Slide 1: Investor Presentation H1’25
Investor Presentation H1’25
Slide 2: Content
Efficiency Management Program 3-4 H1’25 Key Financial Results 6 Content H1’25 Segmental Results 7-9 H1’25 Regional Results 10 H1’25 & Historical Operational Results 11-14 Liquidity & Capital Allocation 15-18 Sustainability - CareforNext 2022-2030 Vision 19-22 Şişecam at a Glance & Risk Management Po
Slide 3: Efficiency Management Program
Efficiency Management Program Efficiency Management Program Goals Effective use of resources ENHANCED OPERATIONAL Increase in operational PROFITABILITY efficiency Process optimization IMPROVED BALANCE SHEET STRUCTURE Optimization of expenses Cost control POSITIVE CASH FLOW IN THE LONG TERM Reducing
Slide 4: Efficiency Management Program – Actions
Efficiency Management Program – Actions Efficiency and Optimization Controlled Management of Investments Capacity Planned Commissioning Date New Energy Glass Processing Lines Energy Glass: 47 mn sqm Consolidation of Encapsulation plants in Germany & Q4 2025 Patterned Glass: and Hungary at the Slovak
Slide 5: Important Notice on Inflation Accounting (IAS 29)
Important Notice on Inflation Accounting (IAS 29) Türkiye has economic conditions that require reporting entities in the country to follow the Pursuant to the Capital Markets Board Decision dated 28.12.2023 and numbered 81/1820, methodology set out in International Accounting Standards (‘IAS’) - 29
Slide 6: H1’25 Key Financial Results
H1’25 Key Financial Results TRY Mn Revenue Gross Profit EBITDA Parent Only Net Income -13% 27% 115,862 23% 100,776 13% 56,447 9% 52,580 26,528 26,891 6% 4% 13,117 15,479 12,839 10,027 59,415 6,508 48,195 3,295 8,695 3,981 13,411 3,123 11,412 2,652 6,732 4,145 3,385 1,329 H1'24 H1'25 H1'24 H1'25 H1'2
Slide 7: H1’25 Segmental Revenue and EBITDA Margin
H1’25 Segmental Revenue and EBITDA Margin TRY Mn Architectural Glass Industrial Glass -3% 12% 19% -6% -6% +1% 24,951 23,390 12,937 13,020 12,338 +1% -7% 11,881 6,128 -11% +12% 7,035 12,613 11,509 6,809 5,985 H1’24 Volume Pricing, Product Mix H1’25 H1’24 Volume Pricing, Product Mix H1’25 Effect Curr.
Slide 8: H1’25 Segmental Revenue and EBITDA Margin
H1’25 Segmental Revenue and EBITDA Margin TRY Mn Chemicals Energy 18% 1% 14% -0.3% -14% -57% 26,765 12,512 22,904 12,673 -4% 6,216 -10% 11,089 5,322 14,092 -52% -5% 3,008 11,815 6,295 2,314 H1’24 Volume Pricing, Product Mix H1’25 H1’24 Volume Pricing, Product Mix H1’25 Effect Curr. Effect Effect Cur
Slide 9: H1’25 Segmental Revenue and EBITDA
H1’25 Segmental Revenue and EBITDA TRY Mn Diversified Revenue Mix Revenue Bridge Energy Other Architectural Glass 115,862 5% 2% -1,561 83 100,776 23% -2,939 821 -3,861 -7,190 -440 Chemicals 23% 13% Industrial Glass 22% 12% H1’24 Architectural Industrial Glassware Glass Chemicals Energy Other H1’25 G
Slide 10: H1’25 Regional Results
H1’25 Regional Results Geographic Revenue Mix Regional Breakdown of Exports from Türkiye Russia, Ukraine Other Other and Georgia North Africa 2% 2% 10% 14% US Asia 11% 38% Sales in Türkiye South America 5% 4% 53% Europe 9% 21% North America Europe 13% 18% Middle East Exports from Türkiye Top 10 Expo
Slide 11: H1’25 Operational Results
H1’25 Operational Results K tons Glass Production Soda Ash Production Chromium Chemicals Sales 2,748 2,783 2,296 2,228 56 52 40% 40% 67% 68% 88% 88% 60% 60% 33% 32% 12% 12% H1'24 H1'25 H1'24 H1'25 H1'24 H1'25 Domestic International Domestic International Domestic International* 11 * International: S
Slide 12: Historical Production & Sales Results - Glass
Historical Production & Sales Results - Glass K tons Regional Glass Production Segmental Glass Production 16% 10% 5,619 5,781 5,634 3% 8% 1% 5,227 -4% -10% 4,857 1% 1% 1% 5,619 5,781 5,634 1% 4,857 5,227 1% 41% 42% 44% 42% 40% 44% 45% 41% 47% 2,748 2,783 46% 2,748 2,783 6% 6% 6% 6% 1% 1% 6% 40% 40%
Slide 13: Historical Production & Sales Results - Chemicals
Historical Production & Sales Results - Chemicals K tons Soda Ash Production Soda Ash Sales 28 0% 17 0% 28 0% 17 0% 108% 12 0% 12 0% 99% 23 0% 23 0% 70 % 70 % 18 0% 18 0% 8% 10% 20 % 20 % 13 0% -9% -4% -2% 0% -3% 13 0% -8% 0% -2% 1% -3% -30% -30% 38% 37% 69% 67% 67% 68% 80 % 80 % 70% -80% 76% 73% 88
Slide 14: Installed Gross Capacities
Installed Gross Capacities Flat Glass Glassware Glass Packaging* Soda Ash** 6% 10% 3% 6% 16% 10% 14% 6% 4.3 Mn 533 K 38% 3.3 Mn 10.6 Mn 4% 12% tons/year tons/year tons/year 59% tons/year 60% 14% 62% 6% 74% Türkiye Russia Bulgaria Italy India Egypt Türkiye Russia Bulgaria Egypt Türkiye Russia Georgia
Slide 15: Debt Position
Debt Position Net Debt Bridge (TRY Mn) Net Debt USD 2.8 Bn 1,539 110,687 Net Debt/EBITDA 5.8x 84,121 1,155 23,871 Fixed Interest Rate 65% 2024 Borrowings Cash &Cash Equ. Marketable Sec* H1’25 Variable Interest Rate 35% Term Structure of Gross Debt* (TRY Mn) RUB Other EUR 153,719 1% 2% 4% TRY 53% TRY
Slide 16: Gross Debt & Liquidity Results
Gross Debt & Liquidity Results TRY Mn H1’24 H1’25 153,719 Net Debt/EBITDA** 2.6 5.8 Net Debt/Equity** 0.33 0.46 110,687 4,297 Credit Ratings 38,735 Moody’s B2 Negative H1'25 Cash & Cash Marketable Net Debt Fitch Ratings B Negative Equ. Sec.* (*) Marketable securities: USD 59 Mn-Eurobond investments
Slide 17: FX Position
FX Position H1’25: Net Short FX Position: TRY 7 Billion 2024 H1'25 1,050 110 94 -81 -100 -3,788 USD EUR Other Currencies Corresponding TRY 17
Slide 18: FCF & Capex Analysis
FCF & Capex Analysis TRY Mn H1'24 H1'25 Change CAPEX Breakdown (H1’25) Net Profit 6,645 4,079 -2,566 Non Cash Items 2,152 16,462 14,310 Changes in Working Capital 1,261 -4,433 -5,694 Other Cashflow from operations 10,058 16,108 6,050 Interest received,net -6,399 -8,088 -1,690 Chemicals Dividend paid
Slide 19: Sustainability
Care for N@xt sustainability PROTECT EMPOWER TRANSFORM THE PLANET SOCIETY LIFE VEARS
Slide 20: Sustainability Initiatives & Projects
Sustainability Initiatives & Projects Şişecam 2024 TSRS-Aligned Sustainability Report In line with the Turkish Sustainability Reporting Standards (TSRS) published by the Public Oversight, Accounting and Auditing Standards Authority (KGK), we have published our first TSRS-aligned Sustainability Repor
Slide 21: Sustainability Initiatives & Projects
Sustainability Initiatives & Projects Şişecam Global Supplier Summit As part of our 90th anniversary celebrations, we gathered with our global business partners at the Şişecam Global Supplier Summit. At the summit held in Istanbul under the theme “United to Collaborate – Navigate Together”, key pill
Slide 22: Sustainability Initiatives & Projects
Sustainability Initiatives & Projects Sustainability Trainings Perge Ancient City Excavations With the Sustainability E-Learning Project, for which we initiated content development Our company, which set out in 1935 to lay the foundations of the glass industry in Türkiye, has efforts in 2024, we aim
Slide 23: Şişecam at a Glance
1st 1st Corporate History Export Countries 90 years 150+ World leader in basic World leader ŞİŞECAM chromium sulphate in glassware Production in Production at FREE FLOAT 2% 14 countries 45 plants 46% Employees Market Cap.* Only global player in 23,000+ $3 Billion all key areas of glass Revenue in 20
Slide 24: Risk Management Policies
Risk Management Policies Leverage Leverage with conservative Net Debt/EBITDA levels Liquidity Maintain sufficient liquidity to meet short-term funding and to finance equity portion of Capex FX Position FX position limited to -10% to 20% of shareholder’s equity Not only a diversified relationship ban
Slide 25: Appendix
Operating Structure Appendix Production Facilities FX Exposure COGS Analysis Summary Balance Sheet Summary Income Statement Key Financials w/o IAS 29 Historical Financials w/o IAS 29
Slide 26: Şişecam Operating Structure
Şişecam Operating Structure Production Joint Ventures Joint Ventures ŞİŞECAM ARCHITECTURAL GLASS INDUSTRIAL GLASS GLASSWARE GLASS PACKAGING CHEMICALS ENERGY OTHER Şişecam Flat Şişecam Şişecam Paşabahçe Şişecam Şişecam Şişecam TRSG Glass Paşabahçe Şişecam Camiş Oxyvit Glass India Otomotiv Elyaf Sanay
Slide 27: Şişecam Production Facilities
Şişecam Production Facilities FLAT GLASS & INDUSTRIAL GLASS CHEMICALS GLASS ARCHITECTURAL GLASSWARE ENERGY OTHER* AUTO ENCAPSU- PACKAGING SODA CHROMIUM PORT MAN- GLASS GLASS FIBER GLASS LATION CHEMICALS CHEMICALS AGEMENT TÜRKİYE 4 PLANTS 1 PLANT 1 PLANT 3 PLANTS 3 PLANTS 1 PLANT 1 PLANT 1 PLANT (4)
Slide 28: FX Exposure
FX Exposure Consolidated Şişecam FX Exposure – H1’25 Revenue 21% 27% 39% 10% 3% COGS 15% 29% 45% 8% 3% USD EUR TRY RUB Other Consolidated Şişecam FX Exposure – H1’24 Revenue 24% 25% 40% 8% 3% COGS 18% 23% 49% 7%3% USD EUR TRY RUB Other 28
Slide 29: FX Exposure – H1’25
FX Exposure – H1’25 Architectural Glass Industrial Glass Revenue 5% 29% 55% 4% 7% Revenue 8% 61% 31% COGS 3% 42% 43% 5% 7% COGS 1% 66% 33% USD EUR TRY RUB Other USD EUR TRY RUB Glassware Glass Packaging Revenue 7% 29% 49% 7% 8% Revenue 3%10% 45% 38% 4% COGS 3% 23% 61% 8% 5% COGS 8% 2% 53% 34% 3% USD
Slide 30: FX Exposure – H1’25
FX Exposure – H1’25 Chemicals Energy Revenue 74% 26% Revenue 100% COGS 62% 24% 14% COGS 100% USD EUR TRY TRY Other Revenue 14% 55% 31% COGS 7% 52% 41% USD EUR TRY 30
Slide 31: COGS Analysis
COGS Analysis Şişecam Consolidated COGS Breakdown Outsourcing & Other Outsourcing & Other Input & Materials & Packaging Depreciation 15% 26% Input & Materials 32% 5% & Packaging 39% H1’24 H1’25 Depreciation 5% Labor 19% 16% 16% 5% 5% 17% Labor Ngas Electricity Electricity Ngas 31
Slide 32: Segmental COGS Analysis – H1’25
Segmental COGS Analysis – H1’25 Segmental COGS Breakdown Architectural Glass 43% 29% 6% 11% 4% 7% Industrial Glass 42% 2% 5% 29% 2% 20% Glassware 33% 14% 6% 37% 5% 5% Glass Packaging 48% 13% 8% 20% 6% 5% Chemicals 40% 20% 3% 17% 12% 8% Energy 1% 21% 1%1% 76% Other 54% 3% 5% 24% 3% 11% Input & Materi
Slide 33: Natural Gas Prices – H1’25 & Historical
Natural Gas Prices – H1’25 & Historical Türkiye Ngas Expense % in total COGS 21% 14% 15% 8% 11% 11% 2% 1% Architectural Industrial Glassware Glass Chemicals Energy Other Şişecam Glass Glass Packaging Türkiye Ngas Expense % in total COGS - ŞİŞECAM 18% 10% 12% 13% 11% 11% 11% 2020 2021 2022 2023 2024
Slide 34: Summary Balance Sheet
Summary Balance Sheet TRY Mn 2024 H1'25 Change Total Assets 465,561 454,828 -2% Important Notice Cash & Cash Equivalents 62,606 38,735 -38% Pursuant to the Capital Markets Board Decision Financial Assets & Derivatives 8,798 5,902 -33% dated 28.12.2023 and numbered 81/1820, issuers Trade Receivables
Slide 35: Summary Income Statement
Summary Income Statement TRY Mn H1'24 H1'25 Change Important Notice Revenue 115,862 100,776 -13% Cost of Goods Sold -89,334 -73,884 -17% Pursuant to the Capital Markets Board Decision Gross Profit 26,528 26,891 1% dated 28.12.2023 and numbered 81/1820, issuers General and administrative -9,545 -9,07
Slide 36: Key Financials w/o IAS29
Key Financials w/o IAS29 TRY Mn Revenue EBITDA Profit Before Tax Net Income for the Period* 19% 97,943 22% 82,427 15% 5% 8% 8% 4% 53,337 21,256 42,702 11,956 13,891 6,415 7,507 5,552 5,184 39,724 44,606 3,113 2,563 7,368 6,404 7,364 111 5,971 3,851 3,002 -787 139 H1'24 H1'25 H1'24 H1'25 H1'24 H1'25
Slide 37: Historical Financial Results (w/o IAS29)
Historical Financial Results (w/o IAS29) TRY Mn 36% 172,140 30% 133,580 28% 26% 95,349 97,943 82,427 22% 15% 15% 32,058 28,160 35,264 21,341 25,706 21,256 5,989 11,603 11,956 2020 2021 2022 2023 2024 H1'24 H1'25 Revenue EBITDA EBITDA Margin 2020 2021 2022 2023 2024 H1’24 H1’25 Revenue Change Y-o-Y 1
Slide 38: Disclaimer
Disclaimer This information in this document has been obtained by T. Şişe ve Cam Fabrikaları A.Ş. (“Şişecam” from sources believed to be reliable, however, Şişecam cannot guarantee the accuracy, completeness, or correctness of such information. This document has been issued for information purposes
Slide 39: Şişecam Investor Relations Contact Details
Şişecam Investor Relations Contact Details SC_IR@sisecam.com (+90) 850 206 34 34 Hande Özbörçek IR Director hozborcek@sisecam.com Ferizan Kızıl IR Manager fkizil@sisecam.com