Türkiye Petrol Rafinerileri (TUPRS) Q4 2025 earnings summary

Executive summary

• Delivered strong operational and financial performance in 2025, with profitability and capacity utilization exceeding prior year, supported by robust domestic demand and a strong cash position.

• Advanced strategic transition plan, including acquisition of solar assets in Romania and expansion of zero-carbon electricity portfolio.

• Improved ESG scores, ranking high in S&P, FTSE4Good, and Sustainalytics, and signed sustainability-linked financing and SAF supply agreements with Turkish Airlines and Pegasus Airlines.

• Maintained significant dividend payments, with TRY 29.3 billion distributed in 2025 and a TRY 33 billion dividend proposed for 2026, implying a cumulative yield near 40% over 2023–2026.

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

Financial highlights

• Revenue for 2025 was TRY 830.4 billion, with Q4 revenues at TRY 206 billion and gross profit at TRY 21 billion.

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

• Reported EBITDA for Q4 was TRY 14.7 billion; full-year EBITDA was TRY 64.5 billion.

• Net debt to EBITDA improved to -0.9x by year-end, with TRY 57 billion net cash and positive net FX position of $15.4 million.

• Working capital at year-end was TRY 23.4 billion; gross margin for 2025 was 9.8%.

Outlook and guidance

• 2026 net refining margin guidance: $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 for 2026 is $700 million, with half allocated to green electricity projects.

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

• The group continues to assess the impact of new and upcoming TFRS standards.