CELEBI GROUND HANDLING 2025 AR

2 Çelebi Ground Handling 2025 Annual Report MESSAGE FROM THE BOARD OF DIRECTORS Dear Stakeholders, At Çelebi Ground Handling, we continue our journey with an unwavering commitment to our goal of sustainable and profitable growth, in line with the vision we established in 1958. Thanks to the innovative perspective and long-term strategic approach we have embraced since our founding, we have achieved a strong and respected position both nationally and internationally. Our deep-rooted experience, extensive expertise, and solid financial structure have played a decisive role in this success. At the core of our ability to maintain steady progress despite an ever-changing global environment lies our capability to accurately anticipate and respond to future developments. The year 2025 stood out as a period marked by heightened uncertainty driven by economic volatility and geopolitical developments. While the effects of protectionist trade policies on the global economic outlook became increasingly apparent, the impact of newly introduced tariffs on economic growth remained below expectations. Meanwhile, the downward trend in global inflation continued throughout the year. In its update to the World Economic Outlook published in January 2026, the International Monetary Fund (IMF) projected that the global economy would grow by 3.3% in 2025, with growth rates of 1.7% in advanced economies and 4.4% in emerging and developing economies. The IMF also forecast that global consumer inflation would be approximately 4.2% in 2025. The Turkish economy recorded moderate growth in 2025, influenced by tight financial conditions and the ongoing rebalancing of domestic demand. An analysis of the composition of Türkiye’s economic growth indicates that the contribution of domestic demand to growth remained more limited throughout 2025 compared to previous years, while net external demand continued to exert downward pressure on overall growth. The contribution of inventory changes to growth remained modest during the year, and economic activity was assessed to have lost momentum in the second half of the year. This trend reflected the dampening effects of tight monetary policy and financial conditions on demand. The Turkish economy expanded by 3.6% in 2025. Economic activity remained below its potential growth level due to the slowdown in domestic demand and weak external demand conditions. According to data published by the Turkish Statistical Institute (TurkStat), annual consumer inflation (CPI) stood at 30.89% at the end of 2025, while the twelve-month average inflation rate was 34.88%. The Domestic Producer Price Index (D-PPI) increased by 27.67% year-on-year and by 25.36% on a twelve-month average basis. In response to inflation developments throughout the year, the Central Bank of the Republic of Türkiye (CBRT) maintained a tight and prudent monetary policy stance during 2025. Policy rates and liquidity management tools were shaped in line with the priority of combating inflation. While this policy approach contributed to the moderation of credit expansion and domestic demand, it also aimed to anchor inflation expectations and strengthen financial stability. According to the general trade system, exports increased by 4.4% year-on-year to USD 273.361 billion in the January- December 2025 period, while imports rose by 6.2% to USD 365.370 billion. During the same period, the foreign trade deficit increased by 11.9%, rising from USD 82.232 billion to USD 92.009 billion. The export-to-import coverage ratio declined from 76.1% in the corresponding period of 2024 to 74.8% in 2025. Throughout the year, the current account deficit showed an upward trend, with energy imports and price developments in foreign trade continuing to exert pressure on the external balance. On the other hand, service revenues -particularly foreign currency inflows generated by tourism- emerged as a key balancing factor in financing the current account deficit.