BRİSA BRİDGESTONE SABANCI LASTİK SANAYİ VE TİCARET A.Ş.

Regulatory Filings • May 26, 2025

RATING NOTIFICATION

Rating Agency Rated Company	: JCR AVRASYA DERECELENDİRME A.Ş. : : :BRİSA BRIDGESTONE SABANCI LASTİK SANAYİ VE TİCARET ANONİM ŞİRKETİ
Address	: Maslak Mahallesi Taşyoncası Sokak No:1/F F2 Blok Kat:2 34485 Sarıyer, İstanbul :: -Türkiye
Phoe & Fax No	: 0212 352 56 73 : – 0212 352 56 75
Date	: :26.05.2025
Subject	: Article 26 of the CMB Serial VIII, No. 51 : Communiqué on Principles

Capital Markets Bord of Türkiye (SPK)- To the Accounting Standards Department Central Securities Depository of the Turkish Capital Markets (MKK)– Public Disclosure Platform

"Brisa Bridgestone Sabancı Lastik Sanayi ve Ticaret A.Ş." has been evaluated by JCR Eurasia Rating.

• Solid leverage metrics in reviewed periods, despite slight attrition in 1Q2025,
• Sufficient equity contribution albeit sizeable dividend distributions and low level of paid-in capital,
• Moderate liquidity metrics supported by solid cash balance, positive cash flow metrics and utilization of various borrowing instruments,
• Insignificant level of doubtful trade receivables, thanks to broad dealer network, dispersed exports and sales to pioneer brands,
• Sustained presence in the sector with brand and service diversification, along with distinguished partnership structure including Sabancı Holding and Bridgestone,
• High level of compliance with the corporate governance practices as a publicly traded company,
• Reduced sales volume and revenue driven by domestic market slowdown in 1Q2025,
• Pressured operational profitability margins in 1Q2025, mainly attributable to elevated domestic costs against FC based sales,
• Notable decline in coverage metrics in FY2024 due to increasing financing expenses which sustained and caused net loss in 1Q2025,
• Intense competition in the tyre industry in addition to the sensitivity to developments in the inter/national automotive market,
• As actions for a global soft-landing gain prominence, decisions with the potential to adversely affect global trade are engendering considerable uncertainty.

Within the scope of the above issues, the Long-Term National Issuer Credit Rating of "Brisa Bridgestone Sabancı Lastik Sanayi ve Ticaret A.Ş." has been affirmed as 'AAA (tr)' and its outlook has been revised from 'Stable' to 'Negative'. All notes and outlooks of the Company are as follows.

Long-Term National Issuer Credit Rating	:	AAA (tr) / (Negative)
Short-Term National Issuer Credit Rating	:	J1+ (tr) / (Stable)
Long Term International Foreign Currency Issuer Credit Ratings	:	BBB+ / (Stable)
Long Term International Local Currency Issuer Credit Ratings	:	BBB+ / (Stable)

NOT: JCR Eurasia's ratings are objective and independent opinions regarding the creditworthiness of a security and/or issuer and should not be considered a recommendation to buy, hold, sell, or grant credit to any security. Rating reports are valid for 1 year from publication unless otherwise stated. The validity date of interim reviews cannot exceed the validity date of the original report.

Sincerely, JCR AVRASYA DERECELENDİRME A.Ş.

Zeki Metin ÇOKTAN Executive Vice President

Prof. Dr. Feyzullah YETGİN Chief Executive Officer

Copyright © 2007 by JCR Eurasia Rating. Maslak Mahallesi Taşyoncası Sokak No: 1 / F F2 Block Floor: 2 34485 Sarıyer / Istanbul / Türkiye Telephone: +90 (212) 352.56.73 Fax: +90 (212) 352.56.75 Unauthorized duplication is prohibited. All rights reserved. All information has been obtained from sources JCR Eurasia Rating believes to be reliable and from information/disclosures provided by the Company. However, JCR Eurasia Rating does not guarantee the accuracy or adequacy of this information. JCR Eurasia Rating's ratings are objective and independent opinions regarding the creditworthiness of a security and its issuer and should not be considered an investment recommendation for the purchase, holding or sale of any security or issue of bonds. This rating report has been prepared within the framework of methodologies and internationally accepted rating principles and guidelines registered and approved by the CMB (Capital Markets Board), BRSA (Banking Regulation and Supervision Agency), and is not within the scope of NRSRO (Nationally Recognized Statistical Rating Agency) regulations. http://www.jcrer.com.tr