Dear Stakeholders,

At Akmerkez, we proudly concluded the year 2025 by enriching the experience offered to our visitors and reinforcing our position as an inclusive and multi-faceted life center that keeps up with the pace of the city.

In 2025, we continued to reinforce the dynamism of Akmerkez and its role in the changing urban life by undertaking several events ranging from culture and arts projects to activities for children and their families and sustainability efforts.

In general, sectoral performance and visitor behaviors were volatile throughout 2025. According to the Mall Index data created by the Shopping Centers and Investors Association (AYD) and Akademetre Research, sqm productivity index rose by around 27.9 percent as of the end of October to 4622 points even though it turns out that the average index shrank by 6 percent when the data for the first 10 months of the year are adjusted with respect to inflation.

While the turnover performance per leasable sqm of shopping centers in Turkey increased nominally, it should be noted that the visitor number index decreased on average in the first 10 months of 2025.

In this macro outlook, Akmerkez had a productive year in terms of both visitors and business partners thanks to its high occupancy rate, diversified brand mix and steady increase in rent income in 2025.

For Akmerkez, 2025 was characterized with a spatial and conceptual transformation in addition to various events and projects. DEKK Akmerkez, which was launched in 2025, was a significant milestone in the transformative journey of Akmerkez thanks to its innovative outlook to dining and socialization venues in addition to its size in terms of sqm. DEKK Akmerkez embodied a new epoch for Akmerkez thanks to its design focused on meeting the needs of visitors to have a meeting venue where they could come together and take a pleasant break from urban life.

Also, we took important steps to reinforce our brand mix. The renovation of Vakko store and addition of Vakko Home to the brand mix of Akmerkez both responded to the expectations of our visitors and paid homage to our goal of offering high quality retail experience. We were proud to strengthen our long-term business collaboration with Vakko by means of a brand new “Home” store.

Among the pillars of the year were our culture and arts projects centered on experience. As we launched “Portraits of Love”, an exhibition that combines art and emotion, at the beginning of the year, we displayed Akmerkez’ dedication to make art a natural part of daily life.

At Akmerkez, we continued to organize our iconic outdoor events in 2025. In that respect, Üçgen Teras was the center of outdoor experience at Akmerkez in 2025. Pilates, yoga and zumba classes by MAC trainers made it possible for participants to remain active in their time-off. Besides, conventional Open Air Cinema nights welcomed the visitors throughout the summer.

Projects for kids and families were highly popular with our visitors in 2025. We provided children with an edutaining experience by means of Minecraft events launched on April 23 alongside various other workshops intended to enhance their creativity and hand skills. The Back-to-

School Camp which was organized in summer and fall was the first comprehensive camping concept undertaken in a shopping center for the first time in Turkey.

This multi-faceted approach intended to enrich the experience provided at Akmerkez was further enhanced by means of projects focused on social benefits and sustainability. Agriculture on Terrace, one of the pillars of our sustainability approach and a source of pride for Akmerkez, took a new turn in 2025. This long-term project that enabled us to keep our contact with soil, produce our own food and renew our bond with nature at the heart of the city was enriched through new collaborations to launch new workshops, training sessions, and experience sites. Hence, we were able to encourage our visitors to ascribe a new meaning to the concepts of production, sharing and contact with nature in urban life.

In accordance with this outlook, we launched a number of events to help our visitors experience the spirit of sharing, which in turn strengthened the bond of Akmerkez with its visitors. During the final days of the year, we shared the joy of new year with our visitors at both physical and digital contact points thanks to our renewed new year decorations, events and digital applications. The gift pack station, special activities for kids and surprise applications enlivened the sense of “togetherness” as one of the characteristics of Akmerkez at this special time of year.

2025 turned out to be a year in which Akmerkez surpassed its function as a shopping center and took a step forward to achieve its vision to become the address of culture, experience, sustainable life and togetherness, and proudly presented a comfortable living space to its visitors.

We would like to thank all stakeholders, valuable business partners and colleagues who have accompanied us in this journey and our dearest visitors who refine our “living space” with their contributions.

Respectfully yours,

Hakan Tümkaya

General Manager, Akmerkez GYO A.Ş.