Torunlar Gayrimenkul Yatirim Ortakligi : REIC Earnings Presentation Q1 2023

09 MAY 2023

TORUNLAR GROUP OF COMPANIES TODAY (As of 31.12.2022)

Key Facts

million TRY	2021	2022	Change
Total Assets	38,205	62,070	62%
Total Equity	20,829	37,019	78%
Total Sales	12,346	32,568	164%
Employees	907	958	6%
Cities of
Operation	12	12	0%

Note: Torunlar REIC and Başkentgaz figures are based on IFRS and Torunlar Gıda are based on local GAAP .

	AGRIBUSINESS	REAL ESTATE	ENERGY
	▪ A leading company in oilseed, soybean,	▪ The 2nd largest REICin terms of portfolio	▪ The 2nd largestnatural gas distribution
	sunflower, rice and sugarbeet processing	value among the listed REIC's on BIST	company of Turkey
	▪ Competes against such multinationals as	▪ Best and most diversified portfolio	▪ 2 million total customers
	Cargill, Bunge and Cofco
		▪ Exceeding 599,000 m2 GLA	▪ 4.3 billion m³ natural gas sales and distribution
			volume
			▪ 15 thousand km of grid length

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Torunlar REIC Key Overview

TRY (000)	2019	2020	2021	2022	Q1 2023
Sales	991,087	1,105,948	1,483,729	2,661,926	839,956
Residence & Office	234,647	516,168	542,083	578,736	163,456
Mall & Office rental	616,198	476,542	726,355	1,495,998	500,542
Other	140,242	109,349	157,725	422,028	139,398
Hotel Revenue	0	3,889	57,566	165,164	36,560
EBITDA	644,780	636,099	1,097,658	1,944,612	635,936
EBITDA Margin	65.1%	57.5%	74.0%	73.1%	75.7%
Net Profit	865,790	293,001	5,306,805	18,436,300	566,694
N. Profit excl. fair	-88,331	-400,820	-141,678	1,422,267	566,694
value gains
Market Cap	2,750,000	3,900,000	3,920,000	19,300,000	13,820,000
Portfolio Value	13,804,655	14,315,590	22,095,936	45,542,087	45,623,433
Net Asset Value	8,478,139	8,769,917	14,519,010	33,795,413	34,362,107
Capex	339,605	162,811	40,263	249,242	156,116
Net Debt	4,245,128	4,454,075	4,790,446	3,479,255	2,800,292
LTV	33.25%	33.33%	24.87%	9.24%	7.44%

Portfolio Breakdown 45.6 billion TRY

Strategic Pillars

Strong sales growth with cumulative 19.8 billion TRY within 3 years

Deleveraging from a net debt to a net cash within 2024

Completion of the project pipeline with 5.2 billion TRY capex within 3 years

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PROJECT LOCATIONS - TURKEY

	İSTANBUL
•	Torium Shopping Mall	•	5. Levent Phase 2
•	Nishİstanbul Mixed-Use Project •	Karaköy Hotel Project
•	Mall of İstanbul	•	Paşabahçe Project
•	Torun Tower	•	Kayabaşı Land
•	Torun Center	•	Mall of İstanbul Phase 3

• 5.Levent Phase 1
• MOİ Hilton & High Residence

SAMSUN

• Bulvar Samsun Shopping Mall

ANKARA

• ANKAmall Shopping Mall
• CPAnkara Hotel

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• Green: Operational

• Red: Ongoing projects

• Purple: Landbank

	BURSA			ANTALYA
•	Zafer Plaza Shopping Mall		•	Deepo Outlet Mall
MUĞLA
•	Korupark Shopping Mall	•	Mall of Antalya
•	Korupark Residences Phases 1-2	• Netsel Marina	•	Antalya land

• Korupark Residences Phase 3

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Project Locations - İstanbul -

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