Model Portfolio Update

We are removing Astor Energy from our Model Portfolio, which was included in our coverage on December 26, 2025, with a 12-month target price of TL 158.00 per share. The decision follows the stock’s rapid appreciation and achievement of our target price within a short period. While we maintain our positive view on the company’s medium- to long-term growth outlook, we will reassess Astor Enerji after the announcement of its 4Q25 financial results.

Astor Energy which has delivered a strong return of around 40% (18% relative to the BIST-100 index) in a short period following its inclusion in our Model Portfolio, continues to benefit from supportive long-term trends. Rising global electricity demand, accelerating renewable energy investments that are driving grid modernization, sustained demand for transformers and switching equipment, and a strengthening export network collectively underpin the company’s medium- and long-term growth outlook. Against this backdrop, while we maintain our positive view on Astor Energy’s structural growth story, we are removing the stock from our Model Portfolio to create room for portfolio rebalancing.