TATASTEELNSE27 January 2025

Tata Steel Limited has informed the Exchange about Investor Presentation

Tata Steel Limited

The Secretary, Listing Department BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001. Maharashtra, India. Scrip Code: 500470

Dear Sir, Madam,

January 27, 2025

The Manager, Listing Department National Stock Exchange of India Limited Exchange Plaza, 5th Floor, Plot No. C/1, G Block, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051. Maharashtra, India. Symbol: TATASTEEL

Sub: Submission of Investor Presentation to be made to Analysts/Investors

Please find enclosed herewith the presentation to be made to Analysts/Investors on the Financial Results of Tata Steel Limited (‘Company’) for the quarter and nine months ended December 31, 2024.

The presentation is being submitted in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

This is also being made available on the Company’s website www.tatasteel.com

This is for your information and records.

Thanking you.

Yours faithfully, Tata Steel Limited

Parvatheesam Kanchinadham Company Secretary and Chief Legal Officer

Encl.: As above

Tata Steel Results Presentation

Financial quarter ended 31st December 2024

Dalma Viewpoint at Jamshedpur, Municipal solid waste dump transformed into a lush green picnic area

January 27, 2025 1

Safe harbour statement

Statements in this presentation describing the Company’s

performance may be “forward looking statements” within the

meaning of applicable securities laws and regulations. Actual

results may differ materially from those directly or indirectly

expressed, inferred or implied. Important factors that could

make a difference to the Company’s operations include,

among others, economic conditions affecting demand/supply

and price conditions in the domestic and overseas markets in

which the Company operates, changes in or due to the

environment, Government regulations, laws, statutes, judicial

pronouncements and/or other incidental factors

We are committed to ‘Zero Harm’ Journey towards excellence in Safety & Health of employees1

Safety & Health Excellence Recognition

for online purging assistance model that ensures zero high potential risk incident

Behavior-based program

“5 Safe steps Forward” campaign to improve safety awareness at shop floors

56% LTIFR*

In the last 15 years

2 s e i t i l a t a F

FY20

FY21

FY22

FY23

FY24

9MFY25

Health and Wellness

140 health awareness sessions covering 9,500+ employees1 across locations

9 0 Y F

0 1 Y F

1 1 Y F

2 1 Y F

3 1 Y F

4 1 Y F

5 1 Y F

6 1 Y F

7 1 Y F

8 1 Y F

9 1 Y F

0 2 Y F

1 2 Y F

2 2 Y F

3 2 Y F

4 2 Y F

5 2 Y F M 9

Accountability

“SpeakUp” helpline to report safety concerns anonymously

3QFY2025 Results Presentation

Note: 1Employees refers to Permanent and Contract workforce, *Lost Time Injury Frequency Rate per million-man hours worked, for Tata Steel Group, 2Fatalities covers Tata Steel Standalone, SE Asia and Europe; TSML included from 1st Sep 2023 and Tinplate Company of India Ltd. and Tata Metaliks included from 1st Oct 2023

Improving quality of life of our communities Social capital and scalable change models to enable deep societal impact

36 lakh+ lives impacted1

>₹1,975 cr spent2 since FY21

Rural and Urban Education

Public Health and Nutrition

Grassroots Sports

Tribal Identity

22,000+ out of school children brought back to education system

96% redressal rate in high-risk cases among pregnant women and children

27,000+ children and youth engaged in rural sports

44,000+ people enrolled in tribal language classes

68 targets prioritised across 15 relevant UN SDG goals

Grassroots Governance

~₹4,800 crore public funds unlocked directly to communities

Dignity for Disabled

11,000+ PwD connected through SABAL programme

Public Infrastructure

Gender & Youth Empowerment

Water Resources

Climate Resilient Livelihoods

140+ structures relevant for community have been completed

2,200+ women enrolled in leadership trainings

41.6 million cubic feet water storage capacity created

31,000+ households adopted climate resilient agri practices

3QFY2025 Results Presentation

Note: 1Cumulative as on 9MFY25, 2CSR Spend by Tata Steel Standalone, SDG – Sustainable Development Goals, SABAL aims to create a platform for persons with disability through a participative atmosphere and inclusive infrastructure that enables skilling, employability and financial independence, PwD – Persons with Disabilities

Strategic Update

➢ India’s largest blast furnace at Kalinganagar is

ramping up well

➢ 1st annealed coil from the 2.2 MTPA Cold Roll Mill

produced in December 2024

➢ Structural transformation underway at UK operations

➢ Became 1st Indian steelmaker to introduce biochar in

blast furnace to lower carbon emissions

3QFY25 Results Presentation

Tata Steel is focused on creating sustainable value

Leadership in Sustainability

Leadership in India

Leadership in technology and digital

Consolidate position as global cost leader

Leadership in Robust India financial health

Become future ready

3QFY2025 Results Presentation

Leadership in Sustainability

Sustainability is at the core of our strategy Route and pace of decarbonisation being calibrated across geographies

emissions by 2045

Our ESG goals underpin broader focus areas, and we collaborate with reputed global bodies for policy advocacy

Committed to responsible growth; multiple initiatives underway

Transitioning to greener steelmaking

Committed to 35 – 40% emission reduction by 2030

Circular economy

Biodiversity, Water

Supply Chain

Air emissions, Dust

Employees, Community

R&D, Technology

3QFY2025 Results Presentation

Note: R&D – Research & Development

Leadership in Sustainability

India : Pursuing multiple initiatives for a sustainable future

Carbon emission reduction underway

Broader initiatives to conserve water, preserve nature

via multiple levers

and drive circularity

Process improvement such as improvement in blast furnace fuel rates, waste heat utilisation

Water

>60% reduction in specific water consumption in last 15 years through range of initiatives

Carbon Direct Avoidance via bio-char / hydrogen injection at the blast furnace

Biodiversity

Biodiversity management plans for all sites and investing in nature-based solutions like bamboo based bio-char

Carbon Capture & Utilisation - 5 TPD pilot plant at Jamshedpur to capture CO2 from blast furnace

Circularity

Increase content of renewable / recycled resources in products and 0.5 MTPA steel recycling plant setup in Haryana

3QFY2025 Results Presentation

Note: EAF – Electric Arc Furnace

Leadership in Sustainability

UK: Pursuing transition to reduce 50 mn tons CO2e over a decade

Multiple intiatives to aid

affected employees

Voluntary Redundancy Aspiration, generous support package

Transition Board setup with UK and the Welsh government

Committed towards reskilling and training of employees

Journeying towards a sustainable future

EAF to be operational by 2027 - 28

~2 ~0.4

tCO2e Per ton of crude steel

3QFY2025 Results Presentation

Note: BF – Blast Furnace, EAF – Electric Arc Furnace, Engg. – Engineering, ESO – Electricity System Operator

Leadership in Sustainability

Netherlands: Committed to achieve 35 – 40% CO2e reduction1 by 2030

Commenced discussions with the Dutch government

Collaborating with diverse partners

for decarbonisation support

to drive sustainability

Government support is key

Shutdown of one of the blast furnaces

Replaced by DRP – EAF by 2030

Utilise H2 as it becomes cost competitive

Partnership with Ecolog to create a sustainable energy corridor between the Netherlands and Norway

Collaboration with European Space Agency to conduct research on ISS to improve electric motor steel quality

Shutdown of remaining blast furnace

Transition to greener steelmaking

Cooperation with Deutsche Bahn Cargo to transport steel coils by train on green electricity

Phase

3QFY2025 Results Presentation

Note : 1Compared to 2019 baseline, DRP – Direct Reduced iron Plant, EAF – Electric Arc Furnace, ISS- International Space Station

Leadership in India

India steel remains a bright spot aided by the economic growth cycle

India steel per capita consumption is at an inflection point

Domestic demand to be driven by wide range of factors

3 2 0 2 , ) g k ( a t i p a C

r e P U S A

China

628

309 Russia

110

Brazil

India

Japan

433

Germany

337

135

USA

266

136

million tons in FY2024

>200

million tons in FY2030e

Urbanisation, Mega Cities

Investment cycle, Public & private

Demographics, Disposable income

GDP Per Capita (US$, current prices), 2023

80,000

Government policy

Industry life cycle, Product mix

3QFY2025 Results Presentation

Source : worldsteel, ASU – Apparent Steel Use

Leadership in India

Tata Steel is scaling up in India to capitalise on growth opportunity Investments set to drive sector leading returns

Dominant manufacturing base + Brownfield optionality across multiple sites

69%

>75%

India share (%)

~26.6* MTPA

40 MTPA

India

Netherlands

SE Asia

0.85

EAF

TSK Ph 2 Commissioned

Flats (A)

~21.2 MTPA*

~27 MTPA

Longs (B)

~5.4 MTPA

~13 MTPA

Crude Steel (A+B)

~26.6 MTPA*

40 MTPA

Upstream

~42 MTPA Iron ore

60 - 65 MTPA

Tubes Wires

Tinplate

DI Pipe

Downstream

1.3 MTPA

0.6 MTPA

0.38 MTPA

0.45 MTPA

~4 MTPA

~1 MTPA

3QFY2025 Results Presentation

Note : *Post ramp up of Kalinganagar facilities, UK capacity considered ~3 MTPA, TSK – Tata Steel Kalinganagar, EAF – Electric Arc Furnace, TSM – Tata Steel Meramandali, NINL – Neelachal Ispat Nigam Limited and DI – Ductile Iron

Leadership in India

Multi-pronged strategy to enable leadership in chosen segments Customer centricity and innovation to drive evolution of product mix

Status of ongoing project

▪ Ramp up to rated capacity underway

▪ Commissioned Coke Oven Battery #3A in

December 2024

Capacity expansion

5 MTPA @ Kalinganagar

▪ Additional hi-strength hot rolled steel for Oil &

Gas, L&E and Engineering segments

Application / Product

▪ Equipment delivery on site has started

▪ Project on schedule

Capacity expansion

0.85 MTPA @ Ludhiana

▪ Construction-grade steel rebar to cater growing

requirements; pioneering low carbon steel

▪ Combi mill work under implementation

Finishing capacity

0.5 MTPA @ Jamshedpur

▪ Aids in catering to hi-end requirements of

Automotive customers (2W, PV among others)

▪ 1st Annealed Coil was produced in Dec’24

▪ Capacity of CAL line is around 0.9 MTPA

Downstream

2.2 MTPA CRM complex

▪ Hi-strength cold rolled steel for Automotive,

Consumer durables and Industrial applications

▪ 100 KTPA Structural Tube mill commissioned

▪ Setup of 42 KTPA LRPC line in progress

Downstream

Tubes and Wires

▪ Expands volume as well as presence of the

Branded & Retail vertical

▪ Enhance presence in Infrastructure segment

3QFY2025 Results Presentation

Note : CAL – Continuous Annealing Line, LRPC - Low Relaxation Pre-Stressed Concrete Steel, CRM – Cold Rolling Mill, L&E – Lifting & Excavation, 2W – Two wheelers, PV – Passenger Vehicles

Leadership in technology & digital

Embracing Digital and Technology to create and unlock value

7-layer architecture© for digital transformation

AI, key enabler of Business Excellence

O R C M

O R C A M

AI Business Insights

DATA Synergy & Speed

CLOUD Simplicity & Scalability

▪ Business focused and KPI driven

▪

550+ AI/ML projects across TSL, 1600+ dashboards, 6 bn+ Gen AI tokens

Manufacturing Excellence ▪ AI assisted Exception management &

improved Predictability

▪ Pre-emptive & Preventive safety management

▪ Plug n Play capabilities across Tata Steel

Limited group companies

▪

11.2+ PB of curated data curated

Functional Excellence

▪ AI assisted Intelligent Automation, Event Prediction & Ecosystem Intelligence

▪

99.9% system availability globally

▪ Personalised experience across channels

Customer Experience

78% of Steel Production from Global Lighthouse Sites

Rated “Synergized” in DATOM Assessment (2022)

Advanced leadership +

in Digital Execution

Global Top 6% in

COVID Response

External Benchmarking

3QFY2025 Results Presentation

Note : AI – Artificial Intelligence

Process and Safety Analytics

Price predictions, Automated risk analysis

Complaint management, E-commerce recommends

Awards

Consolidate position as global cost leader

Focus on consolidating position as a global cost leader

▪ Cost improvement measures across geographies

Structural transformation in progress at UK

Since Sep’23, UK fixed cost base has declined by around 20% or £69 per ton

▪ Connected solutions and strategic project

deployment to improve performance

355

Fixed cost base per ton of deliveries

286

▪ Optimisation of raw material related costs

▪ Digitally enabled sustainable supply chain

2QFY24

3QFY24

4QFY24

1QFY25

2QFY25

3QFY25

3QFY2025 Results Presentation

Note : UK fixed cost base = Employee costs + Maintenance + Hiring & Leasing + Other operating charges

Robust financial health

Financial Management to enable returns across cycle

Balance sheet management

Capital allocation

Operational excellence

Optimise Capital Structure & Cost

Portfolio restructuring

Minimise working capital

Target Net debt to EBITDA < 2.5 – 3.0x across cycle Proactive financing to drive flexibility and reduce costs

Value accretive investments (ROIC : 15%)

Continuous improvement programs

Total Shareholder Returns1 (%)

Tata Steel

Nifty 50

Sensex

5 years

10 years

25 years

3QFY2025 Results Presentation

Note : 1Total Shareholder Returns sourced from Bloomberg as of 17th January 2025 and considers dividend reinvestment

Become future ready

Becoming culturally future ready

#India’s First-ever All-Women Shift in iron ore mine

Initiatives to reach new level of excellence

Talent Preparedness for growth to 40 MTPA

Focus on productivity and restructuring

Fostering a Future Ready Culture

✓ Talent integration

post mergers

✓ Cost

competitiveness

✓ Culture of safety :

Zero Harm

"Women@Mines" and "Tejaswini" initiatives to empower women for all roles in mining operations

✓ Focus on skill for all categories of people

✓ Building talent pipeline for decarb projects

✓ Achieved 20%

diversity for the 1st time in India

3QFY2025 Results Presentation

Note : . Diversity refers to % of employees who belong to categories of Affirmative Action (AA) / Women / Persons with Disabilities (PwD) / LGBTQIA+

Business Update

➢ Consolidated Adj. EBITDA at Rs 7,155 crores, which

translates to a margin of 13%

➢ India EBITDA margin at around 24%

➢ India volumes make up close to 70% of total deliveries

➢ Capital expenditure for the quarter was Rs 3,868

crores

3QFY25 Results Presentation

Elevated China exports and slowdown in key regions weigh on spreads ▪ Raw material prices diverged during the quarter. Coking ▪ Global steel prices were subdued across key regions coal prices declined by 7% to below $200/t while Iron ore between Oct – Dec’24. US steel prices were down 2% prices were rangebound between $100 - $110/t levels while EU steel prices declined by around 5%

▪ China steel prices were below $500/t despite stimulus measures. China steel exports were around 110 million tons in CY2024, up >20% YoY

▪ Overall, Steel spot spreads were mixed across key

regions. China steel spot spreads were rangebound while EU steel spot spreads remained under pressure

China Steel spot spreads (Domestic, Export)

EU Steel spread including energy, carbon costs

HRC spot gross spreads ($/t)

400

300

200

100

0 Dec-21

China domestic Spreads

China export Spread

1,000

750

500

250

EU Steel spot spread

EU spread (with Energy, Carbon)

Jun-22

Dec-22

Jun-23

Dec-23

Jun-24

Dec-24

0 Dec-21

Jun-22

Dec-22

Jun-23

Dec-23

Jun-24

Dec-24

3QFY2025 Results Presentation

Source: World Steel Association, IMF, Bloomberg, Steelmint; China HRC export spread = China HRC export FOB – 1.6x Iron Ore (62% Fe CFR) – 0.8x Coal (Premium HCC CFR); China HRC domestic spread is with HRC domestic prices; EU HRC spot spreads = HRC (Germany) - 1.6x iron ore (fines 65%, R’dam) - 0.8x premium (HCC Aus) - 0.1x scrap (HMS, R’dam) ; EU spot spread incl. energy = EU HRC spot spread – Carbon cost – 0.5 x NG ($/Mwh) – 0.15 x Electricity ($/Mwh)

India steel demand continued to grow while EU demand was subdued

India

▪ India apparent steel demand continued to grow but the momentum eased. Manufacturing PMI fell to 12-month low in December 2024

Europe ▪ In the EU, steel consuming sectors have been adversely impacted by subdued demand dynamics and steady imports

▪ India continued to be a net steel importer and DGTR has

initiated investigation to consider safeguard duty

▪ Separately, ECB has reduced interest rates by 100 bps in 2024, but concerns persist about inflation & energy costs

Key steel consuming sectors*

Key steel consuming sectors (%, YoY growth)

180

145

110

Capital Goods

Infrastructure/ construction goods

Automotive

Machinery

Construction

Vehicles (units)

80%

40%

-40%

Jun-21

Feb-22

Oct-22

Jun-23

Feb-24

Oct-24

Jun-21

Feb-22

Oct-22

Jun-23

Feb-24

Oct-24

3QFY2025 Results Presentation

Sources: Bloomberg, SIAM, Joint Plant Committee, MOSPI, CMIE, Eurostat and Tata Steel, *Figures of Industrial Production for Capital Goods, Infrastructure/Construction, consumer durables and railways are rebased to Nov'18=100 using FY12 index-based sector weights; number of units produced as per SIAM; growth of key steel consuming sector is calculated by removing sub- segments which do not consume steel, EU – European Union and ECB – European Central Bank, DGTR - Directorate General of Trade Remedies

India sales were ‘best ever 3Q’, up 4% QoQ and 8% YoY

Tata Steel India deliveries (mn tons)

End use sectors (mn tons)

9MFY24

9MFY25

% YoY

14.5

15.3

Domestic

Exports

4.9

4.78

5.1

4.89

5.3

4.82

0.10

0.23

0.47

2QFY25 India includes Tata Steel Standalone and Neelachal Ispat Nigam Limited

3QFY24

3QFY25

Auto and ancillaries

1.2

1.1

Retail : Individual housebuilders

0.8

0.9

Construction & Infrastructure

1.3

1.2

3QFY24 2QFY25 3QFY25

Energy and Engg. goods

Consumer Durables and Packaging

Trade and Commercial

0.8

0.7

0.3

0.6

0.5

3QFY24 2QFY25 3QFY25

3QFY2025 Results Presentation

Note : Auto and ancillaries incl. B2B and ECA sales, Wire & Specialty steel sales; Retail is B2C incl. Tiscon, Shaktee, Galvanised Plain Retail, Tubes & Wires; Construction & Infra is B2B sales to construction; Energy incl. Oil & Gas, Wind, Solar etc.; Engineering incl. Railways, Capital Goods etc.; Consumer Durables is sales to Furniture, Appliances; Packaging incl. Tinplate, High Tensile steel strapping, LPG, Drums & Barrels and Trade & Commercial is sales to rerollers, fabrication etc., B2B – Business to Business, ECA – Emerging Corp. accounts, B2C – Business to Consumer

Auto: Consolidating the position of “Preferred Steel Supplier”

▪ Enriched product offerings for

▪ Focus on enhancing downstream

evolving customer requirements

processing capabilities

Share of hi-end products in Auto sales

26%

Share of processed products in Auto sales

75%

FY2023

FY2024

9MFY25

FY2023

FY2024

9MFY25

▪ TSK CAL has received facility

▪ Value creation for key OEM customers

approvals from major PV OEMs

via advanced technical support

3QFY2025 Results Presentation

Note : TSK – Tata Steel Kalinganagar, CAL – Continuous Annealing Line of 2.2 MTPA CRM complex at Kalinganagar, PV – Passenger Vehicles and OEM – Original Equipment Manufacturer

Poised to double in retail & shaping construction via ready-to-use solns.

Create your dream home today! Visit www.Aashiyana.tatasteel.com

▪ Tata Tiscon Retail sales had best-

ever quarterly sales

Consistent growth across quarters in FY2025

▪ Leveraging physical & virtual reach via Aashiyana, an e-commerce platform for Individual Home Builders

Chosen for consistency

Trusted for Quality

9MFY24

9MFY25

11,000+

37%

Dealer base

YoY growth in 9MFY25 GMV of Aashiyana

▪ Simplifying customer journey via

ready-to-use solutions

▪ 30+ service centers across India, aid in shaping construction market practices

Selected for Durability

9MFY25

350 orders

placed daily*

40%

9MFY24

3QFY2025 Results Presentation

Note : * Average orders, GMV – Gross Merchandise Value

Tata Steel Consolidated

(All figures are in Rs. Crores unless stated otherwise)

Production (mn tons)1 Deliveries (mn tons)

Total revenue from operations Raw material cost2 Change in inventories

Employee benefits expenses

Other expenses

EBITDA Adjusted EBITDA3 Adjusted EBITDA per ton (Rs.)

Other income

Finance cost

Pre-exceptional PBT

Exceptional items (gain)/loss

Tax expenses

Reported PAT

Other comprehensive income

3QFY25

2QFY25

3QFY24

Key drivers for QoQ change:

7.77

7.72

53,648

23,429

501

6,072

17,742

5,994

7,155

9,263

221

1,804

1,798

126

1,377

295

(857)

7.69

7.52

53,905

24,690

(747)

6,327

17,494

6,224

5,522

7,345

599

1,971

2,146

(18)

1,405

759

732

7.58

7.15

55,312

22,126

321

6,527

20,075

6,334

5,742

8,035

228

1,881

2,262

334

1,406

522

1,041

▪ Revenues: were broadly stable, higher volumes in India were offset by drop in realisations across geographies

▪ Raw Material cost: moved lower primarily driven by

closure of both the blast furnaces in UK by September

▪ Change in inventories: QoQ movement reflects one time build up in 2Q as UK operations moved from traditional steelmaking to purchased substrate

▪ Other expenses: were higher due to FX movement on intercompany debt / receivables. Excluding FX, Other expenses declined by around Rs 1,615 crores

▪ Exceptional loss: primarily relates to Employee

Separation Scheme in India

▪ Other Comprehensive income: primarily relates to

foreign currency translation differences

3QFY2025 Results Presentation

Note : 1. Production Numbers: Standalone & Neelachal Ispat Nigam Limited - Crude Steel Production, Europe - Liquid Steel Production; SEA - Saleable Steel Production. 2. Raw material cost includes raw material consumed, and purchases of finished and semi-finished products. 3. Adjusted for changes on account of FX movement on intercompany debt / receivables.

Consolidated 3QFY25 EBITDA1 stood at Rs 7,155 crores

1,376

▪ Selling Result: primarily driven by lower

realisations across geographies

1,884

2,052

7,155

▪ Cost Changes: primarily driven by closure of heavy end assets in UK and decline in coking coal consumption cost across geographies

Selling Result

Cost Changes

Volume/Mix

Others

Adjusted EBITDA 3QFY25

▪ Volume/Mix: primarily driven by higher

deliveries in India

▪ Others: relates to emission rights costs, NRV

provision in Netherlands among others

1EBITDA adjusted for changes on account of FX movement on intercompany debt / receivables, NRV – Net Realisable Value

5,522

Adjusted EBITDA 2QFY25

3QFY2025 Results Presentation

Net debt stood at Rs 85,800 crores

99,392

226

233

465

98,919

13,119

85,800

Gross Debt Sep'24

Movement in leases

Loan movement

FX Impact and Others

Gross Debt Dec'24

Cash, Bank & Current Investments

Net Debt Dec'24

3QFY2025 Results Presentation

Key financial credit metrices

EBITDA Margin (%)1

EBITDA / ton (Rs.)1

Interest Coverage Ratio (x)1,2

Gross & Net Debt (Rs crores)

26.2%

21,626

11.7

1,16,328

19.8%

12.2%

13.4%

10.2%

11.7%

6,267

10,838

11,358

7,962

8,414

5.2

3.1

3.5

4.1

2.4

88,501

1,04,779

75,561

84,893 87,082

98,919

75,389

67,810

51,049

85,800

77,550

Net

Gross

FY 20

FY 21

FY22

FY23

FY24

9MFY25

FY20

FY21

FY22

FY23

FY24

9MFY25

FY20

FY21

FY22

FY23

FY24 9MFY25

FY20

FY21

FY22

FY23

FY24

9MFY25

Net Debt / EBITDA (x)2

Net Debt / Equity (x)

5.91

1.42

0.98

0.94

0.78

0.61

0.52

3.31

3.34

2.44

2.07

0.80

FY20

FY21

FY22

FY23

FY24 9MFY25

FY20

FY21

FY22

FY23

FY24 9MFY25

S&P

Moody's

Investment Grade

Credit Rating 8 BBB/ Baa2

7 BBB-/ Baa3

BB+/ Ba1 6

e BB/ Ba2 l 5 t i T s BB-/Ba3 4 i x A

3 B+/ B1

2 B/ B2 1 Jun-20

FY20 FY21 FY22 FY23 FY24 9MFY25

Jun-22

Jun-23

Jun-24

Jun-21

3QFY2025 Results Presentation

Note : All data is on consolidated basis; 1. FY20 and FY21 incl. Southeast Asia Operations which is reclassified as continuing operations; Interest Coverage Ratio: EBITDA/ Interest 2. EBITDA on LTM basis

Annexures

Vision for tomorrow’s mining spaces - Naxtra Park spanning

3QFY25 Results Presentation

12,500 m2 at one of our mining site in India

Tata Steel Standalone : Key operating parameters

Coke Rate (kg/thm)

Specific Energy Consumption (Gcal/tcs)

Specific Fresh Water Consumption (m3/tcs)

5 6 3

7 5 3

8 4 3

9 3 3

Good

5 5 3

5 9 . 5

5 8 . 5

Good

6 7 . 5

0 2 . 3

4 8 . 2

4 7 . 2

4 4 . 2

Good

9 2 . 2

3 6 . 5

8 6 . 5

FY21

FY22

FY23

FY24

9MFY25

FY21

FY22

FY23

FY24

9MFY25

FY21

FY22

FY23

FY24

9MFY25

CO2 Emission Intensity (tCO2/tcs)

Specific Dust Emission (kg/tcs)

Solid Waste Utilisation (%)

2 5 . 2

0 5 . 2

3 4 . 2

Good

4 4 . 2

9 4 . 0

3 4 . 0

7 3 . 0

5 3 . 0

Good

1 3 . 0

0 0 1

9 9

8 9

0 0 1

Good

0 0 1

FY21

FY22

FY23

FY24

9MFY25

FY21

FY22

FY23

FY24

9MFY25

FY21

FY22

FY23

FY24

9MFY25

3QFY2025 Results Presentation

Note : Standalone includes steelmaking sites (i.e., Jamshedpur, Kalinganagar, Meramandali & Gamharia); CO2 emission intensity as per worldsteel methodology; FY21 – FY23 figures have been restated to include Gamharia

Tata Steel Standalone1

(All figures are in Rs. Crores unless stated otherwise)

Production (mn tons)

Deliveries (mn tons)

Total revenue from operations Raw material cost2 Change in inventories

Employee benefits expenses

Other expenses

EBITDA Adjusted EBITDA3 Adjusted EBITDA per ton (Rs.)

Other income

Finance cost

Pre-exceptional PBT

Exceptional items (gain)/loss

Tax expenses

Reported PAT

Other comprehensive income

3QFY25

2QFY25

3QFY24

Key drivers for QoQ change:

5.41

5.29

32,760

13,928

(220)

1,956

9,596

7,624

7,523

5.06

5.11

32,399

13,808

107

1,940

9,935

6,734

6,712

14,214

13,131

456

1,080

5,321

146

1,296

3,879

(375)

851

1,133

4,772

(14)

1,195

3,591

5.13

4.88

34,686

13,593

(921)

1,884

11,835

8,301

8,291

16,994

326

1,038

6,061

(10)

1,373

4,699

167

▪ Total Revenues: were marginally higher primarily

driven by higher volumes despite drop in realisations

▪ Raw Material cost: was broadly similar, with higher raw material consumption given higher production being offset by decline in coking coal costs & scrap purchase

▪ Change in Inventories: primarily driven by inventory

build-up during the quarter

▪ Other Expenses: moved lower on QoQ basis upon

decline in freight & handling charges, repairs & maintenance and regulatory charges

▪ Exceptional Items: primarily relates to Employee

Separation Scheme

3QFY2025 Results Presentation

1. Tata Steel Standalone numbers have been restated from April 1, 2023, to reflect merger of ISWP; Figures for previous periods have been regrouped and reclassified to conform to classification of current period, where necessary; 2. Raw material cost incl. raw material consumed, and purchases of finished and semi-finished products 3. Adjusted for changes on account of FX movement on intercompany debt / receivables

Tata Steel UK and Netherlands : Key operating parameters

TSUK TSUK

TSN

Coke Rate (kg/thm)

Specific Energy Consumption (GJ/tcs)

1 1 3

9 7 2

4 2 3

1 9 2

7 3 3

0 4 3

0 0 3

8 9 2

Good

4 8 2

CO2 Emission Intensity (tCO2/tcs)

Good

8 . 2 2

2 0 2

1 . 3 2

4 0 2

3 . 3 2

5 9 1

1 . 3 2

9 0 2

5 8 1

4 1 . 2

7 7 1

6 1 . 2

8 7 1

8 1 . 2

6 7 1

5 1 . 2

1 8 1

0 7 1

4 2 . 1

FY21

FY22

FY23

FY24

a 9MFY25

FY21

FY22

FY23

FY24

b 9MFY25

FY21

FY22

FY23

FY24

9MFY25

Specific Fresh Water Consumption (m3/tcs)

Specific Dust Emission (kg/tcs)

Solid Waste Utilisation (%)

7 . 8

8 . 9

2 . 5

8 . 4

2 . 5

Good

2 . 3 1

4 . 3 1

5 . 6

0 . 5

4 . 0

3 0

3 . 0

2 0

3 0

3 . 0

Good

2 0

9 9

8 9

9 9

7 9

Good

CY20

CY21

CY22

CY23

CY24

CY20

CY21

CY22

CY23

CY24

*,a

CY20

CY21

CY22

CY23

CY24

*,a

3QFY2025 Results Presentation

Note : a. For TSUK, given transition in business model - coke rate, specific dust & solid waste are not applicable / meaningful and hence excluded, b. 9MFY25 TSUK Specific energy consumption is being assessed, c. TSUK carbon emission intensity is calculated as carbon emissions from all TSUK assets divided by tonnes of processed hot rolled coil, d. 9MFY25 figure for TSUK is per ton of hot rolled coil and *TSUK & TSN report KPIs on a calendar basis aligned to regulatory requirements &*CY24 is estimate. CO2 emission intensity as per worldsteel methodology

Tata Steel Netherlands

(All figures are in Rs. Crores unless stated otherwise)

Liquid Steel production (mn tons)

Deliveries (mn tons)

Total revenue from operations

Raw material cost1

Change in inventories

Employee benefits expenses

Other expenses

EBITDA

EBITDA per ton (Rs.)

3QFY25

2QFY25

3QFY24

Key drivers for QoQ change:

1.76

1.53

13,867

6,825

2,756

4,271

(1)

(7)

1.66

1.50

1.19

1.30

▪ Deliveries: were higher by 2% and include volumes to UK operations. Excluding transfers to UK, External deliveries were up 7% on QoQ basis

14,101

12,923

6,839

(403)

2,765

4,657

243

1,622

5,350

1,250

3,068

4,469

(1,215)

(9,370)

▪ Revenues: were marginally lower as drop in steel realisations offset the improvement in volumes

▪ Raw Material cost: was broadly stable with NRV

provision being offset by lower purchases

▪ Other Expenses: declined primarily as a result of lower power & fuel expenses partly offset by higher emission rights related costs

3QFY2025 Results Presentation

Note : 1. Raw material cost includes raw material consumed, and purchases of finished and semi-finished products; Figures prior to inter value chain eliminations

Tata Steel UK

(All figures are in Rs. Crores unless stated otherwise)

Liquid Steel production (mn tons)

Deliveries (mn tons)

Total revenue from operations

Raw material cost1

Change in inventories

Employee benefits expenses

Other expenses

EBITDA

3QFY25

2QFY25

3QFY24

Key drivers for QoQ change:

0.57

5,665

3,300

709

950

1,441

(735)

0.39

0.63

6,515

4,714

(327)

1,189

2,527

0.72

0.64

6,294

3,255

105

1,210

3,381

(1,589)

(1,657)

▪ Revenues: declined on lower deliveries as well as drop

in realisations due to subdued demand dynamics

▪ Raw Material cost: decreased upon cessation of liquid

steel production partly offset by higher purchases

▪ Change in Inventories: 2Q there was one time build up in inventory as operations transitioned from traditional steelmaking to purchased substrate

▪ Other expenses: witnessed significant decline with

closure of BFs leading to lower maintenance, emissions, consumables and bulk gas related costs

EBITDA per ton (Rs.)

(12,965)

(25,239)

(26,063)

3QFY2025 Results Presentation

Note : 1. Raw material cost includes raw material consumed, and purchases of finished and semi-finished products; Figures prior to inter value chain eliminations

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