CORPORATE

Esteemed Stakeholders,

We have left behind 2025 - a year marked by significant uncertainties in the global economy, a reconfiguration of international trade policies, a notable rise in geopolitical tensions, and persistent inflationary pressures. In the energy sector, long-term structural risks and short-term supply security challenges had to be managed simultaneously, making this period dynamic, with energy at the center of geopolitical balance. New regulations affecting global trade, shifting tax practices, and tighter financing conditions moved the investment environment toward a more selective and cautious approach.

Within this global context, Europe sought to accelerate the energy transition while maintaining fiscal discipline. Following the Russia–Ukraine war, energy supply security remained one of Europe’s highest priorities. In this environment, renewable energy investments gained greater strategic importance – not only for combating climate change, but also for supply security and cost competitiveness. Meanwhile, the United States’ continued preference for policies supporting fossil fuel production, alongside the European Union’s sustained commitment to sustainable energy, further deepened the 4 divergence in the global energy landscape.

As electrification becomes central to economies, we continue to contribute decisively – not only through our commitment to investing in renewable energy, but also by supporting Türkiye’s renewable energy transformation and reducing external energy dependency.

Domestically, we experienced the positive effects of economic recovery more clearly in 2025. With efforts to combat inflation and interest rate cuts underway, growth exceeded the OECD average. The OECD’s decision to raise Türkiye’s growth forecast to 3.6% further strengthened our country’s credibility among international investors. In energy, Türkiye continued to advance wind and solar investments with determination, while also standing out within the OECD as a developing country actively delivering the energy transition – supported by progress in grid flexibility and storage solutions.

According to the International Energy Agency’s World Energy Outlook report published in 2025, energy demand is expected to rise significantly in the coming period, driven especially by data centers and AI-related services. The report highlights that electricity demand is increasing much faster than overall energy use, and that growth in electricity consumption will accelerate not only in developing countries but also across advanced economies.

As electrification becomes central to economies, global installed renewable capacity is projected to reach approximately 10,000 GW by 2030. In parallel, Türkiye’s National Energy Plan targets an increase in installed wind and solar capacity to 120,000 MW by 2035, underscoring the country’s determination to expand the share of renewables.

At Galata Wind, we continue to contribute decisively – not only through our commitment to investing in renewable energy, but also by supporting Türkiye’s renewable energy transformation and reducing external energy dependency. With a business model grounded in an environmentally responsible, reliable, and sustainable approach, we aim to create value for both today’s system and the energy system of the future.

We have commissioned vital investments in 2025. Our medium term target is 1,000 MW installed capacity

Aligned with this mission and our goal of becoming a global player in sustainable energy, we successfully delivered major investments in 2025. Our portfolio, currently comprising three wind and two solar power plants located in Türkiye’s most productive regions, reached 354.2 MW of installed capacity as of year-end 2025, supported by the Mersin WPP capacity increase and the completion of the Taşpınar Hybrid SPP Project. Driven by climate conditions and the impact of newly commissioned incremental capacity, our generation increased by 8.7% year-over-year, reaching a total of 880,937 MWh— 826,845 MWh from wind and 54,092 MWh from solar.

By prioritizing operational excellence, technology-driven growth, and strategic investments aligned with our climate targets, we aim to increase our total installed capacity to 576.8 MW in the short term and above 1,000 MW in the medium term. We closely monitor sector developments and evaluate growth opportunities that meet our investment criteria with discipline, focusing on capacity expansions, acquisitions of new renewable energy companies, and project development.

International expansion is also a key pillar of our growth strategy. Within our 300 MW international investment target, we signed various agreements for solar energy projects in Germany and Italy. Including finalized projects and those still under negotiation, our European portfolio reached a total of 132 MW-72 MW of solar PV and 60 MW of battery energy storage systems (BESS). Beyond contributing to energy supply through our electricity generation, we also support the reduction of carbon emissions. Structured in line with our operational net-zero commitment by 2030 and our carbon footprint reduction targets, our portfolio prevents approximately 490,000 tons of carbon emissions annually.

The financial and operational achievements we delivered strengthen our confidence and motivation to reach our future targets. In 2025, our consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) amounted to TRY 2.01 billion; our profit before tax was TRY 1.36 billion; and our revenue totaled TRY 2.94 billion. Throughout the year, we held various events as part of our stakeholder and investor communications, and we continued our efforts to diversify our investor base and maintain transparent engagement.

We are working to leave a sustainable world.

Sustainability remains an integral part and the foundation of Galata Wind’s business model. In 2025, we published our third sustainability report, titled “The Power of Nature, Our Values, Our Future,” prepared in alignment with the European Sustainability Reporting Standards (ESRS) and the GRI 2021 Standards, and transparently shared our environmental and social impacts with all stakeholders.

In line with our commitment to transparent communication with all stakeholders – especially investors and employees – we updated our Information Security Policy, Disclosure and Public Statement Policy, Donations, Grants and Sponsorship Policy, and Remuneration Policy. We also established a Boardlevel Diversity Policy, underscoring the importance we place on diversity in governance.

With its strong environmental, social, and governance (ESG) performance, Galata Wind further reinforced its global position in 2025. In the corporate rating process conducted by Sustainable Fitch, our corporate score remained at level “2,” while our total score increased to 78. We maintained our leadership among 19 Turkish companies assessed and ranked within the top 15% of more than 160 global energy companies. With our exclusive focus on renewable energy generation, we also proudly maintained our distinction as the second company in the EMEA region recognized as a “pure player.”

MSCI ESG Ratings assessed our resilience to long-term ESG risks at “AA,” while our ESG risk rating in the Sustainalytics analysis improved to 13.3, placing us 16th globally and within the top 3% among 631 companies in the Electric Utilities sector. Our CSRHub ESG score was 64, and our S&P Global ESG score increased from 52 to 65, up 13 points year-overyear, positioning us as the second-highest scoring company in Turkey’s Electric Utilities sector. In corporate governance, the improvement of our compliance rating from 9.57 to 9.62 provided clear evidence of our commitment to transparency and effective management.

We are taking concrete steps in line with our 2030 growth strategy.

Looking ahead, to sustain our performance, we will continue to act within a strategic framework and place maximum emphasis on capital discipline to minimize the impact of a changing economic environment. In line with our target to exceed 1,000 MW of installed capacity by 2030, we will maintain strong capital discipline while prioritizing operational efficiency and financial resilience.

Full compliance with global and local regulations – including the Carbon Border Adjustment Mechanism (CBAM) and the Emissions Trading System (ETS)—will remain among our core priorities. In this context, we will sustain our leadership by supporting data reliability and transparency in our reporting processes through a robust digital infrastructure.

For 2026, we have grouped our priorities under four core pillars: project delivery and selective growth; flexibility and operational excellence; financial discipline; and a foundation of sustainability and compliance. Within our operations – guided by project selectivity, grid connection suitability, and a flexibility perspective supported by storage – we will focus on the construction of Alapınar WPP and additional capacity expansion at Şah WPP. In addition, based on the pre-licenses we obtained in 2024 for a total of 410 MW of storageintegrated investments—300 MW of Storage WPP and 110 MW of Storage SPP – we aim to support grid stability, strengthen the market integration of renewable generation, and increase our operational flexibility. We will also continue to enhance the diversity of experience, capability, and perspective in our Board-level decision-making processes, further strengthening our corporate effectiveness and governance quality.

There is no doubt that behind all these achievements in 2025 stand our strong team spirit, disciplined management approach, and the trust-based relationships we have built with our stakeholders. We extend our sincere thanks – especially to our valued employees, as well as to our investors, business partners, and all stakeholders – for their continued support.

In the period ahead, we will continue working with the same drive and determination, contributing to a greener and more resilient future through sustainable, reliable, and clean energy generation. With the support of all our stakeholders, we firmly believe we will achieve new successes on a global scale.

Sincerely,
Burak Kuyan
Chief Executive Office