Petkim Petrokimya Holding Anonim Sirketi (PETKM) Q2 2025 earnings summary

Executive summary

• Achieved TRY19.9bn in revenue for 2Q25, driven by increased sales and trading volumes.

• Maintained operations despite widespread European plant closures, with a 60% capacity utilization rate.

• Sale of Petlim stake generated TRY1.2bn in net cash, improving net debt by USD170mn.

• Recognized among the most reputable companies in EMEA and received multiple ESG and governance awards.

• Report covers the six months ended June 30, 2025, prepared under Turkish Financial Reporting Standards and reviewed by EY, with no material misstatements identified.

Financial highlights

• Revenue for January–June 2025 was TRY 38.6 billion, down from TRY 49.5 billion year-over-year.

• Sales reached €19.9bn, up 6% quarter-over-quarter; net income was negative at (₺0.6bn).

• Net loss for the period was TRY 3.34 billion, compared to a net profit of TRY 3.63 billion in the same period last year.

• EBITDA was negative at (₺0.6bn), with a margin of (3%), down 34% QoQ.

• Gross profit margin declined from (6%) to (2%) sequentially; gross loss of TRY 1.49 billion for H1 2025.

Outlook and guidance

• Early signs of market rebalancing in benzene and PX, with cautious optimism for Q3.

• Master plan includes new ethylene, PP, and HDPE/LLDPE plants, with feasibility and pre-FEED studies underway and final investment decision expected in 2026.

• Long-term decarbonization targets: 40% emission reduction by 2035, carbon neutrality by 2050.

• No issues anticipated regarding liquidity or ability to meet obligations, supported by strong equity and banking relationships.