Türkiye Petrol Rafinerileri (TUPRS) Q4 2025 earnings summary

Executive summary

• Delivered strong operational and financial performance in 2025, maintaining high capacity utilization and robust domestic sales amid global volatility.

• Advanced strategic transition plan, including sustainability-linked financing, expansion in zero-carbon electricity, and improved ESG scores.

• Maintained significant dividend payments, supported by solid cash generation and balance sheet strength.

• Consolidated financial statements for 2025 were audited and present fairly in accordance with TFRS.

Financial highlights

• Revenue for 2025 was TRY 830.4 billion, with Q4 revenues at TL 206 billion and gross profit at TL 81.2 billion.

• Net income attributable to equity holders was TRY 29.5 billion for 2025, with Q4 net income at TL 6.8 billion.

• Q4 2025 EBITDA was TL 14.7 billion; full-year EBITDA reached TL 64.5 billion.

• Net debt/EBITDA improved to -0.9x by year-end, reflecting strong liquidity and a net cash position.

• Operating expenses rose 50% in Q4 due to one-offs and personnel costs, but declined 4% for the full year.

Outlook and guidance

• 2026 net refining margin guidance set at $6–$7 per barrel, with crack margins expected to remain above historical averages.

• Production and sales expected at ~29 million and ~30 million tons, respectively, with capacity utilization targeted at 95%–100%.

• CapEx guidance at $700 million, with significant allocation to green electricity projects.

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