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

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%.
Global Expansion: BBB commenced operations in Italy in 2001 and entered the U.S. market in 2014; it acquired Berg Pipe in the USA 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.
Restructuring in Türkiye: On June 19, 2025, a strategic investment decision was made to restructure production infrastructure in Türkiye in line with sustainable growth, profitability, and operational efficiency goals.

LEADING GLOBAL POWER IN STEEL PIPE PRODUCTION

		4.0
5	Co	nti	ne	nts

10 Facilities

1 million m² Area

2,328 Employees

1.75 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
7	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

In 9M25 84% Global Market* Revenue Share

Gemlik ERW Pipe

Facility commenced

1958 Borusan Boru has been established 1968 Halkalı ERW Pipe Facility commenced operations.

1969
First export has been realized.

operations.

1976

1979
Borusan Port, providing competitive advantage to Borusan Boru became operational.

1994
Borusan Boru A.Ş. shares started to be traded on BIST.

1998
Borusan and
Mannesmann
merged their pipe
operations in Türkiye.

2001
Borusan Vobarno
Tubi S.p.A.; the first
company abroad has
been acquired.

2004The Company has been titled as Borusan Mannesmann.

2011Gemlik HSAW Pipe Facility commenced operations.

2014
OCTG Pipe Facility in
Baytown constructed
with a \$150 mIn
investment, has
commenced operations.

2016Bursa Service Center serving for the automotive segment established.

2019Gemlik Automotive
Pipe Line established.

2021Germany
Commercial Office
has been launched.

2021
Second investment in
Europe: Borusan Tube
has been established
in Romania.

2022
BBB's revenues
surpassed the \$1
billion threshold,
reaching \$1.3 billion.

2023

Berg Pipe's two facilities in North America acquired for \$162 mln.

Borusan Group acquired Salzgitter Mannesmann shares. Title was registered as Borusan Birleşik Boru Fabrikaları San. ve Tic. A.Ş.

2024

The SRM factory in Baytown, USA, and the Service Center in Ploieşti, Romania have commenced production.

2025

JCO (advanced forming technology) investment of \$68 mln has been launched at Berg Pipe Panama City.

Strategic investment decision has been made to entegrate Türkiye's production infrastructure in Gemlik.

^* Represents total revenue generated from all products manufactured in facilities abroad and exported from Türkiye.

BUSINESS MODEL THAT MANAGES RISKS THROUGH SECTOR AND GEOGRAPHICAL DIVERSITY

INDUSTRIAL & CONSTRUCTION

AUTOMOTIVE ENERGY

Revenue Breakdown

2023 29% 18% 12% 41% 2024 47% 18% 12% 23%

Production Centers

Mobile (USA)
Panama City (USA)

Gemlik (TR)
Halkalı (TR)
Baytown (USA)

Halkalı (TR)
Gemlik (TR)
Vobarno (IT) • Ploieşti (RO)

- Gemlik (TR) • Baytown (USA)
Products LSAW Line Pipes Industrial Pipe and Profiles Cold Drawn Pipes OCTG Pipes
SRM Installation Pipes
Spiral Welded Pipes ERW Natural Gas Pipes Hydraulic Cylinder Pipe ERW Line Pipes
ERW Line Pipes Water Pipes Advance Processed Pipes
- Construction Pipe and Profiles Precision Pipes and Profiles

SUSTAINING PROFITABILITY WITH FINANCIAL DISCIPLINE AND OPERATIONAL EFFICIENCY

Change in volume by business line as of 9M25 vs. 9M24:

- Industrial and Construction: 36.6% increase
- Energy: 2.6% increase
Automotive: 2.9% decrease
Infrastructure and Project: 11.0% decrease

Change in revenue by business line as of 9M25 vs. 9M24:

- Industrial and Construction: 45.5% increase
- Energy: 1.4% increase
Automotive: 6.0% decrease
Infrastructure and Project: 18.0% decrease

- Operational profitability and net income increased in 3Q25 compared to 2Q25:
- The continued profitability impact of the favorable pricing environment in the U.S. OCTG market that emerged in the second quarter
- Contribution of elevated deliveries and on-going large scale projects in the Infrastructure and Project segment
- Lower production costs driven by increased capacity utilization in Türkiye and operational efficiency initiatives across all plants
- Reduced financing expenses as a result of decrease in net debt in comparison to YE 2024 and the decline in TRY-denominated financial debt within the total indebtedness
Effect of the real appreciation of the TRY on production costs and operating expenses

BUSINESS LINES MITIGATING THE EFFECTS OF GLOBAL VOLATILITY

INFRASTRUCTURE & PROJECT

Positive impact of deliveries of the Blackcomb Project in 9M25
Base effect of the high-volume deliveries completed in 9M24

- The continuation of the increasing contribution of the newly commissioned SRM factory in the U.S.
Rising labor costs in Türkiye and stagnancy in export markets

Rising labor costs in Türkiye

REVENUE GENERATED FROM GLOBAL MARKETS MAINTAINS ITS STRONG MOMENTUM

REGIONAL BREAKDOWN 9M25 (%)

EXPORT REVENUES FROM TÜRKİYE (\$ mln)

As of 9M25, international markets accounted for 84% of total revenue. (9M24: 81%)

GEMLİK CAMPUS IS TO BECOME A STRATEGIC HUB, INTEGRATING ALL OPERATIONS IN TÜRKİYE

	EXPECTED FINANCIAL IMPACT
Decrease in Working Capital Requirement	\$30 mln
Investment	\$29 mln
One-Off Expense	\$27 mln
EBITDA*	50 – 100 pps

➢ Need for alignment with changing macroeconomic and sectoral trends:

Excess capacity in the global steel industry
Weak short-term demand and declining price trend
Intensifying price-driven competition in Türkiye

➢ Single-location production strategy:

Use of idle capacity
Optimization of production costs
Reduction in climate and environmental impact of production across three different locations

➢ Investment process:

Location: Machinery and equipment from the Istanbul Halkalı and Bursa Advanced Processing Centers will be relocated to the Bursa Gemlik Campus.
Production: The investment will be completed gradually, without any disruption to production, within 24 months (by 2027).
Financing: To be provided through internal resources and/or financing to be secured under favorable market conditions.

➢ The Gemlik Campus will be positioned as an integrated, highly efficient, and strategic production hub:

Strengthened coordination
Accelerated decision-making processes
Synergy in resource utilization
Increased capacity utilization
Focusing on high value-added products in production lines
Reduced emission levels

SUMMARY INCOME STATEMENT (\$ MLN)

CONSOLIDATED (\$ mln)	9M25	9M24	Change (%)	3Q25	3Q24	Change (%)	2Q25
Revenue	1,317.2	1,339.2	(1.6%)	542.6	398.5	36.1%	455.5
Gross Profit	117.3	103.0	13.8%	53.3	16.3	227.2%	47.3
Gross Profit Margin (%)	8.9%	7.7%	1.2 pps	9.8%	4.1%	5.7 pps	10.4%
Operational Expenses	(58.5)	(59.2)	(1.3%)	(19.0)	(20.9)	(9.0%)	(19.8)
OPEX Margin (%)	(4.4%)	(4.4%)	-	(3.5%)	(5.2%)	1.7 pps	(4.3%)
Other	8.7	21.8	(60.1%)	0.9	6.1	(85.1%)	(0.4)
EBIT	67.4	65.5	3.0%	35.2	1.5	n.m.	27.1
EBIT Margin (%)	5.1%	4.9%	0.2 pps	6.5%	0.4%	6.1 pps	6.0%
Financial Expenses	(23.1)	(46.4)	(50.2%)	(8.1)	(13.9)	(41.3%)	(3.0)
Profit Before Tax	44.3	19.1	132.1%	27.1	(12.3)	n.m.	24.2
PBT Margin (%)	3.4%	1.4%	2.0 pps	5.0%	(3.1%)	8.1 pps	5.3%
Net Income	38.0	10.5	261.2%	23.0	(9.8)	n.m.	22.8
Net Income Margin (%)	2.9%	0.8%	2.1 pps	4.2%	(2.5%)	6.7 pps	5.0%
Amortization	37.0	31.4	17.6%	12.8	10.6	21.4%	12.5
Other	(3.0)	(1.0)	216.8%	(0.2)	(1.8)	(90.7%)	(3.8)
EBITDA*	101.4	96.0	5.6%	47.9	10.3	364.9%	35.8
EBITDA Margin (%)	7.7%	7.2%	0.5 pps	8.8%	2.6%	6.2 pps	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)*	9M25	9M24	Change (%)	3Q25	3Q24	Change (%)	2Q25
Revenue	51,253.7	42,983.8	19.2%	22,079.8	13,337.6	65.5%	17,623.7
Gross Profit	4,602.0	3,286.0	40.0%	2,170.2	545.4	297.9%	1,830.4
Gross Profit Margin (%)	8.9%	7.7%	1.2 pps	9.8%	4.1%	5.7 pps	10.4%
Operational Expenses	(2,252.0)	(1,912.5)	17.7%	(772.9)	(698.5)	10.7%	(764.1)
OPEX Margin (%)	(4.4%)	(4.4%)	-	(3.5%)	(5.2%)	1.7 pps	(4.3%)
Other	317.4	693.5	(54.2%)	37.0	203.8	(81.9%)	(16.5)
EBIT	2,667.4	2,067.0	29.0%	1,434.2	50.8	n.m.	1,049.8
EBIT Margin (%)	5.1%	4.9%	0.2 pps	6.5%	0.4%	6.1 pps	6.0%
Financial Expenses	(880.5)	(1,492.5)	(41.0%)	(331.3)	(463.7)	(28.6%)	(114.9)
Profit Before Tax	1,786.9	574.5	211.1%	1,102.9	(412.9)	n.m.	934.8
PBT Margin (%)	3.4%	1.4%	2.0 pps	5.0%	(3.1%)	8.1 pps	5.3%
Net Income	1,534.1	311.4	392.7%	936.2	(328.2)	n.m.	882.3
Net Income Margin (%)	2.9%	0.8%	2.1 pps	4.2%	(2.5%)	6.7 pps	5.0%
Amortization	1,427.0	1,012.7	40.9%	521.6	353.0	47.7%	484.6
Other	(117.5)	(31.0)	278.9%	(6.3)	(59.2)	(89.3%)	(143.3)
EBITDA*	3,976.9	3,048.7	30.4%	1,949.5	344.7	465.6%	1,391.1
EBITDA Margin (%)	7.7%	7.2%	0.5 pps	8.8%	2.6%	6.2 pps	7.9%

^* EBITDA is calculated including Net Operating Income, Income from Investment Activities and excluding Extraordinary Income (Expense) and EBITDA margin is derived from the USD-based income statement.

SUMMARY BALANCE SHEET AND FX POSITION

(\$ mln)	3Q25	2Q25	2024	3Q24
Cash and Cash Equivalents Trade Receivables Inventories Inventory Prepayments	84 213 490 1	126 238 551 1	67 149 353 36	63 170 443 3
Current Assets	888	1,012	698	807
Non-Current Assets	890	881	874	868

TOTAL ASSETS	1,778	1,893	1,571	1,676

Short Term Borrowings	246	243	260	344
Trades Payables	271	302	159	117
Advances Received	150	241	56	94

Short Term Liabilities	731	845	539	616

Long Term Borrowings	81	106	87	98

Long Term Liabilities	156	182	179	184

Paid in Capital	69	69	69	69

Equity	891	867	853	876

TOTAL LIABILITIES 1,778 1,893 1,571 1,676

**BALANCE SHEET NET FINANCIAL DEBT*/EBITDA**

(\$ mln)	3Q25	2Q25	2024	3Q24
Net Working Capital** Net Financial Debt	284 243	247 223	324 281	405 379

¹² * Net Financial Debt/EBITDA ratios are calculated using EBITDA for the last twelve months.

9M25 CASH FLOW

101 18 -1 -55 2 FREE CASH FLOW CHANGE IN CASH (\$ mln) (\$ mln) EBITDA Change in Net Working Capital Tax and Other Cash Outflow from Investing Activities Dividend Free Cash Flow 65

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
Restructuring the production infrastructure of Turkish operations

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	9M25	2025 Initial Guidance	2025 Revised Guidance
Sales Volume (mln tons)	0.63	0.76	0.85	1.06	1.17	0,97	1,05 – 1,20	1,20 – 1,35

Revenue (\$ billion)	0.5	0.8	1.3	1.7	1.7	1,3	1,6 – 1,8	1,7 – 1,9

EBITDA Margin (%)	9.9%	9.8%	14.9%	18.2%	6.0%	7,7%	5% - 7%	6% - 8%

Similar to the 2Q25; in 3Q25, financial results were in line with expectations, supported by improved profitability driven by the positive pricing environment particularly in the U.S. market - and operational efficiency initiatives implemented across all plants.
The positive trend is expected to continue in the fourth quarter of 2025, albeit to a more limited extent.
In 4Q25, the favorable pricing environment observed in OCTG products in the U.S. market is expected to normalize. In the U.S., the potential impact of possible changes in tariffs applied to steel product imports on operational profitability will be closely monitored. In Turkish operations, cost increases driven by inflation and exchange rate fluctuations are expected to continue to adversely affect the overall competitiveness of the sector in the coming period.
At this stage, a limited upward revision has been made to the year-end 2025 expectations.
In line with its outlook for the remainder of the year, Borusan Pipe expects to achieve a sales volume of between 1.20 and 1.35 million tons, revenue in the range of \$1.7 - \$1.9 billion, and an EBITDA margin between 6% and 8% in 2025.
Under normal circumstances, guidance is disclosed four times a year, in conjunction with quarterly financial disclosures.

OUR TARGET: POSITIONING BBB FOR THE FUTURE GROWING STAKEHOLDER VALUE

Quality and leading brand perception
Strong customer satisfaction thanks to customer and solution focused approach at the maximum
Qualified human resources with agility to take prompt action and vision to turn crises into advantage
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
Generating value add with smart pipes, enabling customer and product communication
Targeting new markets with hydrogen, carbon capture and energy storage products
Profitability oriented sustainable growth in business lines and geographic regions
Strategic investment decision in Türkiye's production infrastructure for sustainable and profitable growth
Infrastructure and Project: Growth in Northern America Market and new commercial partnerships through Berg Pipe 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: Diversification in product portfolio
Continuous evaluation of acquisition and mergers options