28 slides from Turkiye Petrol Rafinerileri A.s's earnings presentation, Feb 6, 2026
Slide 1: Q4 2025 Earnings Presentation
Q4 2025 Earnings Presentation 6 February 2026 www.tupras.com.tr 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: 2025 Highlights
2025 Highlights Operational disruptions at refineries due to drone attacks European sanctions on Russia Additional unplanned refinery outages New sanctions imposed on Russia Jet fuel demand reaching record-high levels New tariffs worldwide Q3 High-capacity utilization capturing strong Acquisition of
Slide 4: Q4 2025 – Tüpraş Highlights
Q4 2025 – Tüpraş Highlights Increased Domestically Concentrated Sales Mix 5.4 6.0 6.2 • Türkiye’s gasoline demand increased by 15.8% y/y in the first 11 months of 2025, marking the 5.0 5.6 4.9 5.1 5.6 4.9 third consecutive year of double-digit growth, with demand now more than double the 2021 3.3 4.
Slide 5: Market
Market Hizmete Özel / Confidential
Slide 6: Q4 2025 – Key Market Highlights
Q4 2025 – Key Market Highlights By year-end, additional sanctions on Russia had a limited marginal impact on crude oil Global oil demand is expected to increase in 2026 , while net refining capacity additions remain prices. This was due to sufficiently built global inventories, which allowed Brent t
Slide 7: Quarterly Crack Margin Comparison ($/bbl)
Quarterly Crack Margin Comparison ($/bbl) Mid-distillate cracks were higher amid geopolitical tensions and lower global capacity utilization; while gasoline cracks exceeded the last 5-year range supported by refinery outages and strong demand. 5 year range 2024 2025 Diesel Jet Fuel • On a y/y basis,
Slide 8: Heavy Crude Price Differentials to Brent ($/bbl)
Heavy Crude Price Differentials to Brent ($/bbl) Differentials widened q/q in Q4 due to seasonality. Kirkuk pipeline started operating in Q4 and Basrah Heavy continued to provide wider discounts compared to the rest of the slate. 4 0 -4 -8 -12 OPEC+ Cut Russia - OPEC+ Cut Red sea OPEC+ Cut Israel –
Slide 9: Operations
Operations Hizmete Özel / Confidential
Slide 10: 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 11: 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. • Our sales volume was parallel y/y. Total Product Sales Domestic Sales of Selected Products Domestic Sales International Sales Diesel Jet Fuel Gasoline Bitumen 8.1 7.7 7.5 7.5 7.2 2.0 0.5 0.4 1.7 1.3 0.
Slide 12: Electricity Production & Sales in 2025
Electricity Production & Sales in 2025 • In 2025, 1,086 GWh of Zero Carbon Electricity was sold. • Total Zero Carbon Electricity (ZCE) sales from production declined by 14% y/y due to weak hydrological conditions during 2025. Total ZCE Sales EBITDA Total Installed Capacity from Production (GWh) (mn
Slide 13: Financials
Financials Hizmete Özel / Confidential
Slide 14: 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 15: 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 16: Financial Highlights
Financial Highlights Net Debt & Net Debt / EBITDA Cash Currency Redemption Schedule bn TL Breakdown TL Hard Currency 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 17: 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 18: Outlook for 2026
Outlook for 2026 Hizmete Özel / Confidential
Slide 19: 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 20: 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 21: www.tupras.com.tr
www.tupras.com.tr 19/02/2026 Hizmete Özel / Confidential www.tupras.com.tr 21 Earnings Presentation
Slide 22: Appendix
Appendix Hizmete Özel / Confidential
Slide 23: Turkish Market, 11M 2025
Turkish Market, 11M 2025 Q1 Q2 Q3 Oct+Nov Million Tons Diesel Jet Fuel1 24.0 23.8 23.9 24.7 22.3 4.7 4.4 4.6 4.7 4.2 6.1 5.1 5.3 7.4 7.2 7.0 7.4 4.3 1.1 6.6 0.9 3.1 0.9 +3.1% 0.9 1.8 2.2 +14.7% 6.3 6.1 6.5 6.5 6.8 1.7 0.6 1.4 1.1 1.4 1.5 1.6 1.2 5.6 5.4 5.6 5.8 5.8 0.7 1.1 1.1 1.2 0.6 0.9 2021 2022
Slide 24: OPET
OPET Opet has 1,965 fuel stations as of November 2025 end. 15% of the fuel stations have EV chargers installed. Opet Sunpet Market Share* 1,965 1,802 1,857 1,866 1,882 1,560 1,615 1,670 1,766 19% 1,393 1,444 1,504 615 626 623 686 463 495 563 588 435 431 434 427 1,073 1,126 1,152 1,175 1,203 1,214 1,
Slide 25: 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 26: 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 27: Finished Product and Semi Product Imports (Thousand Tons)
Finished Product and Semi Product Imports (Thousand Tons) Product Imports Q4 2025 Q4 2024 654 581 245 265 162 153 125 45 78 90 80 0 Diesel HVGO ASRFO LSFO Gasoline MTBE 19/02/2026 Hizmete Özel / Confidential www.tupras.com.tr 27 Earnings Presentation
Slide 28: www.tupras.com.tr
www.tupras.com.tr 19/02/2026 Hizmete Özel / Confidential www.tupras.com.tr 28 Earnings Presentation