Petkim Petrokimya Holding Anonim Sirketi (PETKM) Q3 2025 earnings summary

Executive summary

• Performance improved sequentially but remained below cycle average, with gross unit margin at USD80/ton and capacity utilization at 63% in 3Q25.

• Cost-cutting and upfront collection of construction right fees from STAR Refinery supported liquidity and reduced net debt below USD1bn.

• Recognized TRY787mn net income from STAR Refinery via equity pick-up in Q3.

• Received awards for investor relations and corporate governance.

• Report covers the nine-month period ended September 30, 2025, for a major Turkish petrochemical group with operations in petrochemicals and port services.

Financial highlights

• Sales reached ₺22.2bn in Q3, up 4% QoQ; EBITDA turned positive at ₺0.08bn, with a 0.4% margin (up 114% QoQ).

• Revenue for January–September 2025 was TRY 63.76 billion, down from TRY 76.19 billion year-over-year.

• Net loss for the period was TRY 4.80 billion, compared to TRY 0.13 billion loss last year; Q3 net loss widened to ₺1.2bn, with EPS at -0.48 TL/share, a 95% decline QoQ.

• Cash and cash equivalents at period end were TRY 9.42 billion, down from TRY 10.25 billion at year-end 2024; net debt at ₺40.9bn, down 2% QoQ.

• Gross profit improved from a loss of ₺476mn in Q2 to a profit of ₺82mn in Q3, but gross margin remained negative for the nine months.

Outlook and guidance

• Plans to invest in new Ethylene, PP, and HDPE/LLDPE plants, with final investment decision expected in 2026.

• Master plan targets capacity expansion to meet strong domestic demand growth through 2030.

• Management expects to recover deferred tax assets related to investment incentives within 8–10 years.

• No seasonality effects are expected to impact operations.