28 slides from Turkiye Petrol Rafinerileri A.s's earnings presentation, May 6, 2026
Slide 1: Q1 2026 Earnings Presentation
Q1 2026 Earnings Presentation May 6, 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: Q1 2026 – Tüpraş Highlights
Q1 2026 – Tüpraş Highlights High Capacity Utilization Reflecting Operational Strength mn ton • In Q1 2026, our capacity utilization rate reached 95%, marking the highest first-quarter 110% 100% 94% 95% 15.0 0 level since 2017. 100% 90% 85% 84% 82% 83% 13.0 0 73% 71% 80% 65% • We maintained high util
Slide 4: Market
Market Hizmete Özel / Confidential
Slide 5: Global Outlook
Global Outlook 1,5 mb/d, Kirkuk – MILLION ~20 Ceyhan Pipeline 75 kb/d Barrels per day Iraq 200 kb/d Majnoon Crude Oil : ~ 16 million bp/d Iran Oil Field Products : ~ 4 million bp/d Rumaila Israel Oil Field 345 kb/d 7 mb/d, Saudi 454 kb/d 615 kb/d Kuwait Kharg Island, port and oil export hub (90% of
Slide 6: Q1 2026 – Key Market Highlights
Q1 2026 – Key Market Highlights While inventory builds are concentrated in Asia-Pacific, stable US and European stocks Europe mid-distillate stocks fell below the 5-year average in first quarter due to Middle East conflicts signal potential crude market tightening ahead, Automobile Salesamid the con
Slide 7: Quarterly Crack Margin Comparison ($/bbl)
Quarterly Crack Margin Comparison ($/bbl) Mid-distillates reached record high levels driven by disruptions in the Middle East, temporary refinery outages and constrained product and crude flows. 5 year range 2025 2026 Diesel Jet Fuel • Diesel cracks exceeded • Jet fuel cracks reached the 43.1 histor
Slide 8: Heavy Crude Price Differentials to Brent ($/bbl)
Heavy Crude Price Differentials to Brent ($/bbl) Differentials were parallel y/y, before tightening from April onwards amid disruptions around the Strait of Hormuz, while freight and other associated costs started to increase from March. 4 0 -4 -8 -12 OPEC+ Cut Russia - Ukraine OPEC+ Cut Red Sea OPE
Slide 9: Operations
Operations Hizmete Özel / Confidential
Slide 10: Capacity Utilization and Quarterly Production Volume
Capacity Utilization and Quarterly Production Volume • Tüpraş produced 6.8 million tons in Q1 2026 with capacity utilization of 95%, highest first quarter level since 2017. Quarterly Production (Million Tons) Capacity Utilization (%) 2024 2025 2026 Crude Oil Semi Product Feedstock Total 8 7.3 7.2 10
Slide 11: Product Sales in Q1 2026 (Million Tons)
Product Sales in Q1 2026 (Million Tons) • Tüpraş’ sales are up by 15% compared to Q1 2025 reaching to 7.4 million tons in Q1 2026. • Domestic sales increased by 20% y/y primarily driven by diesel sales. Total Product Sales Domestic Sales of Selected Products Domestic Sales International Sales Diesel
Slide 12: Electricity Production & Sales in 2026
Electricity Production & Sales in 2026 • 236 GWh Zero Carbon Electricity is sold in Q1 2026. • Total Zero Carbon Electricity (ZCE) sales from production remained parallel with the previous year. Total ZCE Sales EBITDA Total Installed Capacity from Production (GWh) (mn TL) 319 66 112 17.5 238 236 MW
Slide 13: Financials
Financials Hizmete Özel / Confidential
Slide 14: Income Statement (Million TL)
Income Statement (Million TL) Million TL Q1 2026 Q1 2025 % Net Sales 258,254 207,582 24% COGS -236,678 -190,354 24% Gross Profit 21,575 17,228 25% Operating Expenses -9,919 -8,397 18% Income/Loss from other operations -264 -3,739 -93% Operating Profit 11,392 5,092 124% Inc./Loss from investments -83
Slide 15: Profit Before Tax Bridge (Q1 2025 – Q1 2026)
Profit Before Tax Bridge (Q1 2025 – Q1 2026) • Strong product profitability and positive inventory impact contributed to PBT, surpassing the negative impact of narrowed differentials and increased energy costs. Million TL 11,313 684 -3,491 10,383 -349 -4 -1,085 3,315 Q1 2025 Product Crude Differenti
Slide 16: Financial Highlights
Financial Highlights Net Debt & Net Debt / EBITDA Cash Currency Redemption Schedule bn TL bn TL Breakdown bn TL TL Hard Currency 140 129.9 105 -0.9 -1.0 70 19.4 18.2 -62.7 35 8.3 9.3 -74.7 0 2025 Net Debt/EBITDA Q1 2026 Hard Currency TL 1 year 1-2 years 2-3 Years Over 3 years Working Capital (bn TL)
Slide 17: Q1 2026 Results
Q1 2026 Results Tüpraş Net Refining Margin ($/bbl) Capacity Utilization (%) 100 12.0 Tüpraş FY Target 10.0 80 8.0 9.7 60 Tüpraş FY 6.0 Target 94.5 9.4 40 4.0 8.6 5.3 20 2.0 4.1 0.0 0 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2026 Operationals (mn tons) Total Capex (mn $) Q1 2026 FY Target 800 700 6
Slide 18: Outlook for 2026
Outlook for 2026 Hizmete Özel / Confidential
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 Expectations
2026 Expectations Net Refining Margin(*) expectation 6-7 $/bbl • ~29 mn tons annual production • ~30 mn tons annual sales • 95-100% average capacity utilization Consolidated Capex ~700 million $ (*) Net Refining Margin is calculated with all factors subject to inflation accounting (IAS 29) stripped
Slide 21: www.tupras.com.tr
www.tupras.com.tr 06/05/2026 Hizmete Özel / Confidential www.tupras.com.tr 21 Earnings Presentation
Slide 22: Appendix
Appendix Hizmete Özel / Confidential
Slide 23: Turkish Market, 2M 2026
Turkish Market, 2M 2026 Jan Feb Million Tons Diesel Jet Fuel1 3.5 3.6 3.7 3.7 3.5 1.8 1.7 1.7 1.8 1.8 0.8 0.7 0.7 0.7 0.6 0.3 0.3 0.3 0.4 2.0 -0.3% 0.3 +5.5% 1.7 1.8 1.9 1.9 0.3 0.3 0.4 0.5 0.3 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 Gasoline LPG 0.8 0.7 0.7 0.6 0.6 0.6 0.6 0.5 0.5 0.4 +13
Slide 24: OPET
OPET Opet has 1,995 fuel stations as of March 2026 end. 16% of the fuel stations have EV chargers installed. Opet Sunpet Market Share* 1,965 1,995 1,802 1,857 1,866 1,882 1,615 1,670 1,766 20% 1,444 1,504 1,560 686 705 563 588 615 626 623 434 463 495 435 431 1,126 1,152 1,175 1,203 1,214 1,242 1,240
Slide 25: Q1 Product Yields
Q1 Product Yields Q1 2025 Q1 2026 2% Other 7% Other 3% LPG Bitumen 2% LPG 4% Bitumen 3% 9% Kok Kok 3% 1% 23% Gasoline 4% Other Other Gasoline 23% Fuel Oil Fuel Oil white white 26% 4% 2% 15% Black Prod. Light Black Prod. Light Distil. Distil. 16% 26% 57% Mid. Distil. Mid. Distil. 56% 38% 19% Jet Fuel
Slide 26: Tüpraş Balance Sheet (Million TL)
Tüpraş Balance Sheet (Million TL) Million TL 31.03.2026 31.12.2025 Difference % Difference Current Assets 315,177 260,719 54,458 21 Cash & C. Equivalents 129,900 118,004 11,897 10 Trade Receivables 76,810 58,049 18,761 32 Derivatives 25,307 1,539 23,769 1,545 Inventories 62,157 68,385 -6,228 -9 Pre-
Slide 27: Finished Product and Semi Product Imports (Thousand Tons)
Finished Product and Semi Product Imports (Thousand Tons) Product Imports Q1 2026 Q1 2025 274 223 270 186 125 89 78 63 60 60 Diesel HVGO ASRFO LSFO MTBE 06/05/2026 Hizmete Özel / Confidential www.tupras.com.tr 27 Earnings Presentation
Slide 28: www.tupras.com.tr
www.tupras.com.tr 06/05/2026 Hizmete Özel / Confidential www.tupras.com.tr 28 Earnings Presentation