Turcas Holding A.s. · BIST:TRCAS
Turcas Holding A.s — Investor Presentation (April 2026)
23 slides from Turcas Holding A.s's investor presentation, April 2026
Slide 1: Turcas Holding A.Ş. 2025 Year-End Investor Presentation
Turcas Holding A.Ş. 2025 Year-End Investor Presentation CORPORATE PRESENTATION DISCLAIMER STATEMENT: Turcas Holding A.Ş. (‘'Turcas’') has prepared this presentation document (the ‘'Document’') consisting of documents for the sole purposes of providing information, projections and statements relating
Slide 2: Table of Contents
Table of Contents 1. Turcas: A Sustainable Investment Platform Page # a) Turcas at a Glance…………………………………………………………………... 2 b) Group Structure & Milestones……………………………………………………. 3-4 c) Shareholding Structure & Stock Information……………………………………… 5 d) Turcas Cash Inflows & Dividend Stream ……………………………………….
Slide 3: Turcas Holding: A Sustainable Investment Platform
Turcas Holding: A Sustainable Investment Platform At a Glance ▪ An Investment Platform holding JV’s in Oil & Energy business, with a strategic expansion into the U.S. real estate sector ▪ Trade Name changed to Turcas Holding from Turcas Petrol in Aug’25 and expanded its areas of operation in AoA Tur
Slide 4: Group Structure
Turcas: A Sustainable Investment Platform Group Structure Bloomberg Ticker: TRCAS.TI Reuters Ticker: TRCAS.IS Free Float: 35,78%* 1,232 Nationwide Shell Branded Fuel Stations* 800 MW Gas Fired Lubricants Plant Power in Derince Plant * As of end of March 2026 Equity Pick Up Consolidation under IFRS C
Slide 5: Corporate Milestones
Turcas: A Sustainable Investment Platform Corporate Milestones 1931 1953 1962 1996 2005 2006 2006 2007 2008 ▪ Foundation of ▪ Lubricants ▪ Start of ▪ Acquisition by ▪ Acquisition of ▪ Merger with ▪ Foundation of ▪ Partnership ▪ Acquisition of Türkpetrol Ltd. sales operations at Conoco, Aksoy Conoco’
Slide 6: Shareholding Structure & Stock Information
Turcas: A Sustainable Investment Platform Shareholding Structure & Stock Information Shareholding Structure of Turcas Holding (as of 31/03/2026) Shareholding Structure of Aksoy Holding (as of 31/03/2026) 1,2% 9,77% Aksoy Holding A.Ş Erdal Aksoy 29,2% 34,8% Free Float S. Batu Aksoy 35,78% 54,45% Banu
Slide 7: Cash Inflows From Subsidiaries (Shell Turcas & RWE Turcas)
Cash Inflows From Subsidiaries (Shell Turcas & RWE Turcas) Total Long-Term Proceeds in 20 years to Turcas: MM USD 484 MM USD (4,122 MM TL) 4 7 11 14 5 6 4 1 6 6 8 11 15 39 9 8 11 34 14 30 7 4 7 20 4 2 21 18 15 16 15 7 12 13 13 9 10 11 10 9 8 4 5 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Slide 8: Deleveraging Completed & Dividend Payments Restarted
Deleveraging Completed & Dividend Payments Restarted MM EUR 200 Turcas Consolidated Loan / (Cash) Balance 150 100 165 151 135 127 120 114 50 102 100 85 21 12 -8 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 -17 -50 30 MM USD Turcas Dividend Payments 25 24 24 20 17 15 Financial D
Slide 9: Fuel Distribution: Shell & Turcas JV
Fuel Distribution: Shell & Turcas JV ▪ In 2005, Royal Dutch Shell (‘Shell’) and Turcas Holding A.Ş. have merged their fuel retail operations in Turkey under the name of Shell & Turcas Petrol A.Ş. (‘STAŞ’) which has started its operations Royal Turcas in July 2006 Dutch Shell Holding A.Ş. ▪ Shell hol
Slide 10: Fuel Distribution: Overall Market Growth
Fuel Distribution: Overall Market Growth Gasoline Sales (Sector) Diesel Sales (Sector) ths m3 +26% y/y ths m3 +6% y/y 8,3 33,4 6,6 31,2 31,5 31,1 30,8 30,9 5,5 30,0 4,3 29,0 3,9 3,1 3,2 3,3 3,0 28,0 2017 2018 2019 2020 2021 2022 2023 2024 2025 2017 2018 2019 2020 2021 2022 2023 2024 2025 White Produ
Slide 11: Fuel Distribution: Shell & Turcas JV Volume Growth
Fuel Distribution: Shell & Turcas JV Volume Growth Gasoline Sales (STAS) Diesel Sales (STAS) MM m3 MM m3 +6% y/y -1% y/y +26% y/y +18% y/y 2.269 5.479 5.605 5.272 5.202 4.970 1.916 4.170 4.337 4.175 1.540 3.861 1.235 1.075 757 780 805 772 2017 2018 2019 2020 2021 2022 2023 2024 2025 2017 2018 2019 2
Slide 12: Fuel Distribution: Shell & Turcas JV Market Share
Fuel Distribution: Shell & Turcas JV Market Share Gasoline Market Shares Diesel Market Shares #1 Shell & Turcas PO (Vitol) Opet BP Total (Oyak) Shell & Turcas PO (Vitol) Opet BP Total (Oyak) 35,0% 30,0% 27,3% 25,6% 25,0% 25,4% 20,0% 22,9% 17,1% 15,0% 12,6% 15,6% 13,6% 10,0% 5,0% 1,0% 0,8% 0,0% Onsit
Slide 13: Fuel Distribution: Shell & Turcas JV Efficiency Metrics
Fuel Distribution: Shell & Turcas JV Efficiency Metrics (as of YE 2025) Market Efficiency Index (as of YE25) Throughput (White Product Sales / Station) X(times) 1,8 m3 #1 #1 1,2 1,2 All Market Efficiency = 1.0 3.718 5.042 4.788 4.363 5.378 5.869 6.197 6.055 6.064 3.975 3.836 3.942 4.086 4.020 4.207
Slide 14: Fuel Distribution: Shell & Turcas JV Financials
Fuel Distribution: Shell & Turcas JV Net Sales EBITDA MM TL -17% y/y MM TL +3% y/y 435.086 13.534 13.179 355.089 363.066 305.019 9.196 7.013 55.569 2.039 39.325 34.521 1.305 940 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 Net Income / Loss Shell & Turcas YE25 Highlights MM
Slide 15: Power Generation (Natural Gas PP): RWE & Turcas JV
Power Generation (Natural Gas PP): RWE & Turcas JV ▪ In 2009, Turcas and RWE established a joint venture company under the name Denizli CCPP with an installed RWE & Turcas Güney (‘RTG’) to establish a 800 MW CCPP in Turkey capacity of c.a.800 MW ▪ RWE holds 70% and Turcas holds the remaining 30% in
Slide 16: Power Generation (Natural Gas PP): Overall Market Info
Power Generation (Natural Gas PP): Overall Market Info GDP vs Electricity Consumption Growth Turkish Power Generation (by source) Share of 23% 34% 22% 21% 19% 22% NG+LNG 12,4% GWh 11,0% 5,5% 5,2% 7,4% 5,6% 5,7% 106.264 107.339 104.115 114.210 117.928 120.491 120.856 2,9% 3,2% 4,4% 2,6% 4,5% 66.753 6
Slide 17: Power Generation: RWE & Turcas Prices, Cash Inflows, Utilization
Power Generation (Natural Gas PP): RWE & Turcas JV RTG Average Electricity Sales Price (TL/MWh) Cash inflows to Turcas from RWE & Turcas JV (MM TL) MM USD 4.506 4.004 3.519 3.424 3.301 2.843 3,016 2.644 2.471 2.853 2.268 2.709 14 2.720 2,913 2 2.232 2.500 1.530 3 4 7 913 5 6 5 557 4 4 1 3 2 421 308
Slide 18: Power Generation: RWE & Turcas Financials
Power Generation (Natural Gas PP): RWE & Turcas JV Net Sales EBITDA +4% y/y MM TL 16.537 MM TL 2.639 15.714 15.371 +3% y/y 14.835 1.743 1.474 1.512 2.715 417 1.041 1.548 84 -2 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 Net Income / Loss RWE & Turcas YE25 Highlights MM TL •
Slide 19: Portfolio Investments: Real Estate & VC
Portfolio Investments: Real Estate & VC ➢ Real Estate Investment in USA: Following the adoption of its holding structure, Turcas has completed its first overseas real estate investment in the United States. Through its wholly owned subsidiary, Turcas USA 1, LLC, Turcas has acquired a 12.5% limited p
Slide 20: Annex Investments: Real Estate Investment in USA
Portfolio Annex Investments: Real Estate Investment in USA 19
Slide 21: Turcas Consolidated IFRS Summary BS & PL
Turcas Consolidated IFRS Summary BS & PL IFRS Consolidated Financial Statements & Financing Ratios Income Statement, million TL YE2024 YE2025 Y/Y Balance Sheet , million TL YE2024 YE2025 YTD Revenues 0 0 n.m. Gross Profit 0 0 n.m. Cash & Cash Equivalents 354 845 139% Operating Expenses 282 327 16% A
Slide 22: Going Forward for Turcas…
Going Forward for Turcas… ➢ Dividend Payments: Having restarted dividend payments in 4Q 2024 after 7 years of deleveraging and having continued dividend payments in 2025 (4 dividend payments amounting to 16 MM USD have been made in the 1.5 years), we aim to continue dividend payments going forward.
Slide 23: Thank you!
Thank you! CORPORATE PRESENTATION Contact Information Arif ŞAHİN Mert GÖKNAR Corporate Finance and Investor Finance Director Relations Manager E-mail: mert.goknar@turcas.com.tr E-mail: arif.sahin@turcas.com.tr Phone: +90 212 259 00 00 / Ext: 1243 Phone: +90 212 259 00 00 / Ext: 1238 DISCLAIMER STATE
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