TATASTEELNSE30 July 2025

Tata Steel Limited has informed the Exchange about Investor Presentation

Tata Steel Limited

Ref: SEC/657/2025-26

July 30, 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 Investor Presentation to be made to Analysts/Investors

Please find enclosed herewith the investor presentation to be made to Analysts/Investors on the Financial Results of Tata Steel Limited for the quarter ended June 30, 2025.

This 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 30th June 2025

Tata Steel’s Noamundi Iron Ore Mine has been in operation for the past 100 years, providing a reliable source of high-quality ore and is one of the three mines in India to be rated 7-star for scientific and sustainable mining by Ministry of Mines, Government of India

July 30, 2025

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

1QFY26 Results Presentation

We are committed to ‘Zero Harm’

Journey towards excellence in Safety & Health of employees1

Safety first approach and focused trainings

Holistic measures for a safe and healthier workforce

52% LTIFR* in the last 15 years

Fatalities2 5 4

FY21 FY22 FY23 FY24 FY25

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

1Q FY26

6 2 Y F Q 1

Safety Workshop with Tata Group Chairman and senior leadership team of select Tata Group Companies

Introduced “Recognition Policy for Wellness” to promote long term well-being

Smart healthcare solutions to ensure seamless medical coverage at remote locations

1QFY26 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

16.3 lakh+ lives impacted1

Gender and Empowerment

140 women enrolled in leadership trainings

68 targets prioritised across 15 relevant UN SDG goals

Rural and Urban Education

3,500+ out of school children brought back to education system

Public Health and Nutrition

98% redressal rate in high-risk cases among pregnant women & children

>₹2,130 cr spent2 over last 5 years

3 original intellectual properties based on tribal communities know how developed*

Tribal Identity

Unlocking Public Entitlements

~₹400 crore public funds unlocked directly to communities

Climate Resilient Livelihoods

~2,800 households adopted climate resilient agri practices

Public Infrastructure

120 structures relevant for community have been completed

Grassroots Sports

12,400+ children & youth engaged in rural sports

Water Resources

14.9 mn cubic feet water storage capacity created

3,000+ PwD connected through SABAL program

Dignity for Disabled

1QFY26 Results Presentation

Note: 1Cumulative as on 1QFY26, 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, *In collaboration with CEPT university

Strategic Update

The new 5 MTPA blast furnace along with the 2.2 MTPA CRM complex will significantly boost Kalinganagar plant’s production capabilities, allowing Tata Steel to meet growing demands of various industries

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

1QFY26 Results Presentation

Sustainability is at the core of our strategy

Route and pace of decarbonisation being calibrated across geographies

Net Zero emissions by 2045

Circular economy

Water, Air & Dust

Biodiversity

Employees, Community

Supply Chain

R&D, technology

UK : Transition to scrap-based EAF steelmaking to reduce

50 million tons CO2e over a decade

Sep’24

Mar’24

Closure of Blast Furnaces

Closure of Coke Ovens

tCO2e / tcs

Oct’24

Grant Funding Agreement (GFA) signed with the UK govt

1.2

tCO2e / tcs

Dec’24

Key Equipment Orders placed with OEMs

Received planning permission for EAF

Feb’25

New electricity connection to go live

Groundbreaking ceremony for EAF construction

2027

Jul’25

~0.4

tCO2e / tcs

1QFY26 Results Presentation

Note: R&D – Research & Development, EAF – Electric Arc Furnace, tcs – ton of crude steel, OEM – Original Equipment Manufacturer

Pursuing multiple initiatives in India

TSN committed to 35 - 40% emissions

Process improvement

Carbon direct avoidance

Carbon Capture & Utilisation

Advanced discussions with Netherlands government about support for integrated environment and decarb project

▪ Working on breakthrough technologies like

HIsarna and EASyMelt

▪ Focus on reducing coal usage and optimising

carbon intensity of existing operations

Phase

Shutdown of one of the blast furnaces

Replaced by DRP – EAF

Adoption of Carbon Capture on DRP; utilise H2 or biomethane as it becomes cost competitive

▪ Adopted TNFD’s LEAP approach to understand nature related impacts and risks to business

▪ Deployed six levers to mitigate the impact and

focused on leveraging opportunity that may arise

▪ Evolving regulation in India – Green taxonomy

and Carbon Credit Trading Scheme

▪ Launched India’s first carbon bank with the intent

to further carbon abatement

Phase

Shutdown of remaining blast furnace

Transition to greener steelmaking

1QFY26 Results Presentation

Note: EAF – Electric Arc Furnace, TNFD - Taskforce on Nature-related Financial Disclosures, 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, DRP – Direct Reduction Plant

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

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

0.75

EAF under construction

TSK Ph 2

Commissioned

Flats

Longs

Capacity expansion

Downstream

▪ 5 MTPA @ Kalinganagar

▪ 2.2 MTPA CRM complex

o Ramp up underway

o Commissioned major facilities such as blast furnace and coke ovens

o Caster #3 to come online in

Sep’25

▪ 0.75 MTPA @ Ludhiana

o Equipment erection in

progress

o Facility to be commissioned

in FY2027

o 1st Galvanised / coated coil produced from one of the CGL lines

o CGL Line #2 will come

online in couple of months

▪ Smooth ramp up of 230 KTPA color coated lines at Khopoli and Meramandali

▪ In Tubes, Direct Forming

Technology mill of 100 KTPA line commissioned in Jun’25

▪ Setup of 42 KTPA LRPC line

under progress

EAF at Ludhiana

1st coil from new CGL line

1QFY26 Results Presentation

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

Multi-pronged strategy to enable leadership in chosen segments

▪ Sustain leadership in

▪ Enhancing retail business

▪ Maximise value creation

▪ Consolidating downstream

Automotive via

supported by

across Industrial segments

play

➢ Higher hi-end sales

➢ Capacity expansion

➢ Product development

➢ Capacity growth

➢ Industry first services

➢ Phygital reach

➢ New market entries

➢ Investing in new tech

TSK Phase II to enhance product mix & localisation

Shaping construction market practices via solns.

➢ Service led

differentiation

➢ Customer insights drive

offerings

1QFY26 Results Presentation

Note : TSK – Tata Steel Kalinganagar

Embracing Digital and Technology to create and unlock value

Manufacturing Excellence

Functional excellence

Customer Experience

Finance

Human Resources

Procurement

Tata Steel unveils DigECA, a one-stop digital steel buying platform for MSME customers

AI models to drive improvement in Yield, Energy efficiency, Throughput, Quality and Productivity (YETQP)

Modernise processes and initiatives such as smart indenting system to streamline and enable cost savings

Digital platforms to enhance customer experience, resolve complaints, improve interactions for overall customer satisfaction

1QFY26 Results Presentation

Note : DigECA is One Stop digital steel buying solution for MSME customers

Enhancing competitiveness through cost and efficiency programs

Targeted cost transformation program across geographies

Progressing as per plan delivering an improvement of ~Rs 2,900 crores* during the quarter

Rs crores

98% compliance to 1Q plan

~2,900

39%

35%

Rs 11,500 crs or $1.3 billion

26%

India

Netherlands

Raw material efficiency

Stores, Repairs & Maintenance

Sales mix, Supply chain & Others

Power & Fuel

Heavy end closure (TSUK)

1QFY26 Total

1QFY26 Results Presentation

Note : USD INR = 85.68, * Improvement in costs is computed vs. average FY2025 baseline. The corresponding improvement in costs vs. 4QFY25 baseline is ~Rs 2,200 crores

Financial Management to enable returns across cycle

Balance sheet management

Total Shareholder Returns1 (%)

Optimise Capital Structure & Cost

Onshoring debt to drive efficiency

Capital allocation

Value accretive investments

Capex of around Rs 3,829 crores in the quarter

Operational excellence

Optimise working capital

Consolidated EBITDA improved by ~200 bps despite global headwinds

Tata Steel

Nifty 50

Sensex

5 years

10 years

25 years

1QFY26 Results Presentation

Note : 1Total Shareholder Returns sourced from Bloomberg as of 25th July 2025 and considers dividend reinvestment

Becoming culturally future ready

Celebrating a decade of MOSAIC, our diversity and inclusion initiative

Initiatives to reach new level of excellence

Talent Preparedness for growth to 40 MTPA

Focus on productivity and restructuring

Fostering a Future Ready Culture

✓ Proactive skill development

✓ Strategic

organisational design interventions

✓ State of the art

facility development to retain and nurture talent

✓ Building talent pipeline for decarb projects

✓ “One Tata Steel”-

Synergy via collaboration across locations

✓ Tech-led digital enablement for world-class employee experience

1QFY26 Results Presentation

Business Update

Tata Group Chairman Mr N. Chandrasekaran marks groundbreaking of the new Electric Arc Furnace at Port Talbot as well as the £1.25 billion transformation to low CO2 steelmaking, supported by £500 million investment from the UK government

Global steel prices and spot spreads rallied but facing renewed pressure

▪ Global steel prices moderated between April to Jun’25 ▪ Regionally, Germany steel prices reached a peak of $770/t in April but since then have declined by $100/t ▪ Elsewhere in UK, steel prices are still below year ago

levels

▪ China steel prices were around $450/t as production cuts

did not materialise leading to elevated exports

▪ Overall, higher drop in raw material prices vis a vis steel prices led to improvement in the steel spot spreads in 1Q

▪ Steel spot spreads are facing renewed pressure in July

Steel prices (HRC, $/t) across key regions

EU Steel spread including energy, carbon costs

HRC spot gross spreads ($/t)

US Domestic

Germany domestic

China export FOB

China domestic

UK Midlands

450

300

150

0 Jul-23

EU spot spread

EU spread (with Energy, Carbon)

China export Spread

China domestic Spreads

Jan-24

Jul-24

Jan-25

Jul-25

300

Jul-23

Jan-24

Jul-24

Jan-25

Jul-25

1QFY26 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)

1,500

1,100

700

India steel demand continued to grow while EU, UK demand was subdued

India

EU & UK

▪ India apparent steel demand continued to grow aided by

▪ EU steel demand has been affected by macro dynamics

government spending and shifting income levels

and policy uncertainty regarding global trade

▪ 12% safeguard duty weighed on imports but subdued global sentiment meant India remained a net steel importer in 1H’25

▪ UK economy in fragile state, steel prices affected by

mismatch between local demand and safeguard quotas

India key steel consuming sectors*

EU key steel consuming sectors (%, YoY growth)

Capital Goods

Infrastructure/ construction goods

Automotive

Machinery

Construction

Vehicles (units)

180

145

110

30%

10%

-10%

-30%

May-22

Nov-22

May-23

Nov-23

May-24

Nov-24

May-25

May-22

Nov-22

May-23

Nov-23

May-24

Nov-24

May-25

1QFY26 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

In 1QFY26, India deliveries were broadly flat YoY due to prodn. constraint

Tata Steel India deliveries (mn tons)

End use sectors (mn tons)

Domestic

Exports

5.6

4.9

4.8

Auto and ancillaries

1.2

1.1

Retail : Individual housebuilders

1.0

0.8

0.7

Construction & Infrastructure

1.4

1.3

1.2

1QFY25 4QFY25 1QFY26

Energy and Engg. goods

Consumer Durables and Packaging

Trade and Commercial

0.19

1QFY25

0.33

0.37

4QFY25

1QFY26

0.8

0.7

0.3

0.6

0.5

0.4

1QFY25 4QFY25 1QFY26

1QFY26 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”

Approval of Cold Rolled UHSS grade received from a major PV OEM within 6 months of CAL start-up

▪ Best-ever 1Q sales in Hi-end

▪ TSK CAL line capability established for

products

HSS and UHSS structural grades

Share of hi-end products in Auto sales

25% 25%

1QFY25

4QFY25

1QFY26

▪ Service center footprint across auto

▪ Advanced technical support for current

hubs, up to UHSS capabilities

and future needs of OEMs

1QFY26 Results Presentation

Note : HSS – High-Strength Steel, UHSS – Ultra-High Strength Steel, TSK – Tata Steel Kalinganagar, CAL – Continuous Annealing Line of 2.2 MTPA CRM complex at Kalinganagar, PV – Passenger Vehicle, OEM – Original Equipment Manufacturer

Characterization of “Inter Granular Cracking under cyclic loading”

Enhancing differentiation in Retail and shaping construction practices

▪ Tata Tiscon : Growing systematically and deepening consumer connect

▪ Shaping construction practices via

ready-to-use solutions

Sales doubled in the last 5 years

Pre Sales (Early engagement)

Differentiation via Rim test, weighment test

Leveraging consumer champion for insights

h c a o r p p a o 0 6 3

Inhouse Capabilities (Design services)

Portfolio expansion (Ready to use solutions)

Aashiyana now fully omnichannel

Service Centers (Faster Deliveries)

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

1QFY26 Results Presentation

Industrial Products & Projects: Growth via product development & customer service

Approval of Cold Rolled UHSS grade received from a major PV OEM within 6 months of CAL start-up

▪ Consistent Growth in Engineering

▪ .. and Appliances

Segments

25%25%

1QFY24

1QFY25

1QFY26

1QFY24

1QFY25

1QFY26

▪ More than 4x growth in Solar via

enhanced product basket

▪ Entry into Boiler segment through new

product development

1QFY24

1QFY25

1QFY26

1QFY26 Results Presentation

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

1QFY26

4QFY25

1QFY25

Key drivers for QoQ change:

7.33

7.12

53,178

21,977

(1,398)

6,599

18,573

7,480

7,456

10,470

289

1,852

3,199

132

1,060

2,007

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

8.00

7.39

54,771

24,993

(2,570)

6,467

19,187

6,822

6,950

9,407

260

1,777

2,735

358

1,458

919

▪ Revenues: declined by 5% upon moderation in volumes

despite higher realisations. India production was primarily impacted due to the relining of G blast furnace

▪ Raw material costs: were broadly stable with decline in purchases in India partly offset by higher raw material (iron ore, ferroalloys) related costs in Netherlands

▪ Change in inventories: has been driven by inventory

buildup in India and Netherlands

▪ Other expenses: was marginally lower driven by lower stores, repairs & maintenance, freight and power & fuel related expenses

▪ Exceptional items: primarily relates to Employee

Separation Scheme in India

1QFY26 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 1QFY26 EBITDA1 stood at Rs 7,456 crores

2,486

2,057

2,161

1,636

6,503

Adjusted EBITDA 4QFY25

Market impact

Volume impact

Cost transformation

Others

▪ Market impact includes higher

realisations and decline in raw material related costs

▪ Volume impact on account of drop in

deliveries across geographies

▪ Cost transformation relates to lower

stores, repairs & maintenance, coal blend and supply chain among others

▪ Others is on account of 4Q credit relating to power costs in India, R&D spend in UK and change in actuarial assumptions at Netherlands

7,456

Adjusted EBITDA 1QFY26

1QFY26 Results Presentation

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

Net debt stood at Rs 84,835 crores

94,801

623

2,225

1,304

98,953

14,118

84,835

Gross Debt Mar'25

Movement in leases

Loan movement

FX Impact and Others

Gross Debt Jun'25

Cash, Bank & Current Investments

Net Debt Jun'25

1QFY26 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%

19.8%

21,626

11.7

13.4%

14.1%

11.8%

10.2%

10,838

11,358

10,503

7,962 8,335

88,501

75,561

84,893 87,082

94,801 98,953

5.2

4.1

3.5

3.6

3.1

75,389

67,810

51,049

77,550

82,579 84,835

Net

Gross

FY 21

FY22

FY23

FY24

FY25

1QFY26

FY21

FY22

FY23

FY24

FY25

1QFY26

FY21

FY22

FY23

FY24

FY25

1QFY26

FY21

FY22

FY23

FY24

FY25

1QFY26

Net Debt / EBITDA (x)2

Net Debt / Equity (x)

Credit Rating

2.44

3.31

3.20

3.21

2.07

0.80

0.98

0.61

0.52

0.90

0.91

0.78

FY21

FY22

FY23

FY24

FY25

1QFY26

FY21

FY22

FY23

FY24

FY25

1QFY26

8 BBB/ Baa2

7 BBB-/ Baa3

6 BB+/ Ba1

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

3 B+/ B1

2 B/ B2 1 Jul-20

S&P

Moody's

Investment Grade

Jul-23 FY21 FY22 FY23 FY24 FY25 1QFY26

Jul-24

Jul-21

Jul-22

1QFY26 Results Presentation

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

Annexures

Tata Steel utilizes inland waterways for transportation to reduce reliance on road and rail, aiming for a more sustainable and cost-effective logistics solution

Tata Steel : Key operating parameters

India (Standalonea)

Coke Rate (kg/thm)

TSUK

TSN

7 5 3

4 2 3

1 9 2

8 4 3

7 3 3

9 3 3

0 4 3

0 0 3

8 9 2

6 5 3

Good

1 6 3

4 8 2

2 9 2

Specific Energy Consumption (GJ/tcs)

CO2 Emission Intensity (tCO2/tcs)

5 . 4 2

1 3 2

4 0 2

6 . 3 2

3 3 2

5 9 1

5 . 4 2

1 3 2

9 0 2

5 . 5 2

2 . 4 2

Good

9 7 1

1 5

7 8 1

4 3 1

5 . 2

2 2

4 . 2

2 2

4 . 2

2 2

8 1

Good

5 . 2

7 1

6 1

0 1

2 0

FY22

FY23

FY24

FY25

1QFY26

FY22

FY23

FY24

FY25

1QFY26

FY22

FY23

FY24

FY25

b 1QFY26

Specific Fresh Water Consumption (m3/tcs)c

Specific Dust Emission (kg/tcs) c

Solid Waste Utilisation (%) c

2 3 1

1 3 1

Good

3 2 1

4 . 0

4 0

8 9

7 . 2

8 4

5 . 2

2 5

5 6

7 . 2

6 . 2

8 4

7 8

8 . 2

Good

4 . 0

3 0

4 . 0

2 0

3 0

3 . 0

2 0

3 0

9 9

8 9

0 0 1

9 9

0 0 1

7 9

0 0 1

8 9

Good

8 9

FY22

FY23

FY24

FY25

1QFY26

FY22

FY23

FY24

FY25

1QFY26

FY22

FY23

FY24

FY25

b 1QFY26

1QFY26 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 and 1QFY26 is an estimate

Tata Steel Standalone

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

Production (mn tons)

Deliveries (mn tons)

Total revenue from operations Raw material cost1

Change in inventories

Employee benefits expenses

Other expenses

EBITDA Adjusted EBITDA2

Adjusted EBITDA per ton (Rs.)

Other income

Finance cost

Pre-exceptional PBT

Exceptional items (gain)/loss

Tax expenses

Reported PAT

1QFY26 Results Presentation

1QFY26

4QFY25

1QFY25

Key drivers for QoQ change:

5.07

4.75

31,014

11,822

(851)

1,996

10,928

7,263

7,239

15,240

555

1,271

4,777

219

1,035

3,523

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

5.01

4.94

32,958

13,305

(536)

2,139

11,274

6,754

6,757

13,677

374

925

4,702

237

1,134

3,331

▪ Revenues: decreased upon drop in volumes partly offset by the increase in realisations by Rs 2,600/t. Production was impacted due to the relining of the G blast furnace at Jamshedpur

▪ Raw material costs: declined due to lower coking

consumption cost and purchased coke

▪ Change in inventory: primarily driven by inventory build-up in 1Q vs. drawdown in the previous quarter

▪ Other expenses: decreased due to lower repair and

maintenance, freight and consumables

▪ Exceptional items: relates to Employee Separation

Scheme

Note : 1. Raw material cost incl. raw material consumed, and purchases of finished and semi-finished products 2. Adjusted for changes on account of FX movement on intercompany debt / receivables

1QFY26

4QFY25

1QFY25

Key drivers for QoQ change:

Tata Steel Netherlands

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

Liquid Steel production (mn tons)

Deliveries (mn tons)

1.70

1.50

1.63

1.75

1.69

1.47

Total revenue from operations

14,619

14,769

14,167

Raw material cost1

Change in inventories

Employee benefits expenses

Other expenses

EBITDA

EBITDA per ton (Rs)

6,345

(512)

3,139

5,035

612

4,080

5,690

1,497

2,656

4,802

124

712

7,280

(608)

2,783

4,260

453

3,075

▪ Revenues: were marginally lower QoQ on moderation in volumes being partly offset by improved realisations

▪ Raw material cost: increased primarily due to higher iron ore, ferro alloys and scrap related consumption cost, partly offset by decline in coking coal cost

▪ Change in inventories: was on account of inventory

build-up during the quarter

▪ Employee benefit expenses: increased as 1Q saw

higher social security costs while 4Q witnessed actuarial gains relating to OLEBs

1QFY26 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, OLEBs – Other Long Term Employee Benefits

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

1QFY26

4QFY25

1QFY25

Key drivers for QoQ change:

0.60

6,096

4,141

(37)

1,021

1,438

(468)

0.63

6,001

4,323

957

1,551

(873)

0.68

6,810

5,347

(1,407)

1,185

2,640

(955)

▪ Revenues: witnessed a slight increase primarily driven by higher realisations despite moderation in volumes

▪ Raw material cost: decreased primarily due to lower purchase of substrate during the quarter relative to 4Q

▪ Employee benefits expenses: was marginally higher

due to one-off provision reversal in 4Q

▪ Other expenses: declined upon lower stores, repairs & maintenance, rent, hire & leasing and bulk gas related costs

EBITDA per ton (Rs)

(7,772)

(13,758)

(14,076)

1QFY26 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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Investor enquiries

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