Türkiye Petrol Rafinerileri (TUPRS) investor relations material

Executive summary

• Achieved robust operational and financial performance in Q2 and H1 2026, with high capacity utilization and strong product yields supporting results.

• Net income surged to TRY 50.3 billion in H1 2026, up from TRY 12.0 billion year-over-year, and EBITDA rose to TRY 67.9 billion.

• Free cash flow in H1 2026 exceeded dividend and CAPEX requirements, supporting financial flexibility.

• The group operates primarily in refining and electricity, with refining as the dominant segment.

Financial highlights

• Net sales increased by up to 60% year-on-year in Q2 2026, reaching TL 386,420 million.

• Operating profit rose nearly four-fold year-on-year to TRY 47 billion; net profit reached TRY 46 billion in Q2 and TRY 50.3 billion in H1.

• EBITDA for H1 2026 was TRY 67.9 billion, up from TRY 26.8 billion in H1 2025.

• Cash and cash equivalents increased to TRY 195.8 billion as of June 30, 2026.

• Net financial liabilities turned negative, with a net cash position of TRY 102.2 billion as of June 30, 2026.

Outlook and guidance

• Full-year net refining margin guidance raised to $13–$15 per barrel, up from $6–$7, reflecting ongoing tight product markets and operational strengths.

• Annual production expected at ~29 million tonnes and sales at ~30 million tonnes, with capacity utilization forecasted at 95–100%.

• Consolidated CAPEX guidance maintained at ~$700 million.

• The company expects to benefit from a reduced corporate tax rate (12.5%) for manufacturing income starting in 2027.