Petkim Petrokimya Holding Anonim Sirketi (PETKM) Q4 2025 earnings summary

Executive summary

• Maintained first place in both overall and chemicals sector categories in the Stars of Export Awards for 2025.

• Revenue decreased to TRY 89.1 billion, down from TRY 101.3 billion year-over-year, with a net loss of TRY 10.3 billion compared to TRY 8.3 billion in the prior year.

• Focused on operational efficiency and liquidity amid challenging market conditions, with USD600mn impact from management initiatives in 2025.

• STAR Refinery set an all-time production record with 123% capacity utilization, contributing TRY1.7bn to net income.

• Inflation accounting adjustments (IAS/TAS 29) significantly distorted bottom-line performance, with a negative TRY9bn impact on net loss and restated prior period figures.

Financial highlights

• 4Q25 EBITDA was negative at (₺1.4bn), with a margin of (6%), down 1715% QoQ.

• Sales for 4Q25 were ₺22.5bn, down 3% QoQ; net income was (₺5.3bn), a 314% decline QoQ.

• Annual sales for 2025 were ₺89.1bn, down 12% YoY; net loss for the year was (₺10.3bn), up 15% YoY.

• Cash and cash equivalents declined to ₺4.3bn from ₺10.7bn year-over-year.

• Gross loss was TRY 3.1 billion, compared to TRY 1.6 billion in the previous year.

Outlook and guidance

• Management expects continued focus on cost efficiencies and disciplined management into 2026.

• Petkim Master Plan includes potential investments in new Ethylene, PP, and HDPE/LLDPE plants, with FEED phase and final investment decision expected in 2026.

• Despite current liabilities exceeding current assets by TRY 24.2 billion, strong equity and access to financing support going concern.