CFO Message

Dear Investors,

At Brisa, we operate with the strong and continuous support of our main shareholders, Sabancı Holding and Bridgestone Corporation. Our mission is to lead the Turkish tire and mobility industry through sustainable growth, adding value to the national economy and your journeys.

We never compromise on our principles of corporate governance, transparency, occupational safety, and efficiency. Our primary goal is to ensure the sustainability of the value we generate across various domains, including investments, innovation, and employment.

In today’s global economy, ensuring long-term economic sustainability requires anticipating not only opportunities but also risks, and taking timely action when preparing medium- and long-term company strategies. At Brisa, our ultimate aim in risk management is to sustain the resilience of our products, services, operations, reputation, and financial strength, thereby creating the highest value for our stakeholders.

As the leader of Turkey’s tire industry and a pioneering industrial organization, we continue to deliver strong performance in both domestic and international markets. This performance is driven by our balanced working capital management, successful channel and product portfolio strategies, effective pricing policies, and strong brand recognition.

Despite challenging market conditions in 2024, we reinforced our market leadership through operational efficiency, strategic investments, and innovative products and services. With our Lassa brand, we became the market leader in five countries, expanding our global footprint and maintaining steady international growth.

In 2024, we preserved our financial resilience through increased efficiency practices, achieving a 14% year-on-year rise in operating profit to TL 3.4 billion. We made significant progress in our sustainable growth strategy through continued investments and innovation-led mobility transformation. Our total revenue reached TL 34.5 billion, while our strict cost control and enhanced operational efficiency helped us maintain a gross profit margin of 23.6%. Our operating profit margin improved from 7.7% to 9.7% year-on-year.
In addition to our strong operational and financial performance, we remained committed to creating sustainable value for our stakeholders. As a testament to this, we continued distributing dividends and paid TL 650 million of our 2024 net distributable profit as cash dividends, corresponding to a gross payout ratio of 212.96%.

We take pride in being a global pioneer in sustainability—an area of growing significance in the investment world. We continue to make determined progress on our decarbonization roadmap, and in 2024, we were listed on the Global A List in both the CDP Climate Change and Water Security categories. Brisa is the first company in both the global tire sector and the Turkish business world to have its Scope 1-2-3 emission reduction targets validated by the Science Based Targets initiative (SBTi) under a 1.5°C scenario.

Moreover, we obtained a three-year investment incentive certificate for our planned solar energy investment at our Aksaray plant. In addition to our existing 3.5 MWh solar power facility, we commissioned a new 1 MWh plant. At the Global Banking & Markets: CEE, CIS & Turkey Awards 2024, we received the IFI Loan Deal of the Year award for our financing agreement with the European Bank for Reconstruction and Development (EBRD).

We are fully aware that rapid technological advancements and our customers’ evolving needs require us to be prepared for the future, today. Accordingly, we are continuing our R&D efforts and investing in the modernization and smart technologies of our production plants. At our state-of-the-art Aksaray Plant, we are implementing the best practices of Industry 4.0. We are diversifying our mobility solutions with a focus on delivering value-added services to our dealers and customers, extending well beyond tires. At the same time, we are accelerating our digital transformation journey.

With our strong brands, high-quality products, customer-centric innovative services, and next-generation sales channels, we are creating value for our customers, business partners, and investors—solidifying our leadership in the process. Amid global and local market challenges, we aim to optimize profitability through strategies that balance exports and domestic market performance, in alignment with our strategic priorities.

Guided by our vision of moving beyond tires to become a game-changer in mobility, we will continue to create value for our country and our industry.

Sincerely,
Neslihan DÖNGEL ÖZLEM
Chief Financial Officer