KALESERAMİK ÇANAKKALE KALEBODUR SERAMİK SANAYİ A.Ş.

Investor Presentation • Aug 19, 2025

Sınıflandırma: GENEL (PUBLIC)

2025 Q2 Operating Results

August 19, 2025

2025 Q2 Highlights

Sınıflandırma: GENEL (PUBLIC)

• Despite the pressure created by the appreciation of TL on sales and profitability, and the high inflation indexation vs. low exchange rate
  • ➢ More than 10% increase in sales in real terms
  • ➢ Over 1000bps improvement in gross margin
  • ➢ Although still negative, YoY improvement in operating profit margin
• The ongoing negative impact of high credit costs on financing expenses
• Increasing the existing Slab-Sinterflex production line capacity by 50% to a total of 2 million m²

Turkish Market: Construction Industry

Sınıflandırma: GENEL (PUBLIC)

• The construction sector, which continued to grow by 7.3% in 2025 Q1 after growth in 2023-24 period, made a positive contribution to economic growth.
• The main factor supporting the sector is the comprehensive reconstruction in earthquake zone and urban transformation activities.
• In January-April '25, cement sales in domestic market decreased by 2.4%

• In the first half of the year, housing sales increased by 27% to 692 K units.
• The wealth effect created by the high returns of savings instruments continued to be decisive in housing sales.
• Despite the recent improvement, only 13% of sales are due to mortgage sales, due to high credit costs. (2024:%11)

Bu mesaj/doküman GENEL (PUBLIC) etiketi ile sınıflandırılmıştır.

• Building construction permits issued in 2025 Q1 decreased by 19% to 144 K.
• Building occupancy permits, which show completed houses, also decreased by 26% to 130 K units in 2025 Q1.
• The fact that the increase in cement sales is limited to the earthquake

zone supports the license statistics.

3 3

Turkish Market: Construction Industry

• While the construction confidence index was in an upward trend in the Q1, it fluctuated in Q2 and decreased by 3.2 points to 88.6 in June compared to the previous month.

• Existing construction works, which experienced sharp decline in June, made an effort to recover in July.
• Political expectations, economic policies, earthquake zone and urban transformation will continue to determine the current jobs.

Bu mesaj/doküman GENEL (PUBLIC) etiketi ile sınıflandırılmıştır.

• New business orders rose in May after three-month decline. In June, it again decreased by 1.8 points.

• Additional tightening measures taken due to financial shocks in March limited new business orders.

Export Markets: Construction Materials Industry

Bu mesaj/doküman GENEL (PUBLIC) etiketi ile sınıflandırılmıştır.

• In export markets, the ongoing recession in the first five months of 2025 and the tariffs announced by the USA have increased uncertainties.
• According to the data for the first 5 months of the year, which has been announced by IMSAD so far, our country's construction material exports increased by 6.1% compared to the same period of the previous year.
• Exports of ceramic coating materials, which are the main product groups of our company, remained flat, while exports of ceramic sanitary ware decreased by 11.9%.

Exports (USD mio.)	Jan-May 2025	Jan-May 2024	Change
Construction Materials	12.433	11.722	%6,1
- Seramic Coating	281	281	%0,2
- Seramik Sanitary ware	115	101	-%11,9

Kaynak: İMSAD

5

Sales Growth & Breakdown by Region

• High credit and construction costs continued to put pressure on demand in the domestic market, while tariff wars, valuable TL and sluggish demand continued to put pressure on sales in foreign markets.
• On the other hand, low exchange rate vs. high inflation indexation* in inflation accounting prevented the volume increase achieved in the foreign market from being reflected in sales value both in Q2 and in 6-M period.

* The average USD rate for Jan.-June 2025 period is TL 37.38 TL, which corresponds to an increase of 18% compared to the same period of 2024, while the inflation adjustment coefficient for Jan.-June 2024 period is 1.35.

TL million

Sınıflandırma: GENEL (PUBLIC)

7

7

• In the second quarter of the year, our sales of ceramic coating materials, which is the main product group, increased by 27% in the domestic market and increased by 5% in international markets.
• In the first half of the year, ceramic coating sales remained flat, while export markets grew by 12%.

Investments

Sınıflandırma: GENEL (PUBLIC)

• An investment of approximately EUR 15 million, which was made within the scope of the Slab-Sinterflex investment in the prospectus and covered by the fund obtained from IPO, was completed and mass production started on the commissioned production line.

• Within the scope of the thinnest and largest ceramic production, which was started with the aim of providing faster and higher quality service to increasing customer demand, led by Kaleseramik; the Company has increased the capacity of its existing line by 50% and reached a total production capacity of 2 million m² sinterflex.

Financial Statements

IAS-29 APPLIED

Sınıflandırma: GENEL (PUBLIC)

P&L Summary*

Sınıflandırma: GENEL (PUBLIC)

10

10

* IAS-29 applied

		2025	2024	Y-on-Y	2025	Q-on-Q	2025	2024	Y-on-Y
(TL million)		Q2	Q2	Change	Q1	Change	6-Month	6-Month	Change
Sales Net		3 078 0 ,	2 783 2 ,	6% 10 ,	3 004 4 ,	5% 2 ,	6 082 4 ,	6 246 6 ,	6% -2 ,
Profit Gross		397 3 ,	62 8 ,	532 4% ,	132 2 ,	200 6% ,	529 5 ,	438 5 ,	20 7% ,
	Margin	9% 12 ,	3% 2 ,		4% 4 ,		7% 8 ,	0% 7 ,
Profit Operating		-402 5 ,	-776 8 ,		-562 6 ,		-965 1 ,	-970 8 ,
	Margin	1% -13 ,	9% -27 ,		7% -18 ,		9% -15 ,	5% -15 ,
Profit Before Financing		-413 4 ,	-785 3 ,		-585 6 ,		-999 0 ,	-991 9 ,
	Margin	-13 4% ,	-28 2% ,		-19 5% ,		-16 4% ,	9% -15 ,
Financial Income		144 8 ,	375 1 ,		168 8 ,		313 6 ,	798 6 ,
Financial Expense		-806 2 ,	-652 4 ,		-734 1 ,		-1 540 3 ,	-1 446 2 ,
(Loss) Gain Monetary		256 4 ,	170 4 ,		488 7 ,		745 1 ,	181 7 ,
Profit Before Tax		-818 4 ,	-892 2 ,		-662 2 ,		-1 480 6 ,	-1 457 8 ,
	Margin	6% -26 ,	1% -32 ,		0% -22 ,		3% -24 ,	3% -23 ,
Profit Net		-767 6 ,	-990 6 ,		-685 5 ,		453 -1 1 ,	762 -1 4 ,
	Margin	9% -24 ,	6% -35 ,		8% -22 ,		9% -23 ,	2% -28 ,
EBITDA		-105 6 ,	-527 9 ,		-316 8 ,		-422 4 ,	-501 0 ,
	Margin	4% -3 ,	0% -19 ,		5% -10 ,		9% -6 ,	0% -8 ,
			Bu mesaj/doküman GENEL (PUBLIC) etiketi ile sınıflandırılmıştır.

Sınıflandırma: GENEL (PUBLIC)

(TL million)	30 06 2025	31 12 2024		30 06 2025	31 12 2024
Current Assets	8 486 2 ,	8 347 2 ,	Liabilities Current	9 384 8 ,	7 974 6 ,
Cash Cash Equivalents &	198 9 1 ,	701 1 4 ,	Bank Loans	473 2 5 ,	299 5 1 ,
Trade Receivables	3 200 1 ,	2 261 8 ,	Liabilities Lease	34 2 ,	35 2 ,
Inventories	3 595 0 ,	3 872 6 ,	Trade Payables	3 129 5 ,	2 142 6 ,
Prepaid Expenses	316 4 ,	298 2 ,	Deferred Incomes	259 7 ,	221 4 ,
Current Tax Assets	104 7 ,	9 75 ,	Provisions	78 8 ,	49 0 ,
Others	71 2 ,	137 3 ,	Others	409 4 ,	227 3 ,
Non-current Assets	9 929 3 ,	9 708 7 ,	Liabilities Non-current	872 8 1 ,	576 2 1 ,
Tangibles Assets	7 859 3 ,	7 659 3 ,	Bank Loans	1 084 3 ,	892 7 ,
Intangible Assets	684 5 ,	612 6 ,	Provisions	517 1 ,	444 4 ,
for Properties Investment Purpose	402 4 ,	370 7 ,	Liabilities Lease	91 3 ,	77 6 ,
Deferred Tax Assets	825 9 ,	781 1 ,	Trade Payables	180 1 ,	161 5 ,
Right of Use Assets	127 5 ,	112 4 ,	Total Equity	7 158 0 ,	8 505 1 ,
Others	29 7 ,	172 5 ,	Issued Capital Inflation adj &	10 267 2 ,	10 267 2 ,
TOTAL ASSETS	18 415 6 ,	18 055 8 ,	& TOTAL LIABILITIES EQUITY	18 415 6 ,	18 055 8 ,

30.06.2025 31.12.2024 30.06.2025 31.12.2024

Cash and Financial Debt Structure

• As of the end of 2025 Q2, the total value of cash and cash equivalents is TL 1.2 billion.
• There are a total of TL 6.7 billion in short- and long-term financial liabilities.
  • ➢ TL 126 million is due to operational leasing agreements
  • ➢ 43% in FX

Sınıflandırma: GENEL (PUBLIC)

• As of the end of the 2025 Q2, the total net financial debt* is TL 5,4 billion.

* Cash and cash equivalents were deducted, and liabilities related to leasing transactions were ignored.

Annex

Sınıflandırma: GENEL (PUBLIC)

		2025	2024	Y-on-Y	2025	Q-on-Q	2025	2024	Y-on-Y
(TL million)		Q2	Q2	Change	Q1	Change	6-Month	6-Month	Change
Net Sales		3.010,1	1.987,5	51%	2.730,4	10%	5.740,5	4.223,0	36%
Gross Profit		798,4	384,5	108%	565,1	41%	1.363,5	967,4	41%
	Margin	26,5%	19,3%		20,7%		23,8%	22,9%
Operating Profit		93,6	-212,8		-82,7		10,9	5,8	88%
	Margin	3,1%	-10,7%		-3,0%		0,2%	0,1%
Profit Before Tax		-609,8	-398,6		-571,2		-1.181,0	-417,0
	Margin	-20,3%	-20,1%		-20,9%		-20,6%	-9,9%
Net Profit		-465,4	-327,8		-386,7		-852,1	-189,8
	Margin	-15,5%	-16,5%		-14,2%		-14,8%	-4,5%
EBITDA		202,9	-135,6		6,0		208,9	135,5	54%
	Margin	6,7%	-6,8%		0,2%		3,6%	3,2%

Bu mesaj/doküman GENEL (PUBLIC) etiketi ile sınıflandırılmıştır.

14 14

Disclaimer

None of the information contained in this presentation contains investment advice, and any advice contained herein is not based on specific buyers' assessments of investment objectives, financial standing, or particular needs. This presentation does not constitute, in whole or in part, an offer to sell any of the Company's securities or an invitation for another offer or subscription or takeover, or incentive to make an investment. No part of this presentation and the fact that it has been distributed shall form the basis of any contract, commitment, or investment decision and cannot be considered in this regard. This presentation is solely the responsibility of the Company. This presentation is not intended to cover all information about the Company, nor has it been independently verified. The information and opinions given within the scope of this document are provided as of the date of presentation, and changes in the information and opinions contained in the presentation will not be subject to notification. The Company has not made, nor will it make any express or implied representations or commitments regarding the impartiality, sufficiency, accuracy and completeness of the information or opinions contained in this presentation (or whether the entry of any information into this presentation has been neglected), and no such assumptions are made.

The sector and competitive environment data contained in this presentation have been obtained from official or independent sources as far as possible. Independent industry publications, studies, and surveys generally state that the data contained in such sources are obtained from sources considered to be reliable, but that no commitment is made as to the accuracy or completeness of this information. While the Company believes that each publication, study, and survey has been prepared by reliable sources, it has not independently verified the accuracy of such information. In addition, the sector and competitive environment data in this presentation are based on the Company's internal surveys and estimations based on the Company management's knowledge and experience in the sectors in which the Company operates. While the Company believes that these surveys and estimates are appropriate and reliable, the accuracy and completeness of these surveys and estimates and the underlying methodologies and assumptions have not been verified by any independent source, and changes in them will not be subject to notification. Therefore, undue meaning should not be attributed to any data contained in this presentation.

This presentation contains "forward-looking statements." These statements include such terms as "anticipate," "will," "believe," "intend," "guess," "expect," and similar. Except for historical information, all related statements, including but not limited to the Company's financial position, prospects, growth, business strategy, plans, and management's objectives for future operations, are forward-looking statements. These statements include known and unknown risks and other important factors, including but not limited to risks or uncertainties that could cause the Company's actual results, performance, or achievements to differ significantly from the results, performance, or achievements stated or implied in this forward-looking statements. These statements are based on numerous assumptions regarding the Company's current and prospective business strategies and the business environment in which the Company will operate in the future. These forward-looking statements are to be taken into consideration only as of the date of this presentation. The Company warns the recipients of this presentation that the forward-looking statements do not constitute a commitment to the future performance of the Company and that the Company's actual financial position, expectations, growth, business strategy, plans, and management's objectives regarding future operations may differ materially from those stated and disclosed in the forward-looking statements in this presentation. In addition, even if the Company's financial position, prospects, growth, business strategy, plans, and management's objectives for future operations are consistent with the forward-looking statements in the presentation, these results and developments do not constitute an indicator of the results or developments to be achieved in any future period.

Any member of the board of directors, managers, employees or any other person of Kaleseramik, Çanakkale Kalebodur Seramik Sanayi A.Ş. or the Company; Kaleseramik, Çanakkale Kalebodur Seramik Sanayi A.Ş. cannot be held responsible for any damages that may arise from the use of the content of this presentation.