Public Debt Management Report 2026 Financing Program.................................................1 Budget Realizations........................................................2 Treasury Cash Balance....................................................4 Domestic Debt.................................................................5 External Debt................................................................. 10 Debt Stock...................................................................... 14 Treasury Guaranteed External Debt............................ 19 Treasury Non-Guaranteed External Debt...................23 Treasury Receivables.................................................... 24 Developments in the Credit Rating of Türkiye......... 26 Domestic Borrowing Calendar.....................................27 Data Dissemination Calendar.......................................28 No: 248 ANNEX........................................................................... 29 March 2026 PUBLIC DEBT MANAGEMENT REPORT MARCH 2026 © Copyright by the Republic of Türkiye Ministry of Treasury and Finance All Rights Reserved. May not be copied or duplicated, in whole or in part without reference. Because of rounding, there may be small differences in the total amount of some tables. PUBLIC DEBT MANAGEMENT REPORT 2026 FINANCING PROGRAM PROGRAM AND REALIZATIONS (1) Program Realization Billion ¨ January - December January - February I-Total Debt Service 5,990.0 1,542.1 Domestic Debt Service 5,042.2 1,290.6 Principal 2,699.7 727.1 Interest 2,342.6 563.5 External Debt Service 947.8 251.5 Principal 590.0 172.7 Interest 357.8 78.8 II-Financing 5,990.0 1,542.1 Other Financing (2) 40.4 256.2 Total Borrowing 5,949.6 1,285.9 External Borrowing 605.3 253.1 Domestic Borrowing 5,344.3 1,032.8 Memo (Billion ¨) Net Borrowing 2,659.9 386.1 Net Domestic Borrowing 2,644.6 305.7 Net External Borrowing 15.3 80.4 (1) Cash based. (2) The cash primary balance, privatization revenues, the revenues from 2/B land sales, receipts from on lending and guaranteed debt, reciepts from SDIF, use of cash account and FX changes are shown under other financing item. STRATEGIC BENCHMARKS AND INDICATORS 9 To borrow mainly in TL, 9 To borrow in foreign currencies besides US dollar, if possible, in international markets for market diversification, 9 To keep the share of debt maturing within 12 months and the share of debt stock with interest rate refixing period of less than 12 months at a certain level, by taking into account appropriate instrument and maturity composition to optimize interest payments, 9 To keep a strong level of cash reserve in order to reduce the liquidity risk associated with cash and debt management. 1 MARCH 2026 REPUBLIC OF TÜRKİYE MINISTRY OF TREASURY AND FINANCE BUDGET REALIZATION CENTRAL GOVERNMENT BUDGET REALIZATION AND FINANCING 2025 2026 Million ¨ Jan - Feb Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total Central Government Revenues 1,640,508 1,421,245 1,353,593 - - - - - - - - - - 2,774,838 Tax Revenues 1,377,625 1,181,218 1,121,978 - - - - - - - - - - 2,303,196 - Direct Taxes 390,876 393,909 610,699 - - - - - - - - - - 1,004,608 - Indirect Taxes 986,748 787,309 511,279 - - - - - - - - - - 1,298,588 Nontax Revenues 262,883 240,027 231,615 - - - - - - - - - - 471,641 Central Government Expenditures 2,089,859 1,635,788 1,329,226 - - - - - - - - - - 2,965,015 Personnel Expenditure 638,421 502,296 390,195 - - - - - - - - - - 892,490 Social Security Contributions 75,704 60,738 50,258 - - - - - - - - - - 110,996 Purchase of Goods and Services 106,452 67,903 83,613 - - - - - - - - - - 151,516 Interest Payments 302,707 456,416 183,696 - - - - - - - - - - 640,112 Current Transfers 809,502 513,642 547,925 - - - - - - - - - - 1,061,567 Capital Expenditure 93,547 18,451 42,098 - - - - - - - - - - 60,548 Capital Transfers 27,874 452 2,822 - - - - - - - - - - 3,274 Lending 35,652 15,891 28,621 - - - - - - - - - - 44,512 Contingencies 0 0 0 - - - - - - - - - - 0 Central Government Primary Balance -146,644 241,873 208,062 - - - - - - - - - - 449,935 Central Government Balance -449,351 -214,543 24,366 - - - - - - - - - - -190,177 Deferred Payments -123,063 -86,740 -38,885 - - - - - - - - - - -125,625 Advances 100,521 120,457 -17,097 - - - - - - - - - - 103,361 Central Government Cash Balance -471,893 -180,826 -31,615 - - - - - - - - - - -212,441 Central Government Budget Financing 471,893 180,826 31,615 - - - - - - - - - - 212,441 Borrowing (Net) 417,322 332,214 45,130 - - - - - - - - - - 377,344 Foreign Borrowing (Net) -5,622 74,844 21,231 - - - - - - - - - - 96,075 - Receipts 103,211 159,240 108,164 - - - - - - - - - - 267,404 - Payments -108,833 -84,396 -86,933 - - - - - - - - - - -171,330 Domestic Borrowing (Net) 422,944 257,370 23,900 - - - - - - - - - - 281,270 - TL Denominated T-Bills 62,957 0 20,932 - - - - - - - - - - 20,932 Receipts 62,957 0 20,932 - - - - - - - - - - 20,932 Payments 0 0 0 - - - - - - - - - - 0 -FX Denominated T-Bills 0 0 0 - - - - - - - - - - 0 Receipts 0 0 0 - - - - - - - - - - 0 Payments 0 0 0 - - - - - - - - - - 0 - TL Denominated G-Bonds 363,073 302,560 47,474 - - - - - - - - - - 350,034 Receipts 375,093 337,982 219,643 - - - - - - - - - - 557,625 Payments -12,020 -35,422 -172,169 - - - - - - - - - - -207,591 - FX Denominated G-Bonds -3,086 -45,190 -44,506 - - - - - - - - - - -89,696 Receipts 87,211 142,965 286,827 - - - - - - - - - - 429,792 Payments -90,296 -188,155 -331,333 - - - - - - - - - - -519,488 Net Lending (-) -22 0 0 - - - - - - - - - - 0 Lending 0 0 0 - - - - - - - - - - 0 Repayment (-) 22 0 0 - - - - - - - - - - 0 Privatization Revenue 0 0 0 - - - - - - - - - - 0 SDIF Revenue Surplus 0 0 0 - - - - - - - - - - 0 Currency/Deposit And Other Transactions 54,549 -151,388 -13,515 - - - - - - - - - - -164,903 MARCH 2026 2 PUBLIC DEBT MANAGEMENT REPORT GENERAL BUDGET FINANCING 2025 2026 Million ¨ Jan - Feb Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total General Budget Balance -564,288 -224,612 -71,760 - - - - - - - - - - -296,372 Deferred Payments -82,422 -41,965 -17,088 - - - - - - - - - - -59,053 Advances 90,091 108,380 -18,726 - - - - - - - - - - 89,655 General Budget Cash Balance -556,620 -158,197 -107,574 - - - - - - - - - - -265,770 General Budget Financing 556,620 158,197 107,574 - - - - - - - - - - 265,770 Borrowing (Net) 417,322 332,214 45,130 - - - - - - - - - - 377,344 Foreign Borrowing (Net) -5,622 74,844 21,231 - - - - - - - - - - 96,075 - Receipts 103,211 159,240 108,164 - - - - - - - - - - 267,404 - Payments -108,833 -84,396 -86,933 - - - - - - - - - - -171,330 Domestic Borrowing (Net) 422,944 257,370 23,900 - - - - - - - - - - 281,270 - TL Denominated T-Bills 62,957 0 20,932 - - - - - - - - - - 20,932 Receipts 62,957 0 20,932 - - - - - - - - - - 20,932 Payments 0 0 0 - - - - - - - - - - 0 - FX Denominated T-Bills 0 0 0 - - - - - - - - - - 0 Receipts 0 0 0 - - - - - - - - - - 0 Payments 0 0 0 - - - - - - - - - - 0 - TL Denominated G-Bonds 363,073 302,560 47,474 - - - - - - - - - - 350,034 Receipts 375,093 337,982 219,643 - - - - - - - - - - 557,625 Payments -12,020 -35,422 -172,169 - - - - - - - - - - -207,591 - FX Denominated G-Bonds -3,086 -45,190 -44,506 - - - - - - - - - - -89,696 Receipts 87,211 142,965 286,827 - - - - - - - - - - 429,792 Payments -90,296 -188,155 -331,333 - - - - - - - - - - -519,488 Net Lending (-) -22 0 0 - - - - - - - - - - 0 Lending 0 0 0 - - - - - - - - - - 0 Repayment (-) 22 0 0 - - - - - - - - - - 0 Privatization Revenue 0 0 0 - - - - - - - - - - 0 SDIF Revenue Surplus 0 0 0 - - - - - - - - - - 0 Currency/Deposit And Other Transactions 139,276 -174,017 62,443 - - - - - - - - - - -111,574 PROGRAM DEFINED CENTRAL GOVERNMENT BUDGET PRIMARY BALANCE 2025 2026 Million ¨ Jan - Feb Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total 1. Central Government Budget Revenues (Public 1,640,508 1,421,245 1,353,593 - - - - - - - - - - 2,774,838 Accounts Bulletin) a. Privatization Proceeds (-) 9,250 0 0 - - - - - - - - - - 0 b. Interest Receipts (-) 23,393 37,223 35,961 - - - - - - - - - - 73,183 c. CBT Profit & Revaluation (-) 0 0 0 - - - - - - - - - - 0 d. Dividend Payments of State Banks (-) 0 0 0 - - - - - - - - - - 0 e. Special Revenues of the Turkish Mint (-) 235 144 108 - - - - - - - - - - 251 f. Net Lending to CGS (-) 0 0 0 - - - - - - - - - - 0 g. Sales of Immovables and Other One Time Revenues 922 705 519 - - - - - - - - - - 1,224 (-) h. Unemployment Insurance Fund Transfer (GAP) (-) 0 0 0 - - - - - - - - - - 0 i. 4.5G GSM Sales (-) 0 42,176 0 - - - - - - - - - - 42,176 j. Sale of Lands and Ports (-) 0 0 0 - - - - - - - - - - 0 k.Transferres from SDIF 64 28,502 4,783 - - - - - - - - - - 33,285 l. (-) Construction Registration Certificate (Law N.3194/ 62 38 39 - - - - - - - - - - 77 Provisional Article 16) m. (-) Revenues of Military Service by Payment 969 321 815 - - - - - - - - - - 1,136 2. Central Government Budget Revenues (Program 1,605,615 1,312,137 1,311,369 - - - - - - - - - - 2,623,505 Definition) (1-a-b-c-d-e-f-g-h-i-j-k-l-m) 3. Central Government Primary Expenditures (Public 1,787,152 1,179,372 1,145,531 - - - - - - - - - - 2,324,903 Accounts Bulletin) n. Risk Account (-) 0 0 0 - - - - - - - - - - 0 o. Social Security Transfers (Cash - Accrual Difference) 19,245 -106,893 41,697 - - - - - - - - - - -65,196 (+) p. Net Lending to CGS (+) 0 0 0 - - - - - - - - - - 0 4. Central Government Primary Expenditure (Program 1,806,397 1,072,479 1,187,228 - - - - - - - - - - 2,259,707 Definition) (3-n+o+p) Primary Balance (Public Accounts Bulletin) (1-3) -146,644 241,873 208,062 - - - - - - - - - - 449,935 Primary Balance (Program Definition) (2-4) -200,782 239,658 124,141 - - - - - - - - - - 363,799 3 MARCH 2026 REPUBLIC OF TÜRKİYE MINISTRY OF TREASURY AND FINANCE TREASURY CASH BALANCE CASH BALANCE REALIZATIONS (1) 2025 2026 Million ¨ Jan-Feb Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total 1. Revenues (2) 1,637,241 1,364,317 1,386,901 - - - - - - - - - - 2,751,218 2. Expenditures 2,249,871 1,611,198 1,479,334 - - - - - - - - - - 3,090,532 ht tps: //w w w.trendyol.com /venucci-home-living / Non-Interest Expenditures 1,958,057 1,157,517 1,295,988 - - - - - - - - - - 2,453,505 joya-naturel-sisal-jut-hali-modern-hasir-kilim- oturma- odasi-salon-mut fak-balkon-yolluk- Interest Payments 291,814 453,680 183,347 - - - - - - - - - - 637,027 halisi-p-746646797 3. Primary Balance -320,816 206,799 90,914 - - - - - - - - - - 297,713 4. Privatization and Funds Income (3) 10,008 580 13 - - - - - - - - - - 593 5. Cash Balance (1+4-2) -602,621 -246,301 -92,420 - - - - - - - - - - -338,721 6. Financing (7+8+9+10) 602,621 246,301 92,420 - - - - - - - - - - 338,721 7. Borrowing (Net) 427,158 339,756 59,545 - - - - - - - - - - 399,300 Foreing Borrowing (Net) -16,281 65,504 14,863 - - - - - - - - - - 80,367 Borrowing 92,887 150,296 102,816 - - - - - - - - - - 253,112 Payment 109,168 84,792 87,953 - - - - - - - - - - 172,745 Domestic Borrowing (Net) 443,439 274,252 44,681 - - - - - - - - - - 318,933 Borrowing 545,756 497,829 548,101 - - - - - - - - - - 1,045,930 Payment 102,317 223,577 503,420 - - - - - - - - - - 726,997 8. Transfers From SDIF 64 33,251 362 - - - - - - - - - - 33,613 9. Receipts From Onlending 79 120 486 - - - - - - - - - - 606 10. Change in Bank Accounts (4) - (5+7+8+9) 175,320 -126,826 32,028 - - - - - - - - - - -94,798 11. Effect of Change in Exchange Rate (5) 29,747 65,246 -16,144 - - - - - - - - - - 49,102 12. Net Change in Bank Accounts (4) (10-11) 145,572 -192,072 48,172 - - - - - - - - - - -143,900 (1) Provisional (2) In accordance with collection protocols, tax transfers may occur in subsequent months. (3) Indicates the transfer made by Turkish Privatization Administration, 4,5G license payment, 2B land sales revenue and other income from share sales that will be recorded as budget revenue in the Public Accounts Bulletin. (4) A decrease / increase in bank accounts is denoted by + / - sign. (5) Indicates the change in the value of the items held in foreign exchange as a result of the exchange rate movements. MARCH 2026 4 PUBLIC DEBT MANAGEMENT REPORT DOMESTIC DEBT SECURITIES ISSUED (2026 January - February) Zero Coupon TL Denominated Securities (Million ¨) Amount Issued Auction Date Maturity Date Annual Yield (Compound) (%) Nominal Net 07.01.2026 06.01.2027 36.64 75,207 55,038 11.02.2026 06.01.2027 35.25 27,501 20,932 Total 102,708 75,970 Fixed Couponed TL Denominated Securities (Million ¨) Yield (%) Amount Issued Auction Date Maturity Date (1) Coupon Rate (%) Semi-Annual Annual Compound (%) Nominal Net 07.01.2026 02.10.2030 16.95 15.24 32.81 61,319 71,409 14.01.2026 13.10.2027 18.39 16.99 36.87 53,191 59,738 14.01.2026 05.09.2035 15.03 13.62 29.09 12,834 15,283 11.02.2026 02.10.2030 16.95 15.27 32.86 36,774 43,969 18.02.2026 13.10.2027 18.39 16.64 36.05 68,893 80,342 (1) Coupons of the security are paid semi-annually. Total 233,011 270,740 TL Denominated Floating Rate Notes (Million ¨) Amount Issued Auction Date Maturity Date Term Interest Determined By Ministry (%) Term Interest Accepted in Auction (%) Nominal Net 07.01.2026 02.01.2030 (1) 18.31 19.49 36,957 35,261 14.01.2026 09.01.2030 (1) 18.60 18.77 77,088 76,577 11.02.2026 09.01.2030 (1) 18.60 18.55 68,576 70,532 (1) Coupons of the security are paid semiannually. Total 182,622 182,370 TL Denominated CPI Indexed Bonds (Million ¨) Amount Issued Auction Date Maturity Date Coupon Rate (%) Yield Nominal Net 14.01.2026 08.01.2031 2.65 2.65 22,646 22,650 18.02.2026 08.01.2031 2.65 2.65 15,536 15,775 Total 38,182 38,425 5 MARCH 2026 REPUBLIC OF TÜRKİYE MINISTRY OF TREASURY AND FINANCE SECURITIES ISSUED (2026 January - February) Gold Bonds Collected Gold Amount Of The Gold Bonds Issued Settlement Date Maturity Date Term Interest Rate (%) (1000/1000) (Grams) Nominal 28.01.2026 27.01.2027 0.40 6,647,595 6,647,595 18.02.2026 18.08.2027 0.30 16,051,340 16,051,340 Total 22,698,935 Gold Lease Certificates Collected Gold Amount Of The Gold Lease Certificates Settlement Date Maturity Date Term Lease Rate (%) (1000/1000) (Grams) Issued Nominal 28.01.2026 27.01.2027 0.40 13,492,200 13,492,200 18.02.2026 18.08.2027 0.30 14,120,045 14,120,045 Total 27,612,245 TL Denominated Lease Certificate Issuance (Million ¨) Sales Amount Auction Date Maturity Date (1) Return (%) Nominal Net 07.01.2026 05.01.2028 16.70 18,908 18,908 11.02.2026 05.02.2031 15.15 29,865 29,865 (1) Semi-annualy. Total 48,772 48,772 USD Denominated Government Bonds Total Settlement Date Maturity Date Term Interest Rate (%) Collected USD Amount 04.02.2026 03.02.2027 2.11 1,373,586,000 Total 1,373,586,000 USD Denominated Lease Certificates Total Settlement Date Maturity Date Term Lease Rate (%) Collected USD Amount 04.02.2026 03.02.2027 2.11 420,300,000 Total 420,300,000 MARCH 2026 6 PUBLIC DEBT MANAGEMENT REPORT BREAKDOWN OF DOMESTIC BORROWING BY CURRENCY AND INTEREST COMPOSITION OF INTRUMENTS (1) ( 2026 January - February) DOMESTIC BORROWING 2025 2026 % January - February January - February TRY-Denominated Total Borrowing 100.0 100.0 TRY-Denominated CPI Indexed Bonds Lease Certificates 4.0% Fixed Rate 52.5 47.6 TRY-Denominated (Fixed Rate) Zero Coupon Bonds Floating Rate 47.5 52.4 5.0% 7.8% Total Borrowing 100.0 100.0 TRY-Denominated TL Denominated 84.0 56.4 Gold Bonds and Floating Rate Lease Certificates Notes Fixed Rate 52.5 36.2 36.3% 18.8% Floating Rate 31.5 20.2 FX Denominated 16.0 43.6 TRY-Denominated Fixed-Coupon Bonds Fixed Rate 0.0 11.4 28.0% Floating Rate (1) 16.0 32.2 (1) Excluding switching auctions. (1) Includes gold bonds and gold lease certificates. Gold Bonds and Gold lease certificates are being followed in FX Denominated Floating Rate value WEIGHTED AVERAGE MATURITY OF DOMESTIC BORROWING 90 75 60 Month 45 30 15 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg. 2026 33.8 27.7 30.6 2025 30.5 36.3 44.6 25.7 29.9 45.6 32.9 32.3 28.5 38.3 20.7 25.8 33.0 WEIGHTED AVERAGE COST OF TL DOMINATED FIXED INTEREST DOMESTIC BORROWING 90 75 Compound Yield % 60 45 30 15 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg 2026 34.9 34.6 34.8 2025 39.0 36.5 35.0 45.3 47.2 41.0 38.6 38.7 39.9 38.5 40.2 37.8 39.3 7 MARCH 2026 REPUBLIC OF TÜRKİYE MINISTRY OF TREASURY AND FINANCE TL YIELD CURVE Yield (%) 60 55 50 45 40 35 30 25 20 0 250 500 750 1,000 1,250 1,500 1,750 2,000 2,250 2,500 2,750 3,000 3,250 3,500 3,750 Days to Maturity 30.06.2025 30.09.2025 31.12.2025 27.02.2026 YIELDS AND TRADING VOLUMES OF GOVERNMENT SECURITIES (1) Annual Compounded Rate (%) Million ₺ 65 65000 60 60000 55 55000 50 50000 45 45000 40 40000 35 35000 30 30000 25 25000 20 20000 15 15000 10 10000 5 5000 0 0 M- A- M- J- J- A- S- O- N- D- J- F- M- A- M- J- J- A- S- O- N- D- J- F- M- A- M- J- J- A- S- O- N- D- J- F- M- A- M- J- J- A- S- O- N- D- J- F- 22 22 22 22 22 22 22 22 22 22 23 23 23 23 23 23 23 23 23 23 23 23 24 24 24 24 24 24 24 24 24 24 24 24 25 25 25 25 25 25 25 25 25 25 25 25 26 26 BIST Trade Volume Interest Rates in Secondary Markets CBRT 1W Repo Rate Treasury Benchmark Auction Rates (1) Include daily data for issue bonds and bills outright purchases and sales market and interest rates determined in Treasury auctions. MARCH 2026 8 PUBLIC DEBT MANAGEMENT REPORT CENTRAL GOVERNMENT DOMESTIC DEBT SERVICE (1) 550 500 450 400 350 Billion ₺ 300 250 200 150 100 50 0 2025 Mar 2025 Apr 2025 May 2025 Jun 2025 Jul 2025 Aug 2025 Sep 2025 Oct 2025 Nov 2025 Dec 2026 Jan 2026 Feb Principal 14.8 57.0 84.0 25.0 236.5 186.1 54.3 126.4 0.0 0.5 223.6 503.5 Interest 110.2 237.1 79.1 242.4 80.7 151.7 201.8 137.4 95.2 109.3 408.8 154.7 Total 124.9 294.0 163.1 267.4 317.2 337.8 256.1 263.9 95.2 109.8 632.4 658.2 (1) Payments on non-cash basis are included. CENTRAL GOVERNMENT DOMESTIC DEBT PAYMENT PROJECTIONS (1) 550 500 450 400 350 Billion ₺ 300 250 200 150 100 50 0 2026 Mar 2026 Apr 2026 May 2026 Jun 2026 Jul 2026 Aug 2026 Sep 2026 Oct 2026 Nov 2026 Dec 2027 Jan 2027 Feb Principal 195.2 294.9 251.8 382.5 355.1 451.2 56.6 195.0 29.6 1.5 236.3 299.3 Interest 201.6 217.3 96.9 173.3 190.4 125.3 172.0 188.4 86.2 91.0 261.1 71.4 Total 396.8 512.2 348.7 555.7 545.5 576.5 228.6 383.4 115.8 92.4 497.5 370.6 (1) Payment projections on outstanding domestic debt stock as of February 28, 2026. 9 MARCH 2026 REPUBLIC OF TÜRKİYE MINISTRY OF TREASURY AND FINANCE EXTERNAL DEBT EUROBOND AND LEASE CERTIFICATE ISSUANCES IN 2026 Amount Coupon/ After Yield to Yield to Amount Notional Issue Issue Type Issue Date Maturity Currency (Million Lease Swap Investor Investor (Million) Amount Price (%) USD) Rate (%) Coupon (%) (Spread) Global $ 14.01.2026 14.03.2033 USD 2,000 2,000 - 6.300 - 99.726 6.350 UST + 244.7 bp Global $ 14.01.2026 14.01.2038 USD 1,500 1,500 - 6.875 - 99.798 6.900 UST + 276.2 bp Global € 10.02.2026 10.03.2034 EUR 2,000 2,360 - 5.150 - 99.667 5.200 MS + 241.9 bp Total 5,860 YIELD CURVE OF USD DENOMINATED EUROBONDS (%) 10.5 9.5 8.5 7.5 6.5 5.5 4.5 3.5 2.5 1.5 Maturity 2044 2046 2040 2043 2045 2034 2033 2035 2036 2038 2022 2029 2030 2020 2026 2039 2023 2042 2025 2027 2028 2032 2021 2037 2031 2047 2024 2041 31.12.2020 31.12.2021 31.12.2022 31.12.2023 31.12.2024 31.12.2025 28.02.2026 PERFORMANCE OF TÜRKİYE’S BONDS IN EMERGING MARKET BOND INDEX (EMBI+) (1) (bp) (EMBI+ Türkiye)-(EMBI+) EMBI+ EMBI+ Türkiye 850 700 550 400 250 100 -50 -200 Aug 22 Aug 20 Feb 22 May 22 Nov 22 Aug 23 Aug 25 Feb 26 Nov 23 Feb 20 May 20 Nov 20 Feb 23 May 23 Feb 25 May 25 Nov 25 Aug 21 Feb 21 May 21 Nov 21 Aug 24 Feb 24 May 24 Nov 24 Aug 19 Feb 19 May 19 Nov 19 (1) EMBI+ is an index which displays the difference between the weighted yield of selected emerging sovereign bonds and the US Treasury bonds. The performance of the Turkish bonds in the index can be tracked under EMBI+ Türkiye. MARCH 2026 10 PUBLIC DEBT MANAGEMENT REPORT LOAN AGREEMENTS OF CENTRAL GOVERNMENT BUDGET Program Credit / Implementing Agreement Agreement Agreement Amount in Credit Name Lender Borrower Project Credit Agency Date Currency Amount Terms of USD Distinction Bandırma-Bursa-Yenişehir-Osmaneli Ministry of Ministry of Treasury High Standard Railway Project - Project Credit ICBC Transportation and 09/02/2026 EUR 71,000,000 83,730,300 and Finance Additional Financing Infrastructure Istanbul Seismic Risk Mitigation and Ministry of Treasury Istanbul Project Emergency Preparedness Project Project Credit CEB 12/02/2026 EUR 230,000,000 274,091,000 and Finance Coordination Unit (ISMEP) Ministry of Marmaray Project - Additional Ministry of Treasury Project Credit CEB Transportation and 12/02/2026 EUR 50,000,000 59,585,000 Financing and Finance Infrastructure European Bank for Osmaniye Wastewater Treatment Ministry of Treasury Project Credit Reconstruction and Ilbank 13/02/2026 EUR 42,000,000 49,883,400 Project and Finance Development (EBRD) Total 467,289,700 EXTERNAL CREDIT DISBURSEMENTS OF CENTRAL GOVERNMENT (1) (2) 2025 (January - February) 2026 (January - February) Project Project 5.2% 10.4% Program Program 94.8% 89.6% Program Project Program Project (1) Including bond issuance. (2) Calculated by USD parities at the transaction dates. PROJECT CREDIT DISBURSEMENTS OF CENTRAL GOVERNMENT (1) (2) 100 80 Million USD 60 40 20 0 Transportation Public Administration Health Energy Agriculture Education Other 2026 (Jan - Feb) 89.3 72.5 4.5 56.1 5.0 0.0 93.4 (1) Calculated by USD parities at the transaction dates. (2) Refund of the cancellation amount in the original agreement. 11 MARCH 2026 REPUBLIC OF TÜRKİYE MINISTRY OF TREASURY AND FINANCE CENTRAL GOVERNMENT EXTERNAL DEBT SERVICE (1) (2) 3,500 3,000 2,500 Million USD 2,000 1,500 1,000 500 - 2025 Mar 2025 Apr 2025 May 2025 Jun 2025 Jul 2025 Aug 2025 Sep 2025 Oct 2025 Nov 2025 Dec 2026 Jan 2026 Feb Principal 3,274 43 173 1,274 193 217 181 2,027 2,677 237 1,962 1,999 Interest 718 567 604 193 1,125 506 585 576 528 173 1,042 657 Total 3,993 610 777 1,467 1,318 723 766 2,603 3,205 410 3,004 2,656 (1) Exchange rates of cash outflow dates were taken (2) Does not include discount payments, commissions, fees and swap payments. CURRENCY COMPOSITION OF EXTERNAL DEBT SERVICE (1) (2026 January - February) EUR 41.51% USD 58.09% JPY 0.41% (1) Exchange rates of cash outflow dates were taken. MARCH 2026 12 PUBLIC DEBT MANAGEMENT REPORT CENTRAL GOVERNMENT EXTERNAL DEBT PAYMENT PROJECTIONS (1) (2) (3) (4) (5) 3,500 3,000 2,500 Million USD 2,000 1,500 1,000 500 - 2026 Mar 2026 Apr 2026 May 2026 Jun 2026 Jul 2026 Aug 2026 Sep 2026 Oct 2026 Nov 2026 Dec 2027 Jan 2027 Feb Principal 136 1,549 238 2,670 247 350 147 3,068 240 175 246 3,352 Interest 666 588 545 171 1,134 655 705 483 485 109 1,053 554 Total 801 2,137 784 2,841 1,381 1,005 853 3,551 725 284 1,299 3,906 (1) Projections as of March 24 2026. (2) Projections are based on current debt stock and do not include potential agreements and drawings. (3) No payment is foreseen by non-general budget institutions (4) Does not include discount payments, commissions, fees and swap payments. (5) These projections are compiled based on the cash outflow dates and can be differentiate from the external debt projections, which are compiled based on the projection dates, published on the Statistics section of Ministry of Treasury and Finance’s website. CENTRAL GOVERNMENT EXTERNAL DEBT PAYMENT PROJECTIONS (1) (2) (3) (4) 16 14 12 10 Billion USD 8 6 4 2 0 2026 Mar 2027 2028 2029 2030 Principal 9.0 12.8 11.0 10.5 15.7 Interest 5.7 6.9 6.1 5.3 4.7 Total 14.7 19.7 17.2 15.8 20.4 (1) Projections as of March 01, 2026. (2) Projections are based on the USD parities dated on February 28, 2026. (3) Projection figures are based on total debt stock amount and do not include possible realizations. (4) Disbursement expenditures are not included. 13 MARCH 2026 REPUBLIC OF TÜRKİYE MINISTRY OF TREASURY AND FINANCE DEBT STOCK CURRENCY AND INTEREST COMPOSITION OF CENTRAL GOVERNMENT DEBT STOCK (1) (2) (3) Million ¨ Million USD (%) Central Government 2023 2024 2025 2026 Feb 2023 2024 2025 2026 Feb 2023 2024 2025 2026 Feb Total Debt Stock 6,736,632 9,257,422 13,662,092 14,395,803 228,429 262,350 318,174 328,084 100.0 100.0 100.0 100.0 Fixed 4,825,240 6,387,484 8,918,293 9,351,421 163,610 181,012 207,691 213,115 71.6 69.0 65.3 65.0 Floating 1,452,015 2,290,679 4,049,424 4,332,072 49,242 64,922 94,312 98,735 21.6 24.7 29.6 30.1 CPI Indexed 459,377 579,258 694,376 712,310 15,577 16,416 16,171 16,234 6.8 6.3 5.1 4.9 TL 2,408,693 4,059,469 6,406,950 6,777,916 81,675 115,042 149,209 154,469 35.8 43.9 46.9 47.1 Fixed 1,388,534 2,409,441 3,782,931 3,968,514 47,083 68,282 88,099 90,442 20.6 26.0 27.7 27.6 Floating 560,782 1,070,770 1,929,644 2,097,092 19,015 30,345 44,939 47,793 8.3 11.6 14.1 14.6 CPI Indexed 459,377 579,258 694,376 712,310 15,577 16,416 16,171 16,234 6.8 6.3 5.1 4.9 FX 4,327,939 5,197,953 7,255,142 7,617,887 146,754 147,308 168,965 173,615 64.2 56.1 53.1 52.9 Fixed 3,436,706 3,978,043 5,135,363 5,382,906 116,527 112,731 119,592 122,673 51.0 43.0 37.6 37.4 Floating 891,233 1,219,909 2,119,780 2,234,981 30,227 34,577 49,373 50,942 13.2 13.2 15.5 15.5 Domestic Debt Stock 3,209,252 4,959,910 8,152,757 8,663,888 108,820 140,560 189,866 197,450 47.6 53.6 59.7 60.2 Fixed 1,845,747 2,773,998 4,414,541 4,646,283 62,586 78,613 102,808 105,889 27.4 30.0 32.3 32.3 Floating 904,128 1,606,654 3,043,840 3,305,296 30,657 45,531 70,887 75,328 13.4 17.4 22.3 23.0 CPI Indexed 459,377 579,258 694,376 712,310 15,577 16,416 16,171 16,234 6.8 6.3 5.1 4.9 Foreign Debt Stock 3,527,380 4,297,511 5,509,336 5,731,914 119,608 121,790 128,308 130,634 52.4 46.4 40.3 39.8 Fixed 2,979,492 3,613,486 4,503,753 4,705,138 101,024 102,399 104,882 107,227 44.2 39.0 33.0 32.7 Floating 547,887 684,025 1,005,583 1,026,777 18,584 19,391 23,425 23,407 8.1 7.4 7.4 7.1 Total Debt Stock 6,736,632 9,257,422 13,662,092 14,395,803 228,429 262,350 318,174 328,084 100.0 100.0 100.0 100.0 TL 2,408,693 4,059,469 6,406,950 6,777,916 81,675 115,042 149,209 154,469 35.8 43.9 46.9 47.1 USD 2,849,635 3,479,348 4,507,085 4,759,845 96,626 98,602 104,964 108,477 42.3 37.6 33.0 33.1 EUR 855,237 882,535 1,249,841 1,254,266 28,999 25,009 29,107 28,585 12.7 9.5 9.1 8.7 JPY 57,717 43,012 55,678 58,958 1,952 1,216 1,294 1,340 0.9 0.5 0.4 0.4 SDR 215,431 250,171 319,523 327,461 7,311 7,096 7,448 7,470 3.2 2.7 2.3 2.3 Other 349,919 542,886 1,123,015 1,217,356 11,865 15,384 26,153 27,743 5.2 5.9 8.2 8.5 Domestic Debt Stock 3,209,252 4,959,910 8,152,757 8,663,888 108,820 140,560 189,866 197,450 47.6 53.6 59.7 60.2 TL 2,408,693 4,059,469 6,406,950 6,777,916 81,675 115,042 149,209 154,469 35.8 43.9 46.9 47.1 USD 240,256 313,664 561,726 652,729 8,147 8,889 13,082 14,876 3.6 3.4 4.1 4.5 EUR 216,957 50,894 69,884 25,040 7,357 1,442 1,628 571 3.2 0.5 0.5 0.2 Other 343,346 535,884 1,114,196 1,208,204 11,642 15,187 25,948 27,535 5.1 5.8 8.2 8.4 Foreign Debt Stock 3,527,380 4,297,511 5,509,336 5,731,914 119,608 121,790 128,308 130,634 52.4 46.4 40.3 39.8 USD 2,609,379 3,165,685 3,945,359 4,107,117 88,480 89,713 91,882 93,601 38.7 34.2 28.9 28.5 EUR 638,279 831,641 1,179,957 1,229,225 21,643 23,567 27,480 28,014 9.5 9.0 8.6 8.5 JPY 57,717 43,012 55,678 58,958 1,952 1,216 1,294 1,340 0.9 0.5 0.4 0.4 SDR 215,431 250,171 319,523 327,461 7,311 7,096 7,448 7,470 3.2 2.7 2.3 2.3 Other 6,573 7,003 8,818 9,153 222 198 205 208 0.1 0.1 0.1 0.1 Total Debt Stock / GDP (%) 24.9 20.8 21.7 - - - - - - - - - USD end period selling rate 29.4913 35.2868 42.9395 43.8789 - - - - - - - - Euro/Dollar 1.1065 1.0431 1.1771 1.1804 - - - - - - - - (1) Provisional (2) Domestic and Foreign Debt Stock consist of principal liabilities. (3) TL equivalents of debt stock amounts are calculated from original currencies using selling rates of relevant end of periods MARCH 2026 14 PUBLIC DEBT MANAGEMENT REPORT COMPOSITION OF DOMESTIC DEBT BY HOLDERS (1) (%) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Feb Residents 82.7 82.7 80.6 86.0 89.9 96.0 97.1 99.2 98.1 90.1 92.4 90.8 Banking Sector 48.9 47.6 47.1 53.6 58.0 67.8 72.7 76.9 79.0 67.6 59.4 56.4 Public Banks 18.7 18.8 17.7 22.3 25.6 34.9 38.6 36.3 39.7 35.4 32.2 31.3 Private Banks 22.7 16.9 17.8 19.1 18.8 18.4 18.9 22.3 22.1 17.9 14.7 13.3 Foreign Banks 5.6 9.9 9.7 9.7 8.5 7.6 8.0 10.9 9.9 9.7 7.7 6.8 Development and Investment Banks 0.9 0.8 0.8 1.1 1.7 1.6 1.2 1.2 1.1 1.0 1.1 1.1 Participation Banks 1.1 1.2 1.1 1.4 3.5 5.3 6.0 6.2 6.3 3.7 3.7 3.9 Non Banking Sector 31.8 32.3 31.0 30.2 29.7 20.8 19.6 17.5 15.4 20.2 30.7 31.6 Retail Investors 0.3 0.2 0.2 0.6 0.4 1.0 0.9 0.7 0.9 0.9 4.0 4.3 Corporate Investors 25.3 25.8 24.9 24.3 21.7 13.3 11.9 10.9 7.7 8.3 11.1 11.3 Securities Mutual Funds 6.2 6.4 5.8 5.4 7.6 6.6 6.9 6.0 6.8 11.0 15.6 16.1 CBRT (2) 2.0 2.8 2.5 2.1 2.2 7.4 4.8 4.8 3.7 2.2 2.4 2.8 Non Residents 17.3 17.3 19.4 14.0 10.1 4.0 2.9 0.8 1.9 9.9 7.6 9.2 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 (1) Stock figures are valued by indicative market prices published in Official Gazette. Securities used as collaterals like in REPO transactions are classified within the subsector of the collateral providers. (2) Until 2010, the line includes Non-Cash Securities and amounts related to CBRT Open Market Operations and after 2010, it includes only amounts related to CBRT Open Market Operations. Source : CBRT COMPOSITION OF DOMESTIC DEBT BY HOLDERS (1) (%) (%) 85 30 80 25 75 20 70 65 15 60 10 55 5 50 45 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Feb Banking Sector (Left Axis) Retail Investors (Right Axis) Corporate Investors (Right Axis) Securities Mutual Funds (Right Axis) Non Residents (Right Axis) (1) Stock valuation based on Official Gazette prices. TIME TO MATURITY OF DOMESTIC DEBT STOCK (1) 90 80 70 60 50 Month 40 30 20 10 - 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2025 Feb Total 55.1 51.9 50.5 46.7 36.5 34.1 36.1 43.4 46.0 42.1 30.4 30.3 Cash 55.1 51.9 50.5 46.7 36.1 31.9 35.2 41.0 45.7 41.1 29.8 29.7 Non-cash 27.7 15.3 47.6 35.5 42.8 62.9 47.5 69.2 48.8 65.3 53.2 51.3 (1) Figures show the weighted average of time to maturity of cash and non-cash stock with their stock values. 15 MARCH 2026 REPUBLIC OF TÜRKİYE MINISTRY OF TREASURY AND FINANCE TIME TO MATURITY OF CENTRAL GOVERNMENT EXTERNAL DEBT STOCK (YEAR) Time To Maturity of External Bond Stock Average Time To Maturity of External Debt Stock Time To Maturity of External Debt Stock 2015 10.2 9.5 11.1 2016 10.1 9.4 11.0 2017 10.5 9.9 11.5 2018 10.1 9.6 11.2 2019 9.1 8.9 10.3 2020 8.5 8.3 9.6 2021 8.0 7.8 9.0 2022 7.2 7.2 8.2 2023 6.7 6.6 7.7 2024 6.6 6.5 7.6 2025 6.6 6.4 7.6 2026 (1) 6.8 6.6 7.7 (1) As of February 28, 2026. AVERAGE TIME TO MATURITY OF CENTRAL GOVERNMENT DEBT STOCK (YEAR) Domestic Debt Stock External Debt Stock Total Debt Stock 2015 4.6 9.5 6.3 2016 4.3 9.4 6.3 2017 4.2 9.9 6.4 2018 3.9 9.6 6.4 2019 3.0 8.9 5.5 2020 2.8 8.3 5.1 2021 3.0 7.8 5.4 2022 3.6 7.1 5.4 2023 3.8 6.6 5.3 2024 3.5 6.5 4.9 2025 2.5 6.4 4.1 2026 (1) 2.5 6.6 4.1 (1) As of February 28, 2026. DURATION OF EXTERNAL BOND STOCK (1) 85 80 75 70 65 Month 60 55 50 45 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Feb Duration 78.0 77.3 79.0 77.6 72.2 68.4 66.2 60.7 56.4 56.8 57.1 59.3 (1) Provisional DURATION OF TL - DENOMINATED DOMESTIC DEBT STOCK (1) (2) 35 30 25 20 Month 15 10 5 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Feb Duration 30.3 30.7 31.4 29.0 22.5 20.2 19.7 27.8 30.0 22.2 15.8 15.3 (1) Provisional. (2)) Excluding non-cash securities, CPI indexed bonds/lease certificates, domestic foreign currency denominated debt securities and gold bonds/lease certificates. MARCH 2026 16 PUBLIC DEBT MANAGEMENT REPORT PERCENTAGE OF DOMESTIC DEBT MATURING WITHIN 12 MONTHS (1) 50 40 30 % 20 10 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Feb 12.2 12.0 12.8 13.9 23.7 28.1 19.5 21.0 22.5 16.8 36.5 33.4 (1) Provisional. INTEREST RATE RE-FIXING WITHIN 12 MONTHS (PERCENTAGE OF DOMESTIC DEBT) (1) (2) 90 80 70 % 60 50 40 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Feb 51.9 46.8 46.8 48.1 54.3 63.0 60.9 62.6 54.0 56.2 64.0 67.0 (1) Provisional. (2) Include short term debt maturing within 12 months and floating rate debt. GRANTS GIVEN WITHIN THE SCOPE OF LAW NUMBERED 4749 Donor Grantee Project Date Currency Original Amount Amount in USD Ministry of Treasury Federal Republic of Budget financing and institutional capacity 05.01.2023 USD 30,000,000 30,000,000 and Finance Somalia building Ministry of Treasury The Republic Of Construction of the "International Forestry 25.12.2023 TL 250,000,000 8,565,487 and Finance Azerbaijan Training Center and Plant Nursery Facility" Total 38,565,487 17 MARCH 2026 REPUBLIC OF TÜRKİYE MINISTRY OF TREASURY AND FINANCE PUBLIC NET DEBT STOCK (1) Million ¨ 2019 2020 2021 2022 2023 2024 2025 2026 Q1 2026 Q2 2026 Q3 Total Public Sector Net Debt (I-II-III-IV) 694,138 962,988 1,445,814 2,413,521 5,354,281 7,149,222 8,563,555 - - - l - Total Public Sector Debt Stock (Gross) 1,442,984 1,951,834 2,967,555 4,443,171 7,338,284 9,947,849 14,686,294 - - - A - Domestic Debt 837,985 1,150,693 1,449,685 2,167,948 3,560,966 5,365,671 8,754,696 - - - Central Government 755,052 1,060,354 1,321,189 1,905,331 3,209,252 4,959,910 8,152,757 - - - Rest of the Public Sector 82,933 90,340 128,496 262,616 351,714 405,761 601,940 - - - B - External Debt 604,999 801,141 1,517,870 2,275,223 3,777,318 4,582,178 5,931,598 - - - Central Government 574,002 752,495 1,426,639 2,130,124 3,527,380 4,297,511 5,509,336 - - - Rest of the Public Sector 30,997 48,646 91,231 145,099 249,938 284,667 422,262 - - - II - Central Bank Net Assets 460,677 614,196 1,037,584 995,839 141,459 1,053,243 3,019,546 - - - Net Foreign Assets 613,427 657,726 1,303,879 2,127,612 3,304,661 4,832,330 7,298,272 - - - Other Asset and Obligations (Net) -152,750 -43,530 -266,295 -1,131,773 -3,163,202 -3,779,087 -4,278,726 - - - III - Public Sector Assets (Deposits and Securities) 156,627 271,438 393,406 909,538 1,645,593 1,386,412 2,474,714 - - - Central Government 105,464 194,963 271,988 630,469 1,142,951 886,576 1,828,677 - - - Rest of the Public Sector 51,163 76,474 121,418 279,069 502,642 499,836 646,037 - - - IV - Unemployment Insurance Fund Net Assets 131,542 103,213 90,752 124,273 196,951 358,972 628,479 - - - Net External Debt Stock -8,428 143,415 213,991 147,611 472,657 -250,152 -1,366,674 - - - Net Domestic Debt Stock 702,567 819,573 1,231,823 2,265,909 4,881,624 7,399,374 9,930,229 - - - Public Net Debt Stock/GDP (%) (2) 15.8 18.7 19.4 15.7 19.8 16.0 13.6 - - - GDP 4,402,050 5,141,711 7,433,800 15,325,857 27,091,469 44,587,225 63,020,906 - - - (1) Provisional (Due to update of foreign debt data figures may change retrospectively). (2) For quarterly terms, ratios are calculated using GDP in TL amounts on a four quarter moving basis. GENERAL GOVERNMENT DEBT STOCK DEFINED BY EUROPEAN UNION STANDARDS (1) Million ¨ 2019 2020 2021 2022 2023 2024 2025 2026 Q1 2026 Q2 2026 Q3 Total Debt 1,373,218 1,969,146 2,892,457 4,510,849 7,653,495 10,525,595 15,014,260 - - - Central Government 1,438,674 1,976,993 2,884,483 4,511,011 7,606,772 10,558,043 15,341,262 - - - Local Government 88,961 105,858 128,436 166,934 281,420 352,052 424,398 - - - Social Security Funds 7 6 6 8 13 13 17 - - - Between Sector Consolidation -154,424 -113,711 -120,468 -167,105 -234,710 -384,513 -751,418 - - - Total Debt 1,373,218 1,969,146 2,892,457 4,510,849 7,653,495 10,525,595 15,014,260 - - - Currency and Deposits 4,588 5,718 6,885 7,831 12,386 19,593 27,705 - - - Securities 1,151,843 1,676,924 2,487,041 3,959,183 6,751,310 9,423,262 13,505,667 - - - Loans 216,787 286,504 398,532 543,835 889,798 1,082,740 1,480,888 - - - Total Debt / GDP (2) 31.2 38.3 38.9 29.4 28.3 23.6 23.8 - - - (1) Provisional (Due to revision of external debt data, figures may change retrospectively). (2) For quarterly terms, ratios are calculated using GDP in TL amounts on a four quarter moving basis. MARCH 2026 18 PUBLIC DEBT MANAGEMENT REPORT TREASURY GUARANTEES TREASURY GUARANTEED EXTERNAL DEBT STOCK (1) Million USD 2019 2020 2021 2022 2023 2024 2025 2026 Q1 2026 Q2 2026 Q3 Borrower Composition 14,807 15,466 15,645 16,188 16,152 16,583 19,128 - - - Central Government 321 291 306 828 1,248 1,395 1,391 - - - Local Administrations 481 467 378 308 283 232 220 - - - Funds 0 0 0 0 0 0 571 - - - Public Sector Financial Institutions (2) 9,005 9,162 8,593 8,102 7,765 8,496 8,241 - - - Public Sector Non-Financial Institutions (3) 1,983 2,449 3,270 4,124 4,128 3,974 5,736 - - - Private Sector Financial Institutions (4) 3,017 3,097 3,100 2,825 2,729 2,486 2,968 - - - Private Sector Non-Financial Institutions 0 0 0 0 0 0 0 - - - Interest Rate Composition 14,807 15,466 15,645 16,188 16,152 16,583 19,128 - - - Fixed 3,894 3,713 2,859 2,224 2,014 1,638 1,577 - - - Floating 10,837 11,678 12,720 13,908 14,093 14,909 17,526 - - - Combined 76 76 66 56 45 35 25 - - - Currency Composition 14,807 15,466 15,645 16,188 16,152 16,583 19,128 - - - USD 7,209 7,537 8,022 8,743 9,798 9,346 12,090 - - - JPY 264 294 338 382 441 569 595 - - - EUR 7,234 7,587 7,271 7,063 5,913 6,668 6,443 - - - Others 100 48 14 0 0 0 0 - - - (1) Provisional (2) Represents Public Banks. (3) Represents T. Wealth Fund, TURKSAT and SOEs Istanbul Olimpic Games Preparation & Organization Board. The stocks of the privatised institutions take place here until the privatisation date. (4) Represents Turkey Industrial Development Bank Inc. (TSKB). TIME TO MATURITY OF TREASURY GUARANTEED DEBT STOCK (1) (YEAR) 2024 Q4 2025 Q4 Time to Maturity Avg. Time to Maturity Time to Maturity Avg. Time to Maturity Public 9.8 5.1 10.0 5.5 General Government 8.1 5.0 8.1 5.3 Central Government 8.4 5.3 10.2 6.0 Local Administrations 6.1 3.3 5.4 2.9 Funds - - 4.9 4.9 Financial Institutions 10.8 5.6 12.5 6.6 Public Banks 11.9 6.2 12.5 6.6 Non Banking Sector 0.2 0.2 - - Non Financial Institutions 8.3 4.1 6.9 3.9 SOEs 8.5 4.1 6.9 4.0 Public Enterprises 6.2 3.1 5.2 2.7 Private 15.0 8.0 13.2 6.6 Financial Institutions 15.0 8.0 13.2 6.6 Banks 15.0 8.0 13.2 6.6 Total 10.6 5.6 10.5 5.7 (1) Provisional. 19 MARCH 2026 REPUBLIC OF TÜRKİYE MINISTRY OF TREASURY AND FINANCE TREASURY GUARANTEED DEBT AGREEMENTS (2026 January - December) Agreement Guarantee Maturity Grace Period Borrower Credit Name / Project Name Lender Agreement Date Currency Amount in USD Amount Ratio (Year) (Year) ICBC Asia and Other Financial Financing for Post-Earthquake DRF Institutions stated in the Facility 11.02.2026 161,000,000 100% EUR 5 years 5 years 200,000,000 Reconstruction Projects Agreement Total 200,000,000 TREASURY GUARANTEED DEBT AGREEMENTS (1) (2013 - 2026) Million US Dollar 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Public 1,858 2,085 2,463 1,972 485 1,792 2,594 1,811 4,129 1,692 3,436 3,312 6,127 200 Financial Institutions 1,858 1,339 2,163 1,572 485 144 760 1,465 1,586 701 967 2,652 2,644 0 SOEs 0 746 0 400 0 1,648 384 347 452 992 612 661 2,923 0 Local Administrations 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Central Government 0 0 300 0 0 0 0 0 600 0 1,013 0 0 0 Other 0 0 0 0 0 0 1,450 0 1,491 0 844 0 561 200 Private 692 370 260 473 0 600 200 200 150 420 455 390 841 0 Total 2,550 2,456 2,723 2,445 2,445 2,392 2,794 2,794 4,279 2,112 3,891 3,702 6,969 200 (1) Commitment based LOANS SUBJECT TO DEBT ASSUMPTION AGREEMENTS Debt Assumption Loan Amount (USD Project Name PPP Model Total Project Cost Loan Amount Agreement Date Equivalent) Eurasia Tunnel Build-Operate-Transfer 11.12.2012 $1,239,863,000 $960,000,000 960,000,000 Gebze - Orhangazi - İzmir Motorway (including the İzmit Gulf Crossing) Build-Operate-Transfer 05.06.2015 $6,312,392,047 $4,956,312,328 4,956,312,328 Çanakkale - Malkara Motorway (including 1915 Çanakkale Bridge) Build-Operate-Transfer 16.03.2018 € 3,159,721,036 € 2,265,000,000 2,799,993,000 Ankara - Nigde Motorway Build-Operate-Transfer 07.06.2018 € 1,462,628,902 € 1,114,962,012 1,310,749,341 Northern Marmara Motorway - Kurtköy - Akyazı Section Build-Operate-Transfer 16.09.2019 $3,661,656,404 $2,840,000,000 2,840,000,000 Northern Marmara Motorway - Kınalı - Odayeri Section Build-Operate-Transfer 16.09.2019 $2,072,257,009 $1,595,000,000 1,595,000,000 Northern Marmara Motorway - Odayeri - Paşaköy Section (including Third Bosphorus 02.12.2021 $3,456,244,239 $1,198,302,550 1,198,302,550 Build-Operate-Transfer Bridge) 31.10.2024 (1) $509,409,953 $405,000,000 405,000,000 30.12.2021 € 1,137,535,958 € 769,939,998 869,416,246 Aydın - Denizli Motorway Build-Operate-Transfer 15.09.2023 € 170,566,686 € 100,000,000 107,340,000 27.12.2024 € 470,275,150 € 374,917,457 389,876,664 Çeşmeli - Kızkalesi Motorway - Çeşmeli - Kızkalesi Section Build-Operate-Transfer 01.08.2025 € 1,262,952,300 € 884,066,610 1,011,991,048 Antalya-Alanya Motorway Build-Operate-Transfer 06.10.2025 € 2,474,748,971 € 1,700,000,000 1,994,780,000 Ankara-Kırıkkale-Delice Motorway Build-Operate-Transfer 08.10.2025 € 1,391,099,191 € 973,769,434 1,136,583,683 (1) For the financing of the Sarıyer-Kilyos Tunnel. Total 21,575,344,860 MARCH 2026 20 PUBLIC DEBT MANAGEMENT REPORT REPAYMENTS OF TREASURY GUARANTEED DEBT (2026 February) 300 200 Million USD 100 0 Private Sector Central Government Local Administrations Public Sector Financial Public Sector Non- Total Ins. Financial Ins. Financial Ins. Paid by Treasury - 0 - - - 0 Paid By Institution - 2 112 5 16 134 Total - 3 112 5 16 135 REPAYMENTS OF TREASURY GUARANTEED DEBT (2019 - 2026) By Budget Type (Million USD) 2019 2020 2021 2022 2023 2024 2025 2026 (1) Central Government 22 39 35 38 72 75 41 0 Paid by Ministry 22 0 0 0 0 0 0 0 Paid by Institution 0 39 35 38 72 75 41 0 Local Administrations 86 71 73 60 45 46 47 3 Paid by Ministry 27 25 26 21 19 22 20 0.3 Paid by Institution 58 45 47 39 25 24 27 2 Funds 0 0 0 0 0 0 0 0 Paid by Ministry 0 0 0 0 0 0 0 0 Paid by Institution 0 0 0 0 0 0 0 0 Public Sector Financial Institutions 1,115 1,330 2,523 1,175 2,584 1,524 2,290 112 Paid by Ministry 0 0 0 0 0 0 0 0 Paid by Institution 1,115 1,330 2,523 1,175 2,584 1,524 2,290 112 Public Sector Non Financial Institutions 93 119 159 235 963 497 1,468 5 Paid by Ministry 0 0 0 0 0 0 0 0 Paid by Institution 93 119 159 235 963 497 1,468 5 Private Sector Financial Institutions 470 440 398 406 466 647 376 16 Paid by Ministry 0 0 0 0 0 0 0 0 Paid by Institution 470 440 398 406 466 647 376 16 Private Sector Non Financial Institutions 0 0 0 0 0 0 0 0 Paid by Ministry 0 0 0 0 0 0 0 0 Paid by Institution 0 0 0 0 0 0 0 0 Total 1,785 1,998 3,188 1,914 4,130 2,789 4,222 135 Paid by Ministry 49 25 26 21 19 22 20 0.3 Paid by Institution 1,736 1,973 3,162 1,892 4,111 2,767 4,202 134 (1) As of Feb 28, 2026 21 MARCH 2026 REPUBLIC OF TÜRKİYE MINISTRY OF TREASURY AND FINANCE RISK ACCOUNT (1) Thousand ¨ 2025 February 2026 February Total Payments 19,241 12,186 Non-Financial Institutions 0 0 Financial Institutions 0 0 Private Sector Financial Institutions 0 0 BOT 0 0 Local Administrations 19,241 12,186 Funds 0 0 Central Administrations 0 0 FX Differences 0 0 Total Income (2) 1,159,271 1,469,056 Non-Financial Institutions 0 0 Financial Institutions 4,742 0 Private Sector Financial Institutions 0 0 BOT 0 0 Local Administrations 208,020 275,747 Funds 0 83,199 Central Administrations 0 0 CBRT Interest Revenue 946,509 1,110,110 (1) Risk account which belongs to the Ministry of Trerasury and Finance has been established at the Central Bank of Türkiye for the undertaking of the repayments by the Ministry of Treasury and Finance for Treasury guarantees. (2) Provisional TREASURY GUARANTEED DEBT PAYMENT PROJECTIONS (1) 3000 2500 2000 Million USD 1500 1000 500 0 2025 2026 2027 2028 Central Government 180 174 248 282 Local Administrations 63 67 64 49 Funds 27 36 36 36 Public Sector Financial Ins. 1,448 1,106 997 914 Public Sector Non-Financial Ins. 849 646 2,633 484 Private Sector Financial Ins. 390 359 365 334 Total 2,956 2,387 4,343 2,100 (1) (1) Provisional as of December 31, 2025 MARCH 2026 22 PUBLIC DEBT MANAGEMENT REPORT TREASURY NON-GUARANTEED LOAN AGREEMENTS OF PUBLIC SECTOR EXTERNAL DEBT STOCK OF LOANS PROVIDED BY PUBLIC INSTITUTIONS WITHOUT TREASURY GUARANTEE Borrower (Million USD) 2019 2020 2021 2022 2023 2024 2025 2026 (1) Public 6,955 5,599 5,968 2,214 9,543 13,554 30,083 2,430 General Government 917 857 629 378 1,411 490 216 0 Local Administrations 917 857 629 378 1,411 490 216 0 Metropolitan Municipality Of Antalya 0 0 0 0 0 0 0 0 ASAT - Antalya Water And Sewerage Administration 0 0 0 0 64 0 0 0 BUSKİ - Bursa Water And Sewerage Administration 0 0 0 0 162 0 0 0 Electricity, Gas And Omnibus Auth. Of Ankara 0 69 0 0 273 0 0 0 HATSU - Hatay Water And Sewerage Administration 0 0 0 0 0 0 0 0 Metropolitan Municipality Of İstanbul 917 606 236 378 879 307 98 0 İstanbul Water & Sewerage Administaration 0 0 0 0 0 183 0 0 Metropolitan Municipality Of İzmir 0 115 346 0 33 0 0 0 İZSU - İzmir Water And Sewerage Administration 0 61 30 0 0 0 0 0 Metropolitan Municipality Of Manisa 0 5 0 0 0 0 0 0 Metropolitan Municipality Of Mersin 0 0 17 0 0 0 0 0 MESKİ - Mersin Water and Sewerage Administration 0 0 0 0 0 0 117 0 Financial Institutions 6,038 4,742 5,340 1,836 8,132 13,064 29,867 1,430 Public Banks 6,038 4,742 5,340 1,836 8,132 13,064 26,915 1,430 T. Halk Bank 787 368 750 20 1,183 400 2,108 0 T. Eximbank 0 0 0 100 0 2,071 4,379 890 T. Development Investment Bank 0 0 0 100 0 0 259 0 T. Vakıfbank 3,602 2,912 2,237 0 4,844 6,806 9,144 260 T.C. Ziraat Bank 1,649 1,462 2,353 1,616 2,106 3,787 11,025 280 Non-Banking 0 0 0 0 0 750 2,952 0 Türkiye Wealth Fund 0 0 0 0 0 750 2,952 0 Non-Financial Institutions 0 0 0 0 0 0 0 1,000 SOEs 0 0 0 0 0 0 0 1,000 Turkish Petroluem O.C. 0 0 0 0 0 0 0 1,000 Total 6,955 5,599 5,968 2,214 9,543 13,554 30,083 2,430 (1) Provisional, As of Feb 28, 2026. GRANT AGREEMENTS SIGNED WITHIN THE SCOPE OF LAW NUMBERED 4749 Grantee Donor Project Date Currency Original Amount Amount in USD Increasing earthquake Ministry of Treasury CEB preparedness in İstanbul under 18.04.2025 Euro 1,500,000 1,705,050 and Finance ISMEP Ministry of Treasury Financing of Economic Impact CEB 18.04.2025 Euro 300,000 341,010 and Finance Assessment of the ISMEP Project Grant for the Türkiye Agrifood Ministry of Treasury Sector IBRD 25.07.2025 USD 400,000 400,000 and Finance Transformation for Jobs and Rural Prosperity Project Preparation Grant for Türkiye Ministry of Treasury IBRD Transforming Industry with 01.08.2025 USD 1,000,000 1,000,000 and Finance Technology Ministry of Treasury KfW Safe schools in Istanbul 03.09.2025 Euro 250,000 291,275 and Finance Ministry of Treasury Safe Schools in Earthquake- KfW 03.09.2025 Euro 1,000,000 1,651,000 and Finance Affected Provinces Total 5,388,335 23 MARCH 2026 REPUBLIC OF TÜRKİYE MINISTRY OF TREASURY AND FINANCE TREASURY RECEIVABLES TREASURY RECEIVABLES STOCK (1) 2025 2026 February Million ¨ (%) Million ¨ (%) Public 245,933 97.4 246,414 97.4 General Government 11,812 4.7 11,661 4.6 Central Government 953 0.4 953 0.4 Local Administrations 10,842 4.3 10,691 4.2 Social Security Institutions 17 0.0 17 0.0 Financial Institutions 228,127 90.4 228,621 90.3 Public Banks 10,689 4.2 10,948 4.3 Non-Banking 217,438 86.1 217,674 86.0 Non Financial Institutions 5,995 2.4 6,132 2.4 SOEs 5,995 2.4 6,132 2.4 Public Enterprises 0 0.0 0 0.0 Private 6,467 2.6 6,627 2.6 Financial Institutions 6,467 2.6 6,627 2.6 Banks 6,467 2.6 6,627 2.6 Non Financial Institutions 0 0.0 0 0.0 Companies(2) 0 0.0 0 0.0 Total 252,401 100 253,042 100 (1) Provisional. Indicates the total amount of outstanding overdue and projected receivables. (2) Represents privatized SOE’s and corporations governed by foundations. OUTSTANDING OVERDUE RECEIVABLES OUTSTANDING OVERDUE RECEIVABLES (1) (2026 February) 2025 2026 February Million ¨ (%) Million ¨ (%) Local Administrations 81 100.0 7 100.0 Total 81 100.0 7 100.0 (1) Provisional Local Admin. 100.0% OUTSTANDING RECEIVABLES EXCLUDING OUTSTANDING RECEIVABLES EXCLUDING OVERDUES OVERDUES (1) (2026 February) 2025 2026 February Million ¨ (%) Million ¨ (%) SOE's Central Administrations Private Banks 2.4% 0.4% Local Administrations 10,761 4.3 10,684 4.2 2.6% SOEs 5,995 2.4 6,132 2.4 Public Banks 4.3% Private Banks 6,467 2.6 6,627 2.6 Local Admin. Social Security 4.2% 17 0.0 17 0.0 Institutions Public Banks 10,689 4.2 10,948 4.3 Non Banking Financial 217,438 86.2 217,674 86.0 Non Banking Institutions Financial Institutions Public Enterprises 0 0.0 0 0.0 86.0% Central Administrations 953 0.4 953 0.4 Private Institutions 0 0.0 0 0.0 Total 252,320 100.0 253,035 100.0 (1) Provisional. MARCH 2026 24 PUBLIC DEBT MANAGEMENT REPORT TIME TO MATURITY OF PROJECTED RECEIVABLES STOCK (1) (2) (YEAR) 2025 2026 February Time to Maturity Avg. Time to Maturity Time to Maturity Avg. Time to Maturity Public 9.2 5.0 9.0 4.9 General Government 7.1 3.8 7.0 3.8 Central Government 4.0 4.0 3.8 3.8 Local Administrations 7.4 3.8 7.3 3.7 Social Security Institutions 13.1 6.6 13.0 6.7 Financial Institutions 10.4 6.0 10.2 5.9 Public Banks 10.4 6.0 10.2 5.9 Non Financial Institutions 10.9 5.7 10.8 5.5 SOEs 10.9 5.7 10.8 5.5 Public Enterprises 0.0 0.0 0.0 0.0 Private 12.5 7.4 12.3 7.2 Financial Institutions 12.5 7.4 12.3 7.2 Banks 12.5 7.4 12.3 7.2 Non-Financial Institutions 0.0 0.0 0.0 0.0 Companies(3) 0.0 0.0 0.0 0.0 Total 9.8 5.5 9.7 5.4 (1) Within the framework of Laws No: 5216 and 5393 debts promised by means of exchange, set off and deduction are excluded. (2) Overdue receivables are excluded. (3) Represents privatized SOE’s and corporations governed by foundations. COLLECTIONS FROM TREASURY RECEIVABLES (1) 2022 2023 2024 2025 2026 February Million ¨ (%) Million ¨ (%) Million ¨ (%) Million ¨ (%) Million ¨ (%) Local Administrations 3,697 60.6 1,866 46.9 2,342 42.9 2,771 18.0 386 91.8 SOEs 367 6.0 530 13.3 1,172 21.5 954 6.2 11 2.6 Banks 19 0.3 63 1.6 161 2.9 266 1.7 23 5.4 Public Banks 839 13.8 1,345 33.8 1,785 32.7 1,854 12.0 0 0.0 Public Enterprises 17 0.3 14 0.4 3 0.1 2 0.0 0 0.0 Central Administrations 239 3.9 2 0.0 0 0.0 0 0.0 0 0.0 Organizations 0 0.0 0 0.0 0 0.0 0 0.0 0 0.0 Insurance Institutions 0 0.0 0 0.0 0 0.0 0 0.0 0 0.0 Private Institutions 0 0.0 0 0.0 0 0.0 0 0.0 0 0.0 Foundations 0 0.0 0 0.0 0 0.0 0 0.0 0 0.0 Non Banking Financial Institutions 0 0.0 163 4.1 0 0.0 9,563 62.1 0 0.0 Social Security Institution 0 0.0 1 0.0 1 0.0 2 0.0 1 0.2 Total 6,097 100 3,983 100 5,464 100 15,411 100 420 100 (1) Provisional COLLECTIONS FROM TREASURY RECEIVABLES (2026 February) Other 5.6% SOEs 2.6% Local Administrations 91.8% 25 MARCH 2026 REPUBLIC OF TÜRKİYE MINISTRY OF TREASURY AND FINANCE DEVELOPMENTS IN THE CREDIT RATING OF TÜRKİYE LONG TERM FOREIGN CURRENCY Standard & Poor's Moody’s Fitch JCR IIRA R&I 2019 End B + (stable) B1 (negative) BB - (negative) BBB - (negative) BBB - (negative) BB - (stable) 28.02.2020 BBB - (stable) 10.04.2020 BB + (negative) 21.08.2020 BB - (negative) 11.09.2020 B2 (negative) 16.10.2020 BB - (negative) 2020 End B + (stable) B2 (negative) BB - (negative) BB + (negative) BBB - (stable) BB - (negative) 19.02.2021 BB - (stable) 31.05.2021 BB (stable) 11.06.2021 BBB - (negative) 13.08.2021 BB - (stable) 22.10.2021 B + (stable) 02.12.2021 BB - (negative) 03.12.2021 B2 (negative) 10.12.2021 B + (negative) 2021 End B + (negative) B2 (negative) BB - (negative) BB (stable) BBB - (negative) BB - (negative) 04.02.2022 BB - (negative) 11.02.2022 B + (negative) 01.04.2022 B + (negative) 29.04.2022 BB + (stable) 08.07.2022 B (negative) 12.08.2022 B3 (stable) 18.08.2022 BB (negative) 30.09.2022 B (stable) 2022 End B (stable) B3 (stable) B (negative) BB (negative) BB + (stable) BB - (negative) 31.03.2023 B (negative) 08.09.2023 B (stable) 29.09.2023 B (stable) 30.11.2023 B (positive) 2023 End B (positive) B3 (stable) B (stable) BB (negative) BB + (stable) BB - (negative) 12.01.2024 B3 (positive) 08.03.2024 B + (positive) 03.05.2024 B + (positive) 09.05.2024 BB (stable) 19.07.2024 B1 (positive) 06.09.2024 BB - (stable) 20.09.2024 BB - (stable) 01.11.2024 BB - (stable) 2024 End BB - (stable) B1 (positive) BB - (stable) BB (stable) BB + (stable) BB - (stable) 25.07.2025 Ba3 (stable) 2025 End BB - (stable) Ba3 (stable) BB - (stable) BB (stable) BB + (stable) BB - (stable) 23.01.2026 BB - (positive) 27.02.2026 BB (stable) Current BB - (stable) Ba3 (stable) BB - (positive) BB (stable) BB + (stable) BB (stable) LONG TERM TL Standard & Poor's Moody’s Fitch JCR IIRA R&I 2019 End BB - (stable) B1 (negative) BB - (stable) BBB - (negative) BBB (negative) 28.02.2020 BBB (stable) 10.04.2020 BB + (negative) 21.08.2020 BB - (negative) 11.09.2020 B2 (negative) 2020 End BB - (stable) B2 (negative) BB - (negative) BB + (negative) BBB (stable) 19.02.2021 BB - (stable) 31.05.2021 BB (stable) 11.06.2021 BBB (negative) 13.08.2021 BB - (stable) 22.10.2021 BB - (stable) 02.12.2021 BB - (negative) 03.12.2021 B2 (negative) 10.12.2021 BB - (negative) 2021 End BB - (negative) B2 (negative) BB - (negative) BB (stable) BBB (negative) 11.02.2022 B + (negative) 04.02.2022 01.04.2022 B + (negative) 29.04.2022 BB + (stable) 08.07.2022 B (negative) 12.08.2022 B3 (stable) 18.08.2022 BB (negative) 30.09.2022 B (stable) 2022 End B (stable) B3 (stable) B (negative) BB (negative) BB + (stable) 31.03.2023 B (negative) 08.09.2023 B (stable) 29.09.2023 B (stable) 30.11.2023 B (positive) 2023 End B (positive) B3 (stable) B (stable) BB (negative) BB + (stable) 12.01.2024 B3 (positive) 08.03.2024 B + (positive) 03.05.2024 B + (positive) 09.05.2024 BB (stable) 19.07.2024 B1 (positive) 06.09.2024 BB - (stable) 01.11.2024 BB - (stable) 2024 End BB - (stable) B1 (positive) BB - (stable) BB (stable) BB + (stable) 25.07.2025 Ba3 (stable) 2025 End BB - (stable) Ba3 (stable) BB - (stable) BB (stable) BB + (stable) 23.01.2026 BB - (positive) Current BB - (stable) Ba3 (stable) BB - (positive) BB (stable) BB + (stable) MARCH 2026 26 PUBLIC DEBT MANAGEMENT REPORT CALENDAR DOMESTIC BORROWING CALENDAR IN APRİL 2026 Auction Date Settlement Date Maturity Date Security Type Maturity Issuance Type 06.04.2026 08.04.2026 17.03.2027 Zero Coupon T-Bill 11 Months Auction / New Issuance 06.04.2026 08.04.2026 08.01.2031 CPI Indexed Bond 5 Years Auction / Re-open 07.04.2026 08.04.2026 09.01.2030 TLREF Indexed Bond 4 Years Auction / Re-open 13.04.2026 15.04.2026 12.04.2028 Lease Certificate 2 Years Direct Sale 14.04.2026 15.04.2026 14.04.2027 USD Denominated Bond 1 Year Direct Sale 14.04.2026 15.04.2026 12.04.2028 Gold Bond 2 Years Direct Sale 14.04.2026 15.04.2026 12.04.2028 Gold Lease Certificate 2 Years Direct Sale 21.04.2026 22.04.2026 15.03.2028 Fixed Coupon Bond 2 Years Auction / Re-open 21.04.2026 22.04.2026 16.04.2031 Fixed Coupon Bond 5 Years Auction / New Issuance DOMESTIC BORROWING CALENDAR IN MAY 2026 Auction Date Settlement Date Maturity Date Security Type Maturity Issuance Type 05.05.2026 06.05.2026 17.03.2027 Zero Coupon T-Bill 10 Months Auction / Re-open 05.05.2026 06.05.2026 16.04.2031 Fixed Coupon Bond 5 Years Auction / Re-open 11.05.2026 13.05.2026 15.03.2028 Fixed Coupon Bond 2 Years Auction / Re-open 11.05.2026 13.05.2026 07.05.2031 CPI Indexed Lease Certificate 5 Years Direct Sale 12.05.2026 13.05.2026 08.05.2030 TLREF Indexed Bond 4 Years Auction / New Issuance 12.05.2026 13.05.2026 10.05.2028 USD Denominated Bond 2 Years Direct Sale 12.05.2026 13.05.2026 10.05.2028 USD Denominated Lease Certificate 2 Years Direct Sale 18.05.2026 20.05.2026 17.11.2027 Gold Bond 2 Years Direct Sale 18.05.2026 20.05.2026 17.11.2027 Gold Lease Certificate 2 Years Direct Sale DOMESTIC BORROWING CALENDAR IN JUNE 2026 Auction Date Settlement Date Maturity Date Security Type Maturity Issuance Type 08.06.2026 10.06.2026 15.03.2028 Fixed Coupon Bond 2 Years Auction / Re-open 08.06.2026 10.06.2026 04.06.2031 CPI Indexed Bond 5 Years Auction / New Issuance 09.06.2026 10.06.2026 08.05.2030 TLREF Indexed Bond 4 Years Auction / Re-open 11.06.2026 12.06.2026 11.06.2027 Gold Bond 1 Year Direct Sale 11.06.2026 12.06.2026 11.06.2027 Gold Lease Certificate 1 Year Direct Sale 15.06.2026 17.06.2026 19.05.2027 Zero Coupon T-Bill 11 Months Auction / New Issuance 15.06.2026 17.06.2026 11.06.2031 Lease Certificate 5 Years Direct Sale 16.06.2026 17.06.2026 16.04.2031 Fixed Coupon Bond 5 Years Auction / Re-open 16.06.2026 17.06.2026 05.09.2035 Fixed Coupon Bond 9 Years Auction / Re-open PRIMARY DEALER BANKS Bank Name Akbank T.A.Ş. Denizbank A.Ş. HSBC Bank A.Ş. QNB Bank A.Ş. Türk Ekonomi Bankası A.Ş. T.C. Ziraat Bankası A.Ş. Türkiye Garanti Bankası A.Ş. Türkiye Halk Bankası A.Ş. Türkiye İş Bankası A.Ş. Türkiye Vakıflar Bankası T.A.O. Yapı ve Kredi Bankası A.Ş. 27 MARCH 2026 REPUBLIC OF TÜRKİYE MINISTRY OF TREASURY AND FINANCE DATA DISSEMINATION CALENDAR (1) Data Date of Dissemination Central Government Debt Stock Statistics Central Government Debt Stock - by Currency and Interest Type 20th of each month / following business day Central Government Debt Stock by Instrument Type 20th of each month / following business day Average Time to Maturity of Central Government Debt Stock 20th of each month / following business day Central Government Debt Service January 20th of each year / the following business day Central Government Domestic Debt Statistics Domestic Borrowing Statistics Bonds and Sukuk Issuance Information TLREF Indexed Bonds After the auctions Gold Lease Certificates After the auctions Gold Bonds After the auctions TRY Denominated Zero Coupon Bonds After the auctions TRY Denominated CPI Indexed Bonds After the auctions TRY Denominated Floating Rate Notes After the auctions TRY Denominated Fixed Couponed Bonds After the auctions FX Denominated Lease Certificates After the auctions TRY Denominated Lease Certificates After the auctions Revenue Indexed Bonds After the auctions Borrowing Indicators Average Maturity of Domestic Borrowing 8th of each month / following business day Average Cost of Domestic Borrowing 8th of each month / following business day Total Domestic Debt Roll Over Ratio 6th of each month / following business day Buyback and Switch Auctions Buyback Auctions After the auctions Switch Auctions After the auctions Payment Statistics Central Government Domestic Debt Payments 20th of each month / following business day Central Government Domestic Debt Payment Projections (Monthly) 20th of each month / following business day Central Government Domestic Debt Payment Projections (Yearly) 20th of each month / following business day Central Government Domestic Debt Stock Non-Cash Domestic Debt Stock 20th of each month / following business day Central Government Domestic Debt Stock - List of Securities Every Monday Composition of Domestic Debt Stock by Holders 20th of each month / following business day Central Government External Debt Statistics External Borrowing Statistics Central Government External Loan Agreements 20th of each month / following business day Central Government International Bond Issues 20th of each month / following business day Payment Statistics Central Government External Debt Payments 20th of each month / following business day Central Government External Debt Payment Projections (Monthly) 20th of each month / following business day Central Government External Debt Payment Projections (Yearly) 20th of each month / following business day Central Government External Debt Stock Central Government External Debt Stock 20th of each month / following business day Central Government External Debt Stock - List of Bonds 20th of each month / following business day General Government Debt Stock Statistics Defined By European Union General Government Debt Stock Defined By European Union Last business day of 3rd, 6th, 9th and 12th months Public Net Debt Stock Statistics Public Net Debt Stock Last business day of 3rd, 6th, 9th and 12th months Treasury Cash Statistics Treasury Cash Realizations 5 th working day of each month Treasury Receivables Statistics Treasury Receivables by Sources Receivables Arising From Undertaken Payments Due To Treasury Guarantees 20th of each month / following business day Receivables Arising from Onlendings 20th of each month / following business day Collections from Treasury Receivables Collections From Treasury Receivables 20th of each month / following business day Treasury Receivables Stock Stock of Treasury Receivables 20th of each month / following business day Stock of Overdue Receivables 20th of each month / following business day Stock of Projected Receivables 20th of each month / following business day Treasury Guarantees Statistics Treasury Repayment Guarantees Treasury Guaranteed Debt Stock Treasury Guaranteed External Debt Stock Last business day of 3rd, 6th, 9th and 12th months Treasury Guaranteed External Debt Stock- Lender Distribution Last business day of 3rd, 6th, 9th and 12th months Repayments of Treasury Guaranteed Loans Repayment Projections of Loans Provided Under Treasury Guarantees Last business day of 3rd, 6th, 9th and 12th months Repayments of Treasury Guaranteed Loans 20th of each month / following business day Loans Provided Under Treasury Guarantees Loans Provided Under Treasury Guarantees - Lender Distribution Last business day of 3rd, 6th, 9th and 12th months Loans Provided Under Treasury Guarantees Last business day of 3rd, 6th, 9th and 12th months Consolidated Government Sector (CGS) Statistics Central Governmet Budget Primary Balance -Program Definition 20th of each month / following business day Non-Guaranteed External Debt Statistics of Public Institutions External Debt Stock of Loans Provided by Public Institutions without Treasury Guarantee Last business day of 3rd, 6th, 9th and 12th months Loans Provided By Public Institutions Without Treasury Guarantees 20th day of each month / following business day Budget Financing Statistics Central Government Budget Balance and Financing 20th of each month / following business day General Budget Balance and Financing 20th of each month / following business day (1) Data are available as time series in Ministry of Treasury and Finance’s website (https:// en.hmb.gov.tr/public-finance). (1) Data are available as time series in Ministry of Treasury and Finance’s website (https://en.hmb.gov.tr/public-finance). MARCH 2026 28 PUBLIC DEBT MANAGEMENT REPORT ANNEX CENTRAL GOVERNMENT EXTERNAL DEBT STOCK (1) Million USD 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Feb Central Government External Debt Stock 82,615 90,241 91,245 96,443 102,317 109,732 113,716 119,608 121,790 128,308 130,634 Loan 22,664 23,477 22,016 20,628 21,691 26,101 25,906 27,463 27,355 31,539 31,503 Multilateral Agencies 15,133 16,428 16,054 15,182 16,032 20,834 20,214 21,039 20,332 22,614 22,445 (IMF) 0 0 0 0 0 0 0 0 0 0 0 (SDR Allocation) (2) 1,289 1,365 1,334 1,326 1,386 7,587 7,238 7,293 7,082 7,436 7,458 Bilateral Lenders 4,097 4,290 4,015 3,855 4,021 3,454 3,201 2,902 2,774 2,950 2,971 Others 3,435 2,759 1,948 1,592 1,638 1,813 2,490 3,522 4,249 5,975 6,087 Bond 59,951 66,764 69,229 75,815 80,625 83,631 87,810 92,146 94,435 96,769 99,131 % 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Feb Central Government External Debt Stock 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Loan 27.4 26.0 24.1 21.4 21.2 23.8 22.8 23.0 22.5 24.6 24.1 Multilateral Agencies 18.3 18.2 17.6 15.7 15.7 19.0 17.8 17.6 16.7 17.6 17.2 (IMF) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (SDR Allocation) (2) 1.6 1.5 1.5 1.4 1.4 6.9 6.4 6.1 5.8 5.8 5.7 Bilateral Lenders 5.0 4.8 4.4 4.0 3.9 3.1 2.8 2.4 2.3 2.3 2.3 Others 4.2 3.1 2.1 1.7 1.6 1.7 2.2 2.9 3.5 4.7 4.7 Bond 72.6 74.0 75.9 78.6 78.8 76.2 77.2 77.0 77.5 75.4 75.9 (GDP %) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Central Government External Debt Stock 9.4 9.5 10.4 11.3 12.4 14.0 13.3 12.3 10.4 9.0 8.0 Loan 2.8 2.6 2.7 2.7 2.7 3.0 3.2 2.8 2.4 2.0 2.0 Multilateral Agencies 1.9 1.7 1.9 2.0 2.0 2.2 2.5 2.2 1.8 1.5 1.4 (IMF) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (SDR Allocation) (2) 0.2 0.1 0.2 0.2 0.2 0.2 0.9 0.8 0.6 0.5 0.5 Bilateral Lenders 0.5 0.5 0.5 0.5 0.5 0.6 0.4 0.3 0.3 0.2 0.2 Others 0.4 0.4 0.3 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.4 Bond 6.6 6.9 7.7 8.6 9.8 11.0 10.1 9.5 8.0 7.0 6.1 GDP (Million USD) 868,221 870,375 863,942 807,339 775,194 730,372 827,705 924,766 1,153,241 1,358,255 1,596,320 (1) Provisional. (2) It represents the amount allocated by the IMF 959 million SDR in 2009 and 4,465 million SDR in 2021. DOMESTIC DEBT STOCK Million ¨ 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Feb Total Domestic Debt 468,644 535,448 586,142 755,052 1,060,354 1,321,189 1,905,331 3,209,252 4,959,910 8,152,757 8,663,888 Cash 468,598 535,402 586,097 716,478 983,869 1,226,449 1,742,028 2,895,406 4,745,032 7,935,286 8,446,182 Bond 467,574 534,428 580,601 700,995 983,869 1,216,530 1,723,132 2,894,155 4,678,712 7,619,250 8,109,214 Bill 1,025 974 5,495 15,483 0 9,920 18,896 1,251 66,320 316,036 336,968 Non-Cash 46 46 45 38,574 76,485 94,740 163,303 313,846 214,878 217,471 217,707 Bond 46 46 45 35,796 76,485 94,740 163,303 313,846 214,878 217,471 217,707 Bill 0 0 0 2,778 0 0 0 0 0 0 0 29 MARCH 2026 NET FINANCING FROM THE INTERNATIONAL MONETARY FUND (1) MARCH 2026 Million SDR 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 I. Disbursement 236 225 0 0 0 583 2,622 8,895 9,929 1,191 794 1,666 1,999 749 2,248 0 0 0 0 0 II. Debt Service 3 16 20 41 183 219 105 1,207 5,544 1,863 3,805 5,910 5,635 3,741 1,502 582 1,508 1,826 1,328 565 Principal 0 0 0 20 165 210 66 868 4,916 1,224 3,158 5,267 5,092 3,373 1,244 458 1,423 1,780 1,312 562 Interest 3 16 20 21 18 8 40 339 628 639 647 644 543 368 258 124 85 46 16 3 III. Net Financing (I - II) 233 209 -20 -41 -183 365 2,517 7,688 4,385 -672 -3,011 -4,245 -3,637 -2,992 746 -582 -1,508 -1,826 -1,328 -565 IV. Net Financing Excluding Interest 236 225 0 -20 -165 373 2,556 8,028 5,013 -33 -2,364 -3,601 -3,094 -2,624 1,004 -458 -1,423 -1,780 -1,312 -562 V. IMF Debt Stock (End Of Period) 236 461 461 440 276 649 3,205 11,233 16,246 16,213 13,848 10,247 7,154 4,530 5,534 5,076 3,654 1,874 562 0 REPUBLIC OF TÜRKİYE MINISTRY OF TREASURY AND FINANCE 30 Million USD (2) 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 I. Disbursement 344 334 0 0 0 800 3,416 11,179 13,499 1,770 1,233 2,380 3,007 1,184 3,463 0 0 0 0 0 II. Debt Service 4 24 29 56 258 300 137 1,517 7,537 2,768 5,909 8,447 8,478 5,912 2,314 913 2,322 2,804 2,039 870 Principal 0 0 0 27 232 288 86 1,090 6,684 1,819 4,905 7,527 7,661 5,331 1,916 718 2,191 2,733 2,016 866 Interest 4 24 29 28 26 11 52 426 853 949 1,005 920 817 581 398 195 131 71 23 4 III. Net Financing (I - II) 340 311 -29 -56 -258 501 3,279 9,662 5,962 -998 -4,677 -6,067 -5,471 -4,727 1,149 -913 -2,322 -2,804 -2,039 -870 IV. Net Financing Excluding Interest 344 334 0 -27 -232 512 3,331 10,088 6,815 -49 -3,672 -5,147 -4,654 -4,146 1,547 -718 -2,191 -2,733 -2,016 -866 V. IMF Debt Stock (End Of Period) 344 685 662 594 388 891 4,176 14,117 22,086 24,092 21,507 14,646 10,762 7,158 8,524 7,958 5,627 2,877 864 0 (1) The Ministry of Treasury and Finance and the Central Bank combined. The Ministry of Treasury and Finance made its last disbursement in 2008 and completed its repayment obligations in 2013, while The Central Bank made its last disbursement in 2001 and completed its repayment obligations in 2005 (2) End-year $/SDR rates are used. All $/SDR rates are taken from the IMF web site (www.imf.org). PUBLIC DEBT MANAGEMENT REPORT GROSS EXTERNAL DEBT OF TÜRKİYE (1) (3) (4) Public Sector CBRT Private Sector Gross Gross External External Million USD Debt Of Debt Of Short Term Long Term Total (I) Short Term Long Term Total (II) Short Term Long Term Total (III) Türkiye Türkiye/ (I+II+III) GDP (%) (2) 1989 0 29,446 29,446 799 7,028 7,827 4,946 1,692 6,638 43,911 30.8 1990 0 33,268 33,268 855 7,487 8,342 8,645 2,125 10,770 52,381 26.1 1991 281 34,999 35,280 557 6,658 7,215 8,279 2,849 11,128 53,623 26.7 1992 400 36,076 36,476 572 6,158 6,730 11,688 3,702 15,390 58,595 27.8 1993 65 39,575 39,640 667 6,626 7,293 17,741 5,838 23,579 70,512 29.6 1994 36 41,705 41,741 828 8,949 9,777 10,323 6,863 17,186 68,705 38.8 1995 250 41,753 42,003 993 11,178 12,171 14,257 7,517 21,774 75,948 32.6 1996 0 40,192 40,192 984 11,397 12,381 16,088 10,637 26,725 79,299 31.7 1997 204 38,864 39,068 889 10,876 11,765 16,598 16,925 33,523 84,356 32.2 1998 1,602 39,737 41,339 905 12,081 12,986 18,267 23,760 42,026 96,351 34.7 1999 1,581 42,526 44,107 686 10,320 11,006 20,654 27,357 48,011 103,123 40.5 2000 2,461 47,621 50,081 653 13,437 14,090 25,187 29,244 54,431 118,602 43.4 2001 1,019 46,110 47,129 752 23,599 24,351 14,632 27,480 42,112 113,592 56.0 2002 915 63,618 64,533 1,655 20,348 22,003 16,109 29,146 45,255 131,790 55.2 2003 1,341 69,503 70,844 2,860 21,513 24,373 23,089 30,057 53,146 148,363 46.7 2004 1,840 73,923 75,763 3,287 18,123 21,410 31,470 37,044 68,514 165,687 40.6 2005 2,133 76,057 78,190 2,763 12,662 15,425 38,556 50,898 89,454 183,069 36.1 2006 1,750 84,264 86,014 2,563 13,115 15,678 44,923 82,780 127,703 229,395 41.3 2007 2,163 89,283 91,446 2,282 13,519 15,801 47,234 122,465 169,698 276,946 40.3 2008 3,248 82,014 85,262 1,874 12,192 14,066 51,136 141,022 192,158 291,486 37.0 2009 3,598 83,188 86,786 1,764 11,398 13,162 50,644 129,514 180,157 280,106 42.7 2010 4,291 96,445 100,736 1,553 10,012 11,565 87,104 121,046 208,150 320,451 40.9 2011 8,565 110,894 119,459 1,239 8,095 9,334 87,063 128,014 215,078 343,870 40.8 2012 13,324 148,187 161,511 1,036 6,043 7,079 100,261 143,047 243,308 411,898 46.7 2013 19,758 136,323 156,081 833 4,392 5,225 121,247 158,496 279,743 441,049 45.8 2014 20,575 141,865 162,440 342 2,133 2,475 121,668 168,645 290,313 455,228 48.3 2015 16,998 113,803 130,801 176 1,143 1,319 87,385 193,668 281,053 413,173 47.6 2016 17,081 111,719 128,800 399 703 1,102 72,758 199,570 272,328 402,230 46.2 2017 19,426 129,565 148,991 1,753 0 1,753 88,382 220,654 309,036 459,780 53.2 2018 20,828 115,452 136,280 5,914 0 5,914 65,980 203,409 269,389 411,583 51.0 2019 23,444 125,841 149,285 8,452 0 8,452 63,636 176,675 240,311 398,048 51.3 2020 24,909 124,363 149,272 21,344 0 21,344 65,254 154,822 220,076 390,692 53.5 2021 21,973 112,165 134,138 26,052 0 26,052 70,214 147,505 217,719 377,909 45.7 2022 28,531 99,404 127,935 32,790 0 32,790 87,106 140,343 227,449 388,174 42.0 2023 33,711 114,199 147,910 46,360 0 46,360 94,905 142,969 237,874 432,144 37.5 2024 Q1 35,294 114,934 150,228 46,158 0 46,158 89,046 143,265 232,311 428,697 35.9 2024 Q2 36,018 127,957 163,975 44,691 0 44,691 94,598 147,214 241,812 450,478 36.8 2024 Q3 37,484 134,932 172,416 38,367 0 38,367 96,563 152,305 248,868 459,651 35.6 2024 Q4 37,321 135,157 172,478 34,701 0 34,701 100,996 152,019 253,015 460,194 33.9 2025 Q1 38,514 137,241 175,755 30,165 0 30,165 100,101 162,114 262,215 468,135 33.2 2025 Q2 37,510 138,518 176,028 29,335 0 29,335 103,373 174,970 278,343 483,706 32.8 2025 Q3 36,796 149,874 186,670 27,752 0 27,752 102,115 183,337 285,452 499,874 32.5 2025 Q4 38,358 158,416 196,774 24,965 0 24,965 104,057 194,136 298,193 519,932 32.6 (1) Figures in table may not add up to totals due to rounding. (2) Quarterly GDP figures were used on an annualized basis. (3) For data prior to 2005, the figures are based on primary market. (4) Historical data can be accessed through the Central Bank of the Republic of Türkiye (CBRT) Electronic Data Delivery System (EVDS). Source : CBRT, TURKSTAT 31 MARCH 2026 REPUBLIC OF TÜRKİYE MINISTRY OF TREASURY AND FINANCE GROSS EXTERNAL DEBT STOCK OF TÜRKİYE - BY LENDER (1) (2) 2024 2025 Million USD Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Total 428,697 450,478 459,651 460,194 468,135 483,706 499,874 519,932 Short Term 170,498 175,307 172,414 173,018 168,780 170,218 166,663 167,380 Private Creditors 169,510 174,187 171,531 172,167 167,389 168,636 165,164 165,064 Financial Corporations 95,835 99,034 93,668 92,270 90,105 84,992 83,438 80,242 Non-Financial Corporations 73,675 75,153 77,863 79,897 77,284 83,644 81,726 84,822 Official Creditors 34 45 46 272 322 292 317 72 Debt Securities 954 1,075 837 579 1,069 1,290 1,182 2,244 Long Term 258,199 275,171 287,237 287,176 299,355 313,488 333,211 352,552 Private Creditors 132,423 137,474 142,861 142,679 154,896 170,087 178,073 194,753 Financial Corporations 117,404 121,806 126,693 126,089 137,813 152,049 159,761 176,157 Non-Bank Financial Corporations 16,640 16,529 17,381 17,094 18,010 20,052 20,391 21,460 Private Investment & Development Banks 0 0 0 45 45 45 45 45 Foreign Commercial Banks 72,800 77,180 80,277 80,764 91,081 101,962 109,056 124,200 Foreign Branches of Domestic Banks & Others 27,964 28,097 29,035 28,186 28,677 29,990 30,269 30,452 Non-Financial Corporations 15,019 15,668 16,168 16,590 17,083 18,038 18,312 18,596 Official Creditors 56,516 55,820 56,804 54,076 54,543 57,834 58,025 58,456 Governmental Organizations 15,716 15,082 15,730 14,409 13,773 14,875 15,028 14,800 Public Finance Corporations 3,534 3,427 3,602 3,459 2,700 2,855 3,038 3,029 Central Banks 0 0 0 0 0 0 0 0 Central Governments 8 8 8 7 7 7 7 7 Official Development Banks 12,174 11,647 12,120 10,943 11,066 12,013 11,983 11,764 Multilateral Organizations 40,800 40,738 41,074 39,667 40,770 42,959 42,997 43,656 IMF-International Monetary Fund 7,183 7,135 7,344 7,082 7,194 7,450 7,430 7,436 IMF SDR Allocation 7,183 7,135 7,344 7,082 7,194 7,450 7,430 7,436 IBRD 11,676 11,826 12,074 11,953 12,201 13,155 13,080 13,590 Other Multilateral Corporations 21,941 21,777 21,656 20,632 21,375 22,354 22,487 22,630 Debt Securities 69,260 81,877 87,572 90,421 89,916 85,567 97,113 99,343 (1) Figures in table may not add up to totals due to rounding. (4) Historical data can be accessed through the Central Bank of the Republic of Türkiye (CBRT) Electronic Data Delivery System (EVDS). Source : CBRT MARCH 2026 32 PUBLIC DEBT MANAGEMENT REPORT GROSS EXTERNAL DEBT STOCK OF TÜRKİYE - BY BORROWER (1) (2) 2024 2025 Million USD Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Total 428,697 450,478 459,651 460,194 468,135 483,706 499,874 519,932 Public Sector 150,228 163,975 172,416 172,478 175,755 176,028 186,670 196,774 General Government 74,742 84,508 90,836 90,793 89,571 87,230 95,195 98,946 Central Government 70,517 80,078 86,383 86,493 85,335 82,789 90,719 94,312 Local Administrations 4,225 4,430 4,453 4,300 4,236 4,441 4,476 4,063 Funds 0 0 0 0 0 0 0 571 Financial Corporations 62,870 67,050 68,762 68,785 72,330 75,187 76,971 80,224 Banks 61,552 65,748 67,396 67,340 70,546 73,352 74,457 77,564 Non-Bank Financial Corporations 1,318 1,302 1,366 1,445 1,784 1,835 2,514 2,660 Non-Financial Corporations 12,616 12,417 12,818 12,900 13,854 13,611 14,504 17,604 SOE's 4,499 4,469 4,573 5,151 5,894 5,113 6,056 8,042 Other 8,117 7,948 8,245 7,749 7,960 8,498 8,448 9,562 CBRT 46,158 44,691 38,367 34,701 30,165 29,335 27,752 24,965 Private Sector 232,311 241,812 248,868 253,015 262,215 278,343 285,452 298,193 Financial Corporations 87,591 92,859 93,653 95,036 100,675 104,088 109,756 112,944 Banks 80,319 85,390 85,981 87,392 92,488 94,487 99,184 101,131 Non-Banking Corporations 7,272 7,469 7,672 7,644 8,187 9,601 10,572 11,813 Non-Financial Corporations 144,720 148,953 155,215 157,979 161,540 174,255 175,696 185,249 Short Term 170,498 175,307 172,414 173,018 168,780 170,218 166,663 167,380 Public Sector 35,294 36,018 37,484 37,321 38,514 37,510 36,796 38,358 General Government 0 0 4 6 111 342 447 1,646 Central Government 0 0 4 6 111 342 447 1,646 Local Administrations 0 0 0 0 0 0 0 0 Funds 0 0 0 0 0 0 0 0 Financial Corporations 35,292 36,015 37,478 37,313 38,397 37,158 36,346 36,707 Banks 35,292 36,005 37,435 37,278 38,363 37,076 36,169 36,532 Non-Banking Corporations 0 10 43 35 34 82 177 175 Non-Financial Corporations 2 3 2 2 6 10 3 5 SOE's 0 0 0 0 0 0 0 0 Other 2 3 2 2 6 10 3 5 CBRT 46,158 44,691 38,367 34,701 30,165 29,335 27,752 24,965 Private Sector 89,046 94,598 96,563 100,996 100,101 103,373 102,115 104,057 Financial Corporations 34,213 36,828 37,246 38,827 40,650 38,691 39,232 38,560 Banks 33,521 35,859 36,175 37,482 39,123 36,721 36,925 35,952 Non-Banking Corporations 692 969 1,071 1,345 1,527 1,970 2,307 2,608 Non-Financial Corporations 54,833 57,770 59,317 62,169 59,451 64,682 62,883 65,497 Long Term 258,199 275,171 287,237 287,176 299,355 313,488 333,211 352,552 Public Sector 114,934 127,957 134,932 135,157 137,241 138,518 149,874 158,416 General Government 74,742 84,508 90,832 90,787 89,460 86,888 94,748 97,300 Central Government 70,517 80,078 86,379 86,487 85,224 82,447 90,272 92,666 Local Administrations 4,225 4,430 4,453 4,300 4,236 4,441 4,476 4,063 Funds 0 0 0 0 0 0 0 571 Financial Corporations 27,578 31,035 31,284 31,472 33,933 38,029 40,625 43,517 Banks 26,260 29,743 29,961 30,062 32,183 36,276 38,288 41,032 Non-Banking Corporations 1,318 1,292 1,323 1,410 1,750 1,753 2,337 2,485 Non-Financial Corporations 12,614 12,414 12,816 12,898 13,848 13,601 14,501 17,599 SOE's 4,499 4,469 4,573 5,151 5,894 5,113 6,056 8,042 Other 8,115 7,945 8,243 7,747 7,954 8,488 8,445 9,557 CBRT 0 0 0 0 0 0 0 0 Private Sector 143,265 147,214 152,305 152,019 162,114 174,970 183,337 194,136 Financial Corporations 53,378 56,031 56,407 56,209 60,025 65,397 70,524 74,384 Banks 46,798 49,531 49,806 49,910 53,365 57,766 62,259 65,179 Non-Banking Corporations 6,580 6,500 6,601 6,299 6,660 7,631 8,265 9,205 Non-Financial Corporations 89,887 91,183 95,898 95,810 102,089 109,573 112,813 119,752 (1) Figures in table may not add up to totals due to rounding. (2) Historical data can be accessed through the Central Bank of the Republic of Türkiye (CBRT) Electronic Data Delivery System (EVDS). Source : CBRT 33 MARCH 2026 REPUBLIC OF TÜRKİYE MINISTRY OF TREASURY AND FINANCE NET EXTERNAL DEBT ST NET EXTERNAL DEBT STOCK OF TÜRKİYE (1) (2) (3) 2024 2025 Million USD Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Total 172,355 169,158 163,667 168,662 169,917 186,657 169,510 181,839 General Government 74,643 84,413 90,741 90,702 89,480 87,139 95,104 98,855 Short Term 0 0 4 6 111 342 447 1,646 Debt Securities 0 0 4 6 111 342 447 1,646 Loans 0 0 0 0 0 0 0 0 Long Term 74,643 84,413 90,737 90,696 89,369 86,797 94,657 97,209 Special Drawing Rights 7,184 7,133 7,344 7,082 7,194 7,450 7,430 7,436 Debt Securities 44,807 54,335 59,401 60,391 58,297 53,535 61,295 62,040 Loans 22,652 22,945 23,992 23,223 23,878 25,812 25,932 27,733 Central Bank -78,569 -99,829 -115,312 -122,144 -127,970 -122,181 -153,990 -160,679 Short Term 46,158 44,691 38,367 34,701 30,165 29,335 27,752 24,965 Currency and Deposits 46,158 44,691 38,367 34,701 30,096 29,335 27,752 24,965 Debt Securities 0 0 0 0 69 0 0 0 Long Term -124,727 -144,520 -153,679 -156,845 -158,135 -151,516 -181,742 -185,644 Special Drawing Rights -7,449 -7,402 -7,622 -7,350 -7,466 -7,734 -7,714 -7,721 Currency and Deposits -104,071 -122,957 -125,400 -123,088 -123,404 -131,027 -142,881 -151,281 Debt Securities -11,599 -12,551 -19,045 -24,794 -25,641 -11,136 -29,526 -25,019 Loans -9 -9 -9 -9 -9 -9 -9 -9 Other Liabilities -1,599 -1,601 -1,603 -1,604 -1,615 -1,610 -1,612 -1,614 Banks 88,635 93,007 95,857 100,020 99,871 105,269 116,082 119,826 Short Term 19,223 17,518 19,906 24,039 18,046 14,821 19,088 17,476 Currency and Deposits 9,757 5,956 8,894 9,629 3,247 7,367 12,004 10,913 Debt Securities 904 902 692 379 569 486 414 325 Loans 8,562 10,660 10,320 14,031 14,230 6,968 6,670 6,238 Long Term 69,412 75,489 75,951 75,981 81,825 90,448 96,994 102,350 Currency and Deposits 4,637 5,060 4,827 4,301 3,699 3,362 3,069 2,859 Debt Securities 14,150 16,396 15,669 15,746 16,490 16,851 19,149 19,725 Loans 50,625 54,033 55,455 55,934 61,636 70,235 74,776 79,766 Other Sectors 82,530 85,642 85,875 90,642 98,539 105,052 101,438 113,040 Short Term -15,695 -13,178 -17,532 -11,888 -10,675 -10,567 -18,565 -18,615 Currency and Deposits -18,334 -17,314 -20,712 -19,886 -17,207 -19,362 -24,605 -24,605 Debt Securities 50 172 141 193 320 462 321 274 Loans 1,349 1,797 1,760 1,940 2,478 2,963 3,714 3,910 Trade Credits 1,240 2,167 1,279 5,865 3,734 5,370 2,005 1,806 Long Term 98,225 98,820 103,407 102,530 109,214 115,619 120,003 131,655 Debt Securities 8,176 9,020 10,354 12,459 13,137 13,020 13,975 15,317 Loans 89,488 89,213 92,309 89,200 95,218 101,779 105,072 115,333 Trade Credits 561 587 744 871 859 820 956 1,005 Direct Investment: Intercompany Lending 5,116 5,925 6,506 9,442 9,997 11,378 10,876 10,797 (1) Figures in table may not add up to totals due to rounding. (2) Net external debt is calculated as the net of liabilities and assets, excluding non-debt creating items in the IIP (such as equities in direct investments and portfolio investments). The Central Bank item includes monetary gold. A positive sign indicates the net debt stock. (3) Historical data can be accessed through the Central Bank of the Republic of Türkiye (CBRT) Electronic Data Delivery System (EVDS). Source : CBRT MARCH 2026 34 PUBLIC DEBT MANAGEMENT REPORT GROSS EXTERNAL DEBT STOCK OF TÜRKİYE - CURRENCY COMPOSITION (1) TOTAL 2024 2025 Million USD Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Total 428,697 450,478 459,651 460,194 468,135 483,706 499,874 519,932 USD 230,742 235,276 231,970 220,325 222,237 231,812 238,564 249,939 EUR 124,533 126,457 131,768 130,833 135,968 147,085 149,818 154,668 JPY 4,720 4,447 4,189 3,561 3,716 3,897 3,856 3,863 SDR 7,201 7,151 7,361 7,096 7,208 7,464 7,444 7,448 TL 26,563 41,624 48,217 60,442 61,382 52,413 58,644 62,597 Other 34,938 35,523 36,147 37,938 37,624 41,036 41,549 41,416 SHORT TERM 2024 2025 Million USD Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Total 85,711 85,069 80,369 65,139 60,776 63,408 58,389 58,023 USD 37,279 37,794 38,393 42,529 42,165 45,241 45,051 46,175 EUR 396 365 411 79 79 51 59 49 JPY 0 0 0 0 0 0 0 0 SDR 18,524 24,005 25,598 36,565 40,168 35,648 37,193 39,229 TL 28,588 28,074 27,643 28,706 25,592 25,870 25,971 23,904 Other 28,588 28,074 27,643 28,706 25,592 25,870 25,971 23,904 TOTAL 2024 2025 Million USD Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Total 258,199 275,171 287,237 287,176 299,355 313,488 333,211 352,552 USD 145,031 150,207 151,601 155,185 161,460 168,404 180,174 191,917 EUR 87,254 88,663 93,375 88,304 93,803 101,844 104,767 108,493 JPY 4,324 4,082 3,778 3,482 3,637 3,846 3,797 3,814 SDR 7,201 7,151 7,361 7,096 7,208 7,464 7,444 7,448 TL 8,039 17,619 22,619 23,877 21,214 16,765 21,451 23,368 Other 6,350 7,449 8,504 9,232 12,032 15,166 15,578 17,512 (1) Figures in table may not add up to totals due to rounding. Source : CBRT 35 MARCH 2026 REPUBLIC OF TÜRKİYE MINISTRY OF TREASURY AND FINANCE TREASURY GUARANTEED EXTERNAL DEBT STOCK (1) Borrower (Million USD) 2019 2020 2021 2022 2023 2024 2025 2026 Q1 2026 Q2 2026 Q3 Public 11,790 12,369 12,546 13,363 13,423 14,096 16,159 - - - General Government 802 758 683 1,137 1,531 1,627 2,182 - - - Central Government 321 291 306 828 1,248 1,395 1,391 - - - KOSGEB - Small And Medium Enterprises Development Org. 0 0 46 599 1,049 1,222 1,223 - - - Tübitak - The Scientific and Technological Research Council of Türkiye 0 0 0 0 0 5 30 - - - Directorate General Of Foundations 321 291 260 230 199 168 138 - - - Local Administrations 481 467 378 308 283 232 220 - - - Municipality Of Adana Greater City 5 3 2 1 0 0 0 - - - Municipality Of Antalya Greater City 46 46 37 30 27 20 17 - - - Municipality Of Bursa Greater City 82 83 69 58 53 43 40 - - - BUSKİ - Bursa Water And Sewerage Administration 55 59 53 48 45 39 40 - - - Municipality Of Eskişehir Greater City 60 52 38 27 27 26 29 - - - Metropolitan Municipality Of İstanbul 7 4 2 0 0 0 0 - - - Municipality Of İzmir Greater City 85 85 71 60 54 43 40 - - - Municipality Of Kayseri Greater City 6 5 2 0 0 0 0 - - - Mersin Water & Sewerage Administration 12 7 0 0 0 0 0 - - - Municipality Of Samsun Greater City 83 82 67 54 48 36 31 - - - SASKİ - Samsun Water & Sewerage Administration 32 34 29 26 25 21 22 - - - Municipality Of Zonguldak 8 8 6 5 4 2 2 - - - Funds 0 0 0 0 0 0 571 - - - Disaster Reconstruction Fund 0 0 0 0 0 0 571 - - - Financial Institutions 9,005 9,162 8,593 8,102 7,765 8,496 8,241 - - - Public Banks 7,885 7,935 7,178 6,770 6,891 7,671 8,241 - - - General Directorate Of İller Bank 548 637 698 770 973 1,082 1,457 - - - T. Halk Bank Inc. 1,177 995 740 552 437 351 848 - - - T. Eximbank Inc. 1,518 1,867 1,922 1,676 1,552 2,979 2,833 - - - T. Development Investment Bank Inc. 1,975 2,191 2,111 2,334 2,566 2,141 2,182 - - - T. Vakıfbank 1,240 986 697 594 609 516 460 - - - T.C. Ziraat Bank Inc. 1,427 1,258 1,010 795 652 507 461 - - - Ziraat Katılım Bank 0 0 0 49 102 96 0 - - - Non-Bank Sector 1,120 1,227 1,414 1,333 874 824 0 - - - Turkey Wealth Fund 1,120 1,227 1,414 1,333 874 824 0 - - - Non Financial Institutions 1,983 2,449 3,270 4,124 4,128 3,974 5,736 - - - SOEs 1,794 2,169 2,979 3,857 3,893 3,771 5,566 - - - BOTAŞ - T. Petroleum Pipeline Corp. 1,310 1,672 2,543 3,433 2,797 2,733 3,941 - - - EÜAŞ - Electricity Production Inc. 0 0 0 0 0 0 0 - - - TEDAŞ - T. Electricity Distribution Inc. 213 204 161 125 110 84 72 - - - TEİAŞ - T. Electricity Transmission Inc. 272 293 275 299 398 427 427 - - - TPAO - T. Petroleum A.O. 0 0 0 0 588 527 1,126 - - - Public Enterprises 189 280 291 267 235 202 170 - - - Turksat Company 189 280 291 267 235 202 170 - - - Private 3,017 3,097 3,100 2,825 2,729 2,486 2,968 - - - Financial Institutions 3,017 3,097 3,100 2,825 2,729 2,486 2,968 - - - Banks 3,017 3,097 3,100 2,825 2,729 2,486 2,968 - - - TSKB - T. Industrial Development Bank Inc. 3,017 3,097 3,100 2,825 2,729 2,486 2,968 - - - Total 14,807 15,466 15,645 16,188 16,152 16,583 19,128 - - - Total Stock/GDP (%) 1.9 2.1 1.9 1.8 1.4 1.2 - - - - (1) Provisional MARCH 2026 36 PUBLIC DEBT MANAGEMENT REPORT PAYMENTS UNDERTAKEN DUE TO TREASURY GUARANTEES (1) Borrower (Million USD) 2019 2020 2021 2022 2023 2024 2025 2026 (2) Grand Total 49 25 26 21 19 22 20 0.3 Guaranteed External Debt 49 25 26 21 19 22 20 0.3 Public 49 25 26 21 19 22 20 0.3 General Government 49 25 26 21 19 22 20 0.3 Central Government 22 0 0 0 0 0 0 0 Directorate General Of Foundations 22 0 0 0 0 0 0 0 Local Administrations 27 25 26 21 19 22 20 0.3 Municipality Of Adana Greater City 6 1 1 1 1 0 0 0 Municipality Of Bursa Greater City 10 10 10 6 5 7 5 0 Municipality Of Kayseri Greater City 2 1 0 0 0 0 0 0 Municipality Of Samsun Greater City 8 12 12 10 9 11 11 0 SASKİ - Samsun Water & Sewerage Administration 0 0 1 3 3 3 3 0 Municipality Of Zonguldak 1 1 1 1 1 2 1 0.3 (1) Provisional (2) As of Feb 28, 2026 37 MARCH 2026 REPUBLIC OF TÜRKİYE MINISTRY OF TREASURY AND FINANCE OUTSTANDING TREASURY RECEIVABLES (1) (2) Projected Revenues From The Existing Receivables Unpaid Borrower (Million ¨) Total Receivables Principle Other Total Grand Total 7 252,675 360 253,035 253,042 Public Sector 7 246,048 360 246,407 246,414 General Government 7 11,294 360 11,654 11,661 Social Security Institutions 0 17 0 17 17 Social Security Institution 0 17 0 17 17 Central Government 0 953 0 953 953 Committee Of Bankruptcy Of İmar Bankası T.A.S. 0 953 0 953 953 Local Governments 7 10,325 360 10,684 10,691 Municipality Of Adana Greater City 0 475 40 515 515 Municipality Of Ankara Greater City 0 1,975 0 1,975 1,975 Municipality Of Antalya Greater City 0 537 0 537 537 ASAT - Antalya Water And Sewerage Administration 0 7 0 7 7 ASKİ - Adana Water And Sewerage Administration 0 318 0 318 318 ASKİ - Ankara Water And Sewerage Administration 0 31 0 31 31 Municipality Of Batman 0 429 0 429 429 Municipality Of Bursa Greater City 0 429 0 429 429 BUSKİ - Bursa Water And Sewerage Administration 0 466 0 466 466 Municipality Of Denizli Greater City 0 75 0 75 75 Diyarbakır Water And Sewerage Administration 0 255 0 255 255 Eskişehir Water And Sewerage Administration 0 23 0 23 23 Municipality Of Gaziantep Greater City 0 16 0 16 16 Municipality Of İzmir Greater City 0 34 0 34 34 İZSU - İzmir Water And Sewerage Administration 0 136 0 136 136 Kayseri Water And Sewerage Administration 0 179 0 179 179 Municipality Of Kocaeli Greater City 0 1,259 318 1,577 1,577 KOSKİ - Konya Water And Sewerage Administration 0 112 0 112 112 MASKİ - Malatya Water And Sewerage Administration 0 330 0 330 330 Municipality Of Mersin Greater City 0 1 0 1 1 MESKİ - Mersin Water And Sewerage Administration 0 147 0 147 147 Muğla Water And Sewerage Administration 0 186 0 186 186 Municipality Of Samsun Greater City 0 1,481 0 1,481 1,481 SASKİ - Samsun Water And Sewerage Administration 0 621 1 622 622 Municipality Of Siirt 0 66 0 66 66 Municipality Of Sivas 0 309 0 309 309 Municipality Of Zonguldak 7 427 0 427 434 Non-Financial Institutions 0 6,132 0 6,132 6,132 SOEs 0 6,132 0 6,132 6,132 BOTAŞ - Petroleum Pipeline Corp. 0 23 0 23 23 EÜAŞ - Electricity Generation Co. Inc. 0 30 0 30 30 TCDD - Turkish State Railways 0 6,080 0 6,080 6,080 Financial Institutions 0 228,621 0 228,621 228,621 Public Banks 0 10,948 0 10,948 10,948 T. Halk Bank 0 1,118 0 1,118 1,118 Development Investment Bank Of Turkey 0 9,829 0 9,829 9,829 Non-Banking 0 217,674 0 217,674 217,674 Türkiye Wealth Fund 0 217,674 0 217,674 217,674 Private Sector 0 6,627 0 6,627 6,627 Financial Institutions 0 6,627 0 6,627 6,627 Banks 0 6,627 0 6,627 6,627 TSKB - Turkish Industrial Development Bank 0 6,627 0 6,627 6,627 (1) Provisional (Includes only Treasury Receivables arised from Law no: 4749) (2) As of 28.02.2026 MARCH 2026 38 PUBLIC DEBT MANAGEMENT REPORT OUTSTANDING OVERDUE RECEIVABLES (1) Borrower (Million ¨) 2019 2020 2021 2022 2023 2024 2025 2026 February Grand Total 1,596 1,769 2,181 2,771 3,582 24 81 7 Public Sector 1,596 1,769 2,181 2,771 3,582 24 81 7 General Government 206 42 35 32 28 24 81 7 Local Governments 206 42 35 32 28 24 81 7 Municipality Of Adana Greater City 191 25 7 0 0 0 0 0 Diyarbakır Water And Sewerege Administration 0 17 22 24 17 19 25 0 Electricity, Gas And Omnibus Auth. Of Ankara 2 0 0 0 0 0 0 0 Municipality Of Sakarya Greater City 11 0 0 0 0 0 0 0 Municipality Of Samsun Greater City 2 0 0 0 0 0 43 0 Municipality Of Zonguldak 0 0 6 8 11 5 12 7 Non-Financial Institutions 1,391 1,727 2,146 2,738 3,554 0 0 0 SOEs 1,391 1,727 2,146 2,738 3,554 0 0 0 TCDD - Turkish State Railways 1,391 1,727 2,146 2,738 3,554 0 0 0 (1) Provisional (Includes only Treasury Receivables arised from Law no:4749) 39 MARCH 2026 REPUBLIC OF TÜRKİYE MINISTRY OF TREASURY AND FINANCE COLLECTION FROM RECEIVABLES (1) Borrower (Million ₺) 2019 2020 2021 2022 2023 2024 2025 2026 Feb Grand Total 1,936.7 3,344.1 4,429.6 6,097.4 3,982.6 5,464.4 5,464.4 420.4 Public Sector 1,849.6 3,279.7 4,415.9 6,078.0 3,919.9 5,303.4 5,303.4 397.6 General Government 1,448.3 2,329.6 2,525.1 3,936.5 1,869.1 2,343.1 2,343.1 386.6 Social Security Institutions 2.8 3.7 2.4 0.4 0.9 1.4 1.4 0.9 Social Security Institution 2.8 3.7 2.4 0.4 0.9 1.4 1.4 0.9 Central Government 187.1 366.8 312.1 238.6 1.7 0.0 0.0 0.0 Committee Of Bankruptcy Of Imar Bankası T.A.Ş. 0.0 0.7 0.3 0.7 1.7 0.0 0.0 0.0 Privatization Administration 182.3 235.7 311.8 238.0 0.0 0.0 0.0 0.0 Turkish Atomic Energy Authority 4.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Directorate General Of Foundations 0.0 130.4 0.0 0.0 0.0 0.0 0.0 0.0 Local Governments 1,258.3 1,959.1 2,210.6 3,697.5 1,866.5 2,341.7 2,341.7 385.7 Municipality Of Adana Greater City 82.9 186.8 282.3 221.5 140.3 163.0 163.0 21.9 Municipality Of Ankara Greater City 33.2 17.4 21.9 42.3 61.4 86.2 86.2 58.9 Municipality Of Antalya Greater City 27.0 35.6 42.4 66.4 99.6 136.2 136.2 0.0 ASAT - General Directorate Of Antalya Water And 2.3 2.9 4.1 6.5 10.4 12.3 12.3 0.0 Sewerage ASKİ - Adana Water And Sewerage Administration 16.0 20.4 31.1 44.0 65.1 80.4 80.4 0.0 ASKİ - Ankara Water And Sewerage Administration 69.6 93.8 72.9 44.5 71.1 82.3 82.3 0.0 ASKİ - Aydın Water And Sewerage Administration 28.0 81.8 53.9 0.0 0.0 0.0 0.0 0.0 Municipality Of Batman 11.5 14.3 18.3 28.9 43.7 55.7 55.7 0.0 Municipality Of Bursa Greater City 108.5 158.9 214.9 266.0 431.7 383.9 383.9 36.8 BUSKİ - Bursa Water And Sewerage Administration 17.2 21.4 30.2 45.8 72.8 83.9 83.9 0.0 Municipality Of Denizli 3.3 4.2 5.7 8.9 14.3 16.5 16.5 0.0 Diyarbakır Water And Sewerage Administration 37.2 14.3 36.7 45.1 48.5 39.2 39.2 26.3 Electricity, Gas And Omnibus Auth. Of Ankara 339.8 1.6 0.0 0.0 0.0 0.0 0.0 0.0 Erzurum Water And Sewerage Administration 4.6 5.6 4.4 0.0 0.0 0.0 0.0 0.0 Eskişehir Water And Sewerage Administration 2.4 3.1 0.0 6.8 5.1 18.8 18.8 0.0 GASKİ - Gaziantep Water And Sewerage 68.4 168.8 189.6 0.0 0.0 0.0 0.0 0.0 Administration Municipality Of Gaziantep Greater City 2.8 3.6 5.3 7.9 12.2 14.9 14.9 0.0 İSKİ - İstanbul Water And Sewerage Administration 5.6 7.0 10.2 14.9 10.9 5.1 5.1 0.0 Municipality Of İzmir Greater City 1.7 2.2 3.3 4.9 7.8 9.3 9.3 0.0 İZSU - İzmir Water And Sewerage Authority 1.6 2.0 2.4 4.3 6.1 9.0 9.0 0.0 Municipality Of Kayseri Greater City 36.2 29.5 10.4 2.0 0.0 0.0 0.0 0.0 Kayseri Water And Sewerage Administration 13.4 16.8 23.7 36.1 57.7 66.7 66.7 0.0 Municipality Of Kocaeli Greater City 209.6 557.3 781.6 2,188.9 204.7 252.4 252.4 42.1 KOSKİ - Konya Water And Sewerage Administration 1.6 1.8 2.3 4.3 6.3 8.8 8.8 6.0 MASKİ - Malatya Water And Sewerage 9.5 17.9 17.8 25.7 41.1 47.7 47.7 0.0 Administration Municipality Of Mersin Greater City 0.2 0.2 0.4 0.5 0.4 1.5 1.5 0.0 MESKİ - Mersin Water And Sewerage Administration 16.7 8.5 12.1 18.4 13.7 50.0 50.0 0.0 Muğla Water And Sewerage Administration 48.4 102.6 142.3 348.7 19.7 26.8 26.8 0.0 Municipality Of Sakarya Greater City 27.4 331.5 105.8 13.9 0.0 0.0 0.0 0.0 Municipality Of Samsun Greater City 7.2 14.9 44.8 120.8 253.5 426.8 426.8 149.7 SASKİ - Samsun Water And Sewerage 5.2 6.6 9.5 11.6 49.4 89.9 89.9 25.2 Administration Municipality Of Siirt 3.7 4.8 5.8 9.5 14.0 19.6 19.6 0.0 Municipality Of Sivas 10.0 12.7 16.5 26.1 39.2 51.1 51.1 0.0 Municipality Of Yozgat 0.0 0.0 0.3 7.9 25.9 32.3 32.3 0.0 Municipality Of Zonguldak 5.7 8.7 8.1 24.3 40.0 71.3 71.3 18.9 Continue  MARCH 2026 40 PUBLIC DEBT MANAGEMENT REPORT COLLECTION FROM RECEIVABLES (1) Borrower (Million ¨) 2019 2020 2021 2022 2023 2024 2025 2026 Feb Non-Financial Institutions 233.4 226.8 249.1 383.7 543.7 1,175.5 1,175.5 11.0 SOEs 221.3 212.4 233.4 366.9 529.6 1,172.1 1,172.1 11.0 BOTAŞ - Petroleum Pipeline Corp. 0.7 0.9 1.0 1.9 2.7 3.9 3.9 0.0 EÜAŞ - Electricity Generation Co. Inc. 70.2 39.7 31.9 39.7 61.2 57.0 57.0 0.0 TCDD - Turkish State Railways 0.0 0.1 4.0 0.0 0.0 438.8 438.8 11.0 TEİAŞ - Turkish Electricity Transmission Inc. 150.4 171.8 196.4 325.3 465.7 672.4 672.4 0.0 Public Corporations 12.1 14.4 15.8 16.8 14.1 3.3 3.3 0.0 İstanbul Gas Distribution Company 12.1 14.4 15.8 16.8 14.1 3.3 3.3 0.0 Financial Institutions 167.9 723.3 1,641.7 1,757.8 1,507.1 1,784.8 1,784.8 0.0 Public Banks 167.9 384.7 491.3 839.3 1,344.5 1,784.8 1,784.8 0.0 T. Halk Bank 22.1 78.1 61.0 108.4 154.8 227.3 227.3 0.0 Development Bank Of Türkiye 144.0 306.6 430.3 731.0 1,189.7 1,557.5 1,557.5 0.0 T. Vakıflar Bank T.A.O. 1.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Non-Banks Financial Institutions 0.0 338.6 1,150.4 918.5 162.6 0.0 0.0 0.0 Türkiye Wealth Fund 0.0 338.6 1,150.4 918.5 162.6 0.0 0.0 0.0 Private Sector 87.1 64.3 13.7 19.4 62.6 161.0 161.0 22.8 Financial Institutions 87.1 64.3 13.7 19.4 62.6 161.0 161.0 22.8 Banks 87.1 64.3 13.7 19.4 62.6 161.0 161.0 22.8 TSKB - Turkish Industrial Development Bank 87.1 64.3 13.7 19.4 62.6 161.0 161.0 22.8 (1) Provisional (Collections from Treasury Receivables arised from Law no:4749) 41 MARCH 2026 REPUBLIC OF TÜRKİYE MINISTRY OF TREASURY AND FINANCE OTHER TREASURY CLAIMS STOCK (1) (2) (3) 31.12.2024 31.12.2025 Thousand ¨ Outstanding Projected Outstanding Projected Total Total Overdue Claims Claims Stock Overdue Claims Claims Stock Credits from the Decree of the Council of 0 6,382 6,382 0 6,117 6,117 Ministers (No.2001/2312) Loans disbursed by Eximbank 3,814,162 266,019 4,080,180 5,907,322 169,311 6,076,632 Funds 2,811,044 191,506 3,002,550 3,416,961 153,205 3,570,167 Metro Projects 0 3,295,572 3,295,572 0 386,325 386,325 Other 324,993 1,277,430 1,602,423 324,663 2,493,951 2,818,614 Total 6,950,198 5,036,910 11,987,108 9,648,946 3,208,909 12,857,856 (1) Provisional. Including the stock data of overdue and projected claims. (2) Other Treasury claims are those claims which are out of the scope or Article 3 of the Law No. 4749, where the Treasury is a party representing the legal entity of the State. (3) All of the “Loans disbursed by Eximbank” and most of the “Funds” show the TRL equivalent of foreign currency receivables. COLLECTIONS FROM OTHER TREASURY CLAIMS (1) 01.01.2024 - 31.12.2024 01.01.2025 - 31.12.2025 Thousand ¨ (%) Thousand ¨ (%) Credits from the Decree of the Council of Ministers (No.2001/2312) 1,523 0.0 1,267 0.0 Loans disbursed by Eximbank 134,068 1.2 153,158 3.8 Funds 38,486 0.4 38,371 1.0 Metro Projects 10,638,840 98.3 3,834,432 95.1 Other 5,013 0.0 5,914 0.1 Total 10,817,930 100.0 4,033,142 100.0 (1) Provisional. MARCH 2026 42 249th issue of Public Debt Management Report will be published on the last working day of the following month at 17:30. For further information: +90 (312) 204 60 00 www.hmb.gov.tr This report has been drawn up in e-mail: kaf.kbyr@hmb.gov.tr accordance with Article 14 of Law No. 4749 on the Regulation of Public Financing and Debt Management. This issue of the Report contains the data and information regarding the PRINTED AT period of February 2026. REPUBLIC OF TÜRKİYE MINISTRY Information contained in this OF TREASURY AND FINANCE. report can be used provied that the source is cited.