Türkiye Petrol Rafinerileri (TUPRS) Investor presentation summary

Market environment and trends

• Brent crude prices averaged $82.6/bbl in 2023 and $80.8/bbl in 2024, influenced by geopolitical tensions, OPEC+ decisions, and economic concerns.

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

• Middle distillate cracks remained strong, while gasoline and high sulphur fuel oil cracks showed volatility.

• Heavy crude differentials to Brent fluctuated due to OPEC+ actions and regional conflicts.

Turkish market dynamics

• Diesel, jet fuel, and gasoline consumption continued to grow, with diesel up 3.4% and jet fuel up 12.7% in 2025.

• Turkey remains a net importer of diesel and jet fuel, while holding high market shares in key products.

• Passenger car fuel mix is shifting, with 34% diesel, 32% LPG, 30% gasoline, and 4% EV/hybrid.

Company overview and operations

• Operates four refineries with 30 mn tons capacity and 8.2 mn m³ storage, Nelson complexity of 9.5.

• Shareholder structure: 71% domestic, 29% foreign ownership; Koç Holding is the main shareholder.

• Subsidiaries include OPET (distribution), DİTAŞ (marine transport), Entek (electricity), and Tüpraş Ventures (technology investments).

• Q3 2025 production was 7.2 mn tons with 100% capacity utilization; white product yield reached 81.5%.

• Q3 2025 sales totaled 8.0 mn tons, with domestic sales up 4% and gasoline sales up 15% y/y.