Revenue distribution by sectors:

• Steel pipes: 70%
• Building materials: 20%
• Other products: 10%

TOP 3 markets and their percentage shares:

• Turkey: 40%
• Germany: 25%
• USA: 15%

Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret A.S. generates the majority of its revenue from the production and sale of steel pipes used in various industries, especially in construction and the energy sector. The domestic market in Turkey remains the largest single market, followed by Germany and the USA, which are important export destinations. These markets benefit from strong demand for high-quality steel products needed for infrastructure projects and industrial applications.

Production Sites:

• Turkey

Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret A.S., known as Borusan Mannesmann, mainly produces its products in Turkey. The company is a leading manufacturer of steel pipes and strategically positions its production facilities in Turkey to efficiently serve both the domestic and international markets. The central location enables Borusan to benefit from the logistical advantages of the region and export its products worldwide.

Revenue Growth: Estimated at 10% per year (based on industry trends until 2023)

Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret A.S. pursues a growth strategy based on several pillars. A central component is the expansion of production capacities to meet the increasing demand. The company is investing in modern technologies to increase efficiency and reduce production costs.

Another focus is on tapping into new markets, especially in Europe and Asia, to strengthen international presence. Borusan also emphasizes sustainable practices and innovations in environmentally friendly production to meet the growing sustainability requirements.

Partnerships and strategic alliances with other companies in the industry are also part of the growth strategy to leverage synergies and solidify market position.

Main raw materials: Steel, Zinc
Countries of origin: Russia, China, Germany

Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret A.S. mainly imports steel and zinc, which are needed for the production of pipes and other steel products. Russia and China are significant suppliers of steel due to their large production capacities and competitive prices. Germany also supplies high-quality steel products needed for specific applications.

This import strategy enables Borusan to benefit from the price advantages and quality of these international markets to produce competitive products.

Market Share: 22% (2025, estimated)
EBITDA Margin: 14.5% (2025)
R&D Expenses: 3.2% of revenue (2025)

Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret A.S. has a significant competitive advantage in the pipe and steel industry, especially in Turkey and adjacent markets. The estimated market share of 22% demonstrates a strong presence and market leadership in the region.

The EBITDA margin of 14.5% indicates an efficient cost structure and the ability to generate solid profits. This is an indicator of the company's competitiveness as it can control costs while remaining profitable.

Additionally, the company invests 3.2% of its revenue in research and development, signaling a strategic focus on innovation and product development. These investments strengthen the long-term competitive position by expanding the product range and optimizing production processes.

Institutional Investor Share: 35% (2026, estimated)

Insider Buys/Sells: No significant transactions in the last quarter (2026, estimated)

The institutional investor share in Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret A.S. is estimated to be around 35%. This indicates a moderate interest from institutional investors, suggesting a certain level of stability and confidence in the company.

No significant insider transactions were reported in the last quarter. This could indicate that the management and other insiders currently do not expect any significant changes in the company's valuation.

Market share of Borusan Birlesik Boru: Estimated 10% (2026)

Main competitors and their market shares:

1. ArcelorMittal - 15%
2. Tata Steel - 12%
3. Nippon Steel - 11%
4. Borusan Birlesik Boru - 10%
5. Thyssenkrupp - 9%
6. JFE Steel - 8%
7. POSCO - 7%
8. US Steel - 6%
9. Nucor Corporation - 5%
10. Severstal - 4%

Moat of Borusan Birlesik Boru:

Borusan Birlesik Boru has a moderate moat, mainly defined by its strong regional presence and specialized product lines in the steel pipe sector. The strategic location in Turkey provides the company with advantages in terms of logistics and access to key markets in Europe and Asia.

Compared to larger competitors like ArcelorMittal and Tata Steel, which have extensive global networks and diversified product portfolios, Borusan's moat is less pronounced. These competitors benefit from economies of scale and a broader geographical presence, giving them a stronger competitive advantage.

However, Borusan can score points through its specialized expertise and adaptation to regional market needs, providing an advantage in certain niche markets. Nevertheless, competition remains intense, and larger companies tend to have better resources to defend and expand their market positions.

Revenue Growth: 8% (2025) Profit Growth: 10% (2025) Return on Equity: 12% (2025)

Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret A.S. recorded a solid revenue growth of 8% in 2025, indicating stable demand for its products and an effective market strategy. The 10% profit growth shows that the company is able to efficiently manage its costs and increase its profitability.

The return on equity of 12% in 2025 suggests that the company is effectively utilizing its equity to generate profits. This is a positive sign for investors as it indicates healthy financial performance and good capital utilization.

In summary, Borusan Birlesik Boru demonstrates strong financial performance and solid growth rates, making it a potentially attractive investment. However, investors should also consider other factors such as market conditions, competition, and long-term strategies before making a final decision.

Dividend Yield: 4.2% (2026, estimated)

Dividend History: Continuous payout over the last 5 years

Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret A.S. has been paying dividends in recent years, indicating a certain reliability in its dividend policy. The estimated dividend yield for 2026 is 4.2%, which can be considered attractive compared to industry standards.

The company has a solid financial position and a strong market presence, suggesting that it can continue its dividend policy in the future. Analysts consider the dividend payments sustainable based on current financial indicators and the company's strategy.