Esteemed Stakeholders,

Throughout 2025, the global economic outlook remained relatively resilient despite escalating trade barriers and geopolitical tensions. According to the IMF’s January 2026 data, global growth is projected to reach 3.3% in 2026, with a landscape characterized by diverging regional growth patterns and persistent downside risks. In a global environment where free trade has increasingly given way to protectionist policies, the postponement of tariff measures proposed by the US during the year, along with granted exemptions, helped limit the expected pressure on global growth.

Turkish Economy: Stability Driving Confidence

In Türkiye, the economic program, resolutely implemented, placed macroeconomic indicators on a more resilient and sustainable footing in 2025. As of the third quarter of the year, inflation fell to 30.9% while the current account deficit-to-GDP ratio fell to below 1.5% in the same period, contributing to an economy more resilient to global fluctuations. As financial stability solidified, the improvement in Türkiye’s risk profile also helped reduce our external financing costs.

Funding Resources Strengthened by International Cooperation and Green Transformation Support

Reinforcing the confidence and cooperation it enjoys in international markets, Türk Eximbank significantly expanded its funding sources during the year, in terms of both geographic reach and instrument diversity. In 2025, the Bank secured a total of USD 8.7 billion in new funding from international capital markets and financial institutions. Of this amount, USD 680 million was obtained through Islamic financing methods, while USD 2 billion was secured within the scope of sustainability.

By signing the largest syndicated loan agreement in the Bank’s history, we raised USD 1 billion in a single transaction across multiple currencies, including the Euro, US dollar, and Chinese yuan. As a result of our successful borrowing activities, the total funds managed by the Bank reached USD 13.7 billion, of which 38% consists of sustainability-linked funding, a source of great satisfaction for us.

By way of sustainability-themed funding, we enhanced women exporter-entrepreneurs’ access to finance. We also provided financial support for our exporters’ green transformation processes by supporting the implementation of their projects in areas such as renewable energy, and energy and water efficiency.

Strong and Uninterrupted Support in Global Competition

Throughout a period marked by heightened global uncertainty, intensified competition, and tighter access to financing, Türk Eximbank remained firmly committed to standing by exporters and supporting the sustainability of foreign trade. As Türkiye’s official export support institution, we provided a total of USD 54.2 billion in support to exports in 2025, including USD 26.77 billion in loans and USD 27.47 billion in insurance and guarantees. With this number representing an 11% increase compared to the previous year, we successfully completed 2025 in line with our targets and achieved the highest support volume in the Bank’s history.

Our total assets reached TL 1.3 trillion, while loans—one of the most important indicators of our support to exports—accounted for 87% of our total assets. Our paid-in capital increased by TL 33.1 billion in 2025, reaching TL 88.4 billion. By providing 33% of export loans in the sector, we continued to be the primary supporter of our exporters.

Strategic Priorities: Focus on High Technology, SMEs, and Green Transformation

To effectively support Türkiye’s export targets and further develop the foreign trade ecosystem, we have strategically prioritized boosting support for value-added and high-technology exports, as well as SMEs and exporters’ green transformation investments. Utilizing our exporter performance and potential assessment model, we allocate resources accordingly, increasing the share of our loans directed to firms engaged in high and medium-high technology exports. To facilitate exporters’ access to finance under more favorable conditions, we expanded the use of diversified collateral structures. In addition, to address exporters’ financing needs more holistically, we incorporated foreign trade products into our product portfolio and extended our correspondent banking network. Reflecting Türk Eximbank’s astute and innovative approach, we also began offering participation (interest-free) finance products to our exporters. Through a window system model, similar to international practices, we segregated participation finance activities from other banking operations across all processes. With funding secured in compliance with participation finance principles, we provided USD 1.2 billion in interest-free financing support to our exporters.

As the largest export credit insurance provider in Türkiye, we protect our exporters against collection risks, enabling them to conduct deferred sales with confidence both domestically and in new markets. In 2025, we implemented comprehensive structural improvements in our insurance operations, diversifying our sales channels, streamlining operational processes, and introducing a modular policy structure tailored to the needs of our exporters.

We consistently strive to increase the effectiveness and volume of buyer’s credits. In addition to the indemnity support provided under Türk Eximbank’s export credit insurance, the Ministry of Trade has introduced indemnity support for buyer’s credits and letter of credit transactions. Furthermore, within the scope of buyer’s credits, investment goods to be supplied from Türkiye for overseas contracting projects undertaken by construction companies have also been included in the support framework. Through these steps, we aim to enhance our exporters’ competitiveness in international projects and provide financing opportunities to overseas buyers at international standards and competitive costs.

Transparent, Fast, and Data-Driven Process Management

Digital transformation remained one of the Bank’s strategic priorities in 2025. Through the Limit Decision Model, AI-supported risk assessment applications, and digital infrastructures enabling integration with intermediary financial institutions, we enhanced our operational efficiency while improving our decision-making processes with data-driven analytical models. We implemented digital solutions that make our risk management and insurance processes faster, more transparent, and more data-driven. Not only did this transformation elevate the quality of the services we offer to exporters, it also established a strong foundation that prepares Türk Eximbank for the future of banking. In the period ahead, we will continue to strengthen our digital infrastructure, particularly through AI-powered applications.

2026: Greater Targets, Stronger Tomorrow

In 2026, we aim to build on last year’s record by providing a total of USD 59 billion in support to Türkiye’s exports, comprising USD 28 billion in loans and USD 31 billion in insurance and guarantees. Our focus will be on increasing access to finance for exporting SMEs and supporting new-generation export models such as services exports and e-exports. In this direction, we will continue our efforts—at full speed—to expand collateral diversity in SME lending, to strengthen our collaborations with guarantee institutions, to broaden financing support for service exporters, and to develop fast and accessible financing solutions for e-exporters. The innovative steps we have taken in the field of credit insurance have made our insurance activities more inclusive and effective; in 2026, we aim to ensure that our insurance support benefits a larger share of our exports, and to achieve a significant increase in the volume of insured receivables.

At Türk Eximbank, our shared motivation is to contribute to the sustainable growth of Türkiye’s exports through high-technology and high value-added products and services. We position ourselves at the center of the export ecosystem as a strategic partner providing end-to-end solutions for our exporters’ financing, insurance, and guarantee needs, empowering them to expand into new markets with confidence. Using public resources effectively, efficiently, and in alignment with our strategic priorities will remain our core responsibility in supporting our country’s development vision.

On this occasion, I would like to extend my sincere thanks to all our employees, whose dedication has made these achievements possible, to our exporters, to our Board of Directors for their unwavering support, and to all our stakeholders.

Sincerely,

Ali GÜNEY

General Manager