Alarko Holding A.S. · BIST:ALARK
Alarko Holding A.S — Investor Day (February 2026)
20 slides from Alarko Holding A.S's investor day presentation, Feb 4, 2026
Slide 1: Alarko Holding A.Ş. 7th Capital Markets Day
Alarko Holding A.Ş. 7 Capital Markets Day th February 4th, 2026
Slide 2: 2025 in Brief
2025 in Brief Macroeconomic Developments Developments in Alarko 2
Slide 3: Corporate Developments from 2023 to the Present
Corporate Developments from 2023 to the Present: Shareholder in Portfolio Management Perspective Sustainability Focus Alignment of All Integration of SWAP & New Portfolio Stakeholders New Growth Energy Division Oversight Around a Areas Structure Common Objective Selectivity in the Area 360-Degree Sw
Slide 4: Asset Swap Process and Expectations
Asset Swap Process and Expectations Valuation of Existing Businesses Cenal Thermal Power Plant will remain under Cengiz Holding; Meram and all its subsidiaries 01 will be incorporated under Alarko Holding. Formation of the New Structure Obtaining regulatory approvals by the end of the first half of
Slide 5: Impact of Inflation Accounting on Financial Results
Impact of Inflation Accounting on Financial Results Combined Sales Revenue Combined EBITDA Consolidated Net Profit -%22 +7.1 billion 323 TL Net -%7 Monetary 15.674 Position Loss 12.169 9M25 9M24 46.171 -333 42.950 9M25 9M24 9M25 9M24 5
Slide 6: Strong Cash Generation – Net Cash Position
Strong Cash Generation – Net Cash Position Operational Cash Generation (Million TL) Net Cash/Debt (Million TL) 16.427 Other 5,630 11.403 Construciton Net Debt 10,797 3.141 3.265 2022 2023 2024 2025 9M 2.113 2023 2024 2025/9A 2.366 2.920 710 1.271 -5.831 Combined Net Debt Consolidated Net Debt 6
Slide 7: Increase In Investments – Balance Sheet Capacity
Increase In Investments – Balance Sheet Capacity Combined Investment Amount (Million TL) Dividend Yield 2,3% 1,7% 2022 2023 2024 2025 2026 B 0,8% 0,4% 4.186 6.622 11.025 18.731 13.761 2021 2022 2023 2024 7
Slide 8: Efficiency in Power Production
Efficiency in Power Production Electricity Production (MWh) Electricity Prices (USD) 9.419.696 96 Power 9.882.098 9.844.186 9.950.000 Generation 69 67 60 58-52 320.000 2023 2024 2025 2026 B Following Swap 2023 2024 2025 2026 B 2026 & 2027 B 8
Slide 9: Cash Generation Capacity of the Power Generation Segment
Cash Generation Capacity of the Power Generation Segment Operational Expectations (Million USD) 135 9M 2025 105 Combined Net 85 Cash Position 6.5 Billion TL 20 16 15 Average Annual EBITDA Average Annual Net Profit Average Annual FCF 2026-2028 With Our Stake Following Swap 9
Slide 10: Power Distribution & Retail: Asset Base Supported by Investments
Asset Base Supported by Investments Indicators from Core Business Activities Asset Base Development (Million TL) 131.985 135.011 126.057 123.381 YBBO 120.428 %17 %16 TL Power 67.814 Distribution 71.975 70.085 61.577 67.296 63.862 & Retail 32.361 12.856 10.500,0 10.304,0 10.907,0 11.960 2.509 2.410 2
Slide 11: Cash Generation Capacity of the Power Distribution Segment
Cash Generation Capacity of the Power Distribution Segment Capex Ceiling (Mn TL) Operational Expectations (Mn USD) 355 9M 2025 90.000 84.829 12,00% Combined 80.000 10,80% 313 Net Cash 10,00% 70.000 270 Position 60.000 8,00% 230 50.000 7,80% 1.3 Billion TL 41.707 6,00% 40.000 30.000 4,00% 20.000 100
Slide 12: Tourism Focused Land Development
Tourism Focused Land Development Portfolio Value (Million USD) * 476 Hillside Fethiye 2025 REIT 442 Enerji 395 Year-End 233 Million & Üretim 331 USD Tourism 257 227 Hillside Bodrum 2025 Year-End 183 Million 2020 2021 2022 2023 2024 2025* (*) The cash data used for 2025 is sourced from the 9M 2025 fi
Slide 13: A Reliable Future in Agriculture
A Reliable Future in Agriculture We sustainably manage the value chain extending from soil to table • Greenhouse Activities: To conduct greenhouse farming activities based on geothermal energy in Turkey Enerji To expand greenhouse farming activities in Kazakhstan • Fertilizer Activities: Üretim Agri
Slide 14: Journey to Excellence in Agriculture
Journey to Excellence in Agriculture Greenhouse Fertilizer Activities Seed Activities Food Industry Activities Brand Building New Product New Products: Expanded Market Expansion Portfolio Peppers, Marketing Activities Sustainable Shorter Payment Cucumbers, Melons Contract Farming Products Terms and
Slide 15: BESS - Where Efficiency Meets the Future
BESS - Where Efficiency Meets the Future • Competition Authority Approval • Incorporation and Registration Power • Incentive Application Storage • Trademark Registration • Marketing and Sales 15
Slide 16: Alfor Aviation & Technical Services - UK
Alfor Aviation & Technical Services - UK Conversion works of our own Airbus A330-300 passenger aircraft into cargo freighter by integration of internal loading system (İLS) into the aircraft status & road map • Ongoing at Beja Airport/Portugal • Estimated road map for completion Aviation • Physical
Slide 17: Alarko Yatırım at a Glance
Alarko Yatırım at a Glance − Investment arm of Alarko Holding − $103M invested capital1 − Launched in 2020 as a private markets − $22M net return1 to date platform and expanded into public markets in 2023 $125M+ − Capital allocated across 1,250+ underlying companies1 via fund investments − Focused o
Slide 18: Alarko Yatırım: Portfolio
Alarko Yatırım: Portfolio $102.7MN $125.0MN 49+ Invested Capital1 Net Asset Value1 Investments1 45% US Europe 6% Investment by Geography1,2,3 Yatırım 39% Türkiye 39% 61% Africa 5% RoW South & 6% 1% Middle America East Türkiye Non-Türkiye (1) As of 31 December 2025 (2) Excluding exits (3) NAV (4) Res
Slide 19: Projected portfolio value growth trajectory
Projected portfolio value growth trajectory 4x+ portfolio value expansion anticipated by 2030 Private Investments Public Investments 515 CAGR 420 +32.8% 334 257 187 125 2025A 2026E 2027E 2028E 2029E 2030E 19
Slide 20: Thank you!
/ Thank you!