Turkiye Petrol Rafinerileri A.s. · BIST:TUPRS
Turkiye Petrol Rafinerileri A.s — Tüpraş — Q2 2025 Earnings Presentation
28 slides from Turkiye Petrol Rafinerileri A.s's earnings presentation, Jul 29, 2025
Slide 1: Q2 2025 Earnings Presentation
Q2 2025 Earnings Presentation 29 July 2025 www.tupras.com.tr 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: Q2 2025 – Tüpraş Highlights
Q2 2025 – Tüpraş Highlights Q2 2025 Marks Peak in Domestic Gasoline Sales Türkiye Vehicle Park • Türkiye’s gasoline demand increased by 19.6% yoy in the first five months of 2025. 2018 2025 Gasoline cars accounted for 77% of new passenger car sales during this period. 5% Gasoline • Over the 7-year t
Slide 4: Market
Market Hizmete Özel / Confidential
Slide 5: Q2 2025 – Global Highlights
Q2 2025 – Global Highlights OPEC+ Production Increase Decision Spain and Portugal OPEC+ increased production by 137 kb/d for April, then tripled the hike to 411 28 Apr 2025 Iberian Peninsula Blackout kb/d in each of May, June and July. They further decided to increase Spain covers one-third of the m
Slide 6: Q2 2025 – Key Market Highlights
Q2 2025 – Key Market Highlights Brent prices surged early in the year due to additional sanctions on Russia, fell as Global inventories remained below the five-year average in Q2, attributed to power outages in OPEC+ raised output, spiked briefly in June amid Iran-Israel tensions, and then Spain and
Slide 7: Quarterly Crack Margin Comparison ($/bbl)
Quarterly Crack Margin Comparison ($/bbl) Mid-distillate cracks were almost same y/y despite the high base of last year; higher q/q with improved demand. HSFO remained strong due to ongoing supply constraints. 5 year range 2024 2025 Diesel Jet Fuel • On a y/y basis, diesel cracks were • Jet fuel cra
Slide 8: Heavy Crude Price Differentials to Brent ($/bbl)
Heavy Crude Price Differentials to Brent ($/bbl) Differentials narrowed q/q in Q2 upon the regional conflicts, despite OPEC+ production increase. Basrah Heavy continued to provide wider discounts compared to the rest of the slate. 0 -4 -8 -12 OPEC+ Cut Russia - OPEC+ Cut Red sea OPEC+ Cut Israel – D
Slide 9: Operations
Operations Hizmete Özel / Confidential
Slide 10: Capacity Utilization and Quarterly Production Volume
Capacity Utilization and Quarterly Production Volume • Tüpraş produced 7 million tons in Q2 2025. • Capacity utilization for Q2 2025 was 98%. Quarterly Production (Million Tons) Capacity Utilization (%) 2023 2024 2025 Crude Oil Semi Product Feedstock Total 8 7.3 101 98 7.0 7.0 92 93 94 93 88 87 10 7
Slide 11: Product Sales in Q2 2025 (Million Tons)
Product Sales in Q2 2025 (Million Tons) • Tüpraş generated 7.6 million tons of sales in Q2 2025. • Our domestic sales are up by 3%, supported by 13% y/y increase in gasoline sales. Total Product Sales Domestic Sales of Selected Products Domestic Sales International Sales Diesel Jet Fuel Gasoline Bit
Slide 12: Electricity Production & Sales in Q2’2025
Electricity Production & Sales in Q2’2025 • 330 GWh Zero Carbon Electricity is sold in Q2 2025. • Total Zero Carbon Electricity (ZCE) sales from production was increased by 15%. Total ZCE Sales EBITDA Total Installed Capacity from Production (GWh) (mn TL) 583 66 112 17.5 556 MW MW MW 29.3 MW 330 287
Slide 13: Financials
Financials Hizmete Özel / Confidential
Slide 14: Income Statement (Million TL)
Income Statement (Million TL) Million TL Q2 2025 Q2 2024 % H1 2025 H1 2024 % Net Sales 183,164 257,560 -29% 351,316 499,812 -30% COGS -165,337 -234,018 -29% -319,533 -456,983 -30% Gross Profit 17,827 23,542 -24% 31,783 42,829 -26% Operating Expenses -7,229 -9,267 -22% -14,032 -17,835 -21% Income/Los
Slide 15: Profit Before Tax Bridge (Q2 2024– Q2 2025)
Profit Before Tax Bridge (Q2 2024– Q2 2025) Strong dividend distribution lowered net interest income generation while monetary gain partially mitigated the impact on PBT Million TL 1,149 1,855 668 3,850 12,143 -3,675 11,019 -1,364 -98 -3,509 Q2 2024 Product Profitability White Product Yield Inventor
Slide 16: Financial Highlights
Financial Highlights Net Debt & Net Debt / EBITDA Cash Currency Redemption Schedule bn TL Breakdown bn TL bn TL TL Hard Currency 100 90.4 80 -0.9 60 -1.1 40 -49.0 16.0 20 9.4 6.6 9.4 -63.6 Net Debt/EBITDA 0 2024 FY 1H 2025 Hard Currency TL 1 year 1-2 years 2-3 Years Over 3 years Working Capital (bn
Slide 17: Outlook for 2025
Outlook for 2025 Hizmete Özel / Confidential
Slide 18: 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 Completed İzmir FCC Q1 48 Revamp Ongoing Crude Oil & Vacuum Q1 10 Seasonal Completed Batman Crude Oil & Vacuum Q4 10 Seasonal Planned 2
Slide 19: 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 (IAS 29) stripped o
Slide 20: Q2 2025 Results
Q2 2025 Results Tüpraş Net Refining Margin($/bbl) Capacity Utilization (%) 100 12.0 Tüpraş FY Target 10.0 80 8.0 60 6.0 Tüpraş FY 90.3 Target 40 4.0 6.8 5.4 4.8 5.3 20 2.0 4.1 0.0 0 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 1H 2025 Operationals (mn tons) Total Capex (mn $) 1H 2025 FY Target 600 600 30
Slide 21: www.tupras.com.tr
www.tupras.com.tr 29/07/2025 Hizmete Özel / Confidential www.tupras.com.tr 21 Earnings Presentation
Slide 22: Appendix
Appendix Hizmete Özel / Confidential
Slide 23: Turkish Market, 5M 2025
Turkish Market, 5M 2025 Q1 Apr May Million Tons Diesel Jet Fuel1 10.0 10.0 10.2 9.6 9.5 2.2 2.0 2.0 1.8 2.4 2.2 2.3 2.1 1.6 0.6 0.5 0.5 2.2 2.0 1.9 2.0 2.1 0.4 0.4 0.5 1.0 0.4 +2.3% 0.4 +9.0% 0.2 5.6 5.4 5.6 5.8 5.8 0.2 1.1 1.2 0.9 1.1 0.6 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Gasoline 2
Slide 24: OPET
OPET Opet has 1,886 fuel stations as of June 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 1,886 1,670 1,504 1,560 1,615 1,393 1,444 19% 495 563 588 615 626 623 621 431 434 463 427 435 1,126 1,152 1,175 1,203 1,214 1,242 1,240
Slide 25: Q2 Product Yields
Q2 Product Yields Q2 2024 Q2 2025 1% Other 9% Other3% Bitumen 2% LPG Bitumen LPG 3% 1% 10% Kok Kok 22% 3% Gasoline 1% Gasoline Other 22% Other white white Fuel Oil 2% 15% 25% Light 6% Black Prod. Fuel Oil 26% Light Distil. Black Prod. Distil. 19% 25% 1% Naphtha Naphtha 0% 48% Mid. Distil. Mid. Disti
Slide 26: Tüpraş Balance Sheet (Million TL)
Tüpraş Balance Sheet (Million TL) Million TL 30.06.2025 31.12.2024 Difference % Difference Current Assets 229,194 216,536 12,657 6 Cash & C. Equivalents 90,352 85,796 4,556 5 Trade Receivables 53,369 43,253 10,116 23 Derivatives 1,424 1,714 -290 -17 Inventories 57,807 70,328 -12,521 -18 Pre-paid exp
Slide 27: Finished Product and Semi Product Imports (Thousand Tons)
Finished Product and Semi Product Imports (Thousand Tons) Product Imports Q2 2025 Q2 2024 747 231 244 188 93 48 85 100 64 0 34 0 0 Diesel Jet Fuel HVGO ASRFO LSFO Naphtha Gasoline MTBE 29/07/2025 Hizmete Özel / Confidential www.tupras.com.tr 27 Earnings Presentation
Slide 28: www.tupras.com.tr
www.tupras.com.tr 29/07/2025 Hizmete Özel / Confidential www.tupras.com.tr 28 Earnings Presentation