Petkim Petrokimya Holding Anonim Sirketi · BIST:PETKM
Petkim Petrokimya Holding Anonim Sirketi — Petkim Petrokimya Holding A.Ş. — Q1 2025 Earnings Presentation
33 slides from Petkim Petrokimya Holding Anonim Sirketi's earnings presentation, May 2025
Slide 1: 1Q25 Results Investor Presentation
1Q25 RESULTS INVESTOR PRESENTATION MAY 2025
Slide 2: Welcome to Our Earnings Presentation
Welcome to Our Earnings Presentation Page 03-04 1Q25 FINANCIAL HIGHLIGHTS Page 05-10 INDUSTRY ENVIRONMENT Page 11-20 OPERATING & FINANCIALS RESULTS As of the end of 2024, Petkim, Page 21-23 Türkiye’s first and only STAR REFINERY integrated petrochemical Earnings Presentation 1Q25 company, achieved a
Slide 3: Financial Highlights
Sales FINANCIAL HIGHLIGHTS ₺17.7 BN (4%) QoQ EBITDA Net Income (₺0.8) BN (5%) Margin (1%) QoQ (₺2.6) BN -1,02 TL/Share (65%) QoQ Earnings Presentation 1Q25 Cash Net Debt ₺3.6 BN 0,7x Current Ratio (60%) QoQ ₺46.3 BN 30% QoQ 3
Slide 4: 1Q25 Highlights
1Q25 Highlights 01 Despite tight polymer spreads, weakness in aromatics limited margin improvement The average gross unit petchem margin rolled over from Q4 and averaged USD63/ton 02 While numerous closures occurring in Europe's petrochemical plants, Petkim continued to optimize its production 66% C
Slide 5: Industry Environment
INDUSTRY Earnings Presentation 1Q25 ENVIRONMENT Global Petrochemical Market Petrochemical Market in Türkiye 5
Slide 6: Monthly ethylene-naphtha spread and Platts index
Monthly ethylene - naphtha spread (CIF MED spot prices) USD/ton Industry Environment 328 312 226 331 238 208 Ethylene-naphtha spread increased 198 200 183 132 151 144 120 112 118 by about %57 from USD175/ton in 4Q24 to USD274/ton in 1Q25 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 5-Year Max-Min
Slide 7: Key trends in the industry
Industry Environment Key trends in the industry Product groups spread (over naphtha CIF MED) USD/MT Stubbornly slack demand Firming feedstock costs 600 Deepening US-China trade war 500 Despite higher prices, profitability remained weak and margins for integrated polyolefin units continued to trend a
Slide 8: Product groups spread over naphtha
Industry Product groups spread Environment (over naphtha CIF MED), USD/MT Polymers Fibers HDPE LDPE PP PVC MEG ACN PTA DEG 800 550 600 400 400 250 200 0 100 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 -200 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 Earnings Presentation 1Q25
Slide 9: Benzene / Paraxylene - Naphtha spread
Industry Benzene / Paraxylene - Naphtha spread Environment (over naphtha NWE), USD/MT Benzene-naphtha spread Production declines and plant closures in Europe Several EU plants have reduced output or shut down due to high costs 394 397 and weak margins, tightening regional supply 340 320 Falling US p
Slide 10: Türkiye's Petrochemical Sector Overview
Türkiye’s Petrochemical Petrochemical consumption in Türkiye (k tons) Sector Overview Domestic consumption Petkim domestic sales 2.336 2.289 2.377 2.291 2.209 2.500 2.000 1.500 1.000 Surplus (k tons) Türkiye domestic demand is primarily met by imports 265 248 203 247 220 500 0 Arom 1Q24 2Q24 3Q24 4Q
Slide 11: Operating & Financial Results
OPERATING & FINANCIAL RESULTS Earnings Presentation 1Q25 11
Slide 12: Capacity Utilization & Gross Production
Capacity Utilization Capacity utilization rates (%) Thermoplastics Fiber Aromatics Ethylene Other & Gross Production 81% 95% 76% 85% 63% 70% 66% 75% 99% 65% 102% 87% 100% 75% 78% 55% 91% 84% 79% 89% 45% 89% 35% 50% 18% 18% 25% 11% 9% 9% 15% 23% 5% 14% 14% Non-economical plants are 0% 7% 11% -5% 1Q24
Slide 13: Petrochemical Product Sales
Petrochemical Product Sales Breakdown of petchem sales (USD mn) Thermoplastics Fiber Aromatics Other Trade Breakdown by percentage in 1Q25 155 200 153 25% 122 115 91 95 Total petchem sales 38% 76 Earnings Presentation 1Q25 71 93 $466mn 99 87 14 88 82 25 61 5 18 12 21% 246 219 206 3% 187 179 13% 1Q24
Slide 14: Breakdown of Sales
Breakdown of Sales Sales volume (k tons) Total volume: Revenue breakdown (%) 116 86 71 444k tons 36 32 22 18 24 29 9 Export 41% PVC LDPE HDPE PP ACN Benzene C4 P-X Others Trade Total revenue: Revenue (TRY mn) 3.524 3.575 4.351 Domestic 59% 1.580 ₺17,594mn 1.063 945 728 614 445 766 3 Exports breakdow
Slide 15: Breakdown of Total COGS
Breakdown of Total COGS COGS breakdown (%) Inventory gain/loss* (USD mn) Other Trade Depreciation Labour costs Energy Raw materials Inventory gain/loss Naphtha prices 700 642 609 612 1% 596 595 579 583 584 23% 600 549 560 564 571 558 22% 551 525 5% 8% 8% 500 10% 7% 2 1 1 2 1 8% 1 400 -1 -1 -2 -2 -2
Slide 16: Feedstock vs. Product Prices of Petkim
Feedstock vs. Product Prices of PETKIM Thermoplastics and naphtha spread Petchem unit margins USD/ton USD/ton 1.500 400 1.501 1.523 1.492 1.420 1.418 1.338 1.349 1.366 2.400 800 1.300 350 1.314 1.274 750 1.227 1.224 1.211 1.205 1.202 1.100 300 2.000 231 700 215 218 900 250 650 1.600 700 200 600 771
Slide 17: Income Statement
PETKIM 1Q25 TRY mn Q4’24* Q1’25 QoQ Δ (%) Income Sales 18,313 17,671 (4%) Cost of sales (18,891) (18,659) (1%) Statement Gross profit (577) (989) 71% Gross profit % (3%) (6%) - Marketing and sales expenses (419) (342) (18%) General administrative expenses (1,080) (887) (18%) Operating profit (2,077)
Slide 18: EBITDA remained flat despite negative pricing delta
EBITDA remained flat despite the negative pricing delta Q125 56 segments’ 175 (805) results (1.035) (TRY mn) Petchem Trading Port EBITDA 1Q25 (1%) Quarterly Earnings Presentation 1Q25 change in EBITDA (TRY mn) 126 (813) 64 52 (805) 2 (218) (17) Q4'24 Price Raw Material Volume and FX Inventory Other
Slide 19: Balance Sheet
TRY mn 12M’24* 3M’25 QoQ Δ (%) PETKIM 3M25 Cash and cash equivalents 8,991 3,634 (60%) Balance Sheet Trade receivable 9,217 9,731 6% Inventory 8,184 9,112 11% Other receivables 39 16 (60%) Other current assets 3,432 6,341 85% Current assets 29,863 28,833 (3%) Non current assets 107,224 105,078 (2%)
Slide 20: Liquidity Highlights
Liquidity Highlights Maturity profile (USD mn) 8% USD TRY EUR Long term Short term 10% USD96 301 mn 264 408 144 101 86 82% 2025 2026 2027 2028 Cash flow from operations and investment activities (USD mn) Net debt position* (TRY bn) CFI CFO Net debt position Net debt/EBITDA 153 60 150 50 45,0x Earnin
Slide 21: STAR Refinery
STAR REFINERY Earnings Presentation 1Q25 21
Slide 22: STAR Refinery
STAR Refinery 13mn tons $6.7bn One of the most digitalized refinery REFINING CAPACITY TOTAL INVESTMENT VALUE in the world ~14% 28-36 API TÜRKİYE MARKET SHARE PROCESSING RANGE Production Capacity Diesel STAR Refinery is Türkiye’s first (mn tons) Naphtha privately constructed refinery Jet Fuel ~88% Re
Slide 23: STAR Refinery Operating and Financial Highlights
STAR Refinery Operating and Financial Highlights Q1 2025 Figures Capacity utilization Crude processed (per year) The narrowing of diesel margins and the inventory 121% 10mn tons impact negatively affected STAR Refinery’s profitability Although having positive EBITDA in Q1, net income deteriorated by
Slide 24: Sustainability & ESG
SUSTAINABILITY & ESG Earnings Presentation 1Q25 24
Slide 25: Sustainability Strategy: Two Pillars, Climate/CO2 Targets
Our Sustainability Strategy Will be Built on Two Pillars - Climate/CO2 Targets Short-term2 Mid-term Long-term 2021-2025 2025-2030 2030 onwards Decarbonization ๏ Develop internal carbon pricing ๏ Achieve long term decarbonization ๏ Implement energy efficiency, approach for future investments to targe
Slide 26: Petkim's ESG Risk Rating Score
Petkim’s ESG Risk Rating Score is Best Corporate 22,7 Governance World Finance 2024 22,7 Medium Risk Sustainalytics ESG Risk Rating 2024 NEGL LOW MED HIGH SEVERE 0-10 10-20 20-30 30-40 40+ Emissions, Europe & Effluents ๏ Environmental Policy Emerging EMEA and Wa ๏ Environmental Management System Equ
Slide 27: Supporting Slides
SLIDES SUPPORTING Earnings Presentation 1Q25 27
Slide 28: Petkim / SOCAR Türkiye Investment Plans
Petkim / SOCAR Türkiye plans to invest in Ethylene, PP and HDPE/LLDPE plants due to strong growth potential and high demand Timeline According to the results of the Feasibility and Technical Feasibility Study conducted by KBR, 2025 2026 Petkim aims to build a new Ethylene Plant (1.2 MTA), PP Plant (
Slide 29: Diversified Business Profile Through Ancillary Investments
Diversified Business Profile Through Ancillary Infrastructure Energy Investments ๏ Türkiye’s first privately constructed refinery ๏ Lower naphtha procurement costs ๏ Target processing capacity of 13mn tons p.a. ๏ Replacement of some of the heavy naphtha feedstock with reformate / mixed-xylene ๏ Incr
Slide 30: Petrochemical Complex Flow Chart
Petrochemical Complex Flow Chart Petkim has fully integrated operations LDPE (350,000 ton/year) Bag, greenhouse covers, film, cable, toys, pipes, bottles, hose, packaging HDPE (96,000 ton/year) Construction and water pipes, packaging film, toys, bottles, soft drink crates, barrels Ethylene MEG (89,0
Slide 31: Petkim Stock Performance
PETKIM Stock Performance Unit mn Volume PETKM TI Equity XU100 Index 200 450 180 400 160 350 140 300 120 250 100 200 80 150 60 100 40 20 50 0 0 Earnings Presentation 1Q25 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 Closing price Market capitalizat
Slide 32: Disclaimer
Disclaimer This presentation does not constitute or form part of, and should not be construed as, an offer or invitation to subscribe for, underwrite or otherwise acquire, any securities of Petkim Petrokimya Holding A.Ş. (the “Company”) or any member of its group nor should it or any part of it form
Slide 33: petkim.com.tr
petkim.com.tr Earnings Presentation 1Q25 Scan QR Code to See more 33
Petkim Petrokimya Holding A.Ş. — Q1 2025 Earnings Presentation on 6ix