22 slides from Turkiye Petrol Rafinerileri A.s's investor presentation, April 2025
Slide 1: Strategic Transition Plan – 2025 Update
Strategic Transition Plan – 2025 Update April 2025 Hizmete Özel / Confidential
Slide 2: Disclaimer
Disclaimer This presentation includes forward-looking statements reflecting the management's current views on certain future events. Statements may include terms like 'will', 'aim', 'expects', 'progress', 'estimate', 'anticipates', 'intends', 'believes', 'vision', 'ambition', 'target', 'seek', 'goal
Slide 3: Global Energy Outlook: What Has Changed Since 2021?
Global Energy Outlook: What Has Changed Since 2021? Elevated geopolitical tensions… …rerouting of product flows and straining fuel inventories and increased volatility Security Increase in upstream investments reaffirms importance of refined Since Paris Agreement in 2014, products in supply security
Slide 4: 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 5: Sustainable Refining
Sustainable Refining Hizmete Özel / Confidential
Slide 6: Sustainable Refining - Tüpraş
Sustainable Refining - Tüpraş ENERGY EFFICIENCY PROJECTS • ENERGY INTENSITY TARGET OF 88.7 BY 2030 (2021 STP: 91.2) • 2024 ENERGY INTENSITY ACHIEVED AT : 92.3 – 10 POINTS IMPROVEMENT SINCE 2021 STP Targets (Cumulative) BASE YEAR OF 2017. • OUR CAPEX INCLUDES TRANSFORMATION IN FLEET MODERNIZATION ACR
Slide 7: Sustainable Refining – Improving Energy Efficiency and Sustainability Scores
Sustainable Refining – Improving Energy Efficiency and Sustainability Scores Tüpraş Energy Intensity Index Evolution Progress in Our Sustainability Ratings Improvement Sector 2020 Current compared to 102.2 Average 2020 (%) 93.5 94.9 17 55 224 35 92.4 92.3 88.7 2.2 3.9 77 2.9 40 55 38 42 37.3 24.9 33
Slide 8: Zero Carbon Electricity
Zero Carbon Electricity Hizmete Özel / Confidential
Slide 9: Zero Carbon Electricity – Market Outlook
Zero Carbon Electricity – Market Outlook • Renewable energy installed capacity in Türkiye has reached to 63 Installed Capacity of Türkiye (GW) GW, accounting 57% of the total installed capacity. 190 • Türkiye ranks 11th in the world and 5th in Europe in terms of installed renewable power capacity. 1
Slide 10: Zero Carbon Electricity – Tüpraş
Zero Carbon Electricity – Tüpraş • With regulator offering new licenses for solar and wind; along with international capacity expansion our previous 2030 target will be reached by 2027. 2021 STP Targets (Cumulative) • Due to increase in equipment prices as well as brought forward plan, our capex for
Slide 11: SAF
SAF Hizmete Özel / Confidential
Slide 12: SAF – Market Outlook
SAF – Market Outlook Regulations • Global: IATA 2050 net zero target and CORSIA 2021-35 carbon neutral international flights target. Global SAF Demand & Supply (mton) • Europe: Blending obligation of 2% in 2025, 6% in 2030 and 70% in 2050 with 350 SAF demand: REDD-II directive. • 2023 – 0.5 mton 300
Slide 13: SAF - Tüpraş
SAF - Tüpraş • With the progression of our engineering studies, we are on track to build up a new unit in İzmir, instead of converting an existing one. Studies initiated to build an additional unit in another site. 2021 STP Targets (Cumulative) • 2022-35 Capex: ~600 mn $ • Improvement in EBITDA proj
Slide 14: Green Hydrogen
Green Hydrogen Hizmete Özel / Confidential
Slide 15: Green Hydrogen - Market Outlook
Green Hydrogen - Market Outlook Unit Capex Expectations for H2 Production Global Low-Carbon H2 Demand, Base Scenario k$/MW 2,285 Mt/year 212 193 1,726 1,435 80 75 675 525 330 20 18 2030 2040 2050 2030 2040 2050 2021 STP Assumptions 2025 STP Assumptions 2021 STP Assumptions 2025 STP Assumptions • On
Slide 16: Green Hydrogen - Tüpraş
Green Hydrogen - Tüpraş • In commercial H2, we continue to advance our investments successfully ELECTROLYZER CAPACITY aligning with our growth targets. 2021 STP Targets (Cumulative) MW • As a result, with Green H2 electrolyzer capex increasing by 4 times, our • 2022-35 Capex: ~690 mn $ 1,000 green h
Slide 17: 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 18: Strategic Transition Plan – Emission Reduction
Strategic Transition Plan – Emission Reduction EMISSION REDUCTION SCOPE 1 & 2 BASE YEAR SCOPE 1 + 2 7.6* MN TONNES -18% -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 19: Financial Projections
Financial Projections Hizmete Özel / Confidential
Slide 20: Strategic Transition Plan - Financials
Strategic Transition Plan - Financials Mn $ Annual EBITDA* 40 1,700 45 15 1,700 250 55 1,457 -115 160 -205 Hizmete Özel / Confidential Strategy www.tupras.com.tr * IAS 29 adjustments are not applied.
Slide 21: 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 22: www.tupras.com.tr
www.tupras.com.tr 06/08/2025 Hizmete Özel / Confidential www.tupras.com.tr 22 Telekonferans Sunumu