Türkiye Petrol Rafinerileri (TUPRS) investor relations material

Executive summary

• Achieved strong operational and financial results in Q3 2025, with capacity utilization above 100% and robust crack margins amid global volatility and favorable market conditions.

• Net profit rose 18% year-over-year to TRY 12.2 billion in Q3 2025, supported by robust domestic demand and disciplined liquidity management.

• Advanced sustainability initiatives, including progress on sustainable aviation fuel (SAF) and expansion of zero-carbon electricity portfolio, with new regulations and agreements in place.

• Revenue for the nine months ended 30 September 2025 was TRY 598.3 billion, down from TRY 798.9 billion year-over-year, with net income of TRY 22.0 billion, up from TRY 18.5 billion.

• Total assets increased to TRY 610.1 billion from TRY 569.6 billion at year-end 2024, and equity stood at TRY 348.5 billion.

Financial highlights

• Q3 2025 revenues reached TRY 220.7 billion, with gross profit at TRY 24 billion and EBITDA at TRY 20.5 billion.

• Net income for Q3 2025 was TRY 12.2 billion, with EBITDA margin improved and net debt/EBITDA at -1.1, indicating a net cash position.

• Cash and cash equivalents increased to TRY 117.1 billion, and net financial liabilities were negative.

• Working capital requirement improved to negative TRY 7.9 billion due to effective cash cycle management.

• Earnings per share (EPS) increased to 11.33 Kr from 9.39 Kr.

Outlook and guidance

• Net refining margin guidance for 2025 raised to $6.5 per barrel, with production and sales guidance at ~26 million tons and ~30 million tons, and capacity utilization expected at 90–95%.

• Consolidated CAPEX target for 2025 revised down to $480 million due to investment postponements.

• SAF production via co-processing to begin in 2026, with full-scale SAF unit completion expected in 2028.

• Management expects to recover deferred tax assets related to investment incentives within five years.