Our Social and
Relational Capital

GRI 2-25, 2-26, 3-3

GRI 3-3

GRI 3-3, 204-1

With its strong corporate heritage, extensive distribution network, and advanced technological infrastructure, VakıfBank provides integrated, one-stop solutions for all the financial and non-financial needs of its customers under the VakıfBank Finance Group umbrella. Under the VakıfBank Finance Group brand, with its 11 subsidiaries—seven financial and four non-financial—the Group continues to offer one-stop solutions to its customers’ needs across a wide spectrum, from international banking to capital markets, from factoring to financial leasing, from investment trusts to payment services, and from tourism to support services and appraisal services. One of the significant milestones for the VakıfBank Finance Group in 2025 was the successful Initial Public Offering (IPO) of Vakıf Faktoring AŞ, a step in VakıfBank’s determined strategy for corporate governance, transparency, and integration with capital markets. Currently, the shares of four subsidiaries—Vakıf Faktoring AŞ, Vakıf Finansal Kiralama AŞ, Vakıf Gayrimenkul Yatırım Ortaklığı AŞ, and Vakıf Menkul Kıymet Yatırım Ortaklığı AŞ—are traded on Borsa Istanbul.

Our subsidiaries, supported by VakıfBank’s deep-rooted history, brand strength, and customer base, demonstrate a leading and sustainable growth performance in their respective sectors. The synergy created throughout the Group significantly contributes to improving the customer experience, increasing efficiency, and creating long-term added value.

As of December 2025, the net balance sheet value of VakıfBank’s portfolio of affiliates and subsidiaries reached TL 59.1 billion. Financial affiliates and subsidiaries constitute 57% of this portfolio, and the portfolio’s share of the Bank’s total assets was 1.1%.

VakıfBank Finance Group Performance

The year 2025 was marked by strong growth and solid financial performance for the VakıfBank Finance Group. As of December 2025, the total assets of our subsidiaries increased by 30.1% year-over-year to TL 177 billion, and their equity rose by 41% to over TL 58 billion. In 2025, the net profit for the period of our subsidiaries exceeded TL 5.9 billion.

Vakıf Leasing’s total assets amounted to TL 36.3 billion as of 2025. Completing 2025 with a net profit for the period of TL 1.5 billion, Vakıf Leasing maintained its strong equity structure in its sector and increased its paid-in capital from TL 3.5 billion to TL 5 billion through a capital increase fully covered by internal resources in 2025. Vakıf Leasing plans to continue its activities in the upcoming period in line with its targets of sustainable profitability, corporate development, increasing market share, and supporting the real sector.

Maintaining its top position in the sector since 2021, Vakıf Faktoring continues its profitable growth without compromising asset quality, achieving a net profit for the period of TL 1.9 billion in 2025. As part of the Initial Public Offering (IPO) carried out in 2025, 25% of the Company’s shares began trading on Borsa İstanbul.

Strengthening its performance through increased collaboration and digital integrations with VakıfBank, Vakıf Yatırım increased its equity to TL 4.7 billion and its net profit to TL 935 million. Thanks to digital infrastructure developments and integrations, Vakıf Yatırım, with its expert and experienced staff, provides swift solutions to our customers’ demands and needs, thereby contributing to customer satisfaction.

Vakıf REIT, which has made a name for itself in the sector with its landmark projects, increased its return on assets to 2.5% and its total assets to TL 31 billion, with a net profit of TL 781 million according to its financial results for 2025. Vakıf REIT continuously develops its activities in line with its strategic plan and targets and has increased its real estate portfolio to TL 26.9 billion and its leasable portfolio to TL 17.7 billion. In addition to its financial results in 2025, Vakıf REIT had a busy year in the construction, sales, and leasing processes of its real estate projects, largely completing the sales of independent units in the Tablo Adalar and Cubes Ankara projects, which were delivered and occupied in 2024. It continues to lease the commercial units in the Cubes Ankara project to qualified retailers with high brand value. The current progress rate in the construction activities of the VSancaktepe Merkez project, Vakıf REIT’s third residential project in Istanbul, is at 65%. Sales of the project, which is planned to be completed in 2026, are ongoing.

Alongside its financial subsidiaries, other entities within the VakıfBank Finance Group also operate in line with the Group’s strategy. Vakıf Ekspertiz’s collaboration with the Ministry of Justice, Vakıf Pazarlama, which assumes the burden of the Bank’s support services with approximately 3,900 employees, and Taksim Otelcilik, which continues renovation work on the hotels in its portfolio, all operate with the aim of providing higher-quality service to their customers.

Strategic Planning and Increased Synergy

The year 2025 was a significant milestone for VakıfBank and its subsidiaries. Through various strategic investments and operational improvements, the Bank took important steps toward its sustainable growth targets, while the performance of its subsidiaries stood out not only in terms of financial size and profitability but also for their contributions in digital transformation, customer focus, and sustainability. As the positive effects of increased coordination within the VakıfBank Finance Group become evident in all areas, VakıfBank positions its subsidiaries strategy as follows.

To maximize group synergy within the VakıfBank Finance Group, increase the contributions of subsidiaries to the Bank, make Subsidiaries competitive with other companies in their respective sectors, manage them effectively based on profitability and efficiency, ensure their sustainable development, and strengthen their corporate structures.

In this context, VakıfBank’s strategy focuses on the following key objectives:

• Enhancing service quality and customer satisfaction by further increasing the existing synergy with subsidiaries,
• Achieving operational efficiency through a holistic approach within VakıfBank Finance Group,
• Supporting sustainable and profitable growth,
• Accelerating digital transformation by strengthening the technological infrastructure,

As of 2025, VakıfBank’s subsidiaries have largely achieved their financial and operational targets. In the coming years, accelerating growth in digital banking, diversifying sustainable projects, and further enhancing customer satisfaction are among the main strategic objectives. Entry into new markets and investments in innovation stand out as important factors that will support the growth of subsidiaries.

Sustainability and ESG-Focused Transformation

The VakıfBank Finance Group has adopted the integration of environmental, social, and governance (ESG) criteria into all its business processes as a strategic priority. The Group continues its activities in line with its goal of creating sustainable value through renewable energy projects, energy efficiency practices, social responsibility activities, and a transparent governance approach.

Vakıf REIT, a VakıfBank subsidiaries operating in the real estate investment trust sector, took significant steps in sustainability and corporate governance in 2025. In addition to the Integrated Annual Report it has published for the last three years, Vakıf REIT also published its 2024 TSRS-Compliant Sustainability Report. In 2025, it was included in the BIST Sustainability Index and ranked among the top three companies with the highest performance in its sector on that index. In line with its environmental transparency and climate change performance, it received a B score in the assessment conducted by the CDP (Carbon Disclosure Project). Within the scope of its management systems for quality, customer satisfaction, and information security, the annual surveillance and renewal audits for the ISO 9001 Quality Management System, ISO 10002 Customer Satisfaction Management System, and ISO 27001 Information Security Management System were successfully completed, and the validity of the respective certifications was updated.

As part of its corporate excellence approach, the Company participated in the “New Window with EFQM” session organized by KALDER within the framework of the 11^th Erciyes Excellence Summit. Additionally, by participating in the ISSB Workshop Program organized by the Public Oversight Accounting and Auditing Standards Authority (KGK) and the Quality Congress organized by KALDER, current developments in sustainability, quality, and reporting were closely monitored.

In projects developed by Vakıf REIT, importance is given to issues such as energy efficiency, renewable energy, zero waste, and carbon emission reduction within the scope of climate risks, and these are considered as project design criteria. In the Istanbul Financial Center project, the use of a gray-water system that enables the reuse of wastewater from sinks and showers in toilet cisterns; a rainwater harvesting system for landscape irrigation; the selection of high-efficiency equipment such as booster pumps, fan coils, circulation pumps, boilers, and chillers to ensure high energy efficiency; the fact that the necessary infrastructure has been designed to eliminate waste through recycling and reuse; the use of low‑VOC local materials; the use of energy‑efficient lighting; and the design of electric vehicle charging infrastructure were all aimed at reducing carbon emissions and increasing energy efficiency. Our project received LEED Gold certification. In the Maltepe Tablo Adalar project, devices such as hydrophores, boilers, circulation pumps, and VRF systems were selected with high energy efficiency in mind. Floor-type convectors were used to increase energy efficiency. The use of energy-saving light bulbs and electric vehicle charging stations in the project was aimed at ensuring energy efficiency. The use of low-water-consumption plants like sedum in landscaping also demonstrates the importance we place on the principle of sustainability in our projects. In the Cubes Ankara project, devices such as hydrophores, chillers, boilers, and circulation pumps were selected with high energy efficiency in mind. Floor-type convectors were used to increase energy efficiency. The use of energy-saving light bulbs and electric vehicle charging stations in the project was aimed at ensuring energy efficiency. In the ongoing VSancaktepe Merkez project, the electric vehicle charging stations in the parking garage, the solar panels on the block roofs to supply part of the consumed energy, the use of a gray water system (purifying wastewater from sinks and showers to a certain level for reuse in toilet cisterns), the collection and reuse of rainwater for garden irrigation, container areas for collecting segregated recyclable waste, the use of sunshades on residential floors, and the use of low heat-transfer glass in residences demonstrate the importance we place on zero waste, low carbon emissions, and increased energy efficiency. In the ongoing design phase of the Gebze Data Center project, criteria being considered in the design include the installation of a solar power plant (SPP); the design of electric vehicle charging stations; the use of high-efficiency chillers in the cooling system; the planned adoption of heat pumps to improve energy efficiency in the building’s heating system; and the planned use of gray water, a rainwater harvesting system, and high-efficiency devices. These measures are intended to reduce carbon emissions and increase energy efficiency.

Vakıf REIT participated in the Yapı Fuarı – Turkeybuild Istanbul event to follow innovations in its sector, meet with suppliers and business partners, and closely examine developments in sustainable building technologies. At the fair, energy-efficient systems, sustainable material solutions, and modern building technologies were examined, and meetings were held to develop collaboration with industry stakeholders. Additionally, in line with the Company’s sustainability vision and strategic goals for reducing environmental impacts, it participated in the Green Buildings Summit organized by the Turkish Green Building Council (ÇEDBİK). At the summit, topics shaping the future of the industry, such as green building certification processes, sustainable material use, energy efficiency practices, carbon-neutral projects, and climate change adaptation strategies, were discussed. Best practice examples shared in the sessions were closely followed, and comprehensive information was obtained on innovative sustainability solutions, low-carbon design approaches, and technologies that enhance environmental performance, which can be used in our new projects. This participation made significant contributions to the Company’s ability to closely monitor industry developments, exchange information with experts, and develop collaborations that will strengthen its sustainable building approach. Furthermore, the summit supported the dissemination of green building practices and the implementation of environmentally friendly design principles in our projects as part of the Company’s sustainability goals. In addition, at the Real Estate Investors Association (GYODER), the association of the real estate investment trust sector, our employees who represent the Company on committees such as the Residential Investments Committee, Tourism Investments Committee, and Social Impact Committees have played an active role in bringing sustainability-focused residential development approaches onto the committee agenda by closely monitoring the sector’s current dynamics. Through the meetings, analyses, and sectoral sharing conducted within the committee, national and international trends in sustainable residential development were closely monitored, contributions were made to the determination of sectoral standards, and significant gains were achieved in strengthening the Company’s internal project development processes.

As Vakıf REIT, we continue to stand by sports and athletes, which we believe are an integral part of universal culture. While VakıfBank is the main sponsor of VakıfBank Sports Club, which makes significant contributions to the development of sports in Türkiye through its volleyball schools and infrastructure investments, Vakıf REIT has been proud to support this valuable organization since 2017; it introduces girls to sports and demonstrates to the world what women from Türkiye can achieve internationally. In addition to this valuable sponsorship, support has been provided since 2022 to the Miniature Design Competition organized by the Yıldız Technical University Building Club, which brings together architecture and engineering students. This competition, held regularly each year and bringing together future architects and engineers from all over our country, aims to encourage young talents to produce innovative ideas and, at the same time, contribute to their adoption of a sustainability culture at an early age.

Within the scope of employee rights at Vakıf REIT, the aim is to encompass all practices designed to ensure that employees work in a safe, fair, healthy, and ethical environment. Our Company adopts the following fundamental principles regarding employee rights. Full compliance with legal regulations; providing equality and equal opportunity without discrimination based on gender, age, language, religion, ethnic origin, disability, etc., and with the principle of equal pay for equal work; respect for employees and the protection of human dignity; prioritizing occupational health and safety, and personal data protection; supporting employee participation through employee satisfaction surveys and a performance management system with both 180-degree and 360-degree feedback processes; establishing transparent communication through open-door policies and regular informational meetings; supporting employee development through orientation programs, annual training plans, competency development and career planning, and leadership, mentoring, and coaching programs; and motivation and engagement programs through social events, team activities, and internal/external social events. Activities carried out in this regard are regularly monitored, evaluated, and improved.

Vakıf REIT positions gender equality as a fundamental element of its corporate culture and sets an example in the sector with its practices that strengthen women’s participation in the workforce. Women constitute 58% of the Company’s employees, and a corporate structure that supports female leadership has been established with a 55% female representation rate at the management level. Our policies preventing gender-based discrimination in recruitment, promotion, task allocation, and compensation processes; our equal pay for equal work practice; and our standards preventing the use of sexist language in job advertisements and interviews are meticulously implemented. The employee experience is strengthened through inclusive leadership training, supportive practices for parenting and caregiving responsibilities, flexible work models, and special occupational health and safety measures for pregnancy. Indicators such as gender distribution, promotion rates, and wage equality are regularly monitored, and policies are continuously developed.

Vakıf Leasing, another member of the VakıfBank Finance Group, established its Sustainability Committee in 2025 to determine its sustainability strategy and policy. Vakıf Leasing has created a Climate Risk Management Policy to identify and manage climate risks. In 2025, it published its first TSRS-compliant Sustainability Report. With its many years of experience, Vakıf Leasing continues to finance environmentally friendly investments such as renewable energy projects and recycling facilities, while also increasing its collaborations with public and non-governmental organizations. In this context, the Company has signed a significant collaboration to provide financing support for the purchase of all kinds of machinery and equipment that will support the domestic and national production vision of our defense industry, offering solutions to the financing needs of our producers with favorable payment terms. It participated in the “Changing Economic Conditions” session held as part of the Auxiliary Industry Summit organized by Turkish Aerospace Industries (TUSAŞ). Within the scope of the collaboration with Marmara University, partnerships are being carried out to ensure the professional and social development of students from the Faculty of Business Administration through long-term internships at Vakıf Leasing, and to employ faculty graduates who are successful during their internship.

Vakıf Faktoring, a member of the VakıfBank Finance Group operating in the factoring sector, submitted an application to the Capital Markets Board in 2024 for an Initial Public Offering (IPO) of a portion of its shares. The application was approved on November 7, 2025, in the Capital Markets Board bulletin no. 2025-57. The book-building process took place on November 12–14, 2025, and the Company’s shares began trading on the stock exchange on Thursday, November 20, 2025. The initial public offering is expected to accelerate the Company’s journey of corporate development and sustainable growth. It is anticipated that the Company’s transition to a publicly traded company will contribute to its sustainable growth by strengthening its leading position in the sector through advantages such as increased transparency and accountability, expanded access to funds that improve access to resources and support green investments, long-term strategic planning, and enhanced brand and reputation value.

VakıfPayS, the newest member of the VakıfBank Finance Group, has rapidly completed its processes and begun serving our customers with a wide range of services, from virtual POS solutions and digital wallets to bill payments, money transfers, and open banking. Our VakıfPayS Mobile Wallet application, which enables one-touch payments without time or location restrictions thanks to its robust, secure infrastructure, was made available to our customers in September 2025. VakıfPayS operates not only as a payment company, but also with a social mission aimed at enhancing financial inclusion. While contributing to the digitalization of SMEs, VakıfPayS also takes on the task of promoting digital literacy with content specially developed for young people, homemakers, retirees, and students. In this respect, VakıfPayS aims to contribute to our country’s goal of a cashless society and to play a pioneering role in financial innovation. Aiming to increase its collaborations with industry and non-governmental organizations, VakıfPayS was elected as one of the three payment institutions to serve on the Disciplinary Committee in the election held at the 6^th Ordinary General Assembly of TÖDEB in November 2025, with the participation of industry representatives and public authorities. In support of the VakıfBank Finance Group’s sustainability strategy, the Company reduces waste generation and supports the efficient use of resources by sending digital statements to its customers instead of printed paper statements and receipts, and by displaying receipts through its mobile application.

Vakıf Yatırım, the experienced member of the VakıfBank Finance Group operating in the brokerage services sector, published its TSRS-compliant Sustainability Report for 2024 in support of its sustainability efforts. Vakıf Yatırım is taking significant steps in digitalization, an area whose use and importance have grown in the financial sector in recent years, as in all other sectors and business areas in our country. As a result, customer satisfaction is enhanced in many areas of service, and numerous services are offered to our customers much more quickly and easily.

In line with VakıfBank’s sustainability goals, Vakıf Yatırım aims to achieve resource savings and implement a zero-waste policy in its services. One of the significant steps taken toward this goal was the transition to digital account opening. Significant gains have been achieved by enabling its customers to save time and labor and by reducing paper consumption in the Company’s processes. Digitalization, which includes customer experience processes through services like the Vakıf Yatırım Mobile Application, is one of the Company’s primary focus areas. Vakıf Yatırım is committed to gender equality, ensuring that all personnel, regardless of gender, have equal access to jobs, professions, opportunities, resources, and decision-making mechanisms. This commitment extends to equal career advancement, job security, continuity of employment, equality in productivity, equal pay for equal work, equal treatment, equal rights, and equal rewards.

Since its establishment in 1966, Taksim Otelcilik AŞ, VakıfBank’s subsidiaries operating in the tourism sector, has applied its experience and contributions across the Company (Head Office, hotels, and staff housing, etc.). As part of efforts to supply all of its electricity consumption through an unlicensed SPP within the scope of renewable electricity generation, the Company applied to increase the capacity of the SPP site in Gaziantep province, raising the previously contracted connection capacity from 2,000 kWe to a total of 5,487 kWe. In this context, the goal is to complete the most crucial phase of its sustainability efforts by finishing the SPP installation project in 2026, thereby generating all of the Company’s electricity needs.

Within the framework of the “Türkiye Sustainable Tourism Program,” implemented by the Republic of Türkiye Ministry of Culture and Tourism in accordance with the international GSTC program, the Company’s Abant Palace and Köşk Hotels, and the Çeşme Radisson Blu Hotel successfully completed their annual audits for the Stage 3 Certificate, extending their certification periods for another year. As part of its GSTC efforts, structural solutions are being developed to prevent water and energy waste and to minimize all waste at the facilities, while also raising awareness among customers and employees.

Taksim Otelcilik increases its interaction with and support for local communities and governments in the regions where its portfolio hotels are located, offering training and employment opportunities to local people and engaging in activities that promote natural and cultural heritage.

It continues its environmental activities within the scope of the ISO 1400:2015 Environmental Management System Certificate, which is certified by TSE and covers the Taksim Otelcilik General Directorate and the Abant Palace and Köşk Hotels. In support of its environmental sustainability strategy, it conducts Carbon Footprint Measurements and Acoustic Noise Measurements at its operations. The Company prioritizes the use of environmentally friendly electric and hybrid vehicles. The Company prioritizes environmentally friendly and sustainable products in its hotel procurement and considers sustainability criteria in the selection of its suppliers.

Aiming to contribute to sustainability efforts through social responsibility projects, Taksim Otelcilik participated in the Türkiye Century Vocational and Technical Education Summit held in Istanbul from December 1-3, 2025, upon the invitation of the Ministry of National Education. It provides long-term internship opportunities for vocational education students at its hotels and carries on its operations while also ensuring social amenities for employees and interns at its Çeşme Hotel.

Vakıf Pazarlama Sanayi ve Ticaret AŞ, a member of the VakıfBank Finance Group operating in the fields of staffing, cleaning services, fleet leasing, location management, dining hall and cafeteria services, and cultural publications within the scope of support services, has held ISO 9001 Quality Management System, ISO 14001 Environmental Management System, and ISO 45001 Occupational Health and Safety Management System certificates since 2014. In line with its corporate policies and strategies, Vakıf Pazarlama aims to ensure process-oriented risk management and maximum stakeholder engagement. To contribute to environmental sustainability, the Company has updated its risk analysis to raise employee awareness of climate change, natural resource use, and waste management at its head office and in its areas of operation. The Company plans to organize awareness training for its employees in 2026 regarding the identification of risks arising from environmental changes and Climate Change.

In its human resources procurement activities, Vakıf Pazarlama increases women’s employment to ensure greater participation of women in the workforce for a sustainable future. Regular training is provided to employees working in support services projects to develop their competencies, promote sustainability, and address areas needing improvement. A directive on ethical principles has been issued to ensure that personnel working at the Company’s head office and in auxiliary and support services projects perform their duties and act in accordance with employees’ rights and obligations, and with business ethics.

Changes in the Affiliates and Subsidiaries portfolio;

On January 22, 2025, VakıfBank acquired all of the shares with a nominal value of TL 56,479,500, representing a 16.14% stake, held by the Republic of Türkiye General Directorate of Foundations in Taksim Otelcilik AŞ. Our nominal share in the Company’s capital increased from TL 183,519,000 to TL 239,998,500, and our shareholding ratio rose from 52.43% to 68.57%.

On May 29, 2025, we sold TL 20,000,000 of our nominal TL 97,142,900 holding in Vakıf Gayrimenkul Değerleme AŞ to the Foundation for Strengthening the Judiciary. VakıfBank’s nominal share in the Company’s capital decreased from TL 97,142,900 to TL 77,142,900, and its shareholding ratio fell from 97.14% to 77.14%.

As part of the Initial Public Offering (IPO) of Vakıf Faktoring AŞ shares, the Company’s issued capital was increased by TL 50,000,000 from TL 850,000,000 to TL 900,000,000. A total of 225,000,000 Group B non-privileged shares with a total nominal value of TL 225,000,000 were offered to the public, consisting of shares with a nominal value of TL 107,834,821 belonging to VakıfBank and shares with a nominal value of TL 67,165,179 belonging to other partners. In this context, VakıfBank’s nominal share decreased from TL 782,834,821 to TL 675,000,000, and its shareholding ratio fell from 92.10% to 75.00%.

Within the scope of price stabilization transactions, a total of 10,784,000 shares of Vakıf Faktoring AŞ (VAKFA) traded on the BIST equity market were purchased between December 3, 2025, and December 5, 2025. As a result of these purchases, our nominal share in the Company’s capital increased from TL 675,000,000 to TL 685,784,000, and our shareholding ratio rose from 75.00% to 76.20%.

A total of 70,402,174 shares of Vakıf Finansal Kiralama AŞ (VAKFN) traded on the BIST Equity Market were purchased between November 11, 2025, and November 17, 2025. As a result of these purchases, our nominal share in the Company’s capital increased from TL 3,106,031,322.993 to TL 3,176,433,496.993, and our shareholding ratio rose from 62.12% to 63.53%.

A total of 80,959,220 shares of Vakıf Gayrimenkul Yatırım Ortaklığı AŞ (VKGYO) traded on the BIST Equity Market were purchased between November 11, 2025, and November 17, 2025. As a result of these purchases, our nominal share in the Company’s capital increased from TL 1,855,078,680.588 to TL 1,936,037,900.588, and our shareholding ratio rose from 53.77% to 56.12%.

The Bank’s subsidiaries continued their capital investments in 2025. Through bonus capital increase, Vakıf Yatırım increased its capital from TL 1 billion to TL 2 billion, and Vakıf Leasing increased its capital from TL 3.5 billion to TL 5 billion.