Türkiye-based steel pipe producer Borusan Pipe has reported higher revenue and profitability for the first nine months of 2026, supported by growth in its infrastructure and project business and stronger energy segment sales. The company's net profit increased to $84 million from $38 million in the corresponding period of 2025, while consolidated revenue rose by 22.6 percent year on year to $1.615 billion, according to its interim activity report.
Despite the increase in revenue, consolidated sales volume declined by 1.1 percent year on year to 957,800 mt. Overseas markets accounted for 90 percent of total revenue, compared with 84 percent in the first nine months of last year, reflecting the importance of the company's international operations.
EBITDA rises 65.5 percent as profitability improves
Borusan Pipe's EBITDA increased by 65.5 percent year on year to $168 million in the January-September period, while its EBITDA margin widened by 2.7 percentage points to 10.4 percent. Pretax profit reached $113 million, compared with $44 million in the same period of 2025.
The improvement continued in the third quarter, when EBITDA rose by 61.6 percent year on year to $77 million and the EBITDA margin reached 12.1 percent.
Infrastructure and project business leads revenue growth
The infrastructure and project segment remained Borusan Pipe's largest business, accounting for 55 percent of consolidated revenue in the first nine months of 2026. Sales volume in the segment increased by 36.6 percent year on year, while revenue rose by 62.3 percent to $880 million. Third-quarter segment revenue increased by 31.8 percent year on year to $359 million.
The energy business also recorded growth, with sales volume rising by 12.4 percent and revenue increasing by 14.4 percent to $347 million in the nine-month period. The segment represented 21 percent of consolidated revenue.
In contrast, the industry and construction segment recorded a 40.1 percent year-on-year decline in sales volume. Revenue fell by 26.6 percent to $239 million, accounting for 15 percent of the consolidated total.
The automotive business posted more moderate growth, with sales volume increasing by 0.9 percent and revenue rising by two percent to $150 million. Its share of consolidated revenue stood at nine percent.
Full-year EBITDA margin guidance raised to 10-11 percent
Following its nine-month performance, Borusan Pipe raised the lower end of its full-year EBITDA margin guidance, revising the expected range to 10-11 percent from the previous 9-11 percent.
The company maintained its 2026 sales volume forecast at 1.15-1.25 million mt and its revenue guidance at $2.2-2.4 billion. Management stated that financial and operational results for the first nine months were in line with expectations.
For the remainder of the year, Borusan Pipe expects infrastructure and project deliveries to proceed according to schedule, favorable demand and pricing conditions for energy pipes to continue, and efficiency initiatives to support financial and operational performance.
