INVESTOR PRESENTATION January - March 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: LOCAL PLAYER OF GLOBAL MARKETS

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, and commenced trial production activities.

SUSTAINABLE GROWTH IN TARGET MARKETS

3 Continents 11 Facilities 1.1 million m²Area 2,647 Employees 2 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 – Gemlik**	HSAW Pipe	Infrastructure & Project	2011	300,000
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, and trial productions have commenced.

• ** 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. Aforementioned land and buildings will be completely evacuated by December 2024.

INCREASING STAKEHOLDER VALUE THROUGH GROWTH ORIENTED INVESTMENTS

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

FOUR BUSINESS LINES MANAGING RISKS WITH THEIR POTENTIAL

	INFRASTRUCTURE & PROJECT	INDUSTRIAL & CONSTRUCTION	AUTOMOTIVE	ENERGY
Revenue Breakdown 2023	29%	18%	12%	41%
1Q24	58%	14%	11%	17%
Production Centers	• Gemlik (TR)** • 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

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.

Revenue share of global markets increased to 79% as of 1Q24

NORMALIZED PROFITABILITY AS A RESULT OF CONTINUED SUPPLY- DEMAND BALANCE IN 1Q24

Volume change in 1Q 2024 compared to 1Q 2023 based on business lines:

- Infrastructure and Project: 1755.1% increase
- Automotive: 11.8% increase
- Industrial and Construction: 11.8% increase
Energy: 42.3% decrease
Revenue change in 1Q 2024 compared to 1Q 2023 based on business lines:
- - Infrastructure and Project: 2468.9% increase
- - Industrial and Construction: 0.1% decrease
- Automotive: 8.2% increase
- Energy: 64.4% decrease
o The continuation of the normalization process, which began in 2H23, due to declining volumes and sales prices in the energy business line.
Increasing labor costs and exchange rate impact

SECTORAL FLUCTUATIONS BALANCED WITH DIFFERENT BUSINESS LINES

REVENUE SHARE (1Q24)

INFRASTRUCTURE

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

2022 2023 1Q23 4Q23 1Q24
Weak demand outlook in the operating areas
- Stabilization in raw material prices

o Despite the weak performance in the European market, the Turkish market remained flat

o Normalized revenue due to balanced supply-demand conditions
Decrease in the count of rigs in the USA

REVENUE (\$ mln)

SUMMARY INCOME STATEMENT (\$ MLN)

CONSOLIDATED (\$ mln)	1Q24	1Q23	Change (%)	2023	2022	Change (%)	4Q23
Revenue	529	394	34.4%	1,741	1,340	29.9%	577
Gross Profit	43	113	(62.0%)	318	189	68.5%	38
Gross Profit Margin (%)	8.1%	28.7%	(20.6) pps	18.3%	14.1%	4.2 pps	6.5%

Operational Expenses OPEX Margin (%)	(18) (3.5%)	(19) (4.7%)	(1.7%) 1.2 pps	(85) (4.9%)	(65) (4.8%)	31.4% 0.1 pps	(16) (2.8%)

Other	12	10	12.5%	62	35	76.8%	36
EBIT	36	105	(65.4%)	295	159	85.4%	57
EBIT Margin (%)	6.9%	26.6%	(19.7) pps	17.0%	11.9%	5.1 pps	9.9%

Financial Expenses	(16)	(13)	23.9%	(58)	(53)	8.6%	(19)
Profit Before Tax	20	92	(78.1)%	238	106	123.8%	38
PBT Margin (%)	3.8%	23.3%	(19.5) pps	13.6%	7.9%	5.7 pps	6.6%
Net Income	12	71	(83.4)%	194	81	138.2%	45
Net Income Margin (%)	2.2%	18.1%	(15.9) pps	11.1%	6.1%	5.0 pps	7.8%

Amortization	12	9	28.0%	42	34	24.2%	9
Other	(2)	0	N/M	(21)	7	N/M	(26)
EBITDA*	46	114	(59.3%)	316	200	58.0%	40
EBITDA Margin (%)	8.8%	28.9%	(20.1) pps	18.2%	14.9%	3.3 pps	6.9%

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)*	1Q24	1Q23	Change (%)	2023	2022	Change (%)	4Q23
Revenue	16,356	7,427	120.2%	42,175	22,205	89.9%	16,441
Gross Profit	1,328	2,134	(37.8%)	7,088	3,128	126.6%	1,113
Gross Profit Margin (%)	8.1%	28.7%	(20.6) pps	18.3%	14.1%	4.2 pps	6.5%

Operational Expenses	(568)	(353)	61.1%	(2,034)	(1,071)	89.9%	(509)
OPEX Margin (%)	(3.5%)	(4.7%)	1.2 pps	(4.9%)	(4.8%)	0.1 pps	(2.8%)
Other	362	196	84.4%	1,318	583	126.2%	752
EBIT	1,122	1,978	(43.3%)	6,372	2,640	141.4%	1,356
EBIT Margin (%)	6.9%	26.6%	(19.7) pps	17.0%	11.9%	5.1 pps	9.9%

Financial Expenses	(500)	(246)	103.1%	(1,409)	(881)	59.9%	(541)
Profit Before Tax	622	1,732	(64.1%)	4,964	1,759	182.3%	815
PBT Margin (%)	3.8%	23.3%	(19.5) pps	13.6%	7.9%	5.7 pps	6.6%

Net Income	367	1,347	(72.8%)	4,103	1,350	203.9%	1,010
Net Income Margin (%)	2.2%	18.1%	(15.9) pps	11.1%	6.1%	5.0 pps	7.8%
Amortization	360	172	109.8%	1,000	561	78.3%	270
Other	(48)	(2)	2129.4%	(504)	115	N/M	(620)
EBITDA**	1,434	2,147	(33.2%)	6,869	3,315	107.2%	1,006
EBITDA Margin (%)	8.8%	28.9%	(20.1) pps	18.2%	14.9%	3.3 pps	6.9%

* 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

BALANCE SHEET

(\$ mln)	1Q24	1Q23	2023	2022
Cash and Cash Equivalents Trade Receivables Inventories	130 177 578	152 242 303	129 197 537	83 251 335
Current Assests	1,041	748	1,084	735
Non-Current Assets	827	750	816	741
TOTAL ASSETS	1,868	1,497	1,899	1,476
Short Term Borrowings Trade Payables	229 325	359 123	265 293	424 203
Short Term Liabilities	825	559	874	681
Long Term Borrowings	83	150	84	79
Long Term Liabilities	184	230	178	161
Paid in Capital	69	69	69	69
Equity	859	708	848	634
TOTAL LIABILITIES	1,868	1,497	1,899	1,476

(\$ mln)	1Q24	1Q23	2023	2022
Net Working Capital Net Debt	430 182	422 357	441 219	383 420

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

NET DEBT*/EBITDA

CASH GENERATION ABILITY THROUGH EFFECTIVE EXECUTION (1Q24)

	2020	2021	2022	2023	1Q24	2024E
Sales Volume (mln tons)	0.63	0.76	0.85	1.06	0.357	1.05 – 1.20

Revenue (\$ billion)	0.53	0.83	1.34	1.7	0.53	1.7 – 2.0

EBITDA Margin (%)	9.9%	9.8%	14.9%	18.2%	8.8%	8% - 10%

* In the first half of 2023, a high profitability above the sector average has been achieved due to the strong outlook in demand and the rise in sales prices exceeding long-term averages in energy business segment. In 2024, sales prices are expected to approach to the long-term average and profitability levels to normalize, due to balanced supply/demand conditions.

** In the ordinary course of events, expectations are disclosed four times a year, with quarterly financial results. The company did not revise its 2024 expectations following the financial results for 1Q24.

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.
Savings in operational costs
Improvement in Administrative Expenses and 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 3935800
Fax	0 212 2933165
E-mail	[email protected]

Sınıflandırma: Borusan Grubu Özel Classification: Borusan Group Confidential

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BORUSAN BİRLEŞİK BORU FABRİKALARI SANAYİ VE TİCARET A.Ş.

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