Guidance.

Guidance

	2021	2022	2023	2024	1Y25	2025 Guidance	2025 Revized Guidance
Sales Volume (million tons)	0,76	0,85	1,06	1,17	0,58	1,05-1,20	1,20-1,35
Revenue ($ billion)	0,8	1,3	1,7	1,7	0,8	1,6-1,8	1,7-1,9
EBITDA Margin (%)	%9,8	%14,9	%18,2	%6,0	%6,9	%5-%7	%6-%8

• Similar to the 2Q25; in 3Q25, financial results were in line with expectations, supported by improved profitability driven by the positive pricing environment—particularly in the U.S. market—and operational efficiency initiatives implemented across all plants.
• The positive trend is expected to continue in the fourth quarter of 2025, albeit to a more limited extent.
• In 4Q25, the favorable pricing environment observed in OCTG products in the U.S. market is expected to normalize. In the U.S., the potential impact of possible changes in tariffs applied to steel product imports on operational profitability will be closely monitored. In Turkish operations, cost increases driven by inflation and exchange rate fluctuations are expected to continue to adversely affect the overall competitiveness of the sector in the coming period.
• At this stage, a limited upward revision has been made to the year-end 2025 expectations.
• In line with its outlook for the remainder of the year, Borusan Pipe expects to achieve a sales volume of between 1.20 and 1.35 million tons, revenue in the range of $1.7 - 1.9 billion, and an EBITDA margin between 6% and 8% in 2025.
• Under normal circumstances, guidance is disclosed four times a year, in conjunction with quarterly financial disclosures.