Reported Earnings • May 11
First quarter 2026 earnings released First quarter 2026 results: Revenue: ₺18.4b (up 59% from 1Q 2025). Net income: ₺273.6m (up ₺558.1m from 1Q 2025). Profit margin: 1.5% (up from net loss in 1Q 2025). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 131 percentage points per year, which is a significant difference in performance. Announcement • Apr 17
Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret A.S. to Report Q1, 2026 Results on May 07, 2026 Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret A.S. announced that they will report Q1, 2026 results at 5:30 PM, GTB Standard Time on May 07, 2026 Announcement • Mar 30
Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret A.S., Annual General Meeting, Apr 28, 2026 Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret A.S., Annual General Meeting, Apr 28, 2026. Location: istinye mahallesi sariyer caddesi no.77, istanbul Turkey Reported Earnings • Mar 04
Full year 2025 earnings released: EPS: ₺0.09 (vs ₺1.60 loss in FY 2024) Full year 2025 results: EPS: ₺0.09 (up from ₺1.60 loss in FY 2024). Revenue: ₺71.5b (up 30% from FY 2024). Net income: ₺1.27b (up ₺1.50b from FY 2024). Profit margin: 1.8% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 149 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to ₺537, the stock trades at a trailing P/E ratio of 76.4x. Average trailing P/E is 46x in the Metals and Mining industry in Turkey. Total returns to shareholders of 529% over the past three years. New Risk • Mar 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Turkish stocks, typically moving 8.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 12
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₺22.1b (up 66% from 3Q 2024). Net income: ₺936.2m (up ₺1.26b from 3Q 2024). Profit margin: 4.2% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has increased by 94% per year, which means it is well ahead of earnings. New Risk • May 31
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 99x increase in shares outstanding. This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Announcement • Mar 26
Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret A.S., Annual General Meeting, Apr 29, 2025 Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret A.S., Annual General Meeting, Apr 29, 2025. Location: istinye mahallesi sariyer caddesi no.77, sariyer, istanbul Turkey Reported Earnings • Feb 24
Full year 2024 earnings released Full year 2024 results: Revenue: ₺55.1b (up 31% from FY 2023). Net loss: ₺226.6m (down 106% from profit in FY 2023). Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has increased by 153% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 13
Third quarter 2024 earnings released: ₺2.31 loss per share (vs ₺3.92 profit in 3Q 2023) Third quarter 2024 results: ₺2.31 loss per share (down from ₺3.92 profit in 3Q 2023). Revenue: ₺13.3b (up 31% from 3Q 2023). Net loss: ₺327.9m (down 159% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has increased by 163% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Nov 06
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Turkish stocks, typically moving 9.3% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (9.3% average weekly change). Minor Risk Profit margins are more than 30% lower than last year (3.9% net profit margin). Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₺487, the stock trades at a trailing P/E ratio of 31.3x. Average trailing P/E is 31x in the Metals and Mining industry in Turkey. Total returns to shareholders of 1,942% over the past three years. Valuation Update With 7 Day Price Move • Sep 02
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺416, the stock trades at a trailing P/E ratio of 26.8x. Average trailing P/E is 25x in the Metals and Mining industry in Turkey. Total returns to shareholders of 1,510% over the past three years. New Risk • Aug 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 99x increase in shares outstanding. This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Shareholders have been substantially diluted in the past year (over 99x increase in shares outstanding). Minor Risk Profit margins are more than 30% lower than last year (3.9% net profit margin). New Risk • Aug 11
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risk Profit margins are more than 30% lower than last year (3.9% net profit margin). Reported Earnings • Aug 11
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₺13.3b (up 63% from 2Q 2023). Net income: ₺272.8m (down 77% from 2Q 2023). Profit margin: 2.1% (down from 15% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has increased by 145% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 09
Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret A.S. to Report First Half, 2024 Results on Aug 09, 2024 Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret A.S. announced that they will report first half, 2024 results on Aug 09, 2024 Reported Earnings • May 09
First quarter 2024 earnings released First quarter 2024 results: Revenue: ₺16.4b (up 120% from 1Q 2023). Net income: ₺367.0m (down 73% from 1Q 2023). Profit margin: 2.2% (down from 18% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 116% per year but the company’s share price has increased by 181% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Apr 15
Now 22% undervalued Over the last 90 days, the stock has risen 9.5% to ₺614. The fair value is estimated to be ₺792, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 75% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Mar 25
Now 21% undervalued Over the last 90 days, the stock has risen 23% to ₺649. The fair value is estimated to be ₺816, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 75% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Mar 07
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.2% to ₺650. The fair value is estimated to be ₺834, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 75% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Mar 03
Full year 2023 earnings released: EPS: ₺28.94 (vs ₺9.52 in FY 2022) Full year 2023 results: EPS: ₺28.94 (up from ₺9.52 in FY 2022). Revenue: ₺42.2b (up 90% from FY 2022). Net income: ₺4.10b (up 204% from FY 2022). Profit margin: 9.7% (up from 6.1% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 113% per year but the company’s share price has increased by 186% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺531, the stock trades at a trailing P/E ratio of 19.4x. Average trailing P/E is 13x in the Metals and Mining industry in Turkey. Total returns to shareholders of 1,652% over the past three years. Announcement • Nov 30
Unknown co-owner owner of Borusan acquired 23% stake in Borusan Mannesmann Boru Sanayi ve Ticaret A.S. (IBSE:BRSAN). Unknown co-owner owner of Borusan acquired 23% stake in Borusan Mannesmann Boru Sanayi ve Ticaret A.S. (IBSE:BRSAN) on November 29, 2023.Unknown co-owner owner of Borusan completed the acquisition of 23% stake in Borusan Mannesmann Boru Sanayi ve Ticaret A.S. (IBSE:BRSAN) on November 29, 2023. Buying Opportunity • Nov 05
Now 20% undervalued Over the last 90 days, the stock is up 186%. The fair value is estimated to be ₺1,134, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 75% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺812, the stock trades at a trailing P/E ratio of 32.9x. Average trailing P/E is 18x in the Metals and Mining industry in Turkey. Total returns to shareholders of 5,057% over the past three years. Valuation Update With 7 Day Price Move • Sep 18
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺780, the stock trades at a trailing P/E ratio of 31.6x. Average trailing P/E is 19x in the Metals and Mining industry in Turkey. Total returns to shareholders of 5,923% over the past three years. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improves as stock rises 37% After last week's 37% share price gain to ₺433, the stock trades at a trailing P/E ratio of 17.5x. Average trailing P/E is 14x in the Metals and Mining industry in Turkey. Total returns to shareholders of 3,311% over the past three years. New Risk • Aug 14
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 999x increase in shares outstanding. This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Shareholders have been substantially diluted in the past year (over 999x increase in shares outstanding). Reported Earnings • Aug 09
Second quarter 2023 earnings released: EPS: ₺8.40 (vs ₺1.95 in 2Q 2022) Second quarter 2023 results: EPS: ₺8.40 (up from ₺1.95 in 2Q 2022). Revenue: ₺8.15b (up 67% from 2Q 2022). Net income: ₺1.19b (up 330% from 2Q 2022). Profit margin: 15% (up from 5.7% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 130% per year but the company’s share price has increased by 197% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jun 21
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺222, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 10x in the Metals and Mining industry in Turkey. Total returns to shareholders of 1,909% over the past three years. Valuation Update With 7 Day Price Move • Jun 06
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₺220, the stock trades at a trailing P/E ratio of 12x. Average trailing P/E is 11x in the Metals and Mining industry in Turkey. Total returns to shareholders of 2,021% over the past three years. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺168, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 9x in the Metals and Mining industry in Turkey. Total returns to shareholders of 1,550% over the past three years. Reported Earnings • May 10
First quarter 2023 earnings released: EPS: ₺9.50 (vs ₺0.77 in 1Q 2022) First quarter 2023 results: EPS: ₺9.50 (up from ₺0.77 in 1Q 2022). Revenue: ₺7.43b (up 103% from 1Q 2022). Net income: ₺1.35b (up ₺1.24b from 1Q 2022). Profit margin: 18% (up from 3.0% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 127% per year but the company’s share price has increased by 135% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 02
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to ₺107, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 8x in the Metals and Mining industry in Turkey. Total returns to shareholders of 1,064% over the past three years. Valuation Update With 7 Day Price Move • Apr 12
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺116, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 9x in the Metals and Mining industry in Turkey. Total returns to shareholders of 1,282% over the past three years. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₺87.00, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 9x in the Metals and Mining industry in Turkey. Total returns to shareholders of 744% over the past three years. Reported Earnings • Feb 26
Full year 2022 earnings released: EPS: ₺9.52 (vs ₺0.67 in FY 2021) Full year 2022 results: EPS: ₺9.52 (up from ₺0.67 in FY 2021). Revenue: ₺22.2b (up 203% from FY 2021). Net income: ₺1.35b (up ₺1.26b from FY 2021). Profit margin: 6.1% (up from 1.3% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has only increased by 98% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺67.10, the stock trades at a trailing P/E ratio of 22.2x. Average trailing P/E is 8x in the Metals and Mining industry in Turkey. Total returns to shareholders of 514% over the past three years. Valuation Update With 7 Day Price Move • Dec 15
Investor sentiment improved over the past week After last week's 18% share price gain to ₺88.70, the stock trades at a trailing P/E ratio of 29.4x. Average trailing P/E is 12x in the Metals and Mining industry in Turkey. Total returns to shareholders of 784% over the past three years. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Member of the Board Ibrahim Romano was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improved over the past week After last week's 22% share price gain to ₺65.80, the stock trades at a trailing P/E ratio of 21.8x. Average trailing P/E is 8x in the Metals and Mining industry in Turkey. Total returns to shareholders of 632% over the past three years. Reported Earnings • Oct 29
Third quarter 2022 earnings released: EPS: ₺1.19 (vs ₺0.45 in 3Q 2021) Third quarter 2022 results: EPS: ₺1.19 (up from ₺0.45 in 3Q 2021). Revenue: ₺6.29b (up 266% from 3Q 2021). Net income: ₺169.0m (up 164% from 3Q 2021). Profit margin: 2.7% (down from 3.7% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has increased by 82% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment improved over the past week After last week's 16% share price gain to ₺50.35, the stock trades at a trailing P/E ratio of 21.8x. Average trailing P/E is 8x in the Metals and Mining industry in Turkey. Total returns to shareholders of 454% over the past three years. Reported Earnings • Aug 01
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ₺4.88b (up 188% from 2Q 2021). Net income: ₺276.6m (up 251% from 2Q 2021). Profit margin: 5.7% (up from 4.7% in 2Q 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Jul 27
Investor sentiment improved over the past week After last week's 16% share price gain to ₺44.56, the stock trades at a trailing P/E ratio of 48.7x. Average trailing P/E is 8x in the Metals and Mining industry in Turkey. Total returns to shareholders of 443% over the past three years. Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment improved over the past week After last week's 18% share price gain to ₺36.04, the stock trades at a trailing P/E ratio of 39.4x. Average trailing P/E is 8x in the Metals and Mining industry in Turkey. Total returns to shareholders of 348% over the past three years. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improved over the past week After last week's 16% share price gain to ₺34.44, the stock trades at a trailing P/E ratio of 37.7x. Average trailing P/E is 9x in the Metals and Mining industry in Turkey. Total returns to shareholders of 342% over the past three years. Reported Earnings • May 01
First quarter 2022 earnings released: EPS: ₺0.77 (vs ₺0.55 in 1Q 2021) First quarter 2022 results: EPS: ₺0.77 (up from ₺0.55 in 1Q 2021). Revenue: ₺3.66b (up 186% from 1Q 2021). Net income: ₺108.7m (up 39% from 1Q 2021). Profit margin: 3.0% (down from 6.1% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 46% per year, which means it is well ahead of earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Member of the Board Ibrahim Romano was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 06
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: ₺7.33b (up 97% from FY 2020). Net income: ₺94.3m (up ₺104.6m from FY 2020). Profit margin: 1.3% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 35% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₺24.70, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 12x in the Metals and Mining industry in Turkey. Total returns to shareholders of 253% over the past three years. Reported Earnings • Nov 12
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₺1.72b (up 125% from 3Q 2020). Net income: ₺64.0m (up ₺141.0m from 3Q 2020). Profit margin: 3.7% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 119 percentage points per year, which is a significant difference in performance. Reported Earnings • Jun 10
First quarter 2021 earnings released The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: ₺1.20b (down 1.6% from 1Q 2020). Net income: ₺73.4m (up 308% from 1Q 2020). Profit margin: 6.1% (up from 1.5% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 123 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 07
Full year 2020 earnings released: ₺0.073 loss per share (vs ₺0.51 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: ₺3.73b (down 19% from FY 2019). Net loss: ₺10.3m (down 114% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 65% per year but the company’s share price has increased by 37% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Dec 07
New 90-day high: ₺16.98 The company is up 38% from its price of ₺12.30 on 08 September 2020. The Turkish market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 23% over the same period. Is New 90 Day High Low • Sep 28
New 90-day high: ₺15.16 The company is up 30% from its price of ₺11.67 on 30 June 2020. The Turkish market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 1.0% over the same period. 
