Dear Stakeholders,
The year 2025 was marked by continued efforts to preserve the progress made in the fight against inflation in the global economy. At the same time, vulnerabilities persisted amid a backdrop of moderate growth, the lagged effects of tight financial conditions, rising policy uncertainty, and geopolitical tensions. Rising protectionism, higher tariffs, geoeconomic fragmentation, and the reconfiguration of global supply chains became increasingly influential in shaping investment, production, and trade decisions, while also bringing new opportunities to the forefront in the areas of green transformation, digitalization, artificial intelligence, energy security, and supply chain resilience.
As of the first half of 2026, the global economy presents an even more challenging outlook, as the vulnerabilities carried over from 2025 have been compounded by escalating geopolitical tensions in the Middle East and growing concerns over energy security. The global growth outlook has become increasingly exposed to downside risks amid rising prices and volatility, renewed inflationary pressures, a cautious monetary policy stance, and weakening investment appetite. Energy costs, maritime shipping, and risks associated with critical transit chokepoints such as the Strait of Hormuz are placing increasing pressure on global supply chains. This environment is bringing supply chain resilience, resource diversification, and operational continuity back to the forefront of the global business agenda.
These developments have expanded the definition of corporate success beyond short-term financial performance, placing greater emphasis on a more comprehensive view of performance—one that also encompasses agility, effective risk management, disciplined capital allocation, operational flexibility, and the capacity for sustainable transformation. At the same time, the growing focus on energy security, cost predictability, renewable energy, energy efficiency, electrification, and capital flows directed toward low-emission technologies has reinforced the view that, for industrial companies, the low-carbon transition is not merely an environmental responsibility, but also a fundamental driver of competitiveness, market access, and long-term resilience.
At the Kibar Group, we viewed this period not merely as a time to adapt to prevailing conditions, but as a strategic inflection point requiring decisions that would strengthen the long-term resilience of our business model, our capacity for transformation, and our competitive advantage.
The principles of trust, integrity, diligence, and respect for people that we inherited from our founder, Asım Kibar, continue to serve as the cornerstones of the Kibar Group’s strategic direction. We leverage more than half a century of institutional experience not only to deliver financial success, but also to create lasting value for our employees, customers, suppliers, business partners, society, and the environment. Our Board of Directors’ priority is to preserve the institutional framework that enables the Kibar Group to remain strong and agile in the face of changing conditions, while further strengthening our responsibility to future generations as an integral part of our business model.
Guided by this approach, we continue to deliver sustainable growth, underpinned by our manufacturing capabilities, export strength, operational discipline, and long-term investment approach. In line with our international growth vision, we continue to invest in strengthening our manufacturing capabilities, expanding our market reach, and advancing our sustainable product solutions.
Our investment in a new manufacturing facility at the Freeport East free trade zone in Suffolk, United Kingdom, marks a significant milestone in strengthening the Kibar Group’s access to global markets while supporting growing demand for energy-efficient building solutions across Europe and the United Kingdom.
Our acquisition of an aluminum foil manufacturing facility in Fairmont, West Virginia, United States, marks another strategic milestone in strengthening the Kibar Group’s presence in the North American market.
These investments support our long-term value creation approach not only by expanding our production capacity, but also by enhancing logistics flexibility, strengthening customer proximity, diversifying our market presence, and advancing the adoption of sustainable product solutions.
One of the clearest indicators of our growth strategy is our strong position in international markets and our export performance. Through our export network spanning more than 100 countries, we generated approximately USD 3 billion in exports in 2025.
This performance reflects the Group’s manufacturing capabilities across diverse industries, the quality of its products, its expertise in international trade, and its ability to adapt to evolving market conditions. To sustain this success over the long term, we pursue our growth strategy through an integrated approach that combines sustainability, risk management, resource efficiency, and technology-driven transformation.
For the Kibar Group, 2025 marked a year of significant strategic renewal in sustainability. Following the successful completion of the majority of the targets set out in our 2025 Strategy, we launched our 2030 Sustainability Strategy. We developed our new strategy by taking into account economic, environmental, and social impacts, stakeholder expectations, the evolving regulatory landscape, and climate-related risks and opportunities. Guided by this strategic framework, we view sustainability not merely as a reporting or compliance requirement, but as a core management discipline that informs every aspect of our business model—from investment decisions and operational processes to product development and supply chain management.
To strengthen the implementation of this strategy, we developed and put into effect the Kibar Group Green Transition Action Plan for the 2025–2035 period. Through this Action Plan, we translated our transformation priorities into concrete areas of implementation across six strategic pillars: Net Zero Emissions by 2050, the Transition to a Circular Economy, Access to Sustainable Finance, Sustainable Human Resources Management, Sustainable Supply Chain Management, and Institutional Capacity Building. This framework enables us to manage our sustainability targets through a comprehensive transformation program with clearly defined responsibilities, implementation actions, and timelines.
We are also embedding this transformation approach throughout our value chain. Through the K-Star Supplier Sustainability Program and the K-Star Rise Supplier Sustainability Training Program, launched in 2025, we support our suppliers’ development in environmental, social, and governance (ESG) practices while viewing sustainable supply chain management as a key driver of our long-term competitiveness.
Our employees are at the heart of our transformation journey. I believe that, just as they have been instrumental in bringing the Kibar Group to where it is today, the knowledge, dedication, sense of responsibility, and commitment to our shared values demonstrated by our colleagues will remain our greatest strength as we prepare for the future. While preserving our culture of trust, we continue to strengthen a workplace that enables our employees to realize their full potential and lead change together.
Drawing strength from our employees, we also regard the relationships we build with society as an integral part of our long-term value creation approach. We continue to advance initiatives focused on creating lasting value in the areas of education, healthcare, social well-being, and volunteering. The social impact initiatives we carry out through the Kibar Education and Social Assistance Foundation and the programs implemented by Kibar Volunteers reflect the Kibar Group’s corporate approach—one that not only creates economic value but also places equal importance on growing together with society.
Transparency, accountability, and strong governance are the cornerstones of our sustainable value creation approach. Our 2025 Sustainability Report provides our stakeholders with a holistic view of our economic, environmental, and social performance, as well as our strategic priorities, transformation targets, and long-term value creation approach.
I would like to extend my sincere thanks to all our colleagues, customers, suppliers, business partners, and stakeholders whose dedication and contributions support our journey of sustainable value creation. As the Kibar Group, we will continue to build on the values inherited from our founder by aligning them with the needs of the future, advancing economic success alongside environmental and social responsibility.
Ali Kibar
Chairperson of the Board of Directors