Türkiye Petrol Rafinerileri (TUPRS) Investor presentation summary

Market environment and trends

• Brent crude prices have fluctuated due to geopolitical tensions, sanctions, and OPEC+ decisions, with average prices expected to decrease from $82.6/bbl in 2023 to $69.1/bbl in 2025.

• Global oil demand reached 102.8 million bbl/d in 2024, with net refining capacity additions of 0.5 million bbl/d expected for 2025 and 2026.

• Middle distillate cracks remain strong, while gasoline cracks are positive and high sulphur fuel oil cracks remain negative.

• Heavy crude differentials to Brent have been volatile, influenced by OPEC+ decisions and regional conflicts.

Turkish market and company position

• Diesel and gasoline consumption in Turkey increased by 3.1% and 15.8% respectively in 2025, while LPG declined by 5.1%.

• The company holds a 40% market share in diesel, 74% in jet fuel, and 98% in gasoline.

• Passenger car fuel choices in 2024: diesel 34%, LPG 32%, gasoline 30%, EV/hybrid 4%.

Operations and production

• Operates four refineries with a total capacity of 30 million tons and a Nelson complexity of 9.5.

• Q3 2025 production was 7.2 million tons with 100% capacity utilization.

• White product yield improved to 81.5% in Q3 2025.

• Total sales in 2024 reached 30.4 million tons, with 22% international sales.