ÇELEBİ HAVA SERVİSİ ANNUAL REPORT 2024

2 Çelebi Ground Handling 2024 Annual Report Dear stakeholders, Çelebi Ground Handling keeps producing value for all its stakeholders within the scope of its long-term vision that it put forward 66 years ago and the sustainable and profitable growth strategy it determined in line with this vision. Our foresight and innovative approach have transformed our Company into a significant player in the national and international market today. The strength we derive from this identity, our long-standing market experience, our accumulated knowledge and our solid financial structure are the fundamental bases behind our solid progress in all kinds of conjunctures. The tight monetary policy stance has kept global economic activity under pressure in 2024. The tight monetary policy stance maintained by central banks around the world, especially in developed countries, for a significant part of the year has led to global economic activity remaining under pressure in 2024. The weak economic outlook has continued, especially in the Euro Zone and China. Although the US economy has displayed a relatively resilient outlook, its growth performance has continued to remain below its potential. In its Global Economic Outlook Report, the IMF estimates that global economic growth, which was 3.3% in 2023, will decline to around 3.2% in 2024, and that it will continue to remain below the 2000-2019 average at 3.3% in 2025. Global inflation, which came to the fore with the supply chain disruptions that developed during the pandemic, the monetary expansion in the same period, and the increase in energy prices caused by the Russia-Ukraine war, has largely fallen off the agenda in 2024 as a result of the successful implementation of tight monetary policies by leading central banks. The disinflation process has created an environment that supports the introduction of interest rate cuts, especially in developed countries. Interest rate cuts were started in the Euro Zone in June and in the US in September. Considering the current environment, interest rate cuts are expected to continue gradually in 2025. Decisions of central banks, geopolitical developments and the US presidential election have shaped the course of global markets in 2024. Following Donald Trump’s victory in the US presidential election, policy implementations that could suppress global economic activity and increase inflation stand out among the risks that the global economy may face in the coming period. These risks also increase uncertainties regarding the monetary policy decisions of leading central banks, especially the Fed. The Turkish economy grew by 3.2% in 2024. The Turkish economy grew by 3.2% in 2024, losing momentum due to the delayed effects of the tightening in monetary policy, which became especially evident in the second and third quarters of the year. The expansionary effect of earthquake expenditures on central government budget expenditures continued to decrease in 2024. The budget deficit for the entire year was realized at TL 2.1 trillion, in line with the estimate in the Medium Term Program covering the 2025-2027 period. In 2024, the foreign trade deficit narrowed by 22.7% on an annual basis due to the decline in gold imports and energy prices. The positive course in service revenues, especially tourism, improved the current balance outlook. The 12-month cumulative current account deficit decreased from USD 40.4 billion at the end of 2023 to USD 10 billion in 2024. Annual consumer inflation, which reached its highest level since November 2022 at 75.45% in May 2024, declined in the second half of the year due to the impact of the high base. As of December 2024, annual inflation was 44.38% in CPI and 28.52% in PPI. Within the framework of combating inflation, the CBRT gradually increased the policy rate since June 2023, and reduced it to 50% in March, and reduced it to 47.5% in its last meeting of the year held on December 26. In 2024, when the results of the tight monetary policy implemented by the economy administration since the second half of 2023 began to be seen, the risk perception towards Turkey continued to improve, and international credit rating agencies increased Turkey’s credit rating. MESSAGE FROM THE BOARD OF DIRECTORS