Dear Shareholders and Stakeholders,

2025 was a year in which global economic and geopolitical dynamics continued to shape the direction of the business world. Energy security, supply chain resilience, technological transformation, and sustainability are no longer merely trends; they have become key determinants of competitiveness for countries and companies alike. In this environment, developing agile and resilient business models has become more critical than ever, as we navigate a period in which the global order is being reshaped.

We believe that the stability- and rebalancing-oriented policies implemented in the Turkish economy will establish a more predictable and sustainable foundation for growth over the medium term. Throughout this process, we remain committed to contributing to Türkiye’s economic transformation with our strong corporate structure and long-term perspective. The transformation from Turcas Petrol to Turcas Holding represents more than a change of name. It marks the first step in our value creation strategy, through which we aim to elevate Turcas to the standards of global investment companies.

Our subsidiaries continue to deliver strong performance in their respective fields. Shell & Turcas maintains its leading position in the sector with its extensive dealer network and strong retail infrastructure, while also pioneering the transformation of the industry through investments that enhance customer experience and projects focused on electric vehicle charging infrastructure. RWE & Turcas continues to contribute to Türkiye’s energy supply security and sustainable energy production through its Natural Gas Combined Cycle Power Plant in Denizli and hybrid solar energy investment. At the same time, our first investment in the United States under Turcas International Holding stands as a concrete demonstration of our determination to realize our growth vision on a global scale.

Through our pioneering practices in environmental, social, and corporate governance, as well as our effective risk management approach, we continued to create value for our country and our shareholders during this challenging period. In the coming period, we will continue to evaluate growth opportunities without compromising our financial discipline and further develop our portfolio with a focus on long-term value creation.

I would like to extend my sincere thanks to all our colleagues, stakeholders, and valued shareholders.

Regards,

Erdal AKSOY
Chairperson of the Board of Directors