Turkiye Petrol Rafinerileri A.s. · BIST:TUPRS
Turkiye Petrol Rafinerileri A.s — Tüpraş — Investor Presentation (March 2026)
50 slides from Turkiye Petrol Rafinerileri A.s's investor presentation, March 2026
Slide 1: Investor Presentation
Investor Presentation March 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 5 yr range 5 yr ave 2025 2026 + Russia-Ukraine war 130 + Impact of sanctions + Post-pandemic demand recovery 120 + OPEC+ production decisions 110 + New trade dynamics - Continued Non-OPEC supply 100 - Geopolitical tensions 90 - Concerns over economic slowdown 79.2 Year Avera
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 60 60 55 55 50 50 45 45 40 40 35.9 35 35 30.1 30 30 26.3 26.6 23.7 24.2 23.1 25 23.1 21.1 25 26.4 20.2 20.5 20 21.6 20 22.0 23.0 15.9 15 17.1 18.3 19.6 15.5 20.0 16.2 15 16.8 13.8 13.8 14.5 16.
Slide 7: Gasoline and High Sulphur Fuel Oil Cracks
Gasoline and High Sulphur Fuel Oil Cracks $/bbl Gasoline High Sulphur Fuel Oil 5 yr range 2026 2025 5 yr ave 5 yr range 2026 2025 5 yr ave 45 0 -3.6 40 -5.9 -5.3 -5 -6.8 -6.4 -6.2 -10.7 -7.2 -7.2 -9.5 35 -10 -9.1 -15.8 -15.5 -14.5 30 -15 25 23.7 -20 21.8 20 18.5 18.4 -25 18.4 17.6 13.4 15 12.4 16.9
Slide 8: Heavy Crude Differentials to Brent ($/bbl)
Heavy Crude Differentials to Brent ($/bbl) 5 2020 2021 2022 2023 2024 2025 2026 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 9 101112 1 2 3
Slide 9: 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 10: 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 11: Company Overview
Company Overview Hizmete Özel / Confidential
Slide 12: 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% 6.82% Foreign Ownership¹ 38% Free Float2 46.78% Domestic Ownership 62% 79.98% 100% 100% 41.7% 100% 99.23% ¹
Slide 13: 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: 29.9 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 14: Nelson Complexity of Refining Companies
Nelson Complexity of Refining Companies Mar - 26 Hizmete Özel / Confidential Investor Presentation Company Overview www.tupras.com.tr 14
Slide 15: Tüpraş Subsidiaries
Tüpraş Subsidiaries OPET – Distribution (%41.7) Tüpraş Trading UK – Trading (%100) DİTAŞ Marine Transport (%79.98) Market Share 19% White Products 24% 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 16: Tüpraş Subsidiaries - Entek Electricity
Tüpraş Subsidiaries Entek - Electricity (Tüpraş Share: 99.23%) Group Total Installed Capacity Production (000 MWh) 66 112 17.5 MW MW MW 29.3 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 17: Operations
Operations Hizmete Özel / Confidential
Slide 18: Q4 Product Yields
Q4 Product Yields Q4 2024 Q4 2025 2% Other 10% Other 3% 2% LPG LPG Bitumen 3% Bitumen 12% 3% Kok 22% Kok Gasoline 1% Gasoline 2% Other 21% Other white 6% white 26% Fuel Oil 2% Light Fuel Oil 19% Black Prod. Light 5% Distil. Black Prod. Distil. 19% 25% Naphtha 0% 1% Naphtha 54% Mid. Distil. Mid. Dist
Slide 19: Capacity Utilization and Quarterly Production Volume
Capacity Utilization and Quarterly Production Volume • Tüpraş produced 6.7 million tons in Q4 2025. • Capacity utilization for Q4 2025 was 93%. Quarterly Production (Million Tons) Capacity Utilization (%) 2023 2024 2025 Crude Oil Semi Product Feedstock Total 8 7.3 101 100 7.2 98 7.0 7.0 92 93 94 93
Slide 20: 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 21: Product Sales in Q4 2025 (Million Tons)
Product Sales in Q4 2025 (Million Tons) • Tüpraş generated 7.5 million tons of sales in Q4 2025, bringing the annual to 29.4 million tons in 2025. • Our sales volume was parallel y/y. Total Product Sales Domestic Sales of Selected Products Domestic Sales International Sales Diesel Jet Fuel Gasoline
Slide 22: Financials
Financials Hizmete Özel / Confidential
Slide 23: Income Statement (Million TL)
Income Statement (Million TL) Million TL Q4 2025 Q4 2024 % 12M 2025 12M 2024 % Net Sales 205,954 227,066 -9% 830,356 1,060,730 -22% COGS -185,068 -212,198 -13% -749,124 -971,684 -23% Gross Profit 20,886 14,868 40% 81,232 89,046 -9% Operating Expenses -10,363 -6,903 50% -33,785 -35,266 -4% Income/Los
Slide 24: Financial Highlights
Financial Highlights Net Debt & Net Debt / EBITDA Cash Currency Redemption Schedule Breakdown TL Hard Currency bn TL bn TL bn TL 120 107.2 -0.9 100 80 -1.1 60 -57.0 40 21.8 13.7 12.7 -71.4 20 2.0 Net Debt/EBITDA 0 2024 2025 Hard Currency TL 1 year 1-2 years 2-3 Years Over 3 years Working Capital (bn
Slide 25: Profit Before Tax Bridge (Q4 2024 – Q4 2025)
Profit Before Tax Bridge (Q4 2024 – Q4 2025) • Strong product profitability, positive inventory impact and y/y limited monetary loss contributed to PBT, surpassing the negative impact of narrowed differentials and increased energy costs. Million TL 12,170 1,231 749 -8,584 11,161 -633 -456 -386 -1,80
Slide 26: 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 27: Q4 2025 Results
Q4 2025 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 93.6 Target 40 4.0 8.6 6.3 7.0 4.8 5.3 20 2.0 4.1 0.0 0 Q4 2024 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 12M 2025 Operationals (mn tons) Total Capex (mn $) 12M 2025
Slide 28: Tüpraş Balance Sheet (Million TL)
Tüpraş Balance Sheet (Million TL) Million TL 31.12.2025 31.12.2024 Difference % Difference Current Assets 236,931 242,924 -5,993 -2 Cash & C. Equivalents 107,237 96,251 10,987 11 Trade Receivables 52,753 48,524 4,229 9 Derivatives 1,398 1,923 -525 -27 Inventories 62,145 78,899 -16,753 -21 Pre-paid e
Slide 29: 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 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 2010
Slide 30: 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 31: Strategy
Strategy Hizmete Özel / Confidential
Slide 32: 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 33: 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 34: 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 35: 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 36: 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 37: ESG
ESG Hizmete Özel / Confidential
Slide 38: 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 39: Appendix
Appendix Hizmete Özel / Confidential
Slide 40: 2026 Refinery Maintenance Schedule
2026 Refinery Maintenance Schedule Duration Refinery Unit Starting Quarter Purpose Planned (weeks) LPG Q1 Planned Desulphurizer & 4 Periodic Maintenance Q1 Planned İzmit Unifiner FCC & LPG Q4 12 Periodic Maintenance Planned Platformer & Unifiner Q4 6 Periodic Maintenance Planned FCC Q1 6 Revamp Ongo
Slide 41: 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 42: 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 43: 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 Mar -
Slide 44: 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 Pump Price Without Tax Tax Pump Price 90 90 86.1 84.9 86.8 82.3 84.3 78.9 80.5 77.0 72.8 75 70.2 75 32.0 60 55.1 60 54.2 30.0 29.5 28.2 27.1 24.6 2
Slide 45: Tüpraş - Ratings
Tüpraş - Ratings Tüpraş BIST Corporate Governance Rating Score Credit Rating Scores Foreign Currency Average 97.2 Long Term Tüpraş BB- (Stable) Ba2 (Stable) Shareholders 95.9 Türkiye BB- (Positive) Ba3 (Stable) BB- (Stable) Koç Holding BB+(Stable) Transparency 98.9 Analyst Recommendations* Stakehold
Slide 46: 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 47: 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 Mar - 26 Hizme
Slide 48: 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 5 5 0 -5.1 -6.0 -5 -5 -8.0 -7.6 -8.2 -7.9 -9.7 -8.2 -9.3 -10.0 -10 -12.5 -12.1 -11.3 -11.5 -15 -15 -21.2 -20.6 -19.9 -22.7 -22.5 -23.9 -19.1 -23.2 -20 -25 -29.5 -30.46 -25 -27.3 -29.6 -35 -32.5 -32.0 -3
Slide 49: 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% ~7% ~16% Koç Group’s Pioneer in its Sectors Combined Total Exports / Market Cap/ Revenues / Turkey’s Borsa Istanbul GDP1 Expo
Slide 50: Latest Webcast
Investor Presentation Latest Webcast 2025 Integrated Annual Report Strategic Transition Plan ir@tupras.com.tr Hizmete Özel / Confidential