Current Assets:

Due to the impact of capital expenditures and loan principal and interest payments, current assets declined by 36% to TRY 1,658 million as of 30 June 2026.

Non-Current Assets:

Driven by the licensing rights acquired in Germany and Italy, our intangible assets increased by TRY 442 million and total non-current assets increased by TRY 592 million.

Liabilities:

Total liabilities fell 23% due to H1 principal payments on short- and long-term bank debt, combined with the deferred tax liability impact of the corporate tax rate change announced for 2027.

Long Term Liabilities:

Long-term liabilities include TRY 1.8 billion in deferred tax liabilities arising from temporary differences under IAS 29. Due to the corporate tax rate revision set for 2027, our deferred tax liability was reduced by TRY 1.3 billion.

Gross Profit:

Consolidated revenues in the first half of 2026 stood at TL 1,107 million, down 30% year-on-year, as a 34% drop in MCP and an indexing rate of 32% offset a 13% increase in production.

Cost of sales decreased by 10% compared to the first half of the previous year. Despite an increase in system transmission fees, depreciation expenses fell following the extension of turbine useful lives from 20 to 30 years.

Driven by the 30% contraction in sales revenues, gross profit declined by 53% year-on-year to TL 343 million.

In a period where MCP-driven revenues remained limited, consolidated EBITDA dropped by 45% to TL 608 million due to the impact of fixed expenses (2025: TL 1,106 million).

Other Operating Income & Expenses:

Interest and index-driven income rose 8% year-on-year due to higher average deposits, which offset the negative impact of lower index coefficients and interest rates.

Finance Expenses:

Finance expenses increased by TRY 27 million primarily due to higher interest charges following the growth in total credit amount. Compared to H1 last year, interest expenses were up by TRY 91 million.

Net Profit:

Galata Wind’s pre-tax profit for the first half of 2026 amounted to TL 438 million, compared to TL 826 million in the same period of 2025. Following the change in the corporate tax rate expected to take effect in 2027, a deferred tax income of TL 1.574 billion was recognized in the consolidated income statement. Together with the deferred tax effects arising from other temporary differences, this resulted in a net deferred tax income of TL 1.3 billion. As a result, Galata Wind’s net profit for the first half of 2026 amounted to TL 1.778 billion.