KRON TEKNOLOJİ A.Ş.

Investor Presentation • Nov 6, 2025

KRON TEKNOLOJÍ A.Ş. ACTIVITY REPORT 01 JANUARY – 30 SEPTEMBER 2025

Table of Contents

1. Company Profile 3
2. Capital and Shareholding Structure	4
3. Board of Directors and Committees 5
4. Executive Committee	8
5. Number of Employees 9
6. Remuneration to Senior Management 9
7. Material Developments During the Reporting Period 9
8. Key Financial Highlights 10
9. Corporate Directory	11

1. Company Profile

Kron Technologies is one of Türkiye's leading technology companies, offering comprehensive cybersecurity solutions in access control and data security. Recognized by prominent global research firms such as Gartner, Forrester, and KuppingerCole, Kron has been listed among the world's foremost access and data security vendors. Operating across 6 continents through its offices, distributors, and partners, Kron currently serves over 360 clients in 35 countries.

Established in 2007 to deliver software solutions to telecom operators, Kron expanded its focus in 2012 to provide cybersecurity and cybersecurity solutions to service providers, financial institutions, and large-scale enterprises. Addressing infrastructure, operations, and security challenges during digital transformation lies at the heart of Kron's innovative approach.

Kron's competitive edge stems from its highly skilled engineering team working within a non-hierarchical structure. The company fosters an environment of collaboration and creativity, operating with core values of speed, reliability, and quality, while standing out for its people-centric culture and commitment to flexible working environments.

Driven by the growing demand for advanced technologies due to rising security needs, regulatory shifts, and escalating cyber threats, Kron is continuously investing in innovation. The company focuses on developing next-generation technologies at its three R&D centers in Türkiye, while simultaneously expanding its global presence.

As part of its 2025 strategy, Kron is enhancing investments in its partner ecosystem to strengthen global outreach. Supported by its headquarters in Türkiye and the United States, Kron maintains its growth momentum by adhering to key values such as customer proximity, deep understanding of client needs, and timely delivery.

Kron Technologies has been publicly listed on Borsa Istanbul (BIST: KRONT) since 2011.

2. Capital and Shareholding Structure

Kron's paid-in capital is TL 171,222,156 and consists of 171,222,156 shares with a nominal value of TL 1.

As of September 30, 2025, the company's shareholder and capital structure are as follows:

Shareholder	Share Group	Number of Shares	Share (%)
Lütfi Yenel	B	30,164,336	17.6
Zeynep Yenel Onursal	A/B	22,258,888	13.0
Other	B	118,798,932	69.4
Total		171,222,156	100.0

The company's issued capital of TL 171,222,156 has been fully paid in without collusion. The capital consists of 17,122,224 Class A registered shares and 154,099,932 Class B bearer shares. Each share carries one voting right.

The Board of Directors comprises six (6) members, three (3) of whom are elected from candidates nominated by Class A shareholders, two (2) are independent directors appointed in accordance with capital markets regulations, and one (1) is elected by shareholders at the General Assembly.

Subsidiaries

Company Name	Headquarter	Equity Stake (%)
Kron Technologies US	New Jersey – US	100.0

Capital Increase

Within the Company's registered capital ceiling of TL 500,000,000, the issued capital of TL 85,611,078 was increased in cash by TL 85,611,078 (100% increase) to TL 171,222,156. The related prospectus, submitted to the Capital Markets Board on December 11, 2024 for approval, was approved at the Capital Markets Board's meeting dated May 30, 2025 and numbered 33/938.

In exchange for the newly issued shares representing the increased capital of TL 85,611,078, TL 85,531,372 was raised through the exercise of pre-emptive rights during the subscription period between June 10, 2025, and June 24, 2025. The remaining shares with a nominal value of TL 79,706, which were not subscribed during this period, were offered for sale on the Primary Market of Borsa Istanbul A.Ş. on June 30, 2025. Following the completion of the sale of all such shares, the total final cash inflow amounted to TL 85,611,078.

The proceeds from this capital increase are planned to be used for investments in R&D, product development, expanding operations in global markets, and meeting the increased working capital needs.

3. Board of Directors and Committees

The Chairman and members of the Board of Directors are vested with the powers set forth in the relevant articles of the Turkish Commercial Code and Articles 10 and 11 of the Company's Articles of Association. Our Board of Directors consists of 6 members, and their term of office is 3 years. The members of the Audit Committee are vested with the powers set forth in Article 25 of the Communique (II-17.1) of the Capital Markets Board and Communique Series: X No: 22, and the provisions of the relevant legislation of the Capital Markets Board.

Name	Role	Term
Lütfi Yenel	Chairman	Until April 16, 2027
Ayşe Yenel	Vice Chairperson, Chair of Executive Committee, Co-CEO	Until April 16, 2027
Zeynep Yenel Onursal	Board Member, Vice Chair of Executive Committee, Co-CEO	Until April 16, 2027
Emre Yavuz Baran	Board Member	Until April 16, 2027
Zeynep Tokman Cesur	Independent Board Member	Until April 16, 2027
Yavuz Suat Bengür	Independent Board Member	Until April 16, 2027

Lütfi Yenel – Chairman

Lutfi Yenel, one of the founding partners of Kron, serves as the Chairman of the Board of Kron. Previously, Yenel was Alcatel-Lucent Türkiye's Chairman and CEO and Alcatel-Lucent International's Vice President responsible for Türkiye, Commonwealth Independent States (CIS) countries and Middle East regions. He joined Alcatel in 1995, and left Alcatel before Kron was founded.

Prior to Alcatel, he served as Chairman and CEO of Vestel and a member of the Board of Directors of Sansui /Japan. Previously, Lutfi Yenel was Sabanci Holding's and Türkiye Industrialists and Businessmen's Association's (TUSIAD) Executive Board member, International Investors Association (YASED)'s Board member, Türkiye Quality Association (KALDER) Vice President and member of the International Chamber of Commerce (ICC) Electronic Commerce and Telecom Committee. Lutfi Yenel holds master's degrees in Electronic Engineering and Business Administration.

Ayşe Yenel – Vice-Chairperson & Co-CEO

Ayşe Yenel earned a Bachelor of Science Degree in Industrial Engineering from Lehigh University. She started her career at JP Morgan Chase in the United States back in 1999. After holding various positions in Credit Analytics and Strategy Management she left JP Morgan as Vice President of Credit Cards Business to move to Türkiye.

In 2004 Ayşe joined HSBC Türkiye to form the Retail Credit Analytics team. She worked under the Risk Function in several roles for 10 years including Chief Risk Officer for the Retail Bank. She moved to Retail Banking as Chief Operating Officer in 2014. Ayşe was appointed as Assistant General Manager of HSBC Türkiye responsible from Wealth and Personal Banking in 2017. Additionally, Ayşe served as Vice Chairperson of HSBC Portföy Yönetimi A.Ş.

Ayşe joined Kron Technologies in 2023 and currently serves as Co-CEO and Vice Chairperson of the Board.

Zeynep Yenel Onursal – Board Member & Co-CEO

Zeynep Yenel Onursal graduated from the University of Pennsylvania, Wharton School with a Bachelor's in Science Degree in Finance. Zeynep started her career in 2007 at Goldman Sachs in New York. Between 2010 and 2016, she held various leadership positions in the Leveraged Finance, M&A and Financial Sponsors Groups at Goldman Sachs in London. In 2016, Zeynep assumed Country Head responsibility for Goldman Sachs in Türkiye as Managing Director. She held this role until 2023. In addition to her career in finance, Zeynep serves on the board of the American Turkish Society (ATS) to help enhance business and cultural ties between the US and Türkiye.

Zeynep joined Kron Technologies in 2023 and currently serves as Co-CEO and Board Member.

Emre Yavuz Baran – Board Member

Emre Baran is an entrepreneur and software executive with over 20 years of experience in software products. He is the co-founder and CEO of Cerbos, a company that provides authorization services for software applications.

In the mid-2000s, Emre Baran co-founded and served as the CTO of Yonja.com, Türkiye's largest social network at the time. After earning his MBA, he joined Google as a Senior Product Manager, where he developed and launched multiple products that generated \$1 billion in revenue for Google's advertising portfolio.

Following his tenure at Google, Baran co-founded Qubit alongside three former colleagues. During his 10 year tenure as CTO and board director, he led product development and technologies across various stages of the company's growth.

He also serves as an Expert-in-Residence at Seedcamp, one of Europe's leading seed-stage investors. Baran holds bachelor's degrees in economics and computer science from the University of Pennsylvania and an MBA from INSEAD.

Yavuz Suat Bengür – Independent Board Member

Yavuz Suat Bengür graduated from Middle East Technical University, Department of Electrical Engineering, Communication-Microwave group in 1981, and started to work as an R&D engineer at ASELSAN in the same year. Mr. Bengür completed his master's degree in Electrical and Electronics Engineering at Middle East Technical University in 1985.

He took multiple roles at ASELSAN between 1992-2017 respectively as Communications Electronic Warfare System Engineering Manager, Defense Programs Business Development Manager, Naval Combat Systems Program Director, Naval Systems Program Director, founding President of Transportation, Security, Traffic/Automation and Energy (UGES) Sector Presidency, and Deputy General Manager.

During the period of October 2017-July 2018, Mr. Bengür assumed duties as ASELSAN's Board of Directors Consultant and Deputy Chairman of the Board of Directors of the "ASELSAN Middle East-AME" company in Jordan. He retired from ASELSAN in July 2018. Then he served on the Board of Directors of the Turkish Electronics Industrialists Association (TESID) in the 2016-2018 period. Between 2019 and 2023, he served as a part-time lecturer at the Faculty of Engineering, Çankaya University. Mr. Bengür still works as the General Secretary of TESID. He is married and has two children.

Zeynep Tokman Cesur – Independent Board Member

Zeynep Tokman Cesur is a graduate of the Department of Sociology and International Relations at Middle East Technical University (ODTU). She completed her MBA at Purdue University.

Her career began in 2000 at Hewlett Packard, where she undertook various roles in the marketing and human resources departments. Cesur has also held high-level marketing positions at companies such as Sabancı Holding, Microsoft, Adobe, PayCore, and Dassault Systems.

She has also engaged in voluntary work for YenidenBiz, a social responsibility platform aimed at increasing women's participation in the workforce.

Audit Committee

Name	Role	Independence
Yavuz Suat Bengür	Committee Chairperson	Independent
Zeynep Tokman Cesur	Member	Independent

The Audit Committee takes all necessary measures to ensure that all internal and independent external audits are conducted sufficiently and transparently, and fulfil the duties assigned by the Capital Markets Legislation. The working principles of the committee have been determined in accordance with the CMB Corporate Governance Principles and disclosed on the company's website. The committee consists of two independent board members. In 3Q 2025, the committee met four times and fulfilled its duties as specified in the regulations defining its tasks and working principles.

Corporate Governance Committee

Name	Role	Independence
Yavuz Suat Bengür	Committee Chairperson	Independent
Lütfi Yenel	Member	Not Independent
Onur Çelik	Member	Not Independent

The Corporate Governance Committee is responsible for monitoring compliance with the Corporate Governance Principles, investigating how well these principles are implemented within the company, identifying reasons for non-implementation, and determining any issues and conflicts of interest arising from partial implementation. The committee also fulfils the duties of the Nomination and Remuneration Committees. Its duties and working principles have been determined by the Board of Directors, documented, and disclosed to the public. In 3Q 2025, the committee met once and provided a notification to the Board. It consists of two non-executive board members and the head of the investor relations unit, with Yavuz Suat Bengür serving as the chairman, who holds independent status.

Committee for Early Detection and Management of Risks

Name	Role	Independent
Zeynep Tokman Cesur	Committee Chairperson	Independent
Lütfi Yenel	Member	Not Independent

The Committee for Early Detection of Risks advises the Board of Directors on matters that could impact the company's operations. These matters include identifying, defining, prioritizing, monitoring, and reviewing risks and opportunities in strategic, financial, or operational areas; calculating their impact and probability; managing these risks and opportunities in line with the company's risk profile and appetite; and reporting and considering them in decision making mechanisms. The committee was established by the board and met four times in 3Q 2025, reviewing the company's risk management system and presenting its report to the board. The committee chairman is an independent board member and consists of two nonexecutive members.

4. Executive Committee

Pursuant to the authority granted under Article 367 of the Turkish Commercial Code and Article 11 of the Articles of Association, the Board established an Executive Committee on February 21, 2024, to handle matters outside the exclusive remit of the Board and General Assembly. The structure and duties are defined in the company's internal directive.

• Chairperson of the Executive Committee: Ayşe Yenel, Vice-Chairperson
• Vice-Chairperson of the Executive Committee: Zeynep Yenel Onursal, Board Member
• Executive Committee Member: Mehmet Ilgaz Deputy General Manager, Product
• Executive Committee Member: Fuat Altıoğlu Deputy General Manager, Finance
• Executive Committee Member: Serdal Yıldız Deputy General Manager, Technology

Fuat Altıoğlu – CFO, Deputy General Manager Responsible for Finance

Fuat Altıoğlu received his bachelor's degree in Business Administration from New Hampshire College and earned his MBA in Finance from Southern New Hampshire University in 1999. Starting in 1999, he held various domestic and international finance positions at Gantek Teknoloji for 11 years. In 2011, he joined the Kron as Finance Director. Since 2012, he has been serving as Deputy General Manager Responsible for Finance (CFO).

Mehmet Ilgaz – CPO, Deputy General Manager Responsible for Products

Mehmet Ilgaz completed his undergraduate studies in Electrical and Electronics Engineering at Boğaziçi University. He earned his first master's degree in Business Administration (MBA) from Bilgi University and his second in Project Management from The George Washington University - School of Business. He began his professional career as a Network Expert at Biltam and continued as Network Backbone Manager at Sabancı Telekom, Backbone Network Unit Manager at Borusan Telekom, and Network & Device Director at TTNet. Before joining Kron, he served as CTO at Millenicom from 2016 to 2022.

Serdal Yıldız – CTO, Deputy General Manager Responsible for Technology

Born in 1984 in Elazığ, Serdal Yıldız holds a BSc in Computer Engineering from Ege University. He began his career at Filika Bilişim and continued in the software division of Yurtiçi Kargo. Since joining Kron in 2011, he has held several key roles, including Director of Software Development (2016). He has been serving as Deputy General Manager responsible for Technology since 2024.

5. Number of Employees

As of September 30, 2025, the Group — comprising Kron Technologies. and its wholly-owned subsidiary, Kron Technologies US — had 166 employees. (December 31, 2024: 160)

6. Remuneration to Senior Management

Excluding compensation payments provided under salaries and similar benefits to the Chairman, Board Members, and all senior executives, including the General Manager(s), the total amount of salaries and other short-term benefits as of September 30, 2025 is TL 10,412,473. (September 30, 2024: TL 11,049,955)

7. Material Developments During the Reporting Period

July 8, Announcement on Capital Increase Transaction

The shares were offered for sale on Borsa İstanbul A.Ş. Primary Market and the transaction was completed on the same day.

July 28, Kron Teknoloji Certified as a Great Place To Work®

Kron Technologies earned the Great Place to Work® certification based on employee feedback. In the evaluation, employees provided strong feedback particularly in the areas of team spirit, sense of belonging, reliability, competence, innovation, and inclusiveness.

August 8, Kron Recognized as Category Leader at the "Top 500 IT Companies in Turkey" Awards

Kron Technologies was honored with the first-place award in the "Data Security Software" category among Turkey-based technology vendors—marking its third consecutive win and fifth overall in this category.

August 13, Devrim Akpınar Appointed as COO of Kron Technologies

To strengthen its corporate structure, Devrim Akpınar has joined Kron Technologies as Chief Operating Officer (COO).

This appointment represents a strategic step towards reinforcing the Company's position in international markets and supporting its sustainable growth objectives.

August 18, Published 1H 2025 Financial Results

The Financial Report, Operating Review, and Investor Presentation for the First Half of 2025 have been publicly released.

August 22, Notification Regarding Capital Increase - Decrease

The amendment to Article 6 ("Capital") of the Company's Articles of Association, related to the completed capital increase, was approved by the Capital Markets Board of Türkiye, registered with the Istanbul Trade Registry on August 21, 2025, and announced in the Turkish Trade Registry Gazette on August 22, 2025 (No. 11399).

August 25, Recognized Among Türkiye's 2025 Best Technology Employers

Following our Great Place to Work® certification, we were proudly listed among Türkiye's 2025 Best Technology Employers.

September 3–4, Showcasing at GITEX Africa with Sechpoint

Together with our partner Sechpoint, we participated in GITEX Nigeria, held in Lagos. We showcased our advanced cybersecurity product portfolio and explored opportunities to enhance cyber resilience, digital trust, and innovation across Africa.

8. Key Financial Highlights

Balance Sheet (TL)	31 December 2024	30 September 2025	Change %
Cash, Cash Equivalents and Financial Investments	108,164,428	173,219,440	60%
Trade Receivables	203,291,866	145,353,130	-29%
Inventory	2,168,239	2,345,047	8%
Tangible Assets	13,481,184	11,630,116	-14%
Intangible Assets	462,842,874	621,580,686	34%
Deferred Tax Assets	4,410,736	-	-100%
Total Assets	894,712,277	1,026,723,660	15%
Short-Term Financial Liabilities	295,372,748	287,167,866	-3%
Trade Payables	14,521,513	8,879,499	-39%
Total Liabilities	416,698,669	402,168,724	-3%
Equity	478,013,608	624,554,936	31%
Total Equity + Liabilities	894,712,277	1,026,723,660	15%

Income Statement (TL)	9M 2024	9M 2025	Change %
Net Sales	291,091,332	343,418,582	18%
Cost of Sales	(45,995,037)	(33,383,527)	-27%
Gross Profit	245,096,295	310,035,055	26%
Gross Profit Margin	84%	90%
Operating Expenses	(235,597,928)	(189,954,396)	-19%
G&A Expenses	(49,369,350)	(34,706,586)	-30%
Marketing Expenses	(101,816,701)	(116,570,011)	14%
R&D Expenses	(108,757,296)	(83,253,969)	-23%
Other Operating Income/Expense, Net	24,345,419	44,576,170	83%
Operating Profit	9,498,367	120,080,659	1164%
Amortisation	57,461,008	49,936,542	-13%
EBITDA	66,959,375	170,017,201	153%
EBITDA Margin	23%	50%
Financial Expenses, Net	4,800,948	6,031,096	26%
Monetary Gain /(Loss)	(76,617,835)	(63,645,731)	-17%
Profit Before Taxes	(59,672,774)	66,662,495
Tax Income /(Expense)	10,482,355	(12,094,217)	-215%
Profit/(Loss)	(49,190,419)	54,568,278
Profit Margin	-17%	16%

^*All figures reflect the impact of IAS 29 (Inflation Accounting).

9. Corporate Directory

Company Name

Kron Teknoloji Anonim Şirketi

Head Office

İ.T.Ü. Ayazağa Kampüsü, Teknokent ARI3 Binası, No:B401, Maslak, Sarıyer, İstanbul, Türkiye

T: 0212 286 51 22

F: 0212 286 53 43

Ankara Office

Bilkent Cyberpark, C-blok, K:3 No:321, Bilkent - Ankara

İzmir Office

Akdeniz Mah. 1353 Sk. Armesa İş Merkezi, No:2, Kat:1 Konak-İzmir

Kron Technologies US (Ironsphere Inc.)

3 2nd Street Suite 201, Jersey City, NJ,07302, USA

Trade Registry Number (Kron Teknoloji A.Ş.)

547587

Website

www.krontech.com

E-Mail

investor@krontech.com

Stok Exchange

Borsa İstanbul A.Ş

Listing Date

27 May 2011

Ticker Symbol

KRONT