Investment Case

Value Created by Ford Otosan for Investors

Scale & growth
-    Turkey's export champion and commercial vehicle market leader
-    Ford's largest commercial vehicle manufacturing hub in Europe
-    International expansion and growth in heavy trucks with strong operations in Turkey

Resilience & efficiency 
-    €-denominated export revenues with volume quarantees
-    High capacity utilization
-    Efficient, flexible and low-cost manufacturing and engineering competency

Strong balance sheet & prudent risk management
-    Strong balance sheet and free cash flow
-    Profitability driven by increased capacity, strong product range and focused sales strategy
-    Natural hedge with €-denominated export revenues against currency volatility

Stakeholder value creation
-    Dividend growth with surging free cash flow
-    Strong relative share price performance
-    Total value creation with full commitment to sustainability