Beko ECONOMIC

Supply Chain & Sourcing Relationships

• Brimag’s Tel Aviv Stock Exchange disclosure records a Beko distribution agreement dated 3 May 2021 and states that Arçelik gave notice on 25 June 2023 that the agreement would end on 3 May 2024 because Arçelik intended to distribute Beko products itself in Israel.¹

• Brimag reported approximately NIS 88.9 million in Beko sales during 2022 and approximately NIS 21.3 million during the first quarter of 2023; these are figures for Brimag’s former distributorship, not Beko Israel revenue or Beko Israel profit flows.¹

• From 3 May 2024, Brimag stated that Beko Israel would directly import, distribute, and sell Beko-branded products in Israel, with Marom Service providing consumer service on Beko Israel’s behalf after that date.²

• Brimag’s Q2 2023 filing states that Brimag Service entered an exclusive service agreement with Arçelik on 4 May 2023 for Beko-branded products, with a stated end date of 31 December 2026.³ The filing does not establish that this agreement remained in force after Beko Israel’s 24 February 2025 sale, covered products imported by Miniline, or involved post-sale supply by Arçelik.^{4, 3}

• Beko Romania’s audited separate financial statements for the year ended 31 December 2025 identify Beko Israel Household Appliances Ltd. as a related party, list its Petah Tikva address, and classify the relationship as “goods and services.”⁵

• No public evidence identified in the successfully retrievable underlying Romanian material of exact Beko Romania–Beko Israel transaction amounts, currency, debit/credit direction, product or service breakdown, invoices, customs entries, settlement terms, or an itemized transaction table.⁵

• The Romanian accounts cover both the period before 24 February 2025 and more than ten months after that date, but the accessible related-party material does not date any individual Beko Romania–Beko Israel transaction; it therefore does not establish that a reported transaction occurred after the share sale rather than while Beko Israel remained a group subsidiary.^{4, 5, 6}

• The reviewed evidence does not identify the countries of manufacture for products imported by Beko Israel during the 2024–25 group-owned period, nor does it provide product-level customs records, supplier invoices, or a sourcing map.^{7, 4}

• A 2020 report stated that Beko white goods then imported into Israel were made at a Turkish site, but that historical report does not establish origin, sourcing, or import routes in 2024–26.⁸

• Miniline’s service-purchase terms apply to Beko purchases from 1 July 2025 and define covered products as Beko-manufactured electrical appliances “imported by the company.”⁹ The terms identify “the company” as Miniline Ltd., company number 520039116, at 12 Granite Street, Petah Tikva, and refer to Miniline-authorised retailers/distributors and Electronics Pro Blue Ltd. in connection with repair-service contracts.⁹ This is company-issued evidence that Miniline represented itself as importer for covered Beko appliances, but it does not identify a manufacturer counterparty, customs entry, importer-of-record record, supply terms, royalty, or Arçelik/Beko group authorization.⁹

• No public evidence identified of a dated post-24-February-2025 customs entry, invoice, shipping document, importer appointment, importer-of-record filing, supply agreement, warranty agreement, or issuer disclosure proving supply or services by an Arçelik/Beko group entity to Beko Israel, Miniline, Samline, or another Israeli operator.^{4, 6, 10, 11, 9}

• No public evidence identified of Beko/Arçelik supplying military products, holding Israeli defence contracts, operating a critical-infrastructure supply relationship, or conducting Israeli agricultural sourcing.^{7, 4, 12}

Product Origin, Labeling & Regulatory Compliance

• Beko is the corporate brand under which Arçelik A.Ş. consolidated its global operations in April 2024, while Arçelik stated that its legal company name remained Arçelik A.Ş.¹³

• Arçelik’s 2024 annual report lists Beko Israel Household Appliances Ltd. as an Israeli group subsidiary whose principal activity was marketing durable consumer goods.⁷

• The reviewed materials do not establish whether Beko Israel imported products manufactured in Türkiye, Europe, Israel, or elsewhere, and they do not provide product-specific origin labels or regulatory filings.^{7, 4}

• The identified activity concerns consumer home appliances and durable goods rather than a documented Israeli manufacturing operation.^{2, 7}

• A Beko Israel additional-warranty promotion identifies Beko Israel Household Appliances Ltd., company number 515893048, at a Petah Tikva address and covers eligible Beko purchases from 17 July 2024 through 31 December 2025, including purchases through its website and authorised sellers or sites.¹⁰

• The promotion supports post-sale Beko-branded activity by an entity using the Beko Israel legal name, but does not establish a post-sale supply, trademark-licensing, warranty, service, e-commerce, reseller, or distribution agreement with an Arçelik/Beko group entity.¹⁰

• Israeli trade mark No. 360037 covers Beko appliance-related goods in Classes 7, 9, and 11.¹¹ The Israel Patent Office extract identifies Beko Europe Management S.r.l., Via Varesina 204, Milan, Italy, as proprietor; records application on 27 September 2022, registration on 4 September 2023, expiry on 27 September 2032, and a 23 March 2025 proprietor-details change from Whirlpool Management EMEA S.r.l.¹¹

• The public extract does not identify Beko Israel, Miniline, Samline, or another Israeli entity as a licensee, authorised user, distributor, or franchisee.¹¹ no public evidence identified of a disclosed current licence or authorised-use arrangement for trade mark No. 360037 with Beko Israel, Miniline, Samline, or another Israeli operator; the extract does not exclude a private licence or another registry record.¹¹

• Miniline’s November 2025 warranty page publishes Beko-specific warranty and installation terms, and its service-purchase terms support a consumer warranty and service channel operated by Miniline during 2025.^{9, 14} These materials do not establish manufacturer authorisation, trademark permission, group control, or group supply for that channel.^{9, 14}

• No public evidence identified in the reviewed corporate disclosures and importer notices of a Beko/Arçelik manufacturing site, warehouse, office, reseller, service location, or other operating presence in the West Bank, including East Jerusalem, or the Golan Heights.^{2, 7}

Investment, Capital & Financial Exposure

• As of 31 December 2024, Arçelik reported that Koç Holding A.Ş. held 41.43% of its shares, Koç-family members held 8.67%, other Koç-related entities held additional disclosed positions, and 14.96% of shares were publicly traded.⁷

• Koç Holding’s current shareholder page states that, as of 31 December 2025, Koç-family members and their companies collectively held 63.4% of Koç Holding; Family Danışmanlık held 43.7% of capital and 55.62% of voting rights through its A and B shares, the Vehbi Koç Foundation held 7.3%, and free float accounted for 26.9%.¹⁵

• Arçelik’s 31 March 2025 consolidated financial statements identify Beko Israel Household Appliances Ltd. as a wholly owned subsidiary at 31 December 2024 and state that all of its shares were sold on 24 February 2025.⁴

• Arçelik’s consolidation information reports 0% ownership and effective shareholding in Beko Israel at 31 March 2025, compared with 100% at 31 December 2024; Koç Holding’s independently issued first-quarter 2025 statements likewise record completion of the sale on 24 February 2025.^{4, 6}

• A September 2025 issuer financial statement available through a third-party document host presents Beko Israel at 0% ownership in September 2025 and 100% in December 2024; it corroborates, but does not replace, the issuer-hosted March 2025 disclosure.¹⁶

• An Arçelik 2025 year-end financial statement mirrored by Manuals.plus also reports 0% ownership of Beko Israel at 31 December 2025 compared with 100% at 31 December 2024; this is corroborative only and not an issuer-hosted source.¹⁷

• The reviewed Arçelik and Koç filings do not identify the buyer, sale consideration, transaction documents, closing mechanics, or post-sale ownership of Beko Israel.^{4, 6}

• No public evidence identified of an Israeli Companies Registrar extract, share-transfer filing, sale agreement, beneficial-owner record, director list, legal-status record, or other official transaction record resolving Beko Israel’s purchaser, beneficial ownership, directors, or post-sale status.^{4, 6}

• Calcalist reported on 27 January 2025 that Miniline-Samline, owned by Avi Asher, acquired Beko’s Israeli “activity” and that Arçelik confirmed a franchise transfer; the article’s reported consideration figures were estimates and it does not identify the purchaser of Beko Israel’s shares or provide transaction documentation.¹⁸

• Accordingly, the press report cannot independently establish that Miniline-Samline acquired the Beko Israel legal entity sold on 24 February 2025, rather than assets, inventory, a franchise, or another commercial right.^{4, 18}

• No public evidence identified of a franchise agreement establishing its parties, execution date, duration, territory, trademark licence, supply obligations, royalties, termination provisions, or current status.^{18, 9, 14}

• No public evidence identified in the reviewed materials of Israeli sovereign-bond holdings, Israel Bonds activity, portfolio investments in Israeli companies, Israeli investment funds, or material Israel-linked personal or family-office investments by the identified controlling persons.^{7, 4, 15}

Operational Presence & Market Activity

• Beko Israel’s direct import, distribution, and sales activity began on 3 May 2024 according to Brimag’s notice, replacing Brimag as importer and distributor.²

• This documented direct-market activity occurred after 19 July 2024 and during November 2024, and the reviewed records support its continuation under Arçelik ownership only until the reported sale of Beko Israel on 24 February 2025.^{2, 4}

• The 2025 promotion terms support Beko-branded activity after the sale date by an entity using the Beko Israel legal name, but do not identify the entity’s ownership, importer-of-record status, product source, or authorization from an in-scope Arçelik/Beko group entity.¹⁰

• Miniline’s terms support a post-sale Miniline importer, retailer/distributor, repair-service, and warranty channel for covered Beko appliances from 1 July 2025, while its November 2025 page publishes Beko-specific warranty terms.^{9, 14} The identified sources do not establish that this channel was manufacturer-authorised or controlled or supplied by an in-scope Arçelik/Beko entity.^{9, 14}

• No public evidence identified of a dated current manufacturer-authorisation agreement for an Israeli Beko distributor, retailer, warranty provider, service provider, e-commerce channel, or reseller.^{10, 9, 14}

• No public evidence identified of a dated post-24-February-2025 supply, distribution, trademark-licensing, warranty, service, e-commerce, or reseller arrangement between an Arçelik/Beko group entity and Beko Israel.^{2, 4, 10}

• No public evidence identified in reviewed primary materials of dated post-sale imports or sales by Beko Israel under authorization from an in-scope Arçelik/Beko entity.^{4, 6, 10}

• The evidence does not establish Beko Israel’s workforce, revenue, warehouse locations, retail outlets, delivery coverage, assets, tax payments, or contribution to group revenue.^{7, 4}

• Israel-wide direct distribution cannot establish sales, service, reseller, delivery, sourcing, or other activity in settlements without location-specific evidence.^{1, 2}

• The supplied document-scoped accountability review reported no mentions of Beko, Arçelik, Koç Holding, or identified affiliated entities in the specified settlement-database, human-rights, insurance, and boycott-report materials; this does not establish absence from all relevant databases or activities.¹²

Corporate Structure & Foundational Ties

• Beko should not be treated as a separately incorporated global parent merely because it is the corporate brand used by Arçelik A.Ş.¹³

• Arçelik’s 2019 annual report describes Beko Israel as having been established as a sales company in 2019, supporting its internal establishment as a sales company but not disclosing its incorporation record, capitalisation, directors, or consideration.¹⁸

• Arçelik announced that Beko Europe B.V. was created through its wholly owned Dutch subsidiary Beko B.V. and Whirlpool EMEA Holdings LLC, with Beko B.V. holding 75% and Whirlpool Corporation holding 25%.¹⁹

• Koç Holding’s annual report likewise describes Arçelik’s 75% controlling interest and Whirlpool’s 25% non-controlling interest in Beko Europe.¹²

• The Beko Europe announcement identifies 11 European production sites and none in Israel.¹⁹

• Arçelik’s corporate records support a Turkish legal-company, ownership, and management context rather than Israeli founding, headquarters, principal management, tax residence, or controlling capital.^{7, 13, 12}

• No public evidence identified in the reviewed entity-focused research of Israeli public-trading-enterprise status, Israeli state ownership, golden-share rights, or an Israeli critical-infrastructure designation.^{7, 13, 15}

• The reviewed primary source identifies Hakan Bulgurlu as Arçelik CEO and Ragıp Balcıoğlu as Beko Europe CEO at the April 2024 transaction announcement.¹⁹

• Koç Holding’s 2024 report identifies Rahmi M. Koç as Honorary Chair, Ömer M. Koç as Chair, Ali Y. Koç as Vice Chair, Semahat S. Arsel, Caroline N. Koç, and İpek Kıraç as directors, and Levent Çakıroğlu as a board member and CEO; these are disclosure-date identifications rather than independently verified current officeholder lists.¹²

• No public evidence identified in the reviewed sources linking the named executives or controlling principals to Israeli state, military, settlement, or Israeli-company ownership interests; the bounded research does not constitute person-by-person diligence of their investments, charitable activity, political activity, or board affiliations.^{7, 15, 12}

• The Vehbi Koç Foundation is disclosed as a Koç Holding shareholder, but the reviewed materials do not include grant schedules sufficient to treat this as a completed foundation-grant audit.^{15, 12}

Profit Repatriation & Economic Contribution

• The documented direct import, distribution, and sales activity indicates that Beko Israel conducted commercial activity in Israel between 3 May 2024 and the reported 24 February 2025 sale, but the available materials do not quantify its revenue, profit, taxes, assets, dividends, or payments to Arçelik.^{2, 4}

• Historical sales disclosed by Brimag relate to the former distributor and should not be treated as Beko Israel revenue or as evidence of profit repatriation by Beko Israel.¹

• The sale of all Beko Israel shares on 24 February 2025 ended the documented wholly owned subsidiary relationship, although the buyer and transaction value remain undisclosed in the reviewed issuer filings.^{4, 6}

• The Beko Romania related-party disclosure’s “goods and services” classification does not establish amounts, payment direction, settlement terms, transaction date, product or service subject matter, or whether any resulting profit was retained locally or transferred to Arçelik or another group entity.⁵

• The reviewed sources do not establish whether profits generated through Beko Israel were retained locally, remitted to Arçelik, distributed to Koç-group shareholders, or otherwise allocated.^{7, 4}