The participation links for the live webcasts to be held by our Company for Eurobond investors on October 22, 2026, have been published on our Company's website.
The dates and times of the webcasts are provided below.
Date: Thursday, October 22, 2026
English Webcast: 13:30 (Türkiye time) / 11:30 (UK time)
Turkish Webcast: 14:45 (Türkiye time) / 12:45 (UK time)
This statement was translated into English for information purposes only. In case of any discrepancy between the Turkish and the English versions of this disclosure, the Turkish version shall prevail.
In accordance with the authorization granted by article 11 of the Company's Articles of Association, and in connection with the exchange offer and consent solicitation launched in respect of the Company's existing U.S.$500,000,000 aggregate principal amount 9.75% notes due 2029 (the "Existing Notes") as stated in our material event disclosure dated 20.10.2026, the Board of Directors resolved to apply to the Capital Markets Board, in order to be able to implement the option offered to holders of the Existing Notes under which 55% of the Existing Notes would be exchanged for new debt securities, to issue debt securities for a total amount up to 137,500,000 USD or an equivalent amount, to be sold outside Turkey through one or more issuance within 1 year from the date of the approval of CMB. In this respect, the application to Capital Markets Board has been made on 22.10.2026. The application is not being made for the purpose of new borrowing, and the transaction will not result in any increase in the Company's level of indebtedness. Ultimate decision on issuance will be made following the approval by the Capital Markets Board of the issuance limit and by taking into consideration the ultimate issuance amount, maturity and interest rate, which will be determined according to the market conditions at the issue date.
Further to the Company's material event disclosure dated 26 June 2026, within the scope of the financial restructuring process ("FYY"), negotiations with FYY banks are in progress in relation to the Company's proposal to restructure its existing indebtedness with a two-year grace period for principal and interest payments and a final maturity in 2041, in accordance with Provisional Article 32 of the Banking Law No. 5411 and the relevant legislation.
As part of the efforts carried out by our Company to establish a sustainable balance sheet structure, and in parallel with the restructuring negotiations being conducted with the banks, our Company has launched an exchange offer and consent solicitation in respect of its U.S.$500,000,000 aggregate principal amount 9.75% Eurobonds due 2029 (ISIN codes: XS2817919587 and US92548MAA53) (the "Existing Eurobonds").
Subject to the terms and conditions set out in the relevant offer documents, holders of the Existing Eurobonds are being offered two alternative options, enabling each holder to select the alternative that best suits their investment horizon and liquidity requirements:
Option A – Long-term maturity option: extension of the maturity of the Existing Eurobonds from 15 May 2029 to 15 May 2035, with an annual interest rate of 4.00% and annual principal repayments, with no reduction in the principal amount of the Existing Eurobonds held.
Option B – Shorter-term maturity option with a principal haircut and higher interest rate: designed for holders who prefer earlier repayment and liquidity. Existing Eurobonds tendered under this option will be exchanged for new Eurobonds due 15 May 2032, bearing interest at 6.00% per annum with annual principal repayments, in a principal amount equal to 55% of the principal amount of the Existing Eurobonds so tendered.
As Option B involves the issuance of new Eurobonds, an application will be made to the Capital Markets Board for approval of a new debt instrument in the corresponding amount. Following the conclusion of this application, the Existing Eurobonds tendered under Option B will be exchanged with the new Eurobonds due 2032. This application will not involve new borrowing, and the transaction will not result in any increase in our Company's level of indebtedness.
Accordingly, the implementation of this Eurobond restructuring is subject to the approval of the Capital Markets Board, in addition to the adoption of the required Extraordinary Resolution at the meeting of the Eurobond holders and satisfaction of the other conditions set out in the relevant transaction documents.
The link to the announcement made on Euronext Dublin in relation to this matter is set out below and the relevant offer documents will be published on our Company's website.
https://direct.euronext.com/#/rispublication
Developments regarding the matter will be disclosed to the public fully and in a timely manner.
In line with our operational strategy, new appointments have been made within the Company's production and sales functions. Accordingly:
1.Hasan Uğur, General Manager of Production, R&D and Quality, will no longer serve as his position effective October 31, 2026. Hasan Emrah Şafak, who currently serves as Deputy General Manager of Refrigerator Production, has been appointed to this position effective November 1, 2026.
2.Seçkin Gençoğlu, General Manager of International Sales and Product Management, will no longer serve as his position effective October 31, 2026. In addition to his current role, Ali Yalçın, General Manager of Vestel Europe, will assume the role of Acting General Manager of International Sales and Product Management effective November 1, 2026.
TL 93,530,000 nominally valued commercial paper, which was sold to qualified investors on 25 May, 2026 with a maturity of 137 days and trades with the ISIN Code of TRFVSTLE2614, was redeemed as of today (October 9, 2026) with completion of coupon payment amounting to TL 17,201,850.51 and the principal payment of TL 93,530,000.
TL 338,160,000 nominally valued commercial paper, which was sold to qualified investors on 25 June, 2026 with a maturity of 106 days and trades with the ISIN Code of TRFVSTLE2622, was redeemed as of today (October 9, 2026) with completion of coupon payment amounting to TL 48,120,844.30 and the principal payment of TL 338,160,000.
TL 93,510,000 nominally valued commercial paper, which was sold to qualified investors on 7 July, 2026 with a maturity of 94 days and trades with the ISIN Code of TRFVSTLE2630, was redeemed as of today (October 9, 2026) with completion of coupon payment amounting to TL 11,920,654.80 and the principal payment of TL 93,510,000.
Following the latest assessment by the international credit rating agency Moody's, our Company's Long-Term CFR has been revised from "Caa3" to " Ca", and the related PDR has been remained as "Caa3-PD". In addition, the rating of the Company's USD 500 million guaranteed senior unsecured notes due 2029 has been revised from "Caa3" to "C". The outlook for all ratings has remained "Negative."
JCR-Eurasia Rating has assessed the consolidated structure of Vestel Elektronik Sanayi ve Ticaret AŞ and revised its Long-Term National Issuer Rating as "BB+ (tr)" with a "Stable" outlook. The Short-Term National Issuer Credit Rating has been maintained as "J3 (tr)" with a "Stable" outlook. The company's Long-Term International Foreign and Local Currency Issuer Ratings and their outlooks have been determined as "B+ / Stable."
Pursuant to Article 24(f)(7) of the Special Cases Communiqué, the disclosure made by our Company on Euronext Dublin is provided in the attachment. https://www.kap.org.tr/en/Bildirim/1662602