FY2025 FINANCIAL RESULTS PRESENTATION

March 2026



POLİSAN HOLDİNG: INNOVATIVE AND PIONEERING SOLUTIONS FOR OUR SECTORS





Chemical Activities

Polisan Kimya %100

Polisan Yapıkim Yapı Kimyasalları %100 (*)

Port Operations

Poliport %100

Real Estate

  • Pendik Land

  • Kağıthane Z Office

  • Gebze-Tavşanlı

  • Aydın Karacasu land

  • Others

(1) The shares represent Polisan Holding's direct and indirect stake in the related group companies.

3



FY2025 FINANCIAL RESULTS

Summary on Sector and Financial Results

4



TÜRKİYE: CPI & US$/TL

2023-01

2023-02

2023-03

2023-04

2023-05

2023-06

2023-07

2023-08

2023-09

2023-10

2023-11

2023-12

2024-01

2024-02

2024-03

2024-04

2024-05

2024-06

2024-07

2024-08

2024-09

2024-10

2024-11

2024-12

2025-01

2025-02

2025-03

2025-04

2025-06

2025-07

2025-08

2025-09

  • The Consumer Price Index (CPI) increased by 31% year-on-year in 2025, while the annual increase in the USD/TRY exchange rate reached 22% in December.

  • Based on the 2025 annual average, CPI rose by 35%, whereas the average annual increase in USD/TRY remained at 20%. During this period, the CPI-exchange rate gap narrowed from 38 percentage points in July 2024 to 14 percentage points in June 2025, and further declined to 9 percentage points by December.

    35%

    20%

    15 pp

    2025-05

    CPI 12M avg. yoy change

    2025-10

    2025-11

    2025-12

    2026-01

    2026-02

    US$/TL 12M

    avg. yoy change

    5



    26

    38 pp

    9 pp

    24 pp

    31

    30

    36

    32

    31 31 31

    39 38

    34 33 33 33

    35 35

    41

    38

    38

    39

    18

    Source: TCMB & TÜİK

    18

    16

    21

    22 22

    21 21

    21

    20

    24

    18

    22 23

    22

    20 20

    23

    26

    25

    62 61 62

    63

    52

    55

    67

    59

    58

    62

    68

    64

    67

    65

    65

    70

    69

    72

    75

    50

    51

    60

    52

    49

    49

    44

    54

    56

    47

    44

    48

    40 38

    50

    42

    47



    Istanbul Chamber of Industry Türkiye Manufacturing PMI

    Source: Istanbul Chamber of Industry Türkiye Manufacturing PMI

    46,6

    46,5

    46,1

    45,7

    47,3

    45,8

    45,8

    45,8

    45,0

    46,0

    01/24

    02/24

    03/24

    04/24

    05/24

    06/24

    07/24

    08/24

    09/24

    10/24

    11/24

    45,1

    46,6

    47,6

    48,6

    49,0

    49,4

    49,5

    49,8

    50,7

    49,8

    50,0

    49,6

    48,8

    12/24

    01/25

    02/25

    03/25

    04/25

    05/25

    06/25

    07/25

    08/25

    09/25

    10/25

    11/25

    12/25

    49,2

    50,2

    50,0

    49,3

    48,4

    47,9

    47,2

    47,8

    44,3

    45,8

    01/24

    02/24

    03/24

    04/24

    05/24

    06/24

    07/24

    08/24

    09/24

    10/24

    11/24

    12/24

    48,0

    48,3

    47,3

    47,3

    47,2

    46,7

    45,9

    47,3

    46,7

    46,5

    48,0

    48,9

    01/25

    02/25

    03/25

    04/25

    05/25

    06/25

    07/25

    08/25

    09/25

    10/25

    11/25

    12/25

  • The Eurozone Manufacturing PMI declined to 48.8 in December (November: 49.6), marking the lowest level in the past nine months.

  • According to December data compiled by S&P Global, manufacturing output contracted during the month, while the decline in new orders accelerated and export demand continued to weaken.

  • The Istanbul Chamber of Industry Türkiye Manufacturing Purchasing Managers' Index (PMI) rose to 48.9 in December, reaching its highest level in the past year. However, the index remained below the threshold level of 50.0, indicating that the manufacturing sector continued to operate in contraction

EUROZONE & TÜRKİYE: PMI

Eurozone Manufacturing PMI®

Source: S&P Global. HCOB Euro Bölgesi İmalat PMI Endeksi



territory.

6



POLİSAN HOLDİNG: STRATEGIC TRANSFORMATION ROADMAP



Portfolio Restructuring

  • Partial spin-off: The transfer of the Paint Group to Marmara Holding through a partial spin-off was completed with its registration on 10 September 2025.

  • Polisan Hellas' sale: Following the suspension of its production in 2025 and its classification under "discontinued operations," the sale of Polisan Hellas in January 2026 marked the Company's exit from the loss-making PET sector.



Factory Area Restructuring

  • Dilovası Campus Area Optimization: Through the reorganization of a 22,750 m²

area, the removal of idle structures and site optimization works to create

additional operational space, an additional 8,000 m² was incorporated into the

Poliport Temporary Bonded Area.



7





POLİSAN HOLDİNG: SHAREHOLDING STRUCTURE DEVELOPMENTS

On 27.06.2025, a Share Transfer Agreement was signed between members of the Bitlis Family and Corex Ports and Terminals Dilovası Liman İşletmeleri A.Ş. regarding the transfer of shares corresponding to 77.7% of the capital of Polisan Holding A.Ş.

Transactions being carried out under the Share Transfer Agreement;

Polisan Hellas

Partial Spin-off

Legal Approvals

In line with the Board of

Directors' resolution dated 18.06.2025, the entire

shareholding in Polisan Hellas, established in

Greece, will be sold to third parties.

Completion of the Partial

Spin-off Process within the scope of the application disclosed on 29.03.2025

Obtaining all necessary legal approvals, including the Competition Authority application

Completed as of Sept. 10,2025

Completed as of Jan 22, 2026

Following the approval of the Competition Authority, the real estate assets classified under 'Non-Operational Real Estate' will be acquired by the Bitlis Family at a price not lower than the value to be determined by an SPK-licensed valuation firm. Subsequently, the share transfer transactions will be completed.

8



POLİSAN HOLDİNG: FY2025 FINANCIAL RESULTS

  • Key Factors Affecting Revenues:

    • Inflation-FX gap: The gap between inflation and the exchange rate remained wide,

Consolidated Revenues

6.4 bn TL

(2024: 7.1 bn TL)

EBITDA

1,060 mn TL

(2024: 1,575 bn TL)

EBITDA Margin

%16.6

(2024: 22.2%)

Profit/Loss from Continuing Oper.

-889 mn TL

(2024: -422 mn TL)

Profit/Loss from Discontinued Oper.

-554 mn TL

(2024: -406 mn TL)

9

limiting the TRY equivalent of FX-denominated revenues.

  • Port operations: While the increase in FX lagged behind inflation, putting pressure on US$-denominated revenues, port revenues remained in line with the previous year.

  • Chemicals segment: Revenues declined due to weak domestic and international demand and lower raw material and product prices.

  • Gross Profit; TRY-denominated subcontracting, maintenance & repair and personnel exp. increased service costs in the inflationary environment, adversely affecting gross profit.

  • Operating Expenses: Despite one-off advisory and transaction costs related to the partial spin-off and the sale of Polisan Hellas, operating expenses remained below the previous year.

  • Investments acc. using the equity method: Within the scope of the partial spin-off of the paint segment, a TRY 357 mn loss from associates was recorded until 10 September 2025.

  • Net Expense from Investing Activities: A TRY 239 mn decrease in value was recorded as the appreciation in investment properties remained below inflation (2024: TRY 113 mn increase in value).

  • Financial expenses:

    • The transfer of Polisan Hellas loans to the Holding increased FX loss expenses.

    • Rising financing needs and higher interest rates increased financing costs.

  • Net Loss from Discontinued Operations: The loss from discontinued operations related to Polisan Hellas, whose sale was completed in January 2026, amounted to TRY 554 mn, of which TRY 265 mn resulted from an asset impairment provision.





    POLİSAN HOLDİNG: FY2025 CONSOLIDATED FINANCIAL RESULTS (*)

    Consolidated Revenue Breakdown1

    Consolidated Revenues (TL mn)



    Other

    9.6%

    Chemicals

    31.0%

    7,095

    Construction Chem.

    23.6%

    35.7%

    Port

    6,402

    9M2024 9M2025

    (1) Based on Revenues prior to Eliminations

    Operational Segments EBITDA (TL mn)

    Consolidated EBITDA (TL mn)

    1,085

    343

    35

    1,295

    FY2024 FY2025

    FY2025

    FY2024

    1,575

    1,060

    -63 -61

    Chemicals Port Other & Eliminations

    • Polisan Hellas' activities for the FY2025 and FY2024 periods

have been classified as discontinued operations. The charts 10

above presents only continuing operations.



POLİSAN HOLDİNG: 2025 CONSOLIDATED FINANCIAL RESULTS



-306

-174

1

-220

-357

-174

-554

4

3

2

-480

5

-37

-18

15



382

2

4

Key Factors Affecting Income Statement:

1





Net Expense from Invest. Activities: 220 mn TL 334 mn TL decrease in the value of investment properties as valuation gains remained below inflation.

Loss from equity-accounted investments: 357 mn TL

As part of the partial spin-off, the Paint Group

was transferred to the newly established company as of 10 September 2025.

3



Deferred tax expense: 174 mn TL

Resulting from the termination of inflation accounting



Loss from discontinued operations: 554 mn TL

265 mn TL related to asset impairment.

The sale of Polisan Hellas, classified as discontinued operations, was completed in January 2026.

EBIT

11

Net Other oper. Inc. / (expense)

Monetary Gain/Loss

Tax Expense

Financial Income

/(exp), net

Inc./Exp from Invest. Activities, Net

Profit/(Loss) from investments acc. using the equity method

Deferred Tax Expense

Profit/Loss from Discontinued Operations (Hellas)

-1,443

Net Profit/Loss

Net FX loss: 174 mn TL (2024: net FX gain 42 mn TL)

5



Following the restructuring of Hellas' debt at the Holding level, standalone FX loss at the Holding amounted to 112 mn TL (2024: 2 mn TL).



POLİSAN HOLDİNG: FY2025 CONSOLIDATED FINANCIAL RESULTS

INVESTMENT EXPENDITURES (TL mn)

NET PROFIT/LOSS (TL mn)

EBITDA (TL mn) & EBITDA Margin (%)



REVENUES (TL mn)

7,095

6,402



16.6%

1,575

1,060

22.2%

Continued Operations Profit/Loss Discontinued Operations Profit/Loss

-407

856

786

-422

-889

-554

-829

FY2024 FY2025

FY2024

FY2025

-1.443

FY2024 FY2025

FY2024 FY2025

Investment Exp.: TL786 mn

+At the Dilovası campus, 22.75K m² is being reorganized through the removal of idle structures and the

creation of new areas.

+In addition, an 8K m² area in Dilovası was added to Poliport's Temporary Storage Area as of 16.05.2025, and

operational activities have commenced.

Net Loss TL1.4 bn

+Keeping OPEX under control

  • TL 357 mn loss in paint operations

    driven by high financing costs

  • Investment property valuation gains remained below inflation

  • Increase in working capital in the

    Chemicals/Construction Chemicals segment and additional financial borrowing

  • FX loss impact from Polisan Hellas loans

carried at Polisan Holding level

EBITDA Margin 16.6%

+Improvement in operating expenses

  • Increase in personnel, subcontracting, and maintenance-repair expenses

  • Continued wide gap between inflation

    vs. devaluation

  • Kimya: Pressure on margins due to low

    sales price levels

  • Yapıkim: Pressure on margins due to weak domestic demand and persistently low sales prices

Revenues TL6,4 bn

+Port: Finalized investments drove higher liquid cargo volume

+Port: High Tank Utilization Rates

+Port: Addition of the new storage area to operations

  • Inflation accounting negatively impacting

    US$ based revenues.

  • Kimya: Pressure on sales prices due to weak local and foreign demand

  • Yapıkim: Adverse weather conditions in

1Q, weak regional demand throughout the year, and low sales prices

12



Summary Balance Sheet (TL mn)

31.12.2025

31.12.2024

Net Financial Debt (TL mn)

31.12.2025

31.12.2024

Current Assets

2.724

3.455

Cash & Cash Equivalents (-)

283

666

Fixed Assets

15.340

22.010

ST and LT Debt (+)

2.090

2.225

  • As of 31.12.2025, the assets and liabilities of Hellas have been classified under assets held for sale, whereas they were presented in the consolidated balance sheet as of

31.12.2024.

(*) Short and long-term financial debt amounts include IFRS 16

Net Fi

POLİSAN HOLDİNG: CONSOLIDATED BALANCE SHEET AND FX POSITION



Total Assets

Short Term Liabilities Long Term Liabilities

18.065

2.937

1.564

25.465

3.735

1.528

ST Financial Debt

1.615

2.076

LT Financial Debt 475 149

nancial Debt 1.808 1.559

Shareholders' Equity

13.564

20.202

▪

Total Liabilities & Equity

18.065

25.465

Polisan Holding increased the capital of Polisan Hellas by EUR 27 mn through the use of short- and long-term loans and restructured its debt. As a result, Polisan Holding's standalone net debt reached TL 1.1 bn (31.12.2024: TL 38 mn standalone net cash).

Net Working Capital (TL mn)*

Net Debt & Net Debt/EBITDA

Net FX Position*

7.8%

907

497

-1,017

-1,347

321

618

1,193

1,636



12.8%

1.7

3.2

-7.6

-11.6

US$ mln EUR mln



1.0



1,559

1,808

31.12.2024

31.12.2025

31.12.2024

30.09.2025

-27.2



31.12.2024 31.12.2025

13 *Excluding the impact of Hellas, net working capital as of 31.12.2024

increases by approximately TL 130 mn.



POLİSAN HOLDİNG: CONSOLIDATED SUMMARY INCOME STATEMENT



CONSOLIDATED INCOME STATEMENT SUMMARY

TL million

FY2025

FY2024

Change YoY

Sales

6.402

7.095

-10%

Gross Profit

1.375

2.008

-32%

Operating Expenses

993

1.018

-2%

EBITDA

1.060

1.575

-33%

Other operating income/expense, net

15

-75

n.m.

Profit/(loss) from investments acc. using the equity method

-357

-682

-48%

Operating Profit

40

234

-83%

Income/Expense from investment activities, net

-220

114

n.m.

Financial income/Expense, net

-480

-163

195%

Monetary Loss

-18

-195

-91%

Profit/Loss Before Tax

-678

-10

6874%

Tax Expense/Income

-211

-413

-49%

Profit/Loss from Continuing Operations

-889

-422

111%

Profit/Loss from Discontinued Operations

-554

-407

36%

Profit for the Period

-1.443

-829

74%

Gross Margin

21,5%

28,3%

6,8 p.p.

EBITDA Margin

16,6%

22,2%

5,6 p.p.

Net Profit Margin

-13,9%

-6,0%

7,9 p.p.

14



POLİSAN HOLDİNG: CONSOLIDATED SUMMARY BALANCE SHEET



CONSOLIDATED BALANCE SHEET SUMMARY

TL Million

31.12.2025

31.12.2024

Current Assets

2.724

3.455

Fixed Assets

15.340

22.010

Total Assets

18.065

25.465

Short Term Liabilities

2.937

3.735

Long Term Liabilities

1.564

1.528

Shareholders' Equit

13.564

20.202

Total Liabilities & Equity

18.065

25.465

Net Financial Debt

1.808

1.559

Short Term Financial Debt

1.615

2.076

Long Term Financial Debt

475

149

Cash and cash equivalents (-)

283

666

Ratios

Current Ratio

0,9

0,9

Acid-Test Ratio

0,8

0,8

Cash Ratio

0,10

0,2

Net Financial Debt/EBITDA

1,7

1,0

Total Debt/Total Assets

25%

21%

Debt/Equity

33%

26%

15



THANK YOU

Email

investorrelations@polisanholding.com.tr



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Polisan Holding AS published this content on March 16, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on March 16, 2026 at 08:46 UTC.