derivatives
19b. 20.	/ Off-Balance Sheet (-) Net foreign currency position (9-18+19)	- (2,616,359,468)	- (38,870,630)	- (19,342,721)

The effect of the Group's foreign currency positions in Euro and US Dollars on the net profit/loss and shareholders' equity for the period, assuming a 20% appreciation and depreciation of TRY against foreign currencies and all other variables constant, are stated below:

	30 September	2025	31 December 2024
	USD	EURO	USD	EURO
20% Appreciation	(132,973,937)	(102,520,483)	(145,362,939)	(77,119,041)
20% Depreciation	132,973,937	102,520,483	145,362,939	77,119,041

(Turkish Lira ("TRY") stated as according to purchasing power of Turkish Lira at 30 September 2025.)

NOTE 22 - SUBSEQUENT EVENTS

SunSpark GmbH, a wholly-owned subsidiary of Galata Wind Energy Global BV, established to coordinate renewable energy investments in Europe, signed a contract with a German-based company (the Seller) on October 6, 2025, for the purchase of a 20 MW Solar Power Plant Project to be built in Germany. Construction will begin following the completion of the permitting process. The project, located in southern Germany, will include the construction of an Agri-PV (Agricultural Solar Power Plant) and a Battery Unit (BESS). Upon completion of the project acquisition, the Group's capacity in Germany will increase to a total of 123 MW, including 63 MW of Agri-PV and 60 MW of BESS, along with the finalized projects and those currently under negotiation.