Model Portfolio Update

Following the 4Q25 results and our updated projections, we are adding Astor Energy back to our Model Portfolio. In the wake of the 4Q25 release, we revise our 2026 and 2027 forecasts upward, more explicitly incorporating the rising export contribution, robust order backlog, and the impact of the capacity expansion scheduled to come onstream in 2026. Accordingly, we increase our 12-month target price to TL 257 from TL 158.