Şişecam met with shareholders at its 89th Annual General Assembly

Şişecam held its 89th Ordinary General Assembly meeting with its shareholders on March 25, 2025. During the meeting, Şişecam presented its 2024 Annual Financial Report along with detailed updates on its financial and operational performance.

In his opening speech at the General Assembly, Şişecam’s CEO, Görkem Elverici, stated: "In recent years, the world has faced a challenging period marked by uncertainties and fluctuations. 2024 may have been the year when these challenges were most intensely felt. Global economic fluctuations, inflationary pressures, high interest rates, tight monetary policies, volatile energy prices, and geopolitical tensions shaped the year. Low growth in China, delayed recovery from Europe's energy crisis, and election issues in many countries, particularly in the U.S., were the other key highlights. In Turkey, high inflation and the real appreciation of the Turkish lira against reserve currencies negatively impacted the financial results of companies operating internationally, especially those with export activities and foreign production sales."

Elverici continued: “Looking at our financial and operational performance, we did not face any production difficulties in our glass business lines. The total volume of glass production across all our glass business lines increased by 8% in 2024 compared to the previous year. Our glass product sales also showed a 9% increase in volume year-on-year. In the chemicals segment, where we are a global leader in chrome chemicals, our sales volume increased by 27%, while our soda ash sales remained in line with the previous year. Despite the challenges in the overall economic environment, Şişecam was one of the few companies that closed 2024 with a net profit, among industrial companies with significant export shares and international operations managed from a Turkey-based model. Moving forward, we aim to further strengthen our solid and sustainable financial structure. Additionally, we aim to generate the highest possible value for all our shareholders through optimized share buyback strategies, while maintaining our dividend distribution policies. We are confident that Şişecam, with its innovation and adaptability, has the potential to turn this volatile economic environment into an opportunity. We are rapidly and decisively implementing extraordinary measures to restore our financial performance to its previous levels.”

Şişecam’s Value-Creating Steps in 2024

• Announced investment decisions for three new coated glass lines with a total capacity of nearly 20 million square meters in Turkey, Italy, and Bulgaria.
• Reaffirmed trust in global markets by executing Turkey’s largest-ever bond issuance. Issued Eurobonds consisting of $500 million with a 5-year term and $600 million with an 8-year term. Received total demand exceeding $3.5 billion.
• Became the sole owner of the Pacific natural soda ash investment in the U.S. and raised its stake in Sisecam Wyoming LLC in Wyoming to 51%.
• Made an investment decision for a capacity increase of 175,000 tons of heavy soda ash at the Mersin facility.
• Completed investments in glass packaging and glassware in Eskişehir, solidifying Şişecam's position as a global leader in the glassware sector. The Şişecam Eskişehir complex, with a production capacity of approximately 1 million tons, became the world's largest glass production facility.
• Established a new company for the second flat glass line project of its 30% stake in Saint Gobain Glass Egypt SAE through its fully owned subsidiary Sisecam Investment B.V. (SIBV) in the Netherlands,
• As the only global player operating in all core areas of glass, launched the "Plant of the Future" platform. This initiative, focusing on digitalization and sustainability, aims to foster collaboration and innovation within the industry by combining Şişecam’s 90 years of expertise with the capabilities of suppliers and technology providers.