Turcas Holding A.s. · BIST:TRCAS
Turcas Holding A.s — Q1 2026 Earnings Presentation
18 slides from Turcas Holding A.s's earnings presentation, May 2026
Slide 1: Turcas Holding A.Ş. 2026 1st Quarter Corporate Earnings Presentation
Turcas Holding A.Ş. 2026 1st Quarter CORPORATE Earnings PRESENTATION 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 relat
Slide 2: 1Q26 General Overview
1Q26 General Overview Turcas 1Q26 IFRS Consolidated Net Profit Bridging (1Q26) (Inflation Adjusted – “IA”) (MM TL) Net Profit: 772 MM TL 60 16 -180 87 1,073 -173 -111 772 Turcas' Share in STAŞ Net Financing Income Other (Net) STAŞ BPA Revenue Turcas' Share in RTG IA Induced Monetary Opex Net Profit
Slide 3: At a glance – 1Q26 vs 1Q25 (with IA)
At a glance – 1Q26 vs [1Q25] (with IA) Retail (Fuel Distribution & Lubricants) VOLUME (1) NET SALES EBITDA NET PROFIT 1,887 89,175 6,443 3,575 ths m3 MM TL MM TL MM TL Shell & Turcas in 1Q26 in 1Q26 in 1Q26 in 1Q26 [1,790 ths m3 in 1Q25] [90,447 MM TL in 1Q25] [3,113 MM TL in 1Q25] [371 MM TL in 1Q2
Slide 4: Associates of Turcas – Summary Balance Sheet Figures
Associates of Turcas – Summary Balance Sheet Figures Retail (Fuel Distribution & Lubricants) SHAREHOLDERS TOTAL ASSETS NET CASH / (DEBT) EQUITY 75,541 2,956 33,352 MMTL MM TL MM TL Shell & Turcas in 1Q26 in 1Q26 in 1Q26 [71,184 MM TL in YE25] [2,172 MM TL in YE25] [29,777 MM TL in YE25] Electricity
Slide 5: Shell & Turcas JV – Key Highlights
Shell Annex& Turcas JV – Key Highlights 4
Slide 6: Shell & Turcas JV – Volumes & Market Share
Shell & Turcas JV – Volumes & Market Share Onsite B2B + B2C Fuel Sales Commercial Fuel Sales ths m3 ths m3 1,562 +6% q/q +9% q/q 170 1,471 156 1Q2025 1Q2026 1Q2025 1Q2026 Lubricants Sales Onsite Market Share Progress in Jun 2021 - Feb 2026 ths m3 +2% q/q 24.7% 43 44 22.9% 21.5% 21.7%21.5% 21.9% 21.7
Slide 7: Shell & Turcas JV – Key Financial Highlights
Shell & Turcas JV – Key Financial Highlights Net Sales EBITDA MM TL MM TL -1% q/q +107 % q/q 90,447 89,175 6,443 3,113 1Q2025 1Q2026 1Q2025 1Q2026 Net Profit / Loss Shell & Turcas 1Q26 Highlights MM TL • Onsite B2B+B2C volumes increased by 6%, commercial fuel and lubricants sales increased by 9% and
Slide 8: Cash inflows from Shell & Turcas
Cash inflows from Shell & Turcas MM TL 239 466 900 177 5 16 23 300 7 10 13 16 14 36 24 57 65 168 85 120 16 26 50 53 45 31 27 30 33 51 41 75 70 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 March 2026 Ordinary Dividends Received from Shell & Turcas BPA
Slide 9: RWE & Turcas JV – Key Highlights
RWE Annex& Turcas JV – Key Highlights 8
Slide 10: RWE & Turcas JV – Key Operational Highlights
RWE & Turcas JV – Key Operational Highlights Electricity Generation RTG Average Electricity Sales Price (TL/MWh) GWh 4,506 1,048 4,004 3,424 +85% q/q -49% q/q 3,519 3,301 2,843 2,853 3,016 2,644 2,471 567 2,268 2,913 535 2,720 2,709 1,530 2,500 2,232 913 557 421 308 1Q2024 1Q2025 1Q2026 Capacity Uti
Slide 11: RWE & Turcas JV – Key Financial Highlights
RWE & Turcas JV – Key Financial Highlights Net Sales EBITDA MM TL MM TL -51% q/q -73% q/q 4,470 621 +324 in Q4 2,174 165 1Q2025 1Q2026 1Q2025 1Q2026 Net Profit / Loss RWE & Turcas 1Q26 Highlights MM TL • The operational and financial performance in 1Q 2026 was low due to record high renewable genera
Slide 12: Cash inflows from RWE & Turcas
Cash inflows from RWE & Turcas MM TL 123 30 210 169 120 83 11 11 8 8 32 6 20 2013 2014 2015 2016 2017 2018 2019 2022 2023 2025 March 2026 SHL Repayment Cash Capital Decrease Dividend Payment MM USD Total Proceeds in 14 years from RWE & Turcas to Turcas: 59 MM USD (829 MM TL) 14 2 3 7 4 5 6 5 4 4 3 1
Slide 13: Turcas Consolidated IFRS Summary BS & PL
Turcas Consolidated IFRS Summary BS & PL IFRS Consolidated Financial Statements & Financing Ratios Income Statement, million TL 1Q25 1Q26 Y/Y Balance Sheet , million TL YE25 1Q26 YTD Revenues 0 0 n.m. Gross Profit 0 0 n.m. Cash & Cash Equivalents 930 1,099 18% Operating Expenses 96 111 16% Associate
Slide 14: Deleveraging Completed & Dividend Payments Restarted
Deleveraging Completed & Dividend Payments Restarted Net Cash Position as Turcas Dividend Payments (MM TL) of end of Q1 2026 24.4 MM USD 700 600 600 500 471 400 300 200 145 100 8 11 13 14 18 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 May 2026 MM USD Turcas Dividend Payments (
Slide 15: Real Estate Investment in Manhattan/NY
Real AnnexEstate Investment in Manhattan/NY Following the adoption of a 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 partnership interest in the 242
Slide 16: 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 last seventeen months), we aim to continue dividend payments goi
Slide 17: 2026 Guidance
2026 Guidance Guidance Unit (as of 11 May 2026) Cash Inflows From Subsidiaries (All numbers are for Turcas Share) Shell & Turcas - Preferred Dividend (Net-Off BPA) 8.4 MM USD (2025 BPA Collection (432k USD) realized in Mar’26. 8 MM USD preferred dividend is expected in Jun’26) Shell & Turcas – Ordin
Slide 18: 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