CEEMEA Corporates Today: Limak Renewable Energy

Research evidence excerpt

CEEMEA Corporates Today: Limak Renewable Energy

J P M O R G A N CEEMEA Credit Research

30 June 2026

CEEMEA Corporates Today

Limak Renewable Energy

News EM CEEMEA Corporate Research

Zafar Nazim, CFA AC

• Limak Renewable Energy reports improved yoy 1Q26 results – Remain (44-20) 7134-7551

Neutral zafar.nazim@jpmorgan.com

J.P. Morgan Securities plc

Prices in this note are as of the time of writing on June 30th 2026. Lorenzo Parisi, CFA AC

(44-20) 3493-3150

lorenzo.parisi@jpmorgan.com

Emerging Europe J.P. Morgan Securities plc

Limak Renewable Energy reports improved yoy 1Q26 results – Remain Konstantin Rozantsev

Neutral (44-20) 7742-0275

konstantin.rozantsev@jpmorgan.com

Our take and recommendation: We are Neutral LIMYEN 30s (offered at

Nikhil Bhat, CFA

100.125, z+569, YTW 9.6%). Significantly improved yoy hydro conditions, lower

(44-20) 3493-8074

electricity prices and cash burn on the back of the large capex spend should not be nikhil.x1.bhat@jpmorgan.com

of any surprise by now. J.P. Morgan Securities plc

Nandini Bommakanti

We would expect more of the same in 2Q26 as, based on EPIAS website figures, (44-20) 3493-3515

we calculate that Limak’s generation (including JVs) in April-May 2026 was ~918 nandini.bommakanti@jpmorgan.com

GWh (+130% yoy), although electricity spot prices declined to an average of ~$20/ J.P. Morgan Securities plc

MWh (vs ~$61/MWh in 2Q25). Keshav Maheshwari

(91-22) 6157-3133

keshav.x.maheshwari@jpmchase.com

As previously mentioned, similar to other Turkish HY high-beta names (see here), J.P. Morgan India Private Limited

even though LIMYEN 30s offer a chunky yield of 9.6%, in the near term we believe

that the macro, rather than fundamentals, will dictate the bond’s performance.

• Noteworthy areas: (i) Net generation (including JVs) was 828 GWh (+82%