KALESERAMİK ÇANAKKALE KALEBODUR SERAMİK SANAYİ A.Ş.

Investor Presentation • Nov 11, 2025

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2025 Q3 Operating Results

November 11, 2025

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2025 Q3 Highlights

• Increase in net sales by more than 13% in real terms
• Gross margin improved by approximately 2,100 basis points
• EBITDA margin turning positive
• Despite the improvement in operational margins, the ongoing negative impact of high financing expenses (net TL 2.1 billion in 9 months) on net profit margin
• Working capital need reduced by structural measures taken
• Strategic transformation completed for the coming period with significant investments

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Turkish Market: Construction Industry

• In the second quarter of 2025, the construction sector grew by 10.9%.
• Reconstruction activities, urban transformation and other construction activities in the earthquake zone supported the sector.

• Although there was a 4.5% increase in cement sales in the domestic market in Jan.-July'25 period, this increase was mainly due to the earthquake zone.

• In the nine-month period, housing sales increased by 19% to 1.13 million units.

• The wealth effect caused by the high returns of savings instruments continued to be decisive in housing sales.

• Despite the recent improvement, only 14% of sales are due to mortgage salesl due to high credit costs.

• Building construction permits issued in the first half of 2025 increased by 28% to 462 K.

• Building occupancy permits, which shows completed houses, maintained the same level as last year (279 K).

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Turkish Market: Construction Industry

• The index, which increased in Q1 2025, fluctuated in the Q2.
• The index, which increased in July, decreased by 5.1 points to 85.1 points in August. Declines in existing business & orders received had a negative impact on confidence.
• The current building acitivity index, which made an effort to recover in July, showed a significant decline in August.

• Especially with the completion of the works in the earthquake zone, the level of existing jobs has decreased.

• New work orders, which decreased in June and July, decreased by 1.3 points in August compared to the previous month.

• The resumption of interest rate cuts has not yet had a positive impact on new business orders.

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Export Markets: Construction Materials Industry

• The anti-dumping duty imposed by the EU on Turkish ceramic manufacturers since mid-2023 continues to have a negative impact on exports.
• In export markets, where the recession continues, there have been fluctuations in commodity and metal prices in recent months due to uncertainties regarding customs tariffs.
• According to the data for 2025 H1, which has been announced by IMSAD so far, our country's construction material exports increased by 6.9% compared to the same period of the previous year.
• Exports of ceramic tile materials, which is the main product group of our company, decreased by 0.9% and exports of ceramic sanitary ware were down by 9.2%.

Exports (USD mio.)	Jan-June 2025	Jan-June 2024	Change
Construction Materials	14,835	13,878	6.9%
- Seramic Coating	332	335	-0.9%
- Seramik Sanitary ware	120	132	-9.2%

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TL million

Sales Growth & Breakdown by Region

• The low exchange rate-high inflation index* used in inflation accounting prevented the volume increase in exports from being reflected in sales.
• High credit & construction costs put pressure on demand in domestic market, while tariff wars, valuable TL & stagnant demand put pressure on export sales.

⁹ M * The average USD rate for Jan.-Sept. 2025 period is TL 38.53 TL, which corresponds to an increase of 20% compared to the same period of 2024, while the inflation adjustment coefficient for Jan.-June 2024 period is 1.33.

International Net Sales	2024-25 Q3 Change	2024-25 9M Change
Inflation accounting djusted	in TL & USD	8.8%	-3.7%
Inflation accounting non-adjusted	in TL	45.9%	32.4%
	in USD	20.0%	10.7%

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Sales Volume Growth

• In the third quarter of the year, our sales volume (m² ) of ceramic coating materials, which is the main product group, increased by 3% in the domestic market and increased by 15% in international markets.
• In the nine-month period of the year, ceramic coating sales was up 1% in domestic market while it increased by 19%.

Ceramic Coating Materials Sales Volume (million m² )

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Financial Statements

IAS-29 APPLIED

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P&L Summary*

						/
	/		1	,
(TI million)	2025	2024	Y-on-Y	2025	Q-on-Q	2025	2024	Y-on-Y
(TL million)	II Q3	Q3	Change	I Q2	Change	I 9-Month	9-Month	Change	GROSS MARG	eini
Net Sales	3.505,6	3.100,0	13,1%	3.309,0	5,9%	10.044,4	9.815,4	2,3%	GROSS WARE	PIIN
Gross Profit	11 11 476,5	-228,6		427,1	11,6%	1.045,7	242,8	330,7%	12,9 %	13,6 %
Margin	13,6%	-7,4%		12,9%	I 11,0%	1.043,7	242,8 2,5%	330,770	%	70
-	11	i			i				4,4%
Operating Profit	-240,4	-1.065,3	L	-432,7	!	-1.277,9	-2.108,9
Margin	II -6,9%	-34,4%		I -13,1%	i	ı -12,7%	-21,5%
Profit Before Financing	-230,6	-1.078,0		-444,5	l I	-1.304,5	-2.144,4		'25Q1 '25Q2	'25Q
Margin	-6,6%	-34,8%	i	-13,4%	I	-13,0%	-21,8%		23Q1 23Q2	230
Financial Income	98,0	312,3		155,7		435,1	1.170,9
Financial Expense	-842,4	-771,5	i e	-866,7	İ	-2.498,3	-2.326,2
Monetary Gain (Loss)	474,9	350,0	1	275,6		1.275,9	545,3		EBITDA MARC	SIN
Profit Before Tax	-500,2	-1.187,2		-879,8		-2.091,8	-2.754,4
Margin	-14,3%	-38,3%		-26,6%	I I	-20,8%	-28,1%		_	2,2%
Net Profit		-1.280,0		I -825,2		-2.074,1	-3.174,7		-3,4%
Margin	-14,6%	-41,3%	I I	-24,9%		-20,6%	-32,3%		-11,8%
EBITDA	77,1	-802,8	1	-113,5	l	-377,0	-1.341,4
Margin	2,2%	-25,9%	I	-3,4%	I	-3,8%	-13,7%
	\\		;	`	•		1

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Balance Sheet*

(TL million)	30 09 2025	31 12 2024		30 09 2025	31 12 2024
Current Assets	7 811 0 ,	8 973 6 ,	Liabilities Current	8 876 3 ,	8 573 0 ,
Cash Cash Equivalents &	811 6 ,	1 829 0 ,	Bank Loans	5 241 6 ,	5 696 8 ,
Trade Receivables	3 103 4 ,	2 431 6 ,	Liabilities Lease	41 3 ,	37 9 ,
Inventories	3 517 9 ,	4 163 2 ,	Trade Payables	2 972 2 ,	2 303 4 ,
Prepaid Expenses	233 3 ,	320 6 ,	Deferred Incomes	288 7 ,	238 0 ,
Current Tax Assets	60 5 ,	81 6 ,	Provisions	61 5 ,	52 7 ,
Others	84 2 ,	147 6 ,	Others	271 0 ,	244 3 ,
Non-current Assets	10 616 9 ,	10 437 2 ,	Liabilities Non-current	2 453 7 ,	1 694 5 ,
Tangibles Assets	8 377 9 ,	8 234 1 ,	Bank Loans	1 585 0 ,	959 7 ,
Intangible Assets	744 9 ,	658 6 ,	Provisions	567 8 ,	477 8 ,
for Properties Investment Purpose	422 6 ,	398 6 ,	Liabilities Lease	109 4 ,	83 5 ,
Deferred Tax Assets	884 7 ,	839 8 ,	Trade Payables	191 5 ,	173 6 ,
Right of Use Assets	154 5 ,	120 9 ,	Total Equity	7 097 9 ,	9 143 3 ,
Others	32 4 ,	185 4 ,	Issued Capital & Inflation adj	11 037 7 ,	11 037 7 ,
TOTAL ASSETS	18 427 9 ,	19 410 8 ,	& TOTAL LIABILITIES EQUITY	18 427 9 ,	19 410 8 ,

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Development of Working Capital Need

Bu mesaj/doküman GENEL (PUBLIC) etiketi ile sınıflandırılmıştır.

• Thanks to the measures taken, especially in inventory management, working capital /sales ratio was decreased from 34.4% to 28.8%, and the need for additional financing was prevented.

*Last 12 months' sales and working capital are considered.

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Cash and Financial Debt Structure

• As of the end of 2025 Q3, the total value of cash and cash equivalents is TL 812 million.
• There are a total of TL 6.98 billion in short- and long-term financial liabilities.

• ➢ TL 151 million is due to operational leasing agreements

• ➢ 49% in FX

• As of the end of the 2025 Q3, the total net financial debt* is TL 6,0 billion.

^* Cash and cash equivalents were deducted, and liabilities related to leasing transactions were ignored.

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Annex

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P&L Summary (IAS-29 not applied)

(TL million)	2025 Q3	2024 Q3	Y-on-Y Change	2025 Q2	Q-on-Q Change	2025 6-Month	2024 6-Month	Y-on-Y Change
Sales Net	3 376 3 ,	2 225 7 ,	52%	3 010 1 ,	12%	9 116 8 ,	6 448 7 ,	41%
Türkiye International	2 655 9 , 720 4 ,	1 732 0 , 493 6 ,	53% 46%	2 399 8 , 610 3 ,	11% 18%	7 262 6 , 854 2 1 ,	5 048 5 , 400 2 1 ,	44% 32%
Profit Gross	862 3 ,	361 8 ,	138%	798 4 ,	8%	2 225 8 ,	1 329 2 ,	67%
Margin	5% 25 ,	3% 16 ,		5% 26 ,		4% 24 ,	6% 20 ,
Profit Operating	201 8 ,	-212 7 ,		93 6 ,		212 7 ,	-178 0 ,
Margin	6 0% ,	-9 6% ,		3 1% ,		2 3% ,	-2 8% ,
Profit Before Tax	-499 8 ,	-542 6 ,		-609 8 ,		-1 680 8 ,	-959 6 ,
Margin	8% -14 ,	4% -24 ,		3% -20 ,		4% -18 ,	9% -14 ,
Profit Net	-348 6 ,	-482 7 ,		-465 4 ,		-1 200 7 ,	-672 5 ,
Margin	-10 3% ,	-21 7% ,		-15 5% ,		-13 2% ,	-10 4% ,
EBITDA	326 0 ,	-142 6 ,		202 9 ,		534 9 ,	21 8 ,
Margin	7% 9 ,	4% -6 ,		7% 6 ,		9% 5 ,	3% 0 ,

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Disclaimer

None of the information contained in this presentation contains investment advice, and any advice contained herein is not based on specific buyers' assessments of investment objectives, financial standing, or particular needs. This presentation does not constitute, in whole or in part, an offer to sell any of the Company's securities or an invitation for another offer or subscription or takeover, or incentive to make an investment. No part of this presentation and the fact that it has been distributed shall form the basis of any contract, commitment, or investment decision and cannot be considered in this regard. This presentation is solely the responsibility of the Company. This presentation is not intended to cover all information about the Company, nor has it been independently verified. The information and opinions given within the scope of this document are provided as of the date of presentation, and changes in the information and opinions contained in the presentation will not be subject to notification. The Company has not made, nor will it make any express or implied representations or commitments regarding the impartiality, sufficiency, accuracy and completeness of the information or opinions contained in this presentation (or whether the entry of any information into this presentation has been neglected), and no such assumptions are made.

The sector and competitive environment data contained in this presentation have been obtained from official or independent sources as far as possible. Independent industry publications, studies, and surveys generally state that the data contained in such sources are obtained from sources considered to be reliable, but that no commitment is made as to the accuracy or completeness of this information. While the Company believes that each publication, study, and survey has been prepared by reliable sources, it has not independently verified the accuracy of such information. In addition, the sector and competitive environment data in this presentation are based on the Company's internal surveys and estimations based on the Company management's knowledge and experience in the sectors in which the Company operates. While the Company believes that these surveys and estimates are appropriate and reliable, the accuracy and completeness of these surveys and estimates and the underlying methodologies and assumptions have not been verified by any independent source, and changes in them will not be subject to notification. Therefore, undue meaning should not be attributed to any data contained in this presentation.

This presentation contains "forward-looking statements." These statements include such terms as "anticipate," "will," "believe," "intend," "guess," "expect," and similar. Except for historical information, all related statements, including but not limited to the Company's financial position, prospects, growth, business strategy, plans, and management's objectives for future operations, are forward-looking statements. These statements include known and unknown risks and other important factors, including but not limited to risks or uncertainties that could cause the Company's actual results, performance, or achievements to differ significantly from the results, performance, or achievements stated or implied in this forward-looking statements. These statements are based on numerous assumptions regarding the Company's current and prospective business strategies and the business environment in which the Company will operate in the future. These forward-looking statements are to be taken into consideration only as of the date of this presentation. The Company warns the recipients of this presentation that the forward-looking statements do not constitute a commitment to the future performance of the Company and that the Company's actual financial position, expectations, growth, business strategy, plans, and management's objectives regarding future operations may differ materially from those stated and disclosed in the forward-looking statements in this presentation. In addition, even if the Company's financial position, prospects, growth, business strategy, plans, and management's objectives for future operations are consistent with the forward-looking statements in the presentation, these results and developments do not constitute an indicator of the results or developments to be achieved in any future period.

Any member of the board of directors, managers, employees or any other person of Kaleseramik, Çanakkale Kalebodur Seramik Sanayi A.Ş. or the Company; Kaleseramik, Çanakkale Kalebodur Seramik Sanayi A.Ş. cannot be held responsible for any damages that may arise from the use of the content of this presentation.