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
-    Strong growth potential in licensing fees

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
-    Surging free cash flow following completion of capex cycle
-    Profitability driven by increases capacity and new product range
-    Natural hedge of fx-payables due to fx-denominated export revenues

Value creation
-    Dividend growth with surging free cash flow
-    Strong relative share performance
-    Full commitment to sustainability