BORUSAN BİRLEŞİK BORU FABRİKALARI SANAYİ VE TİCARET A.Ş.

Investor Presentation • Nov 11, 2024

INVESTOR PRESENTATION January - September 2024

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 Birleşik Boru Fabrikaları San. ve Tic. A.Ş. ("BBB"), is among the pioneer manufacturers in Europe's and the world's steel pipe sector. Founded in 1958, BBB is the first industrial company of Borusan Group.
• In 1994, the Company's shares have been quoted on Borsa İstanbul and since been trading with BRSAN ticker symbol. (Float: 19.85%)
• In 1998, Borusan Group merged its operations in Turkey with the leader steel company in Europe; Salzgitter Mannesmann GMBH, and on November 27, 2023, acquired 23% share of Salzgitter Mannesmann GmbH in BMB Holding A.Ş.'s capital, for a transaction price of €52,8 million. Borusan Boru has registered its new title as of November 23, 2023.
• In 2001, in line with its strategy to grow in global markets, BBB acquired its first company abroad in Italy, established its first company in the USA in 2014, and in 2023, BBB expanded its operations in the USA by acquiring Berg Pipe.
• In 1Q24, as part of its strategy to expand its automotive business line initiated last year, BBB completed its facility investment in Romania and the installation of the SRM line in Houston, Baytown campus in the USA. Following trial production, commercial activities began in 3Q24.

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

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3 Continents 10 Facilities 1 million m²Area 2,493 Employees 1.7 million ton Capacity 4,000 Product Types

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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

* The investment was completed in 1Q24. Following trial production, commercial activities began in 3Q24.

** The land and buildings used for the production of large diameter pipes within the scope of the infrastructure and project business line at Gemlik, have been sold on February 22, 2024 and studies continue on alternatives to sell or relocate the related machinery and equipment. In 3Q24, production activities at the relevant facility were completed, and the land and buildings will be fully vacated by December 2024..

STEP BY STEP JOURNEY TO GLOBALIZATION

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BUSINESS MODEL THAT MANAGES RISKS THROUGH SECTOR AND GEOGRAPHICAL DIVERSITY

	INFRASTRUCTURE & PROJECT	INDUSTRIAL & CONSTRUCTION	AUTOMOTIVE	ENERGY
Revenue Breakdown
9M23	15%	19%	13%	53%
2023	29%	18%	12%	41%
9M24	49%	17%	12%	22%
Production Centers	• Panama City (USA) • Mobile (USA)	• Gemlik (TR) • Halkalı (TR) • Houston (USA)	• Halkalı (TR) • Gemlik (TR) • Vobarno (IT)	• Gemlik (TR) • Houston (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
		The land and buildings used for the production of large diameter pipes within the scope of the infrastructure and project business line at Gemlik, have been sold on February 22, 2024		and production

activities at the relevant facility were completed in 3Q24. Studies continue on alternatives to sell or relocate the related machinery and equipment. The machinery, equipment, land, and buildings used in the production of pipes, which have been manufactured in Turkey for many years to be offered to customers in the industrial, construction, and automotive segments and are currently located at our Gemlik Facilities, are not included in the scope of the relevant sales transaction. Borusan Boru is to continue its production activities at Gemlik, Halkalı and Bursa facilities in Turkey.

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IN 9M24, INCREASE IN REVENUE FROM GLOBAL MARKETS

Revenue share of global markets increased to 81% as of 9M24

IN 9M24 INCREASED SALES VOLUME AND REVENUE DESPITE CHALLENGING MARKET CONDITIONS

Volume change in 9M 2024 compared to 9M 2023 based on business lines:

• • Infrastructure and Project: 200.3% increase
• • Automotive: 6.8% increase + Industrial and Construction:
• 13.5% increase

• Energy: 22.1% decrease

• Revenue change in 9M 2024 compared to 9M 2023 based on business lines:

• • Infrastructure and Project: 287.6% increase
• • Automotive: 3.4% increase
• Industrial and Construction:
• 2.3% decrease

• Energy: 51.3% decrease

• The negative impact of the production loss resulting from the weakening of demand on capacity utilization

• The effect of the real appreciation of the Turkish lira on costs and operational expenses
• o The continuation of the normalization process, which began in 2H23, due to declining volumes and sales prices in the energy business line.
• The increased financing costs resulting from financial debts incurred to meet working capital requirements.

FINANCIAL RESULTS SUPPORTED BY THE INFRASTRUCTURE AND PROJECT BUSINESS LINE

REVENUE SHARE (9M24)

49%

INFRASTRUCTURE & PROJECT

• • Contribution of Berg Pipe, which has been consolidated as of April 2023
• • Increasing share of high value added spiral welded pipe sales

• Weak demand outlook in the operating areas, particularly in Turkiye

9M23 9M24 3Q23 2Q24 3Q24

• Inability to benefit from economies of scale due to weak demand
• Limited contribution from the USA SRM line investment as it is still in the transition phase

• Increasing competition

• Weak demand outlook, particularly in the European automotive market

• Inability to benefit from economies of scale due to weak demand
• Rising labor costs in USD terms

NEW BUSINESS AGREEMENT IN THE USA - BLACKCOMB PIPELINE PROJECT

«Blackcomb Pipeline, with a capacity of 2.5 Bcf/d, is designed to transport natural gas through approximately 365 miles of 42-inch pipeline from the Permian Basin to Agua Dulce in south Texas. Operator Whitewater Midstream expects the pipeline to enter service in 2026.» U.S. Energy Information Administration (EIA)

• business line in the U.S. market, a contract worth approximately 363 million USD was signed with Blackcomb Supply Co, LLC for the Blackcomb Project in North America.
• As part of the project, our deliveries as Borusan Boru will begin in 2025 and will be completed within the same year.

SUMMARY INCOME STATEMENT (\$ MLN)

CONSOLIDATED (\$ mln)	9M24	9M23	Change (%)	3Q24	3Q23	Change (%)	2Q24
Revenue	1,339	1,164	15.0%	399	379	5.0%	411
Gross Profit	103	280	-63.3%	16	60	-72.6%	44
Gross Profit Margin (%)	7.7%	24.1%	-16.4 pps	4.1%	15.7%	-11.6 pps	10.6%
Operational Expenses	-59	-69	-13.5%	-21	-23	-7.6%	-20
OPEX Margin (%)	-4.4%	-5.9%	1.4 pps	-5.2%	-6.0%	0.7 pps	-4.9%
Other	22	26	-17.7%	6	6	-0.1%	4
EBIT	66	238	-72.5%	2	43	-96.5%	28
EBIT Margin (%)	4.9%	20.5%	-15.5 pps	0.4%	11.3%	-10.9 pps	6.7%
Financial Expenses	-46	-39	19.7%	-13.9	-14.3	-3.2%	-16
Profit Before Tax	19	200	-90.4%	-12	29	N/M	11
PBT Margin (%)	1.4%	17.1%	-15.7 pps	-3.1%	7.6%	-10.6 pps	2.7%
Net Income	11	149	-93.0%	-10	21	N/M	8
Net Income Margin (%)	0.8%	12.8%	-12.0 pps	-2.5%	5.5%	-7.9 pps	2.1%
Amortization	31	33	-4.3%	11	12	-12.6%	9
Other	-1	5	N/M	-2	6	N/M	2
EBITDA*	96	276	-65.3%	10	61	-83.2%	39
EBITDA Margin (%)	7.2%	23.7%	-16.5 pps	2.6%	16.1%	-13.5 pps	9.5%

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

SUMMARY INCOME STATEMENT (TRY MLN)

CONSOLIDATED (TRY mln)*	9M24	9M23	Change (%)	3Q24	3Q23	Change (%)	2Q24
Revenue	42,984	25,734	67.0%	13,338	10,156	31.3%	13,290
Gross Profit	3,286	5,975	-45.0%	545	1,594	-65.8%	1,412
Gross Profit Margin (%)	7.7%	24.1%	-16.4 pps	4.1%	15.7%	-11.6 pps	10.6%
Operational Expenses	- 1,913	- 1,525	25.4%	-698	-605	15.5%	-646
OPEX Margin (%)	-4.4%	-5.9%	1.4 pps	-5.2%	-6.0%	0.7 pps	-4.9%
Other	694	567	22.4%	204	163	24.8%	128
EBIT	2,067	5,017	-58.8%	51	1,152	-95.6%	894
EBIT Margin (%)	4.9%	20.5%	-15.5 pps	0.4%	11.3%	-10.9 pps	6.7%
Financial Expenses	- 1,493	-867	72.1%	-464	-383	21.1%	-529
Profit Before Tax	574	4,149	-86.2%	-413	769	N/M	365
PBT Margin (%)	1.4%	17.1%	-15.7 pps	-3.1%	7.6%	-10.6 pps	2.7%
Net Income	311	3,093	-89.9%	-328	556	N/M	273
Net Income Margin (%)	0.8%	12.8%	-12.0 pps	-2.5%	5.5%	-7.9 pps	2.1%
Amortization	1,013	730	38.6%	353	323	9.2%	299
Other	- 31	116	N/M	-59	133	N/M	74
EBITDA**	3,049	5,863	48.0%	345	1,608	-78.6%	1,267
EBITDA Margin (%)	7.2%	23.7%	-16.5 pps	2.6%	16.1%	-13.5 pps	9.5%

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

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

SUMMARY BALANCE SHEET AND FX POSITION

BALANCE SHEET

(\$ mln)	3Q24	2Q24	2023	3Q23
Cash Cash and Equivalents	63	58	129	134
Trade Receivables	170	180	197	191
Inventories	443	557	537	526
Inventory Advances	3	3	57	39
Current Assests	807	934	1 084 ,	986
Non-Current Assets	868	838	816	865
TOTAL ASSETS	1 676 ,	1 772 ,	1 899 ,	1 850 ,
Short Term Borrowings	344	321	265	297
Trade Payables	117	182	293	253
Advances Received	94	139	221	254
Short Term Liabilities	616	704	874	846
Long Term Borrowings	98	112	84	99
Long Term Liabilities	184	201	178	235
Capital Paid in	69	69	69	69
Equity	876	868	848	769
LIABILITIES TOTAL	1 676 ,	1 772 ,	1 899 ,	1 850 ,

(\$ mln)	3Q24	2Q24	2023	3Q23
Capital* Net Working Net Financial Debt	405 379	420 375	277 219	249 262

CASH – DEBT BREAKDOWN (3Q24) TL \$ CASH DEBT € 63 442 (\$ mln) %64 %6 %30 %72 %15 %13

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

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* Net working capital is calculated including advances.

	2020	2021	2022	2023	9M24	2024 1H24 Guidance	2024 Current Guidance
Sales Volume (mln tons)	0.63	0.76	0.85	1.06	0.91	1.05 – 1.20	1.00 – 1.12
Revenue (\$ billion)	0.5	0.8	1.3	1.7	1.3	1.7 – 2.0	1.6 – 1.8
EBITDA Margin (%)	9.9%	9.8%	14.9%	18.2%	7.2%	8% - 10%	5% - 7%

• The financial results for the first nine months of 2024 were below expectations due to the further worsening of weak demand, increased pricing challenges, and cost pressures in the third quarter.
• Based on the third-quarter performance and changes in demand and cost expectations for the remainder of the year, sales volume has been revised to a range of 1.00-1.12 million tons, revenue to a range of 1.6-1.8 billion dollars, and EBITDA margin to a range of 5%-7%.

• In the ordinary course of events, expectations are disclosed four times a year, with quarterly financial results.

• 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
• Cost-saving measures in operational expenses
• Improvement efforts in 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	RELATED SDG
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)

Sınıflandırma: Borusan Grubu Özel

Telephone 0 212 3935758 E-mail bb.investor@borusan.com