VESTEL ELEKTRONİK SANAYİ VE TİCARET A.Ş.

Management Reports • Nov 28, 2025

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Corporate Credit Rating

☐New ☒Update

Sector: Consumer Durables

Manufacturing

Publishing Date: 28/11/2025

Team Leader Elif Kırlangıç Keçeli +90 212 352 56 73

elif.keceli@jcrer.com.tr

Senior Analyst

Adem Çengel +90 212 352 56 73

adem.cengel@jcrer.com.tr

R A T I N G S		Long Term	Short Term
ICRs (Issuer Credit Rating Profile)	National ICR	BBB (tr)	J2 (tr)
	National ICR Outlooks	Stable	Stable
	International FC ICR	BB	-
	International FC ICR Outlooks	Stable	-
	International LC ICR	BB	-
	International LC ICR Outlooks	Stable	-
ISRs (Issue Specific Rating Profile)	National ISR	-	-
	International FC ISR	-	-
	International LC ISR	-	-
Sovereign*	Foreign Currency	BB (Stable)	-
	Local Currency	BB (Stable)	-

VESTEL ELEKTRONİK SANAYİ VE TİCARET ANONİM ŞİRKETİ

JCR Eurasia Rating has evaluated "Vestel Elektronik Sanayi ve Ticaret A.Ş." in the investment grade category and revised the Long-Term National Issuer Credit Rating from 'A- (tr)' to 'BBB (tr)' and affirmed the Short-Term National Issuer Credit Rating at 'J2 (tr)' with 'Stable' outlooks. When the global and national scale rating matching published by JCR Eurasia Rating is considered, the Company's Long-Term International Issuer Credit Ratings were assigned as 'BB/Stable' in line with the sovereign ratings and outlooks of the Republic of Türkiye.

Vestel Elektronik Sanayi ve Ticaret A.Ş. ("Vestel Elektronik", "the Group" or "the Company") was established as a legal entity in 1983. With the acquisition made in 1994, the Zorlu Family has possessed the controlling interests of the Company. The Group operates mainly in the household appliances, and consumer and mobility electronics segments. It has also added the mining & metallurgy, defense industry, and software segments through its investments/affiliates valued by the equity method. Moreover, the Company is a partner of the leading domestic institutions for Türkiye's national automobile project ("TOGG").

Vestel Elektronik is headquartered in İstanbul but conducts its manufacturing activities principally in Vestel City which is a single location in the Manisa province of Türkiye with a total area of 1.3mn m². As of 30.09.2025, the Group had a staff force of 15,848 people. The Group has annual production capacities of 10mn units in TVs and 16.1mn units in major household appliances. Vestel Elektronik consistently takes place in "Türkiye's Top 500 Industrial Enterprises Survey" of the İstanbul Chamber of Industry at least since 2006. The Company ranked 39 th in the 2024 survey. Moreover, Vestel Elektronik took the 22 nd place in 2024 in the "Fortune 500 Türkiye" study. The Group has an export-oriented growth strategy. In 9M2025, 58.26% of the Group's gross revenue originated from export sales (FY2024: 59.46%). Thanks to its export power, the subsidiary company Vestel Ticaret A.Ş. ranked 11th in the 2024 list of 'Türkiye's Top 1000 Exporters' while being awarded as the industry export champion of the electric-electronics sector for 27 consecutive years.

Zorlu Holding A.Ş. continued to be the principal shareholder with a 52.77% share in the capital as of 30.09.2025, while the remaining shares were publicly traded on the Borsa İstanbul Stock Exchange (BIST). The shares of Vestel Elektronik have been traded on the BIST since 1990 with the 'VESTL' ticker. The Company is currently included in several indices, including 'BIST Stars Index', 'BIST Corporate Governance Index', and 'BIST Sustainability Index'.

Key rating drivers, as strengths and constraints, are provided below.

• Sustained efficient management of cash conversion cycle* in FY2024 and continuing contribution of 'changes in net working capital' in cash flow as of 9M2025,
• Natural hedging opportunities to a certain extent thanks to export revenues,
• Broad use of collateral instruments supporting credit risk management practices,
• Top-tier market positions in Türkiye and Europe,
• Vestel Group's omnichannel and R&D capabilities combined with multi-brand portfolio strategy,
• Strong compliance with corporate governance principles, as evidenced by its inclusion in the Borsa İstanbul Corporate Governance Index.

Strengths Constraints

• Ongoing notable retreatment in sales revenue and profitability in 9M2025,
• Low level of EBITDA margins leading to severe deterioration in leverage and coverage profile,
• Remarkable net losses pressuring equity base despite substantial contribution of non-cash revaluation gains,
• Persistent negative net working capital positions,
• High level of other receivables due from related parties,
• As actions for a global soft landing gain prominence, decisions with the potential to adversely affect global trade are engendering considerable uncertainty.

*Cash conversion cycle is calculated based on the average of 2 full years.

Considering the aforementioned points, the Company's Long-Term National Issuer Credit Rating has been revised from 'A- (tr)' to 'BBB (tr)'. The Group's cash conversion cycle, export capacity, collateral policy, sectoral positions in key markets, sales and after sales network, R&D capabilities, brand portfolio, and corporate governance compliance level along with sales, profit margins, leverage and coverage metrics, equity level and structure, liquidity profile, and deterioration in local and global macroeconomic conditions have been evaluated as important indicators for the 'Stable' outlooks for the Long and Short-Term National Issuer Credit Ratings. The Group's sales, profit margins, leverage and coverage profile, liquidity and cash flow metrics, and input costs will be closely monitored by JCR Eurasia Rating in the upcoming periods. The macroeconomic indicators at national and international markets, as well as market conditions and the legal framework of the sector will be monitored.

Copyright © 2007 by JCR Eurasia Rating. Finanskent Mah. Finans Cad. No: 4 İç Kapı No: 6 34760 Ümraniye / İstanbul- Türkiye Telephone: +90(212)352 56 73 Fax: +90 (216) 629 20 97 Reproduction is prohibited except by permission. All rights reserved. All information has been obtained from sources JCR Eurasia Rating believes to be reliable and information/clarifications provided by the Company. However, JCR Eurasia Rating does not guarantee the truth, accuracy and adequacy of this information. JCR Eurasia Rating ratings are objective and independent opinions as to the creditworthiness of a security and issuer and not to be considered a recommendation to buy, hold or sell any security or to issue a loan. This rating report has been composed within the methodologies registered with and certified by the SPK (CMB-Capital Markets Board of Turkey), BDDK (BRSA-Banking Regulation and Supervision Agency) and internationally accepted rating principles and guidelines but is not covered by NRSRO regulations. http://www.jcrer.com.tr