Gulermak Agir Sanayi Insaat Ve Taahhut A.s. · BIST:GLRMK
Gulermak Agir Sanayi Insaat Ve Taahhut A.s — Gülermak Ağır Sanayi İnşaat ve Taahhüt A.Ş. — Q1 2026 Earnings Presentation
15 slides from Gulermak Agir Sanayi Insaat Ve Taahhut A.s's earnings presentation, May 11, 2026
Slide 1: 1Q26 Earnings Presentation
1Q26 Earnings Presentation 11 May 2026
Slide 2: Disclaimer
Disclaimer Gülermak Ağır Sanayi İnşaat ve Taahhüt A.Ş. (“Gülermak” or “the Company”) has not made and will not make any express or implied representations and warranties regarding the adequacy, accuracy, and completeness of the information or opinions contained in this presentation (or whether any i
Slide 3: 1Q26 Highlights
1Q26 Highlights € 4.9 billion Backlog TL 9.7 billion TL 5.5 billion (€ 189 million) (€ 108 million) Revenue Net Cash** TL 1.5 billion TL 610 million (€29 million) (€12 million) EBITDA* Net Profit (15.2% EBITDA Margin) (6.3% Net Profit Margin) * Other operating income and expense are not included in
Slide 4: Financial Performance
Financial Performance Revenue (TL million) Gross Profit (TL million) & Gross Profit Margin (%) EUR mn 175 189 30 27 9,660 17% 8,947 14% 1,511 1,376 1Q25 1Q26 1Q25 1Q26 Gross Profit Gross Profit Margin EBITDA * (TL million) & EBITDA Margin Net Profit (TL million) & Net Profit Margin (%) EUR mn 29 29
Slide 5: Delivering Strong, Sustainable ROE with a Debt-Free Balance Sheet
Delivering Strong, Sustainable ROE with a Debt-Free Balance Sheet Net Cash (TL million) Return on Equity (TL million) EUR mn 95 101 164 108 152 232 383 371 8,370 52% 19,531 18,945 5,493 32% 4,858 5,137 11,860 30% 7,750 20% 2023 2024 2025 1Q26 2023 2024 2025 1Q26 Total Equity ROE Net Cash / Equity (T
Slide 6: Growth in Total Assets Parallel with Backlog
Growth in Total Assets Parallel with Backlog Total Assets (TL million) Net Working Capital (TL million)* EUR mn 852 1,178 1,403 1,305 53 243 258 334 34% 71,589 66,599 60,087 26% 17,026 25% 13,178 43,483 12,388 7% 2,722 2023 2024 2025 1Q26 2023 2024 2025 1Q26 NWC NWC/Revenue * Net Working Capital = T
Slide 7: Breakdown of Revenues
Breakdown of Revenues Geographical Breakdown* Breakdown by Business Segment 1Q26 1Q26 3.4% Metro, Light Rail Systems and Tram 25.4% 1.8% Projects 11.3% 35.6% 28.4% Highway Projects West 46.0% 24.2% 1Q25 East 1Q25 55.1% Railway Projects Turkey 58.9% 62.6% 9.4% Other 19.5% 18.4% Breakdown by Currency
Slide 8: 26% Euro Denominated CAGR in Backlog
26% Euro Denominated CAGR in Backlog As of March 31, 2026, the total backlog amount from the projects in the Company's portfolio is Euro 4.9 billion. 25% HIT Ratio 26% CAGR* 4,913 4,912 4,929 4,389 3,119 1,920 2021 2022 2023 2024 2025 1Q26 * Euro denominated Compounded Annual Growth Rate between 202
Slide 9: Breakdown of Backlog
Breakdown of Backlog Geographical Breakdown * Breakdown by Business Segment West, 16% Railway Projects, 23% Metro, Light Rail Systems Highway East, 51% and Tram Projects, Turkey, Projects, 4% 34% 70% Other, 3% * The Western contracting group includes operations carried out in Poland while The Easter
Slide 10: Share Sale Through the Accelerated Bookbuilding and Capital Increase via Private Placement
Share Sale Through the Accelerated Bookbuilding and Capital Increase via Private Placement ❖ In April 2026, the main shareholders completed a secondary accelerated bookbuild in Gülermak, placing approximately 13.9% of the Company’s issued share capital with institutional investors in and outside Tür
Slide 11: A Global Milestone: Gülermak Ranked in ENR 2025 Top 10 Worldwide
A Global Milestone: Gülermak Ranked in ENR 2025 Top 10 Worldwide 9 12 13 13 15 16 2020 2021 2022 2023 2024 2025 According to Engineering News-Record (ENR) 2025 rankings, the Company ranks 9th globally, 5th in Europe, and 1st in Turkey in the ‘Mass Transit and Rail’ category. 11
Slide 12: Projects Awarded in 2026
Projects Awarded in 2026 A1 Kabaty Metro Station C1 Tymbark–Limanowa Railway Section PKP Polskie Linie Kolejowe Tendering Authority Metro Warszawskie Sp. z o.o. Tendering Authority S.A. Contract Value PLN 33,772,110 (Inc. VAT) Contract Value PLN 1.636.744.956 (Inc. VAT) Share of Gülermak 100% Share
Slide 13: Income Statement
Income Statement (TL mn) 1Q26 1Q25 YoY (%) Revenue 9,660 8,947 8% Cost of Sales (-) (8,283) (7,435) 11% Gross Profit 1,376 1,511 (9%) General and Administrative Expenses (-) (197) (325) (39%) EBITDA 1,467 1,455 1% Other Operating Income 290 136 113% Other Operating Expenses (-) (460) (686) (33%) Ope
Slide 14: Summary Balance Sheet
Summary Balance Sheet (TL mn) 31.03.2026 31.12.2025 Current Assets 57,786 62,955 Cash and Cash Equivalents 12,251 15,859 Trade Receivables 7,785 6,617 Costs and Estimated Earnings In Excess of Billings on Uncompleted Contracts 29,221 31,897 Prepaid Expenses 3,967 3,910 Other Current Assets 4,562 4,6
Slide 15: Contact: Başak Dalga
Contact: Başak Dalga Head of Investor Relations yatirimci.iliskileri@gulermak.com.tr www.gulermak.com.tr
Gülermak Ağır Sanayi İnşaat ve Taahhüt A.Ş. — Q1 2026 Earnings Presentation on 6ix