Message from the General Manager

Dear Stakeholders,

As we celebrated the 30th anniversary of Aydem Renewables in 2025, we also marked a successful period in which we attained achievements— measured through tangible performance indicators—by producing, growing, and strengthening in the field. By combining three decades of accumulated expertise with operational discipline, technology investments, and financial strength, we elevated our performance to the next level. In 2025, our growth was driven in parallel by sustainability, operational excellence, and financial discipline. Capacity expansion, supported by efficiency, continuity, and strong performance, remained a priority even as we ensured that every decision was guided by our commitment to enhancing production quality and management effectiveness.

With the commissioning of new turbines at Uşak WPP, we increased our wind installed capacity to 256.5 MW and our total installed capacity to 1,198 MW. Through our diversified portfolio of hydroelectric, wind, solar, and geothermal resources, we further strengthened our position as Türkiye’s largest electricity producer generating entirely from renewable sources. With 25 power plants in operation, we reached an annual licensed generation capacity of 4,960 GWh. By diversifying our resource base, we optimized our generation mix, enhancing operational flexibility and reinforcing our contribution to supply security.

In 2025, alongside new investments, we focused on ensuring that our existing assets operated at peak performance. We achieved availability rates of 99.24% at our hydroelectric power plants, 99.53% at our wind power plants, and 99.06% at the Uşak Hybrid SPP, resulting in an overall portfolio availability rate of 99.28%. This achievement reflects the strength of our planned maintenance strategies, predictive maintenance practices, and the disciplined operational management of our field teams. I extend my sincere thanks to all our colleagues, whose dedication contributed to this success.

In the past year, we accelerated our preparations in hybrid power plant applications and energy storage investments. We prioritized integrating new opportunities introduced by evolving energy regulations into timely field implementation, supported by the appropriate technical infrastructure.

With the preliminary license obtained for our 500 MWh battery energy storage facility, as well as our planned hybrid capacity increases, we are preparing to transform our portfolio into a more flexible and manageable structure. Through storage solutions, we aim to strengthen generation continuity and establish an operational model capable of responding more agilely to evolving market dynamics.

We supported our operational performance with a robust financial structure. In 2025, through our USD 550 million green bond issuance in international markets and the concurrent refinancing process, we reinforced our balance sheet and enhanced our maturity profile. The issuance, which attracted approximately USD 1 billion in demand, was a clear testament to investor confidence. By completing the buyback of our outstanding bonds, we successfully finalized the refinancing and created additional financial flexibility to support our investment plans. We closed the year with total assets exceeding TL 68.5 billion and EBITDA of TL 4,992 million. We continue to manage financial discipline and operational performance within a unified and strategically aligned framework.

We systematically evaluate our innovation initiatives, from the ideation phase to post-investment performance outcomes. For each project, we compare preinvestment projections with realized results, measuring both technical and financial returns. In conjunction with analyses conducted by our expert teams, we deploy data-driven insights to continuously enhance our operational processes and refine our energy transition strategy. Thanks to this disciplined approach, we move innovation beyond rhetoric and transform it into a tangible and sustainable value creation engine.

We strengthened our progress in sustainability through long-term commitments as well as performance indicators. Our short- and long-term net zero emission reduction targets were validated by the Science Based Targets initiative (SBTi) and, in line with our commitment to achieving net zero greenhouse gas emissions across our entire value chain by 2040, we are aligning our operations, supply chain, and investment decisions with this roadmap. Our status as the only Turkish energy company included in the CDP Climate Change and Water Security A List for the fourth consecutive year is particularly meaningful, as it reflects our systematic and disciplined approach to environmental risk management. Between 2020 and 2025, we assumed a leading role in certifying renewable energy usage by issuing 4.5 million I-REC certificates. In 2025 alone, we generated approximately TL 3.5 million from green energy certificate sales and approximately TL 0.9 million from carbon credit sales. With our power plants registered under Gold Standard and VCS, we continued to maintain an active presence in international carbon markets.

We manage sustainability by means of an integrated framework encompassing environmental, social, and governance dimensions. In 2025, we raised our FTSE Russell ESG Rating from 3.6 to 4.4 and maintained both our position and score stability in the BIST Sustainability Index. Our integrated reports again demonstrated our strength in transparent reporting, earning a total of nine awards across international platforms, including the Stevie Awards, ARC Awards, and LACP Vision Awards.

At the heart of our success lies our strong human capital and corporate culture. Our competent, results-oriented teams are the true architects of our sustainable performance. With 50% female representation on our Board of Directors, we were honored with the “Women Empowered Board Award” by the 30% Club Türkiye. The Women Empowered Boards Index ranked us among the publicly listed companies that achieved gender parity and demonstrated the greatest progress. Our commitment to equality and inclusion remains an integral part of our decision-making processes.

Hybrid projects, wind and solar investments, and energy storage solutions continue to form the cornerstone of our growth strategy. By advancing in a disciplined manner through licensing and Environmental Impact Assessment (EIA) processes, we bring our projects to an investmentready stage while selectively evaluating domestic and international opportunities. Guided by our philosophy, “Our Strength from Nature, Our Inspiration from the Future,” we move forward with confidence as an energy company that is operationally strong, financially sound, and committed to sustainable growth.

Respectfully,

Uğur Yüksel

Aydem Renewables General Manager