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Operating Review Report
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Explanations
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Board of Directors' Activity Report for the Period 01.01.2025 – 30.06.2025

The Board of Directors' Activity Report of our Company for the period 01 January – 30 June 2025 is attached herewith. The Management Commentary contained in the report is presented below for public disclosure.

Management Commentary

MOGAN Enerji Yatırım Holding A.Ş., one of Turkey's largest investors in the renewable energy sector, continued its operations in the first half of 2025 with 22 renewable power plants totaling an installed capacity of 1,058.01 MW.

As part of the growth strategy announced in 2024, the Company completed the investment phase of the 32.4945 MW Hybrid SPP project, which is included within the 100 MW operational installed capacity of the Kocatepe WPP project. The plant was commissioned in January 2025 and has since started to contribute positively to the Company's revenue and operating profit.

Regarding the Company's other investment, a "Project Development Agreement" was signed with the Ministry of Infrastructure and Energy of Albania between the consortium of BRD Energy SH.P.K – Güriş İnşaat ve Mühendislik A.Ş. – MOGAN Enerji Yatırım Holding A.Ş. The agreement sets out the conditions applicable until the commencement of electricity generation for the planned 74.88 MW wind power plant to be constructed in Albania. Construction is planned to begin following the completion of the necessary permits.

Electricity Generation

Electricity generation from renewable energy resources largely depends on favorable meteorological conditions. Accordingly, generation targets may vary depending on weather conditions beyond the Company's control.

In the first half of 2025, total generation amounted to 1,859,545 MWh. The breakdown by source is summarized in the table belo

Source 1H2025 Generation (MWh)

Wind (WPP)      852,548

Geothermal (GPP)        871,465

Hydro (HPP)     107,343

Solar (SPP)        28,189

Total     1,859,545

Selected Financial Highlights

As of 30 June 2025, the Company's total assets stood at TRY 132.70 billion (31.12.2024: TRY 140.63 billion), while shareholders' equity amounted to TRY 75.51 billion (31.12.2024: TRY 78.73 billion).

For the first half of 2025, consolidated net sales revenues reached TRY 6.14 billion, and EBITDA amounted to TRY 3.11 billion, corresponding to an EBITDA margn of 50.7% (1H2024 EBITDA margn: 57.1%).

Thanks to its balanced and diversified generation portfolio, the Company maintains a steady cash flow and a strong capacity to generate high EBITDA. With the cash generated from operations, the Company continues to meet its financial obligations in a timely manner. As of 30 June 2025, the Company's net financial debt decreased by TRY 2.55 billion to TRY 31.44 billion (31.12.2024: TRY 33.99 billion).

Looking ahead, the Company is expected to continue to generate strong cash flows from its operations, as it has consistently done in previous periods.