Dear Stakeholders,
The year 2024 has been a period of significant developments for the energy sector, shaped by global and local dynamics. As the transformation of this vital industry continued at full speed, global clean energy targets were emphasized even more strongly due to geopolitical, environmental, and political instabilities.
Our country has maintained its momentum in energy production by increasing renewable energy investments, particularly in solar energy. In 2024, a year marked by record-breaking achievements in natural gas and oil exploration and production, a balanced transition plan was implemented in pursuit of the 2053 Net Zero Emission Target.
Looking at global growth figures, the International Monetary Fund (IMF) forecasted in its January 2025 World Economic Outlook Update that the global economy would grow by 3.3% in 2025 and 2026. While this estimate aligns with the October 2024 report, it remains below the growth rate observed between 2000 and 2020. Despite the expectation of moderate growth, we are closely monitoring all variables, ensuring that we progress toward our goals with confidence.
We Maintained Our Commitment and Focus on Sustainability
As Zorlu Enerji, we pursued our commitment to sustainable success throughout the year, in line with global trends. We continued to expand our portfolio with a strong focus on renewable energy and to lead the energy transition. In line with our 100% renewable energy target, we progressed in phasing out natural gas operations from our portfolio. Alongside our financial performance, we significantly improved our ESG (Environmental, Social, and Governance) score—a key indicator—through our investments in social and environmental initiatives. By implementing numerous impactful projects in this field, we had the privilege of solidifying our success with nine prestigious national and global awards.
We Achieved Strong Financial Performance
With our strong financial performance, our turnover reached 29.658 billion TL in 2024. During the same period, EBITDA realized as 12.1 billion TL, while the Net Financial Debt/EBITDA ratio was maintained at 3.6.
With our $1.1 billion Eurobond issuance, we aimed to strengthen our financial strategies and secure resources for new investments. This issuance not only enhanced our financial flexibility but also positioned us as a key player in the energy sector's growth and transformation, successfully attracting the attention of international investors.
Our Brands Achieved Global Success in Electrification
Our brands ZES and electrip, operating under Electrip Global Ltd., a joint venture between Zorlu Enerji and Wren House, continued to grow. Through a partnership agreement with Hubject, the world’s largest e-roaming charging network provider, our stations were integrated into the European charging network. As part of this agreement, approximately 4,000 Zes EV stations in Turkey and electrip EV stations in Italy, France, Bulgaria, Greece, Croatia, Montenegro, and Poland have been integrated with hundreds of e-mobility service providers across Europe. With our brands focused on strengthening low-carbon transportation infrastructure, this strategic collaboration has accelerated our global expansion.
SBTi Confirmation for Our Net Zero Carbon Targets
Our 2030 and 2040 net zero carbon targets have been officially approved by the Science Based Targets initiative (SBTi). This recognition confirms that our efforts in combating the climate crisis are both consistent and effective on an international level.
This year, we also took significant steps toward decarbonization. Starting to phase out our natural gas power plants from our international portfolio, we reinforced our vision of investing in renewable energy both domestically and abroad to build a more sustainable energy future.
We remain determined to achieve net zero carbon emissions across all operations and our value chain by 2040.
We Delivered a Strong ESG Performance
In 2024, we significantly improved our achievements in Environmental, Social, and Governance (ESG) areas, further strengthening our sustainability progress. We scored 88 points in the ESG assessment by the London Stock Exchange Group (LSEG), improving upon our previous score of 77. This achievement positioned us among the top performers in the industry. Additionally, by securing an A score, we once again demonstrated our leadership in this field.
In S&P Global’s 2024 Corporate Sustainability Assessment, our score increased from 49 to 74.
Our strong partnerships with suppliers also played a critical role in enhancing our sustainability performance. This year, we earned an A rating in the 2023 Supplier Engagement Rating (SER) assessment by the Carbon Disclosure Project (CDP), placing us among the leaders in supplier engagement.
We continue to reinforce our success by integrating sustainability into every aspect of our business. Through initiatives that create social value—focusing on education, local development, and women’s employment—we remain committed to fulfilling our social responsibilities.
We Continue Working for a Greener Future
With our renewable energy investments, net zero carbon targets, international awards, and innovation efforts, we remained dedicated to shaping the future of the energy sector in 2024. In our sustainability-focused journey, we are committed to collaborating with our stakeholders in Turkey and around the world to build a more equitable, cleaner, and greener future.
As Zorlu Enerji, we are moving forward confidently to further strengthen our sector leadership and sustainability commitments. Through renewable energy investments, technological innovations, and environmental and social contributions, we will continue leading Turkey’s energy transition.
With our strong confidence in the future of our country, we will persist in delivering high-value projects that support, empower, and drive progress for Turkey, our sector, and our company in 2025.
I would like to sincerely thank all our shareholders, business partners, executives, and colleagues for their continued support on this journey, and I wholeheartedly wish for peace and prosperity for our country and the world in 2025.
Elif Yener
Head of Energy Group
