BORUSAN BİRLEŞİK BORU FABRİKALARI SANAYİ VE TİCARET A.Ş.

Investor Presentation • Mar 1, 2024

INVESTOR PRESENTATION January - December 2023

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 Türkiye 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 started an investment in Romania in 2023.
• Ultimately, in parallel to its strategy of positioning itself as the "local player of global markets", BBB acquired 100% of USA originated Berg Europipe Holding Corp's shares in April 13, 2023, in exchange of \$162 million.* Berg Pipe financials have been consolidated into Borusan Boru's financial statements as of April 13, 2023.

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SUSTAINABLE GROWTH IN TARGET MARKETS

3 Continents 11 Facilities 1.1 million m²Area 2,592 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

* Operations to commence in the first quarter of 2024.

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** 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

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FOUR BUSINESS LINES MANAGING RISKS WITH THEIR POTENTIAL

	INFRASTRUCTURE	INDUSTRIAL	AUTOMOTIVE	ENERGY
	& PROJECT	& CONSTRUCTION
Revenue Breakdown*	29%	18%	12%	41%
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
	* As of December 31, 2023 ** 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 Türkiye 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 Türkiye.

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Revenue share of global markets increased to 77% as of 2023.

NORMALIZATION OF REVENUE AND PROFITABILITY AS A RESULT OF SUPPLY- DEMAND BALANCE IN 2H 2023

Volume change in 4Q 2023 compared to 4Q 2022 based on business lines:

• • Infrastructure and Project: 799.3% increase
• • Automotive: 7.0% increase + Industrial and Construction:
• 21.5% increase
• Energy: 36.6% decrease
• Revenue change in 4Q 2023 compared to 4Q 2022 based on business lines:
  • • Infrastructure and Project: 930.2% increase
  • • Industrial and Construction: 3.9% increase
  • Automotive: 1.6% decrease
  • Energy: 56.3% decrease
• Normalization of exceptional profitability generated in 1H23, as a result of decreasing volume and sales prices in the energy business line in the second half
• Pressure on profitability due to the production costs affected by the fx volatility and inflation

• Increasing labor costs

• Incidental proceeds stemming from the acquisition of Berg Pipe \$31.9 million lower than its fair price

BUSINESS LINES MITIGATING THE EFFECTS OF GLOBAL VOLATILITY

REVENUE SHARE

29%

INFRASTRUCTURE & PROJECT

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

• Negative effect of economic volatility in the operating areas

2022 2023 4Q22 3Q23 4Q23

• The pressure on sales price resulting from decreasing raw material prices
• Increasing labor cost

• Limited decline in revenues with the effect of contracting demand in first half compared to 1H22, particularly in Europe - Increasing labor cost

supply and demand beginning to balance in the 2. half of the year

REVENUE (\$ mln)

SUMMARY INCOME STATEMENT (\$ MLN)

CONSOLIDATED (\$ mln)	2023	2022	Change (%)	4Q23	4Q22	Change (%)	3Q23
Revenue	1,741	1,340	29.9%	577	406	42.0%	379
Gross Profit	318	189	68.5%	38	86	(56.0%)	60
Gross Profit Margin (%)	18.3%	14.1%	4.2 p.p.	6.5%	21.0%	(14.5 p.p.)	15.7%
Operational Expenses	(85)	(65)	31.4%	(16)	(22)	(23.7%)	(23)
OPEX Margin (%)	(4.9%)	(4.8%)	0.1 p.p.	(2.8%)	(5.3%)	(2.5 p.p.)	(6.0%)
Other	62	35	76.8%	36	8	363.8%	7
EBIT	295	159	85.4%	57	72	(20.6%)	44
EBIT Margin (%)	17.0%	11.9%	5.1 p.p.	9.9%	17.6%	(7.7 p.p.)	11.6%
Financial Expenses	(58)	(53)	8.6%	(19)	(12)	54.4%	(15)
Profit Before Tax	238	106	123.8%	38	59	(36.1%)	29
PBT Margin (%)	13.6%	7.9%	5.7 p.p.	6.6%	14.6%	(8.0 p.p.)	7.6%
Net Income	194	81	138.2%	45	47	(3.8%)	21
Net Income Margin (%)	11.1%	6.1%	5.0 p.p.	7.8%	11.5%	(3.7 p.p.)	5.5%
Amortization	42	34	24.2%	9	9	4.0%	12
Other	(21)	7	(406.1%)	(26)	6	(562.6%)	6
EBITDA*	316	200	58.0%	40	86	(53.9%)	62
EBITDA Margin (%)	18.2%	14.9%	3.3 p.p.	6.9%	21.2%	(14.3 p.p.)	16.4%

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)*	2023	2022	Change (%)	4Q23	4Q22	Change (%)	3Q23
Revenue	42,175	22,205	89.9%	16,441	7,370	123.1%	10,156
Gross Profit	7,088	3,128	126.6%	1,113	1,487	(25.2%)	1,594
Gross Profit Margin (%)	18.3%	14.1%	4.2 p.p.	6.5%	21.0%	(14.5 p.p.)	15.7%
Operational Expenses	(2,034)	(1,071)	89.9%	(509)	(386)	31.8%	(605)
OPEX Margin (%)	(4.9%)	(4.8%)	0.1 p.p.	(2.8%)	(5.3%)	(2.5 p.p.)	(6.0%)
Other	1,318	583	126.2%	752	147	413.0%	183
EBIT EBIT Margin (%)	6,372 17.0%	2,640 11.9%	141.4% 5.1 p.p.	1,356 9.9%	1,248 17.6%	8.7% (7.7 p.p.)	1,172 11.6%
Financial Expenses	(1,409)	(881)	59.9%	(541)	(232)	133.5%	(403)
Profit Before Tax	4,964	1,759	182.3%	815	1,016	(19.8%)	769
PBT Margin (%)	13,6%	7.9%	5.7 p.p.	6.6%	14.6%	(8.0 p.p.)	7.6%
Net Income	4,103	1,350	203.9%	1,010	796	26.9%	556
Net Income Margin (%)	11.1%	6.1%	5.0 p.p.	7.8%	11.5%	(3.7 p.p.)	5.5%
Amortization	1,000	561	78.3%	270	164	64.7%	316
Other	(504)	115	(539.4%)	(620)	95	(749.4%)	133
EBITDA**	6,869	3,315	107.2%	1,006	1,507	(33.2%)	1,621
EBITDA Margin (%)	18.2%	14.9%	3.3 p.p.	6.9%	21.2%	(14.3 p.p.)	16.4%

* 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)	2023	2022	3Q23	3Q22
Cash and Cash Equivalents Trade Receivables Inventories	129 197 537	83 251 335	134 191 526	77 204 412
Current Assests	1,084	735	986	754
Non-Current Assets	816	741	865	665
TOTAL ASSETS	1,899	1,476	1,850	1,419
Short Term Borrowings Trade Payables	265 293	424 203	297 253	460 249
Short Term Liabilities	874	681	846	747
Long Term Borrowings	84	79	99	66
Long Term Liabilities	178	161	235	143
Paid in Capital	69	69	69	69
Equity	848	634	769	530
TOTAL LIABILITIES	1,899	1,476	1,850	1,419

(\$ mln)	2023	2022	3Q23	3Q22
Net Working Capital Net Debt	441 219	383 420	464 262	368 448

• On October 2, 2023, TRY500 million bond with four coupon payments, 365 days of maturity, fixed interest rate of 45% and redemption date of October 1st, 2024 has been issued for the qualified investors in domestic market.

NET DEBT*/EBITDA

STRONG CASH GENERATION ABILITY THROUGH EFFECTIVE EXECUTION

	2023A	2024E
Sales Volume (mln tons)	1.06	1.05 – 1.20
Revenue (\$ billion)	1.7	1.7 – 2.0
EBITDA Margin (%)	18.2%	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. Above figures are presented as the initial expectations for 2024.

• 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)
• Digitalization of processes
• 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	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)

Telephone	0 212 3935800
Fax	0 212 2933165
E-mail	bmb.investor@borusan.com

Sınıflandırma: Borusan Grubu Özel Classification: Borusan Group Confidential