Turk Traktor Ve Ziraat Makineleri A.s. · BIST:TTRAK
Turk Traktor Ve Ziraat Makineleri A.s — FY2024 Earnings Presentation
30 slides from Turk Traktor Ve Ziraat Makineleri A.s's earnings presentation, Feb 14, 2025
Slide 1: Analyst Meeting Presentation
TiirkTraktor aa > @ ANALYST MEETING PRESENTATION 14.02.2025 GAKos TiirkTraktor CNH
Slide 2: Disclaimer
DISCLAIMER With the Capital Markets Board of Turkey’s Bulletin dated 28.12.2023 numbered 2023/81, CMB announced that issuers and capital market institutions shall prepare their annual financial statements ending on 31.12.2023 or later, in accordance with IAS 29 inflationary accounting provisions. Ac
Slide 3: Agenda
OFS LOCAL MARKET SECTOR DYNAMICS OMS GLOBAL TRACTOR MARKET 6% BUSINESS RESULTS Q) Tractor Q) Agricultural and Construction Equipment QO) 2025 Expectations O¥ FINANCIAL RESULTS GAKog AGENDA TiirkTraktor CNH
Slide 4: Local Market Sector Dynamics
LOCAL MARKET SECTOR DYNAMICS Agricultural Sector & Rainfall Input Costs & Support Agricultural Production Trend Product Prices Programs @AKos TiirkTraktor Consumer Financing CNH
Slide 5: Kos
Kos TiirkTraktor CNH
Slide 6: Turkey's agricultural economy in the world
Turkey’s agricultural economy in the World GA Kog TURKISH AGRICULTURE SECTOR ‘ Turkey's Share in 1) Share in 6% 8. agricultural 1 F GDP 6 % the ein 4, 0 (as of 2023) economy in (as of 2023) @sof3a2024) | employment (as of 302024) Europe Agricultural Production 2023-2024 (milion ton) cece se = 2023 ™
Slide 7: Rainfall by region
7 573 541 597 Difference (%) Normal Oct 22 - Sep 23 Oct 23 - Sep 24 Normal Oct 22 - Sep 23 Oct 23 - Sep 24 742 721 670 669 665 697 689 605 578 618 621 567 537 522 534 506 504 466 402 395 394 Marmara Aegean Mediterranean Central Anatolia Black Sea Eastern Anatolia South Eastern Anatolia 32% -13% 9% -
Slide 8: Agricultural input and product prices
0% 20% 40% 60% 80% 100% 120% 140% 160% 180% J AN - 21 FEB- 21 MAR - 21 APR - 21 MAY- 21 J U N - 21 J U L- 21 AU G- 21 SEP- 21 OC T- 21 N OV- 21 D EC - 21 J AN - 22 FEB- 22 MAR - 22 APR - 22 MAY- 22 J U N - 22 J U L- 22 AU G- 22 SEP- 22 OC T- 22 Agricultural PPI N OV- 22 D EC - 22 J AN - 23 FEB- 23 M
Slide 9: Agricultural Support Programs in Turkey
AGRICULTURAL SUPPORT PROGRAMS IN TURKEY , TiirkTraktor
Slide 10: Agricultural Support Programs in Turkey
AGRICULTURAL SUPPORT PROGRAMS IN TURKEY y Agricultural Subsidy Payments (bition 71) Agricultural Investment Supports (ition) 63% increase 164.1 47% increase YP 0 100.6 7 6 41.3 17.0 21.9 23.0 A 25.1 es so a a i wal a __ i 7 7 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 Budg
Slide 11: Consumer Finance
CONSUMER FINANCE TiirkTraktor
Slide 12: Consumer Finance
CONSUMER FINANCE 2 Interest Rates % Ziraat Bank is in a competitive position with a post-subsidy 4 %§ Ziraat Bankas| interest rate of 22.5%. Ziraat Bank loan usage was 19.3% as 2024. € Financing Distribution of TiirkTraktér's Sales Dec 21 Aug 22 Sep 22 Oct 22 Nov 22 Jun 23 July 23 Aug 23 Sep 23 Oct2
Slide 13: Global Tractor Market and Export
GLOBAL TRACTOR MARKET AND EXPORT ee ew aN g- = / GAKos TiirkTraktor
Slide 14: Global Tractor Market
GLOBAL TRACTOR MARKET 4 Total Global Market (thousand Unit) 6% 2022 | 2023 | 2024 Important Export see 560 549 484 HH North America 302 278 241 Hl Europe 163 156 137 Other 95 114 106 8 India 912 915 910 i China 281 224 224 lm Turkey 67 78 64 @ Brazil 52 49 47 wy Pakistan 44 42 40 World Total 1916 |
Slide 15: Export
EXPORT ae “8:Tractor Export from Turkey* (unit) “8: TiirkTrakt6r’s Export (unit ‘Source: Tarmakbir 22,472 Chie Chicane -6% decrease -990, 20,148 17,095 sh Ot eel decrease a Lo - 2022 2023 2024 2022 2023 2024 16,016 17,106 © TiirkTrakt6r’s Share in Export* > TiirkTraktér is an international player th
Slide 16: Production
PRODUCTION , GAKos TiirkTraktor CNH
Slide 17: Tractor Production in Turkey & TürkTraktör
TRACTOR PRODUCTION IN TURKEY & TURKTRAKTOR z OkeTractor Production of Turkey* (unit Oh TiirkTraktér’s Production (unit) =Total mw TiirkTraktor 92,581 ene 15% i increase -15 pa decrease 51,423 79,478 44, a ry 611 2022 2023 2024 2022 2023 2024 * Updated after adding Same-Deutz's production figures for
Slide 18: Market Position
18 77,899 66,942 Market 63,546 Market 2023 2024 Position Position New Holland 27,124 1. 22,729 1. Case IH 7,435 2. 6,651 2.
Slide 19: Tractor Sales of TürkTraktör
TRACTOR SALES OF TURKTRAKTOR B 6% Tractor Sales of TiirkTrator (unit almport = Local = Export > Locally produced tractor sales decreased by 11% in 2024. 34,984 31,222 Import tractor sales decreased by 13% in 2024. In 2024 export tractor sales decreased by 22% comparing to 2023. 2022 2023 2024 Y ff Q
Slide 20: ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑
20 ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑
Slide 21: Construction Equipment
CONSTRUCTION EQUIPMENT — SSe. Construction Equipment Sales (unit) mLocal mlmport Total 11% increased ap 7 &D 424 ant im Construction equipment sales volumes increased by 11% 323 288 307 compared to 2023. 2022 2023 2024 * TiirkTraktor, which stepped into the construction equipment industry UCTION 4 >
Slide 22: Agricultural Equipment
GA Kos AGRICULTURAL EQUIPMENT Ssee Combine Sales (unit) + Agricultural equipment covers a wide range of actively used products in all processes, starting with tillage, planting, spraying, fertilizing, and then harvesting and transporting. 502 302 60% decrease ~~ * Inthe agricultural equipment group,
Slide 23: Advanced Technology
GA Kog Guidance Systems Autoguidance & TT Guide Manual Guidance guide Guidance Systems Factory Fitted Autoguidance Systems ADVANCED TECHNOLOGY Fleet & Vehicle Tracking System TT Connect 7 => Connect Autonomous Vehicles Autonomous Sprayer Agricultural Drone Spraying TurkTrakt6r Drone =e TurkTraktir T
Slide 24: 2025 Expectations
Tractor Market Wire ot 2025 EXPECTATIONS > Turkish Tractor Industry Volume: 48,000 — 56,000 units > Local Tractor Sales*: 23,000 — 28,000 units > Tractor Exports: 11,000 — 13,000 units TiirkTraktOr > capex: 140-160 mittions *Sales to the dealers included imported tractors GAKog TiirkTraktor CNH
Slide 25: Financial Results
GA Kos FINANCIAL RESULTS 7 YY wv wv TiirkTraktor CNH
Slide 26: Market Dynamics, Stage 5 Transition, TTFinans
26 • Following a record-breaking year in 2023, the Turkish tractor market contracted by 18% yoy to 63,546 units. Market Dynamics • Local market volume decreased by 11% yoy to 31,974 units. • TürkTraktör export volume decreased by 22% yoy to 12,516 units. • With full compliance with the Stage 5 trans
Slide 27: Income Statement
_ INCOME STATEMENT Income Statement IAS 29 (TL mils.) 2023 2024 Change Total Sales 84,367 66,970 -21% Domestic Sales 64,689 52,927 -18% Export Sales 19,678 14,043 -29% Gross Profit 22,510 12,919 -43% Margin 26.7% 19.3% -7.4 pp Operating Income 17,344 7,962 -54% Margin 20.6% 11.9% -8.7 pp EBITDA 19,0
Slide 28: Balance Sheet & Cash Flow Statement
GAKog BALANCE SHEET & CASH FLOW STATEMENT Balance Sheet IAS 29 (TL mils.) 2023 Total Assets 46,859 Current Assets 36,104 Property, Plant and Equipment - Net 6,586 Total Liabilities 24,628 Current Liabilities 22,718 Long Term Liabilities 1,910 Shareholders’ Equity 22,231 Cash Flow IAS 29 (TL mils.) 2
Slide 29: Financial Position & Ratios
GAKog FINANCIAL POSITION & RATIOS Net Debt Cash & Cash Equivalents Total Financial Debt Financial Ratios Net Debt / EBITDA Return on Equity Current Ratio Liquidity Ratio Current Assets / Total Assets Current Liabilities / Total Liabilities 2023 (9,621) 17,819 8,198 2023 (0.50) 0.61 1.59 1.04 0.77 0.
Slide 30: Investor Relations Contact
GAKog INVESTOR RELATIONS CONTACT y Fatma CAVLI Merig ONARGAN Investor Relations Team Leader Investor Relations Leader Specialist +90 312 2332502 e@ +90 312 2332504 Fatma.Cavli@turktraktor.com.tr Meric.Onargan@turktraktor.com.tr investorrelations@turktraktor.com.tr TiirkTraktor CNH
Türk Traktör ve Ziraat Makineleri A.Ş. — FY2024 Earnings Presentation on 6ix