CEEMEA Corporates Today

Research evidence excerpt

CEEMEA Corporates Today

J P M O R G A N CEEMEA Credit Research

22 July 2026

Zorlu Enerji

EM CEEMEA Corporate Research

Zafar Nazim, CFA AC

(44-20) 7134-7551

zafar.nazim@jpmorgan.com

J.P. Morgan Securities plc

Konstantin Rozantsev

News (44-20) 7742-0275

konstantin.rozantsev@jpmorgan.com

• Zorlu Enerji: Moody’s revises outlook to Negative and affirms B3 ratings J.P. Morgan Securities plc

• Performance charts - as of July 21st Nikhil Bhat, CFA (44-20) 3493-8074

Prices in this Note are as of the time of writing on July 22nd. nikhil.x1.bhat@jpmorgan.com

Lorenzo Parisi, CFA AC

Emerging Europe (44-20) 3493-3150

Zorlu Enerji: Moody’s revises outlook to Negative and affirms B3 ratings lorenzo.parisi@jpmorgan.com

Nandini BommakantiMoody’s revised Zorlu Enerji’s outlook to Negative (from Stable) and affirmed the

(44-20) 3493-3515

B3 ratings. The rating action comes on the back of increasing leverage (after 1Q26 nandini.bommakanti@jpmorgan.com

earnings) and weak cash-flow generation. The agency mentioned that the J.P. Morgan Securities plc

operating environment remained challenging in 2Q26 (we note electricity spot Keshav Maheshwari

prices averaging ~$20/MWh in the quarter), with high inflation and interest rates. (91-22) 6157-3133

Moody’s expects earnings to improve in 2H26, but FY26 EBITDA to decline yoy, keshav.x.maheshwari@jpmchase.com

paired with cash burn and net leverage increasing to 4.5-5.0x at YE-26. J.P. Morgan India Private Limited

According to the agency, the company is committed to improving its liquidity

through further asset sales, although execution risks remain and timing is

uncertain. Moody’s could downgrade the ratings into “Caa” territory due to

concerns around liquidity, higher debt without prospects for deleveraging or no