Turkiye Petrol Rafinerileri A.s. · BIST:TUPRS
Turkiye Petrol Rafinerileri A.s — Tüpraş — Q1 2025 Earnings Presentation
27 slides from Turkiye Petrol Rafinerileri A.s's earnings presentation, Apr 29, 2025
Slide 1: Q1 2025 Earnings Presentation
Q1 2025 Earnings Presentation www.tupras.com.tr 29 April 2025 Hizmete Özel / Confidential
Slide 2: Disclaimer
Disclaimer With the Capital Markets Board of Turkey’s Bulletin dated 28.12.2023 numbered 2023/81, CMB announced that issuers and capital market institutions shall prepare their annual financial statements ending on 31.12.2023 or later, in accordance with IAS 29 inflation accounting provisions. Accor
Slide 3: Q1 2025 – Tüpraş Highlights
Q1 2025 – Tüpraş Highlights Increased White Product Yield upon the Sustained Normalization in Crack Margins above FX losses are more than offset by Inventory Completion of Major Maintenances Pre-Covid Levels, with a Healthy Spread over Opex. Gains and Net Interest Income $/bbl 85% mn TL Q1 2024 Q2 2
Slide 4: Market
Market Hizmete Özel / Confidential
Slide 5: Q1 2025 – Key Market Highlights
Q1 2025 – Key Market Highlights OPEC+ announced production increases for April and May, bringing the total expected output Global inventories started slightly above 5-year average but fell below last year’s levels by the end of Q1, to 42,1 mn bbl/d in Q2’25 – the highest level since 2023 after the v
Slide 6: Quarterly Crack Margin Comparison ($/bbl)
Quarterly Crack Margin Comparison ($/bbl) Mid-distillate cracks were lower y/y due to the high inventory levels; higher q/q with improved demand. HSFO remained strong due to supply constraints. 5 year range 2024 2025 Jet Fuel Diesel • Diesel cracks were higher q/q • Similar to diesel, jet fuel due t
Slide 7: Heavy Crude Price Differentials to Brent ($/bbl)
Heavy Crude Price Differentials to Brent ($/bbl) Differentials were narrowed q/q in Q1 upon the recent sanctions, partially supported by increased non-OPEC+ production. Basrah Heavy continued to provide wider discounts compared to the rest of the slate. 0 -4 -8 -12 Iran OPEC+ Cut OPEC+ OPEC+ Cut Rus
Slide 8: Operations
Operations Hizmete Özel / Confidential
Slide 9: Capacity Utilization and Quarterly Production Volume
Capacity Utilization and Quarterly Production Volume • Tüpraş produced 5.9 million tons in Q1 2025. • Capacity utilization for Q1 2025 was 83%. Quarterly Production (Million Tons) Capacity Utilization (%) 2023 2024 2025 Crude Oil Semi Product Feedstock Total 8 7.3 101 7.0 92 93 93 93 7 88 87 10 7.1
Slide 10: Product Sales in Q1 2025 (Million Tons)
Product Sales in Q1 2025 (Million Tons) • Tüpraş generated 6.4 million tons of sales in Q1 2025. • Our sales from production are parallel y/y. Total Product Sales Domestic Sales of Selected Products Domestic Sales International Sales Diesel Jet Fuel Gasoline Bitumen 7.0 6.5 6.3 6.4 1.9 0.3 4.9 1.5 1
Slide 11: Electricity Production & Sales in Q1'2025
Electricity Production & Sales in Q1’2025 • 238 GWh Zero Carbon Electricity is sold in Q1 2025. • Total Zero Carbon Electricity (ZCE) sales from production was decreased by 31% due to weak hydrology. Total ZCE Sales EBITDA from Production (GWh) (mn TL) Total Installed Capacity 644 86 112 17.5 MW MW
Slide 12: Financials
Financials Hizmete Özel / Confidential
Slide 13: Income Statement (Million TL)
Income Statement (Million TL) Q1 Q1 Million TL % 2025 2024 Net Sales 158,623 228,525 -31% COGS -145,458 -210,330 -31% Gross Profit 13,165 18,195 -28% Operating Expenses -6,417 -8,083 -21% Income/Loss from other operations -2,857 -4,616 -38% Operating Profit 3,891 5,496 -29% Income/Loss from Equity p
Slide 14: Profit Before Tax Bridge (Q1 2024– Q1 2025)
Profit Before Tax Bridge (Q1 2024– Q1 2025) Improved white product yield and lower energy expenses supported the PBT despite lower crack margins and narrow differentials. Million TL 2613.0 5702.0 146.0 2533.0 2802.0 -5987.0 -1638.0 1640.0 -2745.0 Q1 2024 Product Crude Energy White FX&Interest Moneta
Slide 15: Financial Highlights
Financial Highlights Net Debt & Net Debt / EBITDA Cash Currency Redemption Schedule(**) bn TL Breakdown TL Hard Currency bn TL bn TL -0.5 60 46.6 -25.6 40 -1.1 20 9.9 11.2 -60.0 Net Debt/EBITDA 0 2024 Q1 2025 Hard Currency TL 1 year Over 1 year Working Capital (bn TL) Financial Management 30 27.7 25
Slide 16: Outlook for 2025
Outlook for 2025 Hizmete Özel / Confidential
Slide 17: 2025 Refinery Maintenance Schedule
2025 Refinery Maintenance Schedule Refinery Unit Starting Quarter Duration (weeks) Purpose Planned Vacuum Q1 Periodic Completed İzmit 5 Desulphurizer Q1 Maintenance Ongoing İzmir FCC Q1&Q2&Q3 28 Revamp Ongoing Crude Oil & Vacuum Q1 10 Seasonal Completed Batman Crude Oil & Vacuum Q4 10 Seasonal Plann
Slide 18: 2025 Expectations
2025 Expectations Net Refinery Margin(*) expectation 5-6 $/bbl • ~26 mn tons annual production • ~30 mn tons annual sales • 90-95% average capacity utilization Consolidated Capex ~600 million $ (*) Net Refining Margin is calculated with all factors subject to inflation accounting stripped out. 12/06
Slide 19: Q1 2025 Results
Q1 2025 Results Tüpraş Net Refining Margin($/bbl) Capacity Utilization (%) 12.0 100 Tüpraş FY Target 10.0 80 8.0 60 6.0 Tüpraş FY Target 40 82.8 4.0 8.4 6.8 5.4 4.8 20 2.0 4.1 0.0 0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1 2025 Operationals (mn tons) Total Capex (mn $) Q1 2025 FY Target 600 600 30
Slide 20: www.tupras.com.tr
www.tupras.com.tr 12/06/2025 Hizmete Özel / Confidential www.tupras.com.tr 20 Earnings Presentation
Slide 21: Appendix
Appendix Hizmete Özel / Confidential
Slide 22: Turkish Market, 2M 2025
Turkish Market, 2M 2025 Jan Feb Million Diesel Jet Fuel1 Tons 3.6 3.7 3.4 3.5 3.5 0.7 0.7 0.7 1.7 1.7 1.8 1.7 1.8 0.6 0.3 0.3 0.4 0.4 0.3 +2.5% +7.1% 2.0 1.9 0.2 1.7 1.7 1.8 0.4 0.3 0.3 0.3 0.2 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Gasoline LPG 0.7 0.7 0.6 0.6 0.6 0.5 0.4 0.5 0.5 0.5 0.3
Slide 23: OPET
OPET Opet has 1,885 fuel stations as of March 2025 end. 12% of the fuel stations have EV chargers installed. Opet Sunpet Market Share* 1,766 1,802 1,857 1,866 1,882 1,885 1,670 1,504 1,560 1,615 18% 1,393 1,444 615 626 623 625 495 563 588 431 434 463 427 435 1,126 1,152 1,175 1,203 1,214 1,242 1,240
Slide 24: Q1 Product Yields
Q1 Product Yields Q1 2024 Q1 2025 1% Other 9% Other 3% Bitumen 2% LPG Bitumen LPG 8% 3% 2% Kok Kok 4% 23% Gasoline 1% Other Gasoline Fuel Oil 23% Other white 3% 13% white 26% 2% Light Black Prod. Fuel Oil 24% Light Distil. 15% Black Prod. Distil. 26% 0% Naphtha Naphtha 0% 49% Mid. Distil. Mid. Disti
Slide 25: Tüpraş Balance Sheet (Million TL)
Tüpraş Balance Sheet (Million TL) 31.03.2025 31.12.2024 Difference % Difference Current Assets 179,149 204,267 -25,118 -12 Cash & C. Equivalents 46,671 80,934 -34,263 -42 Trade Receivables 44,436 40,802 3,633 9 Derivatives 3,854 1,617 2,237 138 Inventories 66,045 66,343 -298 0 Pre-paid expenses 1,85
Slide 26: Finished Product and Semi Product Imports (Thousand Tons)
Finished Product and Semi Product Imports (Thousand Tons) Product Imports Q1 2025 Q1 2024 800 223 270 216 117 155 28 63 78 60 49 13 Diesel Jet Fuel HVGO ASRFO LSFO Naphtha MTBE 12/06/2025 Hizmete Özel / Confidential Earnings Presentation www.tupras.com.tr 26
Slide 27: www.tupras.com.tr
www.tupras.com.tr 12/06/2025 Hizmete Özel / Confidential www.tupras.com.tr 27 Earnings Presentation