Oyak Cimento Fabrikalari A.s. · BIST:OYAKC
Oyak Cimento Fabrikalari A.s — OYAK Çimento Fabrikaları A.Ş. — FY2025 Earnings Presentation
47 slides from Oyak Cimento Fabrikalari A.s's earnings presentation, Mar 2, 2026
Slide 1: Financial Results 2025
FINANCIAL RESULTS 2025 02 March 2026
Slide 2: From East to West: Greener, Stronger & Together
From East to West: Greener, Stronger & Together
Slide 3: Key Messages & Highlights, Cement Sector, Operations, Projects & Sustainability
Key Messages & Highlights Cement Sector Operations Projects & Sustainability Financial Results Q&A 2
Slide 4: Key Messages & Highlights
&. Key Messages & Highlights GROUP HOLDINGS
Slide 5: Key Messages & Financial Highlights · 2025 vs 2024
Key Messages & Financial Highlights · 2025 vs 2024 • Price increase that remain below inflation, Net Sales (2025) negatively impacted Revenues and EBITDA in Net Sales (4Q25) (vs 3Q25) (vs 4Q24) (vs 2024) 2025. Thanks to increase in volumes, the impact 14,210 m ₺ (292 m €) -12% -3% 56,503 m ₺ (1,124
Slide 6: OYAK Cement · Ratings & Indices
OYAK Cement · Ratings & Indices • TCC Group Holdings: • Long-Term Credit Rating BBB- / Stable (Fitch Ratings) • Long-Term Credit Rating BBB- / Stable (S&P Global Ratings) • OYAK Cement: JCR Eurasia Rating’s announcement; • Long-Term National Institution Credit Rating: AAA / Stable, • Long-Term Inter
Slide 7: Tier 1 Peer Analysis · Performances in 2025
Tier 1 Peer Analysis · Performances in 2025 -3% +25% -13% -13% 58,156 56,503 Sales Revenue 36,847 45,907 28,291 24,609 20,266 17,644 OYAKC Competitor 1 Competitor 2 Competitor 3 -16% EBITDA 17,696 14,845 26% -32% -25% 9,101 7,207 4,939 5,179 3,350 3,909 OYAKC Competitor 1 Competitor 2 Competitor 3 -
Slide 8: Tier 1 Peer Analysis · Performances in 2023, 2024 and 2025
Tier 1 Peer Analysis · Performances in 2023, 2024 and 2025 Sales Revenue 58,017 58,156 56,503 45,907 38,750 36,847 35,386 28,291 25,317 24,609 20,266 17,644 2023 2024 2025 EBITDA 17,073 17,696 14,845 8,511 9,101 6,931 7,207 5,660 4,939 5,179 3,350 3,909 2023 2024 2025 EBITDA Margin (%) 29.4% 30.4% 2
Slide 9: OYAK Cement · Market Positioning
OYAK Cement · Market Positioning Revenue EBITDA Net Profit 2025* %33 %32 %40 %54 %54 9M25 %27 %37 %53 2024 %26 %26 %35 %40 %35 %40 2023 %23 %31 %33 %31 %34 OYAKC Other Peers * Calculated based on the financial results of the 8 companies that have disclosed their financial statements Source: Public D
Slide 10: Cement Sector
OYAK, CEMENT @ CIN\POR Cement Sector
Slide 11: Turkish Cement Market · Clinker Capacity
Turkish Cement Market · Clinker Capacity Black Sea Türkiye Clinker Prod. Cap. 10.7 M ton Clinker # of # of # of Integrated P. 8 Prod. Cap. Integrated P. Grinding P. # of Grinding P. 5 Marmara 100.5 56 22 Clinker Prod. Cap. 23.3 M ton M ton # of Integrated P. 11 # of Grinding P. 2 Clinker Capacity Gr
Slide 12: Turkish Cement Sector · 11M25 vs 11M24
Turkish Cement Sector · 11M25 vs 11M24 Türkiye +8.0% +10.0% -3.3% +18.7% -6.5% +11.8% +10.6% +14.6% OYAK Cement Plants (integrated) Source: TCMB 11
Slide 13: Turkish Cement Sector · 11M25, 11M24 vs 11M23
Turkish Cement Sector · 11M25, 11M24 vs 11M23 Cement Production (m ton) Export (m ton) 2023 – 2024 2023 – 2024 85.8 74.8 78.5 +5% 21.0 -3% 18.1 17.6 2024 –2025 2024 –2025 +9% 14.6 12.6 14.4 +19% Cement 5.0 6.6 3.5 Clinker 11M23 11M24 11M25 11M23 11M24 11M25 Domestic Cement Consumption (m ton) Clinke
Slide 14: Turkish Cement Sector · 11M25 vs 11M24
Turkish Cement Sector · 11M25 vs 11M24 Cement Exports (‘000 ton) Clinker Exports (‘000 ton) 11M24 11M25 11M24 11M25 +15% +33% 14.450 12.592 6.612 4.978 6.853 6.188 1.061 799 933 667 858 1.059 513 492 712 512 735 511 604 336 186 293 310 397 USA Italy Syria Albania Bulgaria Total Italy Romania Ghana S
Slide 15: Operations
@ Operations Potcc GROUP HOLDINGS
Slide 16: OYAK Cement · Türkiye
OYAK Cement · Türkiye Cement Capacity Zonguldak 24 m ton İstanbul 1 Kocaeli Ordu Rize 5 1 3 3 Trabzon 1 5 1 Bolu 1 1 3 1 1 Ankara Concrete Capacity 1 14.5 m m 3 8 2 1 Aggregates Capacity 4 7.8 m ton Denizli 2 2 1 1 1 1 1 1 2 4 Mardin 1 1 7 2 Gaziantep Hatay OYAK Cement operates 7 integrated and 3 Ad
Slide 17: Export Footprint of OYAK Cement
Export Footprint of OYAK Cement United Kingdom – Terminal at Port Bristol Romania – Terminal at Port Mangalia France – Terminal at Port la Rouen Türkiye – Ünye Port France – Terminal at Port la Nouvelle Türkiye – Aslan Port Portugal – Terminal at Port Viana Do Castelo TRNC – Terminal at Port Famagus
Slide 18: Projects & Sustainability
Potcc GROUP HOLDINGS Projects & Sustainability
Slide 19: Sustainability Targets Drive Long-Term Value
Sustainability Targets Drive Long-Term Value The first cement company in Türkiye to make a “Net Zero” commitment Operational efficiency Readiness to regulatory changes Alternative Fuel Usage 58% Superior financial performance 24% 28% 17% 6% 2016 2020 2024 2025 2030 Sustainability In 2025, - Waste He
Slide 20: Sustainable Energy Projects · Solar & WHR Projects
Sustainable Energy Projects · Solar & WHR Projects Solar Projects • The Beypazarı solar power plant (PV) project Renewable Energy has an installed capacity of 115 MWp and will be completed in 1Q2026. Usage % • It will generate 180,000 MWh of electricity per %20 year. It will supply 70% of the electr
Slide 21: A New Step in Digitalization
A New Step in Digitalization FIZIX Wireless Vibration Sensors 8,100 Sensor • Continuous monitoring of equipment with wireless sensors, early detection of anomalies, and prevention of unexpected failures • Easy monitoring of numerous pieces of equipment over 3,000 the same wireless network Equipment
Slide 22: Alternative Fuel Usage · Turkey vs OYAK Cement
Alternative Fuel Usage · Turkey vs OYAK Cement CAGR* +%17.6 %27.9 %25.2 %24.6 %22.5 %22.6 CAGR* +%13.6 %17.4 %12.3 %12.0 %12.5 %10.3 %6.6 %7.9 %7.8 %7.7 %8.0 %4.5 %5.6 2017 TR 2017 OÇF 2018 TR 2018 OÇF 2019 TR 2019 OÇF 2020 TR 2020 OÇF 2021 TR 2021 OÇF 2022 TR 2022 OÇF 2023 TR 2023 OÇF 2024TR 2024 O
Slide 23: Alternative Fuel Usage · EU Cement Industry vs OYAK Cement
Alternative Fuel Usage · EU Cement Industry vs OYAK Cement Alternative Fuel Usage Over an 8-Year Period 55 50 45 40 35 30 Alternative Fuel Usage in the EU Cement 25 Industry Over a 20-Year Period %28 %25 20 %25 %23 %23 15 %17 10 %12 5 %7 %8 0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 20
Slide 24: Financial Results & Highlights
Financial Results & Highlights
Slide 25: Financial Results · Challenging Year
Financial Results · Challenging Year SALES REVENUE (m TL) EBITDA (m TL) NET INCOME (m TL) 16,073 26.6% 22.6% 30.6% 24.7% 13.4% 9.6% 20.7% 22.0% 29.5% 8.2% 14,622 14,210 13,905 -3% -19% -41% 12,314 YoY YoY YoY 4,922 -12% 4,313 -29% -67% 3,273 3,139 3,510 3,542 QoQ QoQ QoQ 2,873 1,965 1,185 1,163 4Q24
Slide 26: Financial Results · 2025 vs 2024
Financial Results · 2025 vs 2024 SALES REVENUE (m TL) EBITDA (m TL) NET INCOME (m TL) 58,156 56,503 -3% -16% -7% YoY 30% 26% 16% 16% YoY YoY 17,696 14,845 9,382 8,763 2024 2025 2024 2025 2024 2025 EBITDA and Net Income Margin (%) IAS-29 applied financials 25
Slide 27: Net Working Capital (NWC) · Sustainable Level With Highest Collateralization
Net Working Capital (NWC) · Sustainable Level With Highest Collateralization NWC as a % of 21% 19% 16% 16% 17% Sales Revenue (LTM) NWC (m TL) 9,082 8,898 8,509 8,206 9,226 8,095 7,584 7,315 6,887 8,052 6,139 7,108 7,732 8,392 8,168 5,289 - -4,868 -5,539 4,937 - -6,296 -6,881 - 5,612 -7,941 -7,444 -6
Slide 28: Net Cash (Debt) Development · Solid Balance Sheet for Future Investments
Net Cash (Debt) Development · Solid Balance Sheet for Future Investments Net Cash (Debt) m TL Net Cash (Debt) / EBITDA (LTM) -2,298 1,809 8,023 10,929 10,917 0.74 0.62 0.47 13,820 8,315 10,016 0.14 6,029 1,872 2,717 1,242 1,013 953 827 -22 2021 2021 2022 2023 2024 2025 -3,563 -2,876 -80 -2,632 -5,23
Slide 29: Free Cash Flow
Free Cash Flow m TL 14,845 -90 -2,670 FCF/ EBITDA 2025 -6,977 5,108 34% -4,813 FCF/ EBITDA* 81% EBITDA NWC Change Tax Payments CAPEX Free Cash Flow m TL 17,696 -475 -2,000 FCF/ EBITDA 2024 29% FCF/ EBITDA* -10,089 5,130 86% EBITDA NWC Change Tax Payments CAPEX Free Cash Flow * Without CAPEX 28 IAS-2
Slide 30: Q&A
@ Q&A CIN\POR Ay GROUP HOLDINGS
Slide 31: Appendix
@ Appendix GROUP HOLDINGS
Slide 32: TCC Group Holdings (TCC) · Building a Green Future
TCC Group Holdings (TCC) · Building a Green Future TCC at a Glance TCC Global Operations 1,010 MWh Energy Storage Capacity • Founded on May 1, 1946. • Reorganized as TCC on January 1, 1951 Italy France Spain Australia US • Privatized in 1954 and management was taken over by the Koo family. 857k tons
Slide 33: Group's Global Footprint
Group’s Global Footprint Taiwan Cement Capacity Clinker Capacity China 77.0 m ton 65.8 m ton United Kingdom France Cement Capacity Clinker Capacity Netherlands 35.0 m ton 18.0 m ton Portugal Integrated Grinding Calcined Clay Ports Facility Facility Facility Romania 10 7 3 4 Paper & Türkiye RMX Aggre
Slide 34: TCC Group Holdings (TCC) · Ownership
TCC Group Holdings (TCC) · Ownership 33
Slide 35: Milestones · Step Towards Global Building Materials Company
Milestones · Step Towards Global Building Materials Company The first Turkish cement company to make the Merger of OYAK The largest Solar and "Net-Zero" Çimento, Denizli WHR investments commitment Çimento and OYAK in Turkey Çimento Fabrikaları considering the synergy Collaboration with Merger of 5 T
Slide 36: OYAK Cement · Key Investment Highlights
OYAK Cement · Key Investment Highlights ✓ Market leader in Türkiye Operates in 3 countries, 7 regions in Türkiye with 24 m tons installed cement capacity & 12.6 m tons clinker capacity ✓ One of the leading white cement producer 1 m tons of white clinker capacity ✓ Wide product portfolio for building
Slide 37: Cement Product Portfolio
Ga Cement Product Portfolio CEMENT 1 CEMENTUM + CEM IAS 42,5R + CEM II/A-M |S-\) 42,5R, + CEM IVA-LLA2,5R + CEM I/A-M [P-LL) 42,5R + CEM I/A-M |S-LL) 42,5R dota GROUP HOLDING f POWERCEM NOVOCEM i DuRACEM i puracem+ + CEM 1/8 |S) 22,5N-SR + CEM I/B-M (S-¥) 42.5 + CEM 1I/C-M (P-LL) 32,5N + CEM I/B-M (
Slide 38: OYAK Concrete · The Brand Name of Big-Ticket Projects
OYAK Concrete · The Brand Name of Big-Ticket Projects OYAK Concrete, the main field of activity of which is production and sales of ready-mix concrete, also intended to produce the aggregate, which has outpaced the cement in some plants and taken the first place among the concrete production cost it
Slide 39: Awards
Awards ÇEİS Those Who Add European Risk TIDE Awards 2025 OYAK Cement in 7 Value to OHS Awards Management Awards WisdomTree Indexes 2025 2025 International Legal 500 GC Powerlist: Certificate ÇEİS Those Who Add Investment Portugal Team 2025 Madway 2025 Value to OHS Awards Awards 2025 2025 Capital 500
Slide 40: Income Statement
Income Statement * EBITDA : Operating profit / (loss) + Amortization and depreciation 39 IAS-29 applied financials
Slide 41: Balance Sheet
Balance Sheet 40 IAS-29 applied financials
Slide 42: Cash Flow
Cash Flow 41 IAS-29 applied financials
Slide 43: Financial Results · Quarterly Managerial Revenue and EBITDA Development
Financial Results · Quarterly Managerial Revenue and EBITDA Development Quarterly Revenue (m TL) L12M* Revenue (m TL) 51.496 48.436 44.546 41.509 39.289 36.102 32.012 28.257 15.049 14.095 11.159 11.035 10.118 12.233 7.898 9.196 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Ç24 2Ç24 3Ç24 4Ç24 1Ç25 2Ç25 3Ç
Slide 44: Disclaimer
Disclaimer This presentation (Presentation) has been prepared by OYAK Çimento Fabrikaları A.Ş. for the sole purpose of providing information relating to OYAK Çimento Fabrikaları A.Ş. This Presentation is based on public information and data provided by OYAK Çimento Fabrikaları A.Ş. management and ba
Slide 45: Contact Information
Contact Information Ali Onur AYGÜN Country Director – Financial Affairs Sena ATAY Investor Relations Manager OYAK Cement Contact Information : yatirimciiliskileri@oyakcimento.com investor.relations@oyakcement.com +90 312 220 01 12
Slide 46: Thank you!
Thank you! 謝謝 ! Dank je! Obrigado/Obrigada! Teşekkürler! Merci! Mulțumesc!
Slide 47: fbTcc
fbTcc GROUP HOLDINGS
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