News reports concerning our Company's shareholding in Türkiye'nin Otomobili Girişim Grubu Sanayi ve Ticaret A.Ş. appeared in the local and international media on August 31, 2026. In accordance with Article 9, titled "Verification of News and Rumors," of the Capital Markets Board's Communiqué on Material Events Disclosure (II-15.1), the following statement is hereby made.
As part of our Company's investment policies and strategies, discussions concerning the shares referred to in the aforementioned news reports are currently ongoing. At this stage, no resolution has been adopted by our Company's Board of Directors with respect to the completion or finalization of the transaction.
Our Company's CFO, Mr. Bülent Kiracıoğlu, will leave his position effective August 31, 2026. Ms. Zeynep Sarsan has been appointed as CFO effective September 7, 2026. Her brief biography is provided below.
We hereby announce this information to the public.
Resume
Zeynep Sarsan holds a Bachelor's degree in Business Administration from Istanbul University and an MBA in Financial Management from Yeditepe University. In 2024, she completed the Corporate Finance Programme at London Business School.Sarsan began her professional career in auditing in 1999 and subsequently held senior finance management positions at leading companies, including Nexans, Praktiker, and Alcatel-Lucent.Since 2013, Sarsan has held Finance Director and CFO positions at various companies within Kibar Holding, including Assan Hanil, Baymak/BDR Thermea, Assan Panel, and Ispak Ambalaj. From 2018 to 2026, she served as CFO of Assan Alüminyum.During the same period, she also served concurrently as a Board Member of Kibar Americas and as a Member of the Executive Committee of Krides.
39,660,000 nominally valued corporate bond, which was sold to qualified investors on August 25, 2025 with a maturity of 367 days and with the ISIN Code of TRSVSTL82614, was redeemed as of today (August 27, 2026) with completion of the fourth coupon payment amounting to TL 4,850,497.32 and the principal payment of TL 39,660,000.
Pursuant to our material event disclosure dated 25.06.2026, the Capital Markets Board's ("CMB") approval for the planned debt issue was announced in the CMB's bulletin dated 20.08.2026 and numbered 50/1529 and notified to the Company on 24.08.2026. The approved issue document is presented in the attachment.
As part of the work being carried out to establish a sustainable capital structure, our Company has initiated a consent solicitation process (the "Transaction") from the holders of its Eurobonds with ISIN codes XS2817919587 and US92548MAA53, in accordance with the Terms and Conditions of the Bonds. Subject to obtaining the necessary approvals as part of the Transaction, it is envisaged that alternatives regarding the potential restructuring of the Bonds will be discussed with the Bondholders and/or their representatives, and that the necessary work and preparations will be carried out in this respect.
Developments regarding the matter will be disclosed to the public fully and in a timely manner.
The third coupon payment amounting to TL 2,730,753.28 on the TL 24,340,000 nominally valued corporate bond which was sold to qualified investors on November 26, 2025 with a maturity of 386 days and trades with the ISIN Code of TRSVSTLA2613 , was made as of today. The interest rate for the third coupon payment has been set as 14.5480%.
The financial results presentation of our Company for the period 01.01.2026–30.06.2026 is made available to our investors on our corporate website (www.vestelinternational.com).
Vestel Elektronik Sanayi ve Ticaret AŞ signed a Corporate Governance Principles Compliance Rating Agreement with SAHA Kurumsal Yönetim ve Kredi Derecelendirme Hizmetleri AŞ on August 7, 2026 for the renewal of the Company's corporate governance rating. The term of the agreement is one year.
Following the latest assessment by the international credit rating agency Moody's, our Company's Long-Term CFR has been revised from "Caa2" to " Caa3", and the related PDR has been revised from "Caa2-PD" to "Caa3-PD". In addition, the rating of the Company's USD 500 million guaranteed senior unsecured notes due 2029 has been revised from "Caa2" to "Caa3". The outlook for all ratings has remained "Negative."
The public disclosure made by the Company on Euronext Dublin pursuant to Article 24 f.7 of the Communiqué on Material Events, is shared below :
"As part of its ongoing engagement with the holders of its senior notes bearing ISINs XS2817919587 and US92548MAA53 (Eurobonds), our Company has appointed Houlihan Lokey as financial advisor to support its evaluation of strategic alternatives for its outstanding Eurobonds, with the objective of achieving a sustainable capital structure.
The Company and its advisor will continue to keep holders of its Eurobonds updated of material developments."