51 slides from Turkiye Petrol Rafinerileri A.s's investor presentation, June 2026
Slide 1: Investor Presentation
Investor Presentation June 2026 Hizmete Özel / Confidential
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements that reflect the Company management’s current views with respect to certain future events. Although it is believed that the expectations reflected in these statements are reasonable, they may be affected by variables and changes in und
Slide 3: Refining Market
Refining Market Hizmete Özel / Confidential
Slide 4: Brent Crude Prices
Brent Crude Prices $/bbl + Russia-Ukraine war 5 yr range 5 yr ave 2025 2026 130 + Israel/USA – Iran War 120.5 + Impact of sanctions 120 + Post-pandemic demand recovery + OPEC+ production decisions 110 + New trade dynamics 107.6 103.9 100 - Continued Non-OPEC supply - Geopolitical tensions 90 - Conce
Slide 5: Global Refinery Capacity Changes
Global Refinery Capacity Changes Expectations until 2027: • The global oil demand reached to 103.9 mn bbl/d in 2025. • Net refining capacity additions for the year 2026 is expected to be around 0.2 mn bbl/d. 2020-2026 Net Refining Capacity Additions Global Oil Demand (mn bbl/d) Closures Openings mn
Slide 6: Middle Distillate Cracks
Middle Distillate Cracks $/bbl Diesel Jet Fuel 5 yr range 5 yr ave 2025 2026 5 yr range 5 yr ave 2025 2026 90 90 84.4 80 80 70 70 65.5 58.4 60 60 54.4 47.6 50 50 48.6 40 40 35.9 30 30.1 26.3 26.6 30 24.2 23.1 20.5 23.1 26.4 21.1 23.7 20.2 20 15.5 22.0 23.0 20 15.9 21.6 19.6 20.0 18.3 16.8 14.4 16.8
Slide 7: Gasoline and High Sulphur Fuel Oil Cracks
Gasoline and High Sulphur Fuel Oil Cracks $/bbl Gasoline High Sulphur Fuel Oil 5 yr range 2026 2025 5 yr ave 5 yr range 2026 2025 5 yr ave 45 0 -3.6 40 -5.9 -5.3 -5 -6.8 -6.4 -6.2 -10.7 -7.2 -7.2 -9.5 35 -10 -9.1 31.3 -15.8 -15.5 -14.1 -14.5 30 -15 -17.6 25 23.7 -20 21.8 20 18.5 18.4 -25 16.1 17.6 1
Slide 8: Heavy Crude Differentials to Brent ($/bbl)
Heavy Crude Differentials to Brent ($/bbl) 30 2020 2021 2022 2023 2024 2025 2026 25 20 15 10 5 0 -5 -10 -15 OPEC+ OPEC+ Cut Russia - Ukraine OPEC+ Cut Red Sea OPEC+ Cut Sanctions Iran – Israel Israel/USA – Disagreement Decision War Decision Tension Decision on Russia War Iran War -20 1 2 3 4 5 6 7 8
Slide 9: Turkish Market, 3M 2026
Turkish Market, 3M 2026 Jan Feb Mar Million Tons Diesel Jet Fuel1 5.6 5.8 5.8 6.0 5.4 1.2 1.3 2.1 2.2 2.1 2.3 1.1 1.9 1.1 0.9 0.5 0.4 0.5 1.7 1.7 1.8 1.8 0.4 1.8 +2.7% 0.3 0.3 0.3 +7.8% 0.3 0.3 0.4 1.7 1.8 2.0 1.9 1.9 0.4 0.5 0.3 0.3 0.3 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 Gasoline LPG
Slide 10: Turkish Market, FY 2025
Turkish Market, FY 2025 Q1 Q2 Q3 Q4 Million Tons Diesel Jet Fuel1 26.3 26.0 26.1 27.1 24.6 6.6 7.0 6.7 6.8 7.2 5.7 6.5 5.4 4.7 1.6 1.3 1.3 7.4 7.2 7.0 7.4 6.6 3.4 1.2 2.2 1.7 1.8 6.3 6.5 6.5 6.8 +3.7% 1.0 1.4 +16.0% 6.1 1.1 1.4 1.5 1.6 1.2 5.6 5.4 5.6 5.8 5.8 0.7 1.1 1.2 0.6 0.9 1.1 2021 2022 2023 2
Slide 11: Turkey's Net Import / Export Balance
Turkey’s Net Import / Export Balance Million Tons Import Export Market Share of Tüpraş 2025 12M -0.3 -0.4 Jet 0.1 Diesel 34% -0.2 -0.2 Jet 61% -10.0 -10.9 Diesel -9.5 Gasoline 97% -7.3 -8.0 -0.3 0.3 Fuel Choice of Passenger Cars 2025 Gasoline 0.9 2.0 1.6 EV/Hybrid 6% -2.9 LPG -3.2 Diesel 30% LPG -3.
Slide 12: Company Overview
Company Overview Hizmete Özel / Confidential
Slide 13: Tüpraş Shareholder Structure
Tüpraş Shareholder Structure Tüpraş is Turkey’s biggest industrial company and leading refiner. Koç Holding Aygaz Opet 77% 20% 3% Energy Investments Inc. (SPV) Koç Holding and Other Koç 46.4% 4.75% Foreign Ownership¹ 38% Free Float2 48.85% Domestic Ownership 62% 79.98% 100% 100% 41.7% 100% 99.23% ¹
Slide 14: Tüpraş' Refining Assets & Distribution Network
Tüpraş’ Refining Assets & Distribution Network İzmit Capacity: 11.3 mn t Nelson Compl.: 14.5 Storage: 3.0 mn m3 Kırıkkale Capacity: 5.4 mn t Nelson Compl.: 6.32 Storage: 1.3 mn m3 SPP: 37.6 MWe İzmir Capacity: 11.9 mn t Batman Nelson Compl.: 7.66 Capacity: 1.4 mn t Storage: 2.5 mn m3 Nelson Compl.:
Slide 15: Nelson Complexity of Refining Companies
Nelson Complexity of Refining Companies June - 26 Hizmete Özel / Confidential Investor Presentation Company Overview www.tupras.com.tr 15
Slide 16: Tüpraş Subsidiaries
Tüpraş Subsidiaries OPET – Distribution (%41.7) Tüpraş Trading UK – Trading (%100) DİTAŞ Marine Transport (%79.98) Market Share 20% White Products 33% Black Products 711,891 DWT Transportation of 9.7 million tons crude Over 9.5 and 8.3 million tons products cargoes Carrying Capacity 1,1 million m3 O
Slide 17: Tüpraş Subsidiaries
Tüpraş Subsidiaries Entek - Electricity (Tüpraş Share: 99.23%) Group Total Installed Capacity Production (000 MWh) 66 112 17.5 MW MW MW 37.6 1,600 MW 1,400 1,451 1,460 1,200 1,359 1,341 1,334 50 1,000 1,239 MW 178 28 MW 800 14.7 MW 600 7 MW MW 400 200 24.4 MW - Natural Gas Combined Hydroelectric Win
Slide 18: Operations
Operations Hizmete Özel / Confidential
Slide 19: Q1 Product Yields
Q1 Product Yields Q1 2025 Q1 2026 2% Other 7% Other 3% LPG Bitumen 2% LPG 4% Bitumen 3% 9% Kok Kok 3% 1% 23% Gasoline 4% Other Other Gasoline 23% Fuel Oil Fuel Oil white white 26% 4% 2% 15% Black Prod. Light Black Prod. Light Distil. Distil. 16% 26% 57% Mid. Distil. Mid. Distil. 56% 38% 19% Jet Fuel
Slide 20: Capacity Utilization and Quarterly Production Volume
Capacity Utilization and Quarterly Production Volume • Tüpraş produced 6.8 million tons in Q1 2026 with capacity utilization of 95%, highest first quarter level since 2017. Quarterly Production (Million Tons) Capacity Utilization (%) 2024 2025 2026 Crude Oil Semi Product Feedstock Total 8 7.3 7.2 10
Slide 21: Sales
Sales • Tüpraş generated 29.4 million tons of total sales in 2025. Total Sales Customer Groups 2025 mn tons 29.5 30.1 30.4 29.4 27.5 Other International 6.3 6.6 13% sales 6.0 6.0 5.8 20% Jet 7% Bitumen 21.7 23.5 23.8 23.8 23.4 Total Sales 6% 2025 29.4 mn tons 2021 2022 2023 2024 2025 International S
Slide 22: Product Sales in Q1 2026 (Million Tons)
Product Sales in Q1 2026 (Million Tons) • Tüpraş’ sales are up by 15% compared to Q1 2025 reaching to 7.4 million tons in Q1 2026. • Domestic sales increased by 20% y/y primarily driven by diesel sales. Total Product Sales Domestic Sales of Selected Products Domestic Sales International Sales Diesel
Slide 23: Financials
Financials Hizmete Özel / Confidential
Slide 24: Income Statement (Million TL)
Income Statement (Million TL) Million TL Q1 2026 Q1 2025 % Net Sales 258,254 207,582 24% COGS -236,678 -190,354 24% Gross Profit 21,575 17,228 25% Operating Expenses -9,919 -8,397 18% Income/Loss from other operations -264 -3,739 -93% Operating Profit 11,392 5,092 124% Inc./Loss from investments -83
Slide 25: Financial Highlights
Financial Highlights Net Debt & Net Debt / EBITDA Cash Currency Redemption Schedule bn TL bn TL Breakdown bn TL TL Hard Currency 140 129.9 105 -0.9 -1.0 70 19.4 18.2 -62.7 35 8.3 9.3 -74.7 0 2025 Net Debt/EBITDA Q1 2026 Hard Currency TL 1 year 1-2 years 2-3 Years Over 3 years Working Capital (bn TL)
Slide 26: Profit Before Tax Bridge (Q1 2025 – Q1 2026)
Profit Before Tax Bridge (Q1 2025 – Q1 2026) • Strong product profitability and positive inventory impact contributed to PBT, surpassing the negative impact of narrowed differentials and increased energy costs. Million TL 11,313 684 -3,491 10,383 -349 -4 -1,085 3,315 Q1 2025 Product Crude Differenti
Slide 27: 2026 Expectations
2026 Expectations Net Refining Margin(*) expectation 6-7 $/bbl • ~29 mn tons annual production • ~30 mn tons annual sales • 95-100% average capacity utilization Consolidated Capex ~700 million $ (*) Net Refining Margin is calculated with all factors subject to inflation accounting (IAS 29) stripped
Slide 28: Q1 2026 Results
Q1 2026 Results Tüpraş Net Refining Margin ($/bbl) Capacity Utilization (%) 100 12.0 Tüpraş FY Target 10.0 80 8.0 9.7 60 Tüpraş FY 6.0 Target 94.5 9.4 40 4.0 8.6 5.3 20 2.0 4.1 0.0 0 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2026 Operationals (mn tons) Total Capex (mn $) Q1 2026 FY Target 800 700 6
Slide 29: Tüpraş Balance Sheet (Million TL)
Tüpraş Balance Sheet (Million TL) Million TL 31.03.2026 31.12.2025 Difference % Difference Current Assets 315,177 260,719 54,458 21 Cash & C. Equivalents 129,900 118,004 11,897 10 Trade Receivables 76,810 58,049 18,761 32 Derivatives 25,307 1,539 23,769 1,545 Inventories 62,157 68,385 -6,228 -9 Pre-
Slide 30: Dividend (TL)
Dividend (TL) 179% Strategic Transition Dividend Plan 128% 11.9 99% 99% 97% 100% 104% Our new business model 91% 92% 91% 86% 80% enables us to pay ~80% 7.4 7.5 dividends and we will 10.4 remain as a high dividend payer 7.8 10.4 1.9 2.2 0.9 0.4 0.9 6.5 0.4 0.6 0.6 0.2 0.0 0.0 0.0 0.0 0% 0% 0% 0% 2009
Slide 31: Financial Policy
Financial Policy Financial Discipline: Risk management policies focusing on areas such as leverage, liquidity, counterparty risk, commodity, interest rate and currency exposure. Liquidity risk management & targets/limits for financial ratios: Leverage & • Net financial debt/EBITDA • Current ratio Li
Slide 32: Strategy
Strategy Hizmete Özel / Confidential
Slide 33: Türkiye's Transportation Energy Demand – 2025 Update
Türkiye’s Transportation Energy Demand – 2025 Update Türkiye’s Transportation Energy Demand Our Projections in million tones of oil equivalent (mtoe) Türkiye’s fossil fuel consumption to peak in 2035 (2021 STP: 2030) Electricity Hydrogen SAF, Other Jet Fuel Alternatives Alternative Marine Fuels Mari
Slide 34: Strategic Transition Plan
Strategic Transition Plan 2025-2030 2031-2035 Capex EBITDA Capex EBITDA Sustainable Refining ~50% ~85% ~40% ~65% 2021 STP: ~ 60% 2021 STP: ~ 90% 2021 STP: ~ 30% 2021 STP: ~ 70% Sustainable Aviation Fuel Zero Carbon Electricity ~50% ~15% ~60% ~35% 2021 STP: ~ 40% 2021 STP: ~ 10% 2021 STP: ~ 70% 2021
Slide 35: Strategic Transition Plan – Investment Areas
Strategic Transition Plan – Investment Areas SUSTAINABLE REFINING ZERO CARBON ELECTRICITY Energy Efficiency and Decarbonization Projects • Remain as a Major EBITDA Contributor Integrating Zero Carbon Electricity to produce Green H2 • Improve energy efficiency to drive up profitability • Primarily su
Slide 36: Strategic Transition Plan – Emission Reduction
Strategic Transition Plan – Emission Reduction EMISSION REDUCTION SCOPE 1 & 2 BASE YEAR SCOPE 1 + 2 7.6* MN TONNES -17% -20% -25% -49% We continue to invest in energy efficiency & decarbonization projects, green hydrogen & zero carbon electricity usage in refining to reduce scope 1 & 2 emissions -10
Slide 37: Strategic Transition Plan - Financials
Strategic Transition Plan - Financials Cumulative Cash Flow Bridge** (2025-35, bn $) Dividend (bn $,**) 17.0 6 8.5 5 -8.3 7.7 -1.0 -0.1 1.3 ~6 bn $ Already paid Dividend dividends in 1.2 2 years EBITDA Capex Net Fin. Exp. (*) Other Residual FCF 2022-2035 dividends in 2021 STP 2023 2025-2035 dividend
Slide 38: ESG
ESG Hizmete Özel / Confidential
Slide 39: Tüpraş's ESG Performance and Targets
Tüpraş’s ESG Performance and Targets Energy Intensity Target Progress in Our Sustainability Ratings 99.1 S&P Dow Jones FTSE4Good 94.9 Scale: 0-100 Scale: 0-5 93.5 92.4 92.3 60 90.0 53 3,9 4.1 88.7 48 3,4 3,4 3,5 40 34 2,2 17 2020 2021 2022 2023 2024 2025 2030 2020 2021 2022 2023 2024 2025 2020 2021
Slide 40: Appendix
Appendix Hizmete Özel / Confidential
Slide 41: 2026 Refinery Maintenance Schedule
2026 Refinery Maintenance Schedule Duration Refinery Unit Starting Quarter Purpose Planned (weeks) LPG Q1 Done Desulphurizer & 4 Periodic Maintenance Q1 Done İzmit Unifiner FCC & LPG Q4 12 Periodic Maintenance Planned Platformer & Unifiner Q4 6 Periodic Maintenance Planned FCC Q1 6 Revamp Done İzmir
Slide 42: Turkish Market Fuel Consumption 2020-2025
Turkish Market Fuel Consumption 2020-2025 Million Tons Diesel Jet Fuel* +0.5%26.1+3.7% 27.1 28 +10.1% 24.9 -1.6%24.5+6.0% 26.0 8 22.7 +16.0% 6.6 +4.7% 5.7 +16.8% 5.4 +38.0% 4.7 14 4 +39.4% 3.4 2.4 0 0 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 Gasoline LPG 6 +16.4% 5.7 +20.1% 4.9 5
Slide 43: Competition - STAR Refinery
Competition - STAR Refinery Timeline Turkish Market Structure (mn tons, 2025) Turkish Turkey Tüpraş STAR Total Market Balance Demand Demand* LPG 0.8 0.3 1.1 4.0 -2.9 Petchem F. 0.1 1.6 1.7 Gasoline 5.7 5.9 5.7 0.2 • Feasibility studies began in 2010 and Jet Fuel 4.9 1.7 6.5 6.6 -0.1 construction kic
Slide 44: Competition - Regional Competition
Competition - Regional Competition • Tüpraş competes with 69 refineries in the Mediterranean and Black Sea markets. • Mediterranean regional product balance is also affected from Middle East, North West Europe and Asia flows Mediterranean Black Sea 54 Refineries ~7.7 mbd 15 Refineries ~1.5 mbd June
Slide 45: European Pump Price Comparison
European Pump Price Comparison Turkish fuel prices are highly competitive with other European countries. Gasoline (TL/Lt) Diesel (TL/Lt) Tax Without Tax Tax Without Tax 119.0 120 120 110.3 109.2 105.5 104.8 106.4 105 102.2 105 97.5 89.8 92.1 90 90 49.6 69.4 50.5 60.8 61.1 75 54.0 75 68.8 44.9 59.1 6
Slide 46: Tüpraş - Ratings
Tüpraş - Ratings Tüpraş BIST Corporate Governance Rating Score Credit Rating Scores Foreign Currency Average 97.2 Long Term Tüpraş BB- (Positive) Ba2 (Stable) Shareholders 95.9 Türkiye BB- (Stable) Ba3 (Stable) BB- (Stable) Koç Holding BB+(Stable) Transparency 98.9 Analyst Recommendations Stakeholde
Slide 47: Tüpraş Production Flow and Yield Breakdown
Tüpraş Production Flow and Yield Breakdown • Tüpraş has 30 million tons of production capacity • Tüpraş operates 4 refineries with an integrated system optimization program Flow Diagram # of Capacity Key Units Units (m3/d) LPG LPG 3.5% MEROX CRUDE OIL 8 99,420 Gasoline / Naphtha 22.0% VACUUM DIST. 8
Slide 48: RUP Feedstock and Production
RUP Feedstock and Production • Residuum Upgrade Plant (RUP) was completed in 2015 and it is the main conversion unit of Tüpraş. • The second scheduled maintenance is completed in 1H 2024. 3192 665 184 ~2.4 mt & Jet ~2.8 mt 909 132 Total Processing ~5.5 mn tons Total Output ~5.1mn tons June - 26 Hizm
Slide 49: LPG and Naphtha Cracks
LPG and Naphtha Cracks $/bbl LPG Naphta 5yr range 2025 5 yr ave 2026 5yr range 2025 5 yr ave 2026 10 5 0 0 -5.1 -6.0 -5 -8.0 -7.6 -8.2 -7.9 -10 -9.7 -8.2 -9.3 -10.0 -10 -12.5 -12.1 -21.2 -20.6 -19.9 -11.3 -11.5 -20 -22.5 -23.9 -22.7 -19.1 -23.2 -15 -16.2 -29.5 -16.4 -30 -32.5 -30.46 -27.3 -34.0 -20
Slide 50: Koç Holding
Koç Holding Turkey’s Leading Investment Holding Company • Koç Holding is Turkey’s largest industrial and services group • The only Turkish company in Fortune Global 5002. ~7% ~8% ~17% Koç Group’s Pioneer in its Sectors Combined Total Exports / Market Cap/ Revenues / Turkey’s Borsa Istanbul GDP1 Expo
Slide 51: Latest Webcast
Investor Presentation Latest Webcast 2025 Integrated Annual Report Strategic Transition Plan ir@tupras.com.tr Hizmete Özel / Confidential