Turkiye Sise Ve Cam Fabrikalari A.s. · BIST:SISE
Turkiye Sise Ve Cam Fabrikalari A.s — Şişecam — Debt Investor Presentation (January 2026)
38 slides from Turkiye Sise Ve Cam Fabrikalari A.s's debt investor presentation, January 2026
Slide 1: Investor Presentation
Investor Presentation January 2026
Slide 2: Disclaimer
Disclaimer IMPORTANT NOTICE: THIS PRESENTATION IS NOT AN OFFER OR SOLICITATION OF AN OFFER TO BUY OR SELL SECURITIES. IT IS SOLELY FOR USE AS AN INVESTOR PRESENTATION AND IS PROVIDED AS INFORMATION ONLY. THIS PRESENTATION DOES NOT CONTAIN ALL OF THE INFORMATION THAT IS MATERIAL TO AN INVESTOR. BY AT
Slide 3: Today's presenters
Today’s presenters Gökhan Güralp Hande Özbörçek Barış Gökalp Chief Financial Officer Investor Relations Director Director of Treasury 26 years of experience 21 years of experience 27 years of experience 3
Slide 4: Agenda
Agenda 01 Transaction overview 02 Introduction to Şişecam 03 Key credit highlights 04 Key financials 05 Appendix 4
Slide 5: Transaction overview
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Slide 6: Group structure
Group structure1 Production joint ventures FREE FLOAT Joint ventures 53% 2% 45% Guarantor Issuer ARCHITECTURAL INDUSTRIAL GLASSWARE GLASS PACKAGING CHEMICALS ENERGY OTHER GLASS GLASS Şişecam Flat Şişecam Şişecam Paşabahçe Şişecam Şişecam Şişecam TRSG Glass Paşabahçe Şişecam the Camiş Oxyvit Glass In
Slide 7: Introduction to Şişecam
02 Introduction to Şişecam
Slide 8: Şişecam at a glance
Şişecam at a glance The only global glass producer operating across all Broad global presence Robust financial profile core market segments of the glass industry 13 countries TRY 162bn total net sales 21% Adjusted EBITDA3 margin #1 Glassware producer 47 production plants 11% EBITDA margin #1 Basic C
Slide 9: Overview of business segments
Overview of business segments Architectural Industrial Glass Glassware Chemicals Energy Other Glass Glass Packaging ⚫ Manufacturing of flat ⚫ Manufacturing of ⚫ Production of soda, ⚫ Manufacturing of ⚫ Production of soda ⚫ Electricity ⚫ Products/services of glass, patterned automotive glass, crystal
Slide 10: Şişecam serves highly diversified end markets through its broad suite of solutions
Şişecam serves highly diversified end markets through its broad suite of solutions Architectural Automotive Glass Glass Fiber Glassware Soda Ash Chromium Mining Oxyvit Refractory Glass Glass Packaging Food & Beverage ✓ ✓ ✓ ✓ Construction ✓ ✓ ✓ ✓ Retailing ✓ Chemistry ✓ ✓ ✓ Energy ✓ ✓ Consumer Produc
Slide 11: Şişecam has maintained long-standing industry leadership since 1935
Şişecam has maintained long-standing industry leadership since 1935 Local Glass Manufacturer Export & Diversification Regional Growth Globalization 1935-1960 1960-1990 1990s 2000s 2010s 2020 - 2025 Establishment and Strong Structuring Global Continuous prudent Growth to Resilience single plant stage
Slide 12: Strategic initiatives preparing Şişecam for the future
Strategic initiatives preparing Şişecam for the future Şişecam in the Future 2026- 2028 Thinks beyond glass, empowered by digital technologies, driven by value, committed to sustainability, and designing Building Tomorrow the future today AI-Enabled Enterprise ✓ Disciplined Management for Efficiency
Slide 13: Şişecam has a comprehensive ESG plan
Şişecam has a comprehensive ESG plan Protect the planet Empower society Transform life Climate Change Corporate Heritage Digitalized value chain ⚫ Sisecam’s long-term strategy incorporates a comprehensive 2050 Carbon Neutrality, Global dissemination of glass Transition to a digital working sustainab
Slide 14: Key credit highlights
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Slide 15: Key credit highlights
Key credit highlights 1 Global leadership with geographically diverse and strategically located production facilities 2 Strong and long-standing customer relationships with blue-chip companies across geographies 3 Vertically integrated business with enhanced margin capture across the value chain 4 D
Slide 16: Global leadership with geographically diverse and strategically located production facilities
Global leadership with geographically diverse and strategically located production 1 facilities RANKS AMONG TOP PLAYERS GLOBALLY SCALE BENEFITS Business segment Europe World Centralization of activities (e.g. procurement, R&D) drives ✓ synergies Flat Glass #2 #5 ✓ Ability to run long-term projects G
Slide 17: Strong and long-standing customer relationships with blue-chip companies across geographies
Strong and long-standing customer relationships with blue-chip companies across 2 geographies Reputable global brands Diverse customer base1 Geographic concentration Regional breakdown of exports from Türkiye South Sales in North America America Asia Türkiye 3% 10% 6% 40% North Africa Middle East 12
Slide 18: Vertically integrated business with enhanced margin capture across the value chain
3 Vertically integrated business with enhanced margin capture across the value chain PRESENT THROUGH THE INDUSTRY VALUE CHAIN ACROSS DIVERSIFIED END MARKETS Sales split by business segment1 End markets Raw Material Production Food & Construction (chemicals, energy, mining) Energy Other Beverage 2% A
Slide 19: Diversified portfolio and robust financial position enabling value creation across cycles
4 Diversified portfolio and robust financial position enabling value creation across cycles Well invested production facilities Flat Glass & Architectural Industrial Glass Glassware Glass Packaging Chemicals Energy Glass # of plants 12 9 6 10 6 12 ⚫ 4.6mn tons/year of ⚫ 70k tons/year Glass ⚫ 524k to
Slide 20: Strong financial performance
5 Strong financial performance … Resilient Financial Standing (9M 2025) Prudent risk management policies Net 3% Leverage external 1 Category 40% 27% 20% 10% TRY162bn sales 47% Strategic objective to deleverage to historically conservative levels Net sales in hard currency Category TRY117bn Liquidity
Slide 21: With proactive risk management and a commitment to reducing leverage
5 … with proactive risk management and a commitment to reducing leverage TRY Mn Structure of Gross Debt 159,077 Gross Financial Debt1 TRY 159,077 Other 9M 2025 5% 2% EUR USD 15% 29% 56% 88,925 114,055 Net Financial Debt 9M USD TRY 2025 80% 36% [2.5x] 70,152 44% EUR Net Financial Debt / 33% Adjusted
Slide 22: Highly experienced management team supported by blue chip shareholders
6 Highly experienced management team supported by blue chip shareholders EXECUTIVE BOARD LONG-TERM STABLE SHAREHOLDERS Can Yücel Gökhan Güralp Gökhan Kıpçak CEO CFO CIO 2% Appointed May-2025 Appointed Jul-2021 Appointed May-2019 26 years of experience 26 years of experience 38 years of experience Pr
Slide 23: Key financials
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Slide 24: Important notice for inflation accounting (IAS 29)
Important notice for inflation accounting (IAS 29) ⚫ Türkiye has economic conditions that require reporting entities in the country to follow the methodology set out in International Accounting Standards (“IAS”) - 29 “Financial Reporting in Hyperinflationary Economies” ⚫ Pursuant to the decision dat
Slide 25: Adjusted EBITDA Breakdown
Adjusted EBITDA Breakdown ADJUSTED EBITDA BUILD-UP FOR 9M2025 TRYmn 3,740 32,260 3,044 14 12,967 12,631 18,244 (5,749) 5,614 Inflation accounting effect on EBITDA Operating profit D&A EBITDA Revenue Cost of sales Operating Other Investment Adjusted before financial expenses income/expense activity E
Slide 26: Net sales and EBITDA development (inflation adjusted per IAS 29)
Net sales and EBITDA development (inflation adjusted per IAS 29) Total net sales (TRY bn) Key comments Total Net Sales Revenue: 309 Adjusted Net Sales 1 292 ⚫ Varying segment-based performances and the discrepancy 275 between inflation rate and the reporting currency 252 233 depreciation were the ma
Slide 27: Segmental net sales and EBITDA bridges (1/2)
Segmental net sales and EBITDA bridges (1/2) Architectural Glass (TRY mn) Industrial Glass (TRY mn) 27% 15% 17% 23% -2% 2% 12% -6% -3% +3% 39,537 +1% -4% 38,402 19,386 -8% +11% 20,012 9M 2024 Volume effect Pricing, product mix, 9M 2025 9M 2024 Volume effect Pricing, product mix, 9M 2025 currency eff
Slide 28: Segmental net sales and EBITDA bridges (2/2)
Segmental net sales and EBITDA bridges (2/2) Glass Packaging (TRY mn) Chemicals (TRY mn) 22% 20% 18% 16% 15% 17% 13% 9% -18% +2% 42,760 -8% +2% 0% 37,490 -10% 36,646 35,215 9M 2024 Volume effect Pricing, product mix, 9M 2025 9M 2024 Volume effect Pricing, product mix, 9M 2025 currency effect currenc
Slide 29: FCF and capex
FCF and capex TRY mn 2022 2023 2024 9M 2024 9M 2025 FCF highlights CF from operating activities 37,851 68,378 36,945 16,682 28,982 ⚫ In 9M 2024 and 9M 2025, cash flow from operating activities improved from TRY 17bn CF from investing activities (19,928) (37,326) (23,619) (12,677) (23,328) to TRY 29b
Slide 30: Leverage evolution and financial policy summary
Leverage evolution and financial policy summary KEY FINANCIAL POLICY ⚫ A diversified relationship banks portfolio complemented by access to international debt capital and loan markets at favorable rates ⚫ Management of Group borrowings mix in accordance with functional currencies of operating compan
Slide 31: Appendix
05 Appendix
Slide 32: Şişecam production facilities
Şişecam production facilities Industrial Glass Chemicals Flatglass / Architectural Glass Soda Chromium Port Glass Auto Glass Encapsulation Glass Fiber Glassware Packaging Chemicals Chemicals Management Energy Other 4 5 Plants 1 Plant 1 Plant 3 Plants 3 Plants 1 Plant 1 Plant 1 Plant 2 Plants5 1 Plan
Slide 33: Installed gross capacities
Installed gross capacities Flat Glass Glassware Glass Packaging Soda Ash1 7% 10% 3% 5% 30% 10% 14% 38% 4.6mn 524k 3.3mn 5mn 50% 11% tons/year tons/year tons/year tons/year 61% 59% 14% 62% 6% 12% 8% Türkiye Russia Bulgaria Türkiye Russia Bulgaria Egypt Türkiye Russia Georgia Türkiye Bosnia Bulgaria U
Slide 34: Historical breakdown of production & sales - Glass
Historical breakdown of production & sales - Glass K tons Regional Glass production Segmental Glass production 1 Flat Glass Glassware Glass Packaging Domestic International Change Glass Fiber Change 3% 8% 8% 3% 5,781 -10% 5,634 9% 5,781 -10% 5,634 9% 1% 1% 5,227 5,227 1% 1% 1% 42% 40% 4,214 4,248 41
Slide 35: Historical breakdown of production & sales - Chemicals
Historical breakdown of production & sales - Chemicals K tons Soda Ash production Soda Ash sales 1 1 Domestic International Change Domestic International Change 108% 99% -4% 1% 0% 2% -2% -6% -2% -7% 70% 69% 67% 68% 67% 88% 90% 88% 88% 87% 30% 31% 33% 32% 33% 12% 10% 12% 12% 13% 2022 2023 2024 9M 202
Slide 36: Summary financial statements (inflation adjusted per IAS 29)
Summary financial statements (inflation adjusted per IAS 29) Summary income statement (TRY mn) 2022 2023 2024 9M 2024 9M 2025 Change1 Net sales 309,045 275,252 232,785 181,696 162,278 (11%) Cost of sales (210,383) (199,529) (180,073) (140,127) (117,175) (16%) Gross profit 98,662 75,723 52,712 41,569
Slide 37: Summary financial statements (inflation adjusted per IAS 29)
Summary financial statements (inflation adjusted per IAS 29) Summary balance sheet (TRY mn) 2022 2023 2024 9M 2025 Change4 Total assets 523,600 527,605 500,500 479,492 (4%) Cash & cash equivalents 75,329 68,381 67,305 42,353 (37%) Financial investments & derivative financial assets 20,087 18,172 9,4
Slide 38: FX rates
FX rates USD/TRY 2022 2023 2024 9M 2024 9M 2025 Period end 18.70 29.44 35.28 34.12 41.51 Period average 16.58 23.80 32.83 32.26 38.58 EUR/TRY Period end 19.93 32.57 36.74 38.17 48.75 Period average 17.39 25.74 35.52 35.08 43.25 38