ASTOR ENERJİ A.Ş.

Investor Presentation • Aug 18, 2025

WHEREVER ENERGY IS NEEDED

ASTOR ENERJİ A.Ş. INVESTOR PRESENTATION

2025-6 ACTIVITY PERIOD

Ankara – August 2025

SINCE

CONTENT

C

• 1. COMPANY OVERVIEW
• 1. ACTIVITY OVERVIEW
• 1. FINANCIAL OUTCOMES

Astor Past to Present

Established as Transtek * Transformatör San.Tic.A.Ş in Istanbul as a distribution transformer manufacturer.	* The company name has been changed to Astor Transformer and Energy Inc.	* 99.4% of the company's shares were taken over by the Geçgel family.	The company's first R&D project supported by the Scientific and Technological Research Council of Turkey (TÜBİTAK) was completed. The first 31.5 MVA mobile transformer export was made to the Middle East.	Test laboratory (154 kV) accreditation certificate received. All company shares were taken over by Feridun Geçgel.	* Company headquarters and production facility moved to ASO 2'nd OSB.	* Successfully passed the 62.5 MVA and 100 MVA short-circuit mechanical strength tests at the Dutch KEMA laboratory. * Astor's entry into the power transformer market: First production at 154 kV voltage level.	* R&D Center certificate was received from the Ministry of Industry and Technology.
1983	2003	2005	2009	2013	2014	2015	2016
2017	2018	2020	2021	2022	2023	2024	2025
The first export of a 120 MVA power transformer at a voltage level of 300 kV to the Far East was made. Medium voltage switching products were produced for the first time. The Turkish Accreditation Agency (TÜRKAK) Accreditation Certificate was received for the newly established test laboratory within the scope of transformers and switching products. The "2017 R&D Center" award was won at the ASO 54th Year Award Ceremony.	The company headquarters and production facilities were moved to the new factory in ASO 2. OSB. TÜRKAK Accreditation Certificate was obtained for the Chemistry Laboratory and high voltage power transformers up to 800 kV voltage level. The first power transformer was produced at 400 kV voltage level. The first arc furnace transformer was produced for industrial facilities. produced for industrial facilities.	The first domestic 170 kV high voltage circuit breaker was produced and the International KEMA Type Test Certificate was received. A high voltage shunt reactor was produced at a 400 kV voltage level. a 400 kV voltage level. A 250 MVA 400/164 * kV autotransformer was produced and the international KEMA short circuit type test was successfully completed with a "Gold Certificate".	The company's new mechanical factory investment in ASO 2. OSB was completed and production started. The first medium voltage transformer center export was made to Europe. The Corporate Carbon Footprint International Verification Certificate was received. The company title was changed to Astor Enerji A.Ş.	The first 132 kV high voltage mobile transformer center export was made to the Middle East. The "Leading Transformer Manufacturing Facility of the Year" award was won within the scope of the International Diamond Awards. * The Electric Vehicle Charging Network Operator License was obtained.	Ranked 11th in the Electrical and Electronics Exporters' Association Honor List. Astor Energy started trading on Borsa Istanbul (BIST) with the code ASTOR. Production of medium voltage measurement transformers started. Became the company that invested the most in R&D in the energy sector in 2023.	Turkey's first domestic Vacuum Tube production at 40.5 KV voltage level was realized and international KEMA type test certificate was obtained. Capacity increase and Insulated Copper, inverter Aluminum production, CTC investments were started. First 675 MVA 400/21 kV Generator Step Up Transformer production was made. Turkey's first 100 Industrial Enterprises ranking was entered with 87th place in ISO 500 research.	Inclusion in the BIST Corporate Governance Index Inclusion in the BIST Dividend Index * Inclusion in the BIST Dividend 25 Index

IPO PRICE Total IPO Size 30.06.2025 Market Value TL/USD 12.50 TL 210.000.000 Pcs / 2.625.000.000.-TL 92,8 Billion TL/ 2,3 Billion USD

Overview

Over 42 Years of Experience in the Industry

Founded in 1983, ASTOR manufactures power transformers, distribution transformers, medium voltage (MV) and high voltage (HV) equipment for electricity generation, transmission, distribution, and industrial facilities.

With its modern facilities commissioned in 2018 and 2021, ASTOR operates production facilities spanning 105,000 square meters of enclosed space on a 140,000-square-meter plot in the Ankara ASO 2 Organized Industrial Zone, where it manufactures all product groups. Capacity expansion and factory investments focused on inverter and conductor production are ongoing.

Market Leader Among Domestic Manufacturers

According to ISO-500 evaluation results, Astor is Turkey's 74th largest industrial company in terms of "Sales from Production (Net)." (1)

R&D Centered Growth

In order to improve existing products and develop new ones, the company began R&D activities in 2009 with the aim of investing in technical expertise, and continued these activities in 2016 by obtaining an R&D center certificate. 179 specialist personnel are involved in R&D work.

The company ranks 25th among Turkey's top 250 companies in terms of R&D expenditure and 1st in its sector. (3)

Net Sales and EBITDA margin development (2)

Million USD

(1) Based on the ISO-500 List (list of Turkey's largest industrial companies) published in 2025.

(2) Net sales and EBITDA are calculated based on the current year's period-end balances and exchange rates.

(3) According to Turkish Time's 2023 research results

ISO 500 Ranking *

Ranking Period	Sales from Production	Net Sales	Gross Added Value	Equity	Assets	Period Profit	EBITDA	Export	Employee Number
2024	7 4	84	4 8	7 2	93	25	39	7 2	112
2023	87	108	4 3	84	105	33	34	126	131
2022	128	139	93	7 3	121	63	84	247	161
2021	147	152	103	118	174	106	91	279	171
2020	190	211	128			114			167
2019	215	223	149	228	205	127	112	305	246
2018	326	333	245	290	256	166	243	347	301

In its 42th year, Astor Energy continues to grow steadily as Türkiye's 74th largest industrial enterprise.

R&D 250 Ranking*

Period	Overall Ranking	R&D Project Number	Employee R&D	R&D Expenditure - TL
2021	39	29	156	60 291 531
2022	4 0	57	161	125 516 094
2023	25	71	160	476 179 827

As part of our R&D-focused growth strategy, we continue to invest in improving the quality and efficiency of our products.

Among Turkey's top 250 companies in terms of R&D spending, we have risen to 25th place in the overall ranking and 1st place in our sector.

Million ₺

* Turkishtime – Turkey's Top 250 Companies in R&D Expenditure 2023 Research Report

Number of Projects and R&D Expenditures

Ranking of Exporting Companies *

TİM	Overall Ranking	Sectoral Ranking
2017	878	46
2018	895	51
2019	762	41
2020	514	35
2021	388	24
2022	311	22
2023	160	11
2024	121	8

We aim to increase our export market share and move up in the rankings.

According to the Top 1000 Exporters evaluation conducted annually by the Turkish Exporters Assembly (TİM),

• Astor ranked 121st in the overall ranking
• 8th in the sectoral ranking.

International Branding Journey - Turquality ®

Our company's ASTOR brand has been approved by the Ministry of Trade of the Republic of Turkey to be included in the Turquality® Support Program under Article 17 of the Decision on Export Supports No. 5973, effective from December 13, 2024. Within this scope;

• SAP ERP transformation investments,
• Expenses related to participation in domestic and international trade fairs,
• Rentals of overseas offices and warehouses,
• Expenses related to testing/analysis of our products,
• Expenses related to international trademark registration and patents,
• Expenses related to international promotion/advertising activities,
• Expenses related to corporate consulting services,

are eligible for Turquality support for financing purposes.

Sustainability Management System

Astor Energy published its first sustainability report in accordance with GRI Standards for the 2023 period. As of 2025, our sustainability efforts will continue in a more comprehensive and multidimensional manner within the framework of both the Turkish Sustainability Reporting Standards (TSRS) and GRI. Various sustainability training programs are being organized and TSRS-focused workshops are being held to increase internal awareness. In the coming period, the goal is to be included in the sustainability index.

• ✓ At Astor Energy, sustainability governance is structured at both the strategic and operational levels.
• ✓ Through the sustainability committee established within the Board of Directors, the aim is to ensure corporate compliance with processes.
• ✓ At the operational level, the aim is to ensure ownership of sustainability processes across the company and to strengthen interdepartmental coordination.
• ✓ Efforts to achieve a sustainable transformation in both internal processes and the supply chain are continuing with determination.

Astor Energy places sustainability at the heart of its business strategy, aiming to create long-term value in the areas of environment, society, and governance. Concrete goals have been set in areas such as:

• Efficient use of natural resources,
• Reduction of carbon emissions, ,
• Ethical and inclusive business practices,
• Information security,
• Women's employment,
• Water and waste management.

Overview of Activities

Production Facilities

01

Power Transformers

• 15.000 m²

Production	2024-6	2025-6
Mva	12.349	9.274
Pieces	152	148

02 03

Distribution Transformers

indoor space • 14.000 m² indoor space • 26.000 m²

Production	2024-6	2025-6
Mva	6.932	7.772
Pieces	8.235	9.694

MV/HV Equipment

indoor space

Production	2024-6	2025-6
Kiosk	1.852	2.397
Cell	8.175	11.566
Hv Breaker	100	61
Metal Clad	233	317
RMU	152	512

10.512 14.853

05

Mechanical Factory

• 10.000 m² indoors (Distribution Transformer)
• 10.000 m² of indoors (Power Transformer)
• 3.000 m² of indoors (Switchgear Equipment)
• Astor has end-to-end production capabilities thanks to its mechanical manufacturing facility.
• Production test area 5.500 m² indoors
• Production warehouse + customs Warehouse 3.500+2.500 m² indoors
• Production repair/maintenance 1.200 m2 indoors

04

Administrative Offices

• 13.000 m² indoor space

Structure of Administrative Offices

R&D Center Business Development and After Sales Services Quality & Testing, Sales, Marketing Human Resources, Administrative Affairs

Financial Affairs - Finance Accounting - Investor Relations Risk Management Budget Reporting, Procurement, Planning and Logistics, Internal Audit, Maintenance Technical Services

New Factory Investment

Total Area : 228.659,76 m2

Location : ASO 2nd and 3rd OSB Expansion Area Investment Subject : Capacity Increase + Inverter + Copper Aluminum Conductor (Enamel-Coated Insulated) Wire Production

R&D Activities

We place great importance on R&D investments and activities that enable high product quality, operational efficiency, and new product development.

It ranks 25th among the 250 largest industrial companies in Turkey in terms of R&D expenditures.(1) With R&D expenditures of 476 million TL, it ranked first among the top 10 companies with the highest R&D expenditures in the Energy Sector in 2023.

As of June 30, 2025, there are 179 R&D center personnel. The area allocated for the company's R&D center is 3,034 m².

Through R&D activities, products are improved, new products are added to the production range, products are developed in line with customer requests, and products are produced more efficiently. Product testing is carried out in accredited testing laboratories.

With the R&D center certificate obtained in 2016, the company benefits from the R&D center incentives offered by the Ministry of Industry and Technology.

PRODUCT GROUPS

MOBILE TRANSFORMER

Product Groups

• •50-63 MVA 132/33-11,5 kV Power Transformer
• •170 kV Shunt Reactor
• •132 kV Mobile Transformer
• •800 kV Power Transformer
• •400 kV Reactor
• •125 MVA Power Transformer
• •110 kV with 3 seconder outputs
• •330 kV Autotransformer
• •320 MVA 400 KV Generator Step Up Transformer
• •100 MVA Arc Furnace Transformer
• •0-25 MVA Current Limiting Variable Shunt Reactor
• •40 MVA 225 kV Power Transformer
• •69 kV 60 Hz 36 MVA Mobile Transformer
• •675 MVA 400/21 kV Generator StepUp Transformer

POWER TRANSFORMERS MV AND HV SWITCHING EQUIPMENT

• •40,5 kV Metal Clad
• •36 kV 630 ve 1.250 A SF6 Gas Disconnector and Separator
• •36 kV Metal Clad
• •Modular Switching at 24 kV Voltage Level
• •36 kV RMU
• New Generation Lightweight, Durable Medium Voltage
• • Concrete Kiosk
• •36 kV Air Insulated Metal Clad with Vacuum Circuit Breaker
• •170 kV HV Circuit Breaker
• •12-24 kV 630-1.250 A 25 kA RMU
• •12 kV 1.250-2.500 A 31,5 kA Vacuum Circuit Breaker

DISTRIBUTION TRANSFORMERS

• • 7,5 MVA furnace transformer
  • 5 Phases with Motorized Control
• 3 MVAr Shunt Reactor •
• 16 MVA 33/15,8 kV Low Voltage Winding
• Foil Transformer •
• Fit for Spanish SPS (Solar Powered System)
• 7 MVA 30/0,8/0,8 kV •
• • Magnetic Control Reactor (MCR)
• 5 MVAr with on-load Tap Changer
• Power Variable Shunt Reactor Fit for Ship Energy Systems at 50-60 Hz Frequencies•
• Dry-Type Transformer •
• • Fit for SPP Inverter System
• 5.000 kVA 33-0,69 kV Transformer,
• • 5 MVAr Power Variable Shunt Reactor
• • 12 kV 1250-2500 A 31,5 kA Metal Clad
• • 24 kV 1.250-2.500 A 25 kA Vacuum Circuit Breaker
• • 24 kV 1.250-2.500 A 25 kA Metal Clad

Product Groups

	DISTRIBUTION TRANSFORMERS	POWER TRANSFORMERS	MV SWITCHING	HV SWITCHING
o oli ortf P ct u d o Pr	Dry Type Shunt Reactors Oil Type Industrial/Special Serial Reactors Type Transformers		Compact Metal Transformer Swtiches/circuit Breakers Center Metal Enclosed Metal Clad Equipment Equipment	HV Live Tank Circuit Breakers
ks ar m e R	• 36 kV oil-filled distribution transformers up to 10 MVA 5,5% • 36 kV dry-type transformers up to 25 MVA • Capability to design and manufacture custom oil-filled and dry-type distribution transformers for various industries • In-house mechanical parts production • Accredited in-house testing process • Most sales are delivered ex-works (EXW)	D • All types of power distribution transformers (step-up, network, industrial, special type) ranging from 10 MVA to 1,000 MVA and up to 800kV • In-house mechanical parts production • Accredited in-house testing process • Most sales are delivered at the designated location (DAP): the accredited testing process, logistics, installation, and site acceptance testing are managed by Astor		• 170 kV HV circuit breaker production • The newest product group created to meet the demand for HV equipment under one roof • Accredited in-house testing process • EXW or DAP
(1) e u n e v e R %	30,5% ₺ 4.149m	38.3% ₺ 5.213m	17.9% ₺ 2.439m	1% ₺ 130m

Customer Groups

	TURKISH ELECTRICITY TRANSMISSION COMPANY (TEİAŞ) TURKEY ELECTRICITY GENERATION CO. INC. (EÜAŞ)	Electricity Distribution Companies	Industrial Facilities, Power Generation Facilities and Other	Dealers	EXPORT MARKETS
n o ati n a pl x E	• It is the public institution responsible for the installation and operation of 170/420 kV electricity transmission and generation facilities. • With the construction of new energy generation and transmission facilities, facilities that have completed their economic life require renovation investments. The newly built large-capacity consumption facilities (OSB, Çelik Fab, San. Tes.) Investments are required for energy demands.	• Based on loss/leakage prevention objectives, MV equipment investments in distribution transformers are often due to the renewal of the existing grid. • Residential, commercial and industrial growth also requires new expansion investments.	• It mobilizes new and renovation investments, including facilities with high electricity demand such as metal, mining, paper and cement, as well as renewable energy and other energy investments.	• The distribution network across the country includes 28 dealers operating as contractors on relatively small projects for distribution companies, as well as industrial and power generation companies.	• Through EPC contractors and distributors, it is focused on indirect sales. • Sales are made directly or through intermediaries to public and private sector organizations that invest in energy in the exporting country. • Installation and maintenance services are provided by our Overseas After-Sales Services teams.
nts oi P y e K	• As of 2024, the investment budget of Turkey Electricity Transmission Inc. (TEİAŞ) is 28 billion TL, and the investment budget of Electricity Production Inc. (EÜAŞ) is 8 billion TL. TEİAŞ's 2025 budget is 41.9 billion TL, and EÜAŞ's budget is 9.9 billion TL • Astor makes direct sales to TEİAŞ through supply tenders or indirect sales through EPC contractors. TEİAŞ's transformer capacity as of the end of 2023 is 2,146 units, 225,055 MWA	• There are 50.3 million subscribers in total from 21 distribution companies. All 21 distribution companies are customers of Astor. • There are 543 thousand transformers (206 GVA) in the network. • Direct or indirect sales are made through D EPC contractors.	• Renewable current transformers and equipment • Direct or indirect sales through EPC contractors • Other clients are sole proprietorships, independent contractors, commercial D entities engaged in spot sales.	• Dealers mediate the sales of our Distribution Transformer, LV / MV switching products and concrete kiosk product groups. D	• Exports are made to more than 90 countries in Europe, Africa, Asia and South America. • The main regions of focus are Europe, Africa, the Middle East, and in the long term, the North American market. • It is aimed to bring the share of exports in total sales to the level of 50%.
d e Offer cts u d o Pr	• Distribution transformer (50 kVA–10 MVA) • Power transformer (10 MVA–250 MVA) MV • Switching Products (<36 kV) HV Switching • Products (170 kV)	• Distribution transformer (50 kVA–2,500 kVA) • Power transformer (2.5 MVA–25 MVA) MV • Switching (<36 kV)	• Distribution transformer (50 kVA–2,500 kVA) • Power transformer (2.5 MVA–675 MVA) • MV Switching (<40.5 kV) • HV Switching (170 kV)	• Distribution transformer (50 kVA–2,500 kVA) • Power transformer (2.5 MVA–25 MVA) MV • Switching (<40.5 kV)	• Distribution transformer (2.5 MVA–25 MVA) • MVA) Power transformer (2.5 MVA–300 • MVA) MV Switching (<40.5 kV)
e u n e v e R %	₺ 411m 3,0%	₺ 1.169m 8,6%	₺ 2.524m 18,6%	₺ 2.753m 20,2%	₺ 6.738m 49.6%

Customer References

30 06 2025	Sector	Astor	Share %
AC	18 .329	125	0 68 ,
(Socket) DC	13.457	470	3,49
Total	31.786	595	1,87

Number of Licensed Companies		210
Number of Companies continuing their activities	:	176
Charging Industry Ranking DC	:	6
Charging Industry Ranking AC	:	2 2
Total AC+ DC Ranking	:	6

Source : EMRA - June 2025

Electric Vehicle Stock and Sales in Turkey

Annual increase in the number of vehicles - Source TUIK

On June 23, 2022, an Electric Vehicle Charging Network Operating License was obtained from EMRA.

As of June 30, 2025, a total of 595 charging sockets have been installed in 45 provinces.

As of June 30, 2025, the number of users has reached 130,068.

• In 2022, USD 1 million,
• In 2023, USD 10 million,
• In 2024, USD 5.4 million,
• In 2025-6, USD 1.8 million was invested.

TEST LAB.

High Voltage Circuit Breakers

2025-6 Financial Results

Financial Outlook

Million TL

P&L	2024-Q2		2025-Q2		2024-6			2025-6	2024 Q2 - 2025 Q2 Change		2024-6 - 2025-6 Change
					Amount	%	Amount	%
Sales Net	6 971	6 940	15 467	13 595	(31)	(0 4) ,	(1 872)	(12 1) ,
of Cost sales (-)	(4 187)	(3 949)	(9 756)	(8 287)	238	(5 7) ,	468 1	(15 0) ,
Profit Gross	2 784	2 992	5 712	5 308	207	7 4 ,	(404)	(7 1) ,
Profit Margin Gross	39 9 ,	43 1 ,	36 9 ,	39 0 ,	3 2 ,	7 9 ,	2 1 ,	5 7 ,
Administrative (-) expenses	(171)	(122)	(334)	(272)	49	(28 4) ,	62	(18 5) ,
Marketing , sales and distribution (-) expenses	(300)	(500)	(872)	(993)	(200)	66 4 ,	(122)	13 9 ,
Research and development (-) expenses	(176)	(53)	(212)	(83)	123	(70 1) ,	129	(60 8) ,
EBIT	2 137	2 317	4 294	3 959	180	8 4 ,	(335)	(7 8) ,
Margin EBIT	30 6 ,	33 4 ,	27 8 ,	29 1 ,	2 7 ,		1 4 ,
Depreciation and Amortization Expenses	233	231	451	449	(2 9) ,	(1 2) ,	(2 6) ,	(0 6) ,
EBITDA	2 370	2 547	4 745	4 408	177	7 5 ,	(337)	(7 1) ,
Margin EBITDA	34 0 ,	36 7 ,	30 7 ,	32 4 ,	2 7 ,		1 7 ,
Profit Before Tax	553	1 272	2 228	2 125	719	130 0 ,	(103)	(4 6) ,
Profit Margin Before Tax	7 9 ,	18 3 ,	14 4 ,	15 6 ,	10 4 ,		1 2 ,
Profit Net	894	912	1 731	1 874	18	2 0 ,	143	8 3 ,
Profit Margin Net	12 8 ,	13 1 ,	11 2 ,	13 8 ,	0 3 ,		2 6 ,

Regional Export Shares

	%
Europe	39 7 ,
Middle and North Africa East	25 0 ,
Registered Sales Export	13 4 ,
United Kingdom	10 4 ,
South America	5 5 ,
Africa	4 7 ,
Other	1 3 ,

Sales

Million TL

	Distribution of Sales by Main Product and Groups Power
Sales(mVA) 2023 2024 Distribution Distribution Power Power Domestic Sales 10 135 9 015 11 068 12 497 International Sales 5 113 7 027 4 803 12 347 Total 15 248 16 042 15 871 24 844				2024-6		2025-6
	Distribution	Power	Distribution	Power
				4 917	6 324	5 498	1 651
				2 015	6 024	2 274	7 623
				6 932	12 348	7 772	9 274

40% 50% 50% 2025-6 2024-6

60%

Domestic Export

Sales - By Product Groups

Million TL

2025-6 Sales Distribution
Distribution of Sales by Product Groups	Export	Share %	Domestic	Share %	Total	Share %
Distribution Transformer	1 376	20 4% ,	2 773	40 4% ,	4 149	30 5% ,
Transformer Power	4 337	64 4% ,	875	12 8% ,	5 213	38 3% ,
Switching MV	574	8 5% ,	1 865	27 2% ,	2 439	17 9% ,
Switching HV		0 0% ,	130	1 9% ,	130	1 0% ,
Trade Merchandise Sales and Other Income	451	6 7% ,	1 213	17 7% ,	1 664	12 2% ,
Total	6 738	100 0% ,	6 857	100 0% ,	13 595	100 0% ,

Backlog

As of June 30, 2025, the details of the backlog orders amounting to USD 769 million are as follows.

• By Product Group;
  • 640 million USD, 83% of which are Power Transformers,
  • 74 million USD, 10% of which are Distribution Transformers,
  • 55 million USD, 7% of which are Switching Products,
• By Domestic/Export;
  • 57% Export, 43% Domestic
• By Currency;
  • 59 % USD
  • 23 % EURO
  • 11 % TL
  • 7 % GBP

59%

TL USD EUR GBP

Net Financial Debt

• ✓ Strong capital structure and equity,
• ✓ Sustainable profitability,
• ✓ Solid financial assets supported by cash cycle,

Increases our financial strength and resistance to market risks.

	2024	2025-6
Total financial debt	2 271 064 504	3 438 479 052
Minus: Cash and cash equivalents	(5 884) 446 722	(4 275) 705 523
Minus: Financial investments	(3 795 421 463)	(5 697 758 511)
(cash) financial debt Net ,	(6 843) 971 079	(6 734) 964 802
Shareholders's equity	24 296 633 574	26 955 886 157
Total capital	325 494 790 17	19 193 152 153
(cash) total equity ratio Net to	-40%	-36%

Financial Indebtedness

• TL loans increased by 66% to TL 3,024 million.
• Loans denominated in EUR decreased by 29% to EUR 4.6 million.
• Loans denominated in USD decreased by 14% to USD 5 million.
• Long-term investment loans are being repaid in accordance with their terms.
• To hedge against currency and interest rate risks, cost-effective financing options in TL/FX are being evaluated.

Milyon

		2024		2025-6
Bank Loans	Effective Weighted (%) Interest Rate	Original Currency	T L	Effective Weighted (%) Interest Rate	Original Currency	T L
T L	25 90%	1 826 3 ,	1 826 3 ,	22 47% ,	3 024 5 ,	3 024 5 ,
EUR	72% 4 ,	6 5 ,	238 6 ,	81% 4 ,	6 4 ,	215 0 ,
USD	5 95% ,	5 8 ,	206	5 95% ,	5 0 ,	199 1 ,
Total			2 271 1 ,			3 438 5 ,

Net Working Capital

The positive trend toward an increase in net working capital has been maintained.

The strong upward trend in our current assets has continued.

The proportional and absolute increase in our short-term liabilities has remained at a lower level than the increase in our current assets.

Our current assets are well above the level required to cover our shortterm liabilities.

Million TL

Financial Ratios

Financial and Liquidity Ratios	2023	2024	2025-6
Liabilities/Total Ratio (Total Assets) Leverage	0 35 ,	0 32 ,	0 31 ,
Liabilities/Total Short-Term Assets	0 34 ,	0 32 ,	0 31 ,
Liabilities/Total Long-Term Assets	0 01 ,	0 00 ,	0 00 ,
Equity/Total Shareholders' Assets	0 65 ,	0 68 ,	0 69 ,
Assets/Short Ratio (Current Liabilities) Current -Term	2 04 ,	2 19 ,	2 28 ,
Assets-Inventories/Short Acid-Test Ratio (Current Liabilities) -Term	1 80 ,	1 89 ,	1 90 ,
/ Cash Ratio (Cash and Cash Equivalents Short-Term Liabilities)	0 48 ,	0 82 ,	0 87 ,

Currency Risk Management

• Foreign exchange positions and cash flows in foreign currencies are continuously analyzed, and exchange rate risk management policies are determined by taking into account market developments and economic indicators.
• Our net exporter position continues.
• In our balance sheet position, our foreign currency assets in USD, EURO, GBP, and IQD exceed our liabilities.
• Our net foreign currency position, which was 97.4 million USD in 2024, has been reduced to 64.7 million USD, taking into account exchange rate expectations.

Million TL

Foreign Position Currency	2024	2025 6 -
Foreign	5	4
Currency	384	380
Assets
Foreign	1	1
Liabilities	512	806
Currency
Foreign Position Net Currency	3 872	2 574

Cash Flow Statement Analysis

✓ The growth in cash flows from operating activities continues to remain strong.

		Million TL
of Cash Flows Analysis Statement	2024-6	2025-6
Cash and Cash Equivalents the beginning of the at year	2 834 18 ,	5 446 72 ,
Operating Activities	5 208 72 ,	2 202 50 ,
Activities Investment	-2 457 36 ,	-2 398 45 ,
Financing Activities	-982 67 ,	-1 286 44 ,
of Cash and Cash Equivalents the end the at year	602 87 4 ,	964 32 3 ,
(loss)/ gain cash and cash equivalents Monetary on	-672 12 ,	741 20 ,
Period-end cash and cash equivalents	3 930 75 ,	4 705 52 ,

Number of Employees We continue to grow with our qualified employees.

• Our number of employees has reached 2,354.
• The percentage of female employees in white-collar positions is 31%, in blue-collar positions 8.5%, and overall 13%.

Targets (2025 -2026)

	2025						2026
Revenue by Product Groups		Total		Domestic Overseas		Total			Domestic			Overseas
	Revenue	Share	Increase		Revenue Share (%)	Increase			Revenue Share (%) Increase (%)		Revenue Share (%)	Increase		Revenue Share (%)	Increase		Revenue Share (%)	Increase
		(%)	(%)			(%)						(%)			(%)			(%)
Distribution Transformer	\$320	34%	32%	\$157	32%	-5%	\$163	36%	111%	\$410	34%	28%	\$185	30%	18%	\$226	38%	38%
Switching Products	\$174	19%	39%	\$148	30%	29%	\$26	6%	161%	\$265	22%	52%	\$212	34%	43%	\$53	9%	104%
Power Transformer	\$356	38%	19%	\$111	23%	-11%	\$245	54%	41%	\$410	34%	15%	\$123	20%	11%	\$287	48%	17%
Merchandise Sales & Other	\$90	10%	62%	\$74	15%	67%	\$16	4%	45%	\$138	11%	53%	\$104	17%	41%	\$34	6%	113%
Total	\$940	100%	30%	\$490	100%	9 %	\$450	100%	66%	\$1.223	100%	30%	\$624	100%	27%	\$600	100%	33%

Financial Statements

Assets Million TL

ENERJİ ASTOR A Ş	Prior Year	Current Year	Change		Share
	31 12 2024	30 06 2025	Amount	%	%
Assets
Current Assets
Cash and cash equivalents	5 446 7 ,	4 705 5 ,	(741)	(14)	12 3 ,
Financial investments	3 795 4 ,	5 697 8 ,	1 902	50	14 9 ,
Trade Receivables	635 6 7 ,	6 299 8 ,	(1 336)	(17)	16 5 ,
from related parties Due	20 5 ,	72 7 ,	52	254	0 2 ,
from third parties Due	7 615 1 ,	6 227 1 ,	(1 388)	(18)	16 3 ,
Other Receivables	274 3 ,	681 0 ,	407	148	1 8 ,
from related parties Due	4 8 ,	0 0 ,	(5)	(100)	0 0 ,
from Due third parties	269 5 ,	681 0 ,	412	153	1 8 ,
Inventories	3 340 0 ,	4 597 8 ,	1 258	38	12 0 ,
Prepaid expenses	4 107 8 ,	5 134 1 ,	1 026	25	13 5 ,
Other current assets	37 7 ,	27 7 ,	(10)	(27)	0 1 ,
Total Current Assets	24 637 5 ,	27 143 7 ,	2 506	0 1	71 1 ,
Non-current assets
Other Receivables
from third parties Due	17 0 ,	7 9 ,	(9)	(54)	0 0 ,
Financial investments	1 087 4 ,	1 338 9 ,	252	23	3 5 ,
Tangible fixed assets	6 611 1 ,	7 045 0 ,	434	7	18 5 ,
Intangible fixed assets	2 417 6 ,	2 319 8 ,	(98)	(4)	6 1 ,
Prepaid expenses	122 3 ,	223 2 ,	101	82	0 6 ,
Deferred Taxes	753 1 ,	78 8 ,	(674)	(90)	0 2 ,
Total non-current assets	11 008 6 ,	11 013 6 ,	5	0	28 9 ,
Total Assets	35 646 1 ,	38 157 3 ,	2 511	7	100 0 ,

Million TL

					Million TL
ENERJİ ASTOR A Ş	Prior Period	Current Year	Change		Share
	31.12.2024	30.06.2025	Amount	%	%
Liabilities
Short-Term Liabilities
Short-term borrowings	2.086,3	3.316,3	1.230	59	8,7
Current instalments of long term financial liabilities	140,3	91,9	(48)	(35)	0,2
Trade Payables
Due to related parties	5,0	-	(5)	(100)	-
Due to third parties	1.953,6	2.159,6	206	11	5,7
benefits Liabilities related to employee	157,8	180,7	23	14	0,5
Other payables
Deferred income	6.480,8	5.533,9	(947)	(15)	14,5
for profit Tax liability period	-	16,8	17	-	0,0
Short-Term Provisions
for benefits Short-term provisions employee	45,9	65,2	19	42	0,2
Other provisions	7,8	246,2	238	3.039	0,6
Other short-term liabilities	370,1	282,0	(88)	(24)	0,7
Total Short-Term Liabilities	11.247,6	11.892,6	645	6	31,2
Long-Term Liabilities
Long-term borrowings	44,5	30,3	(14)	(32)	0,1
Long-term provisions for employee benefits	57,5	76,5	19	33	0,2
Total Long-Term Liabilities	102,0	106,8	5	5	0,3
Total Liabilities	11.349,6	11.999,4	650	6	31,4
Equity
Paid-in share capital	998,0	998,0	-	-	2,6
Share capital adjustment differences	2.451,4	2.451,4	-	-	6,4
Share premiums and discounts	2.738,7	2.738,7	-	-	7,2
Reserves on Retained Earnings	976,7	976,7	-	-	2,6
Tangible fixed asset valuation increases	928,7	928,7	-	-	2,4
remeasurement (loss)/gain Defined benefit plans	(51,4)	(70,3)	(19)	37	(0,2)
Foreign Currency Conversion Differences	3,3	9,6	6	193	0,0
Retained Earnings	10.388,4	16.251,2	5.863	56	42,6
Net profit for the year	5.862,7	1.874,0	(3.989)	(68)	4,9
Total equity	24.296,6	26.158,0	1.861	8	68,6

Total Liabilities 35.646,1 38.157,3 2.511 7 100,0

Liabilities

Summary Balance Sheet

Summary Balance Sheet	2024	2025-6
Assets	35.646	38.157
Current Assets	24.638	27.144
Cash & Cash. Equ. / Fin.Inv.	5.447	4.706
Financial ınvestments	3.795	5.698
Trade receivables	7.636	6.300
Inventories	3.340	4.598
Prepaid expenses	4.108	5.134
Other	312	709
Fixed Assets	11.009	11.014
Tangible Fixed Assets	6.611	7.045
Intangible Assets	2.418	2.042
	1.087	1.339
Deferred tax asset	753	79
Other	139	509
Liabilities	35.646	38.157
Short-Term Liabilities	11.248	11.893
Short-Term Borrowings	2.086	3.316
Trade Payables	1.959	2.160
Deferred revenues	6.481	5.534
Other	722	883
Long-Term Liabilities	102	107
Long-term borrowings	44	30
Long-term provisions	57	77
Equity	24.297	26.158
Paid in share capital	998	998
Past years profits/ (losses)	10.388	16.251
Net Profit for the Period	5.863	1.874
Premiums/Discounts on Shares	2.739	2.739
Capital Adjustment Differences	2.451	2.451
Other	1.857	1.845

P&L STATEMENT

Million TL

ENERJİ ASTOR A Ş	Prior Year	Current Year	Change
			Amount	%
	1 January –	1 January –	30 6 25 - 30 06 24
	30 June 2024	30 June 2025
Revenue	15 467 3 ,	13 595 3 ,	(1 872 1) ,	(12 1) ,
of sales (-) Cost	(9 6) 755 ,	(8 4) 287 ,	1 468 2 ,	(15 0) ,
profit Gross	5 711 7 ,	5 307 9 ,	(403 9) ,	(7 1) ,
Administrative expenses (-)	(333 5) ,	(271 9) ,	61 6 ,	(18 5) ,
Marketing , sales and distribution expenses (-)	(871 7) ,	(993 3) ,	(121 6) ,	9 13 ,
Research and development expenses (-)	(212 2) ,	(83 2) ,	129 0 ,	(60 8) ,
Other income from operating activities	1 280 2 ,	1 789 2 ,	508 9 ,	39 8 ,
expenses from Other operating activities (-)	(1 123 6) ,	(1 933 1) ,	(809 6) ,	72 1 ,
Operating profit	4 450 9 ,	3 815 4 ,	(635 4) ,	(14 3) ,
from investment activities Income	1 097 8 ,	1 661 0 ,	563 2 ,	51 3 ,
from investment activities (-) Expenses	(178 5) ,	(18 5) ,	160 0 ,	(89 6) ,
Operating profit before finance expenses	370 2 5 ,	9 5 457 ,	87 7 ,	6 1 ,
Financial income	768 4 ,	1 185 8 ,	417 4 ,	54 3 ,
Financial expenses (-)	(269 1) ,	(588 9) ,	(319 9) ,	118 9 ,
Net loss monetary	(3 641 2) ,	(3 929 3) ,	(288 2) ,	7 9 ,
Profit from operations before tax	2 228 3 ,	2 125 4 ,	(103 0) ,	(4 6) ,
expenses (-) Current tax	(370 5) ,	(216 8) ,	153 8 ,	(41 5) ,
(expenses)/ Deferred income tax	(127 0) ,	(34 6) ,	92 4 ,	(72 7) ,
Profit for the period	730 8 1 ,	874 0 1 ,	2 143 ,	8 3 ,
Earnings per share	1 73 ,	1 88 ,	0 14 ,	8 3 ,

INVESTOR RELATIONS CONTACT INFORMATION

yatirimci.iliskileri@astoras.com.tr