2025 Q2 Financial Results Presentation

2Q25 Financial Results

July 25, 2025

Sensitivity: Internal / Non-Personal Data

Investor Relations

2Q25 HIGHLIGHTS

TRY 121.4bn

Consolidated Revenues 28.4%

Gross Margin

27.0%

OPEX/Sales

5.r% Adj. EBITDA Margin*

20.r% NWC /Sales**

5.8Gx

Leverage 4.50x

MGL-Adj. Leverage***

Demand is steady in Türkiye, weak in international markets.

Poor performance in Europe.

Consolidated revenues decreased by 11.5% y/y in real terms due to decreasing

sales volume and pricing challenges in international markets.

Domestic demand remains steady whereas international demand is still weak except in Africa, Middle East, and Pakistan.

OPEX/Sales is around 27.0% due to growing personnel, marketing & selling expenses after Europe and MENA transactions besides lower sales y/y.

5.r% Adj. EBITDA margin reflects 1.0 ppt improvement due to larger gross margin and restructuring efforts.

Net Working Capital/Sales ratio is 20.r%, at year-end level. Improvement to be delivered by the end of the year in line with synergies.

Higher leverage due to changes in working capital and financing activities.

With the adjustment for the net monetary position, leverage would have been 4.50x.

* Adj. EBITDA: GP - OPEX (excluding one-off transaction expenses) + D&A.

Adjustment amount corresponds to TRY 70mn for 2Q25 (TRY 4L5mn in 2Q24), comprises of transaction expenses regarding Europe and MENA transactions.

** Last 12M NWC Average / Last 12M Sales

Sensitivity: Internal / Non-Personal Data

*** Net monetary position gains/(losses) on Inventories, Revenue, Cost of sales, R&D, and MG&A expenses are added to Adj. EBITDA on a 12M-rolling basis.

Key Factors / Sales & Margins

CHANGE IN REVENUE

-11.5%

GROSS MARGIN

28.4%

ADJ. EBITDA MARGIN*

1. r%

   Unfavorable price & product mix in TR

   Underperformance in Europe

   Not strong demand from other international markets

   137,188

   Lower raw material costs y/y Favorable EUR/USD parity

   Pricing pressure and intensified competition

   Higher Gross Margin Synergy & cost saving

   121,3G4

   27.7% 28.4%

   1. r%

   2. r%

TRY mn

2Q24 2Q25

2Q24 2Q25

2Q24 2Q25

Sensitivity: Internal / Non-Personal Data

*Adj. EBITDA: GP - OPEX (excluding one-off transaction expenses) + D&A. Adjustment amount corresponds to TRY 70mn for 2Q25 (TRY 4L5mn in 2Q24), comprises of transaction expenses regarding Europe and MENA transactions.

Operational Performance

Sensitivity: Internal / Non-Personal Data

2Q25 Financial Results

Revenue Bridge* Revenue Breakdown by Geography

International Türkiye

2Q25

1H25

3,000

International

-7.5% y/y

-4.5%

y/y

TR

2.1% y/y

34%

32%

34% 28%

32%

2G r4 27

7r G0

32%

34%

3G%

EUR mn

2,500

2,000

1,500

1,000

500

1,r55

r01

1,808

r20

2Q24

1%

3%

4%

1%

3% 12%

5%

12%

1G%

14%

1%

1%

4%

3% 4%

5%

1H24

12%

11%

15%

14%

-

2Q24 FX Impact (Int.)

Volume (Int.)

Int. Price & Mix

TR Volume TR Price &

Mix

2Q25

Türkiye

Western Europe

* Figures in TRY reflect a 5.4% decrease in domestic sales in real terms, and 14.4% decrease in international sales in terms of inflation-adjusted prices as of 30.0L.2025. Since the increase in Consumer Price Index was greater than the change in EUR/TRY FX rate for the period, figures in TRY imply a larger decline.

CIS & Eastern Europe Asia-Pacific

Africa

Sensitivity: Internal / Non-Personal Data

Middle East Americas