CELEBI GROUND HANDLING 2025 AR

23 Çelebi Ground Handling 2025 Annual Report Information on Discontinued Operations in India The security clearances required for the Company to conduct its ground handling and warehouse air cargo operations in India through its subsidiaries were revoked by the Bureau of Civil Aviation Security (BCAS) on 15 May 2025. Consequently, the operations of the relevant subsidiaries were terminated following the unilateral termination of concession agreements by the airport authorities due to the cancellation of the security clearances. Following the decision, the Company’s management initiated legal proceedings before the relevant Indian authorities regarding the cancellation of the security clearances, and the process is still ongoing. As of 15 May 2025, the Group assessed the financial impacts arising from the suspension of its operations in India in accordance with the provisions of the Turkish Financial Reporting Standards (TFRS). Accordingly, as of 01 January 2025, the income and expense accounts of the relevant subsidiaries have been recognized under the item “Profit/Loss from Discontinued Operations” in the consolidated financial statements. The balance sheet assets and liabilities of the relevant companies continue to be included in the consolidation. In addition, following negotiations with airport authorities regarding the sale of tangible fixed assets after 15 May and upon fulfillment of the conditions required under TFRS 5, the Company’s management classified the net book values of its tangible fixed assets in India as assets related to disposal groups classified as held for sale as of 31 December 2025. As of 31 December 2025, the Group management carried out assessments to determine whether there was any impairment in the current and non-current assets of its subsidiaries in India. The evaluations performed are summarized below: 1. Trade receivables: There is no significant collection risk associated with the trade receivables amounting to TL 512,651,779 belonging to the subsidiaries in India included in the consolidated financial statements. Group management expects all such receivables to be fully recoverable. 2. Inventories: There is no indication of impairment regarding the inventories amounting to TL 51,986,254 belonging to the subsidiaries in India included in the consolidated financial statements. 3. Deposits given under concession agreements and IFRIC 12 assets: Deposits amounting to TL 2,065,465,669 provided under concession agreements by the subsidiaries in India included in the consolidated financial statements are largely secured by the relevant provisions of the concession agreements. On the other hand, Group management recognized an impairment provision of TL 381,439,217 under expenses from investing activities for the portion of IFRIC 12 assets deemed doubtful, and an impairment provision of TL 83,830,161 for deposits. Following the impairment assessment, the remaining deposits expected to be collected in cash were transferred to other receivables. 4. Property, plant and equipment: Group management conducted impairment tests on the property, plant and equipment amounting to TL 1,022,694,297 belonging to the subsidiaries in India included in the consolidated financial statements, taking into account their intended future use. No impairment was identified as a result of these tests. As of 31 December 2025, all property, plant and equipment belonging to the subsidiaries in India have been recognized under non-current assets held for sale. 5. Prepaid expenses: Following the examination of prepaid expenses amounting to TL 374,223,049 belonging to the subsidiaries in India included in the consolidated financial statements, Group management did not identify any prepaid expenses with doubtful recoverability. Information regarding our subsidiaries and associates in India whose operations were discontinued on 15 May 2025, is presented below. In 2008, Celebi NAS has been incorporated at the Mumbai Chhatrapati Shivaji International Airport (“CSIA”) in India, in order to provide ground handling services for a period of 10 years. The paid-in capital of Celebi NAS is INR 552,000,000, in which the Company controls 59% stake. Besides, INR 228,000,000 has been paid as advance capital by the shareholders in Celebi NAS. In 2009, a company titled Celebi Delhi Cargo was established at the airport in New Delhi, India, which will be engaged in the development and modernization of the existing cargo terminal and operating it for a period of 25 years. The paid-in capital of Celebi Delhi Cargo in which the Company controls a 74% share as a founding partner is INR 1,120,000,000.