28 slides from Turkiye Petrol Rafinerileri A.s's earnings presentation, Feb 17, 2025
Slide 1: Q4 2024 Earnings Presentation
Q4 2024 Earnings Presentation www.tupras.com.tr 17 February 2025 Hizmete Özel / Confidential
Slide 2: Disclaimer
Disclaimer With the Capital Markets Board of Turkey’s Bulletin dated 28.12.2023 numbered 2023/81, CMB announced that issuers and capital market institutions shall prepare their annual financial statements ending on 31.12.2023 or later, in accordance with IAS 29 inflation accounting provisions. Accor
Slide 3: 2024 Highlights
2024 Highlights Product Margins: • Mid-distillate cracks: high inventories in Europe, weak global economic activity and decreased capacity utilization. • Gasoline cracks: the effect of newly added capacities. • HSFO cracks: supported by OPEC+ cutback decisions. Differentials: • Shifts in trading rou
Slide 4: Q4 2024 – Tüpraş Highlights
Q4 2024 – Tüpraş Highlights Solid operational performance from refining and electricity • Annual capacity utilization reached 93%, highest level since 2019 despite the RUP Capacity Utilization Refining Production Total ZCE Sales from maintenance in the first half of the year. (%) (mn tons) Productio
Slide 5: Market
Market Hizmete Özel / Confidential
Slide 6: Q4 2024 – Key Market Highlights
Q4 2024 – Key Market Highlights Crack margins have been normalizing although they remain higher compared to pre-covid Over the years OPEC+ market share is partially replaced by non-OPEC+ supply in the market limiting the period, due to ongoing imbalances in supply and demand dynamics. effect of OPEC
Slide 7: Quarterly Crack Margin Comparison ($/bbl)
Quarterly Crack Margin Comparison ($/bbl) Mid-distillate cracks were lower y/y due to the high base; higher q/q due to improved demand and lower capacity utilizations. HSFO remained strong due to supply constraints. 5 year range 2024 2023 Diesel Jet Fuel • Diesel cracks were higher q/q • Similar to
Slide 8: Heavy Crude Price Differentials to Brent ($/bbl)
Heavy Crude Price Differentials to Brent ($/bbl) Differentials widened in Q4 due to increased non-OPEC+ production. Basrah Heavy continued to provide wider discounts compared to the rest of the slate. 0 -4 Arab Heavy Basrah Heavy -8 Kirkuk CPC Average* -12 Iran OPEC+ Cut OPEC+ OPEC+ Cut Russia - Ukr
Slide 9: Operations
Operations Hizmete Özel / Confidential
Slide 10: Capacity Utilization and Quarterly Production Volume
Capacity Utilization and Quarterly Production Volume • Tüpraş produced 6.8 million tons in Q4 2024. • Capacity utilization for Q4 2024 was 93.4%. Quarterly Production (Million Tons) Capacity Utilization (%) 2022 2023 2024 Crude Oil Semi Product Feedstock Total 8 7.3 99 101 7.1 98 97 7.0 92 93 93 7 7
Slide 11: Product Sales in Q4 2024 (Million Tons)
Product Sales in Q4 2024 (Million Tons) • Tüpraş generated 7.5 million tons of sales in Q4 2024, bringing the annual to 30.4 million tons in 2024. • Domestic sales grew by 3% y/y with gasoline sales, up by 24% y/y with the increased demand. Total Product Sales Domestic Sales of Selected Products Dom
Slide 12: Electricity Production & Sales in 2024
Electricity Production & Sales in 2024 • 1,269 GWh Zero Carbon Electricity is sold in 2024. • Total Zero Carbon Electricity (ZCE) sales from production was increased by 21% with the addition of Kınık. Total ZCE Sales EBITDA from Production (GWh) (mn TL) Total Installed Capacity 1,269 2,326 2,045 86
Slide 13: Financials
Financials Hizmete Özel / Confidential
Slide 14: Income Statement (Million TL)
Income Statement (Million TL) Q4 Q4 12M 12M Million TL % % 2024 2023 2024 2023 Net Sales 173,475 266,622 -35% 810,386 991,203 -18% COGS -162,116 -228,046 -29% -742,355 -832,772 -11% Gross Profit 11,359 38,576 -71% 68,030 158,431 -57% Operating Expenses -5,274 -8,857 -40% -26,942 -28,235 -5% Income/L
Slide 15: Profit Before Tax Bridge (Q4 2023– Q4 2024)
Profit Before Tax Bridge (Q4 2023– Q4 2024) Lower energy expenses and strong net financial gains supported the PBT despite lower crack margins and narrow differentials. Million TL 22,779 -601 3,977 875 6,782 -15,348 2,718 -7,617 Q4 2023 Crude Differentials Crack Margin FX & Net Interest Inventory Im
Slide 16: Financial Highlights
Financial Highlights Net Debt & Net Debt / EBITDA Loan Maturity Breakdown Cash Currency Redemption Schedule(**) Breakdown TL Hard Currency bn TL bn TL -0.6 15% 80 74.0 52% -1.1 85% 40 -54.5 48% 9.0 9.8 Net Debt/EBITDA -90.5 2023 2024 0 2023 2024 Hard Currency TL 1 year Over 1 year Short Term Long Te
Slide 17: Outlook for 2025
Outlook for 2025 Hizmete Özel / Confidential
Slide 18: 2025 Refinery Maintenance Schedule
2025 Refinery Maintenance Schedule Refinery Unit Starting Quarter Duration (weeks) Purpose Planned Vacuum & Periodic İzmit Q1 5 Planned Desulphurizer Maintenance İzmir FCC Q1&Q2&Q3 28 Revamp Ongoing Crude Oil & Vacuum Q1 10 Seasonal Ongoing Batman Crude Oil & Vacuum Q4 10 Seasonal Planned 17/02/2025
Slide 19: 2025 Expectations
2025 Expectations Net Refinery Margin(*) expectation 5-6 $/bbl • ~26 mn tons annual production • ~30 mn tons annual sales • 90-95% average capacity utilization Consolidated Capex ~600 million $ (*) Net Refining Margin is calculated with all factors subject to inflation accounting stripped out. 17/02
Slide 20: Q4 2024 Results
Q4 2024 Results Tüpraş Crack Margin ($/bbl) Capacity Utilization (%) 100 16.0 Tüpraş FY 80 Target Tüpraş FY Target 12.0 60 8.0 14.5 92.6 40 11.5 11.2 9.5 9.9 4.0 6.3 20 0.0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 12M 2024 12M 2024 0 NRM 12M 2024 Operationals (million tons) Total Capex (mn $) 12M 2024 FY Tar
Slide 21: www.tupras.com.tr
www.tupras.com.tr 17/02/2025 Hizmete Özel / Confidential www.tupras.com.tr 21 Earnings Presentation
Slide 22: Appendix
Appendix Hizmete Özel / Confidential
Slide 23: Turkish Market, 11M 2024
Turkish Market, 11M 2024 Q1 Q2 Q3 Oct-Nov Diesel Jet1 Million22.5 23.6 23.8 23.9 Tons 22.1 4.7 4.4 4.6 4.8 4.2 5.1 5.4 7.0 7.2 7.0 4.3 0.9 6.8 6.5 0.9 3.1 0.8 1.7 1.9 5.3 6.3 6.1 6.5 6.5 +0.7% 2.2 0.6 1.4 +5.5% 0.5 1.1 1.4 1.5 0.7 1.2 5.6 5.6 5.4 5.6 5.8 0.2 0.8 0.9 0.6 0.9 1.1 1.1 2020 2021 2022 20
Slide 24: OPET
OPET Opet has 1,882 fuel stations as of December 2024 end. 11% of the fuel stations have EV chargers installed. Opet Sunpet 1,802 1,857 1,866 1,882 1,766 1,615 1,670 1,504 1,560 Market Share* 1,393 1,444 615 626 623 495 563 588 434 463 18% 435 431 427 1,126 1,152 1,175 1,203 1,214 1,242 1,240 1,259
Slide 25: Q4 Product Yields
Q4 Product Yields Q4 2023 Q4 2024 1% Other 9% Other 3% Bitumen 2% LPG Bitumen LPG 3% 3% 10% Kok Kok 23% 3% Gasoline 2% Other 22% 6% Gasoline white Other Fuel Oil Fuel Oil 2% white 24% Light 20% 6% Black Prod. Light Distil. Black Prod. 19% Distil. 26% Naphtha 0% 0% Naphtha 53% Mid. Distil. Mid. Disti
Slide 26: Tüpraş Balance Sheet (Million TL)
Tüpraş Balance Sheet (Million TL) 31.12.2024 31.12.2023 Diff. Diff. (%) Current Assets 185,591 290,418 -104,826 -36 Cash & C. Equivalents 73,534 141,525 -67,991 -48 Trade Receivables 37,072 58,386 -21,314 -37 Derivatives 1,469 2,980 -1,511 -51 Inventories 60,278 64,197 -3,919 -6 Pre-paid expenses 1,
Slide 27: Finished Product and Semi Product Imports (Thousand Tons)
Finished Product and Semi Product Imports (Thousand Tons) Product Imports Q4 2024 Q4 2023 654 531 245 265 213 147 118 78 80 46 Diesel HVGO ASRFO LSFO MTBE 17/02/2025 Hizmete Özel / Confidential Earnings Presentation www.tupras.com.tr 27
Slide 28: www.tupras.com.tr
www.tupras.com.tr 17/02/2025 Hizmete Özel / Confidential www.tupras.com.tr 28 Earnings Presentation