Yeşil Global Enerji (PWRU) Registration filing summary

Company overview and business model

• Operates in waste-to-energy, converting landfill emissions into renewable power using landfill gas, biogas, and geothermal technologies, with expansion into the U.S. for distributed power and data center integration.

• Runs five landfill gas (LFG) power plants and one thermal disposal facility in Turkiye, with strategic locations in high-density urban centers for consistent feedstock supply.

• Sells electricity under FX-linked tariffs, with ~90% of production qualifying for USD-denominated revenue under Turkiye's YEKDEM program, providing revenue stability.

• Embedded MRV systems enable monetization of verified carbon credits, supporting alignment with EU compliance frameworks.

• U.S. operations focus on Power-as-a-Service and Powered-land models, targeting AI, EV, and industrial customers, and leveraging oil and gas leaseholds for energy and data center projects.

Financial performance and metrics

• For 2025, revenue was TRY 2.91 billion, down 15.9% from 2024 due to hyperinflation adjustments, while operational performance remained stable.

• EBITDA for 2025 was TRY 1.53 billion, with adjusted operating profit at TRY 748 million.

• Net profit for 2025 was TRY 530 million, with a gross profit margin decrease attributed to inflation accounting and maintenance cycle timing.

• Net working capital deficit improved to TRY (583) million at year-end 2025, supported by reduced short-term borrowings and increased receivables.

• Bank borrowings decreased to TRY 238 million by year-end 2025, with all debt now from Halkbank and secured by investment property mortgages.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used for North American operations (oil and gas property acquisition, infrastructure, data center integration), R&D in Turkiye and North America, and general corporate purposes.

• Management has broad discretion over allocation, with anticipated funding for proposed projects over the next 12 months.