TSRS COMPLIANT SUSTAINABILITY REPORT 2024

The Trade name of our company, previously "Kerevitaş Gıda Sanayi ve Ticaret Anonim Şirketi," has been changed to "Besler Gıda ve Kimya Sanayi ve Ticaret Anonim Şirketi." The name change was registered With the Istanbul Trade Registry Office on May 16, 2025.

Governance

→ 17

Kurumsal Risk Yönetimi → 17

Sustainability Governance → 18

Risk and Opportunity Management → 20

Climate-Related Risks → 22

Climate-Related Opportunities → 28

Measures and Targets → 29

Risk-Related Targets → 30

Assumptions and Uncertainties → 36

Post-Reporting Events

→ 36

Annex

→ 37

TSRS 2 – Sector-Specific Guidance → 37

About the Report

Basis of Preparation

Kerevitaş Gıda Sanayi ve Ticaret Anonim Şirketi (hereinafter referred to as "Kerevitaş") is taking its long-standing experience in sustainability reporting to the next level. In this context, we are publishing our first "TSRS 2 Compliance Report" (the report) in accordance with the Türkiye Sustainability Reporting Standards 2: Climate-Related Disclosures (TSRS 2). Through this report, we assess our company's climate-related risks and opportunities, identify our material risks and opportunities, and explain how these risks and opportunities will affect cash flows, access to financing, and other financial items in the short, medium, and long term through scenario analyses we have conducted. Additionally, the report outlines the governance structure we follow to manage relevant risks and opportunities, the strategic approach we have developed to minimize risks and optimize opportunities, and the targets and performance indicators we have set within this framework. In conducting all these assessments, we evaluate risks, opportunities, and impacts across our value chain, both upstream and downstream, beyond our own operations.

You can access detailed information on value chains tailored to our company's main business areas here.

In preparing the report, we have taken into account the TSRS 2 criteria, as well as the Türkiye Sustainability Reporting Standards 1: General Provisions on the Disclosure of Sustainability-Related Financial Information (TSRS 1) and the sector-specific guidance provided by the Sustainability Accounting Standards Board (SASB). By taking advantage of the exemptions available under the reporting framework, comparative data has not been included in this first-year report, and the report was published after the financial statements dated March 7, 2025. Our report has been prepared in accordance with the flow of TSRS 2 standards and is structured under the headings of Governance, Strategy, Risk Management, Metrics, and Targets.

The report includes evaluation criteria used in various areas, particularly the definitions of climate-related risks and opportunities. The timing of the realization of risks and opportunities,

∙ Time of Occurrence,
∙ Probability of Occurrence,
∙ Potential Financial Impact,

These criteria have been used in the materiality of climaterelated risks and opportunities and in the calculation of their financial impacts in the short, medium, and long term. These criteria have been determined in accordance with the Risk Procedure of Yıldız Holding A.Ş., a subsidiary of Kerevitaş.

Time of Occurrence:

The terms short, medium, and long term, used to describe the expected time of occurrence of climate-related risks and opportunities, represent the time periods specified below.

Short Term	0-1 Year
Medium Term	1-5 years
Long Term	> 5 Years

Likelihood of Occurrence:

The likelihood of climate-related risks and opportunities occurring is assessed at the five levels specified below, based on exposure to risks and opportunities and the degree of vulnerability.

Potential Financial Impact:

hen prioritizing climate-related risks and opportunities, the potential financial impact was considered. In this context, the financial impact of risks and opportunities is assessed at the following five levels based on the impact of the calculated value on EBITDA. The financial impact assessment of climate-related risks and opportunities has been prepared using the same reporting unit as the company's consolidated financial statements.

1: Negligible	The likelihood of the risk occurring is negligible.
2: Low	The likelihood of the risk occurring is low
3: Moderate	The likelihood of the risk occurring should be taken into account
4: High	The likelihood of the risk occurring is high
5: Certain	The likelihood of the risk occurring is considered certain

1: Ordinary	Impact on EBITDA is less than 10%
2: Low	Impact on EBITDA between 10% and 20%
3: Moderate	Impact on EBITDA between 20% and 30%
4: High	Impact on EBITDA between 30-40%
5: Critical	Impact on EBITDA over 40%

Reporting Boundary

The prepared TSRS Compliance Report should be read in conjunction with the consolidated financial statements prepared in accordance with IFRS Accounting Standards. The report covers the 12-month period ending on December 31, 2024, consistent with the reporting period of the relevant consolidated financial statements.

The companies, assets, activities, and the company's main activities are included in the report. No changes occurred during the reporting period that include acquisition or sale transactions. However, the following significant development related to the company's trade name has occurred. (See Post-Reporting Events)

In order to conduct analyses within the same scope as the financial statements, the process of assessing climate-related risks and opportunities was carried out with due diligence. The assessments conducted through the company's main business segments and subsidiaries, as well as the related financial impacts, were also prepared in accordance with TFRS.

Affiliated Entities	Company's Business Activity	Company's Share in Capital (%)	Contribution to EBITDA in 2024 (%)	Countries of Operation	Inclusion in the TSRS Compliance Report
Kerpe Gıda Sanayi ve Ticaret A.Ş	Production and Sale of Agricultural and Animal Products	100	%0.2	Türkiye	Included
Besmar Gıda Sanayi ve Ticaret A.Ş.	Production and sale of agricultural and animal products	100	%0.2	Türkiye	Included
Donuk Fırıncılık Ürünleri Sanayi ve Ticaret A.Ş.	Manufacturing, Purchase, and Sale of Frozen Bakery Products	100	%3.5	Türkiye	Included
Berk Enerji Üretimi A.Ş.	Electricity Production	88,17	%0.2	Türkiye	Included
Marsa Yağ Sanayi ve Ticaret A.Ş.	Manufacture and sale of oils and oil products	70	%30.4	Türkiye	Included
Western Foods and Packaging SDN BHD¹	Manufacture and sale of oils and oil products	70	%0.8	Brunei	Included

1 We hold an indirect stake in Western Foods and Packaging SDN BHD through our affiliated companies.

Limits and Methodology Related to Emission Calculations

Reporting Boundaries

Kerevitaş reports greenhouse gas emissions in accordance with the TSRS 2 standard.Protocol: Calculated in accordance with the Corporate Accounting and Reporting Standard (2004) (GHG Protocol). Kerevitaş calculates its organizational boundaries using an operational control methodology during the greenhouse gas emissions calculation process.

Calculation Methodology

Emissions	Definitions	Data Preparation
Scope 1 – Greenhouse Gas Emissions (tonnes CO2e)	During the reporting period, Scope 1 greenhouse gas emissions refer to emissions resulting from the Company's fixed and mobile energy consumption, including natural gas, coal, LPG, diesel generators, diesel off-road vehicles, diesel on-road vehicles, and CO₂ fire extinguishing agents	Scope 1 greenhouse gas emissions are calculated in accordance with ISO 14064-1, covering energy consumption resulting from operational control principles related to fixed combustion, transportation, and leakage activities. Scope 1 greenhouse gas emissions are calculated using the GHG Protocol methodology, with emission factors sourced from the 2006 National Greenhouse Gas Inventories IPCC Guidelines and the IPCC 6th Assessment Report. Assessment Report, and Defra GHG Conversion Factors. The greenhouse gases included in the calculation encompass emissions resulting from fuel consumption activities, and Emission Management covers CO₂, CH₄, and N₂O gases.
Scope 2 – Greenhouse Gas Emissions (tonnes CO₂e)	During the reporting period, this refers to greenhouse gas emissions classified as Scope 2 resulting from the Company's indirect energy consumption and energy production.	Scope 2 greenhouse gas emissions are calculated in accordance with ISO 14064-1, covering energy consumption from indirect combustion activities under the operational control principle. Scope 2 Greenhouse Gas Emissions The calculations were performed in accordance with the GHG Protocol methodology, using emission factors referenced from the Ministry of Energy and Natural Resources, Türkiye Electricity Production and Electricity Consumption Point Emission Factors Information Form: ETKB-EVÇED-FRM-042 Rev.00, and Defra GHG Conversion Factors. The greenhouse gases included in the calculation encompass emissions resulting from fuel and electricity consumption activities, and the Emission Management covers CO₂, CH₄, and N₂O gases.
Scope 3 – Greenhouse Gas Emissions (tonnes CO₂e)	This refers to the greenhouse gas emissions attributed to processes in the Company's value chain during the reporting period, classified as Scope 3. For Scope 3 calculations, the Global Greenhouse Gas Protocol (GHG Protocol) was used for the Frozen Food (Kerevitaş, DFU) and Oil (Marsa) business units; Category 1 – Purchased Goods and Services, Category 4 – Upstream Transportation and Distribution, Category 5 – Waste Generated from Operations, Category 6 – Business Travel, Category 7 – Employee Transportation, Category 9 – Downstream Transportation and Distribution have been carried out in the categories listed above.	Calculations for the relevant categories were made in accordance with the following guidelines: ∙ Category 1 – Purchased Goods and Services category, using ecoinvent 3.10.1 and Agribalyse 3.2 and DEFRA 2024 databases based on the type of purchase (raw materials and packaging), tonnage, and product types, ∙ Category 4 – Upstream Transportation and Distribution and Scope 3 – Category 9 – Downstream Transportation and Distribution categories were calculated using the DEFRA 2024 database based on transportation type, tonnage, and distances, ∙ Category 5 – Waste Generated During Operations, considering packaging and raw material waste type, tonnage, quantity, and disposal method using the ecoinvent 3.10.1 and DEFRA 2024 databases, ∙ Category 6 – Business Travel and Scope 3 – Category 7 – Employee Transportation categories were calculated using the DEFRA 2024 database based on transportation type and distance information. All calculations were based on physical occurrences, and the expenditure-based calculation method was not used in Scope 3 calculations due to its high uncertainty.

About Kerevitaş

Since our inception, we have been working to provide our individual and corporate customers with high-quality, healthy, and reliable products in the frozen, canned food, liquid oil, and margarine markets where we operate.

Since our journey began in 1970, we have continued to grow steadily, bringing our products to consumers in over 60 countries across six continents. While managing our corporate processes through our headquarters in Istanbul, we operate with a total of 6 factories (Bursa, Afyon, Istanbul, Adana, Brunei, Donuk Fırıncılık (DFU)), giving us the strongest production capacity in our region.

Vision

To be a food company that inspires the future with sustainability at is core, reliability, and leadership.

Mission

We strive to deliver reliable and highquality food to every home; aiming to enhance people's quality of life and add value to their tables.

Values

Collaboration

Accessibility & Food Security

Sustainability

Leadership

Innovation

People-Centric Culture

Frozen and Canned Foods

As the only company in the frozen food and canned food sector with products in all categories in the domestic market, we continue to lead the fresh frozen food market. We offer products tailored to our customers' needs in three areas: retail, export, and out-of-home consumption. We produce baked goods, vegetables and fruits, potatoes and croquettes, meat, desserts, frozen bakery products, ready meals, tuna, and canned vegetables and ready meals.

The story of our products begins long before the production process, with the careful cultivation of agricultural raw materials by our farmers. We support more efficient and sustainable agricultural practices for the farmers we work with and follow a supply model that takes strategic and environmental factors into account.

We ensure that our employees have a safe working environment and high motivation, and we work with an innovative approach to improve our product range every year. In the packaging stage, we aim to reduce our environmental footprint by using less material and opting for alternative and sustainable packaging options. In the consumption phase, we continue to create value by ensuring that our products reach consumers without compromising on quality. At the same time, we export to over 30 countries across five continents, bringing Kerevitaş values to the world.

You can access our product portfolio under our Frozen and Canned Food activities on page 18 of our 2024 Annual Report.

Frozen Food and Canned Food Value Chain

Frozen and Canned Foods

Value Chain Step		Description	Stakeholder and Impact Link
Upstream Activities	Agriculture	We carry out our agricultural activities in regions with suitable soil structures and under the supervision of agricultural engineers during the appropriate seasons. After the development and harvest stages of our seeds, which meet criteria such as productivity, taste, and naturalness, we transport them to our factories without losing their freshness.	290 contracted farmers (86%) 1,456 suppliers, 71% of whom are local
Our Own Operations	Production	We sort, select, wash, blanch, and pre-cool our products according to their type. After completing this pre-processing, we freeze them quickly at -40°C using the IQF method to achieve a core temperature of -18°C. In frozen bakery products, we maintain consistent high quality and taste through shock freezing technology and hygienic production processes.	3 Factories in Bursa, Afyon, and Istanbul Over 600 products across 16 categories in frozen food and canned goods Approximately 200 products in 6 categories in frozen bakery products
	Packaging	With our commitment to product quality and safety, we package our products without compromising their nutritional value. Additionally, we aim to reduce the environmental impact of our packaging through new techniques developed by our R&D center.	Sustainable packaging initiatives
	Storage and Distribution	We store our packaged products in cold storage at -20°C to ensure the cold chain is not broken and keep them safe until shipment. We deliver our products to sales points with our fleet of 195 distribution vehicles, ensuring our customers enjoy the same quality and taste all year round.	195 distribution vehicles and 21,294 freezers
Downstream Activities	Sales and Marketing	Through our strong sales network comprising sales areas and dealers, we are strengthening our position in exports and continuously improving our sales and marketing organization in international markets.	137,451 sales points and 57 distributors nationwide
	Consumer	We listen to our consumers, update our product portfolio in line with their opinions, and offer innovative products that enhance their consumption experience. We respond quickly to consumer suggestions and complaints, and ensure customer satisfaction through consumer visits made by our sales managers.	Over 106,000 tons of frozen food and canned goods sold Over 13,000 tons of frozen bakery products sold annually

Oil Division

With our production facilities in 3 factories across 2 countries, we continuously enhance our product portfolio to meet diverse needs, introducing innovative products to our customers with a forward-thinking approach. Thanks to our state-of-the-art facilities, which are among the largest oil production facilities in Türkiye, we serve millions of households in over 45 countries.

Today, we produce and sell nearly 650 products under 55 brands, including Bizim Yağ, Teremyağ, Luna, Ona, Ustam, and Evet, in the consumer margarine, EDT (Out-of-Home

Consumption - Pastry, Catering, and Industrial Oils), and cooking oil categories. Our subsidiary Marsa maintains its position as the market leader in the pastry fats category with its "Ustam Pastry Fats" products. In all the areas we operate, we are increasing our sales revenue in line with our strategic channel category approach while responding to the changing expectations and needs of our consumers and customers with our high-quality products.

You can access our product portfolio under the Oil Business Unit activities in the 19th page of our 2024 Annual Report.

Oil Business Unit Value Chain

Oil Division

Value Chain Step		Description	Stakeholder and Impact Link
Upstream Activities	Raw Material Supply	We procure the raw materials necessary for our production process and ensure the traceability of our raw materials. We complete our raw material procurement process with an emphasis on quality and food safety.	A total of 965 suppliers, 96% of whom are local
Our Own Operations	Production	After determining the appropriate oil composition for our production process, we mix this composition with dairy products, necessary vitamins, and water to achieve the desired taste and nutritional values. We then create the emulsion of our products and crystallize them. Finally, we complete the cooling process using high technology.	3 Factories in Adana, Istanbul, and Brunei Over 600 products across 18 categories 55 different brand
	Packaging	We ensure that our products are packaged in a way that does not compromise their quality and safety. To prevent quality degradation, we ensure that products are stored and transported in a cold environment (below 14°C).	Sustainable packaging initiatives
Downstream	Storage and Distribution	To respond to consumers' changing demands and needs and meet their expectations to the best of our ability, we closely monitor feedback from consumers. We take action based on feedback received at the Yıldız Holding Customer Feedback Center and improve our processes based on the results of customer satisfaction surveys we conduct.	125 domestic distributors Over 107,000 sales points
Activities	Consumption	With our advanced domestic and international sales network, we aim to ensure that our products reach our customers whenever they need them. One of our strongest areas is exports, where we are strengthening our position and continuously improving our sales and marketing organization in international markets.	Over 259,000 tons of product sales

Frozen Bakery Products (DFU)

Since its inception in 2014, Frozen Bakery Products (DFU) has set numerous industry standards. With an annual production capacity of 22,000 tons and over 200 products across six categories, DFU is the leading company in the frozen bakery products market. DFU, which serves the out-of-home and retail channels, offers a wide range of products including portion bread, large bread, sandwich bread, cakes, cookies, croissants, pastries, simit, börek, and börek varieties. With its extensive product portfolio and IQF technology, DFU brings hundreds of healthy, high-quality, and easily accessible products to consumers. We prepare our frozen products, which have a shelf life of one year, according to our customers' needs in fully cooked, partially cooked, or raw frozen dough form, and transport them in vehicles with an internal temperature of -18°C, ensuring the cold chain is not broken.

Frozen Bakery Products (DFU) Value Chain

Frozen Bakery Products (DFU)

Value Chain Step		Description	Stakeholder and Impact Link
Upstream Activities	Raw Material Supply	The raw materials required for our products are sourced from suppliers, the majority of whom are local, in accordance with relevant quality and safety standards.	292 suppliers
Our Operations	Production	Our products are manufactured at our factory in Istanbul using IQF technology. Thanks to the shock-freezing and production techniques used, our products have a shelf life of 1 year and are prepared in fully cooked, partially cooked, or raw frozen dough form according to our customers' needs.	1 Factory in Istanbul Approximately 200 products across 6 categories 2 different brands
	Packaging	We ensure that our products are packaged in a way that does not compromise their quality and safety. We ensure that products are stored and transported without breaking the cold chain during storage and distribution to prevent any deterioration in quality.	Sustainable packaging initiatives Cold chain-compliant transportation
Downstream activities	Sales	We reach thousands of consumers in the out-of-home and retail sectors, developing products tailored to their demands and needs. We are enhancing our sales organization with specialized sales teams focused on specific channels such as Horeca, Bakery, and In-store.	4,100 domestic customers and 11 new products launched into the market
	Consumption	We provide products tailored to the needs of many customers both domestically and internationally. We strengthen our international position through exports to 18 countries.	Domestic sales of 13,000 tons of products Exports to 29 customers in 18 countries

Kerevitaş also engages in electricity generation activities through its subsidiaries. Berk Enerji, established in 1998 and engaged in electricity generation, meets the energy needs of our oil factory in Istanbul. These activities do not form the basis of the group's business strategy and are managed separately. Therefore, the effects of energy generation activities have been excluded from the report.

Strategy

Sustainability Approach

We build our sustainability strategy around three main focuses guided by Yıldız Holding: "Working for the Future of Environment," "Growing Stronger with Stakeholders," and "Inspiring the Future." We are conducting initiatives to enhance our value creation capacity around 13 topics, including 8 highmaterial and 5 material topics, under these focus areas. We address climate-related risks and opportunities under the high-material topics of Climate Change Adaptation, Water Management and Security, Sustainable Agriculture, and Protection of Natural Resources, which fall under the main focus of Working for the Future of Environment.

In 2024, we completed an important project to transform our sustainability approach into a strategy integrated with our corporate targets. In this process, which we carried out with

our senior management, sustainability team, and independent consultants, we successfully completed a study in line with the TSRS guidelines formed in the Strategy, Risk and Opportunity, Governance, and Target and Metric Setting steps.

While establishing our sustainability strategy, we brought together our internal and external stakeholders and gathered their thoughts on sustainability and climate-related risks through a series of guiding questions. The research of national and international sustainability initiatives and benchmarks conducted at the beginning of the analysis, along with interviews with internal and external stakeholders, provided critical inputs for our risk and opportunity analysis. Additionally, this interconnected approach enabled us to design our sustainability strategy with a risk and opportunity perspective.

We are working for the future of nature

We are minimizing the environmental impact caused by our company operations to fight against the climate crisis, and enabling the renewal of natural resources throughout the entire value chain.

We are strengthening ourselves with our stakeholders

We provide supportive, transformative and empowering contributions for companies to invest in stakeholder welfareoriented, future-oriented and healthy-lifestyle prioritizing business models throughout their value chains.

We are inspiring the future

Material Risk and Opportunity Analysis

Inspired by our strategy work, we conducted a three-step analysis to identify our sustainability and climate-related risks and opportunities. We completed the processes related to this analysis by the end of the 2024 reporting period and included any events or changes that occurred during the period in the process. As emphasized in the Basis of Preparation section, based on the principle of adequacy in disclosing climaterelated risks and opportunities in the first year of reporting, although we have a broad list of sustainability-related risks

and opportunities, we only carried out the risk and opportunity materiality and financial impact analysis steps within the framework of climate-related risks and opportunities.

In conducting the materiality analysis for risks and opportunities, we received support from our senior management teams, including our CEO (for details, see the Sustainability Governance section), our internal teams, and our consultant.

Steps			Tools Used
➀	Identification of Climate Related Risks and Opportunities	A list of climate-related risks and opportunities was identified through benchmark analyses tailored to Kerevitaş's operations, sustainability initiative guidelines, and stakeholder interviews.	Benchmark Analysis SASB Sector Guides Stakeholder Interviews
➁	Materiality of Risks and Opportunities	The identified list of risks and opportunities has been ranked based on probability and financial impact analysis within the year and prioritized based on average impact.	Senior Management Meetings Consultant Support
➂	Scenario Analysis for Future Impact Assessment	Two different scenario analyses were conducted for 2030 and 2050 within the scope of material risks and opportunities. The analyses conducted in the < 2° C and < 3.5-4° C scenarios determined how the probability and financial impact of risks and opportunities changed.	IIASA Scenario Explorer - Shared Socioeconomic (SSP) Pathways Scenario Explorer Climate Impact Explorer WBCSD - Climate Scenario: Food, Agriculture and Forest Products WRI Water Risk Atlas

Identifying Climate-Related Risks and Opportunities

We followed a systematic approach to identify climate-related risks and opportunities, drawing on a wide range of sources. In this process, we also considered upstream and downstream activities in our value chain beyond our own operations.

Steps	Output
	We conducted a comprehensive analysis of climate-related developments,
	regulations, and supply processes in our main activities and locations. We benefited from benchmark reports and sustainability initiative assessments.
	Türkiye, where 90% of our production capacity and 81% of our suppliers are located, and the European Union, one of our export markets, have been identified as priority locations.
External Environmental Analysis Related to Operations and Value Chain	Since agricultural raw material purchases play a critical role in production continuity, the locations where the main agricultural raw materials (potatoes, corn, and peas ) are sourced have been included in the analysis at the provincial level. Risks related to water resources, another factor linked to agriculture, have also been assessed at both the factory and provincial levels where agricultural raw materials are sourced.
	Kerevitaş, which is not directly affected by climate-related regulations due to its operations, was established by evaluating its relationship with relevant regulations through the value chain (packaging and sales) and potential sector involvement.

	Within the scope of the External Environment Analysis related to operations and the value chain, a total of 10 risks and 2 opportunities were identified across the company's own operations and value chain.
	Identified Risks
	∙ Emissions Trading System (ETS) and Transition to Carbon Taxation ∙ EU Packaging and Packaging Waste Regulation (PPWR) Transition Process ∙ Compliance with Climate/Sustainability Reporting Requirements ∙ Potential Non-Compliance with Legislation Related to Advertising Containing Environment-Based Claims ∙ Failure to Utilize Green Financing Sources
Identification of Risks and Opportunities	∙ Increasing Unit Water Prices ∙ Increased Costs in Agricultural Production Due to Climate Change ∙ Failure to Adopt Supported Sustainable Agriculture Initiatives ∙ Loss of Reputation in the Event of Failure to Achieve the Net Zero Target ∙ Production Facilities Located in Water-Stressed Regions
	Six of these risks were categorized as risks that could occur directly in operations, three in the upstream value chain, and one in the downstream value chain. At the same time, all risks were matched with TCFD main and subcategories. Within this scope, one risk was assessed as physical, while nine were determined as transition risks.
	Identified Opportunities
	∙ Reduction in Operational Expenditures Through Energy Efficiency Projects ∙ Energy Resilience Through Transition to Renewable Energy
	Within the scope of the identified opportunities, it was determined which business units could optimize the relevant opportunity and which steps should be taken under the relevant priority area within the sustainability strategy.

2 This represents 90% of our agricultural raw material purchases.

Materiality of Risks and Opportunities

The report describes climate-related risks and opportunities that could reasonably be expected to affect Kerevitaş's cash flows, access to financing, or capital costs. These risks and opportunities are identified as material risks and opportunities and are assessed based on their likelihood of occurrence and current financial impact.

Steps	Outputs
Assessment of the Likelihood of Risk and Opportunity Occurrence	The likelihood of climate-related risks and opportunities identified by the company's sustainability teams, senior management, risk officer, and consultants has been assessed. This process included an assessment of the company's exposure and vulnerability to risk. Exposure: The likelihood of a specific area of Kerevitaş's operations being negatively impacted by a specific hazard. Vulnerability: Kerevitaş's inherent tendency to be negatively impacted by climate risks due to the nature of its business. Based on this assessment, the likelihood of occurrence was rated on a scale of 1 to 5 (details of the scale can be found in the "Basis of Preparation" section). Risks such as regulations that are certain to occur in the near future are assessed at the certain/high (5/4) level, while risks with no prior history are assessed at the low/ negligible (2/1) level.
Assessment of the Current Financial Impact of Risk and Opportunity	When prioritizing the company's risks and opportunities, another factor considered in the process is the current financial impact of these risks and opportunities. For each risk, the financial impact that would be generated if it were to occur has been calculated, and the ratio of this financial impact to the company's EBITDA has been analyzed. These risks, rated on a scale of 1 to 5 (details of the scale can be found in the "Basis of Preparation" section), have been measured as either a net impact or a minimum-maximum impact range, depending on the nature of the available data.
Average Impact Assessment	The average of the ratings of the risks and opportunities evaluated in terms of likelihood of occurrence and current financial impact under these two headings has been taken to determine the material risks and opportunities. Risks and opportunities with an average of 2.5 or higher in terms of likelihood of occurrence and financial impact rating (on a scale of 1 to 5) have been determined as material risks and opportunities.

As a result of all these steps, three material risks and one material opportunity related to climate change were identified within the scope of the company and its value chain. Detailed information on these risks and opportunities is provided under the Environmental Risks and Opportunities section within the Risk Management main heading.

Scenario Analysis and Assessment of Future Impacts

A study was conducted to assess how the identified material risks and opportunities will affect Kerevitaş according to climate scenarios. The analyses evaluated the impacts on operations and the value chain in the upstream and downstream segments by 2030 and 2050, based on the global warming scenarios of < 2°C ( ) and 3.5–4°C ( ). These two warming scenarios, which yield different results due to physical and transition

risks, highlight the potential impacts of global changes on Kerevitaş in the broadest possible scope. During this process, the Intergovernmental Panel on Climate Change (IPCC) and the Network of Central Banks and Supervisors for Greening the Financial System (NFGS) scenario outputs and tools were utilized.

Trends Expected to Emerge According to Climate Scenarios

	By the end of the century, < 2°C°	By the end of the century, 3.5–4°C° e warming
Policy Changes	Rapid but smooth regulations focused on sustainable development	Current regulations
Technological Transformation	Medium speed	Low speed
Physical risks	Medium size	High
Transition Risks	High level	Low-medium level

In two different warming scenarios for 2030 and 2050;

∙ changes in social trends such as consumer trends and population growth have been assessed, and the increase in food demand due to population growth and difficulties in accessing raw materials have been included in the scenario analysis. Potential changes in consumer preferences toward environmentally friendly, healthy, and organic products have also been evaluated under two different scenarios.
∙ Developments in technological trends such as energy and carbon technologies, sustainable packaging, and agricultural technologies, changes in the supply and demand of fossil fuels, renewable and alternative energy sources, expected investments in sustainable packaging alternatives and the widespread use of these packaging types, and the widespread use of sustainable agricultural tools that increase agricultural productivity with less resource use and environmental impact have been evaluated.
∙ Changes in economic trends such as carbon pricing, agricultural raw material pricing, and energy prices have

been examined, particularly for Kerevitaş's critical products. Economic growth forecasts for Türkiye have also been included in the assessment.

∙ Developments in environmental trends such as extreme weather events and water stress were assessed in terms of floods, excessive rainfall, and heat waves, along with their impact on agriculture and working conditions.
∙ Changes in legal trends, such as climate-focused local and international regulations, primarily in Türkiye and the European Union (EU), have been analyzed. Within this scope, the impacts of regulations such as the EU Border Carbon Adjustment Mechanism, Türkiye's National ETS and Carbon Tax System, the EU Packaging and Packaging Waste Regulation (PPWR) Transition Process, and potential non-compliance with Turkish legislation on advertisements containing environmental claims have been evaluated.

By detailing the impact of these changes on prioritized climate risks and opportunities, the report also provides insights into future-oriented environmental, social, and financial impacts.

Governance

Corporate Risk Management ( ? )

Guided by the Yıldız Holding Corporate Risk Management Procedure, we effectively manage risks that will affect our company's present and future, determine the duties and responsibilities in risk management processes, and ensure that necessary measures are taken.

To ensure that risk management processes progress more effectively, we categorize our risks into six main risk types and list sub-risk topics for each category. These categories include strategic risks that could negatively impact our strategy, such as restrictive legal regulations; financial risks, such as increased costs in the production process of our products or in the supply of raw materials; operational risks that could disrupt our operational excellence and business continuity processes, compliance risks arising from legal disputes or lawsuits that could result in the loss of our operational license, and other risks.

Sustainability and climate risks are assessed under each of our main risk categories. As part of our integrated risk management approach, sustainability and climate risks are not treated as a separate risk category but are addressed within each main category through different subcategories.

Our risk management activities are managed by the Risk Identification Committee, which reports to the Board of Directors. The Committee meets at least once every two months to take action decisions in areas deemed necessary and to assess the company's overall risk agenda. In 2024,

the Risk Identification Committee met six times, with a 100% attendance rate. Reports containing the Committee's views and comments are submitted to the Board of Directors. While the Board of Directors provides all necessary resources and support during the Committee's activities, the Committee invites the relevant manager to its meetings or consults independent experts as deemed necessary.

As a result of our work focused on climate-related risks this year, we have been able to align our main and sub-risk categories in our corporate risk management perspective with climate-related risks. We manage sustainability and climate risks, which are part of our corporate risk understanding, under the supervision of the Early Risk Detection Committee and the Sustainability Committee. Climate-related risks are evaluated by the Early Risk Detection Committee when necessary, but the primary responsibilities in this area are carried out by the Sustainability Committee.

Our senior management provides regular reporting on climate risks to the Risk Early Detection Committee, which consists of independent board members, while the Risk Early Detection Committee reports to the Board of Directors.

The detailed rules regarding the working principles and composition of our committee can be found in the Early Risk Detection Committee's Terms of Reference document.

Sustainability Governance

The responsibilities of monitoring sustainability-focused targets, following up on action and project steps arising from our risk and opportunity assessments, and establishing relevant policies and procedures are carried out by our sustainability governance structure. This structure consists of the Sustainability Committee and Working Groups, which have different responsibilities related to decision-making, guidance, monitoring, implementation, and project development.

The role of decision-making regarding climate-related risk and opportunity assessment, monitoring, and mitigation mechanisms is carried out by our Sustainability Committee. The Sustainability Committee consists of 11 members at the senior management level.

Sustainability Committee

Members	Competencies
CEO – Mert Altınkılınç	Financial, Strategic, Sustainability, Sectoral, Governance, Inclusive Leadership
CMO – Gülizar Öcal Doğan	Strategic, Industry, Innovation, Communication, Social Contribution Focus
COO – Özhan Nuri Özesenli	Financial, Strategic, Sectoral, Risk Management
CFO – Ufuk Kasar	Financial, Strategic, Sectoral, Data Analytics, Legal Compliance
Human Resources Director – Hamide Güven Şen	Strategic, Sectoral, Communication, Human and Culture, Change Management
R&D Director – Hatice İçeli	Innovation, Strategic, Sectoral
R&D Director – Kerem Çetin	Innovation, Strategic, Sectoral
Factory Director – Murat Uğur Ardahanlı	Sectoral, Strategic, Occupational Safety and Health, Energy Management
Factory Director – Engin Aksoy	Sectoral, Strategic, Occupational Safety and Health, Energy Management
Senior Factory Manager – Şahin Albayrak	Sectoral, Strategic, Occupational Safety and Health, Energy Management
Sustainability Manager – Korcan Aydın	Sustainability, Strategic, Environmental Management, Social Contribution Focus

The Committee, chaired by our CEO, is responsible for providing guidance in line with our sustainability strategy and monitoring key objectives, as well as being accountable for project, implementation, and investment decisions in this area. The Committee also assists in the strategic management of sustainability and climate-related risks. Meeting twice a year, the Committee is responsible for reporting on all these processes to the Board of Directors.

Sustainability Governance

The details of the Sustainability Committee's responsibilities and duties regarding the management of climate-related risks and opportunities are as follows:

∙ Proactively managing risks related to social, environmental, and corporate governance issues to guide the Company's sustainability strategy and policy,
∙ Evaluating analyses of the financial impacts of risks related to social, environmental, and corporate governance issues and approving material risks,
∙ Developing the sustainability strategy, short-, medium-, and long-term objectives, roadmaps, and policies,
∙ Supporting and implementing projects aimed at reducing carbon emissions in business processes as part of efforts to combat climate change,
∙ Monitoring the company's sustainability roadmap and progress in its implementation, setting targets, communicating with all relevant business units to determine sustainability performance criteria in line with these targets, monitoring performance in line with the targets, and ensuring the active participation of all relevant units of the company in the process,
∙ Authorize and coordinate the sub-working groups established within the Company as part of the work,
∙ Regularly review, revise, implement, monitor, and audit the sustainability policy, objectives, practices, working principles, and management systems, and submit them to the Board of Directors for approval when necessary.

In 2024, we established our governance system for sustainability and climate-related risks and opportunities for the first time. The Sustainability Committee, our independent consultant, and our sustainability teams met regularly to identify relevant risks and opportunities, establish links with the strategy, evaluate financial impact analyses, identify material risks and opportunities, and develop optimistic and pessimistic climate scenarios around material risks. Within this scope, three meetings were held, including two interim meetings and one final meeting. All members of the Sustainability Committee, including our CEO, participated in these meetings.

The Impact of Sustainability and Climate-Focused Performance on Compensation

We evaluate the performance of our employees and managers in an impartial and fair manner, taking into account business results. In this process, we use the OKR (Objectives and Key Results) methodology, which supports internal agility. This allows us to integrate the targets of all our employees, from the highest level to the entry level, and work hard to achieve the targets set out in our corporate strategy. Through the OKR system, our employees and managers set their targets every six months and can track their progress during this period or make updates based on their progress toward their targets.

As part of our sustainability and climate-focused governance approach, we have aligned our corporate targets with those of senior management and employees. This enables us to mitigate existing risks and support our efforts to achieve our targets with our new sustainability governance perspective. Our corporate targets, which are based on our climate-focused risks and opportunities, are included in the individual targets of our employees, managers, and CEO, who are directly linked to these targets. Sustainability and climate-related long- and medium-term targets included in the OKR (Objectives and Key Results) system are supported by six-month initiatives.

Sustainability and climate-related targets and initiatives are added to the target scorecards of employees and managers and included in their annual performance evaluations, which influence their compensation (including bonuses) and promotions.3

3 The proportion of climate and sustainability targets in executive compensation is considered confidential information and is not disclosed.

Risk and Opportunity Management

Climate-related risks and opportunities are identified as a result of the steps outlined in the Material Risk and Opportunity Analysis section. The risk assessment process, which includes qualitative and quantitative steps, considers the likelihood, nature, exposure, and vulnerability factors of the risk. Once climate-related risks and opportunities are identified, the risk prioritization and monitoring processes continue.

As a result of all these processes, three material climate-related risks and one material opportunity have been identified, which

are to be disclosed. All of these risks have transition risk characteristics. The judgments applied to identify important information on sustainability-related risks and opportunities will be reassessed at each reporting date.

The summary table below provides a description of the material climate-related risks and opportunities, their maturity, value chain impact, and the preventive measures taken. Detailed analyses for each risk and opportunity are included in the Environmental Risks and Opportunities section.

Climate Risks	Description	Mitigation	According to TCFD		Value Chain
			Risk Group	Risk Type	Step Where the Risk Occurs
Emissions Trading System (ETS) and Transition to Carbon Taxation	Although Kerevitaş is not included in the priority sectors under the ETS/Carbon Taxation system, it may be exposed to indirect effects. In the event of potential inclusion in the scope, additional costs and taxes related to carbon emissions may arise.	Regular Measurement Decarbonization Roadmap Renewable Energy Transition Initiatives Energy Efficiency Projects	Transition	Policy and Legal Risks	Operations
Failure to Utilize Green Financing Sources	If Kerevitaş fails to meet the criteria for utilizing green financing sources, it may face difficulties in accessing green financing and reduce its ability to secure financing.	Coal Phase-Out Preparatory Work Diversification of Financial Resources	Transition	Market	Upstream
Increase in Agricultural Production Costs Due to Climate Change	In the event of a decline in the yield and quality of agricultural raw materials due to drought, uncontrolled/ irregular irrigation, or weather events caused by climate change, Kerevitaş's agricultural procurement costs may increase, or it may become significantly more challenging to obtain the relevant agricultural products in the long term.	Supplier Diversification Supporting Sustainable Agriculture Initiatives Conducting Soil Analyses Water Stress Risk Analysis in Areas Where Agricultural Raw Materials Are Purchased	Transition	Market	Upstream

Climate Opportunities	Definition	Steps Taken	Related Strategic Topic	Value Chain Step Where Risk Occurs
Reduction in Operational Expenses Through Energy Efficiency Projects	Energy projects implemented in line with the decarbonization roadmap achieve a certain amount of energy efficiency each year. This results in annual cost savings exceeding the investment amount.	Improvements in Production Processes Energy Efficiency High-Tech Transition	Adaptation to Climate Change	Operations

Climate-Related Risks

The general process followed to identify, assess, prioritize, and monitor environmental risks and opportunities forms part of the general process described in the Governance section. Kerevitaş follows a structured approach to identify and assess climate-related risks, using various inputs and parameters such as historical climate data and forecast models. In this context, a STEEP analysis has been conducted, which assesses social, technological, economic, ecological, and political factors. This analysis has been evaluated specifically in the context of the use of climate-related scenario analysis.

Risk 1:

Transition Process to the Emissions Trading System (ETS) and Carbon Taxation

The National ETS and Carbon Taxation process, which is expected to be implemented in Türkiye in 2026 and aligned with the EU Border Carbon Adjustment Mechanism, may result in additional costs due to the exceeding of carbon limits. In this context, the ETS system, which is initially expected to affect emission-intensive sectors, may have two different effects on Kerevitaş. These effects are defined as the sector being included in the ETS and Carbon Taxation scope in the future or incurring additional costs due to suppliers/other stakeholders included in the ETS and Carbon Taxation system.

Impact on Operations and the Value Chain

If Kerevitaş is included in the ETS and Carbon Taxation scope, it may face additional taxes and costs if it exceeds the carbon limits calculated based on Scope 1 and 2 emissions. Within the value chain, it may face price increases for the products and services it purchases due to additional costs incurred by suppliers operating in the polluting sectors currently identified by the Ministry of Environment, Urbanization, and Climate Change.

Strategic Impact and Preventive Activities

Kerevitaş is working on medium- and long-term emission reduction scenarios based on its target of reducing Scope 1 and 2 emissions by 42% by 2030 and achieving net zero across the value chain by 2050. In line with the Carbon Neutrality Project, which uses 2022 as the base year, projects are being developed to improve energy efficiency, transition to renewable energy, and raise awareness throughout the value chain.

Energy Efficiency: For the past two years, Kerevitaş has been developing energy efficiency projects that will reduce emissions. In 2024, Kerevitaş implemented a total of 14 energy efficiency projects with an investment of over 1.9 million TL, some of which were completed during the year and some of

which are ongoing. Twelve of these projects were completed during the year, while work on two projects is ongoing. Thanks to the projects completed during the year, 2,788 MWh of energy efficiency was achieved. By transitioning to production models that require less energy, the company managed to achieve financial savings of approximately 3.7 million TL.

Transition to Renewable Energy: In addition to energy efficiency, the transition to renewable energy is one of the important steps in the decarbonization roadmap. A solar energy project with a production capacity of 11 million kWh is planned to be implemented at the Emirdağ Factory in the coming period. The solar panels to be installed on the factory roof and grounds aim to meet 50% of consumption with a total installed capacity of 7.0 MWp.

Awareness in the Value Chain: In addition to direct operations, efforts to reduce emissions are continuing with steps taken in the value chain. With the Digital Fridge Tracking Project established in 2024, the request and detection processes for faults in Kerevitaş's refrigerators for frozen products are being tracked digitally by the sales and maintenance teams. Realtime monitoring and intervention prevent unnecessary energy consumption and inefficient operation of refrigerators, thereby enhancing energy efficiency in the cold chain.

Sustainable Procurement Policy: We have developed our Sustainable Procurement Policy to increase the social and environmental awareness and performance of our suppliers. By aligning ourselves with the Yıldız Holding Sustainable Procurement Policy and participating in this process as a pilot project, we encourage our suppliers to take environmentally conscious steps. Under the heading "Environmental Protection" in the policy, we aim to limit our suppliers' environmental and climate impacts through provisions related to environmental compliance, water, and the reduction of resource and energy consumption.

Financial Impact

Kerevitaş's expected implementation of the ETS and Carbon Taxation System by 2026 may impact general administrative expenses due to tax expenses and consulting services to be obtained within the scope of process management. Taxes or credit purchases expected to be paid in exchange for emission quantities may affect cash flows. Steps taken to mitigate risks during this process may impact investment and financing activities.

Assuming that the reductions under the decarbonization project have been achieved by the time the system comes into effect, an assessment has been made based on the potential tax, investment amounts, and general expenses that may be incurred in 2026 based on the estimated emission levels for that year. Additionally, the unit pricing of 20–50 €/ton CO₂e per ton of carbon, as indicated in public documents under the ETS and Carbon Taxation System, has been included in the calculations.

The analysis revealed that the financial impact is equivalent to 5–6% of EBITDA. The implementation period of the impact was assessed in conjunction with the effective date of the ETS and

Carbon Taxation System and determined to be medium-term (1–5 years). There is no financial impact in the short term (0–1 year).

enario Analysis and Resilience

To understand and assess the potential impacts of the transition to ETS and Carbon Taxation System on the company's operations, a climate-related scenario analysis was conducted using two different scenarios. The scenarios are based on publicly available data from authoritative sources, including regional and international climate projections.

The scenarios developed include analyses of the Representative Concentration Pathways (RCP) prepared by the Intergovernmental Panel on Climate Change (IPCC) and the optimistic and pessimistic scenarios prepared by the Network for Greening the Financial System (NGFS) used in climate modeling and projections. Details regarding the scenarios used in the "Scenario Analysis and Assessment of Future Impacts" section are provided.

		Impact on Kerevitaş
	Scenario Definitions Used	Strategic	Financial
Scenario 1: Intensive Pressure from Climate Related Regulatory Impact	RCP 2.6 (IPCC) + Below 2 (NFGS): Global warming is limited to 2°C, and climate policies are intensively implemented. This scenario assumes that climate policies will be implemented immediately and will become progressively stricter, though not as stringent as Net Zero by 2050.	Significant investments may be required to comply with regulations. Due to the much more stringent regulatory pressure in this scenario compared to the existing regulatory pressure, planned investments must be brought forward to avoid exceeding emission limits. The scenario focuses on the faster deployment of climate- s. Technological advancements in emissions reduction can be tracked and integrated into production processes to enhance efficiency.	Although Kerevitaş is currently working on a decarbonization project, which is expected to have an impact of approximately 10% of EBITDA in 2030 (due to higher carbon unit prices caused by aggressive regulatory measures), the financial impact will disappear if the net zero target is achieved by 2050.
Scenario 2: Delayed Impact of Climate-Related Regulations	RCP 8.5 (IPCC) + Current Policies (NFGS): A scenario in which global warming is limited to between 3°C and 4°C and climate-related physical risks are intensely felt. This scenario assumes that climate policies are implemented with delays and irreversible physical risks begin to materialize.	In this scenario, where regulatory pressure progresses at the current pace, Kerevitaş does not need to undergo a rapid adaptation process to comply with relevant regulations. However, in this case, physical risks caused by the climate crisis may increase, and risks may arise throughout the value chain, particularly due to agricultural raw material shortages/price increases. (See Climate Change-Induced Cost Increases in Agricultural Production)	In this scenario, where regulatory pressure is expected to be lighter, a lower unit carbon pricing is anticipated. In this case, the potential impact on EBITDA in 2030 is expected to be below 1%. If the net-zero target is achieved by 2050, this financial impact will also disappear.

Risk 2: Failure to Utilize Green Financing Sources

According to the report on Environmental and Social Sustainability in the Turkish Banking Sector published by the Banking Regulation and Supervision Agency (BDDK), 11 banks with a total asset share of 41.5% in Türkiye have "commitments related to activities directly linked to coal"; while 15 banks, accounting for 75.5% of total assets, include explicit references to climate-related financial risks in their credit policy and allocation process documents. International financial institutions such as the EBRD have announced that they will not provide loans to companies that have not committed to phasing out coal use. In this context, Kerevitaş, which has limited access to financing due to the current economic conditions, may not be able to benefit from green financing sources due to its coal use and may face reduced financing capacity.

Impact on Operations and the Value Chain

In addition to being directly linked to the company's operations, the risk is also related to its relationships with financing providers, thereby affecting the upstream part of the value chain. The continued use of coal in two factories may prevent the company from accessing green financing sources. As a result, it may face difficulties in securing financing for planned transformation projects aimed at achieving sustainable transformation.

Strategic Impact and Preventive Measures

Kerevitaş is in constant contact with international financial institutions to eliminate the risk of not being able to benefit from green financing sources and is continuing its efforts to meet the relevant criteria. Feasibility studies have been initiated for coal phase-out at both factories, and factory managers are expected to prepare action plans.

Financial Impact

The most critical contribution of green financing to the company is the opportunity to make repayments at lower interest rates. Based on calculations made using the current loan amount under discussion and the low interest rate, a study has been conducted to determine the additional costs that would be incurred if the relevant green financing cannot be obtained. These additional costs may increase financing expenses in the income statement and reduce net income for the period. In terms of cash flow, the cash outflow from financing activities will be higher, which could weaken the company's overall cash position.

Scenario Analysis and Resilience

To understand and assess the potential impacts of the risk of not utilizing green financing sources on the company's operations, a climate-related scenario analysis was conducted using two different scenarios. The scenarios are based on publicly available data from authoritative sources, including regional and international climate projections.

		Impact on Kerevitaş
	Scenario Definitions Used	Strategic	Financial
Scenario 1: Increased Advantages in Green Financing Sources	RCP 2.6 (IPCC) + Below 2 (NFGS): Global warming is limited to 2°C and green finance instruments are extensively implemented. This scenario assumes that green financing sources will become even more advantageous in supporting sustainable transformation in the business world.	To benefit from advantageous credit usage, the company must limit its use of fossil fuels, particularly coal, and transition to renewable energy sources ( ). As a result, infrastructure work will be carried out at two factories to switch from coal to natural gas consumption.	The long-term financial impact for the years 2030 and 2050 could not be calculated due to the unavailability of relevant data at.4
Scenario 2: Green financing sources do not provide an advantage over other financing sources.	RCP 8.5 (IPCC) + Current Policies (NFGS): A scenario where global warming is limited to between 3°C and 4°C and climate-related physical risks are intensely felt. This scenario assumes that green financing tools are used only to a limited extent and do not provide companies with any advantage.	In this scenario, where green finance sources do not provide significant advantages to companies, the inability to access these finance sources will not result in additional interest costs. In this case, Kerevitaş can continue its production processes as usual.	The long-term financial impact for the years 2030 and 2050 could not be calculated due to the unavailability of relevant data.

4 Feasibility studies are being conducted for the transition away from coal. Once the feasibility studies are completed, the investment costs of the relevant projects may be assessed as financial impacts in the future.

Risk 3: Increased Costs in Agricultural Production Due to Climate Change

Drought, unregulated/irregular irrigation, or weather events caused by climate change may lead to a decrease in the yield and quality of agricultural raw materials. Adverse weather conditions and drought may cause fluctuations in the agricultural commodity sector and, consequently, crop shortages or significant reductions in harvests. This situation may cause fluctuations in the supply and price of agricultural commodities used in Kerevitaş' frozen food production activities and in product demand.

In assessments specific to potatoes and corn, which account for 92% of Kerevitaş's total agricultural purchases, factors arising from the climate crisis are observed to increase the unit prices of agricultural raw materials in Türkiye. This situation may increase the costs of raw material purchases.

Impact on Operations and the Value Chain

The relevant risk affects Kerevitaş's agricultural production processes prior to its own operations. Kerevitaş, which sourced a total of 140,577 tons of agricultural raw materials from 22 different provinces in 2024, represents approximately 92% of its agricultural purchases with potato and corn purchases. As a company with a production process directly dependent on these two products, Kerevitaş faces various risks depending on how these products are affected by and will be affected by issues such as soil health, drought, and water stress. Kerevitaş does not carry out its agricultural production processes on its own fields, but on contracted agricultural land. Although it does not have direct control over the agricultural production processes, it plans to mitigate risks that could lead to agricultural inefficiency due to the climate crisis through regional measurements and a wide network of suppliers.

Strategic Impact and Preventive Activities

Kerevitaş, which has close relationships with farmers in the regions where it makes purchases, takes precautions against fluctuations in raw material prices and supply through regular visits by agricultural engineers, soil health analyses, and province-based water stress level measurements.

Water Stress Risk Study in Agricultural Lands: The water stress resilience of agricultural products purchased is measured according to both the crop type and the location where the products are sourced. Using the WRI Aqueduct Risk Atlas tool, scenario analyses are being conducted for today, 2030, and 2050 to observe the resilience of our agricultural raw material supply chain. In the analyses conducted in 2024, it was determined that 48% of the total agricultural raw materials procured today come from high-risk regions, 37% from medium-high risk regions, 14% from very high-risk regions, and 1% from low- and medium-risk regions. These analyses enable the planning of priority steps to be taken in agricultural raw material procurement processes.

Drip Irrigation Application in Contracted Agricultural Lands: Aware of the strong link between water use and agricultural production, efforts have been made since 2015 to promote the use of drip irrigation in collaboration with farmers. Within this scope, while providing drip irrigation support to contracted farmers to promote the use of drip irrigation in areas where sweet corn is grown, this support has been set at 233,707 TL for 2024. In areas where drip irrigation is implemented, nearly 31 million TL in increased yield, 4,063,488 m³ of water savings, 2,059,200 kWh of energy savings, and 6,177,600 TL in financial savings have been achieved.

Sustainable Agriculture Initiatives: To mitigate the risk of water scarcity and stress, the company is expanding the use of drip irrigation in its contracted agricultural lands. Additionally, the Smart Field Decision Support Platform project, which has been in preparation over the past two years and aims to increase digitalization and AI-supported solutions in the agricultural sector, has begun implementation this year. The project, which utilizes IoT technology, early warning alarm systems, drones, and sensors, aims to detect fertilizer and water needs in fields in advance. Focusing on potatoes, which account for the highest share of agricultural raw material supply, the project monitors parameters such as potato nutrition and growth, soil nutrient values, and weather forecast data. The target is to minimize potential diseases and damages. With the successful integration of the platform, the project aims to achieve a 20% increase in product quality, a 15% increase in product efficiency, and a 40% reduction in resource usage (including human labor).

Financial Impact

Climate-related issues such as drought, water scarcity, and water stress can lead to price increases in agricultural raw materials. Kerevitaş, which uses agricultural raw materials in its frozen food products, may be affected by these price increases, particularly for potatoes and corn, which account for 92% of its total purchases. Price increases in agricultural raw materials directly increase production costs. This affects sales costs, gross profit margin, and operating and net income. Rising raw material prices can also increase inventory costs. Commercial debts may increase due to higher payments to suppliers, and there may be an imbalance between cash inflows and outflows due to possible price increases.

Scenario Analysis and Resilience

		Impact on Kerevitaş
	Scenario Definitions Used	Strategic	Financial
Scenario 1: Severe Cost Increases in Agricultural Production Due to Climate Change	RCP 2.6 (IPCC) + Below 2 (NFGS): Global warming is limited to 2°C, and climate policies are intensively implemented. According to analyses conducted by the WBCSD, potato prices are expected to increase by 58% per ton in 2025, 59% in 2030, and 64% in 2050 compared to 2020. Corn prices are expected to increase by 1.2% per ton in 2025, decrease by 2.3% in 2030, and increase by 1.1% in 2050.	In addition to the increase in unit prices of potatoes and corn, which are critical for the frozen food industry, possible inefficiencies and quality declines in products may cause problems in strategic products. However, Kerevitaş's agricultural engineers in the field have the ability to identify risky situations in advance through regular checks carried out at all stages of agricultural production, from seed	An analysis focused on Kerevitaş's agricultural purchases, which account for the highest share of its purchases, namely potatoes and corn , assesses how the pricing of these products will be affected by the deepening climate crisis. The analysis indicates that the increase in potato unit prices is expected to rise sharply if sustainable or regenerative agricultural measures are not implemented. This impact is projected to reach 10% of the current EBITDA.
Scenario 2: Moderate Increase in Agricultural Production Costs Due to Climate Change	RCP 8.5 (IPCC) + Current Policies (NFGS): Global warming is limited to between 3°C and 4°C, and and climate related physical risks are intensely felt. According to analyses conducted by the WBCSD, is expected to increase by 2.68% per ton in 2025, 3.57% in 2030, and 55.4% in 2050. Wheat prices are expected to increase by 2.51% per ton in 2025, 6.73% in 2030, and 38% in 2050.	In this scenario, price increases in agricultural raw materials are expected to be particularly significant after 2030. While there is no strategic risk that would significantly impact Kerevitaş until that time, the company is focused on mitigating existing risks by continuing its sustainable agriculture focused initiatives.	In this scenario, the main impact on Kerevitaş will begin to be seen after 2030 and will intensify in 2050- . This impact is expected to be equivalent to 1% of current EBITDA in 2030, but to reach 9% in 2050.

5 In the WBCSD - Climate Scenario: Food, Agriculture and Forest Products tool, it represents the global average in product-based pricing.

6 It has a 64.5% representation in agricultural raw material purchases.

7 It has a 20.5% representation in agricultural raw material purchases.

8 WBCSD - Climate Scenario: Food, Agriculture and Forest Products tool represents the global average in product-based pricing.

Climate-Related Opportunities

In addition to managing risks, Kerevitaş identifies and evaluates climate-related opportunities using similar processes. This analysis helps to understand potential benefits such as market opportunities for sustainable

products that are not dependent on natural resources. These processes are integrated into the overall risk management framework to ensure that climate-related issues are aligned with broader strategic decision-making processes.

Opportunity 1:

Reduction in Operational Expenses Through Energy Efficiency Projects

Kerevitaş has taken steps to reduce its emissions and energy costs through energy efficiency projects planned as part of its decarbonization process, which began in 2022. In addition to the energy efficiency projects implemented in its factories, it has achieved environmental and financial value through improvements in refrigerators that directly affect the environmental impact of sales processes in the value chain.

Impact on Operations and the Value Chain

Thanks to the energy efficiency projects implemented in Kerevitaş factories, the company is achieving direct energy savings in its operations, thereby reducing its emissions impact and gaining cost advantages related to energy consumption.

In 2023, with an investment of over 1 million TL, a total of 11 projects were completed, including 9 ongoing and 2 completed projects; in 2024, with an investment of over 1.9 million TL, 12 projects were completed, resulting in energy savings and financial savings. Thanks to the projects implemented in 2024, 2,843 MWh of energy savings were achieved, while the financial benefit of the projects was calculated as 4.6 million TL.

We have categorized the projects we implemented during the year under two main headings.

Improvements in Production Processes: Energy efficiency was achieved through process improvement efforts focused on tank insulation, steam line insulation, process revision, and prevention of energy losses, most of which took place at the Adana factory.

High-Efficiency Energy Technologies: By transitioning to highefficiency energy technologies such as LED conversion, energy efficiency has been achieved beyond production processes.

In addition to the energy efficiency projects implemented in the factories, a Digital Cabinet Tracking application has been developed to ensure energy efficiency in the downstream of the value chain and reduce the associated environmental footprint. With the project, which is targeted to go live in 2025, the request and detection processes for cabinet malfunctions will be digitally tracked by sales and maintenance teams. As a result, fault reports are immediately forwarded to technical teams by sales teams via the system, enabling technical teams to respond to faults more quickly and effectively. Real-time monitoring and intervention prevent unnecessary energy consumption and inefficient operation of cabinets. By optimizing regular maintenance and repair processes for cabinets, more efficient and sustainable use is ensured in the long term.

Financial Impact

Two-way financial impact is achieved through energy efficiency projects implemented directly in operations and across the value chain. Energy efficiency reduces expenses related to resources such as electricity and natural gas, thereby decreasing operational expenses. Projects implemented in 2023 and 2024 have yielded cost savings of over 8 million TL. This decrease in expenses positively impacts gross profit, operating profit, and operational cash flow. Considering the annual increases in energy unit prices, this advantage has the potential to grow further over the years. A secondary effect is observed in the form of capital expenditure (CAPEX) due to the initial investments of the relevant projects. Approximately 3 million TL was invested in this context in 2023 and 2024.

In addition to the impact on CAPEX investments due to the investments in the relevant projects, a decrease in operational expenses is anticipated due to the financial savings achieved through energy efficiency. Over the past two years, approximately 3 million TL has been invested in efficiency projects implemented on a regular basis. The financial savings achieved through these projects have been calculated to be approximately 8 million TL.

Measures and Targets

Targets and performance metrics aligned with each climate-related risk have been established. The targets and performance metrics have been developed to measure the reduction of Kerevitaş's climate-related risks and the progress of its resilience in this regard in the short, medium, and long term. These targets have also been determined by taking into account the metrics used to calculate the financial impact of the relevant risks. Progress toward these targets aims to mitigate the negative effects of risks.

The targets have been developed within this scope, covering climate risks such as greenhouse gas emissions, energy sources used, water consumption, and agricultural productivity. The process of assessing climate-related risks and opportunities was carried out for the first time in 2024. Within this scope, the follow-up process for the relevant targets will be carried out based on 2024, and the targets will be reviewed annually in line with progress.

Risk-Related Targets

Risk 1:

Transition Process to the Emissions Trading System (ETS) and Carbon Taxation

Target 1: Reduce net emissions by 42% in Scope 1 and 2 emissions by 2030

Target 2:

Achieve net-zero emissions across the entire value chain (Scopes 1, 2, and 3) by 2050

We are preparing a decarbonization plan to mitigate risks associated with the transition to ETS and carbon taxationfocused legal regulations and reduce our impact on greenhouse gas emissions. This plan, which covers the years 2030 and 2050 and is developed in four phases,

∙ we have defined the base year and boundaries for targeting,
∙ evaluated production and energy consumption-based growth approaches,
∙ worked on target scenarios based on SBTi and sectoral benchmarks, and
∙ continue to identify the tools and reduction projects that will be used to achieve these targets.

Determining the Base Year and Boundaries for Targeting

In this step, while defining the scope and boundaries of emissions, emission distributions were analyzed based on production locations (Bursa, Afyon, Istanbul, Adana, Brunei, DFU Istanbul) and business units (frozen food, oil business unit, and DFU).

Evaluation of Production and Energy Consumption-Based Growth Approaches

During this process, production forecasts up to 2027 were made by the relevant teams based on production locations, and it was assumed that production values in 2027 would continue between 2027 and 2030. An emission forecast scenario was developed in line with the relevant production growth. In addition to company growth, the forecast also includes the expected increase in the share of renewable electricity in the grid.

Analysis of Targets and Target Scenarios

As a result of our preliminary studies, we have set 2030 as the target year for reducing emissions from our own operations and 2050 as the target year for reducing direct and indirect emissions across our entire value chain.

∙ By 2030, a 42% reduction in net emissions for Scope 1 and 2
∙ Achieving net-zero emissions across the entire value chain (Scopes 1, 2, and 3) by 2050

Target	Target - Performance Tracking Metric	Base Year	Base Year Performance	2024 Performance
	Scope 1 Emissions (tonnes CO₂e)		50,661 tons CO₂e	49,276 tons CO₂e
42% reduction	Scope 2 Emissions (tonnes CO₂e)	56,485 tons CO₂e		64,994 tons CO₂e
in Scope 1 and 2 emissions by 2030	Scope 1 + 2 Emissions (tons of CO₂e)	2021	107,146 tons of CO₂e	114,270 tons CO₂e
	Emissions Reduction Rate (%)		No improvement was measured as this is the base year performance.	No emission reduction was achieved in the total Scope 1 and 2 emissions compared to the previous year.
	Scope 1 Emissions (tons of CO₂e)		50,661 tons CO₂e	49,276 tons CO₂e
	Scope 2 Emissions (tonnes CO₂e)		56,485 tons CO₂e	64,994 tons CO₂e
Achieving net zero emissions	Scope 3 Emissions (tons of CO₂e)		2,333,544 tons of CO₂e	2,010,939 tons of CO₂e
across the entire value chain (Scopes 1, 2, and 3) by 2050	Scope 1, 2, and 3 Emissions (tons of CO₂e)	2021& 2022⁹	2,440,690 tons of CO₂e	2,125,209 tons of CO₂e
	Emissions Reduction Rate (%)		No improvement was measured as this is the base year performance.	A 13% reduction in total Scope 1, 2, and 3 emissions compared to the previous year has been achieved. The primary reason for this reduction, which stems from the decrease in Scope 3 emissions, is the reduction in palm oil purchases.

9 Scope 3 Emissions have been calculated with the widest scope starting from 2022.

Roadmap for Achieving Targets

We have four main action plans to achieve our 2030 and 2050 targets.

Energy and Process Efficiency: We aim to reduce our energy consumption, which affects our emissions, through energy efficiency initiatives implemented and planned in our factories. In 2024, we completed and are continuing a total of 14 energy efficiency projects with an investment of over 1.9 million TL. Through tank insulation, steam line insulation, process revision, and energy loss prevention and LED conversion projects, we achieved 2,788 MWh of energy efficiency. Thanks to our completed projects, we managed to prevent 770 tons of CO₂e emissions.

Upon the completion of our ongoing projects, we aim to increase energy efficiency to 2,890 MWh. In addition to the energy savings achieved, we are also realizing financial savings through these projects. By transitioning to production models that require less energy, we have successfully achieved approximately 3.7 million TL in financial savings.

Bu kapsamda devam eden projelerimizin tamamlanması sonucunda ise enerji verimliliği miktarını 2.890 MWh'e çıkarmayı hedefliyoruz. Elde ettiğimiz enerji tasarrufunun yanı sıra projeler sayesinde finansal tasarruf da elde ediyoruz. Daha az enerji ihtiyacı gerektiren üretim modellerine geçişimizi sağlayan bu projeler sayesinde yaklaşık 3.7 Milyon TL'lik finansal tasarruf elde etmeyi başardık.

I-REC Certification: By 2026, we aim to gradually transition to using I-REC in our factories to meet our electricity consumption through the purchase of renewable energy. This will enable us to achieve net-zero Scope 2 emissions. We are continuing with factory prioritization and feasibility studies for the transition to I-REC usage.

Renewable Energy Investments: We aim to produce renewable energy through solar energy (GES) installations that will benefit our Afyon and Adana factories and meet a certain portion of our energy consumption from these sources. Through these investments, for which we are continuing feasibility studies, we aim to increase our renewable energy consumption.

Fuel Switch: Due to our coal usage at our Afyon Emirdağ and Adana Marsa factories, we are facing a significant impact on our Scope 1 emissions. In 2024, emissions from coal usage accounted for 73% of our Scope 1 emissions. We plan to phase out coal usage and switch to natural gas at both of these factories. In this context, we are continuing our discussions to secure green financing sources by committing to phase out coal. Based on the feasibility studies we have conducted, we estimate that the planned fuel conversion will require an investment of over 3 million euros. However, we aim to achieve a reduction of approximately 8,600 tons of CO₂e through this investment.

In addition to these steps, the use of carbon credits is not currently planned in line with our carbon neutrality targets. If any assessments are conducted in the future, relevant announcements will be made.

Risk 2: Failure to Utilize Green Financing Sources

Accessing green financing sources is of great importance to us for the projects and transformation efforts we have planned as part of our decarbonization roadmap. In this process, transitioning away from coal consumption through fuel conversion plays a critical role in enabling us to access green financing sources. To mitigate this risk, we are prioritizing the use of renewable energy and efforts to phase out coal. In this transformation process, we have set two targets for ourselves. We aim to ensure a gradual transition to clean energy across all our factories by 2030 and to transition from coal to natural gas use at our Afyon Emirdağ and Adana Marsa factories, which currently consume coal.

Target 1:

Achieving a gradual transition to cleaner energy by 2030

Target 2:

Developing action plans and conducting feasibility studies for phasing out coal consumption

Target	Target - Performance Tracking Metric	Base Year	Base Year Performance	2024 Performance
Gradual transition to cleaner energy by 2030	Renewable Energy Usage Rate (%)	2024	Since it is a new target, it is the same as the 2024 performance.	The share of renewable energy in total energy consumption is below 1%. However, it is targeted to increase this ratio through the implementation of renewable energy investments whose feasibility studies are ongoing in the coming period.
Develop action plans and investment feasibility studies for phasing out coal consumption by the end of 2025	Coal Consumption (MWh)	2024	The same as the 2024 performance, as it is a new target.	98,539 MWh

Roadmap for Achieving Targets

We have two roadmaps for transitioning to renewable energy: purchasing and production. By 2026, we aim to gradually transition to using I-REC in our factories to meet our electricity consumption through the purchase of renewable energy. We are continuing with factory prioritization and feasibility studies for the transition to I-REC usage. We aim to produce renewable energy through solar energy (GES) installations that will benefit our Afyon and Adana factories and to meet a certain portion of our energy consumption from these sources. We aim to increase our renewable energy consumption through these investments, for which we are continuing feasibility studies.

Due to our coal usage at our Afyon Emirdağ and Adana Marsa factories, we are facing significant impacts in our Scope 1 emissions. We plan to phase out coal usage at both of these factories and transition to natural gas. In this context, we are continuing our discussions to secure commitments for coal phase-out and access green financing sources. Based on the feasibility studies we have conducted, we estimate that the fuel conversion we plan to implement will require an investment of over 3 million € . However, we aim to achieve a reduction of approximately 8,600 tons of CO₂e through this investment.

Risk 3: Increased Costs in Agricultural Production Due to Climate Change

The continuity of agricultural production processes plays a critical role in the continuity of our business; therefore, we are focused on reducing the impact of the climate crisis on agricultural production through sustainable agricultural practices. We are working with our agricultural engineers and farmers to mitigate the many risks posed by climate change, such as drought, water stress, water scarcity, inefficient land use, and loss of biodiversity.

By supporting sustainable agricultural practices, we enable the use of less water and energy, while also helping our farmers work more efficiently, increase their income, and reduce operational costs, thereby achieving financial savings.

In 2024, we worked with 290 farmers, 86% of whom were under contract, and purchased a total of 140,577 tons of agricultural raw materials. We provide consulting services to all of our contracted farmers through our agricultural engineers. In this context, we are creating a significant impact focused on sustainable agriculture together with our farmer ecosystem.

In this direction, we have set three different targets to reduce the risks of potential inefficiencies and cost increases in agricultural raw material production, which plays a significant role in our business model.

Objective 1:

Conduct sustainability and agriculture-focused R&D studies to achieve differentiation in competition by 2030

Target 2:

Implement field applications of smart agriculture and high-yield seed varieties by 2025

Objective 3:

Prepare the infrastructure for pilot studies on regenerative agriculture by 2025

Target	Performance Indicator
	Criterion	2024 Performance
Conducting research and development (R&D) focused on sustainability and agriculture to achieve competitive differentiation by 2030	Sustainable Agriculture-Focused Financial Support (TL) Increased Productivity with the Smart Field Decision Support Platform	Under the Drip Irrigation Support program for contracted agricultural lands, we provided financial support of 233,707 TL, and under the Women Stars of Agriculture project, we purchased 60,114,000 TL worth of products from female farmers supporting sustainable agricultural practices.
Implementing field applications of smart agriculture and high yield seed varieties by 2025		By launching the Smart Field Decision Support Platform project, which aims to increase digitalization and AI-supported solutions in the agriculture sector, we
Prepare the infrastructure for pilot studies on regenerative agriculture by 2025		target a 20% increase in product quality and a 15% increase in product efficiency.

Roadmap to Achieve Targets

We have a multi-step roadmap that we are implementing in collaboration with our farmers and through technology investments to support sustainable agricultural practices and prevent price increases caused by the climate crisis in the purchase of agricultural raw materials.

While working with our farmers, we provide support for production processes through the advice of our agricultural engineers, keep them informed of adverse agricultural conditions in production areas, and help them take precautions for their own fields and achieve more efficient production through . We distribute certified seeds to all our contracted farmers and focus on optimizing water consumption and using soluble fertilizers with precision through drip irrigation support. Additionally, thanks to the nitrogen-fixing properties of the plant roots in our product range, less fertilizer is required in the soil where crops are planted, and some of our plants help improve soil health through their soil-remediating properties.

Thanks to our R&D investments focused on sustainable agriculture, we aim to leverage the power of digitalization in the coming period to take faster action and produce with less strain on the soil. We have launched the Smart Field Decision Support Platform project this year, which we have been preparing for over the past two years and which aims to increase digitalization and AI-supported solutions in the agricultural sector. Equipped with Internet of Things (IoT) technology, we aim to detect fertilizer and water needs in fields in advance through the use of an early warning alarm system, drones, and sensors.

In this project, which focuses on potatoes, the crop with the highest share (75%) in our agricultural raw material supply, we monitor parameters such as potato nutrition and growth, soil nutrient values, and weather forecast data, and aim to take the necessary actions in a timely manner. This allows us to minimize potential diseases and damage. With the successful integration of the platform, we aim to achieve a 20% increase in product quality, a 15% increase in product yield, and a 40% reduction in resource usage (including human labor).

Assumptions and Uncertainties

During the preparation of the TSRS Compliance Report, numerous assumptions were made in the materiality of climate-related risks and opportunities, the calculation of financial impacts, and the scenario analysis process. These assumptions were made when there were data access constraints, when data related to certain stakeholders in the value chain was unavailable, and when future-oriented data was required.

When prioritizing climate-related risks and opportunities, we proceeded based on events that have not yet occurred and predicted the impacts that the company would face if such a risk were to materialize. After decisions were made in collaboration with management, the likelihood of the risk occurring was determined. Similarly, in processes related to the impact of the relevant risk on the company's finances and which financial focus areas would be affected, conclusions were drawn based on the approach of what the impact would be if the risk were to materialize.

In particular, estimates were made for data that could not be directly measured in the calculation of the financial impact of climate-related risks and opportunities, and in scenario analyses, global average values were used when data specific to Türkiye was not available.

Post-Reporting Events

Between the end of the reporting period and the date of publication of this document, there have been no developments that would affect climate risks or changes involving acquisitions or sales related to the group structure. However, the following significant development related to the company's commercial name has occurred.

∙ No amendments were made to the articles of association during the period. However, in accordance with the decision of the Board of Directors dated December 27, 2024; in order to establish a corporate identity more aligned with our long-term targets in the food sector, in

line with our expanding product portfolio and synergistic focus areas, the company name has been changed to "Besler Food and Chemical Industry and Trade Joint Stock Company," and subject to the approval of shareholders at the first general meeting to be held, it has been decided to amend Article 3 titled "Company Name" of the Company's Articles of Association, and within this scope, to apply to the Capital Markets Board and subsequently to the Ministry of Trade of the Republic of Türkiye for the necessary approvals and authorizations, and to authorize the management to carry out all necessary actions and procedures for the implementation of this decision.

Annex

TSRS 2 – Sector-Specific Guidance

Volume 25 – Processed Foods

Subject	Metric	Category	Measurement Unit	2024 Performance / Report Reference	Code
Energy Management	Total Energy Consumed	Quantitative	MWh	336.881 MWh	FB-PF 130a.1
	Percentage of Grid Electricity		%	%99,7
	Renewable Energy Percentage		%	%0,03
Water Management	Total Water Withdrawn	Quantitative	m³	2.558.224 m³
	tal Water Consumed		m³	562.274 m³
	Percentage of Each in Areas with High or Extremely High Water Stress		%	%100 We have analyzed different scenarios related to water risks for our facilities' current locations, as well as for 2030 and 2050. Using the WRI Aqueduct Water Risk Atlas tool, we found that currently, 2 of our facilities face very high water stress, while 3 face high water scarcity risk.	FB-PF 130a.1
	Number of non-compliance incidents related to water quality permits, standards, and regulations ( )		number	0 None	FB-PF 140a.2
	Discussion of water management risks and strategies and measures to mitigate these risks	Discussion and Analysis	-	We continued our location-based water stress analysis this year, which we have been updating annually since 2022. This year, we added water scarcity risk to our analysis in addition to water stress data. Through water stress analyses, we are able to anticipate risks related to the ratio of total water demand to available renewable surface and groundwater resources. Through water scarcity analyses, we can also anticipate risks related to the ratio of total water consumption to available renewable water resources.	FB-PF 140a.3

Subject	Metric	Category	Measurement Unit	2024 Performance / Report Reference	Code
Environmental and Social Impacts of the Supply Chain	Percentage of food ingredients sourced from third-party certi-fied environmental or social stand-ards and percent-ages according to the standard	Quantitative	%	100% - Our quality standards are centered on our TS EN 9001: 2015 Quality Management System certificate. In terms of food safety, we adopt the preventive approach of the International Food Safety Management System. We identify potential risks to consumer health in advance and produce in accordance with the Hazard Analysis and Critical Control Points (HACCP) System and the TS EN ISO 22000 Food Safety Management System. Our Food Safety and Quality Standards: TS EN 9001: 2015 Quality Management System, Hazard Analysis and Critical Control Points (Hazard Analysis Critical Control Point-HACCP) System, TS EN ISO 22000 Food Safety Management System, BRCGS (Brand Reputation through Compliance Global Standards) certified Food Safety System and FSMA additional module, TSE – Halal Food Certificate, Kosher Certification, Good Manufacturing Practices (GMP), Sustainable Palm Oil Standard (RSPO)	FB-PF 430a.1
	Non-compliance rate of suppliers' social and environmental responsibility audits	Quantitative	%	While conducting audits on 86 suppliers, we terminated business relations with 8 suppliers due to non-compliance with Kerevitaş standards. Additionally, we conducted audits on 4 suppliers regarding environmental and social criteria. No non-compliance was identified in any of the 4 suppliers.	FB-PF 430a.2
	Ratio of corrective actions taken for major and minor non-conformities for	Quantitative	%	-	FB-PF 430a.2

Subject	Metric	Category	Measurement Unit	2024 Performance / Report Reference
	Ratio of corrective actions taken for major and minor non-conformities for	Quantitative	%	In 2024, we sourced a total of 140,577 tons of agricultural raw materials from 22 different provinces. Within the total agricultural raw materials sourced, we currently source 48% from high-risk regions, 37% from medium-to-high risk regions, 14% from very high-risk regions, and 1% from low-to-medium risk regions. If we continue with the same supply map, we see that by 2030 and 2050, the proportion of very high and high-risk regions will increase significantly, reaching 90%.	FB-PF 440a.1

Content Supply

List of priority food components and discussion of sourcing risks related to environmental and social considerations

Discussion and Analysis

We measure the water stress resilience of the agricultural products we purchase based on both the crop type and the location where the products are sourced.

Using the WRI Aqueduct Risk Atlas tool, we conducted scenario analyses for today, 2030, and 2050. Thanks to these analyses, which are critical for observing the resilience of our supply chain, we have begun planning the steps we need to take in our agricultural raw material purchasing processes.

In the studies we conducted this year, we specifically carried out additional climate-focused scenario analyses for these two agricultural raw materials. We analyzed the increase rates of unit prices for potatoes and corn under different scenario models caused by the climate crisis in 2030 and 2050. We also included these analyses in our climate risk analysis.

FB-PF-440a.2

Calculation Principles for Metrics

General Reporting Principles

Bu kılavuzda yer alan bilgiler 31 Aralık 2024 tarihinde sona eren mali yılını (1 Ocak- 31 Aralık 2024) ve "Temel Tanımlamalar ve Raporlama Kapsamı" bölümünde ayrıntılandırıldığı gibi Kerevitaş'ın Türkiye'deki Adana, Brunei, Bursa, Afyon ve İstanbul lokasyonlardaki operasyonlarını kapsamakta olup taşeron ve alt yüklenici bilgilerini içermemektedir.

In preparing this guidance document, consideration has been given to the following principles:

∙ Information Preparation to highlight to users of the information the primary principles of relevance and reliability of information
∙ In reporting information emphasizing the principles of comparability / consistency of information with other data, including the previous year, and intelligibility / transparency principles that provide clarity to users.

Key Definitions and Reporting Scope

For the purpose of this report, the Company makes the following definitions:

Type	Indicator	Scope
	Total Energy Consumption (MWh)	It refers to the total renewable and non-renewable energy consumed by the Company during the reporting period. Includes Natural Gas, Coal, LPG, Diesel - Generator, Diesel-Off Road vehicles, Diesel-On Road vehicles, Gasoline-On Road vehicles and Electricity consumption.
	Total Electricity Consumption (MWh)	It refers to the total electricity consumption of the Company during the reporting period, which is monitored by the invoices received from service providers (12 months) and can be mapped with financial reporting systems. The consumption amount includes the usage for industrial operations and domestic use.
	Renewable Energy Percentage (%)	It represents the proportion of energy obtained from renewable sources in the company's total energy consumption during the reporting period.
	Coal (tonnes)	It refers to the total coal consumption used in the operational processes stored at the Company's site during the reporting period.
Environmental	Vehicle Fuels - Diesel Consumption (Off road) (lt)	It refers to the total diesel consumption used in the vehicles accepted in the off-road class of the Company in the reporting period.
	Natural Gas Consumption (m³)	It refers to the total natural gas consumption used in the operational activities of the Company during the reporting period, which is monitored from the invoices received from service providers (12 months).
	Generator - Diesel Consumption (lt) LPG Consumption (kg)	It refers to the total diesel consumption of the Company's generators during the reporting period, which is tracked by invoices.
		It refers to the total LPG consumption tracked by invoices used by the Company in operational activities during the reporting period.
	Vehicle Fuels - Diesel Consumption (On Road) (lt)	It refers to the total diesel consumption of the Company's vehicles during the reporting period, which is tracked by invoices obtained from service providers.
	CO₂ Fire Extinguisher (kg)	It refers to the consumption of fire extinguishers supplied by the Company from service providers during the reporting period.

Type	Indicator	Scope
	Total Greenhouse Gas Emissions (tonnesCo₂e)	It refers to the sum of the Company's Scope 1 Greenhouse Gas Emissions and Scope 2 Greenhouse Gas Emissions in the reporting period.
	Scope 1 – Greenhouse Gas Emission (tonnesCo₂e)	It refers to carbon emissions evaluated as Scope 1 after the consumption of Natural Gas, Coal, LPG, Diesel - Generator, Diesel-Off Road vehicles, Diesel On Road Vehicles, CO₂ Fire extinguisher resources, which are generated as a result of the Company's fixed and mobile energy consumption during the reporting period. The Company calculates greenhouse gas emissions according to the standard "TS EN ISO 14064-1:2018 Greenhouse Gases - Part 1: Guidelines and Specifications for the Calculation and Reporting of Greenhouse Gas Emissions and Removals at the Organization Level".
	Scope 2 - Greenhouse Gas Emission (tonnesCo₂e)	It refers to carbon emissions, which are considered as Scope 2 after energy consumption and production, resulting from the Company's indirect energy consumption during the reporting period. The Company calculates greenhouse gas emissions in accordance with the standard "TS EN ISO 14064-1:2018 Greenhouse Gases - Part 1: Guidelines and Specifications for the Calculation and Reporting of Greenhouse Gas Emissions and Removals at the Organization Level".
	Scope 3 - Greenhouse Gas Emission (tonnesCo₂e)	This refers to the greenhouse gas emissions attributed to processes in the Company's value chain during the reporting period, classified as Scope 3. For Scope 3 calculations, the Global Greenhouse Gas Protocol (GHG Protocol) was used for the Frozen Food (Kerevitaş, DFU) and Oil (Marsa) business units;
Environmental		∙ Category 1 – Purchased Goods and Services, ∙ Category 4 – Upstream Transportation and Distribution, ∙ Category 5 – Waste Generated from Operations, ∙ Category 6 – Business Travel, ∙ Category 7 – Employee Transportation, ∙ Category 9 – Downstream Transportation and Distribution
		have been carried out in the categories listed above.
	Total Waste Amount (tonnes)	It refers to the total amount of hazardous waste and non-hazardous waste generated by the Company during the reporting period.
	Packaging Waste (tonnes)	It refers to the total packaging waste classified as non-hazardous waste of the Group during the reporting period.
	Total Amount of Water Used (m³)	It refers to the total water consumption of the Company during the reporting period, which is monitored monthly by meters and invoices and can be mapped with financial reporting systems.
	Amount of Water Drawn (m³) Non-Compliance Rate with Supplier Responsibilities (%) Water Stress (%)	It refers to the total amount of water withdrawn from the network for operational and non-operational general use, which is received by the Water and Sewerage Administrations of the Company's locations and tracked with invoices (for 12 months), and the total water consumption in operational processes and non-operational general use, which is tracked with invoices received by location-based water and sewerage administrations, which is tracked with meters on a monthly basis, and which can be mapped with reporting systems, during the reporting period.
		It represents the total rate of suppliers that failed to comply with the Company's standards during the supplier audit conducted during the reporting period.
		It represents the ratio of the Company's total water consumption in the region to the renewable freshwater resources of that region during the reporting period.
	Wastewater Amount (m³)	It refers to the total amount of wastewater generated after the Company's water treatment process, monitored by meters, during the reporting period.

Data Preparation

ENVIRONMENTAL INDICATORS

Total Energy Consumption (MWh)

Within the scope of the Company's direct energy consumption, primary fuel sources consisting of Natural Gas, Coal, LPG, Diesel - Generator, Diesel - Off Road Vehicles, Diesel - On Road Vehicles, Gasoline - On Road Vehicles, and Electricity consumption are reported.

For Adana, Brunei, Bursa, Afyon and Istanbul locations, energy consumption items were converted in kilocalories and converted into MWh by making the following calculations;

Energy Source	Activity Data Unit	Lower Heating Value	Unit
Natural Gas	Thousand m³	8.250.000	Kcal
Coal	1 ton	6.100.000	Kcal
LPG	1 ton	10.900.000	Kcal
Diesel- Generator and Company Vehicles (On Road & Off Road)	1 ton	10.200.000	Kcal
Gasoline (On Road)	1 ton	10.400.000	Kcal
Electricity	1 MWh	859.845	Kcal

The energy conversions used were realized using the following calculations;

Based on the unit conversion of 1 kcal = 0.00000116222 MWh, the values of consumption values in MWh were calculated using the calorific values and density values in the communiqué published by the Ministry of Energy and Natural Resources*¹.

*1: Regulation on Increasing Efficiency in the Use of Energy Resources and Energy (Issue: 28097) https://www.resmigazete.gov.tr/eskiler/2011/10/20111027-5.htm

Scope 1 Greenhouse Gas Emissions (tonnesCO₂e)

Kerevitaş Scope 1 greenhouse gas emissions include energy consumption arising from fixed combustion, transportation and leakage activities with the principle of operational control in accordance with ISO 14064-1. Scope 1 Greenhouse Gas Emissions are calculated following the Greenhouse Gas Protocol methodology and the emission factors used are based on IPCC Guidelines for 2006 National Greenhouse Gas Inventories, Global Warming Potential values (100 years) from the IPCC 6th Assessment Report*¹ and Defra GHG Conversion Factors*². GHGs included in the calculation include emissions from fuel consumption activities and Emissions Management includes CO₂, CH₄ and N₂O gases.

Formula: Emission Amount (tonnesCO₂e) = Activity Data (MWh) * Emission factor (CO₂-CH₄-N₂O) (Kg/Tj)

Inventory Source	CO₂ Emission Factor (Kg/Tj)	CH₄ Emission Factor (Kg/Tj)	N₂O Emission Factor (Kg/Tj)	Emission Factor Unit
Doğalgaz	56,100	1.0	0.1	tonnesCO₂e
Kömür	101,000	10.0	1.5	tonnesCO₂e
Dizel Jeneratör	74,100	3.0	0.6	tonnesCO₂e
Dizel Off-Road (Hareketli Yanma)	74,100	4.2	28.6	tonnesCO₂e
Dizel On Road (Hareketli Yanma)	74,100	3.9	3.9	tonnesCO₂e
Benzin On Road (Hareketli Yanma)	69,300	33.0	3.2	tonnesCO₂e
CO₂ Yangın Söndürücü (kg)	1	-	-	tonnesCO₂e

Scope 2 Greenhouse Gas Emissions (tonnesCO₂e)

Kerevitaş Scope 2 greenhouse gas emissions include energy consumption arising from indirect combustion activities with the principle of operational control in accordance with ISO 14064-1. Scope 2 Greenhouse Gas Emissions In the calculations made by following the Greenhouse Gas Protocol methodology, the emission used is calculated according to the Emission Factors Information Form of Ministry of Energy and Natural Resources, Turkey Electricity Generation and Electricity Consumption Point Emission Factors: MENR-EVÇED-FRM-042 Rev.00*¹, and Defra GHG Conversion Factors*² sources are taken as reference. GHGs included in the calculation include emissions from fuel and electricity consumption activities and Emission Management includes CO₂, CH₄ and N₂O gases.

(https://enerji.gov.tr//Media/Dizin/EVCED/tr/%C3%87evreVe%C4%B0klim/%C4%B0klimDe%C4%9Fi%C5%9Fikli%C4%9Fi/EmisyonFaktorleri/BilgiFormu.pdf)

*2: UK Government GHG Conversion Factors for Company Reporting, Conversion factors 2022: full set (https://www.gov.uk/government/publications/greenhouse-gas-reporting-conversion-factors-2022)

Inventory Source	CO₂ Emission Factor	Emission Factor Unit	Emission Factor Unit
Electricity	0.447	TCO₂/MWh	TCO₂e/MWh

Scope 3 Greenhouse Gas Emissions (tonnesCO₂e)

Kerevitaş Scope 3 greenhouse gas emissions include energy consumption arising from indirect combustion activities with the principle of operational control in accordance with ISO 14064-1.

Category 1 – Purchased Goods and Services

The Purchased Goods and Services category represents the carbon emissions generated by the Company after the goods and services purchased during the reporting period, using the ecoinvent 3.10.1 and Agribalyse 3.2 and DEFRA 2024 databases, based on raw material and packaging-based purchasing type, tonnage and product types.

Category 4 – Upstream Transportation and Distribution

Upstream Transport and Distribution categories express the carbon emissions released during the Company's upstream transport and distribution during the reporting period, using the DEFRA 2024 database, based on transport type, tonnage and distance.

Category 5 – Waste Generated from Operations

The Waste Released in Operations category represents the carbon emissions released during the Company's operations during the reporting period, using ecoinvent 3.10.1 and DEFRA 2024 databases, taking into account the packaging and raw material waste type, tonnage, quantity and disposal method.

Category 6 – Business Travel

The Business Trips category was calculated using the DEFRA 2024 database based on transportation type and distance information.

Category 7 – Employee Transportation

The Working Transport category was calculated using the DEFRA 2024 database, based on transport type and distance information, like category 6.

Category 9 – Downstream Transportation and Distribution Downstream Transport and Distribution categories express the carbon emissions released during the Company's downstream transport and distribution during the reporting period, using the DEFRA 2024 database, based on transport type, tonnage and distance.

Assumptions and Uncertainties

Restatement of Opinion

The measuring and reporting of sustainability-related data inevitably involves a degree of estimation. Restatements are considered where there is a change in the data of greater than 5 percent at the Company level.

^*1: Türkiye Elektrik Üretimi Ve Elektrik Tüketim Noktası Emisyon Faktörleri Bilgi Formu: ETKB-EVÇED-FRM-042 Rev.00

CONVENIENCE TRANSLATION INTO ENGLISH OF PRACTITIONER'S LIMITED ASSURANCE REPORT ORIGINALLY ISSUED IN TURKISH

INDEPENDENT PRACTITIONER'S LIMITED ASSURANCE REPORT ON BESLER GIDA VE KİMYA SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES SUSTAINABILITY INFORMATION IN ACCORDANCE WITH TURKISH SUSTAINABILITY REPORTING STANDARDS

To the General Assembly of Besler Gıda ve Kimya Sanayi ve Ticaret A.Ş.

We have undertaken a limited assurance engagement on Besler Gıda ve Kimya Sanayi ve Ticaret A.Ş. and its subsidiaries (collectively referred to as the "Group"), sustainability information for the year ended 31 December 2024 in accordance with Turkish Sustainability Reporting Standards 1 "General Requirements for Disclosure of Sustainability-related Financial Information" and Turkish Sustainability Reporting Standards 2 "Climate Related Disclosures" ("Sustainability Information").

Our assurance engagement does not extend to information in respect of earlier periods or other information linked to the Sustainability Information (including any images, audio files, document embedded in a website or embedded videos).

Our Limited Assurance Conclusion

Based on the procedures we have performed as described under the 'Summary of the work we performed as the basis for our assurance conclusion' and the evidence we have obtained, nothing has come to our attention that causes us to believe that Group's Sustainability Information for the year ended 31 December 2024 is not prepared, in all material respects, in accordance with Turkish Sustainability Reporting Standards published in the Official Gazette dated 29 December 2023, and numbered 32414(M) and issued by Public Oversight Accounting and Auditing Standards Authority (the "POA") . We do not express an assurance conclusion on information in respect of earlier periods.

Inherent Limitations in Preparing the Sustainability Information

As discussed in Note 3 on pages 3 to 4 the Sustainability Information is subject to inherent uncertainty because of incomplete scientific and economic knowledge. Greenhouse gas emission quantification is subject to inherent uncertainty because of incomplete scientific knowledge. Additionally, the Sustainability Information includes information based on climate-related scenarios that is subject to inherent uncertainty because of incomplete scientific and economic knowledge about the likelihood, timing or effect of possible future physical and transitional climate-related impacts.

PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. Kılıçali Paşa Mah. Meclis-i Mebusan Cad. No:8 İç Kapı No:301 Beyoğlu/İstanbul T: +90 212 326 6060, F: +90 212 326 6050, www.pwc.com.tr Mersis Numaramız: 0-1460-0224-0500015

Responsibilities of Management and Those Charged with Governance for the Sustainability Information

Management of ABC are responsible for:

The Group management is responsible for the preparation of the sustainability information in accordance with Turkish Sustainability Reporting Standards;
Designing, implementing and maintaining internal control over information relevant to the preparation of the Sustainability Information that is free from material misstatement, whether due to fraud or error;
The Company/Group Management is also responsible for the selection and implementation of appropriate sustainability reporting methods, as well as making reasonable assumptions and developing estimates in accordance with the conditions.

Those charged with governance are responsible for overseeing the Group's Company's sustainability reporting process.

Practitioner's Responsibilities for the Limited Assurance on Sustainability Information

We are responsible for:

Planning and performing the engagement to obtain limited assurance about whether the Sustainability Information is free from material misstatement, whether due to fraud or error;
Forming an independent conclusion, based on the procedures we have performed and the evidence we have obtained; and
Reporting our conclusion to the Directors of ABC.
Perform risk assessment procedures, including obtaining an understanding of internal control relevant to the engagement, to identify where material misstatements are likely to arise, whether due to fraud or error, but not for the purpose of providing a conclusion on the effectiveness of the Company's internal control.
Design and perform procedures responsive to where material misstatements are likely to arise in the sustainability information. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Misstatements can arise from fraud or error. Misstatements are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of Sustainability Information.

As we are engaged to form an independent conclusion on the Sustainability Information as prepared by management, we are not permitted to be involved in the preparation of the Sustainability Information as doing so may compromise our independence.

Professional Standards Applied

We performed a limited assurance engagement in accordance with Standard on Assurance Engagements 3000 (Revised) Assurance Engagements other than Audits or Reviews of Historical Financial Information and, in respect of greenhouse gas emissions included in the Sustainability Information, in accordance with Standard on Assurance Engagements 3410 Assurance Engagements on Greenhouse Gas Statements, issued by POA.

Our Independence and Quality Management

We have complied with the independence and other ethical requirements of the Ethical Rules for Independent Auditors (including Independence Standards) (the ''Ethical Rules'') issued by the POA, which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behavior. Our firm applies Standard on Quality Management 1 and accordingly maintains a comprehensive system of quality management including documented policies and procedures regarding compliance with ethical requirements, professional standards, and applicable legal and regulatory requirements. Our work was carried out by an independent and multidisciplinary team including assurance practitioners, sustainability and risk experts. We used the work of experts, in particular, to assist with determining the reasonableness of Group's information and assumptions related to climate and sustainability risks and opportunities. We remain solely responsible for our assurance conclusion.

Summary of the Work we Performed as the Basis for our Assurance Conclusion

We are required to plan and perform our work to address the areas where we have identified that a material misstatement of the Sustainability Information is likely to arise. The procedures we performed were based on our professional judgment. In carrying out our limited assurance engagement on the Sustainability Information, we:

Inquiries were conducted with the Group's key senior personnel to understand the processes in place for obtaining the Sustainability Information for the reporting period
The Group's internal documentation was used to assess and review the information related to sustainability;
Considered the presentation and disclosure of the Sustainability Information.

Through inquiries, obtained an understanding of Group's control environment, processes and information systems relevant to the preparation of the Sustainability Information, but did not evaluate the design of particular control activities, obtain evidence about their implementation or test their operating effectiveness;
Evaluated whether Group's methods for developing estimates are appropriate and had been consistently applied, but our procedures did not include testing the data on which the estimates are based or separately developing our own estimates against which to evaluate Group's estimates;
Obtained understanding of process for identifying risks and opportunities that are financially significant, along with the Group's sustainability reporting process.

The procedures in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed.

PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş.

Orhan Ozturk, SMMM Independent Auditor

Istanbul, 15 Agustos 2025

Kısıklı Mahallesi, Ferah Caddesi, Yıldız Holding Placid Bloğu No: 1/A 34692 Büyük Çamlıca/İstanbul T:+90 850 209 16 16

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10641_rns_2025-08-15_f4514fd4-f81a-4f0b-b93e-c5a1f775cf36.pdf

TSRS COMPLIANT SUSTAINABILITY REPORT 2024

Table of Contents

About the Report

Basis of Preparation

Time of Occurrence:

Likelihood of Occurrence:

Reporting Boundary

Limits and Methodology Related to Emission Calculations

Reporting Boundaries

Calculation Methodology

About Kerevitaş

Vision

Mission

Values

Frozen and Canned Foods

Frozen Food and Canned Food Value Chain

Oil Division

Oil Business Unit Value Chain

Frozen Bakery Products (DFU)

Frozen Bakery Products (DFU) Value Chain

Strategy

Sustainability Approach

We are working for the future of nature

We are strengthening ourselves with our stakeholders

We are inspiring the future

Material Risk and Opportunity Analysis

Identifying Climate-Related Risks and Opportunities

Materiality of Risks and Opportunities

Scenario Analysis and Assessment of Future Impacts

Trends Expected to Emerge According to Climate Scenarios

Governance

Corporate Risk Management ( ? )

Sustainability Governance

Sustainability Committee

The Impact of Sustainability and Climate-Focused Performance on Compensation

Risk and Opportunity Management

Climate-Related Risks

Risk 1:

Transition Process to the Emissions Trading System (ETS) and Carbon Taxation

Impact on Operations and the Value Chain

Strategic Impact and Preventive Activities

Financial Impact

enario Analysis and Resilience

Risk 2: Failure to Utilize Green Financing Sources

Impact on Operations and the Value Chain

Strategic Impact and Preventive Measures

Financial Impact

Scenario Analysis and Resilience

Risk 3: Increased Costs in Agricultural Production Due to Climate Change

Impact on Operations and the Value Chain

Strategic Impact and Preventive Activities

Financial Impact

Scenario Analysis and Resilience

Climate-Related Opportunities

Opportunity 1:

Reduction in Operational Expenses Through Energy Efficiency Projects

Impact on Operations and the Value Chain

Financial Impact

Measures and Targets

Risk-Related Targets

Risk 1:

Determining the Base Year and Boundaries for Targeting

Evaluation of Production and Energy Consumption-Based Growth Approaches

Analysis of Targets and Target Scenarios

Roadmap for Achieving Targets

Risk 2: Failure to Utilize Green Financing Sources

Target 1:

Target 2:

Roadmap for Achieving Targets

Risk 3: Increased Costs in Agricultural Production Due to Climate Change

Objective 1:

Target 2:

Objective 3:

Roadmap to Achieve Targets

Assumptions and Uncertainties

Post-Reporting Events

Annex

TSRS 2 – Sector-Specific Guidance