28 slides from Turkiye Petrol Rafinerileri A.s's earnings presentation, Aug 4, 2026
Slide 1: Q2 2026 Earnings Presentation
Q2 2026 Earnings Presentation August 4,2026 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: Market
MARKET Hizmete Özel / Confidential 3
Slide 4: Q2 2026 – Key Market Highlights
Q2 2026 – Key Market Highlights Geopolitical risk premia drove Brent higher through most of Q2 with prices retreating after While global oil demand softened, an even steeper decline in supply preserved a tight the announcement of the ceasefire but remaining above early-year levels. market environmen
Slide 5: Q2 2026 Global Highlights
Q2 2026 Global Highlights 1 Utilization 2 Inventory 3 Margins Global Capacity Utilization (%) Europe Mid-Distillates (mn bbl) Mid-Distillate Cracks ($/bbl) 69.6 84% 350 81.4% 50.7 80% 38.5 76% 74.4% 72% 18.3 19.6 20.4 250 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Au
Slide 6: Quarterly Crack Margin Comparison ($/bbl)
Quarterly Crack Margin Comparison ($/bbl) Mid-distillate cracks continued to strengthened in high season driven by global refinery outages and prolonged geopolitical tension. 5 year range 2025 2026 Diesel Jet Fuel • Diesel cracks remained above 52.0 • Jet fuel cracks well- 49.3 historical levels, su
Slide 7: Heavy Crude Price Differentials to Brent ($/bbl)
Heavy Crude Price Differentials to Brent ($/bbl) Differentials traded at premiums during Q2 due to restricted trade flows through the Strait of Hormuz, before softening slightly in June after the MoU between USA and Iran. 20 16 12 8 4 0 -4 -8 -12 OPEC+ Cut Russia - Ukraine OPEC+ Cut Red Sea OPEC+ Cu
Slide 8: Operations
OPERATIONS Hizmete Özel / Confidential
Slide 9: Q2 2026 – Tüpraş Highlights
Q2 2026 – Tüpraş Highlights Focus on Increased White Product Yields 90% 15 • Strong value creation in a volatile refining market. 82% 83% 14. 8 80% 80% 80% 77% 78% 77% 77% 78% 14. 6 14. 4 • 83% white product yield marked the highest 2Q level since 2017. 74% • Production slate remained closely aligne
Slide 10: Capacity Utilization and Quarterly Production Volume
Capacity Utilization and Quarterly Production Volume • Tüpraş produced 6.9 million tonnes in Q2 2026 with capacity utilization of 96%. Quarterly Production (Million Tonnes) Capacity Utilization (%) 2024 2025 2026 Crude Oil Semi Product Feedstock Total 8 7.3 98 100 7.2 94 95 96 7.0 92 93 93 87 7 9 7
Slide 11: Product Sales in Q2 2026 (Million Tonnes)
Product Sales in Q2 2026 (Million Tonnes) • Tüpraş’ sales rose 4% compared to Q2 2025, reaching 7.9 million tonnes in Q2 2026. • Domestic sales increased 5% y/y primarily driven by diesel and gasoline sales. Total Product Sales Domestic Sales of Selected Products Domestic Sales International Sales D
Slide 12: Electricity Production & Sales in Q2 2026
Electricity Production & Sales in Q2 2026 • 389 GWh Zero Carbon Electricity is sold in Q2 2026. • Total Zero Carbon Electricity (ZCE) sales from production increased by 12% y/y. Total ZCE Sales EBITDA Total Installed Capacity from Production (GWh) (mn TL) 389 770 112 17.5 66 MW 346 MW MW 53.5 MW 50
Slide 13: Financials
FINANCIALS Hizmete Özel / Confidential
Slide 14: Income Statement (Million TL)
Income Statement (Million TL) Million TL Q2 2026 Q2 2025 % H1 2026 H1 2025 % Net Sales 386,420 241,976 60% 662,788 464,119 43% COGS -325,383 -218,425 49% -578,662 - 422,131 37% Gross Profit 61,037 23,551 159% 84,126 41,988 100% Operating Expenses -11,137 -9,551 17% -21,752 -18,537 17% Income/Loss fr
Slide 15: Profit Before Tax Bridge (Q2 2025 – Q2 2026)
Profit Before Tax Bridge (Q2 2025 – Q2 2026) • Strong product profitability alongside the mitigated impact of high crude prices through successful crude slate optimization led robust PBT performance y/y. mn TL 51,989 -14,406 49,919 -1,097 -878 -247 14,557 Q2'25 Product Crude & Other Feedstock Invent
Slide 16: Financial Highlights
Financial Highlights Net Debt & Net Debt / EBITDA Cash & Debt Currency Debt Redemption Schedule bn TL Breakdown bn TL Hard Currency TL 210 198.9 -0.9 -1.1 175 140 -67.1 105 68.2 70 31.8 35 12.0 9.6 14.8 -130.7 0 2025 Net Debt/EBITDA Q2'26 Cash & Cash Eq. Total Debt 1 year 1-2 years 2-3 Years Over 3
Slide 17: Q2 2026 Results
Q2 2026 Results Tüpraş Net Refining Margin ($/bbl) Capacity Utilization (%) 100 FY Target 24 21.4 21 80 18 15.6 15 60 Revised 12 FY Target 95.1 9.7 9.4 8.6 40 9 6 4.1 5.3 20 3 0 0 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 H1'26 H1'26 Operationals (mn tonnes) Total Capex (mn $) H1'26 FY Target 800 700 600
Slide 18: Outlook
OUTLOOK Hizmete Özel / Confidential 18
Slide 19: 2026 Refinery Maintenance Schedule
2026 Refinery Maintenance Schedule Duration Refinery Unit Starting Quarter Purpose Planned (weeks) LPG Q1 Done Desulphurizer & 4 Periodic Maintenance Q1 Done İzmit Unifiner FCC & LPG Q4 12 Periodic Maintenance Planned Platformer & Unifiner Q4 6 Periodic Maintenance Planned FCC Q1 6 Revamp Done İzmir
Slide 20: 2026 Revised Expectations
2026 Revised Expectations Annual mn GUIDANCE REVISION Production ~29 tonnes Net Refining Margin* Annual mn Sales ~30 tonnes Previous Expectation Revised Expectation 6-7 z 13-15 z Average Capacity 95-100% $/bbl $/bbl Utilization Consolidated Capex ~700 mn $ (*) Net Refining Margin is calculated with
Slide 21: www.tupras.com.tr
www.tupras.com.tr 04/08/2026 Hizmete Özel / Confidential www.tupras.com.tr 21 Earnings Presentation
Slide 22: Appendix
APPENDIX Hizmete Özel / Confidential
Slide 23: Turkish Market, 5M 2026
Turkish Market, 5M 2026 Q1 Apr May Million Tonnes Diesel Jet Fuel1 10.0 10.0 10.2 9.5 9.9 2.4 2.2 2.3 2.0 2.2 2.4 2.1 2.0 2.0 2.0 1.9 2.0 2.1 2.0 1.6 0.6 0.6 0.5 0.5 0.4 0.5 0.5 0.4 0.4 6.0 -2.9% 0.4 +6.3% 5.4 5.6 5.8 5.8 1.1 1.1 1.2 1.3 0.9 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 Gasoline
Slide 24: OPET
OPET Opet has 2,003 fuel stations as of June 2026 end. 17% of the fuel stations have EV chargers installed. Opet Sunpet Market Share* 1,965 2,003 1,802 1,857 1,866 1,882 1,615 1,670 1,766 20% 1,444 1,504 1,560 686 704 563 588 615 626 623 434 463 495 435 431 1,126 1,152 1,175 1,203 1,214 1,242 1,240
Slide 25: Q2 2026 Product Yields
Q2 2026 Product Yields Q2 2025 Q2 2026 2% Other 10% Other 3% Bitumen 2% LPG LPG Bitumen 8% 4% 3% Kok Kok 22% 3% 1% Gasoline Other Gasoline Other Fuel Oil 6% white 23% white 4% Fuel Oil 25% 2% 19% Black Prod. Light Light Black Prod. 16% Distil. Distil. 0% 27% Naphtha 54% Mid. Distil. Mid. Distil. 55%
Slide 26: Tüpraş Balance Sheet (Million TL)
Tüpraş Balance Sheet (Million TL) Million TL 30.06.2026 31.12.2025 Difference % Difference Current Assets 439,481 279,005 160,476 58 Cash & C. Equivalents 198,919 126,280 72,638 58 Trade Receivables 78,748 62,120 16,627 27 Derivatives 35,574 1,647 33,927 2,060 Inventories 97,045 73,181 23,863 33 Pre
Slide 27: Finished Product and Semi Product Imports (Thousand Tons)
Finished Product and Semi Product Imports (Thousand Tons) Product Imports Q2 2026 Q2 2025 400 358 300 245 231 200 154 110 100 93 84 45 30 0 Diesel HVGO ASRFO Fuel Oil Gasoline MTBE 04/08/2026 Hizmete Özel / Confidential www.tupras.com.tr 27 Earnings Presentation
Slide 28: www.tupras.com.tr
www.tupras.com.tr 04/08/2026 Hizmete Özel / Confidential www.tupras.com.tr 28 Earnings Presentation