Eregli Demir ve Çelik Fabrikalari (EREGL) investor relations material

Executive summary

• 9M 2026 revenue was $4.299bn, EBITDA $490m and net profit $245m; TRY-reported revenue was TRY 195.9bn, EBITDA TRY 22.3bn and net profit TRY 11.5bn.

• 9M sales totaled 6.4m tons; crude steel output was 6.9m tons and crude steel capacity utilization was reported at 96%.

Financial highlights

• 9M revenue rose to $4.299bn from $3.841bn and EBITDA to $490m from $341m YoY; EBITDA margin was 11.4%.

• Net profit rose to $245m from $124m YoY; parent-attributable profit was TRY 11.1bn, up from TRY 2.4bn.

• Q3 core steel EBITDA per ton was $100, the seventh consecutive quarterly improvement since the Q4 2024 low, excluding the one-off NRV item.

• 9M net profit included $249m depreciation, $159m financial expenses and $196m deferred tax income.

Outlook and guidance

• FY2026 EBITDA per ton guidance remained $75-$85; Q4 EBITDA per ton was expected to decline as higher coking coal costs flow through with a four-month raw-material lag.

• Q4 working capital was expected to rise with higher coal and inventory costs; negative year-end free cash flow was expected, primarily due to CapEx.

• Q4 sales prices were expected to ease slightly overall; December prices increased, with order-book visibility extending ~2.5 months into early 2027.

• Emissions-reduction targets are 25% by 2030 and 40% by 2040 from the 2022 base, with net zero targeted by 2050.