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Türkiye Petrol Rafinerileri (TUPRS) investor relations material
Türkiye Petrol Rafinerileri Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved strong operational and financial performance in Q2 2025, with record domestic gasoline sales and robust cash reserves, supported by prudent balance sheet management and strategic initiatives such as a $500M sustainability-linked club loan and Turkey's first domestic SAF procurement agreement.
Cash and cash equivalents reached $2.3B (TRY90.4B) at quarter-end, aided by operational performance, improved working capital, and favorable financing.
Completed acquisition of solar assets in Romania, expanding international renewables presence.
Dividend payments totaling TRY29.3B were approved for 2024 profits, with the first installment paid in March 2025.
Moody's upgraded the company's rating following Turkey's sovereign upgrade.
Financial highlights
Q2 2025 revenue was TRY183B (~$4.6B), with gross profit at TRY17.8B and net income at TRY8.9B; H1 2025 revenue was TRY351.3B, net income TRY8.99B, and EPS 4.66 Kr.
EBITDA for Q2 2025 was TRY15B, with H1 2025 EBITDA at TRY25.2B; gross margin for H1 2025 was 9.1%.
Net debt/EBITDA improved to -0.9 in H1 2025, reflecting a strong net cash position.
Working capital normalized after Q1 one-off effects, supporting cash levels.
Operating cash flow for H1 2025 was TRY13.7B, up from TRY11.5B in H1 2024.
Outlook and guidance
Net refining margin guidance maintained at $5–$6 per barrel for 2025; production expected at ~26M tons and sales at ~30M tons, with capacity utilization between 90–95%.
Consolidated CapEx target for 2025 remains $600M; $232M spent in H1.
No upward revision to year-end expectations solely due to high capacity utilization during peak season.
Management expects to recover deferred tax assets from investment incentives within five years.
Focus remains on refining and electricity, with continued international expansion in renewables.
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