KONTROLMATİK TEKNOLOJİ ENERJİ VE MÜHENDİSLİK A.Ş.

Investor Presentation • May 23, 2024

Investor Presentation

M a y 2 0 2 4

Disclaimer

This presentation reflects the opinions of the Company management regarding future events, including future expectations, as well as the analysis of the information and financial statements about Kontrolmatik Teknoloji Enerji ve Mühendislik A.Ş ("Kontrolmatik" or the "Company"). Although it is believed that the information and analysis given are accurate and that the expectations are true, future results may deviate from the projections given here, depending on the change in the factors underlying the projections. The Company, its directors or employees or other relevant persons cannot be held responsible for any damages that may arise from the use of the information in this presentation. Except for the statements made in this presentation, all statements, including but not limited to, the launches of our new business, our operations, our financial position and our business strategies, may contain forward-looking statements. Although the Company believes that the expectations reflected in these forward-looking statements are currently reasonable, it cannot give any assurance that these expectations will be realized accurately. The Company does not accept any responsibility or liability for the accuracy or completeness of the information contained in this presentation or other written and oral information provided by its subsidiaries, board of directors, management, employees or agencies or other written and oral information given to related parties or consultants.

Executive Summary

✓ Core business of Kontrolmatik is experiencing robust growth (x4.6 growth to USD 135 mn in 3 years):

• → Positioned as the 22nd largest system integrator worldwide according to CFE Media and Technology
• → Healthy order backlog of USD 180 mn has been secured
• → Fostering growth mindset while focusing on profit discipline
• ✓ A strong core business & revenue recognition from new investments will lead to a significant inflection point but investments and cost of debt cause challenges:
  • → ~USD 220 mn investment in the last 3 years; mainly in Pomega (subsidiary in cell and battery manufacturing)
  • → The storage market is booming, Pomega is well-positioned. With one Giga Factory already operational in Turkiye and another under construction in the USA. Pomega has entered the global market through strategic partnerships like Varta.
• ✓ Kontrolmatik Technologies undergoes major transformation to a multibillion - dollar company with extensive investments:
  • → The company is transforming significantly, moving from an engineering-focused EPC business to a capital-intensive industrial technology enterprise.
  • → The core business remains robust and continues to deliver healthy margins. It serves as a strong foundation and supports the new business model by providing turnkey projects for Pomega and Progresiva.
  • → Our key growth drivers, Pomega and Progresiva, are expected to move the needle and significantly impact the performance: Pomega kicks off revenue recognition this year and Progresiva will follow in 2026.
  • → Therefore, the cost side is proving to be challenging because the transition has impacted financial figures due to the amortization/depreciation of investments, expenses related to the ramp-up process and consequences of the inflation accounting methodology.

The revenue projections from the previous presentation (dated June 2023) have been revised and delayed approximately by a year due to the high-interestrate environment and the longer than expected certification process.

Record Performance in 2023

Investment in last 3 years: ~USD 220 mn Revenue '23 USD 135 mn 21% YoY EBITDA'23 USD 29 mn 21% of revenue Net Income '23 USD 14.6 mn 11% of revenue Consolidated Financial Statements

Kontrolmatik continues to invest and expand its business into new markets, despite the challenges of inflation, high interest rates and geopolitical developments in the global market:

• ✓ Revenue reached USD 135 mn (21% YoY growth) driven by ongoing project progress.
• ✓ Net income reached USD 14.6 mn, representing 11% of revenue.
• ✓ EBITDA reached USD 29 mn, representing 21% of revenue; which is flat in comparison to the past year.
• ✓ An investment of USD 220 mn in last 3 years in line with sustainable growth targets.

Calculation methodology of EBITDA: Operating profit plus amortisation&depreciation Kontrolmatik specializes in delivering solutions in Electrification, Automation, Digitalization…

The Global

Mega Market Drivers Kontrolmatik is ready to address key mega market trends

… as a vertically integrated technology company.

Vertically Integrated Technology Firm

Robust Growth

in Core Business

Kontrolmatik's core business has experienced a compoundann ual growth rate of 67% since 2020, reaching USD 135 million.

Simultaneously, Pomega and Progresiva are Taking Off

The storage market is booming, and Pomega is well-prepared. With one Giga Factory already operational in Turkiye and another under construction in the USA. Pomega has entered the global market through strategic partnerships like Varta. Progresiva investment is ongoing.

On Track for the Transition into a Multibillion-Dollar Technology Company

Achieved record revenue and order intake aligning with our sustainable growth targets.

With our completed investments and new market strategy, our goal is to become a multibillion-dollar company.

Differentiation Through Owning the Entire Value Chain in E-A-D1)

Established a comprehensive supply chain from mining raw materials to producing valueadded final products. This includes mining operations, cathode and anode material production, battery cell manufacturing, energy storage systems and more.

Sustainable Footprint

Our goal is to contribute to the United Nations' objectives by building a sustainable organization and offering solutions that promote a sustainable future for our planet.

1) E-A-D: Electrification, Automation and Digitalization

The core business is experiencing significant growth…

Core system integration business shows strong growth throughout the years…

• ✓ Revenue grew by 67% CAGR since 2020
• ✓ EBITDA still maintained >20%

Growth in all business areas will continue in 2024

✓ Balancing ambitious growth targets and profitability

…Pomega and Progresiva will further contribute to the Kontrolmatik business

EBITDA Corridor: 20-25%

Core Kontrolmatik business is expected to be normalized at the level of USD 200-250 mn… 1

• ✓ New Market Penetration: Americas, Saudi Arabia, Europe and Ukraine Reconstruction
• ✓ Selective focus in power utilities, automation, solar and wind with engineering and system integration know-how

… and are expected to contribute to financial development

• ✓ In addition to pure Pomega storage solutions, there is a growing demand for turnkey solutions in solar and wind energy as well. This provides new opportunities for Kontrolmatik.
• ✓ In 2025 and 2026, Progresiva will create additional new orders of USD 50 mn consecutively to Kontrolmatik figures.

Pomega and Progresiva driven orders will additionally impact Kontrolmatik

Business generated by constructing Progresiva plant (details at p14) Business generated by turnkey projects to complement Pomega batteries' sales Business generated by traditional ongoing setup

Figures above only show Kontrolmatik figures; Pomega and Progresiva figures will be separately booked 1) New orders representsthe amount of the contract signed; generally recognized as revenue in 1 – 2 years.

Vertically Integrated Technology Firm

Robust Growth in Core Business

Kontrolmatik's core business has experienced a compound annual growth rate of 67% since 2020, reaching USD 135 million.

Simultaneously, Pomega and Progresiva are Taking Off

The storage market is booming and Pomega is well-prepared. With one Giga Factory already operational in Turkiye and another under construction in the USA. Pomega has entered the global market through strategic partnerships like Varta.

Progresiva investment is ongoing.

On Track for the Transition into a Multibillion-Dollar Technology Company

Achieved record revenue and order intake aligned with our sustainable growth targets.

With our completed investments and new market strategy, our goal is to become a multibillion-dollar company.

Differentiation Through Owning the Entire Value Chain in E-A-D1)

Established a comprehensive supply chain from mining raw materials to producing valueadded final products. This includes mining operations, cathode and anode material production, battery cell manufacturing, energy storage systems and more.

Sustainable Footprint

Our goal is to contribute to the United Nations' objectives by building a sustainable organization and offering solutions that promote a sustainable future for our planet.

1) E-A-D: Electrification, Automation and Digitalization

Storage Market worldwide is expected to boom, and…

Cumulative Installed Capacity Worldwide

*Source: Bloomberg New Energy Finance, 2022 New Energy Outlook A Pathway to Net Zero, Updated November 2023. 0.5 c-rate applied

…we are getting ready with Two Giga Factories

Achievements:

• ✓ Launched with a 500 MWh/y capacity in 2023.
• ✓ Majority of UL/IEC certificates already obtained.
• ✓ Contract negotiations for 1.5 GWh storage projects reached an advanced stage of maturity.

Next Steps:

• ✓ Inauguration of the second phase manufacturing with 2 GWh/y capacity planned in 2024 Q4.
• ✓ Additional Market demand of 6 GWh anticipated between 2025 and 2027.

Achievements:

Next steps:

• ✓ Groundbreaking completed; site preparation is currently undergoing.
• ✓ USD 127 mn incentive from the State of South Carolina.
• ✓ USD 900 mn total benefits from the Government under the Section 45X-Production Tax Credit by IRA until 2032 as below:

✓ Will be operational by 2025 Q4 with a 3 GWh/y capacity

Pomega's complementary partnership has been formed…

• Expertise ✓ Strong brand recognition
  -
  • ✓ Deep know-how in consumer battery domain
  • ✓ Over 140 years of experience
  • ✓ Global sales channels
  • ✓ Large production capabilities

• ✓ Expertise in LiFePO4 batteries and electricity grid code knowhow
• ✓ One of the rare players not located in the Far East
• ✓ Logistical advantage to serve European markets
• ✓ Offering turnkey solution capabilities, providing end-to-end solutions from battery cell to packs, racks, containerized and residential ESS

Alliance to create Europe's Premier Storage Company

The way forward

• ✓ Varta will accelerate its transition from NMC to LFP with Pomega
• ✓ Industrial and Utility-Scale Storage Solutions being a new division for Varta
• ✓ Shared Access to Sales Channels: Leveraging Joint Pipeline Opportunities
• ✓ Providing Export Credit Benefits for Turkish and Eastern European Customers
• ✓ Joint R&D for continuous improvement in the product portfolio
• ✓ Sharing Insights on Operational Excellence Across Factories

Progresiva investment is making significant progress with EPC-F business model

• ✓ Pre-license for 250 MW WPP+1 GWh BESS with the investment of USD 600 mn.
• ✓ Permits and permissions ongoing; Technical design and engineering continuing.
• ✓ EPC and investment finance contract signed for 1 GWh storage system. Discussions are ongoing with the technology provider to determine the financing source and vendors for the wind power plant.
• ✓ Construction kick-off planned for 2025 and completion by 2026.
• ✓ Progresiva will create additional order of ~USD 100 mn to Kontrolmatik and ~USD 200 mn to Pomega as a nominated subcontractor.

Kontrolmatik and its subsidiaries have a unique advantage in storage industry due to our ownership of the value chain.

Vertically Integrated Technology Firm

Robust Growth in Core Business

Kontrolmatik's core business has experienced a compound annual growth rate of 67% since 2020, reaching USD 135 million.

Simultaneously, Pomega and Progresiva are Taking Off

The storage market is booming, and Pomega is well-prepared. With one Giga Factory already operational in Turkiye and another under construction in the USA. Pomega has entered the global market through strategic partnerships like Varta. Progresiva investment is

ongoing.

On Track for the Transition into a Multibillion-Dollar Technology Company

Achieved record revenue and order intake aligned with our sustainable growth targets.

With our completed investments and new market strategy, our goal is to become a multibillion-dollar company.

Differentiation Through Owning the Entire Value Chain in E-A-D1)

Established a comprehensive supply chain from mining raw materials to producing valueadded final products. This includes mining operations, cathode and anode material production, battery cell manufacturing, energy storage systems and more.

Sustainable Footprint

Our goal is to contribute to the United Nations' objectives by building a sustainable organization and offering solutions that promote a sustainable future for our planet.

1) E-A-D: Electrification, Automation and Digitalization

Meanwhile, other investments are showing progress

Recent Developments	Next Steps	Status
+ Successfully developed own technology, completed rigorous testing and currently have five satellites operational in orbit	• The next 4 commercial satellites to be launched to the Orbit in July 2024.
+ New organizationalsetup in place	• Business plans for growth to be implemented • Incorporate into Kontrolmatik projects and markets
+ Mine enrichment facility commissioned in November 2023 + Currently in the process of test production	• Evaluating various optionsfor mass production, including sourcing from our own mines, local suppliers, and internationalsources
+ Software platform and CMMS software coverage has been completed + Soft Facilities Management Software coverage completed at 60% level	• Development of Soft Facility Management Software will continue • Sales activities of the new solution platform windesk.fm CAFM
+ First prototypes produced, machine park installation + Currently conducting test productions and pursuing certifications - Mass production experiencing delays due to capital allocation constraints	• Starting mass production in 2024 Q4 • Emphasis on boosting sales and ramping up marketing efforts
+ Product development completed, marketing activities, pilot/reference projects successfully done - Mass production experiencing delays due to capital allocation constraints	• Consider OEM manufacturing business model

EBITDA Corridor: 20-25%

Consolidated revenue target: USD 1.5-2 bn

1) New orders represents the amount of the contract signed; generally recognized as revenue in 1 – 2 years.

Our investments are set to deliver substantial results: …Consolidated revenue target: USD 1.5 – 2 bn w/ 25% EBITDA EBITDA Corridor: 20-25%

Debt Profile & FX Position

Vertically Integrated Technology Firm

Robust Growth in Core Business

Kontrolmatik's core business has experienced a compound annual growth rate of 67% since 2020, reaching USD 135 million.

Simultaneously, Pomega and Progresiva are Taking Off

The storage market is booming, and Pomega is well-prepared. With one Giga Factory already operational in Turkiye and another under construction in the USA. Pomega has entered the global market through strategic partnerships like Varta. Progresiva investment is ongoing.

On Track for the Transition into a Multibillion-Dollar Technology Company

Achieved record revenue and order intake aligned with our sustainable growth targets.

With our completed investments and new market strategy, our goal is to become a multibillion-dollar company.

Differentiation Through Owning the Entire Value Chain in E-A-D1)

Established a comprehensive supply chain from mining raw materials to producing valueadded final products. This includes mining operations, cathode and anode material production, battery cell manufacturing, energy storage systems and more.

Sustainable Footprint

Our goal is to contribute to the United Nations' objectives by building a sustainable organization and offering solutions that promote a sustainable future for our planet.

1) E-A-D: Electrification, Automation and Digitalization

Kontrolmatik as a solution provider in electrification:

Our manufacturing footprint as a global technology provider:

Full integration across automation value chain

Full integration across the digitalization value chain

We are building a world where everything is interconnected, automated and digitalized through our global network

Vertically Integrated Technology Firm

Robust Growth in Core Business

Kontrolmatik's core business has experienced a compound annual growth rate of 67% since 2020, reaching USD 135 million.

Simultaneously, Pomega and Progresiva are Taking Off

The storage market is booming, and Pomega is well-prepared. With one Giga Factory already operational in Turkiye and another under construction in the USA. Pomega has entered the global market through strategic partnerships like Varta. Progresiva investment is ongoing.

On Track for the Transition into a Multibillion-Dollar Technology Company

Achieved record revenue and order intake aligned with our sustainable growth targets.

With our completed investments and new market strategy, our goal is to become a multibillion-dollar company.

Differentiation Through Owning the Entire Value Chain in E-A-D1)

Established a comprehensive supply chain from mining raw materials to producing valueadded final products. This includes mining operations, cathode and anode material production, battery cell manufacturing, energy storage systems and more.

Sustainable Footprint

Our goal is to contribute to the United Nations' objectives by building a sustainable organization and offering solutions that promote a sustainable future for our planet.

1) E-A-D: Electrification, Automation and Digitalization

Sustainable Footprint

BIST Sustainability Index Ranking: 11th out of 307 firms…

Our sustainability efforts for BIST Sustainability Index have been improved at corporate level. After evaluation by REFINITIV, we have been included in the 'BIST Sustainability Index' as of Q2 of 2023.

Emissions reported by CDP guidelines

Our first CDP (Carbon Disclosure Project) report has been submitted. Related results have been released. Our emissions reporting score has been assessed as D, indicating that we are actively tracking and transparently reporting our emissions data.

S&P ESG Risk Rating: 42/100

Our first CSA (Corporate Sustainability Assessment) reporting has been completed for S&P Global. Our ESG Risk Rating Score is rated as 42/100. Compared to the sector average of 30, it is recognized as good achievement in terms of first-time reporting.

committed to UNGC SDG 2030 Goals

Sustainable Footprint

Case Study I

İSKİ – European and Asian Region Water Loss and Pressure Management

Sustainability Impact of The Project:

• 16,4% of waste-water reduced by Water Loss and Pressure Management System developed by Kontrolmatik
• Contributed to an increase in water efficiency and the availability of clean water per household and individual
• Resulted in a decline in the overall maintenance and repair needs and costs throughout the city

Case Study II

Gitaru Hydroelectric Power Plant Rehabilitation Project

Sustainability Impact of The Project:

• The generated electricity meets the needs of 10,000 households.
• Eliminated hazardous impact of a greenfield investment by renovating the plant
• Improved the quality of life and prosperity of the community in the region by providing safer, more efficient and uninterrupted access to electricity.

Case Study III

Gökçeada Virtual Power Plant Project

Sustainability Impact of The Project:

▪ The Energy Storage System by Pomega, coupled with a remote Monitoring and Control System for the power plant, ensures grid stability.

WHO CONTROLS TECHNOLOGY, CONTROLS FUTURE

kontolmatik.com