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. — Investor Presentation (November 2025)
47 slides from Gulermak Agir Sanayi Insaat Ve Taahhut A.s's investor presentation, November 2025
Slide 1: Investor Presentation
Investor Presentation November 2025
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: Table of Contents
Table of Contents History Gülermak at a Glance Investment Highlights ➢ Industry Experience and Attractive Sector Dynamics ➢ Growing Backlog in Emerging Geographies with High Revenue Conversion Rate ➢ Broad Global Presence and Growth Strategy ➢ Solid Financial Structure ➢ Experienced and Visionary Ma
Slide 4: Gülermak at a Glance
Gülermak at a Glance 67 Years of EUR 4.7 Experience billion Backlog >40 TBM* >1,500 km Operation Completed Railway and Light Rail System 29 Ongoing >300 km Projects** Tunnel Construction 3,000+ 13. ENR Ranking – Mass Transit and Railway (2023) Employees *TBM: Tunnel Boring Machine ** As of November
Slide 5: Gülermak at a Glance
Gülermak at a Glance TL 43.3 billion TL 5.6 billion *** Revenue EBITDA 30% 12.9% Revenue Growth EBITDA Margin TL 4.5 billion TL 56.7 billion * Net Profit Total Assets TL 4.4 billion * 40% * Net Cash Position ** Return on Equity Unless otherwise stated, all data mentioned above is as of December 31,
Slide 6: Shareholder Structure
Shareholder Structure Gülermak Turizm Gülermak Emlak Yapı İşletme Yatırım A.Ş. İnşaat Yatırım A.Ş. Gülermak Ağır Sanayi 59.83% 28.16% İnşaat ve Taahhüt A.Ş. 12.01% Publicly Listed* * The Company's shares started to be traded on the BIST Star Market under the ticker "GLRMK.E" and via the continuous t
Slide 7: History
History 1974 1984 1996 The Company established a The Company’s trade name The construction of the Trakya Cam new welded steel was changed to Gülermak Sanayi A.Ş. Mersin Flat Glass Factory manufacturing factory Ağır Sanayi İnşaat ve and the furnace construction for ("Ankara Gölbaşı Factory") Taahhüt
Slide 8: History
History 2003 2005 2013 The manufacturing and The construction and The turnkey construction of installation works for the installation works for the the İstanbul Bus Terminal - Ankara Temelli Malıköy Aksaray Sugar Factory, Bağcılar Mass Transit Rail Combined Cycle Power contracted by MB Şeker System,
Slide 9: History
History 2015 2019 2021 2023 The construction of the The construction of the Ankara High- The design and construction works for the The construction of the Poznan Kargı Hydroelectric Power Speed Train Station Complex, S2 Expressway, contracted by the General Tramway Project, contracted by Plant, cont
Slide 10: Investment Highlights
Investment Highlights ✓ Industry Experience and Attractive Sector Dynamics Ranking 13th globally on the ENR list of Mass Transit and Railway Contractors, attractive growth opportunities driven by supported infrastructure investments in the markets where the Company operates Growing Backlog in Emergi
Slide 11: Industry Experience and Attractive Sector Dynamics
✓ Industry Experience and Attractive Sector Dynamics
Slide 12: Construction and Infrastructure Sector
✓ Construction and Infrastructure Sector The global construction sector is projected to grow from USD 9.7 trillion to USD 15.5 trillion by 2030. The Polish government has allocated a budget of EUR 80 billion over the next 10 years for highways and railways. Under the scope of EU funds, the Romanian
Slide 13: Turkish Infrastructure and Contracting Sector
✓ Turkish Infrastructure and Contracting Sector Sectoral Share of Investments in Transportation and Railway Network Length (KM) Communication (2003-2024) Railway, 5.343 21,5% 2.251 Road, 60,2% 11.668 11.944 Airway, 10.948 8,4% Maritime, 2003 2024 2028 1,4% Conventional High Speed Communication, 8,6%
Slide 14: The Company's Competitive Advantages in the Sector
✓ The Company’s Competitive Advantages in the Sector Engagement in Ability to manage projects funded by multiple large-scale prominent projects institutions, simultaneously and including the EBRD deliver them on and the World Bank schedule Ranking 13th globally on the ENR list of Mass Ability to man
Slide 15: Growing Backlog in Emerging Geographies with High Revenue Conversion Rate
Growing Backlog in Emerging Geographies ✓ with High Revenue Conversion Rate
Slide 16: Evolution of Backlog (I/II)
✓ Evolution of Backlog (I/II) As of September 30, 2025, the total backlog amount from the projects in the Company's portfolio is Euro 4.7 billion. Backlog Growth (EUR million) 4.913 4.653 4.747 4.708 4.389 3.119 1.920 2021 2022 2023 2024 1Q25 1H25 9M25 Source: The Company 16
Slide 17: Evolution of Backlog (II/II)
✓ Evolution of Backlog (II/II) Backlog Breakdown by Country (%) 51,4% 44,5% 45,5% 46,1% 35,3% 29,9% 27,5% 23,1% 16,0% 18,0% 6,6% 13,3% 6,1% 6,9% 5,0% 0,6% 2,9% 2,7% 3,4% 2,0% 1,1% 1,8% 2,6%1,9% 1,1% 2,6%1,6% 0,4% 0,4% 2022 2023 2024 9M25 Türkiye Poland Romania Sweeden India UAE N. Makedonia Philippi
Slide 18: Breakdown of Revenues by Geography and Business Segment
✓ Breakdown of Revenues by Geography and Business Segment Breakdown by Geography Breakdown by Business Segment 2% 1% 1% 2% 1% 7% 20% 10% 28% 26% 24% 19% 27% 29% 26% 24% 19% 23% 23% 21% 71% 56% 63% 63% 60% 50% 51% 54% 2022 2023 2024 9M25 2022 2023 2024 9M25 West East Türkiye Other Railway Highway Met
Slide 19: Ongoing Projects
Ongoing Projects
Slide 20: Türkiye
Türkiye Project Location Category Fahrettin Altay Narlıdere Metro, Light Rail Systems İzmir Metro and Tram Projects Metro, Light Rail Systems Buca Metro İzmir and Tram Projects Ümraniye – Ataşehir – Metro, Light Rail Systems İstanbul Göztepe Metro and Tram Projects Metro, Light Rail Systems Mezitli
Slide 21: Türkiye
Türkiye Project Location Category Metro, Light Rail Sincan Ankara Kayaş Ankara Systems and Tram Light Rail Projects Ankara Natoyolu – Metro, Light Rail Dikimevi Ankara Systems and Tram Metro Line Projects Gebze – Köseköy Gebze Railway Projects Railway Line İzmir HRS Vehicle İzmir Other Storage Alaşe
Slide 22: International
International Project Location Category Metro, Light Rail Systems and Bükreş Metro M6 Lot 2 Romania Tram Projects Metro, Light Rail Systems and Cluj Metro Romania Tram Projects Cluj Lot 3 Railway Romania Railway Projects Metro, Light Rail Systems and Varşova Metro Mory Poland Tram Projects Krakow S7
Slide 23: International
International Project Location Category S19 Highway Poland Highway Projects Szczyrzyc – Tymbark Poland Railway Projects Railway Beljakovce – Kriva North Macedonia Railway Projects Palanka Railway Paket S-07 Railway The Philippines Railway Projects Metro, Light Rail Systems and Surat Metro 1 – 2 Indi
Slide 24: Projects Awarded in 2025
Projects Awarded in 2025 Jawornik – Lutcza Section of the S19 Ankara Natoyolu – Dikimevi Highway in Poland Metro Line General Directorate for Ankara Metropolitan Tendering Authority National Roads and Motorways Tendering Authority Municipality of Poland Contract Value TL 14,084,200,000 Contract Valu
Slide 25: Projects Awarded in 2025
Projects Awarded in 2025 Gebze – Köseköy Railway Line Szczyrzyc – Tymbark Section of the Polish Railways PKP Polskie Linie Kolejowe Tendering Authority Turkish State Railways Tendering Authority S.A. Contract Value TL 1,875,000,000 Contract Value PLN 2,082,826,134 (Inc. VAT) Share of Gülermak 100% S
Slide 26: Projects Awarded in 2025
Projects Awarded in 2025 Stalac – Djunis Section of the C1 Tymbark–Limanowa Railway Belgrade–Nis Railway Section Republic of Serbia PKP Polskie Linie Kolejowe Tendering Authority Tendering Authority Directorate for Railways S.A. Contract Value EUR 348,905,039 (Exc. VAT) Contract Value PLN 1.636.744.
Slide 27: Projects Awarded in 2025
Projects Awarded in 2025 Warsaw Metro Line 1, Poland Solar Energy Investments In addition to its existing solar energy licenses Tendering Authority Metro Warszawskie Sp. z o.o. totaling 104.4 MW, the Company’s Board of Directors resolved on February 19, 2025, to Contract Value PLN 29,827,500 (Inc. V
Slide 28: Broad Global Presence and Growth Strategy
✓ Broad Global Presence and Growth Strategy
Slide 29: Broad Global Presence
✓ Broad Global Presence The Company operates through various branches and partnerships in Poland, Romania, Serbia, Sweden, Switzerland, the Philippines, North Macedonia, the United Arab Emirates and India. Sweden Poland Switzerland North Macedonia Türkiye Romania Philippines Serbia U.A.E. India 29
Slide 30: Growth Strategy
✓ Growth Strategy Growth While Preserving Current Backlog • The objective is to maintain and enhance the current level of profitability in target markets. and Profitability Levels • The Company aims to design and construct both underground and Growth in Rail above-ground transportation projects such
Slide 31: Solid Financial Structure
✓ Solid Financial Structure
Slide 32: Financial Information
✓ Financial Information Revenue (TL million) Gross Profit (TL million) EUR mn 576 682 890 580 539 12 72 103 74 92 43.292 17% 5.001 33.190 13% 4.465 12% 28.022 28.235 3.484 3.607 26.227 10% 2% 567 2022 2023 2024 9M24 9M25 2022 2023 2024 9M24 9M25 Gross Profit Gross Profit Margin EBITDA* (TL million)
Slide 33: Financial Information
✓ Financial Information Total Assets (TL million) Net Cash (TL million) EUR mn 523 778 1,076 1,166 33 87 35 84 (23) 91 56.725 4.431 4.230 4.075 52.322 37.867 1.591 1.687 25.424 -1.121 2022 2023 2024 9M25 2022 2023 2024 9M25 Net Cash Net Cash (Excluding PPP Loan) Return on Equity (TL million) Net Wor
Slide 34: Summary Balance Sheet
✓ Summary Balance Sheet (TL mn) 31.12.2022 31.12.2023 31.12.2024 30.09.2025 Current Assets 20,112 32,191 46,335 50,305 Cash and Cash Equivalents 3,161 8,041 10,351 10,142 Trade Receivables 2,096 2,732 8,774 5,997 Costs And Estimated Earnings In Excess Of Billings On Uncompleted 9,326 13,353 19,980 2
Slide 35: Income Statement
✓ Income Statement (TL mn) 2022 2023 2024 9M24 9M25 Revenue 28,022 33,190 43,292 28,235 26,227 Cost of Sales (-) -27,455 -29,706 -38,290 -24,628 -21,763 Gross Profit 567 3,484 5,001 3,607 4,465 General and Administrative Expenses (-) -334 -326 -583 -418 -604 EBITDA* 1,340 4,335 5,596 3,668 4,545 Oth
Slide 36: 2025 Forecasts
✓ 2025 Forecasts 2024 Actual 2025 Forecast Revenue EUR 939 million EUR 1,255 million EBITDA EUR 121 million EUR 164 million EBITDA Margin 12.9% 13.1% Source: IPO Price Valuation Report 36
Slide 37: Experienced and Visionary Management Team
✓ Experienced and Visionary Management Team
Slide 38: Experienced and Visionary Management Team
✓ Experienced and Visionary Management Team Mustafa Tuncer Alper Uzman Gürdal Yiğtbaşı Umut Postlu Chairman of the CEO (Türkiye) CEO (East) CLO Executive Committee Middle East Technical University Middle East Technical University Middle East Technical University Başkent University Education Civil En
Slide 39: Appendix
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Slide 40: Selected Completed Projects
Selected Completed Projects
Slide 41: Türkiye
Türkiye Project Location Category Metro, Light Rail Systems Kayseri Tramway Kayseri and Tram Projects Metro, Light Rail Systems Sabiha Gökçen Metro İstanbul and Tram Projects Sincan – Ankara – Kayaş Ankara Railway Projects Railway Samsun Kalın Railway Samsun Railway Projects Metro, Light Rail System
Slide 42: Türkiye
Türkiye Project Location Category Sekapark – Bus Terminal Metro, Light Rail Systems Kocaeli Tramvay and Tram Projects Ankara High Speed Train Depot & Maintenance Ankara Railway Projects Complex Konak and Karşıyaka Metro, Light Rail Systems İzmir Tramways and Tram Projects Atatürk Airport – Metro, Li
Slide 43: Türkiye
Türkiye Project Location Category Eskişehir High Speed Eskişehir Railway Projects Railway Passing Station Mecidiyeköy – Metro, Light Rail Systems İstanbul Mahmutbey Metro and Tram Projects Eskişehir Tramway Metro, Light Rail Systems Eskişehir Extension Lines and Tram Projects Kargı Hydroelectric Pow
Slide 44: Türkiye
Türkiye Project Location Category Çumra Sugar Factory Konya Other Aksaray Sugar Factory Aksaray Other Polatlı Şişecam Glass Ankara Other Factory Trakya Cam Glass Mersin Other Factory 44
Slide 45: International
International Project Location Category Metro, Light Rail Systems Swinoujście Tunnel Poland and Tram Projects Metro, Light Rail Systems Poznan Tramway Poland and Tram Projects Varşova S2 Highway Poland Highway Projects Metro, Light Rail Systems Varşova Wola Metro Poland and Tram Projects Metro, Ligh
Slide 46: International
International Project Location Category Dubai Expolink 2020 Metro, Light Rail Systems The United Arab Emirates Metro and Tram Projects Kvarnberget Railway Sweeden Railway Projects Manama Bahrain ALBA Coke Calcination and Sea Bahrain Other Water Desalination Plant 46
Slide 47: Contact
Contact: Başak Dalga Head of Investor Relations yatirimci.iliskileri@gulermak.com.tr www.gulermak.com.tr
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