ZOREN FINANCIAL STATEMENTS

Zorlu Enerji Elektrik Üretim A.S. — balance sheet, income statement and cash flow trends

ZORENZorlu Enerji Elektrik Üretim A.S.

🇹🇷 Turkey · IS · Utilities · Utilities - Renewable

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue36 B ₺-4.6%

Gross Profit3 B ₺-30.0%

Operating Income1.7 B ₺-15.8%

EBITDA7.9 B ₺-1.6%

Net Income-14.4 B ₺—

Peer Comparison· Utilities - Renewable

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
ZOREN	-4.6%	8.4%	21.9%	-40.1%
NRGV	362.0%	21.0%	-40.0%	-53.0%
STEM	0.7%	36.3%	143.7%	94.2%
FLNC	10.9%	11.5%	-0.4%	-1.6%
BLX	10.7%	38.3%	60.5%	-3.6%
SLR	39.9%	77.2%	103.7%	55.9%
Industry median	1.9%	27.1%	36.8%	-1.9%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
ZOREN	-4.6%	8.4%	21.9%	-40.1%
GWIND	3.2%	45.4%	83.6%	28.5%
TATEN	5.3%	39.0%	58.2%	7.9%
AYDEM	35.3%	22.7%	40.2%	-20.2%
AYEN	-10.6%	23.5%	30.0%	3.4%
BIOEN	-9.1%	-0.1%	8.7%	-29.6%
Industry median	1.9%	27.1%	36.8%	-1.9%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity61.1 B ₺45%
Current Liabilities22.4 B ₺17%
Long-term Liabilities51.6 B ₺38%

Key Figures

YoY change

Total Assets135 B ₺+3.6%

Total Liabilities74 B ₺+9.3%

Total Equity61.1 B ₺-2.6%

Cash & ST Investments3.6 B ₺+15.6%

Total Debt58.8 B ₺+11.4%

Net Debt56.9 B ₺+14.6%

Peer Comparison· Utilities - Renewable

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
ZOREN	0.93	96.3%	6.98	45.2%
NRGV	1.44	570.5%	-1.21	10.2%
STEM	0.84	-123.6%	1.33	-94.5%
FLNC	1.43	109.2%	1.01	15.7%
BLX	1.24	310.0%	7.98	19.7%
SLR	0.59	205.8%	4.94	30.0%
Industry median	1.07	51.3%	3.22	50.5%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
ZOREN	0.93	96.3%	6.98	45.2%
GWIND	2.07	20.8%	0.62	70.5%
TATEN	0.52	87.5%	4.20	52.1%
AYDEM	1.27	57.3%	4.16	54.9%
AYEN	0.78	36.2%	2.68	69.8%
BIOEN	0.37	179.1%	21.71	29.8%
Industry median	1.07	51.3%	3.22	50.5%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow-59.2 M ₺-101.1%

Capital Expenditures-1.2 B ₺—

Free Cash Flow9 B ₺+95.5%

Dividends Paid0 ₺—

Peer Comparison· Utilities - Renewable

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
ZOREN	-0.2%	24.9%	3.4%	0.4%
NRGV	-26.1%	-45.2%	19.1%	49.3%
STEM	-6.5%	-6.4%	4.5%	-6.9%
FLNC	-9.2%	-10.5%	1.3%	568.2%
BLX	38.2%	-11.7%	49.9%	-1,071.9%
SLR	—	—	0.0%	—
Industry median	18.8%	-0.4%	10.4%	33.3%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
ZOREN	-0.2%	24.9%	3.4%	0.4%
GWIND	55.8%	-28.0%	58.6%	196.0%
TATEN	63.5%	-0.8%	64.6%	802.9%
AYDEM	59.1%	51.4%	2.4%	-292.3%
AYEN	21.0%	20.5%	0.1%	625.1%
BIOEN	12.4%	-0.4%	15.9%	-41.9%
Industry median	18.8%	-0.4%	10.4%	33.3%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 3, 26. This content is for informational purposes only and is not investment advice.