49 slides from Turkiye Petrol Rafinerileri A.s's investor presentation, August 2026
Slide 1: Investor Presentation
Investor Presentation August 2026 www.tupras.com.tr 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 3
Slide 4: Brent Crude Prices
Brent Crude Prices $/bbl + Russia-Ukraine war 5 yr range 5 yr ave 2025 2026 130 + Israel/USA – Iran War 120.5 + Impact of sanctions 120 + Post-pandemic demand recovery + OPEC+ production decisions 110 107.6 + New trade dynamics 103.9 100 - Continued Non-OPEC supply - Geopolitical tensions 90 - Conce
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 90 90 84.4 80 80 75.0 70 70 65.5 64.1 58.4 60 60 54.4 50 47.6 50 48.6 45.8 42.1 40 40 35.9 30 30.1 26.3 26.6 30 24.2 23.1 20.5 23.1 26.4 21.1 23.7 20.2 20 15.5 22.0 23.0 20 15.9 21.6 19.6 20.0
Slide 7: Gasoline and High Sulphur Fuel Oil Cracks
Gasoline and High Sulphur Fuel Oil Cracks $/bbl Gasoline High Sulphur Fuel Oil 5 yr range 2026 2025 5 yr ave 5 yr range 2026 2025 5 yr ave 50 0 -3.6 43.9 -5.9 -5.3 45 -5 -6.8 -10.7 -6.4 -7.2 -6.2 -7.2 -9.5 40 -10 -12.5 -12.4 -9.1 -14.1 -14.5 -15.8 -15.5 35 -15 31.3 31.4 30 -20 -17.6 25 23.7 -25 21.8
Slide 8: Heavy Crude Differentials to Brent ($/bbl)
Heavy Crude Differentials to Brent ($/bbl) 30 2022 2023 2024 2025 2026 25 20 15 10 5 0 -5 -10 -15 Russia - Ukraine OPEC+ Cut Red Sea OPEC+ Cut Sanctions Iran – Israel Israel/USA – Iran – USA War Decision Tension Decision on Russia War Iran War MoU -20 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10
Slide 9: Turkish Market, 5M 2026
Turkish Market, 5M 2026 Q1 Apr May Million Tonnes Diesel Jet Fuel1 10.0 10.0 10.2 9.5 9.9 2.4 2.2 2.3 2.0 2.2 2.4 2.1 2.0 2.0 2.0 1.9 2.0 2.1 2.0 1.6 0.6 0.6 0.5 0.5 0.4 0.5 0.5 0.4 0.4 6.0 -2.9% 0.4 +6.3% 5.4 5.6 5.8 5.8 1.1 1.1 1.2 1.3 0.9 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 Gasoline
Slide 10: Turkey's Net Import / Export Balance
Turkey’s Net Import / Export Balance Million Import Export Market Share of Tüpraş Tonnes 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 -
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% 4.75% Foreign Ownership¹ 38% Free Float2 48.85% 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 BAKÜ – TİFLİS – CEYHAN Crude Pipeline ENTEK Süloğlu WPP İzmit Capacity: 11.3 mn t İSTANBUL Nelson Compl.: 14.5 ENTEK OPET Storage: 3.0 mn m3 Kumköy Giresun OPET HPP İZMİT Terminal Marmara Kırıkkale Terminal Capacity: 5.4 mn t Nelson Compl.: 6.32 OPET EN
Slide 14: Nelson Complexity of Refining Companies
Nelson Complexity of Refining Companies Aug - 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 20% White Products 26% Black Products 826,891 DWT Transportation of 9.7 million tonnes crude Over 9.5 and 8.3 million tonnes products cargoes Carrying Capacity 1,1 million
Slide 16: Tüpraş Subsidiaries
Tüpraş Subsidiaries Entek - Electricity (Tüpraş Share: 99.23%) Group Total Installed Capacity Production (000 MWh) 66 112 17.5 MW MW MW 53.5 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: Q2 Product Yields
Q2 Product Yields Q2 2025 Q2 2026 2% Other 10% Other 3% Bitumen 2% LPG LPG Bitumen 8% 4% 3% Kok Kok 22% 3% 1% Gasoline Other Gasoline Other Fuel Oil 6% white 23% white 4% Fuel Oil 25% 2% 19% Black Prod. Light Light Black Prod. 16% Distil. Distil. 0% 27% Naphtha 54% Mid. Distil. Mid. Distil. 55% 18%
Slide 19: Capacity Utilization and Quarterly Production Volume
Capacity Utilization and Quarterly Production Volume • Tüpraş produced 6.9 million tonnes in Q2 2026 with capacity utilization of 96%. Quarterly Production (Million Tonnes) Capacity Utilization (%) 2024 2025 2026 Crude Oil Semi Product Feedstock Total 8 7.3 98 100 7.2 94 95 96 7.0 92 93 93 87 7 9 7
Slide 20: Sales
Sales • Tüpraş generated 29.4 million tonnes of total sales in 2025. Total Sales Customer Groups 2025 mn tonnes 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 tonnes 2021 2022 2023 2024 2025 Internati
Slide 21: Product Sales in Q2 2026 (Million Tonnes)
Product Sales in Q2 2026 (Million Tonnes) • Tüpraş’ sales rose 4% compared to Q2 2025, reaching 7.9 million tonnes in Q2 2026. • Domestic sales increased 5% y/y primarily driven by diesel and gasoline sales. Total Product Sales Domestic Sales of Selected Products Domestic Sales International Sales D
Slide 22: Financials
FINANCIALS Hizmete Özel / Confidential
Slide 23: Income Statement (Million TL)
Income Statement (Million TL) Million TL Q2 2026 Q2 2025 % H1 2026 H1 2025 % Net Sales 386,420 241,976 60% 662,788 464,119 43% COGS -325,383 -218,425 49% -578,662 - 422,131 37% Gross Profit 61,037 23,551 159% 84,126 41,988 100% Operating Expenses -11,137 -9,551 17% -21,752 -18,537 17% Income/Loss fr
Slide 24: Financial Highlights
Financial Highlights Net Debt & Net Debt / EBITDA Cash & Debt Currency Debt Redemption Schedule bn TL Breakdown bn TL Hard Currency TL 210 198.9 -0.9 -1.1 175 140 -67.1 105 68.2 70 31.8 35 12.0 9.6 14.8 -130.7 0 2025 Net Debt/EBITDA Q2'26 Cash & Cash Eq. Total Debt 1 year 1-2 years 2-3 Years Over 3
Slide 25: Profit Before Tax Bridge (Q2 2025 – Q2 2026)
Profit Before Tax Bridge (Q2 2025 – Q2 2026) • Strong product profitability alongside the mitigated impact of high crude prices through successful crude slate optimization led robust PBT performance y/y. mn TL 51,989 -14,406 49,919 -1,097 -878 -247 14,557 Q2'25 Product Crude & Other Feedstock Invent
Slide 26: 2026 Revised Expectations
2026 Revised Expectations Annual mn GUIDANCE REVISION Production ~29 tonnes Net Refining Margin* Annual mn Sales ~30 tonnes Previous Expectation Revised Expectation 6-7 z 13-15 z Average Capacity 95-100% $/bbl $/bbl Utilization Consolidated Capex ~700 mn $ (*) Net Refining Margin is calculated with
Slide 27: Q2 2026 Results
Q2 2026 Results Tüpraş Net Refining Margin ($/bbl) Capacity Utilization (%) 100 FY Target 24 21.4 21 80 18 15.6 15 60 Revised 12 FY Target 95.1 9.7 9.4 8.6 40 9 6 4.1 5.3 20 3 0 0 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 H1'26 H1'26 Operationals (mn tonnes) Total Capex (mn $) H1'26 FY Target 800 700 600
Slide 28: Tüpraş Balance Sheet (Million TL)
Tüpraş Balance Sheet (Million TL) Million TL 30.06.2026 31.12.2025 Difference % Difference Current Assets 439,481 279,005 160,476 58 Cash & C. Equivalents 198,919 126,280 72,638 58 Trade Receivables 78,748 62,120 16,627 27 Derivatives 35,574 1,647 33,927 2,060 Inventories 97,045 73,181 23,863 33 Pre
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 10.4 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
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 tonnes 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 Mar
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 37
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 4.1 4.2 88.7 48 3,9 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 2
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 Done Desulphurizer & 4 Periodic Maintenance Q1 Done İzmit Unifiner FCC & LPG Q4 12 Periodic Maintenance Planned Platformer & Unifiner Q4 6 Periodic Maintenance Planned FCC Q1 6 Revamp Done İzmir
Slide 41: Turkish Market Fuel Consumption 2020-2025
Turkish Market Fuel Consumption 2020-2025 Million Tonnes Diesel Jet Fuel* +0.5% +3.7% 28 -1.6% +6.0% 8 +10.1% +16.0% +4.7% +16.8% +38.0% 14 26.0 26.1 27.1 4 24.9 24.5 +39.4% 22.7 6.6 5.4 5.7 4.7 3.4 2.4 0 0 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 Gasoline LPG 6 +16.4% +20.1% 5 -6
Slide 42: Competition - STAR Refinery
Competition - STAR Refinery Timeline Turkish Market Structure (mn tonnes, 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 k
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 Aug -
Slide 44: Tüpraş - Ratings
Tüpraş - Ratings Tüpraş BIST Corporate Governance Rating Score Credit Rating Scores Foreign Currency Average 97.2 Long Term Tüpraş BB- (Positive) Ba2 (Stable) Shareholders 95.9 Türkiye BB- (Stable) Ba3 (Stable) BB- (Stable) Koç Holding BB+(Stable) Transparency 98.9 Analyst Recommendations Stakeholde
Slide 45: Tüpraş Production Flow and Yield Breakdown
Tüpraş Production Flow and Yield Breakdown • Tüpraş has 30 million tonnes 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.
Slide 46: 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. ~3.0 mt Diesel Gasoline Jet Fuel 2,200 470 1,500 ~2.8 mt LPG Petro Coke Sulphur 320 910 142 Total Processing ~6.
Slide 47: 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 10 5 0 0 -3.5 -5.1 -6.0 -5 -8.0 -7.6 -8.2 -7.9 -10 -9.7 -8.2 -9.3 -10.0 -10 -12.5 -12.1 -11.3 -21.2 -20.6 -19.9 -11.5 -20 -22.5 -12.0 -23.9 -22.7 -19.1 -23.2 -15 -16.2 -29.5 -16.4 -30 -32.5 -30.46 -27.3
Slide 48: 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% ~8% ~17% Koç Group’s Pioneer in its Sectors Combined Total Exports / Market Cap/ Revenues / Turkey’s Borsa Istanbul GDP1 Expo
Slide 49: Latest Webcast
Investor Presentation Latest Webcast 2025 Integrated Annual Report Strategic Transition Plan ir@tupras.com.tr Hizmete Özel / Confidential