AGROTECH YÜKSEK TEKNOLOJİ VE YATIRIM A.Ş.

Regulatory Filings • Jul 26, 2024

RATING ANNOUNCEMENT FORM

: JCR AVRASYA DERECELENDİRME A.Ş. : Agrotech Yüksek Teknoloji ve Yatırım Anonim Şirketi : Maslak Mahallesi Taşyoncası Sokak No:1/F F2 Blok Kat:2 34485 Sarıyer, İstanbul-Türkiye : 0212 352 56 73 – 0212 352 56 75 : 26 / 07 / 2024
: Article 26 of the CMB Serial VIII, No. 51 Communiqué on Principles

To the CMB- Department of Accounting Standards Central Securities Depository of Turkey- Public Disclosure Platform

"Agrotech Yüksek Teknoloji ve Yatırım Anonim Şirketi" has been evaluated by JCR Eurasia.

• Strong financial position characterised by cash surplus expected to continue in 2024 despite negative cash flow metrics,

• Consistency in the core profit margins despite partial shrinkage,
• Despite the decline in EBITDA generation, interest coverage ratio maintained its strong position,

• Diversified income structure through agriculture, technology, storage and commercial activities,

• Emphasis on sustainable agriculture through the protection of biological diversity,

• Strong emphasis on R&D, innovation, and design together with its know-how,

• Tough demand to technology products within the digitalization environment,

• Compliance with regulations and transparency regarding adherence to corporate governance as an entity subject to Capital Market Law,

• Long cash conversion cycle and relatively high operating ratio negatively effecting efficiency of the operations due to sector and business model,

• Potential exposure to risks arising from climate change and other natural disasters despite soilless agriculture to a certain extent.

Essentially, within the scope of the above issues, "Agrotech Yüksek Teknoloji ve Yatırım Anonim Şirketi" has been assigned as 'A+ (tr)' in its Long-Term National Issuer Credit Rating and its other ratings are as follows.

Long-Term National Issuer Credit Rating	:	A+ (tr) / (Stable Outlook)
Short-Term National Issuer Credit Rating	:	J1 (tr) / (Stable Outlook)
Long-Term International Foreign Currency Issuer Credit Rating	:	BB / (Stable Outlook)
Long-Term International Local Currency Issuer Credit Rating	:	BB / (Stable Outlook)

NOTE: JCR Eurasia Rating ratings are objective and independent opinions as to the creditworthiness of a security and issuer and not to be considered a recommendation to buy, hold or sell any security or to issue a loan. Rating reports are valid for 1 year from the date of publication, unless otherwise stated. The effective date of interim reviews cannot exceed the effective date of the original report.

Regards, JCR AVRASYA DERECELENDİRME A.Ş.

Zeki Metin ÇOKTAN Executive Vice President Prof. Dr. Feyzullah YETGİN General Manager

Copyright © 2007 by JCR Eurasia Rating Maslak Mahallesi Taşyoncası Sokak No:1/F F2 Blok Kat:2 34485 Sarıyer, Istanbul- Türkiye Telephone: +90 212 352 56 73 Fax: +90 (212) 352 56 75 Reproduction is prohibited except by permission. All rights reserved. All of the information has been obtained from sources JCR ER believes are reliable and information/clarifications provided by the Company. However, JCR-ER does not guaranty the truth, accuracy, adequacy of this information. A JCR ER Rating is an objective and independent opinion as to the creditworthiness of a security and issuer, not a recommendation to buy, hold, sell any security and to issue a loan. This rating report has been composed within the frameworks of SPK (Capital Markets Board of Turkey) regulations and internationally accepted rating principles and guidelines but is not covered by the NRSRO regulations. http://www.jcrer.com.tr