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HİTİT BİLGİSAYAR HİZMETLERİ A.Ş.

Investor Presentation Mar 3, 2025

8920_rns_2025-03-03_6034b8b8-e340-422a-afbd-cfcd9b98e0f3.pdf

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A Rising Star in Airline & Travel IT Solutions

2024 December Results Presentation

Hitit At a Glance

The 2 nd largest PSS provider in Europe and Africa, 3 rd largest in the world*

One integrated solution for all airline types and sizes, covering the entire business cycle

Industry leader in new-gen IATA ARM / NDC technology standards

Cloud-based and AIsupported, modern and flexible technology infrastructure

2024 Year End

Crane Partner Community

We meet the needs of Partners of various business models all over the world

Hitit empowers aviation all around the globe

Visualization of Hitit Partner aircraft movements within a 24-hour period based on FlightRadar 24 data

Hitit empowers aviation all around the globe

Visualization of destinations served by Hitit Partners based on live airport data within Crane systems

Hitit by

Hitit by
Numbers
34,2M
USD
2024 Sales Revenues
+
34% over 2023
40%
EBITDA Margin
inline with 2023
+61%
Passenger volumes
over 2023
72
Partners
6 Continents
50 Countries

Hitit by

Hitit by
Numbers
850+
Airports served
through Crane DCS in
160 countries
102
Countries with border and
customssystems integrated
with Hitit
85+
Integrations with different
banks and alternative
payment systems
\$8.5
billion
Sales volume
generated by Hitit
Partners in 2024

Financial and Other Important Developments

Innovative Technology Investments

In line with the projects being carried out within the Technopolis regulations, 15.4 million dollars for R&D along with 4.5 million dollars for license, hardware, and fixtures were invested as of 2024.

The effects of these investments, which reduce our costs and increase our revenues, are being realized as they are accomplished.

Passenger Service System (PSS) Global Leader in Startup Airlines

According to the data published by the London-based independent market research company Travel Technology Research (T2RL), Hitit is the top choice of PSS provider among startup airlines in 2024, as well as the fastest-growing provider in the industry overall.

Strong Cash Position

Cash and cash equivalents at the end of 2024 is \$12.7 million. The cash amount excluding lease liabilities and bank loans for the same period is \$7.3 million dollars.

As of the end of the 2024, sales revenues increased by 34% compared to the same period of the previous year and reached \$34.2 million.

As of the end of the 2024, the number of passengers, which is the basis of SaaS revenues increased by 61% compared to the same period of the previous year.

Both new acquisitions and increase within the business volumes of existing partners have effect in this overall increase.

At the end of the 2024, revenue exceeded the same period for 2023.

Financial Evolution (Reporting in USD Functional Currency)

As of the end of the 2024, the EBITDA amount was 13.7m USD and the EBITDA margin was realized as 40%.

Sales were realized 78% in foreign currency, 22% in TL, with the international / domestic breakdown being 65% and 35%, respectively.

Partner Developments

A total of 16 implementation projects were completed in 2024 among existing and new Partners, with another additional 11 implementation projects ongoing as of the end of the year.

As of the end of 2024 we serve 72 Partners in 50 countries on 6 continents.

Forward-Looking Evaluations

In addition to the product and service production, sales and marketing activities carried in line with its growth strategy, the company continues its investments to achieve its goals.

Within this framework, as of the end of 2025, on a USD basis;

Net Profit Margin between 25% and 30%

Investment / Turnover ratio between 30% and 35%

is expected. The company meticulously monitors the developments regarding the projections announced above. Where necessary, The company will publish updates on such developments.

Financial Summary

Functional currency is USD since 01.01.2020.

2023-12M 2024-12M

\$7.3 mn net cash position as of December 31, 2024

11 (*) Based on cost of sales except amortization.

2024 Year End

Financial Summary

Approximately 78% of sales are in foreign currency (USD or EUR)

SaaS Share (%)

PSS ADS Other
86% 5% 9%
2023-12M 2024-12M
Revenue Breakdown(USD) USD % USD %
SaaS 15,893 63% 22,001 64%
Software Development and Maintenance 6,386 25% 8,409 25%
IaaS
ve
Projects
3,367 12% 3,828 11%
Total 25,646 100% 34,238 100%

SaaS: Software as-a-Service

IaaS: Infrastructure-as-a-Service

Financial Summary

Approximately 76% of costs are in TL

Cost Breakdown1

USD 26,790k by 2024

Software support

Currency Distribution By 2024

(1) Cost breakdown including amortization expenses

(2) Personnel expense includes amortization expense resulting from capitalization of personnel expense

(3) Consists of consultancy, rent and office expenses

Key Developments Noteworthy Partner and Strategic

Developments in 2024

Partner Developments

16 implementation projects, with Ajet among them, have been completed across North / South America, Europe, Africa, Middle East and Asia in 2024, and have gone live to start generating additional recurring revenues.

IATA Offer & Order Management System (OOMS) Leadership

According to IATA Airline Retailing Maturity (ARM) Index, Hitit is the global industry leader in new-generation Offer & Order Management Systems (OOMS) based on the latest NDC v21.3 standards. Several PoC projects targeting 2025 are underway.

AI Developments in Travel and Airline Applications

Hitit's AI projects have been accelerated through new hires and infrastructure investments in 2024. Real-time pricing and personalized offer capabilities have gone live, with additional AI projectsin operational and other areas under development.

Agency Distribution System (ADS) Developments

New capabilities in line with OOMS, corporate travel functionality and ''non-air'' (hotel / transfer / car rental etc.) integrations have been developed. On the content distribution front Turkish Airlines has gone live, and new agreements have been signed including APG Network that covers 170 airlines in 200 countries.

28 February 2025: As announced through the KAP platform, Pegasus Airlines has also signed an ADS content distribution agreement.

Industrial KPIs

Revenue Passenger Kilometers (RPK) , Available Seat Kilometers (ASK) and Passenger Load Factor (PLF) Evolution Trends

Source: IATA Economics – Air Passenger Market Analysis (December 2024)

15

Industrial KPIs Revenue Passenger Kilometers (RPK) 5 Year Evolution Trend

Source: IATA Economics – Air Passenger Market Analysis (December 2024)

Balance Sheet

Balance Sheet (USD '000) 31.12.2023 32.12.2024
Cash and cash equivalents 7,420 8,552
Financial assets 8,386 3,698
Trade receivables 6,263 9,584
Prepaid expenses 2,063 3,047
Other current assets 1,062 771
Total current assets 25,194 25,652
Property, plant and equipment 5,158 4,053
Intangible assets 25,807 40,520
Financial assets - 500
Deferred tax assets 293 667
Prepaid expenses 2,248 2,699
Other non
-current assets
61 60
Total non
-current assets
33,567 48,499
Total assets 58,761 74,151
Trade payables 2,412 2,619
Bank loans - 4,542
Lease liabilities - 197
Current tax liabilities 174 268
Deferred income 942 1,199
Other current liabilities 1,636 2,005
Total current liabilities 5,164 10,830
Lease liabilities - 673
Deferred income 2,379 2,876
Provision for employment termination benefits 359 396
Total non
-current liabilities
2,738 3,945
Share capital 18,812 23,908
Share premium on capital stock 19,368 14,272
Legal reserves 693 1,100
Actuarial loss on defined retirement benefit plans, net of taxes (113) (87)
Currency translation difference (234) (234)
Profit for the year 5,934 8,491
Retained earnings 6,399 11,926
Total equity 50,859 59,376
Total liabilities and equity 58,761 74,151

Income Statement

Income Statement (USD '000) 1
January-
31 December 2023
1
January-
31 December 2024
Net sales 25,646 34,238
COGS (-) ( 13,180) ( 17,719)
Gross profit before D&A 15,508 20,692
Depreciation and amortization 3,042 4,173
Gross profit after D&A 12,466 16,519
Gross profit margin 49% 48%
Marketing and sales expense(-) ( 3,201) ( 3,531)
General administrative expense(-) ( 3,787) ( 5,540)
Other operating income 2,515 1,343
Other operating expense(-) ( 2,100) ( 1,268)
Operating profit 5,893 7,522
Income from financial investment activities 3,459 1,940
Finance expense (-) ( 2,234) ( 971)
Finance income 127 208
Profit before tax 7,246 8,700
Income tax expense ( 1,312) ( 209)
Net Profit 5,934 8,491
Depreciation and amortization ( 4,241) ( 6,298)
EBITDA 10,143 13,716
EBITDA Margin 40% 40%

Our Value Creation Model

Corporate Social Responsibility Projects

Gender Equality

Steps to strengthen equal opportunities in our industry through our employment policies and collaborations with NGOs.

Climate & Energy

Aiming to mitigate the effects of climate change through our R&D efforts and enhance energy efficiency in our operations and services.

Biodiversity

Efforts to protect biodiversity and promote environmental sustainability.

Education

Educational projects in technology, sports, and sustainability; efforts to bridge the digital divide; and academic collaborations.

Health

Projects in collaboration with national and international institutions and organizations. We integrate sustainability into our production, business processes, and social projects. By incorporating ESG strategies into our company evaluations, we embrace a sustainability approach that is committed to society, the environment, and ethical principles.

411 Schools 430 Teachers 160.000 Students Rackets Up project, Hitit's CSR project realized in partnership with the Turkish Table Tennis Federation (TTTF), has so far been realized in different provinces in Türkiye and has introduced many children to table tennis in a professional and sustainable manner.

Rackets Up Provincial Tournaments Rackets Up Provincial Tournaments were organized in the 2Q 2024, and tournaments were held in Çorum, Şanlıurfa and Sakarya in the categories of Star Girls - Star Boys and Junior Girls and Junior Boys, and the winners were determined on the basis of categories in each province.

Transportation Sponsorship

In 2024, the transportation expenses of a national player in international competitions are covered; the national player we supported finished 3rd in the World Table Tennis Berlin Youth Contender competition in this report period.

Corporate Social Responsibility Projects

Gender Equality

Mentoring women in technology jobs

Environment

Donations to foundations fighting against droughts

Education

Supporting students through grants and internship opportunities

Health

Supporting the healthcare of children with special needs in Pakistan

As a global player, Hitit places utmost importance on its commitments to society and social responsibility

Rackets Up 411 Schools 430 Teachers 160.000 Students

Provincial

Tournaments

Rackets Up project, Hitit's CSR project realized in partnership with the Turkish Table Tennis Federation (TTTF), has so far been realized in different provinces in Türkiye and has introduced many children to table tennis in a professional and sustainable manner.

Rackets Up Provincial Tournaments were organized in the 2Q 2024, and tournaments were held in Çorum, Şanlıurfa and Sakarya in the categories of Star Girls - Star Boys and Junior Girls and Junior Boys, and the winners were determined on the basis of categories in each province.

Transportation Sponsorship

In 2024, the transportation expenses of a national player in international competitions are covered; the national player we supported finished 3rd in the World Table Tennis Berlin Youth Contender competition in this report period.

Sustainability Initiatives

We support our Partners and the aviation industry, as well as our own internal processes in adopting ESG principles and best practices.

2024 GHG and Carbon Footprint reports have been published at https://hitit.com/investor-relations/sustainability

Appendix

Shareholder Structure

Organizational Structure and Current Values

The Crane Family

Use of IPO Proceeds

Organizational Structure and Current Values

General Management

* Total of permanent staff and contracted consultants. 23

High Employee Seniority and Satisfaction

Seniority and retention of employees above the industry average

Senior IT Staff

According to 2024 LinkedIn data, while the average seniority in the top 10 software companies in Turkey is 2.38 years, this figure is 5 years for Hitit

High Employee Satisfaction and Retention

According to the 2024 WTW data, the turnover rate (employee loss) in IT companies is 9% on average, while the same rate is 7.2% in Hitit.

Experienced Management Staff

The average seniority of mid and senior- level managers reaches 11 years, so the hard-won expertise and corporate memory of Hitit are preserved and transferred.

Crane Solutions We provide turn-key solutions for every step of the way in air travel.

Passenger Service System

A series of mission-critical systems used by airlines for reservations, ticketing, check-in, internet and mobile sales, departure control, loyalty programs and customer care.

  • Reservation & Passenger Service
  • Internet Booking Engine
  • Mobile Application
  • Allotment Manager

  • Communication Manager

  • Departure Control System
  • Weight and Balance

  • Baggage Reconcilliation Itinerary

  • Loyalty Layer
  • Customer Care Layer

Operations Planning Travel Solutions

  • Operations Control • Schedule Planning
  • Cabin and Cockpit Crew Planning & Operations

Merchandising Cargo

• Airline Travel Merchandising

  • Online Travel Agency
  • Agent Portal Plus

  • Reservation & Cargo Services

  • Domestic Cargo Services
  • Cargo Revenue Accounting

Accounting

  • Revenue Accounting Cost Accounting Business Performance Index

Use of IPO Proceeds

Infrastructure, development & improvements for the transition to cloud architecture

Development of software & infrastructure of products and solutions suitable for different markets

THANK YOU

Reşitpaşa Mah. Katar Cad. No: 4/1 ARI Teknokent 2 İç Kapı No: 601 34469 Maslak, İstanbul, Türkiye

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