Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret Anonim Sirketi · BIST:BRSAN
Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret Anonim Sirketi — Borusan Pipe — 1H26 Earnings Presentation
28 slides from Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret Anonim Sirketi's earnings presentation, June 2026
Slide 1: Borusan Pipe Investor Presentation
Borusan Pipe Investor Presentation January- June 2026
Slide 2: Legal Disclaimer
Legal Disclaimer Some information in this presentation may contain certain “forward-looking statements”, including, without limitation BORUSAN BİRLEŞİK BORU FABRİKALARI SANAYİ ve TİCARET A.Ş. (Company)’s business projects, strategic objectives, future revenues, anticipated savings, financial results
Slide 3: Agenda
AGENDA Borusan Pipe at a Glance 3 Our Operations 4 Our Products 5 Highlights 6 1H26 Financials 18 2026 Guidance 23 Appendices 25 2
Slide 4: Borusan Pipe at a Glance
BORUSAN PIPE AT A GLANCE 3 1.31 million tons ~2.6 billion $ Continents Sales Volume Backlog** (2026-2028) 10 133 million $ Manufacturing 1.8 billion $ EBITDA Facilities Revenue 2 million tons 7.4% Production 73% 85% EBITDA margin Capacity USA Revenue Global Revenue Share Share* Note: Unless otherwis
Slide 5: Our Operations
OUR OPERATIONS Romania Italy INFRASTRUCTURE ENERGY & PROJECT USA Türkiye b Facility Sector Capacity (tons) Facility Sector Capacity (tons) TR – Halkalı* Industrial& 100,000 - welded USA - Energy 300,000 xxConstruction 40,000 – drawn Baytown xxAutomotive USA – Industrial& Industrial& 550,000 100,000
Slide 6: Our Products
OUR PRODUCTS Line Pipes OCTG Pipes Industrial & Construction Precision Pipes (LSAW / HSAW) (ERW) Pipes (ERW) (Cold Drawn / ERW) INDUSTRIAL & CONSTRUCTION AUTOMOTIVE INFRASTRUCTURE & PROJECT ENERGY A leading pipe solutions partner for energy Contributing to safe and efficient drilling Reliable, high-
Slide 7: Highlights
HIGHLIGHTS ➢ Balanced portfolio across geographies and sectors Resilient Business ➢ Strong financial visibility supported by multi-year projects Model with Strong Visibility ➢ Resilient operating structure against tariff risks, supported by a local manufacturing footprint ➢ +40 years of operating hi
Slide 8: Balanced portfolio across geographies and sectors - Geographic diversification
1 RESILIENT BUSINESS MODEL WITH STRONG VISIBILITY Balanced portfolio across geographies and sectors- Geographic diversification A significant portion of revenue is generated from global markets A stronger global revenue profile supported by growing U.S. revenue contribution 89% 76% 79% As of 1H26 As
Slide 9: Balanced portfolio across geographies and sectors - Sector diversification
1 RESILIENT BUSINESS MODEL WITH STRONG VISIBILITY Balanced portfolio across geographies and sectors- Sector Diversification Different sectors have driven growth across different periods. Cyclical Balancing Visibility Diversification across Our project-based sectors exposed to business segments and d
Slide 10: Balanced portfolio across geographies and sectors - Sector dynamics
1 RESILIENT BUSINESS MODEL WITH STRONG VISIBILITY Balanced portfolio across geographies and sectors- Sector Dynamics INFRASTRUCTURE & PROJECT ENERGY INDUSTRIAL & CONSTRUCTION AUTOMOTIVE Key Dynamics Key Dynamics Key Dynamics Key Dynamics • Project-based business model • Energy prices and drilling ac
Slide 11: Strong financial visibility supported by multi-year projects
1 RESILIENT BUSINESS MODEL WITH STRONG VISIBILITY Strong financial visibility supported by multi-year projects Growing activity in large-scale energy transmission projects in the U.S. STRONG POSITION IN PROJECTS REQUIRING ADVANCED TECHNICAL CAPABILITIES • Quality, safety and certification requiremen
Slide 12: Resilient operating structure against tariff risks, local manufacturing footprint
1 RESILIENT BUSINESS MODEL WITH STRONG VISIBILITY Resilient operating structure against tariff risks, supported by a local manufacturing footprint Local manufacturing advantage through strategically located STRATEGIC ADVANTAGES OF LOCAL facilities across the U.S., Türkiye and Europe MANUFACTURING Pr
Slide 13: U.S. accounting for 79% of total revenue
2 A PUBLICLY LISTED, U.S.-FOCUSED GLOBAL STEEL PIPE MANUFACTURER IN TÜRKİYE +40 years of operating history in the U.S., with the U.S. accounting for 79% of total revenue 1980s 2008 73% 79% Started exporting Secured our first standard steel large-diameter pipe 69% USA Revenue Share (%) pipes to the U
Slide 14: Operational footprint in the U.S. reaching ~1 million tons of capacity
2 A PUBLICLY LISTED, U.S.-FOCUSED GLOBAL STEEL PIPE MANUFACTURER IN TÜRKİYE Operational footprint in the U.S. reaching ~1 million tons of capacity and over $1 billion in revenue ~1 mn tons 1.3 billion $ 4 facilities 3 segments Energy, Infrastructure & Project, USA production capacity 2025 USA revenu
Slide 15: Product portfolio serving critical areas of the U.S. energy sector
2 A PUBLICLY LISTED, U.S.-FOCUSED GLOBAL STEEL PIPE MANUFACTURER IN TÜRKİYE Product portfolio serving critical areas of the U.S. energy sector Ongoing Pipeline Rising energy demand U.S.-focused OCTG Investments in the U.S. driven by AI and data product portfolio center investments • Pipeline investm
Slide 16: Expanding value-added product portfolio supported by new investments
3 TRANSFORMATION FOCUSED ON VALUE-ADDED PRODUCTS AND EFFICIENCY Expanding value-added product portfolio supported by new investments JCO INVESTMENT U.S. SRM LINE Strategic investment in the high value-added large- Transition to a local manufacturer in the U.S. diameter pipe segment in the U.S. Indus
Slide 17: Enhanced operational efficiency through the Gemlik consolidation
3 TRANSFORMATION FOCUSED ON VALUE-ADDED PRODUCTS AND EFFICIENCY Enhanced operational efficiency through the Gemlik consolidation Consolidation of Istanbul Halkalı and Bursa Service Center operations at Gemlik Campus Completion of the 24-month-phased transition by 2027 Increased capacity utilization
Slide 18: Focused approach to strategic investment and growth opportunities
3 TRANSFORMATION FOCUSED ON VALUE-ADDED PRODUCTS AND EFFICIENCY Focused approach to strategic investment and growth opportunities Strong and Strategic Verimlilik Focus onve dijital dönüşüm Efficiency and Next-Generation Products Positioning in the U.S. odağı Digital Transformation and Markets • Stro
Slide 19: Strengthening Profitability in Line with Expectations
1H26 FINANCIALS Strengthening Profitability in Line with Expectations SALES VOLUME (ths ton) REVENUE ($ mln) EBITDA ($ mln) & EBITDA MARGIN (%) PROFIT BEFORE TAX ($ mln) NET INCOME ($ mln) 3.1% 26.1% 68.9% 166.4% 226.6% 19. 3% 977 120 00.00 % 56 585 603 775 100 00.00 % 90 14. 3% (0.7%) 77.8% 99.9% 4
Slide 20: Infrastructure & Project Segment Continued To Support Revenue Growth
1H26 FINANCIALS Infrastructure & Project Segment Continued To Support Revenue Growth REVENUE SHARE (1H26) INFRASTRUCTURE INDUSTRIAL & %11 AUTOMOTIVE %20 ENERGY %53 & PROJECT %16 CONSTRUCTION 93.2% (25.6%) 1.6% 1.9% REVENUE ($ mln) 72.1% (25.5%) 1.6% 198 (10.1%) 194 520 100 102 269 211 327 157 108 50
Slide 21: Summary Income Statement
1H26 FINANCIALS Summary Income Statement CONSOLIDATED ($ mln) 1H26 1H25 Change (%) 2Q26 2Q25 Change (%) 1Q26 Revenue 976.9 774.6 26.1% 555.2 455.5 21.9% 421.6 Gross Profit 102.3 63.9 60.0% 74.5 47.3 57.5% 27.8 Gross Profit Margin (%) 10.5% 8.3% 2.2 pps 13.4% 10.4% 3 pps 6.6% Operational Expenses (45
Slide 22: Summary Balance Sheet
1H26 FINANCIALS Summary Balance Sheet BALANCE SHEET NET FINANCIAL DEBT/EBITDA* ($ mln) ($ mln) 2Q26 1Q26 2025 2Q25 Cash and Cash Equivalents 202 193 127 126 Trade Receivables 222 181 200 238 120 0.00% 380 .00 370 .00 Inventories 600 558 451 551 360 .00 350 .00 340 .00 Inventory Prepayments 2 1 1 1 3
Slide 23: Cash Flow Performance
1H26 FINANCIALS Cash Flow Performance FREE CASH FLOW CHANGE IN CASH ($ mln) ($ mln) 202 3 78 63 157 90 3 -79 -4 -82 127 EBITDA Change in Tax Cash Outflow Dividend Free Cash Cash Net Cash Net Cash Cash Net Working and from Investing Cash 2025 Inflow From Outflow Outflow from 1H26 Capital Other Activi
Slide 24: 2026 Guidance
2026 GUIDANCE 2026 2026 2025 Actual Previous Current Guidance Guidance (May 2026) SALES VOLUME (million tons) 1.31 1.15-1.25 1.15-1.25 SALES REVENUE (billion USD) 1.8 2.1- 2.3 2.2- 2.4 EBITDA MARGIN (%) 7.4% 8%-10% 9%- 11% In the first half of 2026, our financial and operational performance was in l
Slide 25: Contact
Telephone 0 212 393 57 58 E-mail bb.investor@borusan.com Sınıflandırma: Borusan Grubu Özel Classification: Borusan Group Confidential
Slide 26: Appendices
Appendices Sınıflandırma: Borusan Grubu Özel Classification: Borusan Group Confidential
Slide 27: Shareholding Structure
SHAREHOLDING STRUCTURE Publicly Traded* Borusan Pipe U.S. Borusan Vobarno Borusan Tube Borusan Tube Italy Romania Germany Borusan Berg Pipe Panama Borusan Berg Pipe Mobile 26 (*) Including the 3.77% publicly traded shares owned by Borusan Holding A.Ş., the total publicly traded shares represent 25.8
Slide 28: Step by Step Journey to Globalization
STEP BY STEP JOURNEY TO GLOBALIZATION 2021 2023 Germany Berg Pipe’s two facilities in Commercial Office North America acquired for has been launched. $162 mln. 2014 Borusan Group acquired OCTG Pipe Facility in Salzgitter Mannesmann Baytown constructed shares. Title was registered 2001 with a $150 ml