SASA POLYESTER SANAYİ A.Ş.

Investor Presentation • Dec 25, 2025

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Yatırımcı Sunumu Investor Presentation

December 2025

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Disclaimer

This presentation ("Presentation") is strictly confidential to the recipient and was prepared exclusively by SASA Polyester Sanayi A.Ş. ("SASA") solely for informational purposes and has not been independently verified and no representation or warranty, express or implied, is made or given by or on behalf of SASA. This Presentation contains selected information about the activities of SASA and its subsidiaries and affiliates (together the "Group"). It does not purport to be a comprehensive overview of the Group or contain all information necessary to evaluate an investment in the Group. As this Presentation only contains general, summary and selected information about the Group, it may omit material information about the Group and is not a complete description of the Group's business and the risks relating to it. Nothing in this Presentation is, or should be relied upon as, a promise or representation as to the future.

This Presentation is being communicated to selected persons who have professional experience in matters relating to investments for discussion purposes only and is incomplete without reference to, and should be viewed solely in conjunction with, any other publicly available information and discussions with SASA. Neither this Presentation nor any of its contents may be reproduced, retransmitted, further distributed to the press or any other person, in whole or in part, or used for any other purpose without the prior written consent of SASA. Failure to comply with this restriction may constitute a violation of applicable securities laws. This Presentation does not constitute or form part of, and should not be construed as, an offer to sell or issue or an invitation or inducement to subscribe for, underwrite or otherwise acquire, any securities of SASA in any jurisdiction or an inducement to enter into investment activity, nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of SASA, nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever.

This Presentation is not an advertisement and not a prospectus for the purposes of Regulation (EU) 2017/1129 or Regulation (EU) 2017/1129 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018.

Certain statements in this Presentation are forward-looking statements. These statements may be identified by words such as "anticipate", "expectation", "belief', "estimate", "plan", "target", "project", "will", "may", "should" or "forecast" and similar expressions, or by their context. Although SASA believes that these assumptions were reasonable when made, by their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. Actual results may differ from those set forth in the forward-looking statements as a result of various factors (including, but not limited to, future global economic conditions, changed market conditions affecting the industry, intense competition in the markets in which SASA operates, costs of compliance with applicable laws, regulations and standards, diverse political, legal, economic and other conditions affecting SASA's markets, and other factors beyond the control of SASA).

Except for as provided in capital markets legislation of Türkiye, neither SASA nor any of its directors, officers, employees, advisors, or any other person is under any obligation to update or keep current the information contained in this Presentation or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak of the date of this Presentation. Statements contained in this Presentation regarding past trends or events should not be taken as a representation that such trends or events will continue in the future. Save for above, no obligation is assumed to update any forward-looking statements. The information contained in this Presentation is provided as at the date of this document and is subject to change without notice.

This Presentation contains data sourced from and the views of independent third parties. In placing such data in this document, SASA makes no representation, whether expressed or implied, as to the accuracy of such data. The replication of third party views in this Presentation should not necessarily be treated as an indication that SASA agrees or concurs with such views.

ESG ratings may vary among ESG rating agencies as the methodologies used to determine ESG ratings may differ. SASA's ESG ratings are not indicative of its current or future operating or financial performance, or any future ability to service the Bonds and are only current as of the dates on which they were initially issued. Furthermore, ESG ratings shall not be deemed to be a recommendation by SASA or any other person to buy, sell or hold the Bonds. Currently, the providers of such ESG ratings are not subject to any regulatory or other similar oversight in respect of their determination and award of ESG ratings. For more information regarding the valuation methodologies used to determine ESG ratings, please refer to the relevant rating agency's website.

Neither SASA nor any of its directors, officers, agents, employees or advisors, nor any other person makes any representation or warranty, express or implied, as to, and accordingly no reliance should be placed on, the fairness, accuracy or completeness of the information or opinions contained in the Presentation or of the views given or implied. Neither SASA nor any of its directors, officers, agents, employees or advisors nor any other person shall have any liability whatsoever for any errors or omissions or any loss howsoever arising, directly or indirectly, from any use of or reliance on any information or opinions contained in or omitted from or otherwise arising in connection with this Presentation. It should be noted that certain financial information relating to SASA contained in this document has not been audited and in some cases is based on management information and estimates.

This Presentation and the information contained herein is intended to provide a general overview of SASA's business and does not purport to include all aspects and details regarding SASA and/or the Group. This Presentation is furnished solely for your information, should not be treated as giving investment advice and may not be printed or otherwise copied or distributed. Subject to limited exceptions described below, the information contained in this Presentation is not to be viewed from nor for publication or distribution in nor taken or transmitted into the United States of America ("United States") or any jurisdiction where such distribution is unlawful and this Presentation does not constitute an offer of securities for sale in any of these jurisdictions.

By receiving this Presentation, you agree to be bound by the foregoing limitations. This Presentation does not constitute investment, legal, accounting, regulatory, taxation or other advice and does not take into account your individual investment objectives. No recommendation is made as to how investors should exercise any investment decision. Any investor that intends to deal in any existing or prospective securities of the Group is required to make its own independent investigation and appraisal of the business and financial condition of the Group and the nature of the securities at the time of such dealing.

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AGENDA

• 1 Introduction to SASA
• 2 Key Highlights
• 3 Update on Investment Pipeline
• 4 Current Trading
• 5 Appendix

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SASA at a Glance

• ⚫ SASA, is a pioneer in the polyester sector with 60+ years market presence, #1 in Türkiye and leading global producer for specialty polyester polymers, staple fibers and filament yarns
• ⚫ SASA's significant investments serve its vision to "become the largest supplier of high value-added polyester in the region and beyond"
• ⚫ Fully integrated operations from design to production and distribution, with strong focus on Environmental Social and Governance (ESG) goals
• ⚫ Operating from a market that remains a polyester net importer, SASA derives +60% of its revenues from Türkiye with clients often export-oriented producers, offering natural hedge to offset currency risk
• ⚫ Continued investments in upstream integration as well as high value-added specialties; cumulative investments of approximately USD 4 billion since 2015 (as of September 2025) to strengthen competitive position
• ⚫ Manufacturing facilities located in Adana, Türkiye with an overall polymerization capacity of 1,500 ktpa as of September 2025
• ⚫ SASA has been listed on the Borsa Istanbul (BIST) since 1996 and its majority shareholder is Erdemoğlu Holding, who acquired the shares from H.Ö. Sabancı Holding in 2015

Manufacturing and Exports Footprint

Business Description Revenue Breakdown By Product and End Market¹

Key Figures

each respective year-end; ¹As of 2025/9; ² Percentages given on the map reflect export revenue breakdown by primary export countries as of 2025/9

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Long-Standing History of Growth and Innovation

⚫ By purchasing all SASA shares owned by H.Ö. Sabancı Holding A.Ş. and the remaining shares through a mandatory takeover bid, Erdemoğlu Holding A.Ş. became the main shareholder with an 84.8%

stake ⚫ Polyester Fiber plant became operational

⚫ Acquired land for the largest petrochemical complex at Yumurtalık /Adana with announced investment of USD25bn over 12 years

2022

• ⚫ Commencement of commercial production at the PTA production plant
• ⚫ Commencement of commercial production at the MTR production plant
• ⚫ Land SPP, with an installed capacity of 45.7 MWp, has commenced operations
• ⚫ Special Industrial Zone (SIZ) approval for Yumurtalık, Adana was obtained from the Presidential Office

2025

⚫ Establishment of operations

⚫ Initial public offering

1966 2000-11

⚫ The company named DUPONTSA after joint venture with DuPont in 2000

1996 2015 2019

• ⚫ H.Ö Sabancı Holding acquired shares of Dupont and renamed the company as ADVANSA in 2004
• ⚫ H.Ö.Sabancı Holding bought the majority shares of SASA and changed the company title as SASA Polyester Sanayi A.Ş. in 2011

2020-21

• ⚫ POY/DTY/PET Resin investments became operational
• ⚫ Commencement of 1,750 ktpa PTA investment
• ⚫ Commencement of new 330 ktpa PET Resin and 402.5 ktpa Fiber investments
• ⚫ Issued first ever international convertible bond by a Turkish issuer raising EUR200mm for SASA

⚫ Rooftop solar power plant (SPP) with an installed capacity of 16.4 MWp has commenced operations

Source: Company information

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SASA Offers a Compelling Investment Opportunity

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#1 Turkish Player in the Fast-Growing Polyester-Polymer Market

Global Polyester Market Has a Strong Secular Growth Outlook

Global polyester capacity (mtons)

• Polyester consumption growth mainly driven by increasing purchasing power from GDP growth and rising disposable income; growing population and rising per capita income make emerging markets more attractive
• Recent and anticipated market growth in end-use industries particularly in (i)
  Plastic industry (especially packaging sector) and (ii) Textile and leather industry
  impacted by post-COVID dynamics
• Higher structural demand for polyester products in comparison to other textile or plastic materials, largely driven by relatively lower unit costs
• Substitute demand for polyester products, regarded as the only handmade replacement for cotton

SASA Owns 54% of the Polyester Production Capacity in Türkiye

1 market positioning with strong fundamentals Polyester producers' capacities in Türkiye

• Proportion of Asia in global production has increased over recent years
• Due to global dynamics (i.e. lessons-learnt from Covid-19, West-China tension, logistics and geographical proximity factors, among others), EU demand has and it is expected that it will continue to further migrate to Türkiye

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SASA is by Far the Largest Supplier in Türkiye and a Leading Global Polyester Player, Enabling it to Compete on the Global Stage

Key Global Polyester Players

⚫ Largest Polyester producer in North America

• ⚫ Petrochemicals, petrol & gas, digital services, retail and textiles
• ⚫ The biggest integrated fiber and yarn producer

• ⚫ Petrochemicals, textile products, chips, DTY, POY, FDY and other
• ⚫ Strong distribution channel within China, Taiwan, South Korea, Malaysia, Thailand, Indonesia, Mexico, Spain and Italy

• ⚫ PET chips, film and polyester yarn producer
• ⚫ Production sites: India, UAE, Bahrain, Belgium

DTY producer

⚫ Polyester Chips, POY, FDY,

SASA benefits from a strategic position vs. its competitors mainly from Asia

⚫ Petrochemicals, Polyester Chips, POY, FDY, DTY, PSF, PTA producer

⚫ PET and PTA producer

• ⚫ Polyester chips, POY, DTY, FDY and PTA producer
• ⚫ Operates in Türkiye under "Suneast" brand

• ⚫ Petrochemicals, textile products, polyester chips, PBT, PSF, POY and other
• ⚫ Production plants all across China in Taiwan, Shanghai, Henan, Hebei, Tianjin and others

• ⚫ PSF, polyester chips, POY, PET resin, PTY, DTY, PET film and other
• ⚫ Production plants in Taiwan, in Ilan and Mailiao

• ⚫ Petrochemicals, plastics, rubbers, BOPP films and other
• ⚫ International offices in Vienna, China and Istanbul

⚫ Production sites: Africa, Americas, Asia-Pacific and Europe

• ⚫ Petrochemicals, PET polymer, polyester chips, sheets, polyester fiber, industrial fabric and others
• ⚫ Second largest Taiwanese producer with production and sales over Taiwan, China, Vietnam, Japan and US, etc.

10 Source: Wood Mackenzie

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Differentiated and High-Value Added Business Model for a Diversified Customer Base

SASA has achieved a specialty product mix...

...serving diversified end markets that ensure stability and growth in demand

END MARKETS SERVED

• Filling materials
• Upholstery fabric
• Confection and denim fabric

• Film and packaging materials which shall or shall not be in contact with food
• Mineral and acidic beverage bottles
• Sheet

• Hygiene and care products
• Medical material production
• Construction and building materials

• Auto parts
• Industrial applications requiring higher
• Cord fabric

Selected customers

SANBENEDETTO

Fil Committeens

Johns Manville

• Top 10 domestic customers represent 45% of total sales2
• Top 10 export customers represent 38% of exports²
• Well diversified and loval customer base both domestically and internationally reduces concentration risk

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Hard Currency-Based Business Model (99% of Revenues), Serving Both Domestic and Export Markets

Export sales experienced strong growth through 2022, moderated with shifting global demand…

…while ensuring independence from exports on the back of domestic demand

Even domestic sales are priced in hard currency

2020 2021 2022 2023 2024 2025/9

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Strong Asset Base Further Strengthened by High-Return, Short-Payback Growth Projects

	Contribution to capacity	Completion date
1 Fiber investment1	350ktons	2019 – 2Q
2 POY/TEXTURIZER	350ktons	2020 – 2Q
3 MTR-1	315ktons	2020 – 3Q
4 MTR-2	330ktons	2025 – 1H
5 Fiber Investment	402.5ktons	e. 2025 – 4Q

SASA's Total Capacity (ktpa) Future Investments to Drive Vertical Integration and Support Growth

	Fiber1
Rationale	High-value added downstream products
Investment amount	USD 450mm
Current investment value	USD 650mm
Capacity	402.5ktons
Commission date	2025-4Q
Expected contribution to turnover	USD 400mm ⚫
Financing details	25% capital, 75% debt ⚫ Other investment loans with 5 to 10 years maturity ⚫
Funding status	Completed

• ⚫ SASA won a public tender for 4.06mm square meter land privatization in Adana/Yumurtalık region to build one of Türkiye's largest petrochemical project to date to limit imports petrochemical products. The total amount of land has reached 6.5 million square meters as of September 2025
• ⚫ Special Industrial Zone (SIZ) approval for Yumurtalık, Adana was obtained from the Presidential Office on 16 August 2025
• ⚫ Investment of the first phase is expected to kickoff in 2027, and the entire Project consists of four phases, starting from Condy Refinery Integrated with Aromatics and PDH/PP facilities to serve both domestic and export markets
• ⚫ Next phases will expand integration with a steam cracker and advanced petrochemical units, supporting long-term growth and product diversification

SASA low-cost position further strengthened by vertical integration

• SASA's vertical integration into PTA – one of its main feedstock alongside MEG – has reduced imports dependency, enhanced supply security, and generated savings on freights and custom duties. Moreover, it will enable SASA to capture value across the entire production chain. The majority of the PTA output is being used for the company's internal consumption ✓ ✓

• PTA Vertical Integration to Yumurtalık Crude oil to Chemicals (COTC) Investment – will bring SASA additional sustainability strength and ability to gain price margin starting from Crude/Condansate up to Polyester

• Operating within Türkiye's tax-protected environment, SASA maintains a leading position in the domestic market, backed by robust technological infrastructure and strategic investments focused on vertical integration

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Validated Commitment to Global ESG Standards and Sustainability Supporting Long-Term Value Creation

A Business Model that Prioritizes ESG Practices

SASA's Sustainalytics Ratings International Environmental Policies

ISO 50001:2018

ISO 9001:2015

ISO 27001: 2022

ISO 45001:2018

Dedicated Vision to Leave a Better World for Future Generations

Investment in solar energy

• ⚫ Roof solar system, which is providing energy production of 16.4 MWp p.a. in Adana, has been put into operation
• ⚫ Land solar system, which is providing energy production of 45.7 MWp p.a. in Gaziantep, has been put into operation
• ⚫ SASA continues its efforts to increase its investments and aims to provide 50% of its energy needs from renewable energy until 2030

• ⚫ SASA ranks 1st among 272 companies in the commodity chemicals sub-sector according to Sustainalytics ESG risk rating ranking
• ⚫ SASA's environmentally friendly production of fiber and chips products has been registered with the environmental label

Financed education projects and provided scholarships (USD28mm)

EDUCATION HEALTH SOCIAL OTHER

Built two health centers (USD1mm)

Implemented social projects via building social facilities (USD21mm)

Funded police stations, foot bridges, parks and museums (USD22mm)

DRAFT

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Robust Financial Profile Serving as a Proof of Strategy…

Net Sales EBITDA

• ⚫ 2021 Growth: Revenue increased due to (i) production capacity rising to 1.4 kton/year and (ii) utilization rate improving from 71% to 83%
• ⚫ 2022 Volatility: Elevated raw material prices supported higher net sales but volatility balanced out previous gains
• ⚫ 2023-25 Decline: Macroeconomic policies and shrinking domestic and export market demand, especially in Europe and China, put pressure on revenue figures

• ⚫ 2022 Peak: Despite volatile raw material prices due to the Ukraine crisis, increased production capacity enabled SASA to achieve higher EBITDA
• ⚫ 2023-25 Decline: Global recession and continued cost pressures, particularly from feedstock and materials, led to a decrease in EBITDA

Macroeconomic Environment: Inflation-fighting policies in Türkiye and Europe, combined with weak demand in China, continue to pressure profit margins Export Market Dynamics: Surplus raw materials are being sold to foreign markets at aggressive prices, further impacting profitability

DRAFT

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…of our continued investments in the platform through the cycle…

Leverage ratio is calculated using EBITDA based on the sum of the last 12 months' EBITDA (including pension provisions for 2025/9)

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...to further strengthen our competitive position vs. global competition

PTA Plant-Gate Cash Cost, by 2030 (\$/t nominal)¹

• SASA's PTA assets are projected to be positioned in the 2^nd quartile globally by 2030, leveraging integrated feedstock supply to achieve a cost base below most regional and Western competitors
• Rapid expansion of low-cost Chinese PTA capacity reshapes the global market, increasing margin pressure on higher-cost producers in Europe
• SASA's competitive cost position supports resilient margins and enables opportunistic sales to both domestic and export markets, even as global competition intensifies
• SASA's Yumurtalik COTC Integration Project is envisaged to position SASA's PTA asset in the 1^st quartile by producing feedstock for PTA on-site, leading to reduced feedstock prices and elimination of freight costs for imports²

Protective measures: Customs tariffs and anti-dumping duties in Türkiye and the EU support SASA's competitiveness (e.g. EU anti-dumping duties on Chinese PET contribute to Turkish exports to the EU)

Market access: Duty-free trade agreements with the EU give SASA a cost advantage, enabling lower-cost entry to the EU market vs. non-EU competitors facing tariffs

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Experienced Management with Strong Track Record and Solid Anchor Shareholders

Shareholder Structure

Erdemoğlu Holding Overview¹

⚫ Erdemoğlu Holding is a major industrial conglomerate based in Türkiye, with group companies operating in the chemicals, textile, and carpet industries

USD2.2bn revenue

USD360mm EBITDA

+15,000 employees

Key Management

Dr. Mustafa Kemal ÖZ CEO

⚫ Holds PhD in chemistry

Şakir S. YENER CFO

• ⚫ Responsible for financial operations and reporting
• ⚫ Holds BA degree in business administration

Güven KAYA CIO

• ⚫ Responsible for investments and technical coordination
• ⚫ Holds MS in Chemistry

Abdullah KELEŞ COO

• ⚫ Responsible for sales and marketing
• ⚫ Holds BS in textile engineering

Alphart Ernst GEISSLER COO

• ⚫ Responsible for human resources
• ⚫ Holds MS in social and experimental psychology

Ersoy NİSANOĞLU COO

Taşkın AYTEKİN

• ⚫ Responsible for all business units
• ⚫ Holds MS in chemistry

COO

• ⚫ Responsible for supply chain management
• ⚫ Holds BS in industrial engineering

x Years of experience with SASA

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Further Investments to Drive Vertical Integration and Support Growth

Targeted investments and upstream integration are key to SASA long term visions, both in terms of sales growth and profitability

• ⚫ Approach: Investment plans and related financing structure always take the leverage ratio into consideration as a priority
• ⚫ Flexibility: Modular structure of the investments allows SASA to manage construction and implementation process according to market conditions

Land acquisition & expansion

• ⚫ SASA won a public tender¹ of 4.06mn square meter land privatization in Adana/Yumurtalık region, the petrochemical cluster privatized by Turkish Government, in June 2022
• ⚫ Cost of the real estate is TRY 2,139 million (USD 120 million), of which 25% has been paid in cash, while the remaining amount is being paid in equal installments over 5 years
• ⚫ With the acquisitions, the total amount of land has reached 6.5 million square meters as of end of September 2025

Project development

⚫ SASA is planning to establish a refinery and petrochemical production facility on this land, where semi-processed raw materials used in polyester polymer production as well as certain high valueadded products will be manufactured

Strategic impact

⚫ Production will be 100% import substitution

Timeline

⚫ Project is expected to kickoff in 2027.

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Current Trading Update

2025 financial performance

• ⚫ Overall financial performance in 2025, from a revenue and EBITDA perspective, is expected to remain below what was achieved in 2024, but always consistent with our previous projections.
• ⚫ Supported by contributions from completed investments, revenue and EBITDA in H2 2025 are expected to exceed the levels achieved in the same period of 2024

2025 net debt, leverage, CESCE-covered facility waiver, and other short term borrowings

• ⚫ As of Q3 2025, net debt / LTM EBITDA was 18.7x
• ⚫ With the effects of the aforementioned completed investments in purified terephthalic acid (PTA) and melt to resin (MTR), net leverage in Q4 2026 is expected to record a sizeable fall to 8x
• ⚫ As disclosed in the Q2 2025 audit report of SASA, some of the Group's loan agreements related to the PTA investment contain covenants that must be complied with, and as of 30 June 2025, according to these covenants, performance criterion have not been met. This caused financial statement to reflect a significant increase in the short term debt. Pursuant to discussions with the lenders of the CESCE facility, the Group has obtained the necessary waivers. As such the CESCE covered loan will be reclassified back to long-term borrowings (save for the short-term portion of the relevant borrowings)
• ⚫ SASA is actively engaging with its local creditors to refinance outstanding short-term financial debt. Based on established relationships with these lenders, SASA does not anticipate any challenges in refinancing of its maturing loans in line with ordinary course of business

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Established Capital Structure with Access to International Capital Markets

Breakdown of Total Loans & Costs by Currency (2025/9)

Currency issuance	Principal (USDmm)	Weighted aver. interest rate	Accrual interests (USDmm)	Total (USDmm)	% of total	Collateral
Bank loan (EUR)	2,504	5.99%	59	2,563	84%	Secured 1
Bank loan (USD)	296	8.34%	20	316	10%	Secured 1
Bank loan (TRY)	112	23.96%	65	177	6%	Unsecured

Total debt	2,912		144	3,056	100%
Lease liabilities (EUR) 2	4	5.44%	0	4
Total debt IFRS	2,916		144	3,060

Debt Maturity Profile (2025/9)

Net Debt^2,3 and Leverage⁴

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PTA Investment of SASA

Vertical Integration Into PTA to Positively Impact the Margins

SASA will meet all of its PTA requirements from its own PTA facility located in Adana

• PTA is the primary feedstock for the production of polyester-based products
• SASA invested ~USD1.75bn to build 1.75mt PTA capacity, which will reduce its dependence on imports and expand its polyester business with support for recent investments in PET resin and polyester fiber and filament products
• Additionally, the investment will allow to capture the spread between PTA and PX (PX is used as a feedstock for PTA and will be accessed from the Persian Gulf region)

Key Structural Drivers

• Domestic demand: PTA demand in Türkiye is expected to increase >2.3mt by 2026, entirely absorbing incremental capacity
• Duty protection: SASA key domestic market, duty protected to ensure the competitiveness of the critical petrochemical sector
• Government's strong incentive support: corporate tax discount, income tax withholding, energy consumption incentive, employer's national insurance contribution support, qualified personnel support, interest rate support from the government of Türkiye to support investments
• Technology: PTA cost competitiveness between regions is largely determined by choice of process technology. SASA employs P8, Invista's latest version of its PTA production technology, reducing PX, acetic acid and power usage on a ton per ton basis vs. older PTA Technologies

SASA will gain a competitive advantage mainly due to time spent in transportation, inventory adjustment and duty costs

With PTA produced within the country, the current account deficit reducing effect is expected to be ~300 million USD

The facility is the highest-capacity PTA plant in the EMEA region

Source: Wood Mackenzie

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Türkiye Macroeconomic Outlook

Real GDP Growth Rate

4th largest economy in Europe3, Türkiye is at the forefront of GDP growth and driving momentum across the continent

Inflation4

Consumer price index in Türkiye remains high but policy tightening is curbing inflation, supporting a more stable business environment

Exports

Türkiye's global export share is rising, reaching new highs and expanding Türkiye's role in world trade - despite a slowdown in recent years

Total International Reserves⁵

Türkiye's total international reserves are at an all-time high, signalling increased economic resilience and flexibility

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Balance Sheet

USD ('000)	2023	2024	2024/9	2025/9
Current assets	977,745	748,145	900,793	748,419
Cash & cash equivalents	178,721	62,268	65,459	17,998
Financial investments	-	-	-	-
Trade and other receivables	366,341	244,853	331,263	303,997
Inventories	386,600	373,813	435,268	330,397
Other current assets	46,082	67,211	68,803	96,027
Non-current assets	4,178,669	5,836,609	5,648,482	6,404,564
Net fixed assets	2,833,794	4,182,275	4,019,587	4,665,141
Intangibles (net)	12,163	16,279	14,797	36,956
Investments	-	-	-	-
Deferred tax assets	1,248,736	1,536,708	1,503,330	1,671,696
Other long-term assets	83,976	101,346	110,767	30,771
Total assets	5,156,414	6,584,754	6,549,275	7,152,984
Current liabilities	1,196,151	1,404,661	1,908,263	1,999,740
Short term financial debt	781,988	1,142,821	1,453,773	1,555,971
Trade payables	293,654	214,559	350,837	354,786
Other current liabilities	120,509	47,281	103,653	88,983
Non-current liabilities	1,723,551	1,753,864	1,455,646	1,826,072
Long-term financial debt	1,437,402	1,538,893	1,286,800	1,509,441
Other long-term liabilities	286,150	214,970	168,846	316,632
Equity	2,236,712	3,426,229	3,185,366	3,327,172
Share capital	491,832	1,241,929	1,266,148	1,055,625
Share capital adjustment	-	210,344	158,224	492,684
Repurchased shares	(49)	(808)	(785)	(9,452)
Reserves & valuation	37,963	519,063	509,329	553,393
Share premiums	134,807	390,394	296,237	416,211
Accumulated other comprehensive income	144,179	173,254	168,051	184,812
Prior years' profit	810,001	373,938	282,396	877,379
Net profit for the period	617,978	518,116	505,765	(243,481)
Total equity and liabilities	5,156,414	6,584,754	6,549,275	7,152,984

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Income Statement

USD ('000)	2023	2024	2024/9	2025/9
Net sales	1,573,353	1,377,045	1,041,180	931,973
Cost of sales (excl D&A)	(1,239,761)	(1,083,874)	(793,469)	(756,869)
Gross profit	333,592	293,171	247,711	175,104
SG&A (excl D&A)	(64,818)	(71,430)	(52,751)	(58,933)
FX gains due to receivables	608,815	261,019	239,307	179,335
FX loss due to trade payables	(661,640)	(259,690)	(249,134)	(175,445)
Other income / (expense), net	28,070	(8,469)	1,384	9,099
EBITDA	244,020	214,601	186,516	129,159
Depreciation and amortization	(39,936)	(51,007)	(37,307)	(99,886)
Operating income	204,084	163,593	149,209	29,274
Other income	702,883	908,927	743,043	578,116
Interest expense	(243,285)	(184,942)	(143,690)	(255,800)
FX loss due to financial liabilities	(660,535)	(401,660)	(284,847)	(742,804)
Profit before tax	3,148	485,919	463,715	(391,214)
Deferred tax income / expense	618,379	32,197	42,050	147,733
Corporate tax	(3,549)	-	-	-
Net income	617,978	518,116	505,765	(243,481)

{28}------------------------------------------------

Cash Flow Statement

USD ('000)	2023	2024	2024/9	2025/9
EBITDA	244,020	214,601	186,516	129,159
Change in NWC	(279,368)	(7,197)	(22,853)	617,500
CAPEX	(782,693)	(852,101)	(664,505)	(325,975)
Operating cash flow before tax	(818,041)	(644,697)	(500,842)	420,684
Tax	-	(4,276)	-	-
CFADS	(818,041)	(648,973)	(500,842)	420,684
Bank loans	2,392,662	1,846,707	1,351,699	1,057,383
Bank loan repayments	(1,435,040)	(1,315,014)	(823,487)	(1,015,984)
Bank loan interest payment	(233,834)	(155,826)	(136,594)	(127,866)
Other cash flow items	244,816	186,043	21,191	(369,145)
Cash flow during the period	150,563	(87,062)	(88,034)	(34,929)
Dividend distribution	-	-	-	-
Cash flow during the period	150,563	(87,062)	(88,034)	(34,929)
Cash at the beginning of the period	44,952	215,307	209,110	66,386
Cash revaluation	(16,794)	(66,196)	(55,617)	(13,459)
Cash at the end of the period	178,721	62,049	65,459	17,998

{29}------------------------------------------------

Recent Capital Expenditure

{30}------------------------------------------------

Glossary & Disclaimer From Data Providers

BOPP: Biaxially Oriented Polypropylene

CAGR: Compound Annual Growth Rate

CBRT: Central Bank of the Republic of Türkiye

CMBT: Capital Markets Board of Türkiye

COTC: Crude Oil To Chemicals

DMT: Dimethyl Terepthalate

DTY: Drawn Texturized Yarn

EMEA: Europe, the Middle East and Africa

ESG: Environmental, Social and Governance

FDY: Fully Drawn Yarn

IFRS: International Financial Reporting Standards

ISO: International Organization for Standardization

MEG: Monoethylene Glycol

MTR: Melt to Resin

OECD: Organization for Economic Co-operation and Development

PBT: Polybutylene Terephthalate

PET: Polyethylene Terephthalate, raw material for film and packaging sectors

POY: Partially Oriented Yarn

PSF: Polyester Staple Fiber

PTA: Purified Terephthalic Acid, main feedstock for polyester production

PX: Paraxylene, main feedstock for PTA production

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