TATASTEELNSE12 November 2025

Tata Steel Limited has informed the Exchange about Investor Presentation

Tata Steel Limited

Ref.: SEC/1147/2025-26

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

Dear Sir, Madam,

November 12, 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 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 the quarter and half-year ended September 30, 2025.

for

This presentation is being submitted in compliance with Regulation 30 and 51 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

Results Presentation Financial quarter ended 30th September 2025

This architectural marvel was crafted using 30 metric tons of Tata Structura steel hollow sections. Tata Structura's superior strength and flexibility unlocks architectural possibilities unattainable with conventional angles and channels

Nov 12, 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

We are committed to ‘Zero Harm’

Journey towards excellence in Safety & Health of employees1

53% LTIFR* in the last 15 years

Fatalities2 5

Holistic measures for a safe and healthier workforce

FY21 FY22 FY23 FY24 FY25

1H FY26

Behavioral Safety Focused trainings such as SASS to improve risk perception of supervisors including contract workforce

Workplace Safety Periodic campaigns about ‘fall of objects’ and safety workshops. Active monitoring via CCTV and communication of observations

Employee well-being Comprehensive well-being initiatives utilising digital tools and platforms to support physical & mental health (Wellness Corner)

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

6 2 Y F H 1

2QFY26 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, SASS – Skill Augmentation of Safety Supervisors

Improving quality of life of our communities

Social capital and scalable change models to enable deep societal impact

Gender and Empowerment

Rural and Urban Education

Public Health and Nutrition

1,575+ women enrolled in leadership trainings

2,700+ out of school children brought back to education system

99% redressal rate in high-risk cases among pregnant women

29 lakh+ lives impacted1

68 targets prioritised across 15 relevant UN SDG goals

Tribal Identity

3 intellectual properties* based on know how of tribal community

Grassroots Sports

32,300+ children & youth engaged in rural sports

Unlocking Public Entitlements

~₹16,000+ crores public funds unlocked directly to communities

Climate Resilient Livelihoods

~22,300 households adopted climate resilient agri practices

>₹2,230 crores spent2 over last 5 years

376 structure completed for community

Created 20.3 mn cubic feet storage capacity

4,100+ PwD connected via SABAL program

Public Infrastructure

Water Resources

Dignity for Disabled

2QFY26 Results Presentation

Note: 1Cumulative as on 1HFY26, 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

In August 2025, Tata Steel successfully rolled out its first batch of galvanised coils from the new state-of- the-art Continuous Galvanising Line (CGL-1) of the Cold Rolling Mill complex at Kalinganagar

Leadership in India

Leadership in Technology & Digital

Consolidate position as global cost leader

Focused on creating Sustainable Value

Leadership in Sustainability

Become Future Ready

Robust Financial Health

Sustainability is at the core of our strategy

Route and pace of decarbonisation being calibrated across geographies

India : Pursuing multiple initiatives to achieve ‘responsible’ growth

Employees, Community

Water, Air & Dust

Supply Chain

Net Zero emissions by 2045

Biodiversity

R&D, technology

0 3 0 2 o t p U

5 4 0 2 o t p U

Commission scrap-based EAF plant in Ludhiana, Punjab

» Higher scrap in Basic Oxygen

Furnace (BOF)

Reducing coal usage by switching to bio char and natural gas

» Increase the proportion of

renewable energy

Collaborate with academia on new technologies

» Scale up breakthrough tech like HIsarna & EASyMelt

Introduce alternate iron making technology

» Expand pilots for Carbon

Capture Utilisation & Storage

Note: R&D – Research & Development, EAF – Electric Arc Furnace, EASyMelt is an 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

Circular Economy

2QFY26 Results Presentation

UK: Pursuing decarbonisation to reduce 50 mn tons CO2e over decade

EAF project details

EAF project update

▪ Presently, serving customers via purchased substrate

▪ Groundbreaking ceremony for Electric Arc Furnace in

▪ Transition underway → scrap-based EAF steelmaking

➢ Capacity : ~ 3 MTPA ➢ Project cost : £1.25 billion with £500 million funding

from the UK Government

July 2025

▪ Electric Arc Furnace manufacturing on schedule

▪ Major demolition works completed

▪ Upon commissioning the EAF, emission intensity to be

▪ First Electric Arc Furnace supplies scheduled to be

~0.4 tCO2e per ton of crude steel

delivered in early 2026

2QFY26 Results Presentation

Note: EAF – Electric Arc Furnace

TSN: Signed non-binding JLoI with Dutch govt. & the province of North Holland

▪ JLoI outlines aims & objectives and issues to be

resolved

▪ Government support upto €2 bn and EU

Innovation fund

Phase 1 details

Integrated project – Transition to low carbon production and improve healthy living environment around Ijmuiden

Healthy living – Undertake measures beyond decarb to reduce noise, odour and dust

Scope – Decommission BF #7 and CGP #2 and transition to a DRP EAF with scrap intake and use of natural gas

Emission reduction – Annual scope 1 CO2 emissions by 5.4 mn tons or >42% vs. maximum possible emissions*

2QFY26 Results Presentation

Note: TSN – Tata Steel Netherlands, JLoI – Joint Letter of Intent, EU – European Union, DRP – Direct Reduction Plant, EAF – Electric Arc Furnace, BF – Blast furnace, CGP – Coke and Gas Plant, *Maximum possible Scope 1 emissions are ~ 12.6 mn tons

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

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

Capacity expansion

Downstream

▪ 5 MTPA @ Kalinganagar

▪ 2.2 MTPA CRM complex

o Ramp up underway

o Commissioned major facilities such as Caster #3 and Air Separation Unit

o CGL #1 secured facility approvals from OEMs

o CGL #2 to be commissioned

in 3QFY26

EAF at Ludhiana

0.75

EAF under construction

TSK Ph 2

Commissioned

▪ 0.75 MTPA EAF @ Ludhiana

▪ 0.5 MTPA Combi mill that

produces specialty steel has been commissioned

o 90% of the civil works

completed

▪ Expanding Tinplate capacity

from 0.4 to 0.7 MTPA

o Facility to be commissioned

in FY2027

▪ 42 KTPA LRPC line has been

commissioned

Flats

Longs

Combi mill at Jamshedpur

2QFY26 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

▪ Supplier of choice in Auto

▪ Grow high margin Retail

➢ Maximise hi-end sales

➢ Capacity expansion

➢ Industry first services

➢ Phygital reach

▪ Construction & Infra

➢ Shaping construction practices – offsite ready-to-use solutions

▪ Capital goods

▪ Energy

➢ Entry into discerning

segments

➢ Partner via end-to-end

capabilities

▪ Consumer Durables

➢ Drive localisation via innovative products

▪ Packaging

▪ Tubes

➢Market leader and

pioneering for a century

➢Asset light growth and product mix enrichment

▪ Distribution – B2SME

➢Service enabled differentiation

2QFY26 Results Presentation

Note : B2SME – Business to Small, Medium Enterprises

Embracing Digital and Technology to create and unlock value

Manufacturing Excellence

Functional Excellence

Customer Experience

Finance

Human Resources

Procurement

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

Modernising processes and the tech stack to enable global collaboration and system integration for reporting purposes

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

2QFY26 Results Presentation

Note : Aashiyana is a One stop shop for Individual homebuilders and 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 5,450 crores for the half year

Rs crores

94% compliance to 1HFY26 plan

~5,450

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)

1HFY26 Total

2QFY26 Results Presentation

Note : USD INR = 85.68, * Improvement in costs is computed vs. average FY2025 baseline

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 Rs 7,079 crores in 1HFY26

Operational excellence

Optimise working capital

Consolidated EBITDA improved by ~280 bps for the half year despite global headwinds

Tata Steel

Nifty 50

Sensex

5 years

10 years

25 years

2QFY26 Results Presentation

Note : 1Total Shareholder Returns sourced from Bloomberg as of 31st October 2025 and considers dividend reinvestment

People-Driven Impact: Enhancing Culture, Capability & Cost Efficiency

▪ Capability building in emerging domains such as

sustainability

Skilling for impact

▪ State of the art facility development to retain and nurture

the talent

▪ Sustained cost efficiency and productivity via strategic

workforce optimisation

Operational excellence

▪ Accelerated efficiency through AI-enabled processes, QR

systems, and intelligent safety management

▪ Fostering 'One Tata Steel' synergy, driving unified

excellence across locations

Inclusive growth

▪ Launched 'Magnet – India Chapter,' empowering youth

professional development

2QFY26 Results Presentation

Business Update

Product mix enrichment : State-of-the-art combi mill commissioned, produces specialty bars and wire rods for critical automotive applications

Seasonal factors and imports weighed on steel prices and spot spreads

▪ Most of the global steel prices moderated in the July to

September quarter

▪ Raw material prices were firmer during the quarter especially Iron ore, which traded above $100/t

▪ US HRC prices moved closer to $900/t despite tariffs

▪ Coupled with seasonal factors and elevated imports, this

while Germany prices witnessed slight decline to $700/t

led to moderation in steel spot spreads

▪ Elsewhere, China prices improved by $30/t to $480/t

▪ EU steel spot spreads are trading close to $250/t levels

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

EU Steel spread including energy, carbon costs

1,500

1,100

700

US Domestic

Germany domestic

China export FOB

China domestic

UK Midlands

HRC spot gross spreads ($/t)

EU spread

EU spread (with Energy, Carbon)

China export Spread

China domestic Spreads

500

250

300

Jun-23

Jan-24

Aug-24

Mar-25

Oct-25

0 Jun-23

Jan-24

Aug-24

Mar-25

Oct-25

2QFY26 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, UK demand was subdued

India

EU & UK

▪ India apparent steel demand continued to grow aided by

govt. spending and stimulus measures to boost consumption

▪ EU demand affected by macro dynamics; Steel action plan has potential → prices over medium to long term

▪ Despite a 12% safeguard duty on imports, India remained a

net steel importer on YTD basis

▪ UK economy remains in fragile state, steel prices affected by mismatch between local demand & safeguard quotas

2,000

in kt

1,000

-1,000

India net steel imports

EU and UK net steel imports

Safeguard duty from 21st April’25

in kt

6,000

EU UK

4,000

2,000

1Q FY24

2Q FY24

3Q FY24

4Q FY24

1Q FY25

2Q FY25

3Q FY25

4Q FY25

1Q FY26

2Q FY26

1Q FY24

2Q FY24

3Q FY24

4Q FY24

1Q FY25

2Q FY25

3Q FY25

4Q FY25

1Q FY26

2Q FY26*

2QFY26 Results Presentation

Sources: Joint Plant Committee, Eurofer, World Steel Association, *Estimate, EU – European Union, YTD – Year to Date

In 2Q, India deliveries were up 17% QoQ aided by rise in domestic volume

Tata Steel India deliveries (mn tons)

End use sectors (mn tons)

Domestic

Exports

5.6

5.1

4.8

0.23

2QFY25

0.37

0.32

1QFY26

2QFY26

Auto and ancillaries

1.2

1.1

1.2

Retail : Individual housebuilders

Construction & Infrastructure

0.8

0.7

0.9

1.3

1.2

1.4

2QFY25 1QFY26 2QFY26

Energy and Engineering goods

Consumer Durables and Packaging

Trade and Commercial

0.8

0.7

0.9

0.3

0.5

0.4

0.5

2QFY25 1QFY26 2QFY26

2QFY26 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”

Continuous Galvanising Line (CGL #1) has received facility approval for supplies to Automotive OEMs

▪ Best-ever 1H sales in Hi-end

▪ TSK CAL line has received approvals for

products

supply of outer panels

Share of hi-end products in Auto sales

27% 25%25%

FY2025

1QFY26

2QFY26

▪ Service center footprint across auto

▪ Advanced technical support for current

hubs, up to UHSS capabilities

and future needs of OEMs

2QFY26 Results Presentation

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

Advanced material characterization for car crash simulation

Enhancing differentiation in Retail and shaping construction practices

▪ Tata Tiscon : Growing systematically and deepening consumer connect

▪ Shaping construction practices via

ready-to-use solutions

13%

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

End to end support for home builders

2QFY25

2QFY26

2QFY25

2QFY26

Material Estimator

Home Designs

Service Providers

Building Materials

➢ ‘Best ever’ 2Q with volumes more

➢ Highest ever quarterly sales of

than 600 kt

Sm@rtFAB in 2QFY26

Significant growth in Aashiyana Gross Merchandise value

120%

➢ Extensive network of 10,000+

dealers and 3,000 express counters

➢ Enhancing construction solutions portfolio with borepile cages

➢ Digital connect via Aashiyana 3.0 with individual homebuilders

➢ Expanding product capability – CRS grade with 550D strength

2QFY26 Results Presentation

Note : CRS – Corrosion-Resistant Steel

2QFY25

2QFY26

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 Solar via enhanced product

Segments

28%

16%

basket

25%25%

66%

211%

2QFY24

2QFY25

2QFY26

2QFY24

2QFY25

2QFY26

▪ Establishing presence in new

segments

▪ CompassNXT, digital platform for ease and convenience of B2B customers

2QFY26 Results Presentation

Note : B2B – Business to Business

Plate Fabricated sections for Construction

Shipbuilding

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

2QFY26

1QFY26

2QFY25

Key drivers for QoQ change:

7.73

7.91

58,689

23,447

979

6,349

19,018

9,106

8,968

11,343

364

1,775

4,643

420

1,039

3,183

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

7.69

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

▪ Revenues: increased by 10% QoQ primarily driven by higher deliveries in India and Netherlands despite drop in realisations

▪ Raw material costs: increased by 7% due to higher

purchases in India and Netherlands partly offset by drop in coking coal prices

▪ Change in inventories: has been driven by inventory

drawdown in India and Netherlands

▪ Finance cost: was marginally lower on QoQ basis amid

progress on onshoring the overseas debt to India

▪ Exceptional items: relates to employee separation

scheme and adjustment in value of retained assets as part of sale of ferro alloy plant in Jajpur, India

2QFY26 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 2QFY26 EBITDA1 stood at Rs 8,968 crores

322 -

259

1,449

▪ Market impact relates to lower

realisations especially in India partly offset by decline in coking coal cost

8,968

▪ Volume impact primarily on account of

significant rise in volumes in India

▪ Run rate of Cost transformation has

been consistent for the quarter

▪ Others relates to higher dividend

income and one-off credits

Market impact

Volume impact

Others

Adjusted EBITDA 2QFY26

7,456

Adjusted EBITDA 1QFY26

2QFY26 Results Presentation

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

Net debt stood at Rs 87,040 crores

98,953

4,246

877

95,643

8,603

87,040

Gross Debt Jun'25

Movement in leases

Loan movement

FX Impact and Others

Gross Debt Sep'25

Cash, Bank & Current Investments

Net Debt Sep'25

2QFY26 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%

14.8%

11.8%

10.2%

10,838

11,358

11,037

7,962 8,335

5.2

3.5

3.1

4.1

88,501

75,561

84,893 87,082

4.1

75,389

77,550

67,810

94,801 95,643

82,579 87,040

51,049

Net

Gross

FY 21

FY22

FY23

FY24

FY25

1HFY26

FY21

FY22

FY23

FY24

FY25

1HFY26

FY21

FY22

FY23

FY24

FY25

1HFY26

FY21

FY22

FY23

FY24

FY25

1HFY26

Net Debt / EBITDA (x)2

Net Debt / Equity (x)

Credit Rating

2.44

3.31

3.20

2.97

2.07

0.80

0.98

0.90

0.93

0.78

0.61

0.52

FY21

FY22

FY23

FY24

FY25

1HFY26

FY21

FY22

FY23

FY24

FY25

1HFY26

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

S&P

Moody's

Investment Grade

FY21 FY22 FY23 FY24 FY25 1HFY26

2QFY26 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

The Meramandali and Kalinganagar facilities have developed various steel grades for the Mumbai - Ahmedabad bullet train project, marking the first-of-its kind product developed in India

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

2 6 3

4 8 2

6 8 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

4 . 4 2

Good

3 8 1

6 4

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

0 1

2 0

FY22

FY23

FY24

FY25

1HFY26

FY22

FY23

FY24

FY25

1HFY26

FY22

FY23

FY24

FY25

1HFY26

Specific Fresh Water Consumption (m3/tcs)c

Specific Dust Emission (kg/tcs) c

Solid Waste Utilisation (%) c

2 3 1

1 3 1

8 9

Good

5 1 1

4 . 0

4 0

7 . 2

8 4

4 . 2

2 5

5 6

7 . 2

3 . 2

8 4

9 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

1HFY26

FY22

FY23

FY24

FY25

1HFY26

FY22

FY23

FY24

FY25

1HFY26

2QFY26 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 1HFY26 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

2QFY26 Results Presentation

2QFY26

1QFY26

2QFY25

Key drivers for QoQ change:

5.40

5.55

34,680

12,961

559

1,996

11,015

8,394

8,255

14,863

610

1,237

5,803

400

1,343

4,060

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

5.06

5.11

32,399

13,808

107

1,940

9,935

6,734

6,712

13,131

851

1,133

4,772

(14)

1,195

3,591

▪ Revenues: increased by 12% QoQ aided by 20% rise in domestic deliveries, which was partly offset by drop in steel realisations

▪ Raw material costs: increased by 10% QoQ primarily due to improved production and higher purchases of rebars from NINL

▪ Change in inventories: primarily driven by inventory

drawdown of ~155 kt in 2Q vs. build-up in 1Q

▪ Other expenses: were broadly stable with increase in power & fuel, consumables being offset by repairs & maintenance and lower royalty related expenses

▪ Exceptional items: relates to employee separation

scheme and adjustment in value of retained assets as part of sale of ferro alloy plant in Jajpur, India

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

Tata Steel Netherlands

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

Liquid Steel production (mn tons)

Deliveries (mn tons)

2QFY26

1QFY26

2QFY25

Key drivers for QoQ change:

1.67

1.54

1.70

1.50

1.66

1.50

▪ Revenues: were higher on QoQ basis aided by rise in volumes but were partly offset by drop in realisations

Total revenue from operations

15,719

14,619

14,109

Raw material cost1

Change in inventories

Employee benefits expenses

Other expenses

EBITDA

EBITDA per ton (Rs)

6,580

316

2,894

5,013

916

5,948

6,345

(512)

3,139

5,035

611

4,074

6,843

(386)

2,767

4,659

226

1,509

▪ Raw material cost: was marginally higher on QoQ basis with higher purchases being mostly offset by decline in iron ore and coking coal prices

▪ Employee benefit expenses: decreased on QoQ basis

due to variation in discrete payments and actuarial adjustments

2QFY26 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, Prior period numbers have been restated to align with segmental reporting parameters going forward

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

2QFY26

1QFY26

2QFY25

Key drivers for QoQ change:

0.57

5,927

4,039

1,020

1,575

(765)

0.60

6,096

4,141

(38)

1,023

1,440

(471)

0.39

0.63

6,521

4,727

(324)

1,193

2,513

(1,587)

▪ Revenues: declined inline with deliveries and

challenging market dynamics continue to weigh on realisations

▪ Raw material cost: primarily decreased on account of

lower purchases vs. 1Q

▪ Other expenses: increased by 10% QoQ basis mainly due to annual maintenance activity leading to higher repairs & maintenance related expenses

EBITDA per ton (Rs)

(13,510)

(7,829)

(25,214)

2QFY26 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, EAF – Electric Arc Furnace, Prior period numbers have been restated to align with segmental reporting parameters going forward

Tata Steel Investor Relations

Investor enquiries

ir@tatasteel.com

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