Slides
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1 22.10.2026 2026 9 Months Investor Presentation
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2 2026 Market Overview
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3 COMMODITY PRICES Source: Platts / IODEX 100 200 300 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 Aug-26 Sep-26 Oct-26 80 90 100 110 120 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 Aug-26 Sep-26 Oct-26 250 350 450 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 Aug-26 Sep-26 Oct-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 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-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 Aug-26 Sep-26 Oct-26 Jul-25 HRC Black Sea Export HRC China Export HRC S. Europe Domestic HRC Prices USD/TON USD/TON USD/TON USD/TON
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4 TURKISH STEEL INDUSTRY Source: TSPA PRODUCTION (MN TONS) CONSUMPTION (MN TONS) EXPORTS (MN TONS) IMPORTS (MN TONS) 10.9 17.4 8M 2025 11.4 17.9 8M 2026 28.3 29.3 12.6 13.2 8M 2025 13.2 13.4 8M 2026 25.8 26.6 4.4 5.2 0.4 8M 2025 4.2 5.4 0.7 8M 2026 10.0 10.3 Flat Steel Long Steel Semi-Product (Slab+Billet) 6.0 1.0 5.6 8M 2025 6.0 0.9 5.3 8M 2026 12.6 12.2
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5 2026 9M Results
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6 FİNANSAL VE OPERASONELSONUÇLAR - 2022 9A 490 Million USD EBITDA Total SalesTotal Production Revenue 6.5 Million Tons 6.4 Million Tons 4,299 Million USD 245 Million USD Net Profit* (*) Net profit of equity holder of the parent
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7 OPERATIONAL INDICATORS LIQUID STEEL PRODUCTION (000 TONS) PRODUCTION (000 TONS) SALES VOLUME (000 TONS) CRUDE STEEL CAPACITY UTILIZATION RATIO 2,202 Q3 2025 2,315 Q2 2026 2,403 Q3 2026 5,954 9M 2025 7,072 9M 2026 82% 2022 75% 2023 89% 2024 85% 2025 96% 9M 2026 400 431 386253 232 273 1,277 Q3 2025 1,540 Q2 2026 1,510 Q3 2026 1,930 2,203 2,169 Long Cold Hot 619 769 1,198 3,749 9M 2025 4,526 9M 2026 5,566 6,482 1,187 397 429 390261 259 247 1,273 Q3 2025 1,429 Q2 2026 1,508 Q3 2026 1,931 2,117 2,145 627 741 1,230 3,745 9M 2025 4,435 9M 2026 5,602 6,384 1,208
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8 DOMESTIC SALES BREAKDOWN AND EXPORT FLAT STEEL DOMESTIC SALES (000 TONS) LONG STEEL DOMESTIC SALES (000 TONS) EXPORT VOLUME (000 TONS) 50% (2,343) Pipe&Profile and Rolling 19% (916) Distribution Chains 19% (917)General Manufacturing Industry 12% (558) Automotive 42% (1,556) 23% (851) 22% (806) 13% (508) 371 290 314 Q3 2025 Q2 2026 Q3 2026 916 1,276 9M 2025 9M 2026 Export Share in Total Sales 51% (376) Rebar and Profile Producers 20% (147) General Manufacturing Industry 29% (211) High Carbon and Special Qualities 9M 26 9M 25 9M 26 9M 25 19.2% 14.3% 22.8% 14.6%13.7% (29%) (173) 32% (194) (39%) (238)
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9 FINANCIAL INDICATORS NET SALES REVENUE (USD MN) EBITDA PER TON (USD/TON) EBITDA 279 227 247 1,025 Q3 2025 1,205 Q2 2026 1,251 Q3 2026 1,304 1,432 1,498 Export Domestic 920 688 2,921 9M 2025 3,611 9M 2026 3,841 4,299 111 117 124 101 71 39 51 64 68 71 73 75 100 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 124 144 209 Q3 2025 Q2 2026 Q3 2026 EBITDA (USD mn) 341 490 9M 2025 9M 2026 9.5% 10.0% 14.0% EBITDA Margin (%) 8.9% 11.4% NET PROFIT (LOSS) 192 4416 Q3 2025 Q2 2026 Q3 2026 62 245 9M 2025 9M 2026 Net Profit (USD mn) 1.2% 13.4% 2.9% 1.6% 5.7% Net Profit Margin (%)
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10 EBITDA NET PROFIT (USD MN) EBITDA CHANGE IN CASH (USD MN) 490 209 245 47 196 EBITDA (9M 2026) (249) Depreciation (32) Consolidation Classification Operating Income (40) Inc. /(Exp.) from Investment Activities, Equity Share Acquisition (159) Finance Inc./(Exp.) Monetary Gain/(Loss) Tax Inc./(Exp.) (8) Non-Controlling Interests NET PROFIT (9M 2026) 490 86 (152) (300) EBITDA (9M 2026) Changes in Working Capital Interest Inc./(Exp.) Net (13) Taxes Paid Net Cash used in Investing Activities Free Cash Flow Credit Usage/ (Payment) Net (95) Dividend Payment (60) Foreign Cur. Translation Reserves, Accrual Adj. and Other Payments (405) CHANGE IN CASH (9M 2026) 61 (336)
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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 1,466 1,828 9M 2026 1,568 2,285 3,406 3,658 3,294 (963) Net Cash (Debt) Dec. 2025 86 Free Cash Flow (5) Financial Investments Dividend Payment (25) Other Net Cash (Debt) Sep.2026 (95) (1,002) Short-Term Debt Long-Term Debt (756) (963) 2022 (1,468) 2023 (1,840) 2024 2025 9M 2026 (1,002) 0.44x 2.09x 2.85x 1.92x 1.54x Net Cash (Debt) /EBITDANet Cash (Debt) 641 566 Trade Receivables 2,086 2,222 Inventories (1,602)(1,717) Trade Payables 203 196 Other 1,328 1,267 Working Capital 31.12.2025 30.09.2026
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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 9M 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
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13 CAPITAL EXPENDITURES* (USD MN) *Advance payments for capital expenditures are not included. 306 434 723 977 775 315 2020 2021 2022 2023 1,070 2024 2025 9M 2026
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14 SUSTAINABILITY
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15 investorrelations@erdemir.com.tr www.erdemir.com.tr/investor-relations/ +90 216 578 80 61
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16 DISCLAIMER Ereğli DemirÇelikFabrikaları 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.