BORUSAN BİRLEŞİK BORU FABRİKALARI SANAYİ VE TİCARET A.Ş.

Investor Presentation • Aug 15, 2025

INVESTOR PRESENTATION January - June 2025

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 Berg Pipe Mobile 100%

• 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

3 Continents 10 Facilities 1 million m²Area 2,375 Employees 1.75 million ton Capacity 4,000 Product Types TR - Halkalı ERW and Cold Drawn Pipe IT - Vobarno ERW and

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

STEP BY STEP JOURNEY TO GLOBALIZATION

4

BUSINESS MODEL THAT MANAGES RISKS THROUGH SECTOR AND GEOGRAPHICAL DIVERSITY

	INFRASTRUCTURE & PROJECT	INDUSTRIAL & CONSTRUCTION	AUTOMOTIVE	ENERGY
Revenue Breakdown 2023 2024	29% 47%	18% 18%	12% 12%	41% 23%
Production Centers	• Panama City (USA) • Mobile (USA)	• Gemlik (TR) • Halkalı (TR) • Baytown (USA)	• Halkalı (TR) • Gemlik (TR) • Vobarno (IT) • Ploieşti (RO)	• Gemlik (TR) • Baytown (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

5

PROFITABILITY SUPPORTED BY FAVORABLE PRICING IN 2Q25

• Operational profitability and net income increased in 2Q25 compared to 1Q25:

• Profitability impact of positive pricing environment in the U.S. OCTG market, specific to the 2Q25

• • 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 and the decline in TRY-denominated financial debt within the total indebtedness
• The high base effect in 1H24 had a negative impact on the 1H25 financial results:
  • Impact of weak demand and increased competition on operational profitability
  • Effect of the real appreciation of the TRY on production costs and operating expenses
  • • Lower financing expenses driven by reduced net debt and the decline in TRY-denominated financial debt
• • Industrial and Construction: 42.3% increase
• • Energy: 6.8% increase
• Automotive: 3.2% decrease
• Infrastructure and Project: 43.5% decrease

Change in revenue by business line as of 1H25 vs. 1H24:

• • Industrial and Construction: 45.7% increase
• Energy: 2.9% decrease
• Automotive: 7.0% decrease
• Infrastructure and Project: 44.9% decrease

BUSINESS LINES MITIGATING THE EFFECTS OF GLOBAL VOLATILITY

INFRASTRUCTURE & PROJECT

• The increase in sales volume in 2Q25 driven by the deliveries of the Blackcomb Project

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

• The rising prices in 2Q25, compared

86

108

to 1Q25

• o The weak demand, particularly in the European automotive market being partially offset by rising prices in 2Q25
• Rising labor costs in Türkiye

REVENUE GENERATED FROM GLOBAL MARKETS MAINTAINS ITS STRONG MOMENTUM

As of 1H25, international markets accounted for 82% of total revenue. (1H24: 81%)

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

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

* Compared to 2024 consolidated figure

9

SUMMARY INCOME STATEMENT (\$ MLN)

CONSOLIDATED (\$ mln)	1H25	1H24	Change (%)	2Q25	2Q24	Change (%)	1Q25
Revenue	774.6	940.7	(17.7%)	455.5	411.4	10.7	319.1
Gross Profit	63.9	86.7	(26.3%)	47.3	43.7	8.2%	16.6
Gross Profit Margin (%)	8.3%	9.2%	(0.9 pps)	10.4%	10.6%	(0.2 pps)	5.2%
Operational Expenses	(39.5)	(38.4)	2.9%	(19.8)	(20.0)	(1.2%)	(19.8)
OPEX Margin (%)	(5.1%)	(4.1%)	1.0 pps	(4.3%)	(4.9%)	0.6 pps	(6.2%)
Other	7.8	15.7	(50.4%)	(0.4)	4.0	(110.8%)	8.2
EBIT	32.2	64.0	(49.7%)	27.1	27.7	(1.9%)	5.1
EBIT Margin (%)	4.2%	6.8%	(2.6 pps)	6.0%	6.7%	(0.7 pps)	1.6%
Financial Expenses	(15.0)	(32.5)	(54.0%)	(3.0)	(16.4)	(81.9%)	(12.0)
Profit Before Tax	17.2	31.4	(45.2%)	24.2	11.3	113.9%	(6.9)
PBT Margin (%)	2.2%	3.3%	(1.1 pps)	5.3%	2.7%	(2.6 pps)	(2.2%)
Net Income	14.9	20.3	(26.4%)	22.8	8.4	170.1%	(7.9)
Net Income Margin (%)	1.9%	2.2%	(0.3 pps)	5.0%	2.1%	2.9 pps	(2.5%)
Amortization	24.2	20.9	15.7%	12.5	9.2	36.0%	11.6
Other	(2.9)	0.8	n.m.	(3.8)	2.4	n.m.	0.9
EBITDA*	53.5	85.7	(37.6%)	35.8	39.3	(8.7%)	17.6
EBITDA Margin (%)	6.9%	9.1%	(2.2 pps)	7.9%	9.5%	(1.6 pps)	5.5%

10

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

SUMMARY INCOME STATEMENT (TRY MLN)

11

CONSOLIDATED (TRY mln)*	1H25	1H24	Change (%)	2Q25	2Q24	Change (%)	1Q25
Revenue	29,173.9	29,646.1	1.6%	17,623.7	13,289.7	32.6%	11,550.2
Gross Profit	2,431.9	2,740.6	(11.3%)	1,830.4	1,412.1	29.6%	601.5
Gross Profit Margin (%)	8.3%	9.2%	(0.7 pps)	10.4%	10.6%	(0.2 pps)	5.2%
Operational Expenses	(1,479.1)	(1,214.1)	21.8%	(764.1)	(645.8)	18.3%	(715.0)
OPEX Margin (%)	(5.1%)	(4.1%)	1.0 pps	(4.3%)	(4.9%)	0.6 pps	(6.2%)
Other	280.4	489.7	(42.7%)	(16.5)	127.6	(112.9%)	296.9
EBIT EBIT Margin (%)	1,233.2 4.2%	2,016.2 6.8%	(38.8%) (2.6 pps)	1,049.8 6.0%	893.9 6.7%	17.4% (0.7 pps)	183.4 1.6%
Financial Expenses	(549.2)	(1,028.8)	(46.6%)	(114.9)	(529.0)	(78.3%)	(434.3)
Profit Before Tax	684.0	987.4	(30.7%)	934.8	364.9	156.2%	(250.9)
PBT Margin (%)	2.3%	3.3%	(1.0 pps)	5.3%	2.7%	2.6 pps	(2.2%)
Net Income	597.9	639.6	(6.5%)	882.3	272.7	223.5%	(284.5)
Net Income Margin (%)	1.9%	2.2%	(0.3 pps)	5.0%	2.1%	2.9 pps	(2.5%)
Amortization	905.4	651.7	38.9%	484.6	291.5	66.2%	420.8
Other	(108.0)	25.5	n.m.	(143.3)	73.8	n.m.	34.1
EBITDA**	2,030.6	2,693.4	(24.6%)	1,391.1	1,259.2	10.5%	638.3
EBITDA Margin (%)	6.9%	9.1%	(2.2 pps)	7.9%	9.5%	(1.6 pps)	5.5%

* 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)	2Q25	1Q25	2024	2Q24
Cash and Cash Equivalents Trade Receivables Inventories	126 238 551	109 210 414	67 149 353	58 180 557
Current Assets	1,012	859	698	934
Non-Current Assets	881	871	874	838
TOTAL ASSETS	1,893	1,730	1,571	1,772
Short Term Borrowings Trades Payables Advances Received	243 302 241	264 242 143	260 159 56	321 182 139
Short Term Liabilities	845	697	539	704
Long Term Borrowings	106	97	87	112
Long Term Liabilities	182	189	179	201
Paid in Capital	69	69	69	69
Equity	867	844	853	868
TOTAL LIABILITIES	1,893	1,730	1,571	1,772

BALANCE SHEET NET FINANCIAL DEBT*/EBITDA

(\$ mln)

0,0 0%

200,00%

400,00%

600,00%

800,00%

100 0,00%

120 0,00%

(\$ mln)	2Q25	1Q25	2024	2Q24
Net Working Capital* Net Financial Debt	247 223	273 251	324 281	436 375

12 * Net Financial Debt/EBITDA ratios are calculated using EBITDA for the last twelve months. ** Net working capital is calculated including advances.

0,0 0 10, 00 20, 00 30, 00 40, 00 50, 00 60, 00 70, 00 80, 00 90, 00 100,00 110,00 120,00 130,00 140,00 150,00 160,00 170,00 180,00 190,00 200,00 210,00 220,00 230,00 240,00 250,00 260,00 270,00 280,00 290,00 300,00 310,00 320,00 330,00 340,00 350,00 360,00 370,00 380,00

1H25 CASH FLOW

(\$ mln) (\$ mln)

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

	2020	2021	2022	2023	2024	1H25	2025 Guidance
Sales Volume (mln tons)	0.63	0.76	0.85	1.06	1.17	0.58	1.05 - 1.20
Revenue (\$ billion)	0.5	0.8	1.3	1.7	1.7	0.8	1.6 - 1.8
EBITDA Margin (%)	9.9%	9.8%	14.9%	18.2%	6.0%	6.9%	5% - 7%

• In 2Q25, 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 3Q25.
• 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, no revisions have been made to the year-end 2025 guidance.
• In line with its outlook for the remainder of the year, Borusan Boru expects to achieve a sales volume of between 1.05 and 1.20 million tons, revenue in the range of \$1.6 - 1.8 billion, and an EBITDA margin between 5% and 7% in 2025.

• Under normal circumstances, guidance is disclosed four times a year, in conjunction with quarterly financial disclosures.

• 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
• Ongoing efforts to maximize capacity utilization and optimize production costs
• Profitability oriented sustainable growth in business lines and geographic regions
• Generating value add with smart pipes, enabling customer and product communication

• Targeting new markets with hydrogen, carbon capture and energy storage products

• Strategic investment decision in Türkiye's production infrastructure for sustainable and profitable growth

• 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
• 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 3935758 E-mail bb.investor@borusan.com

Sınıflandırma: Borusan Grubu Özel Classification: Borusan Group Confidential