ASTOR ENERJİ A.Ş.

Investor Presentation • Nov 10, 2025

ASTOR ENERJİ A.Ş. INVESTOR PRESENTATION

2025-9 ACTIVITY PERIOD

Ankara – November 2025

CONTENT

• 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.	* 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

*Astor Energy was included in the BIST Corporate Governance Index on March 14, 2025, and in the BIST Dividend Index on July 21, 2025.

IPO PRICE Total IPO Size 30.09.2025 Market Value TL/USD 12.50 TL 210.000.000 Pcs / 2.625.000.000.-TL 97,4 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. The factory investment for capacity expansion, inverter, and conductor production continues.

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. 182 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)

⁽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 2024 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.

^*Based on the 2024 evaluation results,

R&D 250 Ranking*

Period	Overall Ranking	Number of Projects R&D	Number of R&D Employees	Expenditure R&D - TL
2021	39	29	156	60 291 531
2022	0 4	57	161	125 516 094
2023	25	7 1	160	476 179 827
2024	27	89	174	674 088 667

Among Turkey's top 250 companies in terms of R&D spending, we have risen to 27th place in the overall ranking and 1st place in our sector.

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

^* Turkishtime – Turkey's Top 250 Companies in R&D Expenditure 2024 Research Report

Ranking of Exporting Companies *

TİM	Ranking Overall	Ranking Sectoral
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.

^*According to TİM's 2024 evaluation results

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 has published its Carbon Footprint Reports for 2024 in compliance with GRI, Turkish Sustainability Reporting Standards (TSRS), and ISO 14064-1. Various sustainability training sessions are organized to raise internal awareness; TSRS-focused workshops and sustainability awareness programs are also conducted. The Sustainability Strategy has been revised in accordance with Sustainability Accounting Standards Board (SASB) standards and presented to the members of the Sustainability Committee. The goal for the upcoming period is to be included in the BIST 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:

• Compliance with carbon taxes and new regulations,
• Energy efficiency and greenhouse gas emissions management,
• Ethical and inclusive business practices,
• Increasing female employment,
• Waste management, among other areas, have been set as concrete goals.

Production Facilities

01

Power Transformers

• 15.000 m²

Production	2024-9	2025-9
Mva	19.442	14.776
Pieces	252	230

Distribution Transformers

indoor space • 14.000 m²

Production	2024-9	2025-9
Mva	10.871	12.633
Pieces	13.293	15.275

02 03

MV/HV Equipment

indoor space • 26.000 m² indoor space

Production	2024-9	2025-9
Kiosk	3.143	3.768
Cell	13.940	17.880
Hv Breaker	156	108
Metal Clad	261	338
RMU	357	934
	17.857	23.028

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

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 674 million TL, it ranked first among the top 10 companies with the highest R&D expenditures in the Energy Sector in 2024.

As of September 30, 2025, there are 182 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.

(1) Turkishtime 2024 Research Results Source: Company Information

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 HV SWITCHING • 36 kV oil-filled distribution transformers up to 10 MVA Oil Type Dry Type Shunt Reactors Serial Reactors Industrial/Special Type Transformers Product Portfolio

• 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

Remarks

% Revenue (1)

• 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

MV SWITCHING

• Metal Enclosed Equipment
• • Metal Clad Equipment
• D • MV switching products up to 40.5 kV
• In-house mechanical parts production
• Accredited in-house testing process
• Ability to fully install transformers and equipment in a substation according to project requirements
• EXW or DAP

• 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

Customer Groups

DOMESTIC MARKET CUSTOMER GROUPS TURKISH ELECTRICITY TRANSMISSION COMPANY Industrial Facilities, Power Generation (TEÍAS) TURKEY ELECTRICITY GENERATION CO. INC. Electricity Distribution Companies Dealers EXPORT MARKETS Facilities and Other It is the public institution responsible for the Based on loss/leakage prevention objectives, • It mobilizes new and renovation Through EPC contractors and distributors, it is · The distribution network across the installation and operation of 170/420 kV electricity focused on indirect sales. MV equipment investments in distribution investments, including facilities with high country includes 28 dealers operating as Explanation transmission and generation facilities. transformers are often installed due to the electricity demand such as metal, mining, Sales are made directly or through contractors on relatively small projects for With the construction of new energy generation renewal of the existing grid. intermediaries to public and private sector paper and cement, as well as renewable distribution companies, as well as and transmission facilities, facilities that have organizations that invest in energy in the energy and other energy investments. industrial and power generation completed their economic life require renovation exporting country. companies. investments. The newly built large-capacity Residential, commercial and industrial Installation and maintenance services are consumption facilities (OSB, Celik Fab, San. Tes.) provided by our Overseas After-Sales Services growth also requires new expansion Investments are required for energy demands. investments. 21 distribution companies have a total Exports are made to more than 90 21 distribution companies have a total Renewable current transformers and Dealers offer various of 50.7 million subscribers. All 21 countries in Europe, Africa, Asia and of 50.7 million subscribers. All 21 electromechanical products, primarily South America. Equipment. distribution companies are Astor's Key Points distribution companies are Astor's Direct or indirect sales through EPC AG/OG. Astor is a preferred supplier customers. The main regions of focus are Europe, customers. among dealers. contractors. Africa, the Middle East, and in the long There are 543.000 transformers (206 There are 543,000 transformers (206 • Average 15-year customer Average 15-year customer term, the North American market. GVA) in the network. GVA) in the network. relationship. relationship Sales are made directly or indirectly It is aimed to bring the share of exports Sales are made directly or indirectly Other customers include individuals, in total sales to the level of 50%. through EPC contractors. through EPC contractors. independent contractors, spot traders, Average 15-year customer relationship Average 15-year customer relationship Offered Distribution transformer (50 kVA-2.500 kVA) Distribution transformer (50 kVA-2.500 kVA) Distribution transformer (2.5 MVA-25 Distribution transformer (50 kVA-10 MVA) Distribution transformer (50 kVA-2,500 kVA) Power transformer (2.5 MVA-25 MVA) MV Power transformer (2.5 MVA–675 MVA) Power transformer (2.5 MVA-25 MVA) MV Power transformer (10 MVA-250 MVA) MV MVA) Power transformer (2.5 MVA-300 Switching (<40.5 kV) Switching Products (<36 kV) HV Switching Switching (<36 kV) MV Switching (<40.5 kV) Products MVA) MV Switching (<40.5 kV) Products (170 kV) • HV Switching (170 kV) Revenue 21.3% 18.1% 杉 10.226m 杉 703m 杉 2.495m

Customer References

30 09 2025	Sector	Astor	Share
AC	20 265	162	0 80% ,
DC	15 281	542	3 55% ,
Total	35 546	704	1 98% ,

Number of Licensed Companies	:	214
Number of Companies Continuing Activities:	:	178
	:
DC Charging Industry Ranking:	:	5
Charging Industry Ranking: AC	:	21
Total Charging Ranking: AC+DC	:	7
Source: EMRA:	:

Annual increase in the number of vehicles - Source TURKSTAT

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

As of June 30, 2025, a total of 704 charging sockets have been installed in 48 provinces.

• In 2022, USD 1 million,
• In 2023, USD 10 million,
• In 2024, USD 5.4 million,
• In 2025-9, USD 2.9 million was invested.

2025-9 Financial Results

Financial Outlook

M	Ш	'ion	IL

P&L	2024-Q3	2025-Q3	2024-9	2025-9	2024 Q3 - 2 Chan	•	2024-9 - 2 Chan
					Amount	%	Amount	%
Net Sales	8.081	7.543	24.709	22.159	(538)	(6,7)	(2.550)	(10,3)
Cost of sales (-)	(4.714)	(4.670)	(15.202)	(13.579)	45	(0,9)	1.623	(10,7)
Gross Profit	3.367	2.874	9.507	8.580	(493)	(14,7)	(927)	(9,8)
Gross Profit Margin	41,7	38,1	38,5	38,7	(3,6)		0,2
Administrative expenses (-)	(104)	(150)	(463)	(442)	(46)	44,0	20	(4,4)
Marketing, sales and distribution expenses (-)	(359)	(465)	(1.296)	(1.533)	(106)	29,5	(237)	18,2
Research and development expenses (-)	(223)	(44)	(451)	(134)	179	(80,2)	317	(70,4)
EBIT	2.681	2.214	7.297	6.471	(466)	(17,4)	(826)	(11,3)
EBIT Margin	33,2	29,4	29,5	29,2	(3,8)		(0,3)
Depreciation and Amortization Expenses	284	257	769	739	(27,0)	(9,5)	(29,8)	(3,9)
EBITDA	2.965	2.471	8.066	7.210	(493)	(16,6)	(856)	(10,6)
EBITDA Margin	36,7	32,8	32,6	32,5	(3,9)		(O,1)
Profit Before Tax	3.212	2.914	5.607	5.199	(298)	(9,3)	(409)	(7,3)
Profit Margin Before Tax	39,7	38,6	22,7	23,5	(1,1)		0,8
Net Profit	2.760	2.745	4.621	4.759	(15)	(0,6)	139	3,0
Net Profit Margin	34,2	36,4	18,7	21,5	2,2		2,8

Regional Export Shares

% Europe 43,9 Middle East & North Africa 23,2 Export Registered Sales 14,3 United Kingdom 7,8 Africa 3,9 South America 3,8 Other 3,2

Sales

Million TL

The share of exports in sales was 38.3% in the 2024-9 period and increased to 46.1% in the 2025-9 period.

Domestic & Export Sales

2025-9

	Distribution of Sales by Main Product Groups and Power
Sales(mVA)	2023		2024		2024-9		2025-9
	Distribution	Power	Distribution	Power	Distribution	Power	Distribution	Power
Domestic Sales	10.135	9.015	11.068	12.497	7.334	10.475	9.536	3.984
International Sales	5.113	7.027	4.803	12.347	3.537	8.967	3.097	10.792
Total	15.248	16.042	15.871	24.844	10.871	19.442	12.633	14.776

Sales - By Product Groups

Million TL

Distribution 2025-9 Sales
Distribution of Sales by Product Groups	Export	Share %	Domestic	Share %	Total	Share %
Transformer Distribution	1 947	19 0% ,	4 754	39 8% ,	6 701	30 2% ,
Transformer Power	7 040	68 8% ,	1 856	15 6% ,	8 896	40 1% ,
MV Switching	643	6 3% ,	3 203	26 8% ,	3 846	17 4% ,
Switching HV		0 0% ,	238	2 0% ,	238	1% 1 ,
Trade Merchandise Sales and Other Income	596	5 8% ,	1 881	15 8% ,	2 478	11 2% ,
Total	10.226	100,0%	11.933	100,0%	22.159	100,0%

Backlog

As of September, 30, 2025, the details of the backlog orders amounting to USD 786 million are as follows.

• By Product Group;
• 638 million USD, 81% of which are Power Transformers,
• 80 million USD, 10% of which are Distribution Transformers,
• 67 million USD, 9% of which are Switching Products,
• By Domestic/Export;
• 62% Export, 38% Domestic
• By Currency;
• 58 % USD
• 23 % EURO
• 12 % TL
• 7 % GBP

Pending orders by product groups

Pending orders by Geography

Pending orders by Currency

Net Financial Debt

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

It increases our financial strength and resilience against market risks.

	2024	2025-9
Total financial debt	2 493 859 441	694 178 440 4
Minus: Cash and cash equivalents	(5 855 465 773)	(1 980 699 574)
Minus: Financial investments	(4 386) 080 244	(8 012) 263 286
financial (cash) debt Net ,	(7 494 216 300)	(5 549 807 146)
Shareholders's equity	26 119 882 393	29 305 773 835
Total capital	18 625 666 093	23 755 966 689
equity ratio (cash) total Net to	-40%	-23%

Financial Indebtedness

• TL loans increased by 118% to 4.285 billion TL, rising by 2.321 billion TL.
• EURO-denominated loans decreased by 41% to 4.1 million EURO.
• USD-denominated loans decreased by 20% to 5 million USD.
• In order to hedge against exchange rate and interest rate risks and increase profitability, cost-effective TL/YP financing opportunities are being evaluated.

	2024				2025-9
Bank Loans	Weighted Effective Interest Rate	Original Currency	T L	Weighted Effective (%) Interest Rate	Original Currency	T L
T L	25 90% ,	1.963 ,3	1.963 ,3	21 ,35%	4.284 6 ,	4.284 6 ,
EUR	4,72%	7,0	256 ,5	5,00%	4,1	201 ,7
USD	5,95%	6 ,3	222	5,95%	5,0	207 9 ,
Total			2 .441,5			4.694 2 ,

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

	Cash Ratio (Cash	and Cash Equivalents Liabilities)	/ Short-Term
0,90
0,80		0,82
0,70			0,71
0,60
0,50	0,48
0,40
0,30
0,20
0,10
-	2023	2024	2025-9

Financial Liquidity Ratios and	2023	2024	2025-9
Liabilities/Total Ratio (Total Assets) Leverage	0 35 ,	0 32 ,	0 33 ,
Liabilities/Total Short-Term Assets	0 34 ,	0 32 ,	0 33 ,
Liabilities/Total Long-Term Assets	0 01 ,	0 00 ,	0 00 ,
Equity/Total Shareholders' Assets	0 65 ,	0 68 ,	0 67 ,
Assets/Short Current Ratio (Current Liabilities) -Term	2 04 ,	2 19 ,	2 19 ,
Assets-Inventories/Short Acid-Test Ratio (Current Liabilities) -Term	1 80 ,	1 89 ,	1 65 ,
/ Cash Ratio (Cash and Cash Equivalents Short-Term Liabilities)	0 48 ,	0 82 ,	0 71 ,

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 assets exceed our liabilities in all foreign currencies (USD, EURO, GBP, IQD).
• Our long net foreign currency position of USD 100 million in 2024 has been reduced to USD 65 million, taking into account exchange rate expectations.

Foreign Currency Position

Million TL

Foreign Position Currency	2024	2025-9
Foreign	5	4
Currency	788	706
Assets
Foreign	1	2
Liabilities	625	004
Currency
Foreign Position Net Currency	4 163	2 702

Cash Flow Statement Analysis

Million TL

Analysis of Cash Flows Statement	2024-9	2025-9
of Cash and Cash Equivalents the beginning the at year	3 047	5 855
Operating Activities	10 257	507
Activities Investment	-3 057	-4 706
Financing Activities	-4 050	-1 342
of Cash and Cash Equivalents the end the at year	6 197	314
(loss)/ gain cash and cash equivalents Monetary on	-959	1 667
Period -end cash and cash equivalents	5 238	1 981

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

• Our number of employees has reached 2,376.
• The percentage of female employees in white-collar positions is 31%, in blue-collar positions 8.3%, and overall, 13%.

Targets

of Revenue on the basis product groups

on the basis of Revenue		Total		2025-T Domestic		Export
product groups	Revenue	Share (%)	Revenue	Share (%)	Revenue	Share (%)
Transformers Power	\$382	45%	\$147	28%	\$235	71%
Distribution Transformer	\$235	28%	\$170	32%	\$65	20%
Switching Products	\$154	18%	\$136	26%	\$18	6%
Merchandise Sales and Other	\$82	10%	\$71	13%	\$12	3 %
Total	\$853	100%	\$523	100%	\$330	100%

^*The 2025 target has been revised due to delays in infrastructure investments, which prevented us from increasing capacity and commissioning other investments. The 2026 target will be revised following the budget review and will be presented to our investors separately.

Financial Statements

Assets

ACTOD ENEDJÍ A C	Prior Year	Current Year	Chan	ige	Share
ASTOR ENERJİ A.Ş.	31.12.2024	30.09.2025	Amount	%	%
Assets
Current Assets
Cash and cash equivalents	5.855,5	1.980,7	(3.875)	(66)	4,5
Financial investments	4.080,2	8.263,3	4.183	103	18,9
Trade Receivables	8.208,6	6.614,7	-1.594	-19	15,1
Due from related parties	22,1	135,8	114	515	0,3
Due from third parties	8.186,5	6.478,9	(1.708)	(21)	14,8
Other Receivables	294,9	703,0	408	138	1,6
Due from related parties	5,2	0,0	(5)	(100)	0,0
Due from third parties	289,7	703,0	413	143	1,6
Inventories	3.590,7	7.850,2	4.260	119	17,9
Prepaid expenses	4.416,0	5.902,8	1.487	34	13,5
Other current assets	40,5	337,8	297	733	0,8
Total Current Assets	26.486,4	31.652,5	5.166	20	72,2
Non-current assets
Other Receivables			·····
Due from third parties	18,2	5,8	(12)	(68)	0,0
Financial investments	1.169,0	1.958,7	790	68	4,5
Tangible fixed assets	7.107,2	8.031,4	924	13	18,3
Intangible fixed assets	2.599,1	1.917,5	(682)	(26)	4,4
Prepaid expenses	131,5	225,5	94	71	0,5
Deferred Taxes	809,6	37,2	(772)	(95)	0,1
Total non-current assets	11.834,7	12.176,1	341	3	27,8
Total Assets	38.321,2	43.828,6	5.507	14	100,0

Liabilities

Λ/	111	lion	11

					WIIIIOII I L
ASTOR ENERJİ A.Ş.	Prior Period	Current Year	Char	nge	Share
	31.12.2024	30.09.2025	Amount	%	%
Liabilities
Short-Term Liabilities
Short-term borrowings	2.243	4.589	2.346	105	10,5
Current instalments of long term financial liabilities	151	105	(46)	(30)	0,2
Trade Payables
Due to related parties	5	0	(5)	(99)	0,0
Due to third parties	2.100	2.318	218	10	5,3
Liabilities related to employee benefits	170	286	116	69	0,7
Other payables
Deferred income	6.967	6.327	(641)	(9)	14,4
Tax liability for period profit	-	82	82	-	0,2
Short-Term Provisions			********
Short-term provisions for employee benefits	49	63	13	27	0,1
Other provisions	8	250	241	2.861	0,6
Other short-term liabilities	398	425	27	7	1,0
Total Short-Term Liabilities	12.092	14.443	2.352	19	33,0
Long-Term Liabilities
Long-term borrowings	48	-	(48)	(100)
Long-term provisions:	,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,		*********
Long-term provisions for employee benefits	62	79	18	28	0,2
Total Long-Term Liabilities	110	79	(30)	(28)	0,2
Total Liabilities	12.201	14.523	2.322	19	33,1
Equity
Paid-in share capital	998	998	-	-	2,3
Share capital adjustment differences	2.710	2.710	-	-	6,2
Share premiums and discounts	2.944	2.944	-	-	6,7
Reserves on Retained Earnings	1.050	1.050	-	-	2,4
Tangible fixed asset valuation increases	998	998	-	-	2,3
Defined benefit plans remeasurement (loss)/gain	(55)	(78)	(23)	41	(0,2)
Foreign Currency Conversion Differences	4	10	7	186	0,0
Retained Earnings	11.168	15.913	4.745	42	36,3
Net profit for the year	6.303	4.759	(1.543)	(24)	10,9
Total equity	26.120	29.306	3.186	12	66,9
Total Liabilities	38.321	43.829	5.507	14	100,0

Summary Balance Sheet

Summary Balance Sheet	2024	2025-9
Assets	38.321	43.829
Current Assets	26.486	31.652
Cash & Cash. Equ. / Fin.Inv.	5.855	1.981
Financial Investments	4.080	8.263
Trade receivables	8.209	6.615
Inventories	3.591	7.850
Prepaid expenses	4.416	5.903
Other	335	1.041
Fixed Assets	11.835	12.176
Tangible Fixed Assets	7.107	8.031
Intangible Assets	2.599	1.639
Financial investments	1.169	1.959
Deferred tax asset	810	37
Other	150	509
Liabilities	38.321	43.829
Short-Term Liabilities	12.092	14.443
Short-Term Borrowings	2.243	4.589
Trade Payables	2.106	2.318
Deferred revenues	6.967	6.327
Other	776	1.210
ong-Term Liabilities	110	79
Long-term borrowings	48	0
Long-term provisions	62	79
Equity	26.120	29.306
Paid in share capital	998	998
Past years profits/ (losses)	11.168	15.913
Net Profit for the Period	6.303	4.759
Premiums/Discounts on Shares	2.944	2.944
Capital Adjustment Differences	2.710	2.710
Other	1.997	1.981

Million TL

P&L STATEMENT Million

			Change
	Prior Year	Current Year	Amount	%
ASTOR ENERJİ A.Ş.	1 January – 1 January –
	30.Sept.2024	30.Sept.2025	30.09.25 - 30.09.24
Revenue	24.709,4	22.158,9	(2.550,4)	(10,3)
Cost of sales (-)	(15.201,9)	(13.578,9)	1.623,0	(10,7)
Gross profit	9.507,5	8.580,0	(927,5)	(9,8)
Administrative expenses (-)	(462,8)	(442,4)	20,4	(4,4)
Marketing, sales and distribution expenses (-)	(1.296,4)	(1.533,0)	(236,6)	18,2
Research and development expenses (-)	(451,0)	(133,7)	317,3	(70,4)
Other income from operating activities	1.824,0	2.846,8	1.022,8	56,1
Other expenses from operating activities (-)	(1.686,9)	(2.892,6)	(1.205,7)	71,5
Operating profit	7.434,3	6.425,1	(1.009,2)	(13,6)
Income from investment activities	1.193,0	3.818,9	2.625,9	220,1
Expenses from investment activities (-)	(522,8)	(74,0)	448,8	(85,8)
Operating profit before finance expenses	8.104,5	10.170,0	2.065,5	25,5
Financial income	1.608,5	1.676,4	67,8	4,2
Financial expenses (-)	(547,8)	(1.163,6)	(615,8)	112,4
Net monetary loss	(3.558,1)	(5.484,2)	(1.926,1)	54,1
Profit from operations before tax	5.607,2	5.198,5	(408,6)	(7,3)
Current tax expenses (-)	(714,1)	(347,4)	366,7	(51,4)
Deferred tax (expenses)/ income	(272,4)	(91,8)	180,6	(66,3)
Profit for the period	4.620,7	4.759,3	138,7	3,0
Earnings per share	4,63	4,77	0,14	3,0

INVESTOR RELATIONS CONTACT INFORMATION

yatirimci.iliskileri@astoras.com.tr