SAYAS
Say Yenilenebilir Enerji Ekipmanları Sanayi ve Ticaret A.Ş.
Manufacturer of wind turbine tower internal equipmentStrong operations, TMS29 pressure on profit
In the first half of 2026, operating profit rose 35% to TRY 343 million. Exports accounted for 57% of sales, while GE represented 32%. The new plant has improved efficiency and cost positioning; recurring orders from existing customers continue. The company generated TRY 195 million in operating cash flow in the same period.
6M 2026 operating marginsKnown business volume is approximately EUR 7.12 million; this does not represent all second-half revenue and recurring orders may add further contribution. TMS29 remains a balance-sheet headwind while debt is declining.
1Business Model and Global Customers
More than steel: value-added equipment
SAYAS is not a conventional steel producer. It manufactures the internal equipment of wind turbine towers: generator parts, platforms, ladders, cable-tray systems, service platforms and specialised metal components.
It therefore does not simply sell tonnage; it raises the value of equipment supplied per tower. As turbines grow, so does the need for tower, platform and internal equipment, supporting potential revenue growth per MW.
Key customers:
A supplier position that protects margins
Export-oriented SAYAS serves global customers with certified, high-quality and timely delivery. Its new factory investment is complete and is expected to support capacity, efficiency and cost advantages.
When turbine makers face cost pressure, replacing qualified suppliers is not easy. Even if order counts fall, margin per order can improve for critical, high-quality suppliers.
- Critical position in the global supply chain
- High engineering, certification and quality standards
- Export-oriented structure and long-term customer relationships
- Capacity and efficiency potential with the new plant
22027 Growth Story and Scenarios
ENERCON → Ateş Wind → SAYAS
In June 2026, ENERCON decided to expand Turkish production for its next-generation E-175 EP5 E2 (7 MW) platform. Ateş Wind will manufacture generators and Ateş Çelik will produce hybrid steel towers.
SAYAS connection:
SAYAS’s ladders, platforms, internal steel components, access systems and other tower-internal equipment are installed in towers produced by Ateş Wind. Past company reports stated that components in the product group were supplied exclusively by SAYAS to Ateş Wind.
As tower production grows, so does potential business for SAYAS. Yet platform-related orders must be confirmed through future orders and disclosures.
First commercial deployment:
- 20 E-175 EP5 E2 turbines in the Aydın–Denizli project
- Total capacity of 140 MW
- Construction start: April 2027
- Planned commissioning: October 2027
Core potential: platform adoption
ENERCON’s 2,500 MW memorandum with Polat Enerji and İş Enerji points to potential for at least 350 turbines—far larger than the initial 20-turbine project. Turkey’s role as a production base for domestic and European markets could turn this into a long-term platform supply relationship.
2027 scenario analysis:
| Scenario | Probability | Revenue | EBITDA |
|---|---|---|---|
| Positive | 25% | TRY 4.2–4.8bn | TRY 1.05–1.25bn |
| Base | 55% | TRY 3.5–4.0bn | TRY 850m–1.05bn |
| Cautious | 20% | TRY 2.9–3.2bn | TRY 700–850m |