Türkiye Sise Ve Cam Fabrikalari : 2023 FY Webcast Presentation

ŞİŞECAM

Analyst & Investor Call 2023

March 5, 2024

Content

2023 Key Financial Results

Liquidity & Capital Allocation

Key Financials w/o IAS 29

Ongoing Investments

Sustainability

Page 3-4

Page 5-7

2

Important Notice for Inflation Accounting (IAS 29)

• Turkey 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:

oThe cumulative inflation rate over three years is approaching, or exceeds, 100 percent.

oThe general population prefers to keep its wealth in non-monetary assets or in a relatively stable foreign currency

oThe general population regards monetary amounts in terms of a relatively stable foreign currency

oPricing of credit compensates for the expected loss of purchasing power, even in short credit periods

oInterest 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, Sisecam is subject to IAS 29 inflationary accounting provisions, starting from its 2023-year end earnings disclosure. Thus, 2023 and comparative 2022 year-end financial results, stated in this presentation, contain Sisecam's audited financial information prepared according to Turkish Financial Reporting Standards by application of IAS-29 inflation accounting provisions.

1. Non-monetaryassets and liabilities are restated

1. Non-monetaryitems carried at current value are not restated

1. Monetary items (ie cash, financial assets) are not subject to indexation and thus not restated

• 1. 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 Sisecam'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 13 of this presentation for Sisecam's unadited key financials without IAS 29 impact.

3

Şişecam Segmental Reporting

Architectural

Industrial

Glassware

Glass

Chemicals

Energy

Other

Packaging

Architectural

Automotive Glass

Glassware

Glass Packaging

Soda Ash

Electric (Cogen.)

Mining

New

Encapsulations

Chrome

Energy Trading

Oxyvit

Home Appliances

Port Management

Offset Packaging

Glass Fiber

Refractory Mat.

Holding Services*

Old

Architectural

Architectural

Home Appliances

Auto Glass

Automotive Glass

Encapsulations

Glassware

Glassware

Offset Packaging

Glass

Packaging

Glass Packaging

Chemicals

Soda Ash

Chrome

Electric (Cogen)

Mining

Glass Fiber

Oxyvit

Other

Energy Trading

Refractory Mat.

Holding Services*

*Consist of subsidiaries operating in recycling of packaging waste and non-hazardous waste, insurance agency services, and foreign trade activities

4

2023 Key Financial Results

Revenue (TRY Mn)

11%

170,655

151,994

Gross Profit (TRY Mn)	Adjusted EBITDA* (TRY Mn)	Adjusted Parent Only Net Income *
		(TRY Mn)

32%

28%

54,583

22%

19%

41,938

37,161

11%11%

28,213

18,513	17,131

2022	2023	2022	2023
	Revenue	YoY Change	Gross Profit	---Margin

*EBITDA and Parent Only Net Income are adjusted to one-off items

2022	2023	2022	2023
Adj. EBITDA	---Margin	Adj. Parent Only Net Income	---Margin

5

2023 Segmental Revenue and EBITDA

Diversified Revenue Mix	Revenue Bridge (TRY Mn)
12%	1%
21%

26%	2023	10%
		12%
	18%

Diversified EBITDA Mix	Adjusted EBITDA Bridge (TRY Mn)
1%	11%
	23%

2023 4%

39%5%

17%

6

2023 Segmental Revenue and EBITDA Margin

Architectural Glass (TRY Mn)

30%
			20%
		-30%
44,842
	-12%
		-18%	31,229
2022	volume effect	pricing, product	2023
		mix, curr. effect

Glassware (TRY Mn)

10%
			8%
		+1%
17,434		+3%	17,576
	-2%
2022	volume effect	pricing, product	2023
		mix, curr. effect

• All revenue figures showing net external sales
• EBITDA Margins - derived from one-off gain/loss adjusted figures

Industrial Glass (TRY Mn)

5%			7%
	+14%
		+7%	15,835
13,937	+7%
2022	volume effect	pricing, product	2023
		mix, curr. effect

Glass Packaging (TRY Mn)

17%			17%
		-14%
31,759
	-3%		27,410
	-11%
2022	volume effect	pricing, product	2023
		mix, curr. effect

-----Adjusted EBITDA Margin	7

2023 Segmental Revenue and EBITDA Margin

	Chemicals (TRY Mn)		3%	Energy (TRY Mn)
27%
		26%
		-9%				0,2%
					+19%
43,568
		39,431
	-1%
	-8%				-69%
				+88%
						17,875
				15,074
2022	volume effect	price, product	2023	2022	volume effect	pricing, product	2023
		mix, curr. ffect				mix, curr. effect

Other (TRY Mn)

55%

35%

-35%

4,041

2,637

2022

2023

• All revenue figures showing net external sales

• EBITDA Margins - derived from one-off gain/loss adjusted figures

-----Adjusted EBITDA Margin

8

2023 Regional Results

Geographic Revenue Mix

7%	2%
12%
		40%
19%
	20%
Sales in Turkey		Exports from Turkey
Europe		US
Russia, Ukraine and Georgia	Other

Regional Breakdown of Exports from Turkey

11% 1%

8%

3%

7%54%

16%

Europe	Middle East	North America
South America	Asia	North Africa
Other

Top 10 Export Countries

Italy, Egypt, USA, France, Spain, Israel, UK,

Germany, Bulgaria, Brazil

USD 1.1 Bn exports revenue

Exports to 150+ Countries

9

Debt Position

Net Debt Bridge (TRY Mn)

Net Debt: USD 1.3 Bn

Net Debt/EBITDA

1.3x

Fixed / Variable

Interest Rate

Term Structure of Gross Debt (TRY Mn)	76% / 24%
85,275

					RUB	Other
					5%
					4%
		54%
TRY		46,019
16%
					TRY	USD
					16%
				46%	39%
EUR
USD
25%	59%
		39,257				EUR
						36%
		2023
USD EUR	TRY	Short Term	Long Term		USD EUR TRY RUB Other

Net Long Fx Position

TRY 10.7 Bn

*USD 1.6bn equivalent long-term liabilities include USD 700Mn Eurobond issued in March 2019
Following the cross currency swaps, made in 2019 for USD 575Mn of 2026 bond in exchange of EUR 421Mn in 2019, 68% of the bond was converted to EURs, 14% converted to TRY and rest of 18% kept in USD. In August 2022, USD	10
210Mn-equivalent EUR swap agreements have been unwound. Accordingly, as of the reporting period; 38% of the bond is converted to EUR, 14% to TRY and the rest is kept in USD.