Thank you very much. Dear investor community, greetings to you all.

Welcome to our webcast for the sharing of 2025 full-year financials. As usual in the call of today, I'll kick it off by highlighting the achievements that our company has made, and then give the word to Bahar and Ünal for their respective section details.

I like this page very much. It is a very good summary of what we have been able to achieve in 2025.

We are really and truly proud to share that we concluded a very good result in 2025, keeping in view in fact we delivered on all of our commitments in regards to our product launches and ramp-up regarding the capacity for both Ford and Peugeot production. While doing so, this brought some important in the achievements that I would like to highlight.

First, looking to production, we attained highest level of production, export, and wholesale figures in our history. We hit the adjusted EBITDA margin of our guidance upper bucket.

We achieved an overall capacity utilization reaching 75%, and in fact, later in the production, also in our guidance, you will see that, especially with quarter four, we have had much better results, improving almost on all fronts. Capacity utilization at Q4 reached 80% level.

Especially on the cash, leverage, working capital front, the management of cash, we were very successful. The free cash flow reached €1.6 billion, and our net debt over adjusted EBITDA multiplier came down to 1.49x.

Over here, I would really like to thank my team, the entire company and my team, for this really exceptional result. While doing so, delivering on this result, we also managed to reach the largest dividend payment in our history, and also the largest dividend yield, 7.8%, in the last 16 years.

Now, looking a little bit high level on the market performance, the details will follow through Bahar, but I wanted to touch on also. For domestic markets, we experienced quite a strong industry, overall reaching 1.4 million units of registration, and a lot of which passenger vehicle sales constituted the major portion.

In this environment, we achieved 117,000 retail sales, despite being wise in the past years. Overall, we ranked in the third position in the market with an overall market share of 8.3%.

Our story, we are in fact the key player in commercial vehicle. Our undisputed leadership position we were able to protect with a 28.6% market share.

The export performance was also very significant. We reached record sales of 608,000 units, and it's especially important because we managed this in a contracting and disadvantaged market, with respect to the commercial vehicles in Europe.

Overall, this I believe is a very good summary of our performance. While doing so, let me also touch a little bit on the EV sales.

In our earlier calls, you will remember in fact we have been discussing about the EV penetration in the markets that we operate. The result is 18.8%.

However, it is obvious that the EV penetration is still progressing at slow end. Overall, we achieved 8% adjusted EBITDA margin and €1,821 of adjusted EBITDA per vehicle, and this concludes my summary page.

Let me move on to the next one, which is this. Another dashboard that we feel very proud of: we are holding the 73% of Turkey's overall commercial vehicle production and 87% of Turkey's commercial vehicle exports.

Also, within the operations we hold in Romania, the vehicles we produce in passenger car sales in Europe is amounting to 41%, and for Craiova commercial vehicle production, 79% of Craiova vehicles are coming out of our plant. Having given these highlights, let me now pass the ball on to Bahar so that we deep dive into our market performance and the details of it.

Thank you, Güvenç Hanım. Hello everyone.

Thank you all for joining us today. Now let me continue with recent developments in domestic markets.

In 2025, the market performed beyond expectations and reached all-time high level of 1.4 million units with a growth of 12%. This time, for the first time, passenger car sales exceeded 1 million units level and it makes up around 77% of total market.

This robust performance was mainly supported by intensifying competition, macroeconomic uncertainties, brought-forward demand ahead of increasing special consumption tax, and also better vehicle availability, and increase in special consumption tax base thresholds for EVs, electric vehicles. Additionally, the wealth effect of the increase in both gold and silver prices have had an impact on purchasing behavior.

If we look at the segment breakdown, all segments exhibited growth except the heavy trucks. As a result, passenger cars, light and medium commercial vehicles increased by about 12%, while truck sales fall 3% year-on-year.

Next slide, please. In this highly competitive environment, we have maintained our third place in the overall market with an 8.3% share.

Our sales increased by 3% year-over-year and reached to 117,000 units, and this marks our highest sales figure in the domestic market. I should say that the main reason for our underperformance compared to the market is driven by the passenger car segment where our presence is relatively smaller.

Also, we could not benefit from special disability tax exemptions for disabled people, as the scope of this regulation requires minimum 50% local production in passenger cars. However, our light commercial vehicle sales were boosted with 24% year-over-year growth thanks to strong availability of our Courier model.

On the other hand, we had a soft performance in medium commercial vehicle segment compared to the market during this period, primarily due to peer new model introductions and aggressive sales campaigns. In addition, we did not join the price wars in the truck market and also competitors offered favorable financing options, and therefore our truck sales lagged behind the market.

Although this performance enabled us to maintain our undisputed leadership in the total commercial vehicle segment with almost 29% share, as a result, all in all, if we look at all fronts, we achieved our retail sales guidance for 2025. Now let me move on to the export performance.

During this period, our main export markets experienced a mixed landscape. Commercial vehicle markets, which is our focus area, contracted by 8.5%.

Commercial demand stayed weak because of ongoing headwinds and slowdown in investments. There was also a strong prior year impact in this performance.

In addition, structural challenges like high vehicle cost and lack of charging infrastructure put pressure on the industry, since the EV adoption is still slower than the expected levels. Regulatory uncertainties will also impact European OEMs' sales mix.

On the other hand, passenger car demand was relatively stable. Registrations rose by 2%, and it's mainly driven by better vehicle availability, government incentives, and improvement in consumer confidence.

In a declining market, Ford achieved strong results and maintained CV leadership for 11th consecutive year with a record-high market share of 17.4%. I should say that Ford Pro valuable services and our renewed pickup portfolio, including EV variants, were key drivers of this performance.

We are proud to say that 79% of the commercial vehicles and 41% of the passenger vehicle sales of Ford in Europe are produced by Otosan. Considering that we are also responsible for the production of all commercial vehicles for Volkswagen, our contribution to European automotive market is in fact even larger.

Let me move on to the sustainability part. I would like to wrap up my section with some good news from our side.

After becoming the first automotive manufacturing plant in Turkey to join the World Economic Forum's Global Lighthouse Network with our Gölcük plant in 2019, last month we have been included in this network for the second time with our Yeniköy plant, which is the manufacturing hub for commercial vehicles. At the same time, Otosan has become one of the few companies worldwide to have two facilities included in the network, and only two within the Ford universe.

What makes our plant a factory of the future is its end-to-end digital, fully connected, and data-driven infrastructure. With this transformation, our expected operating time is maximized, and the labor productivity increased by 44%, and also we achieved 15% quality improvement.

That's all from my side. Now I will hand it over to Ünal Bey to share our financial highlights with you.

Thank you. Thank you Bahar.

Good afternoon everyone. This is Ünal Arslan, Corporate Finance Leader.

Thank you for joining us today. I will walk you through our full year 2025 financial results, which we released yesterday.

We closed the year with results largely in line with our expectations for the third quarter and, in several areas, performance even exceeded those expectations. We delivered an all-time high revenue of 831 billion Turkish liras for full year, marked the highest annual turnover in 2025 in the Turkish automotive sector up until now, of course, the announced financials.

Supported by 729,000 units of total sales, also an all-time high. Total revenue grew by 7% year-over-year, driven by a 10% increase in export revenues, fairly aligned with the rise in export volumes.

Domestic revenues, on the other hand, declined 3%, and mainly reason of that are discount and competitive price environment, although domestic volumes were up by 3%. Strong top-line performance translated into good profitability as well.

Full-year EBITDA reached 66.6 billion Turkish liras, that's up by 19% year-over-year. I will also talk about the quarter financial as well, as full-year performance, and our EBITDA excluding other items increased 5% to 58.9 billion.

Despite inflationary cost pressures we have discussed throughout the year, competitive pricing in both domestic and export markets, a rally in the truck, and an unfavorable impact in the mix, we achieved a good level of EBITDA, supported by favorable EUR/TRY movement, especially in the fourth quarter. Our operating profit increased 12% to 42.6 billion Turkish liras, reflecting disciplined cost control across the year.

Operating expenses remained broadly flat despite higher production and sales. Higher net FX income from operations and tax credits utilization further supported our operating profitability, offsetting modest pressure on gross profit.

Moving to PBT and PAT, both declined 9% and 8% respectively. While net interest expense improved by over 6 billion Turkish liras year-over-year, this gain was more than offset by offset by 9 billion Turkish liras of increase in net FX losses.

As a reminder, just a major part of this FX loss relates to cash hedge reserve loss, as I tried to explain in our previous calls as well, on our euro-based investment loans, which are reclassified from equity to the income statement when the payments occur. Another key factor behind lower profitability is reduced monetary gain.

While we generated 15.9 billion Turkish liras in monetary gain due to our sizeable monetary liability position, this is significantly lower than the 29.7 billion recorded last year due to lower inflation, which is 31% this year throughout the year and it was 44% last year. Our IFRS tax was 5.5 billion Turkish liras for full year, compared to 5.1 billion Turkish liras as of quarter three.

We had anticipated positive impact from investment-related deferred tax incentives in quarter four, and although this positive impact materialized, tax authority's decision not to apply inflation adjustments in 2025 to legal books resulted in a sizeable deferred tax expense, offsetting the benefits. That's why we don't have an exact major tax expense, but not a tax income as well in quarter four.

If we move to next page, this where we see the margins page, we can see the quarter four performance better. Our full-year EBITDA margin improved to 8%, with an increase of 0.8 percentage points compared to previous year, supported by strong quarter four performance, which is 2.8 percentage points higher than the same quarter of last year, basically thanks to higher sales volume, but mostly and importantly, favorable EUR/TRY movements, which I'll add more information in the coming slides.

Operating margin rose 0.2 percentage points to 5.1%, again with a significant contribution of quarter four, while gross margin declined 0.4 percentage points, which is 9.8%, due to higher FX hurdle and lower monetary gain. On our PBT margin, our PBT margin is lower in quarter four compared to previous this last quarter as well, but with a smaller gap of 0.3 percentage points.

Net margins, on the other hand, increased by slightly more than 2 percentage points, both for full year and quarter four, because of reasons I just explained in previous slides. EBITDA per vehicle rose to €1,821 for full-year performance, compared to previous year's €1,758, and in fact quarter four improvement is much more significant.

We don't see the improvement in PBT on the other hand in this period because of reasons again I already explained. If we move to next page, our next page presents the reconciliation of adjusted EBITDA and adjusted EBITDA excluding other items.

Our goal is to enhance transparency on items. I'd like to thank you for incorporating adjusted EBITDA into consensus this quarter again, last quarter, and we encourage continued use of this metric.

Importantly, other operating income and expenses, such as financial income from credit sales, expenses from credit purchases, and FX result on trade receivables and payables, are integral to our operating performance, and we believe it's critical when evaluating our profit performance. As you can see on the page, operating profit of 42.6 billion Turkish liras, adding back depreciation, amortization, and embedded lease effect, results in adjusted EBITDA of 66.6 billion Turkish liras, which is a very high number for this year.

Regarding embedded leases, just an information from previous calls again, these relate primarily to new 1-ton vehicle investments in Türkiye and Puma investments in Craiova, Romania, recognized under other receivables due from related parties on the balance sheet. These assets totaled almost 26 billion Turkish liras in 2025, and embedded lease amount added to EBITDA, here you can see it, it is 6.8 billion Turkish liras, functionally equivalent to depreciation and amortization.

On the next page, we present EBITDA bridge versus last year. What we see is our EBITDA increased by 10.7 billion Turkish liras in real terms.

Gross profit improvement, excluding depreciation, amortization, and embedded leases, contributed 13.7 billion Turkish liras, while operating expenses increased modestly by 3.9 billion Turkish liras, and the largest positive contribution is coming from exchange impact, driven by export operations as I also mentioned in the previous slides. Switching to next slide, here we see the basic driver of the quarter four performance in the macroeconomic indicators as 37% EUR/TRY appreciation compared with 13% in the prior year, that supports our export profitability significantly.

Lower inflation, on the other hand, reduced our monetary gains, weighing on PAT. However, both interest rates and inflation are trending downward, which should ease cost pressures and support more favorable pricing conditions for the coming periods.

If we move to next page, domestic sales grew 6%, as I explained in the presentation financial section, just supported by Courier and 1-ton shipments. Our export sales grew 10%, led by a 29% increase in 1-ton export, particularly for partner sales, and with all those, our exports accounted for 84% of our total volume.

In the next slide, we summarized income statement for and for almost every element of it, I already talked about in the previous slides. As you can see, starting this period, we are presenting additional details for clarity.

I'd specifically mention on this slide again that our fourth quarter performance was exceptionally strong. Gross profit, operating profit, and operating income before financing were all over 20% higher than quarter four of last year.

In the next slide, we see that our year-end cash and cash equivalents more than doubled to 64 billion Turkish liras again in real terms. Other balance sheet items basically do not show any major changes year-over-year, but you can see more details in the footnotes to the financial statements published.

On the next page, free cash flow, we see that reached 58 billion Turkish liras, supported by 105 billion net cash from operations, up 139% year-over-year. In that, working capital contribution of $33 billion 33 billion Turkish liras to cash, compared with a negative 33 billion last year, driven by better collections and execution across the year.

Efficient working capital management and centralization further supported this strong cash performance. If you look at the next page where we see our financial indicators, our net financial debt decreased 25%, from 133 billion Turkish liras to 99 billion Turkish liras, resulting in a significant covenant improvement from 2.38 times to 1.49 times.

This happened despite a nominal 27.2 billion Turkish liras of dividend payment, which is the indexed equivalent is 28.6 billion Turkish liras. On the other hand, net financial debt-to-equity improved from 88% to 62.6%, while return on equity declined to 21.7%, primarily due to higher equity and lower net income.

Our net FX position, on the other hand, remains slightly long, and that's within our desired range. With that, I will now hand the call back to Ms.

Erişkonvan for our 2026 guidance. Thanks.

Thank you very much Ünal Bey for the detailed explanation. Now comes the time for what we are expecting for 2026.

For our industry, Turkish industry projections, we concluded this year with 1.4 million units. When we look into the next year, also starting from a high base, plus the order banks data collected through dealers, we expect a flattish to slightly lower industry.

With that, we have constructed our budget and plans. Looking into the retail sales for domestic market registrations, we expect a range of 90k to 100k units sales locally.

While saying this, I must give you an important information, for some time. This year, especially on the passenger vehicle sales, we will mostly not have Focus, Ford Focus units available for sales, because Ford Motor Company is discontinuing its production.

Thinking that this was a sizeable element in our passenger vehicle demand, we should deduct this in the overall number for the registrations. From a volume perspective, we can see that it is a negative reaction, but from a profitability view, we have to note that this impact on the mix of product sales is going to have a positive impact on our overall profitability.

For the export markets, again, looking into the environment, currently we can see that we somewhat constructed a conservative plan, but I would say this is not conservative, I would say this is a balanced plan. Currently in the export markets, there aren't key signs that will tell us that there will be a significant improvement in the demand or a rise of the industry.

Having said that, we also know that the industry, especially on the commercial vehicle, was going through a contracting cycle. It will come out of that one.

However, having done so, we also know that there are very important regulatory changes, sustainability-related changes, some regulatory environment, which is still in the ambiguous and uncertain level. Once those clarifications are in place, and especially regarding the emission level and carbon dioxide-related level, the fleet targets, if there is an easing, a relaxation on those targets, you could expect that the constraint on the ICE sales could be uplifted, so that could be an upside potential.

Currently, this is not known. That's why, and looking into the environment in the fragmented European markets, each and every market has its own story.

In the case of Germany, yes, we are hearing that there will be more spending, government spending, there could be some boost on the GDP, vehicle sales could support that, but for the time being, because of this regulatory environment and the penalties, the compliance penalties pushed on the OEM on the fleet regulation, it brings a constraint. That's why, in our final planning, we thought that demand will be on a flattish line.

However, for our case, when I started my speech, I said that we delivered very well on our investments. The key story was for our establishing this huge capacity for our Ford Motor Company as the key partner, and also the Volkswagen units.

We have delivered on that investment. Within the year 2026, especially in the second half, there will be some more waves and bundles that we will be delivering on.

Which means this is going to be an enabler for some units where we were not able to satisfy the customers this year, next year we will have the ability to do so. There could be some slight disruptions up.

Other than that, we do not, as the data suggests, we do not see a big demand increase in the export markets just yet. With this, thinking these considerations, we have constructed our projections for Turkey and Romania.

The Turkey levels, in the bracket of 390k to 420k, is showing us that the finalization of the bundles I have just mentioned. On the Romania level, we see a somewhat more flat view, in between 190 to 210k brackets.

Overall, the wholesale volume we project it to reach the bracket of 670 to 720k, and within this, the revenue growth, we still expect high single-digit revenue growth, with an adjusted EBITDA margin levels of 7% to 8% levels. For the CapEx projections, the capital investments, this year we have completed the year with a €410 million of investments.

I had mentioned in the earlier call that some of this has calendarization impact, but some of this, also due to the regulatory environment and the demand movement, with our key partner, Ford Motor Company, we are looking into our plans, CapEx spending, in a very coordinated way and in a very cautious way, so that we make the right spending, right investment at the right level. That's why for some of those product-related investments, we will not hurry, we will take our time and see the regulatory environment and the final changes, then we will go into them.

For the general investments, if you look into the breakdown of the CapEx, you see that the general investments we foresee for 2026 is slightly less than 2025. The reason being, while we are creating the capacity and the product launches, in fact the necessary maintenance and the renewal actions have been already put in place.

You can see that our products and plants are kind of fresh new. That's why maintaining this cycle this year, we do not have to make spending over there.

For the product-related investments, like the reasons I explained just a while ago, we will be having a careful view. Also I have to tell you that the key investment cycle that started back in 2019, always in our key story of Otosan, we were saying that between 2019 to 2025, for Otosan, not only to electrify, in different multi-energy versions electrify its product portfolio fully, we have almost completed that.

That's why, since we are reaching the end of the cycle, we will not be having that big investments. As we all know, automotive business is a cyclical business, depending on the segment, depending on the life cycle.

As the life cycle finishes, you should always expect the new product, new planning, and the next cycle investments. Having said this, I think this concludes our presentation for today.

Let's open the stage for your questions.

Hi. Thank you for the presentation.

As for questions, I have one question only. Basically, you expect a year-on-year flat sales volume.

Then you plan to grow your net sales by high single-digit in real terms. Do you expect some improvement on pricing, or is this about inflation accounting impact on or export sales revenue?

Thank you.

Thank you very much. In fact, it's a combination of several things.

Let me again highlight the final wave, final bundle delivery for our volume. That will give us some increased volume, export opportunity, because we will be serving a new set of customers where we couldn't serve because we were missing the derivatives.

That's going to support us. Going into the environment, of course, in in these calculations, the movement of the euro, the movement of the inflation, that will have a play in the game.

This year, for domestic market, we expect the still the price competition to be in in place. The availability, the price competition will be there, but the inflation combating measures will also be in place.

Even though January inflation came up higher than earlier consensus, there is commitment from the economy management to bring it down. The in the projections, we have we have taken a cautious view, it's coming down at a smaller pace, it will be helping, plus the product mix that we have been talking over here, the inclusion of our the the 1-ton, the 1-ton improvements in the in the trucks, that will that will all, as a combined effect, will support our final position.

I hope this answers your question.

Thank you.

Thank you so much for your presentation. I have two questions.

As we know that in December, Ford Motor Company and Renault signed a partnership agreement for light commercial vehicles. How do you position yourself within this collaboration?

Should we assume a capacity expansion just like happened in Volkswagen agreement? My second question is related to CapEx.

In your guidance, you share that product-related investment will be €200 million to €300 million. Is there any way you share details of this product-related investment, because as far as known that this highly affect embedded lease?

Thank you.

Thank you very much. Let me start with your first question.

You were mentioning about the December time frame Ford Motor Company releases about their partnership, the partnership that they are looking into, especially for the issue released on the 10th of December was about the Renault partnership on the passenger vehicle. In fact, for now quite a long period of time, also seeing in our rank in the passenger vehicle market, you can argue that the passenger vehicle success and how it impacts the market for Ford Motor Company has been so-so successful.

Looking into the future, Ford made a important decision that both from the affordability and competitiveness side, for utilizing the Renault platform, but having a top hat which makes the look and feel and drive of the vehicle as a Ford vehicle, this is going to be the most important factor to take in order to have the business as viable. Maybe you followed Ford's decisions earlier, but after Ford had divided itself into the three segment, the Pro, Blue, and Model e, they were also looking to a European strategy overall, and having the viability of the passenger vehicle was also on the table.

Looking into their analysis, just like our case how we operate in Turkey, in order to have the best product portfolio both for the company, OEM, and its dealership, to have the best dealership take the benefit of the services, the spare parts revenue whole lifecycle in order to have your success in the commercial vehicle, Ford claims you still need to exist in the passenger vehicle market also. Otherwise, if you out of that section, you will be leaving that space for the competitors, which is something they are trying to avoid.

Having looked that, they wanted to get a partnership with Renault, and currently that was just declaration that they will be utilizing the platform for two EV vehicles, most probably small scale vehicles, but the rest of the declaration was not out. I mentioned that this year there will not be any Focus, they will not be selling Focus, one could argue maybe that platform will be looking into Focus-type vehicles or smaller like earlier Fiesta.

Currently this is unknown. However, this was a viability action that Ford Motor Company has taken.

I believe you are asking that question with a view, how does that affect you? Does that have an impact on your production?

I would say no, it doesn't, because the vehicle lines, the vehicle segments we exist and our plants, our relationship, our partnership is on. Over here, this partnership might look similar to the Volkswagen EV platform relationship, and going forward, we will be hearing more from Ford Motor Company regarding the partnerships, because they see that as a successful way forward, especially once the early-level electrification, especially in US, didn't reveal what they were wishing to have, and this brings us to the same declaration they made on the [unclear].

Over there, Ford is in the right direction we can tell, but moving into a healthier space in this area, and these declarations will not be having any impact on our pipeline. If only, I could say they might have a positive impact, because with the existence of a technically viable platform from Renault, more competitive, more appealing vehicles coming in the entry would support our domestic market passenger vehicle performance.

All in all, we see that from a financial perspective, as a good action, and also once that happens, we do not know what vehicles will be on the picture, but most probably they will be explained more in this year and they will be coming to the market in 2028. Once it comes, it should be having a positive impact on our market performance.

For your second question, you were asking about the product-related investments. In fact, we do not give breakdown on that one, but I can tell you that most of them are regulatory-related.

In my speech, I mentioned a little bit, now that Mr. Trump in fact he had an essential impact on the US, some of the sustainability-related targets are now being rolled back.

Also in Europe, the ICE vehicle ban-related planning has been postponed. That's why I said there is kind of a uncertainty and ambiguity in the environment.

Having said this, the Euro 7 readiness and passenger safety-related, the blown safety-related regulations are in the pipeline. They are very important actions for OEMs to fulfill.

In the remaining part of our cycle plan, we will be including these investments so that our product portfolio is perfectly compliant within the regulatory environment. That's the detail I can give you for product-related investments.

Thank you so much. I have one more question, actually.

Do you share your thoughts on Made in Europe issue? Because we can hear lots of talks with EU and Turkish government, I want to know what you're thinking about this issue, and also the potential impact for Ford Otosan side?

Thank you so much.

That Made in EU concept is currently very significant, but since currently how the declaration is not, and it is not in a very clear rule, in fact at this point in time, both we as Ford Otosan and our key partner, Ford Motor Company, we do not want to speculate on this, because the reason being, even if we are not a European Union country, the existence of the Customs Union gave us kind of a privilege, the integration acts in this environment, and over time, when we worked on this, in fact this gave us the ability to integrate the supply chains in between Europe and Turkey. This is something substantial.

That's why I would say, in the European community, if such a reaction is taken, it would be kind of detrimental to European Union itself. We should see things in the first place, why the EU wanted to think about this.

We all know that European Union has been subject to a Chinese threat, and also through the Mr. Trump tariffs reactions, they felt that there must be a protection, they should be dependent on US, and if the China threat, all of those trade wars, what is the way to protect them?

If they go with this, and if they have a tighter protection around European side, even though it would like a protection, it will not support the innovation and their further world's export leadership protection will not be in place. Plus, I don't want to overcomplicate things.

If such a big supply chain-related action happens, and thinking that Turkey has so much integration in its current existing place, there could be a counteraction from Turkey and to make the things even more complicated. While the discussions are being taken around this, the EU Commission, Turkey, different associations, different parties, also the governments, even the presidential forces are talking around this.

At this point in time, we do not see this issue as an Otosan issue, we see this as a Turkey issue, and looking into the environment, we think the common sense will prevail, because the world is very much integrated. Also thinking of our Ford Motor Company operations over here, in US, in Europe, also not just the OEMs, but the supply base, there has been significant investments in Tier 1 suppliers.

They are operating from Turkey and supporting the EU. That's why as the authorities go into the details of this study, we believe they will see the impact of the issue, and they will act off from this.

Therefore, we do not think that this is going to create a big burden on Turkey or on us. We think it would be a way to open up the talks to renew the Customs Union in the best supportive way so that all this investment so far in place in between Turkey and Europe is going to be protected and everybody's competitiveness will be protected.

Sorry, it has been a long answer, but I think this is where our minds are. You could say, are you taking some precautions against this?

My answer to that one would be yes, we are also sharing our point of view with our Ford Motor Company partner, also in affair relationship in the Turkey authorities, but as we go into the details of this, like I said, it is more like a Turkey issue, not an OEM issue. We are expecting public clarification on this around February timeframe.

If I'm not mistaken, there will be an announcement on EU's side on February 25th. Until that time, maybe it's best not to speculate around that one.

I believe common sense will prevail.

Thank you so much. It's very helpful.

Hello, thank you very much for taking my questions. I have two here.

I saw that your 2025 CapEx was €410 million. However, in the cash flow statement, I see something closer to 600 million, adding some intangible asset purchases.

Could you please provide some guidance on your total CapEx for 2026, just so that I understand the difference. My second question would be around your use of cash.

Cash increased materially through the year of 2025. It is roughly $1.5 billion now.

What are you planning to use with this cash, especially in consideration to your short-term borrowing? If you could also touch on your refinancing plans on whether you plan to fund the bond market again, any color on that would be very helpful.

Thank you.

Thank you. Ünal, I think he is mentioning about our payment for the Craiova contingent installment.

Can you help him for the first part of the question? The CapEx overall figures over here are 410 million, but within the year we have also made Craiova installment payment.

I think it must be related with that.

Yes, within the year, this year, we had...

Yes. Gustavo, do you have additional clarification comment, or should I answer the question?

Yes, if you may answer the question. I was asking specifically on why do I see something around $600 million of investment-related outflows on the cash flow statement, when your actual number in the slides is 400 million.

Just trying to understand the gap. Yeah.

That includes, let me clarify it. That includes the intangible, the engineering investments as well within the cash flow.

What we tell as CapEx, this is the capital spending. In the cash flow includes, as Güvenç Hanım mentioned, intangible investments.

That's why the two numbers are basically different. You also asked as I remember for the 2026 guidance for the remaining part, for the intangible part.

We don't provide a guidance in fact on that, but you can assume a similar investment year-over-year in the intangibles side as well.

Perfect. That's very helpful.

Thank you.

Hi, thank you. If you could please answer the second part of my question on how you are planning to use your cash balance, and what are your refinancing plans in context of your short-term debt obligations, and if you have any plans to come to the bond market.

Any guidance around your financial management on that would be very helpful. Thank you.

For the cash management, we have done real good job this year, and our intentions is to keep it where it is. We really try to strike a balance.

After our Eurobond issuance, we are now into the debt capital markets and we understand the dynamic happening over there, the net debt over adjusted EBITDA as our covenant multiplier. That's something we are carefully anchoring ourselves on.

We were saying in the earlier call, when we were at a higher CapEx cycle, we were saying that we will not have the intentions to exceed 2.5x, and even if this is not a written policy, I would say we would be really looking up for that, we will protect that. Having said this the sweet spot was, while doing this, we managed the cash well and we also were able to distribute our dividend in almost the overall distributable value.

It was shared with our equity investors. Going forward, you can think that we will honor our policies, we will honor our return and management level policies to keep the financial health of our company.

While doing so, currently we are not in that big huge CapEx cycle, but we will be as product programs, as the regulatory issues become clear, we will be having certain maybe announceable, currently not something specially announceable, yes, but we will have projects. When they come, we certainly want to come back to the debt capital markets, because the way we managed our funding borrowing scheme, we really diversified our portfolio and we saw its benefit.

At this point in time, I wouldn't give you a timing, because there are certain uncertainties that we would expect to unfold, and only then we can be at a more definite position. I can just give you a principle answer, yes, we would come back to the debt capital markets.

Thank you very much. Thanks for your attention.

I would say we really believe we have delivered on our commitments. Just keep on following us, and I wish all of us a healthy and successful, less volatile, and more full of peace type of year for 2026.

Thanks very much, and take good care of yourselves until next time.