Slides
Page 1
ERDEMİR 2026 6 Months Investor Presentation 06.08.2026 OYAK MINING METALLURGY
Page 2
2 2026 Market Overview
Page 3
3 COMMODITY PRICES Source: Platts / IODEX 100 200 300 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 80 90 100 110 120 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 250 350 450 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Coking Coal Prices (HCC Peak Downs Region FOB Australia) Iron Ore Prices (IODEX 62% Fe CFR North China Mid) Scrap Prices (HMS CFR Turkey Mid) 400 500 600 700 800 900 300 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Apr-25 HRC Black Sea Export HRC China Export HRC S. Europe Domestic HRC Prices USD/TON USD/TON USD/TON USD/TON
Page 4
4 TURKISH STEEL INDUSTRY Source: TSPA PRODUCTION (MN TONS) CONSUMPTION (MN TONS) EXPORTS (MN TONS) IMPORTS (MN TONS) 8.0 12.8 6M 2025 8.5 13.4 6M 2026 20.8 21.9 9.0 9.6 6M 2025 9.8 10.1 6M 2026 18.6 19.9 3.4 4.0 0.3 6M 2025 3.1 4.1 0.6 6M 2026 7.7 7.8 Flat Steel Long Steel Semi-Product (Slab+Billet) 4.4 0.8 4.1 6M 2025 4.4 0.8 4.1 6M 2026 9.3 9.3
Page 5
5 2026 6M Results
Page 6
6 FİNANSAL VE OPERASONEL SONUÇLAR - 2022 9A 281 Million USD EBITDA Total SalesTotal Production Revenue 4.3 Million Tons 4.2 Million Tons 2,801 Million USD 201 Million USD Net Profit* (*) Net profit of equity holder of the parent
Page 7
7 OPERATIONAL INDICATORS LIQUID STEEL PRODUCTION (000 TONS) PRODUCTION (000 TONS) SALES VOLUME (000 TONS) CRUDE STEEL CAPACITY UTILIZATION RATIO 1,820 Q2 2025 2,353 Q1 2026 2,315 Q2 2026 3,752 6M 2025 4,668 6M 2026 82% 2022 75% 2023 89% 2024 85% 2025 95% 6M 2026 382 371 431 265 232 166 1,191 Q2 2025 1,475 Q1 2026 1,540 Q2 2026 1,739 2,111 2,203 Long Cold Hot 798 802366 497 2,472 6M 2025 3,015 6M 2026 3,636 4,314 406 390 429 235 259 191 1,172 Q2 2025 1,498 Q1 2026 1,429 Q2 2026 1,769 2,123 2,117 833 819367 494 2,471 6M 2025 2,927 6M 2026 3,671 4,240
Page 8
8 DOMESTIC SALES BREAKDOWN AND EXPORT FLAT STEEL DOMESTIC SALES (000 TONS) LONG STEEL DOMESTIC SALES (000 TONS) EXPORT VOLUME (000 TONS) 50% (1,583) Pipe&Profile and Rolling 20% (625) Distribution Chains 18% (568)General Manufacturing Industry 12% (373) Automotive 43% (1,032) 23% (570) 20% (491) 14% (329) 483 312 290 Q2 2025 Q1 2026 Q2 2026 905 602 6M 2025 6M 2026 Export Share in Total Sales 53% (259) Rebar and Profile Producers 18% (89) General Manufacturing Industry 29% (141) High Carbon and Special Qualities 6M 26 6M 25 6M 26 6M 25 27.3% 14.2% 24.7% 13.7%14.7% 17% (60) 35% (121) 48% (163)
Page 9
9 FINANCIAL INDICATORS NET SALES REVENUE (USD MN) EBITDA PER TON (USD/TON) EBITDA 835 222 214 227 Q2 2025 1,155 Q1 2026 1,205 Q2 2026 1,057 1,369 1,432 Export Domestic 642 441 1,895 6M 2025 2,360 6M 2026 2,537 2,801 141 111 117 124 101 71 39 51 64 68 71 73 75 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 118 137 144 Q2 2025 Q1 2026 Q2 2026 EBITDA (USD mn) 217 281 6M 2025 6M 2026 11.2% 10.0% 10.0% EBITDA Margin (%) 8.6% 10.0% NET PROFIT (LOSS) 192 34 Q2 2025 9 Q1 2026 Q2 2026 46 201 6M 2025 6M 2026 Net Profit (USD mn) 3.3% 0.6% 13.4% 1.8% 7.2% Net Profit Margin (%)
Page 10
10 EBITDA NET PROFIT (USD MN) EBITDA CHANGE IN CASH (USD MN) 281 118 201202 EBITDA (6M 2026) (164) Depreciation 1 Consolidation Classification Operating Income (42) Inc. /(Exp.) from Investment Activities, Equity Share Acquisition (104) Finance Inc./(Exp.) 33 Monetary Gain/(Loss) Tax Inc./(Exp.) (6) Non-Controlling Interests NET PROFIT (6M 2026) 281 277 223 (98) (117) (221) EBITDA (6M 2026) Changes in Working Capital Interest Inc./(Exp.) Net (12) Taxes Paid Net Cash used in Investing Activities Free Cash Flow Credit Usage/ (Payment) Net (95) Dividend Payment (53) Foreign Cur. Translation Reserves, Accrual Adj. and Other Payments (92) CHANGE IN CASH (6M 2026)
Page 11
11 ANALYSIS OF FINANCIAL POSITION FINANCIAL BORROWINGS* (USD MN) NET CASH (DEBT) (USD MN)NET CASH (DEBT) / EBITDA NET WORKING CAPITAL (USD MN) *TFRS 16 Leases are excluded. 441 364 921 1,127 2022 1,921 2023 1,029 2,377 2024 2,737 2025 1,265 2,157 6M 2026 1,568 2,285 3,406 3,658 3,422 (963) (817) (95) Net Cash (Debt) Dec. 2025 277 Free Cash Flow (5) Financial Investments Dividend Payment (31) Other Net Cash (Debt) June 2026 Short-Term Debt Long-Term Debt (756) (963) (817) 2022 (1,468) 2023 (1,840) 2024 2025 6M 2026 0.44x 2.09x 2.85x 1.92x 1.45x Net Cash (Debt) /EBITDANet Cash (Debt) 641 557 Trade Receivables 2,086 2,137 Inventories (1,602)(1,736) Trade Payables 203 148 Other 1,328 1,106 Working Capital 31.12.2025 30.06.2026
Page 12
12 COST OF SALES BREAKDOWN* (%) *Excluding inventory writedowns and provision released. Other Depreciation and Amortization Exp. Purchased Energy Expenses Personnel Expenses Raw Materials Iron Ore&Pellet Coal Scrap Other 6M 2026 41% 7% 21%31% Iron Ore&Pellet Coal Scrap Other 39% 9% 19%33% RAW MATERIALS BREAKDOWN 10 6 11 6 67 2025 11 5 10 7 67 Other Depreciation and Amortization Exp. Purchased Energy Expenses Personnel Expenses Raw Materials
Page 13
13 CAPITAL EXPENDITURES* (USD MN) *Advance payments for capital expenditures are not included. 306 434 723 977 775 225 2020 2021 2022 2023 1,070 2024 2025 6M 2026
Page 14
14 SUSTAINABILITY
Page 15
15 investorrelations@erdemir.com.tr www.erdemir.com.tr/investor-relations/ +90 216 578 80 61
Page 16
16 DISCLAIMER Ereğli Demir Çelik Fabrikaları T.A.Ş. (Erdemir) may, when necessary, make written or verbal announcements about forward-looking information, expectations, estimates, targets, assessments and opinions. Erdemir has made the necessary arrangements about the amounts and results of such information through its Disclosure Policy and has shared such policy with the public through the Erdemir website, in accordance with the Capital Markets Board regulations. As stated in related policy, information contained in forward-looking statements, whether verbal or written, should not include unrealistic assumptions or forecasts. It should be noted that, actual results could materially differ from estimates taking into account the fact that they are not based on historical facts but are driven from expectations, beliefs, plans, targets and other factors which are beyond the control of our Company. As a result, forward-looking statements should not be fully trusted or taken as granted. Forward-looking statements should be considered valid only considering the conditions prevailing at the time of the announcement. In cases where it is understood that forward-looking statements are no longer achievable, such matter will be announced to the public and the statements will be revised. However, the decision to make a revision is a result of a subjective evaluation. Therefore, it should be noted that, when a party is coming to a judgement based on estimates and forward-looking statements, our Company may not have made a revision at that particular time. Our Company makes no commitment to make regular revisions which would fully cover changes in every parameter. New factors may arise in the future which may not be possible to foresee at this moment in time.