STRENGTH AND
SUCCESS ARE IN
OUR NATURE

Integrated Annual Report 2025

Milestones

Our inspiration

from the future

Drawing our strength from nature and our inspiration from the future, we have achieved significant successes and pioneered numerous firsts and innovations throughout our 30-year journey. Each step we take is driven by ambition, inspiration, courage, consistency and experience-the same qualities that shape sports history and the athletes who make it.

As we transform our deep-rooted experience into the energy of the future, we recognize the innate strength and success that continually propels us forward.

We see success as a practice as well as an outcome, and our strength comes naturally. Viewing each day as a new opportunity to surpass ourselves, we continue to convert our long-standing experience into the energy of tomorrow.

 

1995

Aydem Renewables was established in Denizli and started its activities.

1997

Aydem Renewables started energy generation when it installed Bereket 1, Türkiye’s first private hydroelectric power plant on the Bereket irrigation line, a tributary of the Büyük Menderes River in Denizli.

1998

Bereket 2 Hydroelectric Power Plant established in Denizli started energy generation.

1999

The first phase of the Dalaman Hydroelectric Power Plant, established on the Dalaman Creek in Muğla, commenced generation.

2004

The Feslek Hydroelectric Power Plant, established in Aydın, commenced generation.

2005

Dalaman 1-2-3-4-5 Hydroelectric Power Plants, established on the Dalaman Creek of Muğla, all commenced generation.

2006

Gökyar Hydroelectric Power Plant, established on the Dalaman Creek in Muğla, commenced generation.

Mentaş Hydroelectric Power Plant, built on the Seyhan River in Adana, started energy generation.

2008

Kızıldere Geothermal Power Plant established in Denizli-Sarayköy started energy generation.

2009

Koyulhisar Hydroelectric Power Plant established on the Kelkit River in Sivas started energy generation.

2012

Çırakdamı Hydroelectric Power Plant established on the Aksu River in Giresun started energy generation.

Kumkısık Biogas Energy Plant established in Denizli started energy generation.

2013

Toros Hydroelectric Power Plant established in Adana started energy generation.

2014

Dereli Hydroelectric Power Plant established in Giresun started energy generation.

Uşak Wind Power Plant established in Uşak-Banaz started energy generation.

Düzce Aksu Hydroelectric Power Plant established in Düzce started energy generation.

2015

Söke Wind Power Plant established in Aydın started energy generation.

Göktaş 2 Hydroelectric Power Plant established in Adana started energy generation.

2016

Yalova Wind Power Plant established in Yalova’s Armutlu district commenced generation.

Göktaş 1 Hydroelectric Power Plant established in Adana started energy generation.

2017

Adıgüzel Hydroelectric Power Plant in Denizli was added to the portfolio through privatization.

Kemer Hydroelectric Power Plant in Aydın was added to the portfolio through privatization.

2018

Akıncı Hydroelectric Power Plant established in Tokat started energy generation.

2020

The Company’s first sustainability report was published and received the “Silver Award” at the LACP Awards organized by the League of American Communications Professionals.

Aydem Renewables became a signatory of the UN Global Compact.

Aydem Renewables was recognized as the leader of the Turkish electricity and gas services sector by Vigeo Eiris/Moody’s, one of the world’s most important independent rating companies in the field of Environmental, Social and Governance (ESG).

2021

Aydem Renewables ranked fourth among 100 companies in the Great Place to Work Institute® Türkiye’s Best Employers survey.

The largest IPO of the last three years, valued at TL 1.3 billion, was conducted.

The USD 750 million green bond was successfully issued.

Aydem Renewables was ranked first in Türkiye in the electricity and gas services sector for the second consecutive year as a result of the evaluation conducted by Moody’s/ Vigeo Eiris within the scope of ESG, and became the sector leader in the “Emerging Markets” world ranking

Aydem Renewables received a B score in the Carbon Disclosure Project (CDP) Climate Change and Water Security categories. In the CDP Supplier Engagement Rating (SER), Aydem Renewables received the highest rating in the power generation sector in Türkiye in 2021 by raising its rating to “A- Leadership Level.”

Following the “EIA Positive” decision, the current license power of Uşak WPP reached 114.30 MWm.

2022

Aydem Renewables committed to an emission reduction target in line with the Science Based Targets initiative (SBTi) criteria.

The Company achieved an A Leadership Level rating in the CDP Water Security and Climate Change categories. It became the only company in Türkiye to be included in the A List Report, which features global leaders, for its success in both categories.

With the first Corporate Governance Rating hitting 9.48, the Company was included in Borsa Istanbul’s Corporate Governance Index (XKURY).

The Company became a signatory to the United Nations Women’s Empowerment Principles (WEPs) under the Aydem Holding umbrella.

Installation of the 82.15 MWm Uşak WPP Hybrid SPP project was completed. Ministry acceptance was granted as of February 23, 2023.

Aydem Renewables’ first Annual Report received five awards at the LACP 2021 Vision Awards.

Aydem Renewables was included in the Great Place to Work® Türkiye and Aegean Best Employers List, as well as the Manufacturing and Innovation 2022 Best Employers List.

Aydem Renewables received the First Prize in the Public Offering Transactions of the Year category and the Second Prize in the Corporate Bond Issuance of the Year category at the Bonds, Loans & Sukuk Türkiye Awards 2022.

2023

The Company achieved an A Leadership Level rating in the CDP Water Security and Climate Change categories for the second time. The Company retained its status as the only energy company in Türkiye to be included in the A List Report in both Water Security and Climate Change categories.

Aydem Renewables commissioned Türkiye’s largest hybrid SPP in Uşak. It is also the first solar power plant in the Company’s portfolio.

Aydem Renewables doubled the installed capacity of Uşak WPP to 127.5 MWm with new turbines featuring 11 purple blades, each with a power of 6 MWm.

Aydem Renewables’ WPP installed capacity in Söke reached 57 MWm with two new turbines of 6 MWm each.

Aydem Renewables, which considers sustainability in all its investments and activities, was included in the BIST Sustainability Index with its successful performance in this field.

Aydem Renewables, whose Corporate Governance Rating Score was determined as 9.56, became the company with the highest degree of compliance with Corporate Governance Principles among the companies included in the Electricity Index as of the rating date and continued to be included in the Borsa Istanbul Corporate Governance Index (XKURY).

The 2023 Stevie International Business Awards® Achievement in Corporate Social Responsibility Category, Aydem Renewables received the “Bronze Stevie®” award for its “Purple Turbine Blades Project.”

The Company received a “Distinction” (Outstanding Achievement), the highest level, with a score of 51 at the British Safety Council International Safety Awards in its first year of participation. It became the only company in Türkiye’s energy sector to achieve a “Distinction” award.

Aydem Renewables prepared its fourth sustainability report, the Sustainability Report 2022, in accordance with GRI Standards.

Aydem Renewables was included in the Great Place to Work® Türkiye and Aegean Best Employers List as well as the Manufacturing and Innovation 2022 Best Employers List.

Sustainability Report received six Awards, including Platinum, from LACP Vision Awards. It ranked 71st in the Top 100 Reports list worldwide.

Annual Report received six awards, including Platinum, at the LACP Vision Awards. It ranked 79th in the Top 100 Reports list worldwide.

Uşak Hybrid SPP and Uşak WPP Capacity Increase projects received the Low Carbon Hero award from the Sustainable Production and Consumption Association (SÜT-D) for the fourth time with the emission values they will prevent.

The Company was included in the FTSE4Good Index with a score of 3.2 in the FTSE Russell ESG Ratings.

Aydem Yenilenebilir Enerji, Türkiye’nin en büyük hibrit GES’i Uşak’ta devreye aldı. Şirket’in portföyündeki ilk güneş enerji kaynaklı santral olma özelliğini de taşımaktadır.

2024

It increased its CMB Corporate Governance Principles Compliance Rating to 9.57 on April 5, 2024, and continued to be included in the Borsa Istanbul Corporate Governance Index (XKURY).

The investor relations website received “Gold Stevie®” awards in the “Energy” and “User Experience” categories at The Stevie International Business Awards®.

Its first Integrated Report received 6 Awards, including Platinum, from LACP Vision Awards. It ranked 61st in the Top 100 Reports list worldwide.

As part of the capacity increase at Uşak WPP, five turbines of 1.5 MWm old technology located in the most productive area of the site are replaced with new technology turbines with an installed capacity of 6 MWm, a first in Türkiye. It completed the installation of five old turbines and one new-technology turbine in various parts of the site.

Aydem Renewables was among the leading companies on the 2024 ‘Global A List’ in the CDP Climate Change and Water Security categories, earning the ‘CDP Global Leaders in Climate Change and Water Security’ award. The Company has been included in the Global A List in both categories for three consecutive years.

Increased its rating to 3.6 points in the FTSE Russell ESG Ratings and continued to be included in the FTSE4Good Index.

2025

As part of the Uşak WPP Capacity Increase Project, five older-generation 1.5 MW turbines located in areas with high wind potential were relocated and replaced with new-generation 6 MW turbines. The five relocated 1.5 MW turbines and one of the new 6 MW turbines received Ministry acceptance in April, while two additional 6 MW turbines were accepted in August and commissioned. With these acceptances, the installed capacity of the Uşak WPP facility reached 145.5 MW.

Aydem Renewables successfully completed its green bond issuance to qualified investors in international markets. The issuance, which attracted approximately USD 1 billion in demand, once again demonstrated investor confidence in the Company. In this context, green bonds with a nominal value of USD 550 million, a five-year maturity (2030), a 2.5-year grace period on principal payments, and a coupon rate of 9.875% were issued.

At the 22nd International Business Awards, organized by The Stevie Awards, one of the world`s most prestigious business award programs, the 2024 Integrated Annual Report won the Silver Stevie Award in the "Best Annual Report - Publicly-Held Corporations" category.

At the 39th ARC Awards International 2025, the world`s most prestigious and only independent awards program honoring excellence in annual reports, the Integrated Annual Report of Aydem Renewables received a Gold Award in the PDF Version of Annual Report category and a Bronze Award in the Design/Graphics category.

The Company`s short- and long-term net-zero emission reduction targets were approved by the Science Based Targets initiative (SBTI). The Company committed to achieving net-zero greenhouse gas emissions across its value chain by 2040.

The Company received the "Women-Empowered Board of Directors" from the 30% Club Türkiye for its 50% women`s representation on the Board of Directors.

In 2025, Aydem Renewables was among the leading companies on the "Global A List" in the CDP Climate Change and Water Security categories, qualifying for the Global A List in both categories for the fourth consecutive year.

The Company increased its score from 3.6 to 4.4 in the FTSE Russell ESG Ratings.

The Company maintained its position and score in the BIST SUSTAINABILITY Index in 2025.

Our strength comes from nature,

Our inspiration from the future

AMBITION

1.54 MW

First Power Plant
Total Installed Capacity

1,198 MW

2025
Total Installed Capacity

When Naim Süleymanoğlu broke his first world record at the age of fifteen, he lifted the limits of his own potential along with record-breaking weight. With three Olympic titles, seven world championships, and forty-six world records, Süleymanoğlu proved time and again his determination to rise, recover, and attain new heights.

By laying the foundations of our Company in 1995, we commissioned Bereket-1 HPP in 1997, Türkiye’s first privately owned hydroelectric power plant with an installed capacity of 1.54 MW. As a pioneering company in renewable energy, we increased our installed capacity with great ambition—by 778 times, reaching 1,198 MW. Today, as Türkiye’s largest energy company generating power entirely from renewable sources, we continue to add strength to the sector. Even as we raise our wind capacity to 256.5 MW with the turbines commissioned at Uşak WPP, we demonstrate our determination to achieve further success by means of 300 MW of hybrid investments and 500 MWh of energy storage projects.




INSPIRATION

818.8 tCO₂e

First Power Plant
Carbon Reduction

1.1 million tCO₂e

2025
Carbon Reduction

By overcoming obstacles and achieving European and world championships, Sümeyye Boyacı has inspired millions. The courage Boyacı displays in every race, the records she has broken, and her remarkable harmony with water are powerful beacons of strength and determination seen around the world.

For 30 years, we have inspired our sector while continuously expanding our passion for pioneering achievements. For four consecutive years, we have been included on CDP’s Global A List in both the Climate Change and Water Security categories, marking us as the only company in Türkiye to continuously sustain this achievement across both programs.

BELIEF

10

1995
Number of Employees

542

2025
Number of Employees

In addition to being a symbol of Turkish volleyball, Eda Erdem is a stellar representation of strength, courage, and leadership on the court. Wearing the jersey in more than 300 national team matches, and winning countless awards and achievements, Erdem has shown the world what women can accomplish.

The same spirit of leadership and determination has carried us forward throughout our 30-year journey of growth, with inclusivity, diversity, and equal opportunities as core elements of our corporate culture. Thanks to this approach— one that supports the strength and courage of women—we achieved 50% female representation on our Board of Directors this year. Guided by these principles, we were honored to receive the “Women Empowered Board Award” by the 30% Club Türkiye.



CONSISTENCY

0.8 GWh

First Power Plant
Licensed Generation Capacity

4,960 GWh

2025
Licensed Generation Capacity

From a very young age, Mete Gazoz cultivated patience and belief in every training session. His steadfast efforts led him to become a legend crowned with Olympic gold. His story reminds us of one simple truth: when you focus on your target with consistency, the path leads you to where you truly belong.

In our own journey of success, we have likewise maintained a steadfast focus on renewable energy, sustainable growth, and efficiency. Our 25 power plants and an availability rate exceeding 99% are a testament to the strength of the planned, uninterrupted, and reliable production capacity that we have maintained for years.

COURAGE

1,338 MW

Total Installed Capacity Target

1,838 MW

Including Battery Storage Facility Investments

Genuine courage lies in working relentlessly and getting up after every fall. Each time Busenaz Sürmeneli stepped into the ring, she fought not only her opponent, but her own limits and what was deemed impossible. By winning Olympic, World, and European championships, she etched her name in gold in the history of Turkish sports—showing that courage and determination carry a meaning even greater than medals.

We successfully completed our second green bond issuance, expanding our presence in international capital markets and earning the confidence of global investors. Attracting demand of approximately USD 1 billion, this issuance extended our debt maturity to 2030, further strengthening our financial structure and enhancing its robustness, resilience, and sustainability. The funding secured through this strategic step in global capital markets will accelerate our renewable energy investments, increase our generation capacity, and enable us to contribute more significantly to Türkiye’s clean energy transition.



EXPERIENCE

1 HPP

Initial
Generation Portfolio

25 Power Plants 20 HPPs, 3 WPPs, 1 SPP, 1 GPP

2025
Generation Portfolio

After discovering a sport at the age of 28, Yusuf Dikeç became a world-class success by deploying flawless focus and unwavering dedication. Combining experience and mastery in every shot, he consistently managed to surpass his own limits

With the knowledge, expertise, and field experience built on our 30-year legacy, we have been constructing our power plants with our own capabilities from day one, adding value to our sector each year through our continuously expanding technical capacity. With our expert engineering team and strong resource base, we consistently contribute to Türkiye’s renewable energy capacity. Drawing strength from nature and from our 30 years of experience, we channel our energy toward achieving even greater goals for the future.

Message from the Executive Chairman

Our project pipeline includes commissioning approximately 800 MW of capacity within the next three years.

SERDAR MARANGOZ
Executive Chairman

Aydem Yenilenebilir Enerji A.Ş.

1,198

MWmTotal installed capacity

In 2025, we celebrated the thirtieth year of Aydem Renewables. From day one, we viewed energy not merely as a commercial activity, but as a long-term responsibility to the society in which we operate, as well as to the environment and future generations. Our leadership position in the sector stands as clear evidence of the strength and sustainability of this perspective.

Globally, the energy sector has evolved into a multilayered ecosystem interconnected with financial systems, climate policies, and geopolitical dynamics. In this new equation, value, rather than being assessed on a short-term scale, is defined by long-term trust. Correspondingly, Türkiye’s ongoing and steadfast commitment to renewable energy has enabled the domestic energy sector to grow and develop year after year.

Throughout this period, Aydem Renewables has reinforced and expanded its institutional structure in a transparent manner, successfully establishing a corporate framework recognized by capital markets. Our installed capacity of 1,198 MW is a natural outcome of our strong management practices, disciplined production philosophy, and sustainability-driven approach. The strong demand we have generated in international capital markets over the past 30 years attests to the trust placed in our Company.

We have moved forward with determination in the past three decades and we will maintain this course in the decades ahead. Our current project pipeline calls for the commissioning of approximately 800 MW within the next three years, thus increasing our total installed capacity by more than 50%. While pursuing this growth, we will also address the realities of climate change by diversifying our portfolio—at present comprising approximately 70% hydroelectric power—by means of a greater share of wind and solar investments, thus taking decisive steps toward enhanced sustainability. In other words, we will continue to grow in harmony with society and nature, while upholding our focus on long-term value creation.

As we have for the past 30 years, Aydem Renewables will continue embracing the responsibilities of tomorrow, working with unwavering dedication toward a clean energy future.

Message from the General Manager

In 2025, we elevated our performance to the next level.
UĞUR YÜKSEL
General Manager

Aydem Yenilenebilir Enerji A.Ş.

68.5

TL BillionAsset size

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 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.





Capacity Increase and
Integrated Generation Strength

With the new turbines we commissioned at Uşak WPP, we increased our wind installed capacity to 256.5 MW and our total installed capacity to 1,198 MW. We strengthened our position as Türkiye's largest energy company generating power entirely from renewable sources with our portfolio consisting completely of hydroelectric, wind, solar, and geothermal resources.

While reaching an annual licensed generation capacity of 4,960 GWh across our 25 power plants, we optimized our operational flexibility and increased our contribution to supply security, thanks to the resource balance of generation provided by our diversity.

Operational
Excellence

In addition to new investments, we focused on operating our current assets with the highest performance in 2025.

By reaching an availability ratio of 99.24% in our hydroelectric power plants, 99.53% in our wind power plants, and 99.06% at Uşak Hybrid SPP, we attained a high overall portfolio availability level of 99.28%. Our planned maintenance strategies, predictive maintenance applications, and the disciplined operations management of our field teams were key drivers that contributed to this success. We extend our sincere gratitude to all our teams.

Hybrid and Storage
-Focused Preparations

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.

By optimizing our balance sheet, extending our debt maturity profiles, and managing our financial risks with high precision, we have reinforced our corporate resilience. We continue to execute our investments with an efficient capital allocation model that guarantees long-term sustainability and high financial performance.

Financial Strength and
Capital Discipline

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 optimizing our balance sheet, extending our debt maturity profiles, and managing our financial risks with high precision, we have reinforced our corporate resilience. We continue to execute our investments with an efficient capital allocation model that guarantees long-term sustainability and high financial performance.

Measurable Innovation
In Innovation

We evaluate our innovation projects across all stages, from the initial idea phase to post-implementation and 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.

Sustainability and Climate
Commitment

We evaluate our sustainability progress through long-term performance indicators and reinforce it with concrete commitments. Our short- and long-term net-zero emission reduction targets have been approved by the Science Based Targets initiative (SBTi). In line with our commitment to achieve net-zero greenhouse gas emissions across our entire value chain by 2040, we shape our operations, supply chain, and investment decisions around this roadmap, aligning them seamlessly.

Securing a place on the CDP Global A List for the fourth consecutive year in both the Climate Change and Water Security programs highlights our systematic approach to environmental risk management as a leading Turkish energy company.

We took a leading role in documenting the use of renewable energy by providing 4.5 million I-REC certificates during the 2020–2025 period. In 2025, we generated an income of TL 3.5 million from certificate sales and approximately TL 0.9 million from carbon credit sales, maintaining an active presence in carbon markets with our power plants registered under the Gold Standard and VCS.

ESG Performance and
Corporate Trust

We manage sustainability through a holistic approach encompassing environmental, social, and governance (ESG) dimensions within our system. Our FTSE Russell ESG Rating increased from 3.6 to 4.4, and we maintained our stable scoring and position in the BIST Sustainability Index in 2025.

Our transparent reporting competence was reaffirmed on international platforms, with our integrated reports receiving a total of 9 awards, including accolades from the Stevie, ARC, and LACP Vision Awards.

People and
Corporate Culture

At the foundation of our success lies our strong human resources and deep-rooted corporate culture. Our competent and result-oriented team structure constitutes the true architects of our sustainable performance.

With 50% female representation on our Board of Directors, we were honored to receive the "Women-Strengthened Board of Directors Award" by the 30% Club Türkiye. We proudly took our place among the publicly traded companies demonstrating the highest progress in the BIST Women-Empowered Board of Directors Index.

Our approach to equality and inclusivity remains an integral and continuous part of all our strategic decision-making processes.

A Future-Ready
Structure

Hybrid projects, wind and solar investments and energy storage solutions to form the basis of our growth strategy. continues. In licensing and EIA processes We invest in our projects by proceeding in a disciplined manner. makes it ready; domestic and international external opportunities with a selective approach We are evaluating.

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.

AYDEM RENEWABLES IN 2025

KEY FIGURES

Hydroelectric

Hydroelectric Power Plants

20

Plant

852,2 MWm

Installed Capacity

Wind

Wind Power Plants

3

Plant

256,5 MWm

Installed Capacity

Geothermal

Geothermal Power Plants

1

Plant

6.9 MWm

Installed Capacity

Hybrid

Hybrid Solar Power Plants

1

Plant

82,2 MWm

Installed Capacity

1,198 MWm

Total installed capacity

25

Renewable Energy Power Plants

Hydroelectric Power Plants

Capacity Utilization Rate HPP (%)

Wind Power Plants

Capacity Utilization Rate WPP (%)

Hydroelectric Power Plants

Availability Rate HPP (%)

Wind Power Plants

Availability Rate WPP (%)
Electricity Generation (MWh) HPP WPP SPP LFG
2020 2,197,022 438,427 - 2,957
2021 1,310,638 483,514 - 1,450
2022 1,996,634 474,724 - 617
2023 1,823,866 467,167 92,867 -
2024 1,428,499 602,951 127,493 -
2025 1,361,207 606,644 120,513 -

Green Bond Issuance

550 USD Million

A Financial Step Beyond Boundaries

Great ambitions are not achieved by remaining within one’s comfort zone. Our decision to issue a USD 550 million green bond in international markets was precisely such a step.

Generating nearly USD 1 billion in demand once again demonstrated a clear truth: when your direction is clear and your story is compelling, investors recognize it. We did not leave this trust unanswered. Through a concurrent buyback process, we redeemed all outstanding bonds and successfully completed the refinancing.

We reshaped our maturity profile into a healthier and more balanced structure. For us, courage does not mean ignoring uncertainties; it means placing all risks on the table and making informed decisions. It means moving forward decisively— calculated, yet without hesitation. For 30 years, we have embraced the same disciplined approach in our financial decision-making.







Elİf HamlacıoĞlu Gedİk
Investor Relations Group Director
Availability

99.28%

30 Years of
Operational Excellence

For us, availability is not merely a technical metric; it is a tangible reflection of how we work, how we take ownership, and the discipline with which we operate. With this mindset, we have advanced steadily for 30 years.

Today, our power plants operate with a portfolio-wide availability rate of 99.28%—a natural outcome of our planned maintenance approach, robust monitoring infrastructure, and our ability to respond swiftly when needed.

For us, consistency is not simply about achieving strong performance ratios; it means delivering the same level of reliability and continuity every single day. Drawing strength from three decades of experience, we continue to operate with a profound sense of responsibility.

HAŞİM BEDİR
MAINTENANCE MANAGER
WPP Installed Capacity

256.5 MWe

Power Growing with Determination

In our 30-year renewable energy journey, we stand at the very heart of the wind. Challenging terrains, heavy logistics, complex processes—none of them have slowed us down. Because we know that what sustains this business is determination and perseverance.

With every step we take in wind energy, we raise the bar even higher. Through AI-supported systems, we monitor generation in real time and enhance performance without delay through data-driven interventions.

For us, the goal is not merely to harness the wind, but to transform it, every day, into more efficient and more powerful generation. Today, through investments that further expand our wind capacity, we are accelerating our sustainable growth, driven by 30 years of unwavering determination and commitment.

VOLKAN SERT
WPP OPERATIONS MANAGER
White-Collar Female Employee Ratio

28.6%

Number of employees

542

Being Present with Belief:
Equality in Practice

As one of the longest-serving female employees in this 30-year journey, I can say this with confidence: equality here is not merely a statement, it is practiced in the field. We earn our place at the table through performance and thrive through our contributions.

The “Equal Life” approach is a natural and integral part of our daily working culture. Creating value in such an environment fosters confidence, because you genuinely feel that every effort and every voice matters.

For me, conviction in my professional life means standing firmly at the heart of finance and being able to say to young women, “It is possible here.” Our signature to the United Nations Women’s Empowerment Principles reflects this commitment and belief. We believe that an inclusive corporate culture builds not only what is right, but what endures.

FİLİZ ERTÜRK
Treasury Manager
In 4 Regions of Türkiye

25 Power Plants

Energy Built on Experience,
Growing with Trust

We do not view facility development in renewable energy regions merely as an engineering undertaking. Drawing on our on-site expertise, we manage the strong relationships we build with stakeholders with the same rigor as our technical operations.

Throughout project development, permitting, and expropriation processes, we act with the strength of 30 years of accumulated knowledge, navigating challenging geographies and complex regulatory frameworks through meticulous planning. What drives us forward is the field experience gained over decades and our ability to take the right step at the right time.

For us, every power plant is more than an investment; it is a tangible reflection of the trust we establish with public authorities, local stakeholders, and regional communities. That trust enables us to move forward, even under the most demanding conditions.

İSMAİL TIPIRDAMAZ
PROJECT, PERMITTING, EXPROPRIATION,
AND REHABILITATION MANAGER
Carbon Reduction

1.1 million tCO₂e

An Inspiring Journey

My childhood admiration for nature guided me toward engineering and the field of sustainability. Today, I bring this passion to life at Aydem Renewables, a company that has inspired the sector for 30 years and continues to expand its drive for pioneering achievements with each passing day. Throughout this journey, I draw inspiration not only from nature, but also from the people I work alongside.

Being the only company in Türkiye to be included in CDP’s Global A List for four consecutive years in both the Climate Change and Water Security categories, and to sustain this achievement without interruption, stands as the clearest reflection of our sustainability approach.

For me, this journey is not merely a career; it is a responsibility to carry the inspiration we draw from nature into the future.

FERİDE DURMAZ
ENVIRONMENT AND SUSTAINABILITY SPECIALIST

Aydem Renewables has reaffirmed its strong credibility and sustainable growth potential among global investors through strong demand in international markets and the successful issuance of a USD 550 million green bond.

Total installed capacity

Regional Distribution

Activity Geography

1,198 MWm

8%Marmara

22%Black Sea

31%Mediterranean

39%Aegean

Total installed capacity

As of December 31, 2025

Yalova

Wind

Yalova WPP

Düzce

Hydroelectric

Aksu HPP

Tokat

Hydroelectric

Akıncı HPP

Sivas

Hydroelectric

Koyulhisar
HPP

Giresun

Hydroelectric

Çırakdamı HPP

Dereli HPP

Adana

Hydroelectric

Göktaş 1-2 HPP

Mentaş HPP

Toros HPP

Denizli

Hydroelectric

Adıgüzel HPP, Bereket 1-2 HPP

Geothermal

Kızıldere GPP

Muğla

Hydroelectric

Dalaman 1-2-3-4-5 HPP

Gökyar HPP

Aydın

Wind

Söke WPP

Hydroelectric

Feslek HPP

Kemer HPP

Uşak

Wind

Uşak WPP

Uşak Hybrid SPP

Turkey's Leading
Renewable Energy
Company

Future Period
Planning

Generation by Power Plants
Entitled to FiT (YEKDEM) (GWh)*

-38%

* The generation rate subject to FiT (YEKDEM) includes the generation of all power plants in the portfolio with ongoing FiT (YEKDEM) entitlements (regardless of being removed from FiT (YEKDEM) for the relevant year).


Generation by Power Plants Not
Entitled to FiT (YEKDEM) (GWh)

90%

Average Sales Price of Power Plants(US$/MWh)**

-5%

** Including ancillary service revenues, excluding trading activities.

Aydem Renewables is Türkiye’s largest electricity producer generating entirely from renewable energy sources
and the country’s largest private-sector company in terms of installed capacity.

Investments and Fields of Activity

Total Planned Investments

Change in Total Installed Power (2022-2027)

1,338 MW

2027 Installed Capacity Target

1,838 MW

(incl. Battery Storage Facility Investments)
  • Hybrid Solar
  • Wind
  • Storage Battery Facility
  • Hydroelectric
  • Geothermal

Installed Capacity

Battery Storage

Renewable
PP

500
MWh

400
MWh

100
MWh

2022

160.5 MW 15.7%

6.9 MW 0.7%

852.1 MW 83.6%

1,020 MW

2023

82.2 MW 7.0%

238.5 MW 20.2%

6.9 MW 0.6%

852.1 MW 72.2%

1,180 MW

2024

82.2 MW 7.0%

238.5 MW 20.2%

6.9 MW 0.6%

852.1 MW 72.2%

1,180 MW

2025

82.2 MW 6.9%

256.5 MW 21.4%

6.9 MW 0.6%

852.1 MW 71.2%

1,198 MW

2026

106.8 MW 8.3%

320.5 MW 24.9%

6.9 MW 0.5%

852.1 MW 66.2%

1,286 MW

2027

158.6 MW 11.9%

320.5 MW 24.0%

6.9 MW 0.5%

852.1 MW 63.7%

1,338 MW

Projected hybrid solar and wind expansion investments to be fully financed through Company’s available internal resource and cash flow to be generated.

Planned Hybrid Solar and

Capacity Increase Investments
Söke WPP
Hybrid Solar (17 MWp)

Investment Type: Onshore Solar Power Plant

Uşak WPP
Capacity Increase

Planned Capacity Increase: 18 MWm/MWe

Kızılağaç WPP and Storage
Electricity Generation Facility

Storage Additional Plant: WPP
Planned Capacity Increase: 100 MWm/100 MWe

Koyulhisar HPP
Hybrid Solar (7.7 MWp)

Investment Type: Onshore Solar Power Plant

Yalova WPP Capacity Increase

Planned Capacity Increase: 12 MWm/MWe

Atlantis 1 SPP and Storage
Electricity Generation Facility

Storage Additional Plant: SPP
Planned Capacity Increase: 300 MWm/200 MWe

Adıgüzel HPP
Hybrid Solar (45.2 MWp)

Investment Type: Floating Solar Power Plant

Uşak WPP
Capacity Increase

Planned Capacity Increase: 34 MWm/34 MWe

Atlantis 2 SPP (formerly Güzelkuyu SPP) and Storage Electricity Generation Facility

Storage Additional Plant: SPP Planned Capacity Increase: 300 MWm/200 MWe

Major Financial and Operational Indicators

Net Production by Power Plant (GWh)

Summary Statement of Profit or Loss (TL Million)  December 31, 2025  December 31, 2024
Revenue 12,920  8,617
Cost of Sales  (10,110)  (6,514)
Gross Profit  2,810 2,103
General Administrative Expenses  (857) (842)
Other Operating Income, Net  227 1,272
Operating Profit  2,180 2,533
Depreciation and Amortization Expenses  2,812 3,938
EBITDA 4,992 6,471
EBITDA Margin  38.6% 75.1%
Expenses from Investing Activities, Net  27 (24,886)
Finance Expenses, Net  (9,945) (8,038)
Monetary Gain/(Loss)  5,999 9,595
Profit/(Loss) Before Tax from Continuing Operations  (1,738) (20,796)
Tax (Expense)/Income  (1,066) 5,390
Net Profit/(Loss) for the Period  (2,804) (15,406)
Summary Statement of
Financial Position (TL Million)  December 31,
2025 December 31,
2024
Current Assets 3,461 8,923
Fixed Assets 65,083 64,928
Total Assets 68,544 73,851
Short-Term Liabilities 2,799 8,931
Long-Term Liabilities 28,951 29,101
Total Liabilities 31,750 38,032
Equity 36,794 35,819
Total Liabilities and Shareholders' Equity 68,544 73,851
Summary Items
 December 31,
2025 December 31,
2024
Revenue (TL million)  12,920  8,617
EBITDA (TL million)  4,992  6,471
EBITDA Margin (%)  38.6%  75.09%
Cash Conversion (%)  97.9%  98.9%
Gross Profit (TL million)  2,180  2,103
Gross Profit Margin (%)  21.8%  24.40%
Operating Profit (TL million)  2,180  2,533
Operating Profit Margin (%)  16.9%  29.39%
Cash and Cash Equivalents (TL million)  1,314  2,284
Net Profit/(Loss) for the Period (TL million)  (2,804)  (15,406)
Net Financial Liabilities/EBITDA  4.4  4.2
Profit/(Loss) per Share (TL)  (4.01)  (22.04)

Sustainability

Strategy and Objectives

CDP

Achieved a place on the CDP Global A List in both Climate Change and Water Security categories for four consecutive years, continuing this success uninterruptedly in both programs as the only company from Türkiye.

ESG

Increased its FTSE Russell ESG Rating from 3.6 to 4.4 points through continuous sustainability practices.

Net Zero Journey 2040

We manage our carbon footprint in compliance with the ISO 14064 standard and the GHG Protocol. We are committed to achieving net-zero greenhouse gas emissions across our entire value chain by 2040.

Integrated Emission Management

We manage our Scope 1, 2, and 3 emissions with a holistic approach. Through energy efficiency, digitalization, and low-carbon technologies, we systematically reduce our emission intensity.

Resource and Water Efficiency

We developed operations focused on efficiency in energy and water use. By optimizing our production processes, we continue to reduce our impact on natural resources.

Sustainable
Financing and Governance

We created our Green Financing Framework and configured our investments according to environmental and social impact criteria. We will strengthen our growth through our transparent and multi-layered sustainable governance model.

Renewable Energy
Focused Growth

We expand our installed capacity exclusively with renewable resources. We will continue to increase our low-carbon generation capacity.

Transformation in Energy Efficiency

We implemented energy efficiency projects in our operations. We will accelerate efficiency-oriented transformation in all our facilities.

Water Management and Conservation

We created our water management policy. We will protect our resources by optimizing water usage across all operational activities.

Responsible Supply
Chain

Adopting a sustainable supply chain approach, we ensure and monitor that our suppliers comply with ESG criteria.

Our 2025 Awards and Achievements

SILVER STEVIE® AWARD FOR THE 2024 INTEGRATED ANNUAL REPORT AT THE STEVIE INTERNATIONAL BUSINESS AWARDS®

The Company achieved significant success in the reporting category at the Stevie International Business Awards® in its first year of participation. The Company won the Silver Stevie Award in the “Best Annual Report – Publicly-Held Corporations” category for its Integrated Annual Report 2024.

SIX AWARDS FOR THE FIRST INTEGRATED ANNUAL REPORT AT THE 2024 LACP VISION AWARDS

The Company received the Platinum Award in the Energy-Equipment Services category at the LACP Vision Awards; ranked 65th in the LACP 2024 Vision Awards Top 100 Worldwide and 13th in the Europe, Middle East, and Africa (EMEA) Top 100; received the Gold Award for Best Report Narrative in the EMEA Region and the Technical Achievement Award; and was listed in the Türkiye Top 20.

TWO AWARDS AT THE ARC AWARDS INTERNATIONAL 2025

The Company won the Gold Award for PDF Version of Annual Report and the Bronze Award for Design/ Graphics for its Integrated Annual Report at the 39th ARC Awards International 2025.

SUCCESSFUL GREEN BOND REFINANCING

Aydem Renewables successfully completed its green bond issuance to qualified investors in international markets. The issuance, which attracted approximately USD 1 billion in demand, once again demonstrated investor confidence in the Company. In this context, green bonds with a nominal value of USD 550 million, a five-year maturity (2030), a 2.5-year grace period on principal payments, and a coupon rate of 9.875% were issued.

CMB CORPORATE GOVERNANCE PRINCIPLES COMPLIANCE RATING

As of April 7, 2025, with a score of 9.57 out of 10, the Company ranked among the highest-rated companies in terms of compliance with the Corporate Governance Principles within the BIST Electricity Index and continued to be included in the Borsa Istanbul Corporate Governance Index (XKURY).

FOURTH TIME ON THE CDP GLOBAL A LIST

Aydem Renewables qualified for the Global A List in the CDP Climate Change and Water Security categories for the fourth consecutive year.

TÜRKİYE’S FIRST INNOVATIVE EFFICIENCY APPROACH IN WIND CAPACITY EXPANSION INVESTMENTS

As part of the capacity increase investment at the Uşak WPP, Aydem Renewables, following long-term on-site monitoring and measurement studies, replaced five older-generation turbines with an installed capacity of 1.5 MWm—identified as delivering the highest efficiency—with five newgeneration turbines, each with an installed capacity of 6 MWm. The five relocated older-generation turbines and three new-generation turbines installed in high-efficiency areas were commissioned following Ministry acceptance. With this innovative efficiency approach, the Company achieved a first in Türkiye.

“LOW CARBON HERO” AWARD BY THE SUSTAINABLE PRODUCTION AND CONSUMPTION ASSOCIATION (SÜT-D)

The Company received the Low Carbon Hero Award for the sixth time from the Sustainable Production and Consumption Association (SÜT-D) for energy efficiency projects implemented across the Company and its power plants under the motto “Transform Energy, Reduce Your Carbon Footprint.”

“WOMEN-EMPOWERED BOARD OF DIRECTORS” AWARD BY THE 30% CLUB TÜRKİYE

The Company received the “Women-Empowered Board of Directors” Award from the 30% Club Türkiye for its 50% women’s representation on the Board of Directors.

SILVER CERTIFICATE FOR DUYARLI OL (DO!) PROJECT

Aydem Renewables was awarded a Silver Certificate in the Duyarlı Ol (DO!) program, organized by the Business Council for Sustainable Development (BCSD) Türkiye, which focuses on encouraging companies to implement concrete actions in five key categories: governance, sustainable procurement, energy management, water management, and waste management.

View Our Full 2025 Integrated Annual Report