MARKET WATCH (SEKER YATIRIM) MARKET WATCH - WEDNESDAY, OCTOBER 8, 2025 OUTLOOK: THE BIST 100 INDEX STARTED TUESDAY ON A SLIGHTLY POSITIVE TREND, CLOSING LATER AT 10,814.11, UP 0.74% THANKS TO 2H`S BUYING PRESSURE. THE BANKING INDEX ROSE 0.60% AND THE INDUSTRIAL INDEX GAINED 0.51%. THE PRESENTATION BY CBRT GOVERNOR FATIH KARAHAN TO PARLIAMENT`S PLANNING AND BUDGET COMMITTEE WAS FOLLOWED CLOSELY. KARAHAN STATED, `MAIN TREND INDICATORS SHOW A SLOWDOWN IN THE DISINFLATION PROCESS,` ADDING, `EVEN IF THE DISINFLATION PROCESS, WHICH HAS BEEN ONGOING SINCE JUNE 2024, SLOWS DOWN, WE WILL ENSURE THAT INFLATION REMAINS CONSISTENT WITH THE INTERIM TARGETS THROUGH THE STEPS WE WILL TAKE.` ADDITIONALLY, THE WORLD BANK RAISED TURKIYE`S ECONOMIC GROWTH FORECAST FROM 3.1 PERCENT TO 3.5 PERCENT FOR 2025, FROM 3.6 PERCENT TO 3.7 PERCENT FOR 2026, AND FROM 4.2 PERCENT TO 4.4 PERCENT FOR 2027. GLOBALLY, THE U.S. STOCK MARKETS CLOSED TUESDAY LOWER, WHILE EUROPEAN STOCK MARKETS FOLLOWED A MIXED TREND. ON THE ASIAN SIDE, THE JAPANESE STOCK MARKET CLOSED FLAT ON A DAY WHEN THE CHINESE, SOUTH KOREAN, AND HONG KONG STOCK MARKETS WERE CLOSED FOR A PUBLIC HOLIDAY. THE NEAR-TERM VIOP INDEX CONTRACT CLOSED THE EVENING SESSION UP 0.09%. AS THE DAY BEGINS, THE U.S. FUTURES AND GERMAN DAX INDEX FUTURES ARE SLIGHTLY POSITIVE. WHILE TODAY`S DOMESTIC MACROECONOMIC DATA AGENDA HAS NO MAJOR RELEASES, GLOBALLY, THE FOCUS WILL BE ON GERMAN INDUSTRIAL PRODUCTION, AS WELL AS FOMC MEETING MINUTES, FED MEMBERS` SPEECHES, AND ECB PRESIDENT LAGARDE`S SPEECH. LOCALLY, WE EXPECT THE BENCHMARK INDEX TO START WEDNESDAY FLAT AND FLUCTUATE THROUGHOUT THE DAY. SUPPORT: 10,700 - 10,600 RESISTANCE: 10,900 - 11,000. MONEY MARKET: THE LIRA WAS NEGATIVE YESTERDAY, WEAKENING 0.04% AGAINST THE USD TO CLOSE AT 41.7038. THE CURRENCY ALSO APPRECIATED BY 0.11% AGAINST A BASKET OF $0.50 AND €0.50. MEANWHILE, THE LOCAL FIXED INCOME MARKETS WERE NEGATIVE. THE TEN-YEAR BENCHMARK BOND YIELD FLUCTUATED BETWEEN A RANGE OF 32.03%-32.19%, CLOSING THE DAY AT 32.07%, UP 15 BPS FROM THE PREVIOUS CLOSE. COMPANY NEWS: AKSA ENERGY (AKSEN.TI OP) EXPECTS 2026 TO BE THE YEAR IN WHICH INVESTMENTS TRANSLATE INTO EBITDA… AKSA ENERGY TO INCREASE ITS INSTALLED CAPACITY TO 5,000 MW IN 2028. CURRENTLY, THE COMPANY HAS 11 POWER PLANTS IN 7 COUNTRIES, TOTALING OVER 3,000 MW. IT AIMS TO EXPAND ITS OPERATIONS TO 10 COUNTRIES BY 2028, AND ITS 11 POWER PLANTS TO 20 POWER PLANTS. THE COMPANY AIMS TO INCREASE ITS INSTALLED CAPACITY TO 4,000 MW IN 2026 AND PLANS TO INCREASE IT TO 5,000 MW IN 2028. OF THE CURRENT INSTALLED CAPACITY 14% IS IN AFRICA, 41% IN CENTRAL ASIA, AND 45% IN TURKEY. BY 2028, THE INSTALLED CAPACITY IS EXPECTED TO BE 24% IN AFRICA, 29% IN CENTRAL ASIA, AND 47% IN TURKEY. THE TARGET IS ALSO FOR RENEWABLE ENERGY TO ACCOUNT FOR 20% OF ITS INSTALLED CAPACITY IN 2028. IN 2026, A TOTAL OF 10 PROJECTS ARE PLANNED TO BE COMMISSIONED, INCLUDING NINE POWER PLANTS WITH A TOTAL CAPACITY OF 975 MW AND ONE INDEPENDENT ELECTRICITY STORAGE FACILITY. FOUR OF THESE PROJECTS WILL BE NATURAL GAS-FIRED POWER PLANTS IN AFRICA, WITH ONE IN CENTRAL ASIA, AND WITH FIVE OF THE RENEWABLE ENERGY PLANTS IN TURKEY. THE COMPANY PLANS TO COMMISSION ONE POWER PLANT PER MONTH, PARTICULARLY IN ACCORDANCE WITH THE COMMERCIAL COMMISSIONING DATES OF THE ONGOING POWER PLANTS. AKSA ENERGY ANNOUNCED PLANS TO COMMISSION A 130 MW SIMPLE-CYCLE POWER PLANT IN JANUARY 2026, AND THE FIRST PHASE OF THE 179 MW KUMASI NATURAL GAS POWER GENERATION PLANT IN MARCH. THE COMPANY ALSO AIMS TO COMMISSION THE 240 MW KYZYLORDA NATURAL GAS HEAT AND POWER PLANT IN KAZAKHSTAN IN APRIL, THE 145 MW GABON NATURAL GAS POWER PLANT IN JUNE, AND 160 MW OF THE 255 MW SENEGAL NATURAL GAS POWER PLANT IN AUGUST. THE COMPANY AIMS TO COMMISSION FIVE RENEWABLE ENERGY PROJECTS TOTALING 251 MW IN TURKEY BY 2026. AKSA ENERGY HAS ANNOUNCED PLANS TO COMMISSION THE GAZIANTEP 40.5 MW SOLAR POWER PLANT IN FEBRUARY 2026, THE URFA INDEPENDENT ELECTRICITY STORAGE PLANT (50 MW) IN MARCH, THE KIRSEHIR 50 MW SOLAR POWER PLANT IN JUNE, THE MERSIN 100 MW WIND POWER PLANT IN OCTOBER, AND THE KAYSERI 10 MW SOLAR POWER PLANT IN DECEMBER. WITH THESE INVESTMENTS, THE COMPANY ANTICIPATES THAT ITS TOTAL INSTALLED SOLAR POWER CAPACITY WILL REACH 225.5 MW, ITS TOTAL INSTALLED WIND POWER CAPACITY WILL REACH 665.91 MW, AND ITS TOTAL INSTALLED INDEPENDENT ELECTRICITY STORAGE CAPACITY WILL REACH 941 MW. EBITDA IS EXPECTED TO TRIPLE BY 2028. WITH THE CONTRIBUTION OF INVESTMENTS, EBITDA IS EXPECTED TO INCREASE ANNUALLY STARTING IN 2026. THE COMPANY ANTICIPATES EBITDA REACHING USD660 MILLION IN 2028, UP FROM USD215 MILLION IN 2024. THE EBITDA MARGIN IS ALSO TARGETED TO INCREASE FROM 24% IN 2024 TO 42% IN 2028. STARTING IN 2026, GUARANTEED FOREIGN CURRENCY CONTRACTS AND THE RESERVE MECHANISM ARE EXPECTED TO ACCOUNT FOR 90% OF EBITDA. SEKER YATIRIM MENKUL DEGERLER A.S WWW.SEKERYATIRIM.COM.TR *** YASAL UYARI BURADA YER ALAN YATIRIM BILGI, YORUM VE TAVSIYELER YATIRIM DANISMANLIGI KAPSAMINDA DEGILDIR.YATIRIM DANISMANLIGI HIZMETI ARACI KURUMLAR, PORTFOY YONETIM SIRKETLERI, MEVDUAT KABUL ETMEYEN BANKALAR ILE MUSTERI ARASINDA IMZALANACAK YATIRIM DANISMANLIGI SOZLESMESI CERCEVESINDE SUNULMAKTADIR.BURADA YER ALAN YORUM VE TAVSIYELER, YORUM VE TAVSIYEDE BULUNANLARIN KISISEL GORUSLERINE DAYANMAKTADIR.BU GORUSLER MALI DURUMUNUZ ILE RISK VE GETIRI TERCIHLERINIZE UYGUN OLMAYABILIR.BU NEDENLE, SADECE BURADA YER ALAN BILGILERE DAYANILARAK YATIRIM KARARI VERILMESI BEKLENTILERINIZE UYGUN SONUCLAR DOGURMAYABILIR. 08.10.2025 09:22:20