[CONSOLIDATION_METHOD_TITLE] [CONSOLIDATION_METHOD]
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Our company's 2024 EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) is 4.944 billion TL. The "Expenses from Investment Activities" resulting from the impairment, which we will explain in detail below, have no impact on our company's cash flows, operating profit, and EBITDA figures.

The application of inflation accounting requires the assets reported in the past period to be increased at the CPI rate. However, the value of our company's power plant assets in the relevant period is calculated in US Dollars. This situation, which came into our lives with inflation accounting, can produce negative or positive results depending on the difference between the USD/TL exchange rate and the CPI.

To express the situation in 2024 with figures, while the CPI used to update the financial statements of the previous year in the inflation accounting application was 44%, the USD/TL parity, which is the basis for the Turkish Lira equivalent of the power plant assets valued in US Dollars, increased by 20% compared to the previous year. Therefore, there was an impairment of 24%, which is the difference between the two parameters, compared to the previous year.

Another reason is macroeconomic assumptions and fluctuations in energy prices. In the past period, energy prices, which were high worldwide, especially in Europe, due to conjuncture developments, moved downwards in the period on which the valuation report used in the 31.12.2024 financials was based, and this situation negatively affected the plant value. For this reason, there was a negative difference between the energy prices and expectations that formed the basis for the valuation studies used in the 31.12.2023 financials and the energy prices and expectations in the current year.

In the past, similar valuation changes were accounted for directly in equity and were not associated with the income statement. With the application of inflation accounting, the necessity arose to reflect the valuation decreases in fixed assets directly to the income statement due to the classification of the previously formed "Fixed Asset Revaluation Increase Fund" into prior year profits in accordance with the "Inflation Accounting Implementation Guide" published by the Public Oversight Accounting and Auditing Standards Authority.

The valuation in question is the company valuation performed at the end of each year by the international independent audit and consulting firm PricewaterhouseCoopers (PwC) and is also presented in the attachment.

In line with our explanations above, and we would like to reiterate that the Company's 2024 EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) is 4.944 billion TL, and the related impairment does not affect the company's operating profit and EBITDA figures.

For the information of the public.

This statement has been translated into English for informational purposes. In case of a discrepancy between the Turkish and the English versions of this disclosure statement, the Turkish version shall prevail.