INVESTOR PRESENTATION January - March 2025

Legal Disclaimer

Some information in this presentation may contain certain "forward-looking statements", including, without limitation BORUSAN BİRLEŞİK BORU FABRİKALARI SANAYİ ve TİCARET A.Ş. (Company)'s business projects, strategic objectives, future revenues, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions, demand for and pricing of our products, future developments regarding acquisitions, future-oriented financial information and "financial outlook" under applicable Capital Market Laws (collectively referred to herein as forward-looking statements). Forward-looking statements provide an opportunity for the potential investors to evaluate management's forecasts and opinions in respect of the future before they make a decision to invest. These forward-looking statements reflect the Company's views at the time such statement was made with respect to future events and are not a guarantee of future performance or developments and undue reliance should not be placed on them. Such forward- looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements.

Accordingly, the Company's board members, advisors, or employees shall not be liable for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on any statement in, or omission from, this presentation, or on any other information or communications in connection with it. All information contained was believed to be accurate at the time of publication of this presentation and the Company accepts no responsibility for any spelling or printing errors that may occur during its preparation.

BORUSAN BORU AT A GLANCE

^▪ Borusan Berg Pipe Mobile 100%

Foundation and Status: Established in 1958 as Borusan Group's first industrial venture, BBB is one of the leading manufacturers in the European and global steel pipe industry.
Public Listing: BBB shares have been traded on Borsa Istanbul under the ticker symbol BRSAN since 1994, with a current free float rate of 19.85%.
International Partnership and Structuring: Borusan Group established a partnership with Salzgitter Mannesmann ("SM") in 1998. In 2023, it acquired SM's 23% stake in BMB Holding for €52.8 million.
Global Expansion: BBB commenced operations in Italy in 2001 and entered the U.S. market in 2014; it acquired Berg Pipe in 2023.
Expansion in Europe: In 2024, a service center was commissioned in Romania to serve the automotive industry.
Strengthening in the U.S.: In 2024, BBB launched operations at the SRM factory in Baytown and announced the JCO (advanced forming technology) investment in Panama City.
Merger: On January 10, 2025, BMB Holding was merged into BBB through the transfer of all assets and liabilities.

* Detailed information is available on Berg Pipe acquisition presentation at
https://borusanboru.com/media/2554/bmb-berg-pipe-acqusition-final-eng.pdf

3 Continents 10 Facilities 1 million m²Area 2,374 Employees 1.7 million ton Capacity 4,000 Product Types

FACILITY	PRODUCT	SECTOR	YEAR	CAPACITY (tons)
TR - Halkalı	ERW and Cold Drawn Pipe	Automotive, Industry & Construction	1958	100,000 - welded 40,000 - drawn
TR - Gemlik	ERW Pipe	Industry & Construction, Infrastructure & Project, Energy	1976	550,000
TR - Bursa	Service Center	Automotive	2016	21 mln units
TR - Gemlik	Cold Drawn Pipe	Automotive	2019	60,000 - welded 50,000 - drawn
USA - Baytown	ERW Line Pipes	Energy	2014	300,000
USA - Baytown	SRM Pipe	Industry & Construction	2023	100,000
USA - Panama City	LSAW Pipe	Infrastructure & Project	1979	330,000
USA - Mobile	HSAW Pipe	Infrastructure & Project	2007	220,000
IT - Vobarno	ERW and Cold Drawn Pipe	Automotive	2001	30,000 - drawn
RO - Romania	Service Center	Automotive	2023	21 mln units

STEP BY STEP JOURNEY TO GLOBALIZATION

BUSINESS MODEL THAT MANAGES RISKS THROUGH SECTOR AND GEOGRAPHICAL DIVERSITY

	INFRASTRUCTURE & PROJECT	INDUSTRIAL & CONSTRUCTION	AUTOMOTIVE	ENERGY
Revenue Breakdown
2023	29%	18%	12%	41%
2024	47%	18%	12%	23%
Production Centers	• Panama City (USA) • Mobile (USA)	• Gemlik (TR) • Halkalı (TR) • Baytown (USA)	• Halkalı (TR) • Gemlik (TR) • Vobarno (IT) • Ploieşti (RO)	• Gemlik (TR) • Baytown (USA)
Products	• Spiral Welded Pipes • LSAW Line Pipes • ERW Line Pipes	• ERW Natural Gas Pipes • Industrial Pipe and Profiles • Water Pipes • Construction Pipe and Profiles • SRM Installation Pipes	• Hydraulic Cylinder Pipe • Cold Drawn Pipes • Advance Processed Pipes • Precision Pipes and Profiles	• ERW Line Pipes • OCTG Pipes

REVENUE GENERATED FROM GLOBAL MARKETS MAINTAINS ITS STRONG MOMENTUM

As of 1Q 2025, international markets accounted for 77% of total revenue. (1Q24: 79%)

INCREASINGLY CHALLENGING CONDITIONS EXERT PRESSURE ON PROFITABILITY IN 1Q 2025

Change in volume by business line as of 1Q25 vs. 1Q24:

- Industrial and Construction: 37.2% increase
- Energy: 8.8% increase
Automotive: 5.2% decrease
Infrastructure and Project: 76.0% decrease

Change in revenue by business line as of 1Q25 vs. 1Q24:

- Industrial and Construction: 39.5% increase
Energy: 5.5 decrease
Automotive: 11.2% decrease
Infrastructure and Project:
- 74.3% decrease
Limited capacity utilization due to sluggish demand and increased production costs driven by an inflationary environment
The impact of the real appreciation of Turkish Lira on costs and operational expenses
Pricing power constrained by intensified competition and a weak demand environment

BUSINESS LINES MITIGATING THE EFFECTS OF GLOBAL VOLATILITY

INDUSTRIAL &

The decline driven by the base effect stemming from the completed projects from the previous year.

- The growing contribution of the newly commissioned SRM factory in the U.S.
Rising labor costs and stagnant market conditions in Turkey

o Normalized revenue due to balanced

supply-demand dynamics

The continued weak demand outlook in the automotive market, primarily in Europe
Rising labor costs

SUMMARY INCOME STATEMENT (\$ MLN)

CONSOLIDATED (\$ mln)	1Q25	1Q24	Change (%)	2024	2023	Change (%)	4Ç24
Revenue	319.1	529.3	(39.7%)	1,689.5	1,741.2	(3.0%)	350.3
Gross Profit	16.6	43.0	(61.3%)	112.3	318.1	(64.7%)	9.3
Gross Profit Margin (%)	5.2%	8.1%	(2.9 pps)	6.6%	18.3%	(11.7 pps)	2.7%
Operational Expenses	(19.8)	(18.4)	7.4%	(81.2)	(84.9)	(4.5%)	(21.9)
OPEX Margin (%)	(6.2%)	(3.5%)	(2.7 pps)	(4.8%)	(4.9%)	0.1 pps	(6.3%)
Other	8.2	11.7	(30.0%)	28.1	62.2	(54.8%)	6.4
EBIT	5.1	36.3	(86.0%)	59.3	295.4	(79.9%)	(6.2)
EBIT Margin (%)	1.6%	6.9%	(5.3 pps)	3.5%	17.0%	(13.5 pps)	(1.8%)
Financial Expenses	(12.0)	(16.2)	(25.8%)	(58.7)	(57.8)	1.5%	(12.3)
Profit Before Tax	(6.9)	20.1	n.m.	0.6	237.6	(99.7%)	(18.5)
PBT Margin (%)	(2.2%)	3.8%	(6.0 pps)	0.0%	13.6%	(13.6 pps)	(5.3%)
Net Income	(7.9)	11.9	n.m.	(5.1)	194.1	n.m.	(15.6)
Net Income Margin (%)	(2.5%)	2.2%	(4.7 pps)	(0.3%)	11.1%	(11.4 pps)	(4.5%)
Amortization	11.6	11.7	(%0.3)	43.3	42.1	2.9%	11.9
Other	0.9	(1.6)	n.m.	(0.6)	(21.2)	(97.1%)	0.4
EBITDA*	17.6	46.4	(62.0%)	101.9	316.2	(67.8%)	6.0
EBITDA Margin (%)	5.5%	8.8%	(3.3 pps)	6.0%	18.2%	(12.2 pps)	1.7%

9 * EBITDA is calculated including Net Operating Income, Income from Investment Activities and excluding Extraordinary Income (Expense).

SUMMARY INCOME STATEMENT (TRY MLN)

CONSOLIDATED (TRY mln)*	1Q25	1Q24	Change (%)	2024	2023	Change (%)	4Ç24
Revenue	11,550.2	16,356.5	(29.4%)	55,065.7	42,175.5	30.6%	12,081.9
Gross Profit	601.5	1,328.4	(54.7%)	3,607.0	7,087.9	(49.1%)	321.0
Gross Profit Margin (%)	5.2%	8.1%	(2.9 pps)	6.6%	18.3%	(11.7 pps)	2.7%
Operational Expenses	(715.0)	(568.2)	25.8%	(2,668.4)	(2,033.9)	31.2%	(755.9)
OPEX Margin (%)	(6.2%)	(3.5%)	(2.7 pps)	(4.8%)	(4.9%)	0.1 pps	(6.3%)
Other	296.9	362.1	(18.0%)	913.5	1,318.4	(30.7%)	220.0
EBIT	183.4	1,122.3	(83.7%)	1,852.1	6,372.4	(70.9%)	(214.9)
EBIT Margin (%)	1.6%	6.9%	(5.3 pps)	3.5%	17.0%	(13.5 pps)	(1.8%)
Financial Expenses	(434.3)	(499.8)	(13.1%)	(1,915.5)	(1,408.6)	36.0%	(423.0)
Profit Before Tax	(250.9)	622.5	n.m.	(63.4)	4,963.9	n.m.	(637.9)
PBT Margin (%)	(2.2%)	3.8%	(6.0 pps)	0.0%	13.6%	(13.6 pps)	(5.3%)
Net Income	(284.5)	366.9	n.m.	(227.7)	4,102.8	n.m.	(539.1)
Net Income Margin (%)	(2.5%)	2.2%	(4.7 pps)	(0.3%)	11.1%	(11.4 pps)	(4.5%)
Amortization	420.8	360.2	16.8%	1,419.4	1,000.3	41.9%	406.6
Other	(34.1)	(48.3)	(48.3%)	(20.1)	(503.6)	(96.0%)	12.1
EBITDA**	638.3	1,434.2	(55.5%)	3,251.4	6,869.1	(52.7%)	203.8
EBITDA Margin (%)	5.5%	8.8%	(3.3 pps)	6.0%	18.2%	(12.2 pps)	1.7%

* Margins for TRY Consolidated Income Statement are based on USD dollar Income Statement.

** EBITDA is calculated including Net Operating Income, Income from Investment Activities and excluding Extraordinary Income (Expense).

SUMMARY BALANCE SHEET AND FX POSITION

(\$ mln)	1Q25	1Q24	2024	2023
Cash and Cash Equivalents Trade Receivables Inventories Inventory Advances	109 210 414 34	130 177 578 22	67 149 353 36	129 197 537 57
Current Assets	859	1.041	698	1.084
Non-Current Assets	871	827	874	816
TOTAL ASSETS	1,730	1,868	1,571	1,899
Short Term Borrowings Trades Payables Advances Received Short Term Liabilities Long Term Borrowings Long Term Liabilities Paid in Capital Equity	264 242 143 697 97 189 69 844	229 325 200 825 83 184 69 859	260 159 56 539 87 179 69 853	265 293 221 874 84 178 69 848
TOTAL LIABILITIES	1,730	1,868	1,571	1,899
(\$ mln)	1Q25	1Q24	2024	2023
Net Working Capital*	273	251	324	277

Net Financial Debt 251 182 281 219

* Net Financial Debt/EBITDA ratios are calculated using EBITDA for the last twelve months.

0,0 0% 200,00% 400,00% 600,00% 800,00% 100 0,00% 120 0,00%

* Net working capital is calculated including advances.

FREE CASH FLOW CHANGE IN CASH

(\$ mln) (\$ mln)

OPERATIONS AND FINANCIAL DISCIPLINE

➢ Issue:
- Challenging conditions and weak demand in the markets where we operate
➢ Impact:
- Profitability and cash flow pressured by declining revenues
➢ Focus Area:
- Continuing cost containment measures
- Managing working capital effectively
- Reducing leverage
- Prioritizing high capacity utilization and profitability in the Turkish market

TARIFF MEASURES PLANNED IN THE U.S. MARKET

➢ Issue:

• Ongoing negotiations regarding the trade tariffs intended to be implemented by the U.S.

➢ Impact:

A potential restriction on imports could lead to higher prices and improved short-term profitability in the domestic market. However, the subsequent market reaction will be a key determinant of overall profitability.
➢ Focus Area:
- Closely monitoring how the tariffs will be implemented
- Achieving optimal capacity utilization to maximize profitability

SUSTAINABILITY COMPLIANCE EFFORTS

➢ Issue:
Deadline for the transitional phase of the Carbon Border Adjustment Mechanism (CBAM): January 1, 2026, marking the start of the EU's enforcement of carbon regulations on import processes.
➢ Impact:
- Potential financial liabilities that may arise if raw material emission levels remain high, if the EU deems decarbonization measures insufficient, or if equivalence is not achieved between international agreements and Emissions Trading Systems or carbon pricing mechanisms
➢ Focus Area:
- Accelerating ongoing compliance efforts

2025 GUIDANCE

	2020	2021	2022	2023	2024	1Q25	2025 Guidance
Sales Volume (mln tons)	0.63	0.76	0.85	1.06	1.17	0.26	1.05 - 1.20

Revenue (\$ billion)	0.5	0.8	1.3	1.7	1.7	0.3	1.6 - 1.8

EBITDA Margin (%)	9.9%	9.8%	14.9%	18.2%	6.0%	5.5%	5% - 7%

In 1Q 2025, financial results came in below expectations due to ongoing sluggish demand, price-driven competition, and rising cost pressures. However, the favorable pricing environment - particularly prevailing in the U.S. market during 2Q 2025 - is expected to continue into 3Q 2025.
Although the tariffs to be implemented by the U.S. are not expected to have a direct impact on steel products, their potential effects are anticipated to become more evident in the fourth quarter of 2025 and throughout 2026. At this stage, no revisions have been made to the year-end 2025 guidance.
In line with its outlook for the remainder of the year, Borusan Boru expects to achieve a sales volume of between 1.05 and 1.20 million tons, revenue in the range of \$1.6 - 1.8 billion, and an EBITDA margin between 5% and 7% in 2025.
Under normal circumstances, guidance is disclosed four times a year, in conjunction with quarterly financial disclosures.
Qualified human resources with agility to take prompt action and vision to turn crises into advantage
Quality and leading brand perception
Strong customer satisfaction thanks to customer and solution focused approach at the maximum
Preferred manufacturer by suppliers due to value-added products, continuous growth and reliable partner approach
Wide product portfolio continuously supported by new investments
Ranked 1. in Europe in cold drawn pipes and leading manufacturer in the USA in welded steel pipe market
Balanced portfolio approach with presence in geographies and segments having different dynamics

COMPETITIVE ADVANTAGES FOCUS FOR TRANSFORMATION STRATEGIC ACTIONS

ESG oriented cultural transformation
Compliance studies on CBAM (Carbon Border Adjustment)
Digital transformation initiated with the SAP project
Ongoing efforts to maximize capacity utilization and optimize production costs
Profitability oriented sustainable growth in business lines and geographic regions
The integration of acquisitions and investments in new regions in the most efficient manner
Generating value add with smart pipes, enabling customer and product communication
Targeting new markets with hydrogen, carbon capture and energy storage products
Infrastructure and Project: Growth in Northern America Market with Berg Pipe acquisition in the USA
Industrial and Construction: Increasing the weight of new products in the portfolio through SRM investment in the USA
Automotive: Penetration in Tier 1 Tier 2 customer segments in Europe with the Service Center investment in Romania
Energy: Sustaining profitable revenue growth by weighing on automation and robotics investment in existing lines
Constantly evaluating acquisition and mergers options with a focus on efficiency

OUR ENVIRONMENT, SOCIAL, GOVERNANCE (ESG) ORIENTED ACTIONS

	PRIORITIES	RELATED KPI'S
N A M U H	• Occupational Health and Safety • Social Contribution • Effective People Management	• Decrease in Frequency and Weight of Accident • Female Employee Rate • Employee Loyalty • Talent Retention Rate
E T A M LI C	• Waste Management • Circular Economy • Combating Climate Crisis • Transition to Zero Carbon Economy	• Reduction of Scope 1 and 2 Emission • Reduction of Waste • Reduction of Water Consumption • Increase of Recycled Water
E C N A N R E V O G	• Sustainability in Supply Chain • Effective Risk ve Crisis Management • Excellence in Customet Relations • Adopting Innovative Business Models	• Compliance with Corporate Governance Principles • All Sustainability KPI's • Green Purchase at Supply Chain
N O TI A V O N N I	• New Product and Innovation • Digital Transformation • Artificial Intelligence • Operational efficiency	• Revenue Generated from Innovative Business Models • Implementation of Circular Business Model (Product or Service)

Telephone 0 212 3935758 E-mail [email protected]

Sınıflandırma: Borusan Grubu Özel Classification: Borusan Group Confidential

AI Terminal

BORUSAN BİRLEŞİK BORU FABRİKALARI SANAYİ VE TİCARET A.Ş.

10647_rns_2025-05-08_36b75a91-e711-48d0-9305-9b317873ca54.pdf