Borusan Boru stock: EBITDA margin outlook raised after nine-month results
Published on 11/16/2026 at 00:31 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSResults strengthen the outlook
- Higher-value products, infrastructure projects and operational efficiency supported profitability through September.
- Management kept its full-year revenue and sales-volume targets unchanged while lifting the lower end of its EBITDA margin outlook.
Borusan Boru reported stronger revenue and profitability for the first nine months of 2026, according to a SteelOrbis report published on Monday, November 9. Revenue rose 22.6 percent year on year to 1.615 billion US dollars, while net income increased to 84 million US dollars from 38 million US dollars.
Profitability improved despite lower volumes
Sales volume fell 1.1 percent year on year to 957,800 metric tons. EBITDA increased 65.5 percent to 168 million US dollars, and the EBITDA margin widened to 10.4 percent from the comparable period a year earlier. Pretax profit reached 113 million US dollars, compared with 44 million US dollars previously.
Infrastructure and project activity was the largest revenue contributor, accounting for 55 percent of consolidated revenue. Its revenue increased 62.3 percent to 880 million US dollars, while the energy business generated 347 million US dollars of revenue.
Margin outlook moves higher
Following the nine-month performance, Borusan Boru raised its 2026 EBITDA margin outlook to 10-11 percent from 9-11 percent. The company left its full-year revenue guidance at 2.2-2.4 billion US dollars and its sales-volume forecast at 1.15-1.25 million metric tons.
Management expects scheduled infrastructure and project deliveries, supportive demand and pricing for energy pipes, and efficiency initiatives to support the final quarter. The guidance change gives investors a higher profitability range to track as the company completes its 2026 program.
Steel pipe solutions across major markets
Borusan Boru develops and manufactures steel pipe solutions for the energy, construction, automotive, industrial, infrastructure and project markets. The company serves domestic and international customers, with its investor-relations site describing operations across four major business lines. Borusan Boru is headquartered in Turkey and trades on Borsa Istanbul under the code BRSAN.
Borusan Boru at a glance
- Company: Borusan Boru
- ISIN: TRABRSAN91D5
- Trading venue: Borsa Istanbul
- Ticker: BRSAN
- Reporting period: January-September 2026
- Revenue: 1.615 billion US dollars
- EBITDA: 168 million US dollars
- Net income: 84 million US dollars
The BIST 100 provides the broader market context for Turkish equities.
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