Slides
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Analyst & Investor Call 2025 February 17, 2026
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2025 Key Financial Results Liquidity & Capital Allocation 2025 Key Financials w/o IAS29 Sustainability Content
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3 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 dated December 12, 2023, and numbered 10744 by the BRSA, banks, financial leasing, factoring, financing, savings financing, and asset management companies are not subject to inflation adjustments required under TAS-29 in their financial statements as of December 31, 2023. IAS 29 requires the financial statements of any entity whose functional currency is the currency of a hyperinflationary economy to be restated for changes in the general purchasing power of that currency. Comparative figures for prior period(s) should be restated into the same current measuring unit. According to IAS 29.3, hyperinflation is indicated by the characteristics of an economy, which include but are not limited to the followings: The cumulative inflation rate over three years is approaching, or exceeds, 100 percent The general population prefers to keep its wealth in non-monetary assets or in a relatively stable foreign currency The general population regards monetary amounts in terms of a relatively stable foreign currency Pricing of credit compensates for the expected loss of purchasing power, even in short credit periods Interest rates, wages and prices are linked to a price index Pursuant to the Capital Markets Board Decision dated 28.12.2023 and numbered 81/1820, Şişecam is subject to IAS 29 inflationary accounting provisions, starting from its 2023-year end earnings disclosure. Thus, 2025 and comparative 2024 financial results, stated in this presentation, contain Şişecam’s audited financial information prepared according to Turkish Financial Reporting Standards by application of IAS-29 inflation accounting provisions and financial figures expressed in terms of purchasing power of TRY on 31 December 2025. Non-monetary assets and liabilities are restated Non-monetary items carried at current value are not restated Monetary items (ie cash, financial assets) are not subject to indexation and thus not restated All items in P&L are expressed by monthly indexation through consumer price index from the dates when the incomes and expenses accounted and up until the reporting date. Cost of goods sold, depreciation, and deferred tax items are subject to recalculation based on respective restated B/S items. Application of IAS-29 inflationary accounting provisions of Şişecam’s financial figures is expected to continue until Türkiye’s economic conditions no longer met the above stated IAS 29 criteria. Please refer to slide Appendix section of this presentation for Şişecam’s audited key financials without IAS 29 impact. Important Notice on Inflation Accounting (IAS 29)
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4 2025 Key Financial Results Parent Only Net Income TRY Mn 66,656 54,068 63,325 58,988 59,629 56,289 53,311 55,182 242,921 224,527 2024 2025 Q1 Q2 Q3 Q4 YoY Change 15,045 12,803 14,716 17,365 13,619 16,898 11,627 14,918 55,007 61,984 2024 2025 Q1 Q2 Q3 Q4 Margin 7,553 4,650 3,696 9,754 4,309 4,6352,644 4,94318,202 23,982 2024 2025 Q1 Q2 Q3 Q4 Margin 3,798 1,491 3,503 2,975 1,203 1,527 -1,930 3,885 6,574 9,878 2024 2025 Q1 Q2 Q3 Q4 Margin 7% 11% EBITDA 23% 28% Gross Profit 3% 4% -8% Revenue
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5 IAS29 Impact on EBITDA TRY Mn Adjusted EBITDA* Bridge ----- Margin *EBITDA adjusted for inflation accounting effect through the elimination of monetary gain/loss impact arising from IAS 29 on the relevant P&L items 20% 11% EBITDA -9,264 Renevue 17,963 COGS 4,835 Operating Expense 1,683 Net, Other Operating Income/Expense 4,521 Net, Investment Income/Expense Adjusted EBITDA 23,982 43,719
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24% 12% 12%23% 21% 6% 2% 49% 8% -4% 33% 25% -11% 6 2025 Segmental Revenue and EBITDA Diversified Revenue Mix Revenue Bridge Diversified EBITDA Mix EBITDA Bridge TRY Mn Architectural Glass Industrial Glass GlasswareGlass Packaging Chemicals Energy Architectural Glass Industrial Glass Glassware Glass Packaging Chemicals Other 666 EnergyArchitectural Glass - 1,4071,158 Other 2025Industrial Glass -4,417 Glassware 2,001 Glass Packaging - 8,655 Chemicals2024 242,921 224,527 -7,740 5,699 Architectural Glass 4,595 -4,782 Energy Other 2025 304 Chemicals - 3,632 Glass Packaging 3,144 Glassware 452 Industrial Glass 18,202 23,982 2024 Other
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7 2025 Segmental Revenue and EBITDA Margin -----EBITDA Margin All revenue figures showing net external sales Architectural Glass Volume Effect Pricing, Product Mix Curr. Effect Industrial Glass Glassware TRY Mn -1% Volume Effect Pricing, Product Mix Curr. Effect +4%-18% +2% Volume Effect Pricing, Product Mix Curr. Effect 0% +4%12,485 13,268 13,841 14,150 2024 14,336 13,834 13,329 12,911 2025 53,744 54,410 +1% 6,565 5,717 6,875 7,639 2024 7,069 6,277 7,893 6,714 2025 26,795 27,953 +4% 7,116 6,659 8,134 8,579 2024 6,469 6,186 6,728 6,277 2025 30,487 26,070 -14% 11% 21% -9% 7% -4% -3%
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8 2025 Segmental Revenue and EBITDA Margin -----EBITDA Margin All revenue figures showing net external sales TRY Mn Volume Effect Pricing, Product Mix Curr. Effect -9%-6% 2024 11,153 11,053 12,440 2025 56,556 47,90211,934 14,596 14,217 15,809 13,255 -15% Volume Effect Pricing, Product Mix Curr. Effect 11,455 14,271 12,289 11,682 2024 14,039 10,853 2025 49,697 51,698 12,576 14,230 +4% 4%0% Glass Packaging Chemicals 10% 16% 16% 12%
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55% 13% 10% 3% 6% 11% 2% 41% 18% 19% 9% 11% 2% 9 2025 Regional Results Geographic Revenue Mix Regional Breakdown of Exports from Türkiye Top 10 Export Countries Italy, Egypt, USA, Germany, France, Spain, Iraq, Bulgaria, UK, BAE USD 938 Mn exports revenue Exports to 150+ countries Other Sales in Türkiye Europe US Russia, Ukraine and Georgia Exports from Türkiye Other Europe North America Asia North Africa Middle East South America
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USD 42% EUR 26% TRY 30% Other 2% 63,169 98,754 161,923 2025 Short Term Long Term 10 Debt Position * USD 2.3 billion in long-term liabilities include USD 1.5 Bn Şişecam UK Notes due 2029 and 2032. As of the reporting period in accordance with the cross-currency swaps, made in Q2’2024, Q1’2025, and Q2’2025 on Sisecam UK Notes due 2029 and 2032; 69% of those liabilities was converted to EUR, 10% to TRY while the remaining 21% was kept in USD. Net Debt Bridge (TRY Mn) Term Structure of Gross Debt* (TRY Mn) Net Debt USD 2.8 Bn Net Debt/Adj. EBITDA 2.8x Net Debt/EBITDA 5.0x Fixed Interest Rate 70% Variable Interest Rate 30% Net Short FX Position TRY 12 Bn USD 68% EUR 28% TRY 4% 61% 39% 2024 -9,232 Borrowings 32,090 Cash &Cash Equ. 3,483 Marketable Sec* 2025 94,372 120,713
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47% 2%6% 28% 10% 7% 11 FCF & Capex Analysis Working Capital / Revenue 26% CAPEX / Revenue 16% EBITDA / CAPEX 0.7x CAPEX Breakdown (2025) TRY Mn 2024 2025 Change Net Profit 6,862 9,544 2,682 Non Cash Items 13,270 28,082 14,812 Changes in Working Capital 20,790 2,753 -18,038 Cashflow from operations 40,923 40,379 -544 Interest received,net -14,143 -15,560 -1,417 Dividend paid,net -3,844 -1,644 2,199 Taxes paid -2,000 -2,536 -536 Capex -39,398 -35,823 3,575 Monetary Gain/Loss on CCE -21,934 -16,576 5,358 FCF -40,396 -31,762 8,634 Inflation AdjustedIn Historical Values EBITDA / Capex 2020 2021 2022 2023 2024 2025 3.2 4.4 3.4 1.5 0.5 0.7 Architectural Glass Industrial GlassGlassware Glass Packaging Chemicals Other 1,873 2,637 24,378 39,669 39,398 35,823 9% 8% 8% 14% 16% 16% 2020 2021 2022 2023 2024 2025 Capex Capex/Revenue
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368,902 453,751 2024 2025 177,079 224,166 2024 2025 6,404 7,364 5,552 13,8915,697 6,756 8,053 9,192 25,706 37,203 2024 2025 Q1 Q2 Q3 Q4 3,002 -787 111 5,971 1,027 -385 869 4,5955,009 9,394 2024 2025 Q1 Q2 Q3 Q4 3,851 139 2,563 7,368 3,550 -108 3,440 5,644 13,405 13,042 2024 2025 Q1 Q2 Q3 Q4 39,724 44,606 42,702 53,337 45,450 56,619 44,263 57,454172,140 212,017 2024 2025 Q1 Q2 Q3 Q4 12 Key Financials w/o IAS29 * Including minority interests YOY Change ----- Margin Revenue EBITDA Profit Before Tax Net Income for the Period* TRY Mn Total Assets Total Equity* 15% 18%23% 3% 4% 8% 6% 23% 27%
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Sustainability
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14 Sustainability Initiatives & Projects Şişecam 2024 Sustainability Report Responsible Supply Chain PolicyŞişecam 2024 TSRS Report In line with the Turkish Sustainability Reporting Standards (TSRS) published by the Public Oversight, Accounting and Auditing Standards Authority (KGK), we have published our first TSRS- aligned Sustainability Report, which became mandatory as of 2024. Since 2013, we have voluntarily published our sustainability reports every year, upholding our principle of transparency and accountability. In line with this approach, we have shared our 2024 Sustainability Report with the public. Aligned with the United Nations Sustainable Development Goals, we aim to promote human and nature respectful business practices across our entire value chain. To this end, we have revised our Responsible Supply Chain Policy, which enables us to engage with our suppliers and business partners within the framework of universal ethical principles. Corporate ESG Performance World Soda Ash Conference (WSA)Tarsus Energy Glass Lines With an investment of 200 million Euros, we have commissioned a frosted glass furnace and energy glass production lines in Tarsus, adding significant capacity to Türkiye’s manufacturing strength. Through this initiative, we aim to meet the growing demand for glass in the solar energy sector, reduce external dependency, and boost export potential. Built with modern technology and featuring an annual production capacity of 47 million square meters, this new line will produce high-quality glass with high transmittance performance for photovoltaic panel manufacturers. In 2025, our scores in the CDP assessment were “B” for both Climate and Water. Şişecam’s Refinitiv score is A-. We maintained our place in the BIST 25 Sustainability Index. In the Ecovadis platform, Şişecam’s score is 63. We are involved in MSCI Global Sustainability Index, our score is BBB. Our 2024 score is 47 in S&P Global Corporate Sustainability Rating. Sustainalytics evaluates our sustainability risk, and we are rated Medium ESG Risk with a score of 29. At the World Soda Ash Conference (WSA), where we participated as a strategic sponsor, we came together with industry representatives. During the conference held in Spain from October 7 –9, 2025, we shared our CareforNext sustainability strategy, our sustainability-focused approach to soda ash production, our innovation-driven investments, and our sustainable production strategies.
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15 Sustainability Initiatives & Projects Global Supplier Summit TSRS Evaluation ConferenceInternational Glass Conference With the International Glass Conference we held in Venice, we highlighted the power of collaboration and innovation to shape the future of glass together. Throughout the event, we hosted valuable insights on key topics that will steer the future of our industry, including decarbonization, energy efficiency, and materials science. As part of our 90th anniversary celebrations, we gathered with our global business partners at the Şişecam Global Supplier Summit. At the summit held in Istanbul under the theme “United to Collaborate – Navigate Together”, key pillars of today’s business world—such as sustainability, digital transformation, and operational resilience—were addressed. Suppliers distinguished by their innovative and effective practices were honored with Sustainability Awareness Awards. At the “TSRS Cycle I: Initial Experiences, Findings, and Best Practices” panel held during the TSRS Evaluation Conference, organized on December 25 in collaboration with the Public Oversight, Accounting and Auditing Standards Authority (KGK) and TED University, we shared Şişecam’s experiences regarding its 2025 TSRS implementation process. Glass Technologies Engineering Certificate ProgramSKD Türkiye Members Meeting As part of the 20th-anniversary events of the Business Council for Sustainable Development Turkey (SKD Türkiye), we participated in the member gathering themed “The Transformation Has Begun: A New Era in Climate Policies.” During the panel session in which we took part as a speaker, we shared insights on Şişecam’s environmental strategies and cross-sector sustainability practices. Within the scope of the ITU Glass Technologies Engineering Certificate Program, we engaged with ITU students through all our areas of expertise that shape the future of glass. We shared our knowledge and experience across a wide range of topics, including Şişecam’s production processes, investment strategies, sustainability approach, and communication practices; as well as R&D and product development, sales and marketing activities, career management, and Şişecam Academy programs.
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Q&A
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THANK YOU