Türkiye Petrol Rafinerileri (TUPRS) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 production of 6.8 million tons with 95% capacity utilization, the highest since 2017.

• Q1 2026 sales rose 15% year-over-year to 7.4 million tons, driven by strong domestic diesel demand.

• Net profit for Q1 2026 surged to 3,710 million TL, up from 127 million TL in Q1 2025.

• Operating profit rose to TRY11.4 billion from TRY5.1 billion year-over-year, driven by higher sales and improved margins.

• Strategic transition plan focuses on sustainable refining, zero-carbon electricity, green hydrogen, and biofuels.

Financial highlights

• Q1 2026 net sales reached 258,254 million TL, a 24% increase year-over-year.

• EBITDA for Q1 2026 was 16,727 million TL, up 33% from Q1 2025.

• Gross profit for Q1 2026 was TRY21.6 billion, up from TRY17.2 billion in Q1 2025.

• Net refining margin for Q1 2026 was $9.7/bbl, above the FY target of $6–7/bbl.

• Net debt/EBITDA remains below 2.0x, with a strong liquidity position and negative net debt.

Outlook and guidance

• 2026 guidance: ~29 million tons production, ~30 million tons sales, 95–100% capacity utilization.

• Consolidated capex for 2026 expected at ~$700 million.

• Strategic plan targets ROACE >25%, net debt/EBITDA <2.0x, and capex/EBITDA <0.5x through 2035.

• Management expects continued volatility in commodity and currency markets and maintains a focus on risk management and hedging strategies.

• Deferred tax assets from investment incentives are expected to be recovered within five years, supporting future profitability.