Turcas Holding A.s. · BIST:TRCAS
Turcas Holding A.s — Turcas Petrol A.Ş. — Investor Presentation (2025)
21 slides from Turcas Holding A.s's investor presentation, 2025
Slide 1: Investor Presentation
(UICOS Investor Presentation DISCLAIMER STATEMENT Turcas Petrol A.S. (“Turcas") has prepared this presentation document (the "Document”) consisting of documents thereto for the sole purposes of providing information and projections and statements retating to Turcas (the “Information’). Turcas cannot
Slide 2: Table of Contents
Table of Contents 1. Turcas: A Sustainable Investment Platform Page # a) Turcas at a Glance…………………………………………………………………... 2 b) Group Structure & Milestones……………………………………………………. 3-4 c) Shareholding Structure & Stock Information……………………………………… 5 d) Turcas Cash Inflows & Dividend Stream ……………………………………….
Slide 3: Turcas: A Sustainable Investment Platform - At a Glance
Turcas: A Sustainable Investment Platform At a Glance ▪ Oil & Energy focused Investment Company ▪ Extensive industrial know-how in Turkish Energy Business Turcas ▪ Active in Fuel Distribution-Lubricants and Power Generation ▪ Carved-in Business Partnership culture ▪ Targeting to Further Diversify it
Slide 4: Group Structure
Turcas: A Sustainable Investment Platform Group Structure Bloomberg Ticker: TRCAS.TI Reuters Ticker: TRCAS.IS Free Float: 35,72%** 1,200 Nationwide Shell 800 MW Branded Fuel Stations** Gas Fired Power Plant Lubricants Plant in Derince * In addition to Turcas’ indirect ownership at ATAŞ through Shell
Slide 5: Corporate Milestones
Turcas: A Sustainable Investment Platform Corporate Milestones 1931 1953 1962 1996 2005 2006 2006 ▪ Foundation of ▪ Lubricants ▪ Start of ▪ Acquisition by ▪ Acquisition of ▪ Merger with ▪ Foundation of Türkpetrol Ltd. sales operations at Conoco, Conoco’s Royal Dutch Socar & partnership Ataş Refinery
Slide 6: Shareholding Structure & Stock Information
Turcas: A Sustainable Investment Platform Shareholding Structure & Stock Information Shareholding Structure of Turcas Petrol (as of 31/12/2024) Shareholding Structure of Aksoy Girişimcilik (as of 31/12/2024) 1,2% 9,83% Aksoy Girişimcilik Enerji Erdal Aksoy ve Turizm A.Ş 29,2% 34,8% Free Float S. Bat
Slide 7: Cash Inflows From Subsidiaries (Shell Turcas & RWE Turcas)
Cash Inflows From Subsidiaries (Shell Turcas & RWE Turcas) MM TL Total Long-Term Proceeds to Turcas: 448 MM USD (2,635 MM TL) 466 169 113 177 6 20 300 32 65 8 11 57 8 168 5 10 16 23 11 85 120 120 7 50 53 45 13 16 14 36 51 41 75 70 26 31 27 30 33 24 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2
Slide 8: Deleveraging Completed & Dividend Payments Restarted
Deleveraging Completed & Dividend Payments Restarted MM EUR Turcas Consolidated Loan Balance 200 150 100 165 151 135 120 127 50 102 114 100 85 21 12 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 -50 2024 YE Net Cash Position: 7.6 MM USD MM USD Turcas Dividend Payments 10 5 * Persiste
Slide 9: Fuel Distribution: Shell & Turcas JV
Fuel Distribution: Shell & Turcas JV ▪ In 2005, Royal Dutch Shell (‘Shell’) and Turcas Petrol A.Ş. have merged their fuel retail operations in Turkey under the name of Shell & Turcas Petrol A.Ş. (‘STAŞ’). Newly established company, Royal Turcas STAŞ, started its operations in July 2006 Dutch Shell P
Slide 10: Fuel Distribution: Overall Market Growth
Fuel Distribution: Overall Market Growth Gasoline Sales (Sector) Diesel Sales (Sector) MM m3 +21% y/y MM m3 +1% y/y 6,6 31,5 31,1 31,2 5,5 30,8 30,9 30,0 4,3 3,9 3,2 3,3 29,0 3,1 3,0 28,0 2017 2018 2019 2020 2021 2022 2023 2024 2017 2018 2019 2020 2021 2022 2023 2024 White Product Sales (Sector) Lub
Slide 11: Fuel Distribution: Shell & Turcas JV Volume Growth
Fuel Distribution: Shell & Turcas JV Volume Growth Gasoline Sales (STAŞ) Diesel Sales (STAŞ) ths m3 ths m3 +1% y/y -6% y/y +21% y/y +24% y/y 5.479 5.605 5.272 4.970 1.916 4.170 4.337 4.175 1.540 3.861 1.235 1.075 757 780 805 772 2017 2018 2019 2020 2021 2022 2023 2024 2017 2018 2019 2020 2021 2022 2
Slide 12: Fuel Distribution: Shell & Turcas JV Market Share
Fuel Distribution: Shell & Turcas JV Market Share Gasoline Market Shares Diesel Market Shares #1 Shell & Turcas PO (Vitol) Opet BP Total (Oyak) Shell & Turcas PO (Vitol) Opet BP Total (Oyak) 29,1% 22,4% 25,2% 17,0% 17,3% 16,7% 9,6% 9,1% 6,2% 7,1% Onsite White Oil Market Shares (2021-2024) Lubricants
Slide 13: Fuel Distribution: Shell & Turcas JV Efficiency Metrics
Fuel Distribution: Shell & Turcas JV Efficiency Metrics (as of YE 2024) Market Efficiency Index (as of YE24) Throughput (White Product Sales / Station) X(times) m3 #1 #1 1,9 1,3 1,2 All Market 1,1 Efficiency = 1.0 6.197 4.086 2.454 4.363 5.378 5.869 6.055 3.942 4.020 4.207 4.215 3.136 3.643 3.558 3.
Slide 14: Fuel Distribution: Shell & Turcas JV
Fuel Distribution: Shell & Turcas JV Net Sales EBITDA MM TL -6% y/y MM TL +9% y/y 355.089 332.400 10.068 305.019 9.196 7.013 55.569 2.039 39.325 34.521 1.305 940 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024 Net Income / Loss Shell & Turcas 2024 Highlights MM TL +214% y/y • Onsite B2B
Slide 15: Power Generation (Natural Gas PP): RWE & Turcas JV
Power Generation (Natural Gas PP): RWE & Turcas JV ▪ In 2009, Turcas and Germany’s RWE established a joint venture company Denizli CCPP with an installed under the name RWE & Turcas Güney (‘RTG’) to establish a 800 MW CCPP in capacity of c.a.800 MW Turkey ▪ RWE holds 70% and Turcas holds the remaini
Slide 16: Power Generation (Natural Gas PP): Overall Market Info
Power Generation (Natural Gas PP): Overall Market Info GDP vs Electricity Consumption Growth Turkish Power Generation (by source) Share of 23% 34% 22% 21% 19% 12,4% NG+LNG 11,0% GWh 5,5% 7,4% 5,7% 5,6% 106.264 107.339 104.115 114.210 117.928 120.491 5,2% 68.070 77.832 38.051 55.473 47.018 71.377 66.
Slide 17: Power Generation (Natural Gas PP): RWE & Turcas JV
Power Generation (Natural Gas PP): RWE & Turcas JV RTG Average Electricity Sales Price (TL/MWh) Cash inflows to Turcas from RWE & Turcas JV (MM TL) MM TL 4.506 SHL Repayment Cash Capital Decrease Dividend Payment 4.004 3.519 2.644 2.843 2.471 2.853 2.268 2.720 2.232 2.500 30 1.530 169 913 120 557 32
Slide 18: Power Generation (Natural Gas PP): RWE & Turcas JV
Power Generation (Natural Gas PP): RWE & Turcas JV Net Sales EBITDA MM TL 16.537 MM TL 2.639 15.714 -31% y/y -57% y/y 11.333 1.743 1.126 2.715 417 1.041 1.548 84 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024 -2 Net Income / Loss RWE & Turcas 2024 Highlights MM TL • Although electricity
Slide 19: Turcas Consolidated IFRS Summary BS & PL
Turcas Consolidated IFRS Summary BS & PL IFRS Consolidated Financial Statements & Financing Ratios Income Statement, million TL 2023 2024 Y/Y Balance Sheet , million TL 2023 2024 Y/Y Revenues 0 0 n.m. Cash & Cash Equivalents 260 270 4% Gross Profit 0 0 n.m. Associates (STAS & RTG) 9,159 9,528 4% Ope
Slide 20: Going Forward for Turcas
Going Forward for Turcas… ➢ Dividend Payments: Having restarted dividend payments in 4Q24 after 7 years of deleveraging, we aim once again to be one of the continuous dividend payers of Borsa İstanbul. ➢ Investments with a focus on Geographic Diversification: We will review and evaluate investment o
Slide 21: Thank you!
Thank you! Contact Information Arif ŞAHİN Mert GÖKNAR Corporate Finance and Investor Finance Director Relations Manager E-mail: mert.goknar@turcas.com.tr E-mail: arif.sahin@turcas.com.tr Phone: +90 212 259 00 00 / Ext: 1243 Phone: +90 212 259 00 00 / Ext: 1238