Chairman's Message

Turkey has sustained its transformation in energy production, particularly through increased investments in renewable energy, with a strong focus on solar energy. In 2024, new records were set in natural gas and oil exploration and production, and a balanced transition strategy was implemented in line with the country's 2053 Net Zero Emissions Target.
Looking at global growth figures, the International Monetary Fund (IMF) forecasted in its World Economic Outlook Update published in January 2025 that the world economy is expected to grow by 3.3% in both 2025 and 2026. While this forecast is consistent with the October 2024 report, it remains below the growth rates observed between 2000 and 2020. Despite the moderate growth expectations, we closely monitor regional differences and potential risks and continue to progress steadily toward our goals.

We Maintained Our Focus and Commitment to Sustainability

At Zorlu Enerji, 2024 was a year in which we maintained our firm commitment to sustainable success, guided by global trends. We continued to deepen our portfolio with a focus on renewable energy and took the lead in the energy transition. In line with our 100% renewable energy goal, we progressed in phasing out natural gas operations from our portfolio. Alongside our financial performance, we also meaningfully improved our ESG (Environmental, Social, and Governance) score, a critical indicator of non-financial success, through our investments in social and environmental initiatives. Our accomplishments in this area were recognized with nine national and international awards, reinforcing our commitment to creating lasting value.

We Delivered a Strong Financial Performance

We delivered a robust financial performance in 2024, achieving a consolidated revenue of TRY 29.658 billion. During the same period, EBITDA reached TRY 12.1 billion, and our Net Financial Debt/EBITDA ratio was maintained at 3.6.
With the successful issuance of a USD 1.1 billion Eurobond, we aimed to strengthen our financial strategies and secure funding for new investments. This issuance enhanced our financial flexibility and attracted strong interest from international investors, enabling us to further contribute to the sector’s growth and transformation.

Our Brands Achieved Global Success in Electrification

Our brands Zes and electrip, operating under Electrip Global Ltd.—a joint venture between Zorlu Enerji and Wren House—continued their growth trajectory. We signed a strategic agreement with Hubject, the world’s largest e-roaming charging network provider, integrating our stations into the European charging network. Through this partnership, approximately 4,000 Zes EV stations in Turkey, along with electrip EV stations in Italy, France, Bulgaria, Greece, Croatia, Montenegro, and Poland, became interoperable with hundreds of e-mobility service providers across Europe. These global partnerships have accelerated the growth journey of our brands, which are committed to advancing low-carbon transportation infrastructure.

SBTi Validation for Our Net Zero Targets

Our net zero carbon targets for 2030 and 2040 were officially validated by the Science Based Targets initiative (SBTi). This recognition affirms the credibility and effectiveness of our climate action strategies at the international level.
Aligned with our net zero roadmap, we took significant steps in decarbonization this year. As we began divesting from natural gas power plants in our international portfolio, we also extended our renewable energy investment vision abroad, further strengthening our commitment to a sustainable energy future.
We remain steadfast in our goal to achieve net zero carbon emissions across all operations and our entire value chain by 2040.

We Delivered a Strong ESG Performance

In 2024, we significantly enhanced our achievements in Environmental, Social, and Governance (ESG) performance, reinforcing the progress we have made on our sustainability journey. We scored 88 points in the ESG assessment conducted by the London Stock Exchange Group (LSEG), improving our previous year’s score of 77. This accomplishment positioned us among the top performers in the industry, reaffirming our leadership with an “A” rating.
In S&P Global’s 2024 Corporate Sustainability Assessment, we increased our score from 49 to 74, reflecting the tangible impact of our integrated sustainability efforts. Strong collaboration with our suppliers also played a vital role in this success. In the 2023 Supplier Engagement Rating (SER) by the Carbon Disclosure Project (CDP), we received an “A” grade and were recognized among the global SER leaders.
We continue to reinforce our achievements in this field by embedding sustainability into every aspect of our business. Through projects that promote social benefit—supporting education, local development, and women’s employment—we remain committed to fulfilling our social responsibilities without compromise.

We Continue to Work for a Greener World

With our investments in renewable energy, commitment to net-zero carbon goals, international accolades, and innovation initiatives, we continued to shape the future of the energy sector in 2024. On our sustainability-focused journey, we are resolute in our efforts to build a more equitable, cleaner, and greener world in cooperation with our stakeholders in Turkey and around the globe.
At Zorlu Enerji, we move forward with confidence to further our industry leadership and sustainability commitments. Through our renewable energy investments, technological innovations, and environmental and social contributions, we will continue to lead Turkey’s energy transformation.
With unwavering confidence in our country’s future, we will carry forward our value-creating efforts in 2025—efforts that support, strengthen, and pave the way for our nation, our industry, and our Company. As we continue this journey, I extend my heartfelt gratitude to our shareholders, business partners, executives, and colleagues for their steadfast support. I sincerely wish that 2025 brings peace and prosperity to our country and the world.

Sincerely,

Elif Yener

President of the Sector (CEO)