Valuation Update With 7 Day Price Move • May 21
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₺2.73, the stock trades at a trailing P/E ratio of 19.4x. Average trailing P/E is 22x in the Renewable Energy industry in Turkey. Total loss to shareholders of 12% over the past three years. New Risk • May 20
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 40% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.2x net interest cover). High level of non-cash earnings (40% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (7.0% net profit margin). Market cap is less than US$100m (₺2.37b market cap, or US$51.9m). Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺3.11, the stock trades at a trailing P/E ratio of 19.8x. Average trailing P/E is 21x in the Renewable Energy industry in Turkey. Total loss to shareholders of 28% over the past three years. New Risk • Mar 02
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 7.2% Last year net profit margin: 11% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.1x net interest cover). Minor Risks Profit margins are more than 30% lower than last year (7.2% net profit margin). Market cap is less than US$100m (₺2.56b market cap, or US$58.3m). Tillkännagivande • Feb 25
Consus Enerji Isletmeciligi ve Hizmetleri A.S., Annual General Meeting, Mar 24, 2026 Consus Enerji Isletmeciligi ve Hizmetleri A.S., Annual General Meeting, Mar 24, 2026. Location: esentepe mahallesi buyukdere caddesi, no: 193/2 sisli/, istanbul Turkey Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺3.71, the stock trades at a trailing P/E ratio of 12x. Average trailing P/E is 19x in the Renewable Energy industry in Turkey. Total loss to shareholders of 1.1% over the past three years. Reported Earnings • Nov 13
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₺356.8m (up 14% from 3Q 2024). Net income: ₺37.7m (up ₺39.1m from 3Q 2024). Profit margin: 11% (up from net loss in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. New Risk • Aug 28
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 9.9% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (9.9% operating cash flow to total debt). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (11% net profit margin). Market cap is less than US$100m (₺2.73b market cap, or US$66.5m). Tillkännagivande • Mar 26
Consus Enerji Isletmeciligi ve Hizmetleri A.S., Annual General Meeting, May 08, 2025 Consus Enerji Isletmeciligi ve Hizmetleri A.S., Annual General Meeting, May 08, 2025. Location: esentepe mahallesi buyukdere, caddesi no: 193/2 sisli/istanbul, istanbul Turkey Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺2.44, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 13x in the Renewable Energy industry in Turkey. Total loss to shareholders of 28% over the past year. New Risk • Mar 17
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 18% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Revenue has declined by 20% over the past year. Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (11% net profit margin). Market cap is less than US$100m (₺2.22b market cap, or US$60.6m). Reported Earnings • Mar 06
Full year 2024 earnings released: EPS: ₺0.28 (vs ₺0.54 in FY 2023) Full year 2024 results: EPS: ₺0.28 (down from ₺0.54 in FY 2023). Revenue: ₺1.37b (up 16% from FY 2023). Net income: ₺151.7m (down 28% from FY 2023). Profit margin: 11% (down from 18% in FY 2023). Reported Earnings • Nov 13
Third quarter 2024 earnings released: ₺0.004 loss per share (vs ₺0.077 profit in 3Q 2023) Third quarter 2024 results: ₺0.004 loss per share (down from ₺0.077 profit in 3Q 2023). Revenue: ₺314.3m (up 16% from 3Q 2023). Net loss: ₺1.40m (down 105% from profit in 3Q 2023). Reported Earnings • Sep 11
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₺306.4m (up 46% from 2Q 2023). Net income: ₺8.58m (down 34% from 2Q 2023). Profit margin: 2.8% (down from 6.2% in 2Q 2023). New Risk • Aug 13
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 100% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (13% average weekly change). Revenue has declined by 8.8% over the past year. High level of non-cash earnings (20% accrual ratio). Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₺2.31b market cap, or US$68.7m). Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment deteriorates as stock falls 43% After last week's 43% share price decline to ₺3.15, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 13x in the Renewable Energy industry in Turkey. Total loss to shareholders of 61% over the past year. Reported Earnings • Jun 06
First quarter 2024 earnings released: EPS: ₺0.031 (vs ₺0.004 in 1Q 2023) First quarter 2024 results: EPS: ₺0.031 (up from ₺0.004 in 1Q 2023). Revenue: ₺291.9m (up 70% from 1Q 2023). Net income: ₺12.1m (up ₺10.5m from 1Q 2023). Profit margin: 4.1% (up from 0.9% in 1Q 2023). Valuation Update With 7 Day Price Move • May 10
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₺6.25, the stock trades at a trailing P/E ratio of 11.5x. Average trailing P/E is 20x in the Renewable Energy industry in Turkey. Total returns to shareholders of 21% over the past year. Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment improves as stock rises 46% After last week's 46% share price gain to ₺8.30, the stock trades at a trailing P/E ratio of 15.3x. Average trailing P/E is 24x in the Renewable Energy industry in Turkey. Total returns to shareholders of 47% over the past year. New Risk • Apr 18
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (8.2% operating cash flow to total debt). High level of non-cash earnings (21% accrual ratio). Minor Risk Market cap is less than US$100m (₺2.41b market cap, or US$74.1m). Reported Earnings • Apr 18
Full year 2023 earnings released: EPS: ₺0.54 (vs ₺0.13 in FY 2022) Full year 2023 results: EPS: ₺0.54 (up from ₺0.13 in FY 2022). Revenue: ₺1.18b (up 111% from FY 2022). Net income: ₺209.4m (up 346% from FY 2022). Profit margin: 18% (up from 8.4% in FY 2022). The increase in margin was driven by higher revenue. Reported Earnings • Nov 09
Third quarter 2023 earnings released: EPS: ₺0.077 (vs ₺0.10 in 3Q 2022) Third quarter 2023 results: EPS: ₺0.077 (down from ₺0.10 in 3Q 2022). Revenue: ₺271.2m (up 45% from 3Q 2022). Net income: ₺29.7m (down 32% from 3Q 2022). Profit margin: 11% (down from 23% in 3Q 2022). The decrease in margin was driven by higher expenses. New Risk • Oct 13
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₺2.75b (US$99.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.2x net interest cover). Minor Risks Less than 3 years of financial data is available. Profit margins are more than 30% lower than last year (4.5% net profit margin). Market cap is less than US$100m (₺2.75b market cap, or US$99.0m). New Risk • Aug 17
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.5% Last year net profit margin: 11% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.2x net interest cover). Minor Risks Less than 3 years of financial data is available. Profit margins are more than 30% lower than last year (4.5% net profit margin). Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: ₺0.03 (vs ₺0.08 in 2Q 2022) Second quarter 2023 results: EPS: ₺0.03 (down from ₺0.08 in 2Q 2022). Revenue: ₺209.7m (up 60% from 2Q 2022). Net income: ₺12.9m (down 57% from 2Q 2022). Profit margin: 6.2% (down from 23% in 2Q 2022). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺8.28, the stock trades at a trailing P/E ratio of 67.1x. Average trailing P/E is 18x in the Renewable Energy industry in Turkey. Total returns to shareholders of 128% over the past year. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺7.05, the stock trades at a trailing P/E ratio of 57.2x. Average trailing P/E is 17x in the Renewable Energy industry in Turkey. Total returns to shareholders of 103% over the past year. Reported Earnings • May 11
First quarter 2023 earnings released First quarter 2023 results: Revenue: ₺172.0m (up 27% from 1Q 2022). Net income: ₺1.55m (up 58% from 1Q 2022). Profit margin: 0.9% (up from 0.7% in 1Q 2022). The increase in margin was driven by higher revenue. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. was the last director to join the board, commencing their role in . The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. 
