28 slides from Turkiye Petrol Rafinerileri A.s's earnings presentation, Oct 31, 2025
Slide 1: Q3 2025 Earnings Presentation
Q3 2025 Earnings Presentation 31 October 2025 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: Q3 2025 – Tüpraş Highlights
Q3 2025 – Tüpraş Highlights Capturing Strong Margins Through High Utilization 110% 101.4% 100% 96.5% 98.0% 99.1% 100.3% • Capacity utilization remained at ~100% in Q3’25 surpassing the global capacity 90% utilization rate, allowing capturing strong margins. 80% • Strong domestic demand and favorable
Slide 4: Market
Market Hizmete Özel / Confidential
Slide 5: Q3 2025 – Key Market Highlights
Q3 2025 – Key Market Highlights Mid-distillate demand continued to increase in Q3’25 and surpassing last year, Mid-distillate crack margins rose in Q3’25, driven by strong demand, low utilization due to higher than highlighting resilient industrial and transport consumption despite a softer macro ex
Slide 6: Quarterly Crack Margin Comparison ($/bbl)
Quarterly Crack Margin Comparison ($/bbl) Mid-distillate cracks were higher due to the low inventory levels and high seasonal demand. HSFO remained strong due to ongoing supply constraints. 5 year range 2024 2025 Diesel Jet Fuel • On a y/y basis, diesel cracks • Jet fuel cracks were remained signifi
Slide 7: Heavy Crude Price Differentials to Brent ($/bbl)
Heavy Crude Price Differentials to Brent ($/bbl) Differentials narrowed y/y in Q3 due to the geopolitical issues and sanctions despite OPEC+ production increase. Kirkuk pipeline started operating in Q3 and Basrah Heavy continued to provide wider discounts compared to the rest of the slate. 0 -4 -8 -
Slide 8: Operations
Operations Hizmete Özel / Confidential
Slide 9: Capacity Utilization and Quarterly Production Volume
Capacity Utilization and Quarterly Production Volume • Tüpraş produced 7.2 million tons in Q3 2025. • Capacity utilization for Q3 2025 was 100%. 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 10: Product Sales in Q3 2025 (Million Tons)
Product Sales in Q3 2025 (Million Tons) • Tüpraş generated 8.0 million tons of sales in Q3 2025. • Our domestic sales are up by 4%, supported by 15% y/y increase in gasoline sales. Total Product Sales Domestic Sales of Selected Products Domestic Sales International Sales Diesel Jet Fuel Gasoline Bit
Slide 11: Electricity Production & Sales in Q3’2025
Electricity Production & Sales in Q3’2025 • In Q3 2025, 344 GWh of Zero Carbon Electricity was sold. • Total Zero Carbon Electricity (ZCE) sales from production declined by 8% y/y due to weak hydrological conditions during Q3’2025. Total ZCE Sales EBITDA Total Installed Capacity from Production (GWh
Slide 12: Financials
Financials Hizmete Özel / Confidential
Slide 13: Income Statement (Million TL)
Income Statement (Million TL) Million TL Q3 2025 Q3 2024 % 9M 2025 9M 2024 % Net Sales 220,666 261,553 -16% 598,344 798,874 -25% COGS -197,006 -236,514 -17% -540,516 -727,791 -26% Gross Profit 23,660 25,039 -6% 57,828 71,083 -19% Operating Expenses -7,360 -8,006 -8% -22,445 -27,179 -17% Income/Loss
Slide 14: Profit Before Tax Bridge (Q3 2024– Q3 2025)
Profit Before Tax Bridge (Q3 2024– Q3 2025) Strong product profitability supported PBT more than offsetting the effect of narrowed differentials, inventory impact and elevated energy expenses. Million TL 11,599 -5,127 -3,515 3,606 53 16,514 15,280 -2,040 -819 -2,523 Q3 2024 Product Profitability Cru
Slide 15: Financial Highlights
Financial Highlights Net Debt & Net Debt / EBITDA Cash Currency Redemption Schedule bn TL Breakdown TL Hard Currency bn TL bn TL 117.1 120 -1.1 100 -1.3 80 -68.4 60 40 14.6 10.5 15.8 -74.4 20 2.0 Net Debt/EBITDA 0 2024 FY Q3 2025 Hard Currency TL 1 year 1-2 years 2-3 Years Over 3 years Working Capit
Slide 16: Strategy Update – Zero Carbon Electricity
Strategy Update – Zero Carbon Electricity Romania +214 MW +70 MW +41.2 MW 17.5 MW 66 MW +79.4 MW +129.6 MW +50.4 MW +72 MW 29.3 MW +83.6 MW +50 MW +155.4 MW +55 MW 36.0 MW 50 MW 7 MW +12.6 MW 178 MW 42.8 MW 24,4 MW +40 MW SPP (Installed Capacity) SPP (Developing) WPP (Installed Capacity) WPP (Develo
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 Q1 Periodic Completed İzmit 5 Desulphurizer Q1 Maintenance Completed İzmir FCC Q1 52 Revamp Ongoing Crude Oil & Vacuum Q1 10 Seasonal Completed Batman Crude Oil & Vacuum Q4 3 Seasonal Planned 31
Slide 19: 2025 Expectations
2025 Expectations Net Refining Margin(*) expectation 6-6.5 $/bbl • ~26 mn tons annual production • ~30 mn tons annual sales • 90-95% average capacity utilization Consolidated Capex ~480 million $ (*) Net Refining Margin is calculated with all factors subject to inflation accounting (IAS 29) stripped
Slide 20: Q3 2025 Results
Q3 2025 Results Tüpraş Net Refining Margin ($/bbl) Capacity Utilization (%) 100 12.0 Tüpraş FY Target 10.0 80 8.0 9.7 60 6.0 Tüpraş FY 93.6 Target 40 4.0 6.8 4.8 5.3 20 2.0 4.1 0.0 0 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 9M 2025 Operationals (mn tons) Total Capex (mn $) 9M 2025 FY Target 600 480 3
Slide 21: www.tupras.com.tr
www.tupras.com.tr 31/10/2025 Hizmete Özel / Confidential www.tupras.com.tr 21 Earnings Presentation
Slide 22: Appendix
Appendix Hizmete Özel / Confidential
Slide 23: Turkish Market, 8M 2025
Turkish Market, 8M 2025 Q1 Q2 Jul+Aug Million Tons Diesel Jet Fuel1 16.9 17.1 17.1 17.5 15.9 4.9 4.9 4.8 5.0 4.3 4.5 3.6 3.8 3.1 1.5 6.8 1.1 1.3 6.3 6.1 6.5 6.5 2.1 1.0 +2.8% 1.6 +12.1% 0.8 1.4 1.5 1.2 5.6 5.4 5.6 5.8 5.8 0.7 0.9 1.1 1.1 1.2 0.6 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Gaso
Slide 24: OPET
OPET Opet has 1,901 fuel stations as of September 2025 end. 14% of the fuel stations have EV chargers installed. Opet Sunpet Market Share* 1,766 1,802 1,857 1,866 1,882 1,901 1,670 1,504 1,560 1,615 1,393 1,444 629 19% 495 563 588 615 626 623 431 434 463 427 435 1,126 1,152 1,175 1,203 1,214 1,242 1
Slide 25: Q3 Product Yields
Q3 Product Yields Q3 2024 Q3 2025 2% Other 9% Other 3% 2% LPG Bitumen LPG Bitumen 3% 3% 12% Kok 22% Kok Gasoline 2% Other Gasoline 3% 23% 7% Other white Fuel Oil white 26% Fuel Oil 2% 19% Light Light 2% Black Prod. Black Prod. Distil. Distil. 17% 26% 0% Naphtha Naphtha 0% 53% Mid. Distil. Mid. Disti
Slide 26: Tüpraş Balance Sheet (Million TL)
Tüpraş Balance Sheet (Million TL) Million TL 30.09.2025 31.12.2024 Difference % Difference Current Assets 269,993 232,787 37,206 16 Cash & C. Equivalents 117,091 92,234 24,857 27 Trade Receivables 55,573 46,499 9,074 20 Derivatives 683 1,843 -1,160 -63 Inventories 62,563 75,606 -13,044 -17 Pre-paid
Slide 27: Finished Product and Semi Product Imports (Thousand Tons)
Finished Product and Semi Product Imports (Thousand Tons) Product Imports Q3 2025 Q3 2024 630 400 239 195 149 200 127 43 61 95 104 0 0 Diesel Jet Fuel HVGO ASRFO LSFO Naphtha Gasoline MTBE 31/10/2025 Hizmete Özel / Confidential www.tupras.com.tr 27 Earnings Presentation
Slide 28: www.tupras.com.tr
www.tupras.com.tr 31/10/2025 Hizmete Özel / Confidential www.tupras.com.tr 28 Earnings Presentation