KALEKİM KİMYEVİ MADDELER SANAYİ VE TİCARET A.Ş.

Investor Presentation • Nov 5, 2025

2025 Q3 Operational Results

November 5, 2025

• Around 12% real increase in net sales due to continued organic growth in total
• ➢ Continued strong volume growth in the domestic market (15%)
• ➢ Volume decrease in international sales due to the high base of Q3'24, which had historal sales record (-7%)
• Increase in operational margins despite the partial decline in international volumes and EUR appreciation against USD
• Starting sales from local production in Iraq
• Commissioning of Kalekim Lyksor's production line in Morocco

Turkish Market: Construction Industry

• In the second quarter of 2025, the construction sector grew by 10.9%.
• Reconstruction activities, urban transformation and other construction activities in the earthquake zone supported the sector.

• Although there was a 4.5% increase in cement sales in the domestic market in Jan.-July'25 period, this increase was mainly due to the earthquake zone.

• In the nine-month period, housing sales increased by 19% to 1.13 million units.

• The wealth effect caused by the high returns of savings instruments continued to be decisive in housing sales.

• Despite the recent improvement, only 14% of sales are due to mortgage salesl due to high credit costs.

• Building construction permits issued in the first half of 2025 increased by 28% to 462 K.

• Building occupancy permits, which shows completed houses, maintained the same level as last year (279 K).

Export Markets: Construction Materials Industry

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

• In export markets where the recession continues, there have been fluctuations in commodity and metal prices in recent months due to uncertainties regarding customs tariffs
• According to the data for the first half of the year, which has been announced by IMSAD so far, our country's construction material exports increased by 6.9% compared to the same period of 2024.
• Exports of construction chemicals and construction paint & varnish products, which are the main product groups of our company, increased by 4.4% and 2.8%, respectively.

Exports (USD mio.)	Jan-June 2025	Jan-June 2024	Difference
Construction Materials	14,835	13,878		6.9%
- Construction Chemicals	447	428		4.4%
- Constr. Paint & Varnish	204	199		2.8%

Source: İMSAD

TL mln.

Sales Growth & Breakdown by Region

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

Türkiye International

• The volume decline in dry mortar and paint due to the high base effect of Q3'24, and the low exchange rate-high CPI index* used in inflation accounting suppress turnover increases in the international market.

	International Net Sales	2024-25 Q3 Change	2024-25 9M Change
Inflation accounting adjusted	in TL &USD	-3.5%	-1.5%
Inflation accounting non-adjusted	in TL	28.0%	33.9%
	in USD	5.0%	11.9%

^* The average USD rate for Jan-Sept. 2025 is 38.53 TL, which corresponds to an increase of 20% YoY, while the inflation adjustment coefficient for 2024 9-month is 1.33.

Sales Volume Growth

• In dry mortar and paint sales;
• ➢ After a growth of around 2% in the first half of the year in the domestic market, volume growth reached 9% in the third quarter.
• ➢ Despite the quarterly sales volume reaching 60 thousand tons, international sales contracted by 8.6% due to the high base effect of 2024Q3, when historical records were broken.
• In concrete and cement chemicals;
• ➢ With new production facilities and market share gains, Kalekim Lyksor continued its organic growth of 44% in the third quarter of the year.
• On the basis of all product groups, total sales volume increased by 8.0% in the Q3 and 9.7% in the 9-M of 2025.

Dry Mortar & Paint/Plaster Sales Volume (000 tons)

Concrete & Cement Chemicals Sales Volume (000 tons)

Sales Growth & Profitability by Product Group

• The gross profit margin of +40% in construction chemicals, the main product group, was maintained both in Q3 and 9-M period.
• The share of fast-growing concrete and cement chemicals in total sales increased and the gross margin improved.

BUILDING CHEMICALS

CONCRETE AND CEMENT CHEMICALS, RAW MATERIALS

Effective Supply Chain and Cost Management

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

• Prices in chemical raw material markets remained flat due to low global demand and changes in freight costs.
• In addition to exchange rate effect, the increase in cost inflation was driven by the change in the costs of filling and cement in dry mortars, and chemicals and packaging materials in paint group costs.
• As of the end of September 2025, in the last 12 months, cost index increased by 24.3% in dry mortars and by 17.8% in paint group.

COST INDEX CHANGE

• In the factory established in Duhok with the investment made within the scope of the localization strategy in Iraq, sales from production started in August after the sales license obtained from the local authorities.
• Our subsidiary Kalekim Lyksor, which participated in July 2025 51.8% of shares of Lyksor Maroc in Morocco started local production in the last quarter of the year with a capacity of approximately 30 thousand tons.

Financial Statements

IAS-29 Applied

P&L Summary*

	2025	2024	Y-on-Y	2025	Q-on-Q	2025	2024	Y-on-Y
(TL million)	Q3	Q3	Change	Q2	Change	9-Month	9-Month	Change
Sales Net	2 794 8 ,	2 492 0 ,	12 2% ,	2 560 4 ,	9 2% ,	372 0 7 ,	6 986 2 ,	5% 5 ,
Profit Gross	1 142 7	1 006 6	13 5%	1 028 9	11 1%	2 927 7	2 828 5	3 5%
	,	,	,	,	,	,	,	,
Margin	9% 40 ,	4% 40 ,		2% 40 ,		7% 39 ,	5% 40 ,
Profit Operating	542 1 ,	461 6 ,	4% 17 ,	503 5 ,	7% 7 ,	324 1 4 ,	276 0 1 ,	3 8% ,
Margin	19 4% ,	18 5% ,		19 7% ,		18 0% ,	18 3% ,
Profit Before Financing	537 4 ,	465 1 ,	5% 15 ,	495 8 ,	4% 8 ,	1 320 0 ,	1 279 6 ,	2% 3 ,
Margin	19 2% ,	18 7% ,		19 4% ,		17 9% ,	18 3% ,
Financial Income	194 8 ,	196 1 ,		185 2 ,		586 6 ,	534 3 ,
Financial Expense	-139 7 ,	-112 9 ,		-121 4 ,		-340 9 ,	-313 7 ,
(Loss) Gain Monetary	-185 7 ,	-214 0 ,		-130 3 ,		-481 6 ,	-526 8 ,
Profit Before Tax	406 8 ,	334 4 ,	21 7% ,	429 3 ,	-5 2% ,	1 084 1 ,	973 3 ,	11 4% ,
Margin	6% 14 ,	4% 13 ,		8% 16 ,		7% 14 ,	9% 13 ,
Profit Net	262 8 ,	322 5 ,	-18 5% ,	370 1 ,	-29 0% ,	800 5 ,	780 6 ,	2 6% ,
Margin	9 4% ,	12 9% ,		14 5% ,		10 9% ,	11 2% ,
EBITDA	626 4 ,	536 9 ,	7% 16 ,	587 6 ,	6% 6 ,	1 569 9 ,	1 467 6 ,	0% 7 ,
Margin	22 4% ,	21 5% ,		22 9% ,		21 3% ,	21 0% ,

Balance Sheet *

(TL mln.)	30 09 2025	31 12 2024		30 09 2025	31 12 2024
Current Assets	401 9 5 ,	4 887 3 ,	Liabilities Current	2 684 4 ,	2 331 2 ,
Cash Cash Equivalents &	2 322 8 ,	2 173 9 ,	Bank Loans	402 1 ,	0 414 ,
Financial Investments	56 1 ,	83 1 ,	Liabilities Lease	43 4 ,	32 7 ,
Trade Receivables	2 197 9 ,	1 684 2 ,	Trade Payables	1 474 7 ,	1 259 6 ,
Inventories	668 9 ,	686 7 ,	Deferred Incomes	309 7 ,	387 3 ,
Prepaid Expenses	47 8 ,	32 1 ,	Provisions	250 0 ,	147 9 ,
Current Tax Assets	67 1 ,	40 5 ,	Others	204 5 ,	89 6 ,
Others	41 2 ,	186 9 ,	Liabilities Non-current	155 1 ,	182 4 ,
Non-current Assets	3 770 8 ,	3 369 8 ,	Bank Loans	0 0 ,	0 0 ,
Tangibles Assets	2 772 7 ,	2 492 0 ,	Provisions	3 71 ,	62 4 ,
Intangible Assets	288 5 ,	211 9 ,	Liabilities Lease	70 6 ,	52 7 ,
for Properties Investment Purpose	285 9 ,	238 5 ,	Deferred Liabilities Tax	13 3 ,	67 2 ,
Deferred Tax Assets	174 3 ,	200 1 ,	Total Equity	6 333 2 ,	5 743 5 ,
Others	249 4 ,	227 3 ,	Issued Capital & Inflation adj	2 568 0 ,	2 568 0 ,
TOTAL ASSETS	9 172 8 ,	8 257 1 ,	& TOTAL LIABILITIES EQUITY	9 172 8 ,	8 257 1 ,

Cash and Financial Debt Structure

• The total amount of cash, cash equivalents and financial investments, which increased by 5.4% compared to 2024-end, was TL 2.38 billion.
• The breakdown of the total financial debt, which was up by 3.3% to TL 516 million in the same period, is as follows:
• ➢ TL 114 million from short- and long-term leasing
• ➢ TL 211 milion for the loan needs of Kalekim Lyksor
• As the consolidated net cash position is TL 1.86 billion, net debt/ EBITDA stands at -0,94X for the Group, and 0,38X for K. Lyksor, which had a net debt of TL 224 million.

Working Capital Management

• Due to its increasing share in consolidated sales and market conditions, Kalekim Lyksor's working capital needs have increased partially.
• Despite this increase on the Kalekim Lyksor side, the consolidated results were in line with the annual guidance thanks to the strong working capital management on the parent company's side.

	Kalekim Excl.	Lyksor Incl.	Kalekim Excl.	Lyksor Incl.
Number of Days*	Sept. 30,	2025	Sept. 30,	2024
Trade Receivables	51	71	55	68
Inventories	39	41	40	42
Trade Payables	107	83	100	83

^** Averages are calculated using the amounts at the beginning of the year and at the end of the period.

^*Last 12 month considered

2025 Guidance

Revised Annual Guidance (May 7, 2025)

2025 9-M Actuals

• ❑ Net Sales* (USD) :
• Türkiye (tonnes) :
• International (tonnes) :
• ❑ EBITDA margin :
• ❑ CAPEX :
• ❑ Working Capital / Net Sales :

6% - 12% growth

3% - 8% growth

15%-20% growth

20% - 25%

TL 700-800 mln.

10% - 15%

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

10.5%

8.7%

21.3%

TL 612 mln.

14.2%

5.5% * * According to inflation accounting, the end-of-period (30/09/'25) FX rate was used.

Without applying inflation accounting, the growth realized over the average period exchange rate is 20%.

❑ Net Sales* (USD) :

• Türkiye (tonnes) :

• International (tonnes) :

❑ EBITDA margin :

❑ Working Capital / Net Sales :

❑ CAPEX :

Revised Annual Guidance

(May 7, 2025)

6% - 12% growth

3% - 8% growth

15%-20% growth

20% - 25%

TL 700-800 mln.

10% - 15%

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

Revised Annual Guidance

(Nov. 5, 2025)

5% - 8% growth

3% - 8% growth

12%-15% growth

20% - 25%

TL 700-800 mln.

10% - 15%

Appendix

P&L Summary (IAS-29 not applied)

(TL million)	2025	2024	Y-on-Y	2025	Q-on-Q	2025	2024	Y-on-Y
	Q3	Q3	Change	Q2	Change	9-M	9-M	Change
Net Sales	2.698,6	1.832,3	47%	2.329,2	16%	6.735,6	4.697,4	43%
Türkiye	1.863,0	1.179,4	58%	1.640,3	14%	4.633,0	3.126,6	48%
International	835,6	652,9	28%	688,9	21%	2.102,6	1.570,8	34%
Gross Profit	1.151,5	813,0	42%	990,5	16%	2.838,8	2.073,7	37%
Margin	42,7%	44,4%		42,5%		42,1%	44,1%
Operating Profit	599,4	436,7	37%	537,7	11%	1.448,5	1.084,3	34%
Margin	22,2%	23,8%		23,1%		21,5%	23,1%
Profit Before Tax	650,6	501,0	30%	598,2	9%	1.676,0	1.244,6	35%
Margin	24,1%	27,3%		111,3%		24,9%	26,5%
Net Profit	550,8	492,3	12%	560,4	-2%	1.510,9	1.105,8	37%
Margin	20,4%	26,9%		93,7%		22,4%	23,5%
EBITDA	645,8	461,7	40%	489,0	32%	1.567,9	1.140,1	38%
Margin	23,9%	25,2%		21,0%		23,3%	24,3%

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.