Turkiye Petrol Rafinerileri A.s. · BIST:TUPRS
Turkiye Petrol Rafinerileri A.s — Tüpraş — Investor Presentation (December 2025)
50 slides from Turkiye Petrol Rafinerileri A.s's investor presentation, December 2025
Slide 1: Investor Presentation
Investor Presentation December 2025 Hizmete Özel / Confidential
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements that reflect the Company management’s current views with respect to certain future events. Although it is believed that the expectations reflected in these statements are reasonable, they may be affected by variables and changes in und
Slide 3: Refining Market
Refining Market Hizmete Özel / Confidential
Slide 4: Brent Crude Prices
Brent Crude Prices $/bbl + Russian-Ukraine war 5 yr range 5 yr ave 2024 2025 130 + Impact of sanctions + Post-pandemic demand recovery + OPEC+ cut decisions 110 + New trade dynamics 90 82.6 80.9 - Continued Non-OPEC supply 80.3 90.2 85.5 85.3 75.7 - Geopolitical tensions 83.9 82.0 74.3 74.5 73.9 70
Slide 5: Global Refinery Capacity Changes
Global Refinery Capacity Changes Expectations until 2026: • The global oil demand reached to 102.8 mn bbl/d in 2024. • Net refining capacity additions for the years 2025 and 2026 are expected to be around 0.5 mn bbl/d. 2020-2026 Net Refining Capacity Additions Global Oil Demand (mn bbl/d) Closures O
Slide 6: Middle Distillate Cracks
Middle Distillate Cracks $/bbl Diesel Jet Fuel 5 yr range 5 yr ave 2024 2025 5 yr range 5 yr ave 2024 2025 60 60 55 55 50 50 45 45 40 40 35.9 29.6 35 35 30.1 30 30 28.2 24.2 26.2 26.3 26.6 25 25.0 21.6 25 23.8 22.0 26.4 20.2 18.3 17.7 19.6 20 15.9 18.0 17.4 20 19.6 16.8 20.0 13.8 14.9 16.4 17.2 15 1
Slide 7: Gasoline and High Sulphur Fuel Oil Cracks
Gasoline and High Sulphur Fuel Oil Cracks $/bbl Gasoline High Sulphur Fuel Oil 5 yr range 2025 2024 5 yr ave 5 yr range 2025 2024 5 yr ave 50 0 -3.6 -4.2 45 -5.9 -6.2 -5.3 -5 -7.2 -6.8 -7.2 -9.1 -8.2 -6.4 40 -10 -10.7 -10.1 -9.9 -12.0 -9.5 35 -12.1 -13.3 -15 -14.4 -14.3 -15.4 30 -15.3 -18.8 -20 24.1
Slide 8: Heavy Crude Differentials to Brent ($/bbl)
Heavy Crude Differentials to Brent ($/bbl) 5 2020 2021 2022 2023 2024 2025 0 -5 -10 -15 OPEC+ OPEC+ Cut Russia - Ukraine OPEC+ Cut Red Sea OPEC+ Cut Sanctions Iran – Israel Disagreement Decision War Decision Tension Decision on Russia War -20 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2
Slide 9: Turkish Market, 9M 2025
Turkish Market, 9M 2025 Q1 Q2 Q3 Million Tons Diesel Jet Fuel1 19.3 19.3 19.3 19.9 18.1 5.0 7.4 7.2 7.0 7.4 4.1 4.4 6.6 3.5 2.2 2.4 1.7 1.8 6.3 6.1 6.5 6.5 6.8 +3.2% 1.4 +13.5% 1.1 1.4 1.5 1.6 1.2 5.6 5.4 5.6 5.8 5.8 0.7 1.2 0.6 0.9 1.1 1.1 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Gasoline
Slide 10: Turkey's Net Import / Export Balance
Turkey’s Net Import / Export Balance Million Tons Import Export Market Share of Tüpraş -0.4 2024 12M 0.1 Jet -0.2 Diesel 40% -0.2 0.4 Jet 74% -10.9 -9.5 Diesel -7.3 Gasoline 98% -8.0 -5.9 0.3 0.9 Fuel Choice of Passenger Cars 2024 Gasoline 2.0 1.6 1.9 EV/Hybrid 4% -3.2 Diesel LPG -3.5 34% 32% LPG -2
Slide 11: Company Overview
Company Overview Hizmete Özel / Confidential
Slide 12: Tüpraş Shareholder Structure
Tüpraş Shareholder Structure Tüpraş is Turkey’s biggest industrial company and leading refiner. Koç Holding Aygaz Opet Koç Holding andGroup Other Koç Other Koç 77% 20% 3% 6.82% 6.83% Energy Investments Inc. (SPV) 46.4% 79.98% 41.7% Foreign Ownership 29%1 100% Free Float2 46.78% 100% 99.23% Domestic
Slide 13: Tüpraş' Refining Assets & Distribution Network
Tüpraş’ Refining Assets & Distribution Network İzmit Capacity: 11.3 mn t Nelson Compl.: 14.5 Storage: 3.0 mn m3 Kırıkkale Capacity: 5.4 mn t Nelson Compl.: 6.32 Storage: 1.3 mn m3 İzmir Capacity: 11.9 mn t Nelson Compl.: 7.66 Batman Storage: 2.5 mn m3 Capacity: 1.4 mn t Nelson Compl.: 1.8 Storage: 0
Slide 14: Nelson Complexity of Refining Companies
Nelson Complexity of Refining Companies Dec - 25 Hizmete Özel / Confidential Investor Presentation Company Overview www.tupras.com.tr
Slide 15: Tüpraş Subsidiaries
Tüpraş Subsidiaries OPET – Distribution (%41.7) Tüpraş Trading UK – Trading (%100) DİTAŞ Marine Transport (%79.98) Market Share: 19% 17% • Transportation of 10.5 million tons crude cargoes and White Products Black Products 6.9 million tons products cargoes. 520,066 DWT 5 Crude Oil Tanker • Over 4.7
Slide 16: Tüpraş Subsidiaries
Tüpraş Subsidiaries Entek - Electricity (Tüpraş Share: 99.23%) Group Total Installed Capacity Production (000 MWh) 66 112 17.5 MW MW MW 29.3 1,800 MW 1,600 1,400 50 1,200 1,460 1,000 1,359 1,341 1,451 1,334 MW 28 178 1,542 MW 800 MW 14.7 7 600 MW MW 400 24.4 200 MW - Natural Gas Combined Hydroelectr
Slide 17: Operations
Operations Hizmete Özel / Confidential
Slide 18: 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 19: 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 20: Sales
Sales • Tüpraş generated 30.4 million tons of total sales in 2024. Total Sales Customer Groups 2024 mn tons 29.5 30.1 30.4 Other 27.5 10% International 24.5 6.3 6.6 sales 6.0 5.8 22% International 4.7 Jet Sales 14% Bitumen Domestic Sales Total Sales 5% 21.7 23.5 23.8 23.8 19.8 2024 30.4 mn tons 2020
Slide 21: 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 22: Financials
Financials Hizmete Özel / Confidential
Slide 23: 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 24: 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 25: 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 26: 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 27: 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 28: 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 29: Dividend (TL)
Dividend (TL) 179% Strategic Transition Dividend Plan 128% 11.9 99% 99% 97% 100% 104% Our new business model 91% 92% 91% 86% 80% enables us to pay ~80% 7.4 7.5 dividends and we will 10.4 remain as a high dividend payer 7.8 1.9 2.2 0.9 0.4 0.9 6.5 0.4 0.6 0.6 0.2 0.0 0.0 0.0 0.0 0% 0% 0% 0% 2009 2010
Slide 30: Financial Policy
Financial Policy Financial Discipline: Risk management policies focusing on areas such as leverage, liquidity, counterparty risk, commodity, interest rate and currency exposure. Liquidity risk management & targets/limits for financial ratios: Leverage & • Net financial debt/EBITDA • Current ratio Li
Slide 31: Strategy
Strategy Hizmete Özel / Confidential
Slide 32: Türkiye's Transportation Energy Demand – 2025 Update
Türkiye’s Transportation Energy Demand – 2025 Update Türkiye’s Transportation Energy Demand Our Projections in million tones of oil equivalent (mtoe) Türkiye’s fossil fuel consumption to peak in 2035 (2021 STP: 2030) Electricity Hydrogen SAF, Other Jet Fuel Alternatives Alternative Marine Fuels Mari
Slide 33: Strategic Transition Plan
Strategic Transition Plan 2025-2030 2031-2035 Capex EBITDA Capex EBITDA Sustainable Refining ~50% ~85% ~40% ~65% 2021 STP: ~ 60% 2021 STP: ~ 90% 2021 STP: ~ 30% 2021 STP: ~ 70% Sustainable Aviation Fuel Zero Carbon Electricity ~50% ~15% ~60% ~35% 2021 STP: ~ 40% 2021 STP: ~ 10% 2021 STP: ~ 70% 2021
Slide 34: Strategic Transition Plan – Investment Areas
Strategic Transition Plan – Investment Areas SUSTAINABLE REFINING ZERO CARBON ELECTRICITY Energy Efficiency and Decarbonization Projects • Remain as a Major EBITDA Contributor Integrating Zero Carbon Electricity to produce Green H2 • Improve energy efficiency to drive up profitability • Primarily su
Slide 35: Strategic Transition Plan – Emission Reduction
Strategic Transition Plan – Emission Reduction EMISSION REDUCTION SCOPE 1 & 2 BASE YEAR SCOPE 1 + 2 7.6* MN TONNES -18% -20% -25% -49% We continue to invest in energy efficiency & decarbonization projects, green hydrogen & zero carbon electricity usage in refining to reduce scope 1 & 2 emissions -10
Slide 36: Strategic Transition Plan - Financials
Strategic Transition Plan - Financials Cumulative Cash Flow Bridge** (2025-35, bn $) Dividend (bn $,**) 17.0 6 8.5 5 -8.3 7.7 -1.0 -0.1 1.3 ~6 bn $ Already paid Dividend dividends in 1.2 2 years EBITDA Capex Net Fin. Exp. (*) Other Residual FCF 2022-2035 dividends in 2021 STP 2023 2025-2035 dividend
Slide 37: ESG
ESG Hizmete Özel / Confidential
Slide 38: Tüpraş's ESG Performance and Targets
Tüpraş’s ESG Performance and Targets Energy Intensity Target Health & Safety 99.1 18.9 18.2 17.7 0.59 94.9 0.42 93.5 92.4 92.3 0.5 11.8 0.37 0.27 0.4 88.7 0.34 0.25 0.3 5.1 4.0 0.2 0.1 0.2 2020 2021 2022 2023 2024 2030 Target 2020 2021 2022 2023 2024 . 2030 Target LTI Severity LTI Frequency Process
Slide 39: Appendix
Appendix Hizmete Özel / Confidential
Slide 40: 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 De
Slide 41: Turkish Market Fuel Consumption 2019-2024
Turkish Market Fuel Consumption 2019-2024 Million Tons Diesel Jet Fuel* -1.6% +6.0% 26.0+0.5% 26.1 28 +0.5% +10.1% 24.9 24.5 8 22.5 22.7 +4.7% +16.8% 5.4 5.7 5.3 -54.4% +38.0% 4.7 14 4 +39.4% 3.4 2.4 0 0 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024 Gasoline LPG +20.1% 4.9 5 4.2 -7.4%
Slide 42: Competition - STAR Refinery
Competition - STAR Refinery Timeline Turkish Market Structure (mn tons, 2024) Turkish Turkey Tüpraş STAR Total Market Balance Demand Demand* LPG 0.9 0.2 1.1 4.1 -3.3 Petchem F. 0.2 1.7 1.9 Gasoline 5.9 5.9 4.9 1.0 • Feasibility studies began in 2010 and Jet Fuel 4.7 0.9 5.6 5.7 0.1 construction kick
Slide 43: Competition - Regional Competition
Competition - Regional Competition • Tüpraş competes with 69 refineries in the Mediterranean and Black Sea markets. • Mediterranean regional product balance is also affected from Middle East, North West Europe and Asia flows Mediterranean Black Sea 54 Refineries ~7.7 mbd 15 Refineries ~1.5 mbd Dec -
Slide 44: European Pump Price Comparison
European Pump Price Comparison Turkish fuel prices are highly competitive with other European countries. Gasoline (TL/Lt) Diesel (TL/Lt) Tax Without Tax Pump Price Without Tax Tax Pump Price 75 75 64.9 65.5 66.3 65.4 61.8 61.4 60.9 59.5 58.4 58.3 60 60 56.6 53.7 30.0 31.6 32.0 29.5 44.7 44.0 28.2 27
Slide 45: Tüpraş - Ratings
Tüpraş - Ratings Tüpraş BIST Corporate Governance Rating Score Credit Rating Scores Foreign Currency Average 97.2 Long Term Tüpraş BB- (Stable) Ba2 (Stable) Shareholders 95.9 Turkey BB- (Stable) Ba3 (Stable) BB- (Stable) Koç Holding BB+(Stable) Transparency 98.9 Analyst Recommendations Stakeholders
Slide 46: Tüpraş Production Flow and Yield Breakdown
Tüpraş Production Flow and Yield Breakdown • Tüpraş has 30 million tons of production capacity • Tüpraş operates 4 refineries with an integrated system optimization program Flow Diagram # of Capacity Key Units Units (m3/d) LPG LPG 3.5% MEROX CRUDE OIL 8 99,420 Gasoline / Naphtha 22.0% VACUUM DIST. 8
Slide 47: RUP Feedstock and Production
RUP Feedstock and Production • Residuum Upgrade Plant (RUP) was completed in 2015 and it is the main conversion unit of Tüpraş. • The second scheduled maintenance is completed in 1H 2024. 3192 665 184 ~2.4 mt & Jet ~2.8 mt 909 132 Total Processing ~5.5 mn tons Total Output ~5.1mn tons Dec - 25 Hizme
Slide 48: LPG and Naphtha Cracks
LPG and Naphtha Cracks $/bbl LPG Naphta 5yr range 2024 5 yr ave 2025 5yr range 2024 5 yr ave 2025 5 5 0 -5.1 -5.1 -5 -6.0 -6.1 -5 -7.0-7.9 -9.3 -8.0 -8.2 -8.2 -8.4 -10 -9.7 -11.3-11.5 -9.6 -7.6 -11.5 -12.6 -11.2 -15 -15 -12.1 -11.6 -21.2 -20.6 -21.2 -14.3 -19.1 -23.4 -23.2 -17.0 -20 -25 -22.7 -22.5-
Slide 49: Koç Holding
Koç Holding Turkey’s Leading Investment Holding Company • Koç Holding is Turkey’s largest industrial and services group • The only Turkish company in Fortune Global 5002. ~7% ~7% ~19% Koç Group’s Pioneer in its Sectors Combined Total Exports / Market Cap/ Revenues / Turkey’s Borsa Istanbul GDP1 Expo
Slide 50: Latest Webcast
Investor Presentation Latest Webcast 2024 Integrated Annual Report Strategic Transition Plan ir@tupras.com.tr Hizmete Özel / Confidential