TATASTEELNSE12 May 2025

Tata Steel Limited has informed the Exchange about Investor Presentation

Tata Steel Limited

Ref: SEC/218/2025-26

May 12, 2025

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

Dear Sir, Madam,

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 Press Release and Investor Presentation to be made to Analysts/Investors

Please find enclosed herewith the press release titled “ Tata Steel reports Consolidated EBITDA of Rs 25,802 crores for FY2025” and investor presentation to be made to Analysts/Investors on the Financial Results of Tata Steel Limited for the quarter and financial year ended March 31, 2025.

This presentation is being submitted in compliance with Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015, as amended.

Further, a copy of the press release titled is enclosed herewith.

These are 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

Mumbai, May 12, 2025

Tata Steel reports Consolidated EBITDA of Rs 25,802 crores for FY2025

Highlights:

▪ Consolidated annual Revenues stood at Rs 2,18,543 crores and EBITDA was Rs 25,802 crores with a margin of around 12%. EBITDA improved by 10% YoY despite the challenging operating environment.

o India2 revenues were Rs 1,33,444 crores and EBITDA was Rs 29,285 crores, which translates to an EBITDA margin of 22%. Achieved ‘highest ever’ crude steel production of ~21.7 million tons as well as ‘highest ever’ deliveries of ~20.9 million tons. Production was aided by 5 MTPA expansion at Kalinganagar and Neelachal Ispat Nigam Limited operating at rated capacity during the year.

o UK revenues were £2,321 million and EBITDA loss stood at £385 million. Deliveries were 2.51 million tons. As we have transitioned the operating model to purchased substrate based downstream production, fixed costs have been reduced by 23% or around £230 million.

o Netherlands revenues were €6,273 million and EBITDA stood at €90 million, with stabilisation of operations leading to liquid steel production of ~6.75 million tons. Deliveries were up 17% YoY to 6.25 million tons.

▪ Consolidated Revenues for the Jan - March 2025 quarter stood at Rs 56,218 crores, up 5% QoQ aided by

rise in deliveries across geographies. EBITDA was Rs 6,762 crores with a margin of around 12%.

o India2 revenues were Rs 34,661 crores and EBITDA was Rs 7,418 crores, which translates to an EBITDA margin of 21%. Crude steel production was 5.44 million tons and moved lower on QoQ basis due to reline of one of the blast furnaces in Jamshedpur. Deliveries stood at 5.60 million tons and were up 6% QoQ.

o UK revenues were £551 million and EBITDA loss stood at £80 million. Deliveries were 0.63 million tons,

up 12% on QoQ basis.

o Netherlands revenues were €1,624 million and EBITDA was €14 million. Deliveries were 1.75 million

tons, up 14% on QoQ basis.

▪ Our 5 MTPA blast furnace at Kalinganagar is ramping up and the phased commissioning of 2.2 MTPA CRM complex is progressing with Continuous Galvanising lines expected to be commissioned in the next few months. Construction is underway for the EAF in Ludhiana. In UK, we have received planning permission for the EAF project at Port Talbot will commence site activity in July 2025.

▪ The company has spent Rs 3,220 crores on capital expenditure during the quarter and Rs 15,671 crores for the full year. Net debt stands at Rs 82,579 crores. Our group liquidity remains strong at Rs 38,791 crores, which includes cash & cash equivalents of Rs 12,222 crores.

▪ The Company has voluntarily changed its accounting policy in keeping with the provisions of Ind AS 8 "Accounting Policies, Changes in Accounting Estimates and Errors" to measure its equity investments in subsidiaries in the Standalone financial results / statements from cost less impairment as per Ind AS 27 "Separate Financial Statements" to fair value through other comprehensive income as per Ind AS 109 "Financial instruments" with retrospective effect. This change in accounting policy provides reliable and more relevant information about the effects of transactions, other events or conditions on the entity’s financial position and financial performance to the users of financial results / statements.

▪ The Board of Directors recommends a dividend of Rs. 3.60 per ordinary (equity) share of face value of

Rs 1/- each.

Page 1 of 4

7,418

India1,2

5.40 5.42

5.44 5.60

Consolidated

20.78 19.91

21.68 20.94

4QFY25 3QFY25 4QFY24 FY2025

FY2024 4QFY25 3QFY25 4QFY24 FY2025

Financial Highlights: Key profit & Loss account items (All figures in Rs. Crores unless specified) Production (mn tons)3 Deliveries (mn tons) Turnover Reported EBITDA Reported EBITDA (Rs. per ton) Adjusted EBITDA4 Adjusted EBITDA (Rs. per ton) PBT before exceptional items Exceptional Items (gain)/loss5 Reported Profit after Tax5 1.Tata Steel Standalone numbers have been restated from April 1, 2023, to reflect merger of Angul Energy Limited, Bhubaneshwar Power Private Limited and Indian Steel & Wire Products Limited with Tata Steel; Figures for previous periods have been regrouped and reclassified to conform to classification of current period, where necessary; 2. India includes Tata Steel Standalone and Neelachal Ispat Nigam Limited on proforma basis adjusted for intercompany purchase and sale; 3. Production numbers for consolidated financials are calculated using crude steel for India, liquid steel for UK & Netherlands and saleable steel for South East Asia; 4. Adjusted for changes on account of FX movement on intercompany debt / receivables’ 5. Consequent to the change in accounting policy for investments in subsidiaries in standalone financial statements, exceptional items and Profit after Tax have been restated.

7.77 7.72 36,770 1,33,444 1,42,848 56,218 53,648 5,994 31,220 7,759 15,681 7,155 30,786 9,263 15,464 1,798 22,012 126 3,519 295 14,702

30.92 30.96 58,687 2,18,543 25,802 8,335 26,130 8,441 9,267 855 3,174

5.69 5.29 34,661 32,930 7,921 13,250 14,964 7,820 13,264 14,774 5,341 146 3,865

29.94 29.39 2,29,171 23,402 7,962 23,096 7,858 6,667 7,814 (4,910)

29,285 13,983 29,172 13,929 19,608 903 13,803

8,298 15,306 8,284 15,279 5,915 642 3,897

6,631 8,311 6,969 8,735 2,403 594 555

6,762 8,121 6,503 7,810 2,588 389 1,201

4,879 533 3,141

7.45 8.33

7.92 7.98

FY2024

7,426

Management Comments:

Mr. T V Narendran, Chief Executive Officer & Managing Director:

“FY2025 has been an important transition year for Tata Steel with significant developments across operating geographies. We commissioned India’s largest blast furnace at Kalinganagar, safely decommissioned two blast furnaces in UK and achieved production levels near rated capacity in Netherlands. India deliveries were best ever at around 21 million tons and were up 5% YoY aided by a smooth ramp up of the new blast furnace at Kalinganagar and capacity utilisation close to 100% at the remaining operations. At the segment level, Tata Steel continues to be the preferred supplier for automotive steel, with high share of business in new model launches. Tata Tiscon achieved ‘best ever’ volumes and grew by 19% YoY to around 2.4 million tons. We have invested more than Rs 1,600 crores on R&D in the last 5 years, enabling us to become the first Indian steel supplier to have end-to-end capabilities in hydrogen transportation and to localise CP780 automotive grade demonstrating our customer centricity. In yet another step towards growing in chosen segments in India, we have begun catering to commercial shipbuilding. Deliveries in the UK were ~2.5 million tons as we smoothly transitioned to supplying our customers on the basis of imported substrate processed at our downstream mills while fixed costs have reduced by around £230 million, the benefit was not visible due to surging imports. In Netherlands, our deliveries were ~6.25 million tons and for the quarter were 1.75 million tons, highest in the last six years. The QoQ improvement in profitability at Netherlands includes efforts to reduce controllable costs while a transformation program to restore long term competitiveness has been launched in April 2025. This year also marked landmark achievement in the form of a century of mining at Noamundi and in FY2025, we mined around 40 million tons of iron ore across our mines in India. I am also happy to share that we have been recognised by worldsteel as Sustainability champion for the eighth time in a row.”

Mr. Koushik Chatterjee, Executive Director and Chief Financial Officer:

“Tata Steel Consolidated revenues for FY2025 were around $26 billion and EBITDA was $3.1 billion. Consolidated EBITDA improved by 10% YoY aided by higher volumes and reduction in controllable costs despite the drop in realisations. Neelachal Ispat Nigam Limited achieved annual EBITDA of around Rs 1,000 crores with a margin of 19% and free cash flow in excess of Rs 1,000 crores. This demonstrates the turnaround of the company which was closed at the time of acquisition almost three years ago. Operating cash flows after interest and adjustments improved by 37% or ~Rs 4,800 crores YoY to Rs 17,700 crores aided by working capital release of ~Rs 3,600 crores. We spent Rs 15,671 crores on capital expenditure during the year. For the quarter, Consolidated revenues stood at Rs 56,218 crores and EBITDA was Rs 6,762 crores, which translates to a margin of around 12%, with India EBITDA margin being higher at 21%. Consolidated EBITDA margin was 100 bps higher on QoQ basis. We are focused on cost takeouts to enhance competitiveness and have already achieved ~Rs 6,600 crores during the year vs. FY2024

Page 2 of 4

levels, of which £230 million or Rs 2,600 crores was in UK, Rs 2,800 crores was in India and Rs 1,150 crores was in Netherlands and the cost transformation program will continue in the future. Our Electric Arc Furnace project in UK is also progressing as per plan with award of key OEM contracts, receipt of planning permissions with construction likely to begin by July 2025. Tata Steel Netherlands annual EBITDA has improved to €90 million as production returned to near rated capacity and operating cash flows after interest were around €450 million through significant cash and cost focused actions. The discussion with the Government of Netherlands on the integrated decarbonisation and environmental measures project continues to be intense and we are also engaged with the provincial and environmental authorities on the above.”

Disclaimer Statements in this press release 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.

For queries and information Sarvesh Kumar, Chief Corporate Communications, Tata Steel, sarvesh.kumar@tatasteel.com

About Tata Steel

● Tata Steel group is among the top global steel companies with an annual crude steel capacity of 35 million

●

tonnes per annum. It is one of the world's most geographically diversified steel producers, with operations and commercial presence across the world.

● The group recorded a consolidated turnover of around US$26 billion in the financial year ending March 31,

2025.

● A Great Place to Work-CertifiedTM organisation, Tata Steel Limited, together with its subsidiaries, associates,

and joint ventures, is spread across five continents with an employee base of over 78,000.

● Tata Steel has announced its major sustainability objectives including Net Zero by 2045. ● The Company has been on a multi-year digital-enabled business transformation journey intending to be the leader in ‘Digital Steel making’. The Company has received the World Economic Forum’s Global Lighthouse recognition for its Jamshedpur, Kalinganagar, and IJmuiden Plants. Tata Steel has also been recognised with the ‘Digital Enterprise of India – Steel’ Award 2024 by Economic Times CIO.

● The Company has been recognised with the World Economic Forum’s Global Diversity Equity & Inclusion

Lighthouse 2023.

● The Company has been a part of the DJSI Emerging Markets Index since 2012 and has been consistently ranked among the top 10 steel companies in the DJSI Corporate Sustainability Assessment since 2016. ● Tata Steel’s Jamshedpur Plant is India’s first site to receive ResponsibleSteelTM Certification. Subsequently, its Kalinganagar and Meramandali plants have also received the certification. In India, Tata Steel now has more than 90% of its steel production from ResponsibleSteelTM certified sites.

● Received Prime Minister’s Trophy for the best performing integrated steel plant for 2016-17, 2025 Steel Sustainability Champion recognition from worldsteel for eight years in a row, 2023 Climate Change Leadership Award by CDP, Top performer in Iron and Steel sector in Dun & Bradstreet's India's top 500 companies 2022, Ranked as the 2024 most valuable Mining and Metals brand in India by Brand Finance, ‘Most Ethical Company’ award 2021 from Ethisphere Institute, and ‘Best Corporate for Promotion of Sports’ recognition at the Sportstar Aces Awards 2024.

Page 3 of 4

● Received the 2023 Global ERM (Enterprise Risk Management) Award of Distinction at the RIMS ERM Conference 2023, ‘Masters of Risk – Risk Technology’ recognition at The India Risk Management Awards, and ICSI Business Responsibility and Sustainability Award 2023 for its first Business Responsibility and Sustainability Report (BRSR), Excellence in Financial Reporting FY20 from ICAI, among several others.

Photographs: Management and Plant facilities | Logos: Files and usage guidelines

Website: www.tatasteel.com and www.wealsomaketomorrow.com

Tata Steel | @TataSteeLtd |

Tata Steel |

tatasteelltd

Page 4 of 4

Tata Steel Results Presentation Fourth quarter and Financial year ended 31st March 2025

“Manufacturing Excellence” : One of our blast furnaces (“H blast furnace”) in Jamshedpur achieved 50 million tons of hot metal production over time, 1st in India to accomplish this feat without any mid term repairs, a new benchmark in the steel industry

May 12, 2025

Safe harbour statement

Statements

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

Complex global environment leading to diverging regional markets

Tariffs

Geopolitics

# Rise in protectionism and trade disruptions

# China demand, policy and level of exports

# Volatility, supply chains & diverging spreads

Climate change

Technology

# Decarbonisation, Energy transition & circularity

Tata Steel continues to make strategic progress across geographies

Consolidated EBITDA of

Rs 25,802 crores, up 10% YoY

# Translating our vision into action

▪ Highest crude steel production of ~21.7 mn tons in India, up 4% YoY

▪ Commissioned India’s largest blast furnace at Kalinganagar having steelmaking

capacity of 5 MTPA

▪ India deliveries make up 68% of

Continuous Galvanising Line to be commissioned in coming months

▪ First annealed coil from 2.2 MTPA Cold Roll Mill produced in December 2024 and

overall volumes

▪ Successful turnaround of Neelachal Ispat Nigam Limited operations with EBITDA generation in excess of Rs 1,000 crores and FCF of around Rs 1,100 crores

▪ Capital expenditure of around

Rs 15,671 crores

▪ Safely decommissioned both the blast furnaces at Port Talbot, UK and achieved

fixed cost reduction of 23% or over Rs 2,600 crores, EAF construction underway

▪ Strong liquidity of around

Rs 38,791 crores

▪ Proposed restructuring at Tata Steel Netherlands operations to further enhance the competitiveness. Turnaround of Rs 4,600+ crores (or €500+ million) vs. FY2024

▪ Board recommended dividend of

geographies

Rs 3.60 per ordinary (equity) share of face value of Rs 1/- each

▪ Multiple initiatives to reduce emissions, pioneered initiatives such as introduction

of bio char and hydrogen in blast furnace

▪ Cost competitiveness programs totaling Rs 11,500 crores launched across all

n o i t a t n e s e r P s t l u s e R

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We are committed to ‘Zero Harm’

Journey towards excellence in Safety & Health of employees1

56% LTIFR*

In the last 15 years

Fatalities2

From Awareness to Action: Elevating safety culture

4 5

FY20 FY21 FY22 FY23 FY24 FY25

“Elimination of Commonly Accepted Unsafe Practices” program

Fatality Risk Control program to eliminate high risk scenarios

Robotic solutions for critical equipment maintenance and local command centers for remote operations

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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

“5 Safe steps Forward” campaign, Vendor assessment based on star rating system for high-risk job launched

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

57 lakh+ lives impacted1

68 targets prioritised across 15 relevant UN SDG goals

>₹2,274 cr spent2 over last 5 years

FY2025 highlights

Rural and Urban Education

Public Health and Nutrition

Grassroots Sports

Tribal Identity

Grassroots Governance

22,400+ out of school children brought back to education system

93% redressal rate in high-risk cases among pregnant women and children

43,000+ children & youth engaged in rural sports, up 19% YoY

45,000+ people enrolled in tribal language Classes, up 10% YoY

~₹5,300 crore public funds unlocked directly to communities

Public Infrastructure

Gender & Youth Empowerment

Water Resources

Climate Resilient Livelihoods

Dignity for Disabled

500+ structures relevant for community have been completed

2,500+ women enrolled in leadership trainings

~116 mn cubic feet water storage capacity created, up 8% YoY

33,500+ households adopted climate resilient agri practices, up 80% YoY

14,000+ PwD connected through SABAL programme, up 5% YoY

Note: 1Cumulative as on FY2025, 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

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Strategic Update

n o i t a t n e s e r P s t l u s e R

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Limitless possibilities when Strong steel meets great ambition Tata Steel is part of world’s longest LPG pipeline covering 2,800 km from Kandla to Gorakhpur; Supply of high-grade steel to enable safer and cost-efficient fuel transport

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

Robust financial health

Become future ready

Leadership in Sustainability

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

Circular economy

Policies

Water, Air & Dust

Netherlands: Committed to achieve 35 – 40% CO2e reduction1

Diligence and in-principle agreement on integrated environment and decarb project with Netherlands govt.

R&D, Technology

Supply Chain

Joint Letter of Intent to the Netherlands parliament

emissions by 2045

Clearance by European Commission

n o i t a t n e s e r P s t l u s e R

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Biodiversity

Initiatives

Employees, Community

Final agreement and project approval

Note: R&D – Research & Development, 1Compared to 2019 baseline

Leadership in Sustainability

Pursuing multiple initiatives in India

UK transition in progress

Process improvement

Carbon direct avoidance

Carbon Capture & Utilisation

Transition to scrap-based EAF steelmaking to reduce

50 million tons CO2e over a decade

✓ Pilots exploring

✓ Water treatment

alternates to coal in blast furnace (H2 and biochar)

✓ Use of

micro-turbines

tCO2e / tcs

Mar’24

Closure of Coke Ovens

Sep’24

Closure of Blast Furnaces

✓ Renewable energy

✓ Pilot Carbon

capture plant

✓ Lower alumina

in iron ore

✓ Deployed LNG-based trailers for

product transportation

Scaling CCU pilots

EASyMelt

HIsarna

Dec’24

Order for EAF placed with Tenova

~1.2

tCO2e / tcs

Oct’24

Grant Funding Agreement (GFA) signed with the UK govt

Feb’25

Received planning permission for EAF

Jul’25 Site activity for Construction of EAF & upgrades to select facilities

2027 New Electricity connection goes live

~0.4

tCO2e / tcs ~3 MTPA EAF commissioning 2027-28

Note: EAF – Electric Arc Furnace, COG – Coke Oven Gas, CCU – Carbon Capture & Utilisation, LNG – Liquefied Natural Gas, EASyMelt is alternative to direct reduction and substitutes coke with syn gas in blast furnace, HIsarna is a new ironmaking technology that aims to reduce carbon emissions

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Leadership in India

Tata Steel is scaling up in India to capitalise on growth opportunity

India steel per capital income at an inflection point Brownfield optionality across multiple sites

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~0.8

Capacity expansion

Finishing capacity

5 MTPA @ Kalinganagar

~0.8 MTPA @ Ludhiana

0.5 MTPA @ Jamshedpur

▪ Ramp up to rated capacity

underway

▪ Civil and structural work is in

▪ Combi mill furnace has been

progress

commissioned

▪ Commissioned Ladle Furnace

#2 of SMS in Jan’25

▪ Scheduled for completion in

FY2027

▪ Bar rolling expected to start in the first quarter of FY2026

EAF under construction

TSK Ph 2 Commissioned

Downstream

2.2 MTPA CRM complex

Tubes and Wires

Raw material and Maintenance

▪ CAL line of around 0.9 MTPA

▪ Ramp up of 100 KTPA

commissioned in Dec’24

Structural Tube mill underway

▪ CGL lines to be commissioned

▪ Setup of 42 KTPA LRPC line in

in coming months

progress

▪ Reline of G – blast furnace

underway

▪ Augmenting iron ore capacity

inline with steel capacity

Note : TSK – Tata Steel Kalinganagar, EAF – Electric Arc Furnace, SMS – Steel Melting Shop, CAL – Continuous Annealing Line, CGL – Continuous Galvanising Line, CRM – Cold Rolling Mill, 11 LRPC – Low Relaxation Pre-stressed Concrete

Leadership in India

Multi-pronged strategy to enable leadership in chosen segments

# Customer centricity

# Branded presence : 20+

# Innovation

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▪ Multiple routes to connect,

transact and engage

▪ Leveraging new facilities at Kalinganagar for enhanced offering of hi-end products

▪ Shaping market practices,

improved delivery compliance and inventory management

▪ Channel augmentation inline with

expanding retail presence including digital platforms

▪ 100+ patents granted, Rs 1,600+ crs. spent on R&D in last 5 years

1st in India CP780 for auto application

Wheel disc

Mast tubes for bullet train

DP490 - CV panels

1st in India X65H line pipe steel for H2 transport

Note : R&D – Research & Development, CV – Commercial Vehicle

Leadership in technology & digital

Embracing Digital and Technology to create and unlock value

Around 550+ models built & deployed across the value chain

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s m r o f t a l P

Process Control and Optimisation

Predictive Maintenance

Personalised Experience

Boulder detection system at mines

Integrated management system

S4 HANA

Sensors

iROC

iMEC

DigECA

Aashiyana

Sensors

Automation

iSCM

Anaplan

Note : iROC – Integrated Remote Operation Centre, iMEC – Integrated Maintenance Excellence Centre, iSCM – Integrated Supply Chain Management

Consolidate position as global cost leader

Enhancing competitiveness through cost and efficiency programs

Targeted FY2026 savings of Rs 11,500 crores (i.e. 45% of FY2025 Consolidated EBITDA)

# India

# UK

# Netherlands

4,000

Rs crores

3,000

Rs crores

4,500

Rs crores

▪ Key themes

o Raw materials efficiency – Blend of ore and coal grades and Improvement in operational KPIs

o Controllable costs - Stores, Repairs & Maintenance and other fixed costs

o Employment costs and productivity

o Small capex high return capital sprint driven by low payback period

o Supply chain optimisation – Inventory management and suppliers management

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Note : GBP INR = 107.67, EUR INR = 90.69, KPI– Key Performance Indicator

Robust financial health

Financial Management to enable returns across cycle

Balance sheet management

Capital allocation

Operational excellence

Onshoring debt to drive efficiency

Working capital release of Rs 4,300+ crs. in 4QFY25

Despite significant drop in steel spreads, Consolidated EBITDA & operating cashflows* up 10% and 37% compared with FY2024

Total Shareholder Returns1 (%)

Tata Steel

Nifty 50

Sensex

n o i t a t n e s e r P s t l u s e R

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5 years

10 years

25 years

Note : 1Total Shareholder Returns sourced from Bloomberg as of 28th April 2025 and considers dividend reinvestment, *Operating cashflows after interest and adjustments

Become future ready

Becoming culturally future ready

Pioneering initiatives and legacy of several 1st in industry especially in India

Initiatives to reach new level of excellence

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

✓ Talent integration

post mergers

✓ Cost

competitiveness

✓ Culture of safety :

Zero Harm

Talent Preparedness for growth to 40 MTPA

Focus on productivity and restructuring

Fostering a Future Ready Culture

✓ Focus on skill for all categories of people

✓ Building talent pipeline for decarb projects

✓ “One Tata Steel”-

Synergy via collaboration across locations

Some milestones we are proud of

40 million tons of Iron ore mined in India

Noamundi mine completed 100 yrs of sustainable mining

1st India BF to produce 50 mn tons of hot metal over time

Conferred World Intellectual Property Award

n o i t a t n e s e r P s t l u s e R

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Sustainability champion 8 years in a row by worldsteel

>90% India prodn. via sites ResponsibleSteelTM certified

Partnerships to drive technological progress

5.7 million+ lives impacted through our CSR programs

₹

85+ years of consistent dividend payout

ESA & Tata Steel Netherlands conduct experiments on ISS

Investment grade credit rating by S&P and Moody’s

Deployed 550+ AI models across value chain

Note: BF – Blast Furnace, CSR – Corporate Social Responsibility, ESA – European Space agency, ISS – International Space Station, AI – Artificial Intelligence

Business Update

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Focus on Downstream across geographies CRM complex at Kalinganagar in India, New decoiling line (pictured above) at a service center in Netherlands and upcoming pickle line at Port Talbot in UK

In FY2025, India deliveries grew by 5% YoY to around 21 million tons

Tata Steel India deliveries (mn tons)

End use sectors (mn tons)

Domestic

Exports

18.9

17.3

19.9

18.9

20.9

19.7

Auto and ancillaries

4.5

4.6

4.2

Retail : Individual housebuilders

3.4

3.1

2.8

Construction & Infrastructure

5.0

5.3

4.6

FY23

FY24

FY25

FY23

FY24

FY25

FY23

FY24

FY25

Energy and Engg. goods

Consumer Durables and Packaging

2.9

3.0

2.6

1.2

1.1

1.3

Trade and Commercial

1.9

2.2

2.0

1.6

FY23

1.0

FY24

1.2

FY25

India includes Tata Steel Standalone and Neelachal Ispat Nigam Limited

FY23

FY24

FY25

FY23

FY24

FY25

FY23

FY24

FY25

4QFY2025 and FY2025 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”

▪ Best-ever Hi-end sales in FY2025.

(Enriched product mix for future models)

▪ Enhancing AHSS & UHSS capabilities in cold rolled via new TSK CAL line

Share of hi-end products in Auto sales

26%

FY2023

FY2024

FY2025

▪ Expanding service center footprint across auto hubs for JIT supplies

▪ Advanced technical solutions for current

and future needs of OEMs

4QFY2025 and FY2025 Results Presentation

Note : AHSS – Advanced High-Strength Steel, UHSS – Ultra-High Strength Steel, TSK – Tata Steel Kalinganagar, CAL – Continuous Annealing Line of 2.2 MTPA CRM complex at Kalinganagar, JIT – Just In Time, OEM – Original Equipment Manufacturer

Consistent growth in Retail business & shaping construction practices

Consistent double-digit growth in retail business in the last 3 years

Shaping construction practices via ready-to-use solutions

In kt

2,383

In kt

379

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

End to end support for home builders

Material Estimator

Home Designs

Service Providers

Building Materials

FY2023

FY2024

FY2025

FY2023

FY2024

FY2025

Tata Tiscon Dealer-base has witnessed significant growth

Portfolio of Construction solutions and design services

Aashiyana GMV Rs crores

1,725

2,240

3,550

11,600

Cut & Bend

Couplers

4QFY2025 and FY2025 Results Presentation

Note : GMV – Gross Merchandise Value

FY2023

FY2024

FY2025

FY2023

FY2024

FY2025

Welded wire mesh

Design enhancement

Industrial Products & Projects: Value accretive growth in chosen segment

▪ Double digit growth in Engineering

▪ Launched new solution ‘PFS’ for offsite

segment

& faster construction

FY2023

FY2024

FY2025

▪ Strengthened solar segment play

with enhanced offerings

New market entry – Commercial Shipbuilding

350 orders

placed daily*

FY2025

FY2024

+226%

4QFY2025 and FY2025 Results Presentation

Note : PFS – Plate Fabricated Sections

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

4QFY25

3QFY25

4QFY24

Key drivers for QoQ change:

7.45

8.33

56,218

21,986

2,719

6,023

18,932

6,762

6,503

7,810

461

1,789

2,588

389

999

1,201

221

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)

7.92

7.98

58,687

24,273

1,818

6,141

19,855

6,631

6,969

8,735

176

1,842

2,403

594

1,254

555

(322)

▪ Revenues: increased by 5% upon improved volumes despite drop in realisations in UK and Netherlands

▪ Raw material costs: moved lower driven by decline in coking coal consumption cost in India and Netherlands

▪ Change in inventories: has been driven by inventory

drawdown in India and Netherlands

▪ Other expenses: increased due to higher repairs and

maintenance (G blast furnace in India) and power & fuel expenses. 3Q had reversal wrt regulatory charges

▪ Exceptional items: primarily relates to Employee

Separation Scheme in India

▪ Other comprehensive income: primarily relates to

foreign currency translation differences

4QFY2025 and FY2025 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 4QFY25 EBITDA1 stood at Rs 6,503 crores

1,052

723

1,027

1,350

▪ Selling Result: primarily driven by lower

realisations across geographies

7,155

▪ Cost Changes: primarily driven by lower coking coal consumption cost in India and Netherlands

6,503

Adjusted EBITDA 3QFY25

Selling Result

Cost Changes

Volume/Mix

Others

Adjusted EBITDA 4QFY25

▪ Volume/Mix: primarily driven by higher

deliveries across geographies

▪ Others: relates to reversal in 3Q of non-cash

provision of regulatory charges

4QFY2025 and FY2025 Results Presentation

1EBITDA adjusted for changes on account of FX movement on intercompany debt / receivables

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

FY2025

FY2024

Key drivers for YoY change:

30.92

30.96

2,18,543

95,097

(97)

24,889

73,354

25,802

26,130

8,441

1,541

7,341

9,268

855

5,239

3,174

273

29.94

29.39

2,29,171

97,506

4,409

24,510

80,440

23,402

23,096

7,858

1,809

7,508

6,667

7,814

3,763

(4,910)

(3,228)

▪ Revenues: decreased by 5% due to drop in realisations

across geographies despite rise in volumes

▪ Raw material costs: moved lower primarily driven by decline in coking coal consumption cost and shutdown of heavy end operations at UK

▪ Change in inventories: has been driven by inventory build up in UK upon shift in operating model but was partly offset by drawdown in India and Netherlands

▪ Other expenses: decreased primarily upon closure of

heavy end assets in UK

▪ Exceptional items: primarily relates to Employee

Separation Scheme in India while FY2024 primarily relates to impairment and restructuring of UK operations

4QFY2025 and FY2025 Results Presentation

Consolidated FY2025 EBITDA1 stood at Rs 26,130 crores

456

1,428 -

▪ Selling Result: primarily driven by decline in

realisations across geographies

17,237

18,387

23,096

26,130

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

▪ Volume/Mix: primarily driven by higher

deliveries in India and Netherlands partly offset by decline at UK

Adjusted EBITDA FY2024

Selling Result

Cost Changes

Volume/Mix

Others

Adjusted EBITDA FY2025

▪ Others: primarily relates to provision reversal of regulatory charge at Standalone level

4QFY2025 and FY2025 Results Presentation

1EBITDA adjusted for changes on account of FX movement on intercompany debt / receivables

Net debt stood at Rs 82,579 crores

98,919

778

5,235

339

94,801

12,222

82,579

Gross Debt Dec'24

Movement in leases

Loan movement

FX Impact and Others

Gross Debt Mar'25

Cash, Bank & Current Investments

Net Debt Mar'25

4QFY2025 and FY2025 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%

11.8%

6,267

10,838

11,358

7,962

8,335

5.2

3.1

3.5

4.1

2.4

88,501

1,04,779

75,561

84,893 87,082

94,801

75,389

67,810

51,049

77,550

82,579

Net

Gross

FY 20

FY 21

FY22

FY23

FY24

FY25

FY20

FY21

FY22

FY23

FY24

FY25

FY20

FY21

FY22

FY23

FY24

FY25

FY20

FY21

FY22

FY23

FY24

FY25

Net Debt / EBITDA (x)2

Net Debt / Equity (x)

5.91

1.42

0.98

0.90

0.78

0.61

0.52

3.31

3.20

2.44

2.07

0.80

FY20

FY21

FY22

FY23

FY24

FY25

FY20

FY21

FY22

FY23

FY24

FY25

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 Mar-20

FY20 FY21 FY22 FY23 FY24 FY25

Mar-21

Mar-22

Mar-25

Mar-24

Mar-23

4QFY2025 and FY2025 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

n o i t a t n e s e r P s t l u s e R

5 2 0 2 Y F d n a 5 2 0 2 Y F Q 4

Moving towards water neutrality Tata Steel has achieved 18% reduction in specific freshwater consumption across all sites between FY2020 and FY2024

Tata Steel : Key operating parameters

India (Standalonea)

Coke Rate (kg/thm)

5 6 3

7 5 3

4 2 3

1 9 2

1 1 3

9 7 2

8 4 3

7 3 3

9 3 3

0 4 3

0 0 3

8 9 2

Good

6 5 3

4 8 2

FY25

TSUK

TSN

Specific Energy Consumption (GJ/tcs)

CO2 Emission Intensity (tCO2/tcs)

9 . 4 2

8 2 2

5 . 4 2

1 3 2

4 0 2

2 0 2

6 . 3 2

3 3 2

5 9 1

8 . 3 2

1 3 2

9 0 2

1 . 4 2

Good

5 8 1

4 3 1

5 . 2

1 2

8 1

5 . 2

2 2

4 . 2

2 2

4 . 2

2 2

8 1

4 . 2

8 1

Good

7 1

FY21

FY22

FY23

FY24

FY21

FY22

FY23

FY24

FY25

FY21

FY22

FY23

FY24

Specific Fresh Water Consumption (m3/tcs)c

Specific Dust Emission (kg/tcs) c

Solid Waste Utilisation (%) c

2 3 1

Good

1 3 1

5 . 0

4 0

4 . 0

4 0

7 8

2 . 3

7 8

8 9

8 . 2

2 5

7 . 2

8 4

4 . 2

2 5

5 6

4 . 2

8 4

3 0

4 . 0

3 0

4 . 0

2 0

3 0

3 . 0

Good

2 0

0 0 1

9 9

8 9

0 0 1

9 9

0 0 1

7 9

Good

8 9

FY21

FY22

FY23

FY24

FY25

FY21

FY22

FY23

FY24

FY25

FY21

FY22

FY23

FY24

FY25

4QFY2025 and FY2025 Results Presentation

Note : a) Standalone includes steelmaking sites (i.e., Jamshedpur, Kalinganagar, Meramandali & Gamharia) and CO2 emission intensity as per worldsteel methodology, b) In FY25, given the transition in business model at TSUK - coke rate, specific dust emission & solid waste are not applicable / meaningful and hence excluded. Further, carbon emission intensity, specific energy & specific fresh water consumption calculated per ton of processed hot rolled coil c) FY21 – FY24 TSUK & TSN figures are on CY basis i.e. CY20 – CY23 aligned to regulatory reporting

0 1

FY25

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

4QFY25

3QFY25

4QFY24

Key drivers for QoQ change:

5.24

5.60

34,399

12,874

980

1,975

11,590

7,105

7,113

12,705

565

1,101

4,826

533

1,124

3,169

5.41

5.29

32,760

13,928

(220)

1,956

9,596

7,624

7,523

14,214

456

1,080

5,321

146

1,296

3,879

5.24

5.42

36,541

14,204

1,189

1,973

10,197

8,228

8,213

15,149

481

926

6,113

642

1,380

4,091

(173)

▪ Revenues: increased by 5% driven by seasonally

higher volumes and marginal increase in realisations

▪ Raw material costs: declined due to lower coking

consumption cost and reduced coke purchase upon commissioning of coke plant at Kalinganagar in Jan’25

▪ Change in inventory: primarily driven by inventory drawdown in 4Q vs. build up in the previous quarter

▪ Other expenses: increased due to higher repair and

maintenance on account of reline of G blast furnace. 3Q included non-cash credit relating to regulatory charges

▪ Exceptional items: primarily relates to Employee

Separation Scheme

Other comprehensive income

(24,983)

(2,752)

4QFY2025 and FY2025 Results Presentation

Note : 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 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)

4QFY25

3QFY25

4QFY24

Key drivers for QoQ change:

1.63

1.75

14,769

5,690

1,497

2,656

4,802

124

712

1.76

1.53

13,867

6,825

2,756

4,271

(1)

(7)

1.48

1.43

13,908

6,600

230

2,771

4,603

(296)

(2,063)

▪ Revenues: increased by 6% QoQ upon rise in volumes

despite drop in steel realisations

▪ Raw material cost: declined primarily driven by lower

coking coal and iron ore consumption cost

▪ Change in inventories: was on account of inventory

drawdown during the quarter

▪ Other expenses: increased due to higher power and fuel related expenses. Further in 3Q, received IKC subsidy relating to 2023

4QFY2025 and FY2025 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, IKC – Indirect Cost compensation

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

4QFY25

3QFY25

4QFY24

Key drivers for QoQ change:

0.63

6,001

4,323

957

1,551

(873)

0.57

5,665

3,300

709

950

1,441

(735)

0.66

0.69

6,800

4,074

(218)

1,044

2,288

(388)

▪ Revenues: increased by 6% on account of QoQ rise in

volumes despite drop in steel realisations

▪ Raw material cost: increased primarily due to higher purchase of substrate during the quarter relative to 3Q

▪ Change in inventories: on account of lesser decline in

steel stocks during the quarter vs. 3Q

▪ Other expenses: increased due to higher emission

rights and bulk gas related costs partly offset by credit received with respect to R&D spend in prior quarters

EBITDA per ton (Rs)

(13,758)

(12,965)

(5,614)

4QFY2025 and FY2025 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 Investor Relations

Investor enquiries

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