Turcas Holding A.s. · BIST:TRCAS
Turcas Holding A.s — Q1 2025 Earnings Presentation
19 slides from Turcas Holding A.s's earnings presentation, 2025
Slide 1: 2025 1st Quarter Earnings Presentation
2025 1st Quarter Earnings Presentation
Slide 2: 1Q25 General Overview
1Q25 General Overview Turcas 1Q25 IFRS Consolidated Net Income Bridging (1Q25) (Inflation Adjusted – “IA”) (MM TL) Net Loss -23 MM TL 72 5 -29 -74 85 -82 -23 Turcas' Share in STAŞ Net Net Financing Income Other (Net) Turcas' Share in RTG Net Opex Monetary Loss due to IA Net Loss as of 1Q25 Profit (o
Slide 3: At a glance – 1Q25 vs 1Q24 (with IA)
At a glance – 1Q25 vs [1Q24] (with IA) Retail (Fuel Distribution & Lubricants) VOLUME NET SALES EBITDA NET PROFIT/LOSS 1,790 69,113 2,379 283 ths m3 MM TL MM TL MM TL Shell & Turcas in 1Q25 in 1Q25 in 1Q25 in 1Q25 [1,837 ths m3 in 1Q24] [86,701 MM TL in 1Q24] [2,619 MM TL in 1Q24] [139 MM TL in 1Q24
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) PAID-IN CAPITAL EQUITY 54,251 1,221 22,811 528 MMTL MM TL MM TL MM TL Shell & Turcas in 1Q25 in 1Q25 in 1Q25 in 1Q25 [53,960 MM TL in YE24] [-1,224 MM TL in YE24]
Slide 5: Shell & Turcas JV – Key Highlights
Annex& Turcas JV – Key Highlights Shell 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 +8% q/q 1,471 -42% q/q 267 1,358 156 1Q24 1Q25 1Q24 1Q25 Lubricants Sales Onsite Market Share Progress in June 2021 – Jan. 2025 1 ths m3 23.0% -20% q/q 21.6% 21.9% 21.6% 22.1% 21.7% 21.5% 22.0%
Slide 7: Shell & Turcas JV – Key Financial Highlights
Shell & Turcas JV – Key Financial Highlights Net Sales EBITDA MM TL MM TL -20% q/q -9% q/q 86,701 2,619 69,113 2,379 1Q24 1Q25 1Q24 1Q25 Net Profit / Loss Shell & Turcas 1Q25 Highlights MM TL • Onsite B2B+B2C sales volumes increased by %8 on QoQ basis, +104% q/q although total sales volume was down
Slide 8: Cash inflows from Shell & Turcas
Cash inflows from Shell & Turcas MM TL 466 177 300 245 65 5 10 16 23 57 168 7 13 16 14 120 36 24 41 75 70 85 26 50 53 45 31 27 30 33 51 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 June * 2025 MM USD * Not realized yet. Total Proceeds to Turcas: 403 MM US
Slide 9: RWE & Turcas JV – Key Highlights
Annex& Turcas JV – Key Highlights RWE 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 +85% q/q 4,004 1,048 3,519 2,853 2,268 2,843 2,644 2,471 2,232 2,709 2,500 2,720 567 1,530 913 421 557 308 1Q24 1Q25 Capacity Utilization +91% q/q 63% 33% 1Q24 1Q25 Source: RWE
Slide 11: RWE & Turcas JV – Key Financial Highlights
RWE & Turcas JV – Key Financial Highlights Net Sales EBITDA MM TL MM TL +25% q/q +270% q/q 474 3,416 2,722 128 1Q24 1Q25 1Q24 1Q25 Net Profit / Loss RWE & Turcas 1Q25 Highlights MM TL • Thanks to favorable market conditions in Q1 (increased +89% q/q demand combined with lower hydro and renewable gen
Slide 12: Cash inflows from RWE & Turcas
Cash inflows from RWE & Turcas MM TL 169 120 83 32 20 8 11 11 8 6 30 2013 2014 2015 2016 2017 2018 2019 2022 2023 2025 MM USD Total Proceeds to Turcas: 51 MM USD Not realized yet. 14 Indicates our Company’s portion from the 400 MM TL cash capital decrease agreed in Feb’25 and expected to be received
Slide 13: Turcas Consolidated IFRS Summary BS & PL
Turcas Consolidated IFRS Summary BS & PL IFRS Consolidated Financial Statements & Financing Ratios Income Statement, million TL 1Q24 1Q25 Q/Q Balance Sheet , million TL YE24 1Q25 Q/Q Revenues 0 0 n.m. Gross Profit 0 0 n.m. Cash & Cash Equivalents 297 216 -27% Operating Expenses 65 74 14% Associates
Slide 14: Deleveraging Completed & Dividend Payments Restarted
Deleveraging Completed & Dividend Payments Restarted MM EUR Turcas Consolidated Loan Balance 200 150 100 165 151 135 120 127 50 102 114 100 85 21 -8 -6 0 12 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1Q2025 -50 1Q 2025 Net Cash Position: 5.7 MM USD MM USD Turcas Dividend Payments 10
Slide 15: Going Forward…
Going Forward… ➢ Dividend Payments: Having restarted dividend payments in 4Q24 after 7 years of deleveraging and having continued dividend payments in 2025, we aim once again to be one of the continuous dividend payers of Borsa İstanbul. ➢ Investments with a focus on Geographic Diversification: We w
Slide 16: 2025 Guidance
2025 Guidance Guidance Unit (as of 30 April 2025) Cash Inflows From Subsidiaries (All numbers are for Turcas Share) Shell & Turcas - Preferred Dividend (Net-Off BPA) 5.6 MM USD (Expected in June’25) Shell & Turcas – Ordinary Dividend 300 MM TL (Expected in 4Q’25) RWE & Turcas – Collection from Cash
Slide 17: Annex
Annex Annex Slides 16
Slide 18: Quarterly Segmental Analysis
Quarterly Segmental Analysis Oil Segment Energy Segment MM TL Shell & Turcas RWE & Turcas (Turcas share: 30%) (Turcas share: 30%) Net Profit/ Net Profit/ Revenues EBITDA Revenues EBITDA Loss Loss After Inflation Accounting 1Q25 69,113 2,379 283 3,416 474 -98 1Q24 86,701 2,619 139 2,722 128 -868 Befo
Slide 19: Thank you!
Thank you! 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