Petkim Petrokimya Holding Anonim Sirketi · BIST:PETKM
Petkim Petrokimya Holding Anonim Sirketi — Petkim Petrokimya Holding A.Ş. — Q4 2025 Earnings Presentation
34 slides from Petkim Petrokimya Holding Anonim Sirketi's earnings presentation, March 2026
Slide 1: 4Q25 Results Investor Presentation
4Q25 RESULTS INVESTOR PRESENTATION MARCH 2026
Slide 2: Welcome to Our Earnings Presentation
Welcome to Our Earnings Presentation Page 03-04 4Q25 FINANCIAL HIGHLIGHTS Page 05-10 INDUSTRY ENVIRONMENT Page 11-22 OPERATING & FINANCIALS RESULTS In the Stars of Export Awards Page 23-25 organized annually by the STAR REFINERY Aegean Exporters’ Associations Earnings Presentation 4Q25 (EIB), we mai
Slide 3: Financial Highlights
Sales FINANCIAL HIGHLIGHTS ₺22.5 BN (3%) QoQ EBITDA Net Income (₺1.4) BN (6%) Margin (1715%) QoQ (₺5.3) BN -2,07 TL/Share 314% QoQ Earnings Presentation 4Q25 Cash Net Debt ₺4.3 BN 0,6x Current Ratio (57%) QoQ ₺45.9 BN 12% QoQ 3
Slide 4: 2025 FY Highlights
2025 FY Highlights 01 Despite challenging market conditions, we remained focused on operational efficiency and safeguarded liquidity and financial resilience USD600mn impact from management initiatives debt and cost optimizations efforts in 2025 02 The sustained downcycle and weakening price environ
Slide 5: Industry Environment
INDUSTRY Earnings Presentation 4Q25 ENVIRONMENT Global Petrochemical Market Petrochemical Market in Türkiye 5
Slide 6: Industry Environment: Ethylene-naphtha spread and Platts index
Monthly ethylene - naphtha spread (CIF MED spot prices) USD/ton Industry Environment 352 331 305 308 328 312 257 238 226 210 208 210 Ethylene-naphtha spread decreased 198 200 183 132 151 144 120 112 118 by about %43 from USD277/ton in 181 159 3Q25 to USD158/ton in 4Q25 128 Jan Feb Mar Apr May Jun Ju
Slide 7: Key trends in the industry
Industry Environment Key trends in the industry Product groups spread (over naphtha CIF MED) USD/MT Weak demand and oversupply persists 600 Geo-political tensions Year-end stock minimisation 500 Integrated margins were heavily depressed 400 as upstream gains were largely offset by severe weakness in
Slide 8: Product groups spread over naphtha
Industry Product groups spread Environment (over naphtha CIF MED), USD/MT Polymers Fibers 700 HDPE LDPE PP PVC MEG ACN PTA DEG 800 550 600 400 400 250 200 0 100 Oct-24 Dec-24 Feb-25 Apr-25 Jun-25 Aug-25 Oct-25 Dec-25 -200 Oct-24 Dec-24 Feb-25 Apr-25 Jun-25 Aug-25 Oct-25 Dec-25 Earnings Presentation
Slide 9: Benzene / Paraxylene - Naphtha spread
Industry Benzene / Paraxylene - Naphtha spread Environment (over naphtha NWE), USD/MT Benzene-naphtha spread 397 In the Q4 of 2025, the European benzene market started from low levels and gradually recovered throughout the quarter, ending the period on an upward trend 206 187 As benzene prices outpe
Slide 10: Türkiye's Petrochemical Sector Overview
Türkiye’s Petrochemical Petrochemical consumption in Türkiye (k tons) Sector Overview Domestic consumption Petkim domestic sales 3.000 2.507 2.500 2.377 2.291 2.362 2.304 2.000 1.500 Surplus (k tons) 1.000 Türkiye domestic demand is primarily met by imports 500 247 220 228 231 264 0 Arom 4Q24 1Q25 2
Slide 11: Operating & Financial Results
OPERATING & FINANCIAL RESULTS Earnings Presentation 4Q25 11
Slide 12: Capacity Utilization & Gross Production
Capacity Utilization Capacity utilization rates (%) Thermoplastics Ethylene Other Aromatics Fiber & Gross Production 79% 79% 89% 78% 87% 87% 171% 151% 81% 69% 75% 74% 75% 131% 59% 66% 111% 99% 97% 49% 91% 92% 39% 87% 88% 71% 18% 29% 51% 18% 18% 18% 18% 19% 31% In recent years, global capacity 9% 14%
Slide 13: Petrochemical Product Sales
Petrochemical Product Sales Breakdown of petchem sales (USD mn) Thermoplastics Fiber Aromatics Other Trade Breakdown by percentage in 4Q25 139 162 128 161 105 30% 75 35% 120 107 114 96 Total petchem sales Earnings Presentation 4Q25 $530mn 86 64 79 61 74 19 11 12 8 11 2% 197 188 186 194 187 18% 14% 4
Slide 14: Breakdown of Sales
Breakdown of Sales Sales volume (k tons) Total volume: Revenue breakdown (%) 215 90 76 Other 592k tons 45 45 33 36 18 24 Export 2% 9 42% PVC LDPE HDPE PP ACN Benzene C4 P-X Others Trade Total revenue: Revenue (TRY mn) Domestic 6.903 56% 4.401 ₺22,538mn 3.832 1.110 1.874 1.260 1.325 652 450 731 Expor
Slide 15: Breakdown of Total COGS
Breakdown of Total COGS COGS breakdown (%) Inventory gain/loss* (USD mn) Other Trade Depreciation Labour costs Energy Raw materials Inventory gain/loss Naphtha prices 700 3% 583 10% 600 571 584 558 551 525 522 32% 509 503 512 506 515 500 499 31% 500 463 6% 1 7% 5% 1 7% 400 7% -1 8% -2 -2 -2 -3 300 -
Slide 16: Feedstock vs. Product Prices of Petkim
Feedstock vs. Product Prices of PETKIM Thermoplastics and naphtha spread Petchem unit margins USD/ton USD/ton 1.200 250 2.400 800 1.380 1.328 1.000 200 1.325 1.270 1.263 1.260 750 2.000 1.264 1.205 1.202 1.224 1.210 1.165 700 800 150 1.087 1.054 111 1.025 650 95 84 1.600 75 70 600 100 68 64 600 732
Slide 17: Income Statement 4Q25
PETKIM 4Q25 TRY mn Q3’25* Q4’25 QoQ Δ (%) Income Sales 23,198 22,538 (3%) Cost of sales (23,112) (24,028) 4% Statement Gross profit 85 (1.489) (1844%) Gross profit % 0% (7%) - Marketing and sales expenses (438) (368) (16%) General administrative expenses (1,272) (1,041) (18%) Operating profit (1,625
Slide 18: EBITDA bridge Q3'25 to Q4'25
EBITDA turned negative, mainly impacted by pricing pressures, IAS 29 adjustments and inventory effects 86 82 466 (247) 283 (105) (1.037) (918) (1.390) Pricing delta Earnings Presentation 4Q25 (₺754mn) Q3'25 Price Raw Material Volume and OpEx FX Inventory Other* Q4'25 Efficiency 18 *Key contributors
Slide 19: Annual Income Statement
PETKIM TRY mn 2024* 2025 YoY Δ (%) Annual Sales 101,285 89,076 (12%) Cost of sales (102,912) (92,152) (10%) Income Gross profit (1,626) (3,076) 89% Statement Gross profit % Marketing and sales expenses (2%) (1,863) (3%) (1,645) - (12%) General administrative expenses (4,715) (4,731) 0% Operating pro
Slide 20: Balance Sheet 12M25
TRY mn 9M’25* 12M’25 QoQ Δ (%) PETKIM 12M25 Cash and cash equivalents 9,831 4,256 (57%) Balance Sheet Trade receivable 13,766 13,384 (3%) Inventory 9,415 9,446 0% Other receivables 47 4 (92%) Other current assets 3,430 3,746 9% Current assets 36,489 30,385 (15%) Non current assets 121,741 120,497 (1
Slide 21: Liquidity Highlights
Liquidity Highlights Cash Portfolio (%) Maturity profile (USD mn) 11% USD TRY EUR Long term Short term 4% 470 USD99 mn 409 227 3 85% 2026 2027 2028 Cash flow from operations and investment activities (USD mn)* Net debt position (USD mn) CFI CFO 160 60 Earnings Presentation 4Q25 200 113 1.400 150 40
Slide 22: Key Management Actions
Key Management Actions Petkim net debt comparison (USD mn) 2025 Results Net debt w/o action Net debt 1.669 Payable Improvement in payable terms 1.600 Optimization - USD135mn 1.400 Optimization on personel and 1.200 Operating Cost 994 1.069 non personel Expenses Optimization 1.000 861 – USD95mn 800 C
Slide 23: STAR Refinery
STAR REFINERY Earnings Presentation 4Q25 23
Slide 24: STAR Refinery
STAR Refinery 13mn tons $6.7bn One of the most digitalized refinery REFINING CAPACITY TOTAL INVESTMENT VALUE in the world ~16% 28-36 API TÜRKİYE MARKET SHARE PROCESSING RANGE Production Capacity Diesel STAR Refinery is Türkiye’s first (mn tons) Naphtha privately constructed refinery Jet Fuel Reforma
Slide 25: STAR Refinery Operating and Financial Highlights
STAR Refinery Operating and Financial Highlights Q4 2025 Figures Capacity utilization Crude processed (per year) 123% 13mn tons Effective crude optimization and disciplined cost management translated operational efficiency into robust profitability and strong cash generation Product sales Domestic s
Slide 26: Sustainability & ESG
SUSTAINABILITY & ESG Earnings Presentation 4Q25 26
Slide 27: Sustainability Strategy: Climate/CO2 Targets
Our Sustainability Strategy Will be Built on Two Pillars - Climate/CO2 Targets Short-term Mid-term Long-term 2026-2030 2030-2040 2040-2050 ๏ Increase energy efficiency ๏ Develop internal carbon pricing approach for ๏ Achieve long term through optimization projects future investments to effectively i
Slide 28: Petkim's Sustainability Indices and ESG Agencies
Petkim’s Sustainability Indices and ESG Agencies Petkim upgraded its rating from B ESG Rating: BB to BB by one notch Best Corporate Governance World Finance Petkim became the first company in the 2024 petrochemical industry to be included ESG Rating: 74/100 in the BIST Sustainability 25 Index in 202
Slide 29: Supporting Slides
SLIDES SUPPORTING Earnings Presentation 4Q25 29
Slide 30: Petkim / SOCAR Investment Plan
Petkim / SOCAR Türkiye plans to invest in Ethylene, PP and HDPE/LLDPE plants due to strong growth potential and high demand Timeline According to the results of the Feasibility and Technical Feasibility Study conducted by KBR, 2025 2026 Petkim aims to build a new Ethylene Plant (1.2 MTA), PP Plant (
Slide 31: Petrochemical Complex Flow Chart
Petrochemical Complex Flow Chart Petkim has fully integrated operations LDPE (350,000 ton/year) Bag, greenhouse covers, film, cable, toys, pipes, bottles, hose, packaging HDPE (96,000 ton/year) Construction and water pipes, packaging film, toys, bottles, soft drink crates, barrels Ethylene MEG (89,0
Slide 32: Petkim Stock Performance
PETKIM Stock Performance Unit mn Petkim Volume PETKM TI Equity XU100 Index 150 400 140 350 130 300 120 250 110 100 200 90 150 80 100 70 50 60 50 0 Earnings Presentation 4Q25 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Closing price Market capital
Slide 33: Disclaimer
Disclaimer This presentation does not constitute or form part of, and should not be construed as, an offer or invitation to subscribe for, underwrite or otherwise acquire, any securities of Petkim Petrokimya Holding A.Ş. (the “Company”) or any member of its group nor should it or any part of it form
Slide 34: petkim.com.tr
petkim.com.tr Earnings Presentation 4Q25 Scan QR Code to See more 34
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