Following the latest assessment by the international credit rating agency Moody's, our Company's Long-Term Corporate Family Rating (CFR) has been downgraded from "Caa1" to "Caa2", and the Probability of Default Rating (PDR) has been revised from "Caa1-PD" to "Caa2-PD". In addition, the rating of the Company's USD 500 million guaranteed senior unsecured notes due 2029 has been downgraded from "Caa1" to "Caa2". The outlook for all ratings has been remained as "Negative."
The Board of Directors of Vestel Elektronik Sanayi ve Ticaret Anonim Şirketi has adopted the following resolution:
In respect of the 2025 fiscal year of our Company, while a net loss for the period attributable to the equity holders of the parent amounting to 29,681,104,000 TL has been recorded in the consolidated financial statements prepared in compliance with the formats determined by the Public Oversight, Accounting and Auditing Standards Authority ("POA") and the Capital Markets Board ("CMB"), based on the Turkish Financial Reporting Standards ("TFRS") put into effect by POA pursuant to the CMB Communiqué No. II-14.1 on the "Principles of Financial Reporting in Capital Markets", and audited by PwC Bağımsız Denetim ve Serbest Muhasebecilik Mali Müşavirlik A.Ş.; a net loss for the period amounting to 11,507,319,953 TL has been recorded in the individual financial statements prepared within the framework of the relevant provisions of the Tax Procedure Law No. 213 ("TPL").
Based on the foregoing, the Board of Directors has resolved, by the unanimous vote of the members present at the meeting, to submit to the approval of the shareholders at the Ordinary General Assembly Meeting for the fiscal year 2025 the proposal not to distribute dividends, as there is no distributable profit for the period in the Company's financial statements.
The Board of Directors of Vestel Elektronik Sanayi ve Ticaret Anonim Şirketi has adopted the following resolution :
Considering the assessment made by the Audit Committee dated 16/04/2026 regarding the selection of the independent auditor; it was unanimously resolved by the members present at the meeting that, in order to audit the consolidated financial reports of the Company for the fiscal year between 01.01.2026–31.12.2026 in accordance with the principles determined under the Turkish Commercial Code No. 6102, the Capital Markets Law No. 6362 and the relevant legislation, and to carry out other activities within the scope of these laws and related regulations, an independent audit services agreement shall be executed with PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik Anonim Şirketi, having its registered at Kılıçali Paşa Mah. Meclis-i Mebusan Cad. No 8 İç Kapı No 301 Beyoğlu/İstanbul and registered with the Istanbul Trade Registry under number 201465-0, shall be elected as the independent audit firm, and that this matter shall be submitted to the approval of the shareholders at the 2025 Ordinary General Assembly Meeting.
This resolution has been adopted unanimously by the members of the Board of Directors present at the meeting.
The Board of Directors of Vestel Elektronik Sanayi ve Ticaret Anonim Şirketi has adopted the following resolution :
Upon consideration of the assessment of the Audit Committee of our Company dated 16/04/2026, it has been resolved unanimously by the members of the Board of Directors present at the meeting that, in order to perform the mandatory sustainability assurance audit of the sustainability reports to be prepared in accordance with the Türkiye Sustainability Reporting Standards for the 2026 fiscal year, which contain information regarding the Company's sustainability activities and performance and are complementary to its consolidated financial statements, within the scope of the Assurance Engagement Standards published by the Public Oversight, Accounting and Auditing Standards Authority, PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik Anonim Şirketi, having its registered office at Kılıçali Paşa Mah. Meclis-i Mebusan Cad. No 8 İç Kapı No 301 Beyoğlu/İstanbul and registered with the Istanbul Trade Registry under number 201465-0, shall be elected as the independent audit firm, and that this matter shall be submitted to the approval of the shareholders at the 2025 Ordinary General Assembly Meeting.
This resolution has been adopted unanimously by the members of the Board of Directors present at the meeting.
With the decision of our Company's Board of Directors dated 16.04.2026 and numbered 2026/35; it has been decided to hold the Ordinary General Assembly Meeting of our Company for the year 2025 on Thursday, May 14, 2026 at 10:30 a.m. at Raffles Istanbul Zorlu Center Levazım Mahallesi Vadi Caddesi No: 2/170 34340 Beşiktaş/İstanbul.
270,000,000 nominally valued corporate bond, which was sold to qualified investors on February 26, 2025 with a maturity of 401 days and with the ISIN Code of TRSVSTL42618, was redeemed as of today (April 3, 2026) with completion of the fourth coupon payment amounting to TL 41,187,960 and the principal payment of TL 270,000,000. This statement was translated into English for informational purposes. In case of a discrepancy between the Turkish and the English versions of this disclosure statement, the Turkish version shall prevail.
The periodic interest rate disclosed in the announcement made by our Company on the Public Disclosure Platform (KAP) dated 26.11.2025 was inadvertently reported incorrectly. The periodic interest rate previously stated as 14.6192% has been revised and updated to 22.1918%. This is respectfully announced to the public.
The financial statements and the annual report of our Company for the period 01.01.2025 – 31.12.2025 have been publicly disclosed today. The relevant documents, together with the financial results presentation for the related period, are available on our Company's website (www.vestelinternational.com) for the information of our investors.
With respect to the news published on 25 February 2026 by Bloomberg concerning the Company, the following statement has been made pursuant to Article 17 of the Communiqué on Material Events (II-15.1), which regulates the obligation to verify news and rumors.
The Company's financial liabilities, cash flow projections and debt management strategies are disclosed in its publicly announced financial statements and the related notes thereto.
Within this framework, in line with its financial risk management policies, the Company continues to conduct its activities with financial institutions in the ordinary course of business.
The third coupon payment amounting to TL 4,718,816,55 on the TL 35,050,000 nominally valued corporate bond which was sold to qualified investors on May 27, 2025 with a maturity of 394 days and trades with the ISIN Code of TRSVSTL62616 , was made as of today. The interest rate for the fourth coupon payment has been set as 17.9014%.