Dear Shareholders and Stakeholders,

The year 2024 was a year of deepening uncertainties both in the world and in Türkiye and of political and economic tensions in the international arena. The ongoing Israeli-Palestinian conflict in the Middle East, the war in Ukraine entering its third year and the US-China competition not only being limited to the economy but also moving to the geopolitical plane indicate fundamental fractures in the global order. In our country, despite positive developments such as the disinflation program implemented in 2024, tight monetary policy, increasing reserves and foreign resource inflows, the effects of high inflation and global financial fluctuations entailed a cautious management approach for the business world.

In this period when global and local risks intensified, as Turcas, we managed our subsidiaries together with our partners in the most efficient and profitable manner. We focused on creating value for our shareholders by increasing our financial resilience.

As we started 2024, our top priority was to repay all of our loans within the year, take a net cash position and make our company a dividend paying company again. We are happy to have realized this goal by paying off all our loans as of the end of the third quarter of 2024 and making an advance dividend payment of TRY 145 million at the end of the year.
 
Our flagship Shell & Turcas continues to be the market leader in retail sales with its valuable dealer network of around 1,200 and with its turnover of TRY 332 billion in 2024 and remains to be one of the largest companies not only in its sector but also in the Turkish economy. Shell & Turcas, which introduced the new generation market format Shell Select to the sector, offers nearly 2,000 products in 11 different categories in Shell Select stores located in more than 1,000 locations in 81 cities in Türkiye. While our non-fuel retail services developed through Select Shops create a new growth area for Shell & Turcas, our investments in electric vehicle charging infrastructure all over Türkiye within the scope of the TOGG/TRUGO collaboration continued without a pause.

Our 800 MW Denizli Natural Gas Combined Cycle Power Plant, which is within RWE & Turcas, our subsidiary in the field of electricity, completed the year with a capacity utilization rate of 47% and a turnover of TRY 11.3 billion and produced 3.2 billion kWh of electricity, making a significant contribution to our country's energy supply security.

2024 resulted in significant gains not only financially but also from a sustainability perspective. Our Sustainability Subcommittee, operating under our Corporate Governance Committee within the company, implemented value-creating projects in the areas of social, environmental and governance. Based on the power of equality that creates social value, we continue to work resolutely for a more just and inclusive future under the leadership of our Equality, Diversity and Inclusion Committee, which we established in 2024 with the belief that access to equal rights, opportunities and resources is a fundamental human right.
 
On behalf of myself and our Board of Directors, I would like to express my sincere gratitude to all my teammates, business partners, shareholders and esteemed stakeholders who have worked devotedly on this ambitious journey.

Best regards,

Batu AKSOY
CEO and Board Member