Turcas Holding A.s. · BIST:TRCAS
Turcas Holding A.s — 9M 2025 Earnings Presentation
17 slides from Turcas Holding A.s's earnings presentation, November 2025
Slide 1: 2025 – Q3 Corporate Earnings Presentation
2025 – Q3PRESENTATION CORPORATE Earnings 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 to Turcas (the ‘'Informa
Slide 2: 9M2025 General Overview
9M2025 General Overview Turcas 9M25 IFRS Consolidated Net Income Bridging (9M25) (Inflation Adjusted – “IA”) (MM TL) Net Profit: 805 MM TL 212 15 -86 -148 252 -224 -186 970 805 Turcas' Share in Fair value difference Net Financing Other (Net) STAŞ BPA Expense Turcas' Share in RTG Opex IA Induced Net
Slide 3: At a glance – 9M25 vs 3Q25 (with IA)
At a glance – 9M25 vs [3Q25] (with IA) Retail (Fuel Distribution & Lubricants) VOLUME (1) NET SALES EBITDA NET PROFIT 6,038 258,109 10,339 3,233 ths m3 MM TL MM TL MM TL Shell & Turcas in 9M25 in 9M25 in 9M25 in 9M25 [2,252 ths m3 in 3Q25] [97,484 MM TL in 3Q25] [4,214 MM TL in 3Q25] [2,017 MM TL in
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 61,179 4,508 28,369 528 MMTL MM TL MM TL MM TL Shell & Turcas in 9M25 in 9M25 in 9M25 in 9M25 [60,975 MM TL in YE24] [-1,395 MM TL in YE24]
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 +7% y/y 5,002 -25% y/y 4,678 686 +7% q/q -6% q/q +1,866 +207 512 +1,738 in Q3 in Q3 in Q3 +195 in Q3 9M2024 9M2025 9M2024 9M2025 Lubricants Sales Onsite Market Share Progress in Jun 2021 - Aug
Slide 7: Shell & Turcas JV – Key Financial Highlights
Shell & Turcas JV – Key Financial Highlights Net Sales EBITDA MM TL MM TL -20% y/y +21% y/y 322,277 10.339 -4% q/q +26% q/q +101,229 258,109 8,514 +4,214 in Q3 in Q3 +97,484 +3,343 in Q3 in Q3 9M2024 9M2025 9M2024 9M2025 Net Profit / Loss Shell & Turcas 9M25 & 3Q25 Highlights MM TL • Onsite sales vo
Slide 8: Cash inflows from Shell & Turcas
Cash inflows from Shell & Turcas MM TL 466 239 177 450 65 300 5 10 16 13 14 23 57 168 7 16 120 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 Oct 2025 YTD Ordinary Dividends Received from Shell & Turcas BPA Reven
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 +22% y/y 4,004 2,822 -2% q/q 3,519 3,424 2,318 2,644 2,843 +1,116 2,471 2,853 3,301 in Q3 2,268 +1,139 2,720 2,709 1,530 2,500 in Q3 2,232 913 557 421 308 9M2024 9M2025 Capacity
Slide 11: RWE & Turcas JV – Key Financial Highlights
RWE & Turcas JV – Key Financial Highlights Net Sales EBITDA MM TL MM TL -3% y/y 1,328 -14% y/y 10,868 10,560 -23% q/q -74% q/q 1,138 +1,072 +5,069 +3,882 in Q3 +283 in Q3 in Q3 in Q3 9M2024 9M2025 9M2024 9M2025 Net Profit / Loss RWE & Turcas 9M25 & 3Q25 Highlights MM TL • Although the electricity ge
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 Oct 2025 2025 YTD MM USD Total Proceeds in 13 years from RWE 14 & Turcas to Turcas: 51 MM USD 5 4 4 4 7 3 6 2 1 2 2013 2014 2015 2016 2017 2018 2019 2022 2023 Oct 2025 2025 YTD SHL Repay
Slide 13: Turcas Consolidated IFRS Summary BS & PL
Turcas Consolidated IFRS Summary BS & PL IFRS Consolidated Financial Statements & Financing Ratios Income Statement, million TL 9M2024 9M2025 Y/Y Balance Sheet , million TL YE2024 9M2025 YTD Revenues 0 0 n.m. Gross Profit 0 0 n.m. Cash & Cash Equivalents 339 438 29% Operating Expenses 206 224 9% Ass
Slide 14: Deleveraging Completed & Dividend Payments Restarted
Deleveraging Completed & Dividend Payments Restarted MM EUR Turcas Consolidated Loan / (Cash) Balance 200 150 100 165 151 135 120 127 50 102 114 100 85 21 12 -8 -9 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 9M 2025 -50 MM USD Turcas Dividend Payments 14 12 10 8 6 12 Persistent Fin
Slide 15: Going Forward…
Going Forward… ➢ Dividend Payments: Having restarted dividend payments in 4Q 2024 after 7 years of deleveraging and having continued dividend payments in 10M 2025 (4 dividend payments amounting to 16 MM USD have been made in the last twelve months), we aim once again to be one of the continuous divi
Slide 16: 2025 Guidance
2025 Guidance Guidance Realizations (as of (as of 30 April Unit 3 November 2025) 2025) Cash Inflows From Subsidiaries (All numbers are for Turcas Share) MM Shell & Turcas - Preferred Dividend (Net-Off BPA) 5.6 5.6 USD Shell & Turcas – Ordinary Dividend 300 450 MM TL RWE & Turcas –Cash Capital Decrea
Slide 17: 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