Turcas Holding A.s. · BIST:TRCAS
Turcas Holding A.s — Investor Presentation (November 2025)
22 slides from Turcas Holding A.s's investor presentation, November 2025
Slide 1: Turcas Holding Investor Presentation
Turcas Holding CORPORATE PRESENTATION Investor 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 ‘'I
Slide 2: Table of Contents
Table of Contents 1. Turcas: A Sustainable Investment Platform Page # a) Turcas at a Glance…………………………………………………………………... 2 b) Group Structure & Milestones……………………………………………………. 3-4 c) Shareholding Structure & Stock Information……………………………………… 5 d) Turcas Cash Inflows & Dividend Stream ……………………………………….
Slide 3: Turcas Holding: A Sustainable Investment Platform – At a Glance
Turcas Holding: A Sustainable Investment Platform At a Glance ▪ Investment Holding Company with portfolio companies in Oil & Energy Businesses ▪ Trade Name changed to Turcas Holding from Turcas Petrol in Aug’25 and expanded its areas of operation in AoA ▪ Extensive industrial know-how in Turkish Ene
Slide 4: Group Structure
Turcas: A Sustainable Investment Platform Group Structure Bloomberg Ticker: TRCAS.TI Reuters Ticker: TRCAS.IS Free Float: 35,78%** 1,217 Nationwide Shell Branded Fuel Stations** 800 MW Lubricants Plant Gas Fired in Derince Power Plant * In addition to Turcas’ indirect ownership at ATAŞ through Shell
Slide 5: Corporate Milestones
Turcas: A Sustainable Investment Platform Corporate Milestones 1931 1953 1962 1996 2005 2006 2006 2007 2008 ▪ Foundation of ▪ Lubricants ▪ Start of ▪ Acquisition by ▪ Acquisition of ▪ Merger with ▪ Foundation of ▪ Partnership ▪ Acquisition of Türkpetrol Ltd. sales operations at Conoco, Aksoy Conoco’
Slide 6: Shareholding Structure & Stock Information
Turcas: A Sustainable Investment Platform Shareholding Structure & Stock Information Shareholding Structure of Turcas Holding (as of 25/11/2025) Shareholding Structure of Aksoy Holding (as of 25/11/2025) 1,2% 9,77% Aksoy Holding A.Ş Erdal Aksoy 29,2% 34,8% Free Float S. Batu Aksoy 35,78% 54,45% Banu
Slide 7: Cash Inflows From Subsidiaries (Shell Turcas & RWE Turcas)
Cash Inflows From Subsidiaries (Shell Turcas & RWE Turcas) MM TL 243 Total Long-Term Proceeds in 19 years to Turcas: 468 MM USD (3,446 MM TL) 239 466 169 113 177 450 20 6 300 10 32 65 5 16 8 57 8 168 7 13 16 23 11 11 85 120 50 53 45 14 51 41 75 70 26 31 27 30 33 36 24 2007 2008 2009 2010 2011 2012 2
Slide 8: Deleveraging Completed & Dividend Payments Restarted
Deleveraging Completed & Dividend Payments Restarted MM EUR Turcas Consolidated Loan 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 Financial De
Slide 9: Fuel Distribution: Shell & Turcas JV
Fuel Distribution: Shell & Turcas JV ▪ In 2005, Royal Dutch Shell (‘Shell’) and Turcas Holding A.Ş. have merged their fuel retail operations in Turkey under the name of Shell & Turcas Petrol A.Ş. (‘STAŞ’). Newly established company, Royal Turcas STAŞ, started its operations in July 2006 Dutch Shell
Slide 10: Fuel Distribution: Overall Market Growth
Fuel Distribution: Overall Market Growth Gasoline Sales (Sector) Diesel Sales (Sector) ths m3 ths m3 +21% y/y +4% y/y 6,6 5,9 31,1 30,0 30,8 30,9 31,2 31,5 28,0 29,0 5,5 4,9 23,2 24,2 4,3 3,9 3,1 3,2 3,3 3,0 2017 2018 2019 2020 2021 2022 2023 2024 9M24 9M25 2017 2018 2019 2020 2021 2022 2023 2024 9M
Slide 11: Fuel Distribution: Shell & Turcas JV Volume Growth
Fuel Distribution: Shell & Turcas JV Volume Growth Gasoline Sales (STAS) Diesel Sales (STAS) MM m3 MM m3 +4% y/y -3% y/y +21% y/y +20% y/y 5.479 5.605 5.272 4.970 1.916 1.704 4.170 4.337 4.175 3.950 3.817 1.540 3.861 1.424 1.235 1.075 757 780 805 772 2017 2018 2019 2020 2021 2022 2023 2024 9M24 9M25
Slide 12: Fuel Distribution: Shell & Turcas JV Market Share
Fuel Distribution: Shell & Turcas JV Market Share Gasoline Market Shares Diesel Market Shares #1 Shell & Turcas PO (Vitol) Opet BP Total (Oyak) Shell & Turcas PO (Vitol) Opet BP Total (Oyak) 35,0% 30,0% 28,7% 26,2% 25,0% 27,1% 17,3% 20,0% 24,2% 15,8% 15,0% 12,4% 10,0% 7,5% 5,0% 1,5% 1,1% 0,0% Onsite
Slide 13: Fuel Distribution: Shell & Turcas JV Efficiency Metrics
Fuel Distribution: Shell & Turcas JV Efficiency Metrics (as of YE 2024) Market Efficiency Index (as of YE24) Throughput (White Product Sales / Station) X(times) m3 #1 #1 1,9 1,3 1,2 All Market 1,1 Efficiency = 1.0 6.197 4.086 2.454 4.363 5.378 5.869 6.055 3.942 4.020 4.207 4.215 3.136 3.643 3.558 3.
Slide 14: Fuel Distribution: Shell & Turcas JV
Fuel Distribution: Shell & Turcas JV Net Sales EBITDA MM TL MM TL +21% y/y -20% y/y 355.089 10.339 332.400 322.277 10.068 305.019 9.196 8.514 258.109 7.013 55.569 2.039 39.325 34.521 1.305 940 2019 2020 2021 2022 2023 2024 9M24 9M25 2019 2020 2021 2022 2023 2024 9M24 9M25 Net Income / Loss Shell & T
Slide 15: Power Generation (Natural Gas PP): RWE & Turcas JV
Power Generation (Natural Gas PP): RWE & Turcas JV ▪ In 2009, Turcas and Germany’s RWE established a joint venture company Denizli CCPP with an installed under the name RWE & Turcas Güney (‘RTG’) to establish a 800 MW CCPP in capacity of c.a.800 MW Turkey ▪ RWE holds 70% and Turcas holds the remaini
Slide 16: Power Generation: Overall Market Info
Power Generation (Natural Gas PP): Overall Market Info GDP vs Electricity Consumption Growth Turkish Power Generation (by source) Share of 23% 34% 22% 21% 19% 12,4% NG+LNG 11,0% GWh 5,5% 7,4% 5,7% 5,2% 5,6% 106.264 107.339 104.115 114.210 117.928 120.491 68.070 77.832 38.051 55.473 47.018 71.377 66.
Slide 17: Power Generation: RWE & Turcas JV
Power Generation (Natural Gas PP): RWE & Turcas JV RTG Average Electricity Sales Price (TL/MWh) Cash inflows to Turcas from RWE & Turcas JV (MM TL) MM TL 4.506 SHL Repayment Cash Capital Decrease Dividend Payment 4.004 3.519 3.398 2.843 2.471 2.644 2.268 2.709 2.232 2.500 2.720 2.853 1.530 243 913 3
Slide 18: Power Generation: RWE & Turcas JV
Power Generation (Natural Gas PP): RWE & Turcas JV Net Sales EBITDA MM TL 16.537 MM TL 2.639 15.714 -14% y/y -3% y/y 11.333 10.868 1.743 10.560 1.328 1.126 1.138 2.715 417 1.041 1.548 84 2019 2020 2021 2022 2023 2024 9M24 9M25 2019 2020 2021 2022 2023 2024 9M24 9M25 -2 Net Income / Loss RWE & Turcas
Slide 19: 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 20: 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 21: 2025 Guidance
2025 Guidance Guidance Realizations (as of (as of 30 April 25 November Unit 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 Decre
Slide 22: 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
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