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INVESTOR PRESENTATION 3Q25 RESULTS NOVEMBER 2025
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Earnings Presentation 3Q25 2 www.petkim.com.tr Page 11-20 OPERATING & FINANCIALSRESULTS Page 24-26 SUSTAINABILITY & ESG Page 27-30 SUPPORTING SLIDES Welcome to Our Earnings Presentation Page 03-04 3Q25 FINANCIAL HIGHLIGHTS Page 05-10 INDUSTRY ENVIRONMENT At the 25th Industrial Energy Efficiency Project Competition organized by the Ministry of Energy and Natural Resources, Directorate of Energy Efficiency and Environment, Petkim was awarded second place with its Energy LP and Column Optimization projects Page 21-23 STAR REFINERY
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Earnings Presentation 3Q25 3 FINANCIAL HIGHLIGHTS Sales ₺22.2 BN 4% QoQ EBITDA ₺0.08 BN 0,4% Margin (114%) QoQ Net Income (₺1.2) BN -0,48 TL/Share 95% QoQ Cash ₺9.4 BN 0,6x Current Ratio 38% QoQ Net Debt ₺40.9 BN 2% QoQ
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Earnings Presentation 3Q25 4 Perfomance was better than in the previous period, but still below the cycle average Petkim’s gross unit margin was USD80/ton and the CUR was 63% Petkim benefited from the strong results of STAR Refinery Net income of TRY787mn was derived through the equity pick- up method in Q3 Petkim continues to strengthen its cost-cutting initiatives in the face of TL overvaluationand high inflation Optimizationof fixed and variable cost savings was achieved throughout the year The upfront collection ofconstruction right fees from STAR Refinery supported Petkim’s liquidity and balance sheet Petkim‘s net debt was realized below USD1bn after receiving lump- sum payment from STAR Refinery Two awards were received at the Extel 2025 Europe and EMEA Equities Awards Petkim once again received awards this year in the categories of «Best Company in Investor Relations» and «Best Investor Relations Team» 01 02 03 04 05 3Q25 Highlights
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Earnings Presentation 3Q25 5 INDUSTRY ENVIRONMENT Global PetrochemicalMarket PetrochemicalMarket in Türkiye
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Earnings Presentation 3Q25 6 Industry Environment Ethylene-naphtha spread increased by about %2 from USD272/ton in 2Q25 to USD277/ton in 3Q25 The quarterly average ethylene- naphtha spread stayed largely flat, rising in July-August but weakening in September There was a decrease of 1% in the 3Q25 PLATTs index compared to the previous quarter Monthly ethylene- naphthaspread (CIF MED spot prices) USD/ton Monthly average Plattsindex* USD/ton 120 226 200 183 132 112 118 208 328 238 151 144198 312 331 352 257 210 305 308 210 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 5-Year Max-Min 2024 5-Year AVG 2025 849 895 904 903 884 887 895 899 866 835 816 826 854 866 847 792 778 790 805 796 778 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 5-Year Max 2024 2025 5-Year AVG (*) compilation of ethylene, propylene, benzene, toluene, PX, LDPE and PP.
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Earnings Presentation 3Q25 7 Product groups spread (over naphtha CIF MED)USD/MT Weak demand and oversupply persists Geo-political tensions Rationalizationin petrochemical industry Key trends in the industry -100 0 100 200 300 400 500 600 Aromatics Polymers Fibers Others Overall Industry Environment Margins at polymer unit stagnated close to floor over the last three years as integrated producers concentrated margins upstream at the cracker Profitability at the LDPE and HDPE units stagnated at the historic lows observed over the past three years PP unit margins stayed below variable cost breakeven, while integrated producers gained seasonal propane cost advantages upstream Prolonged fragile demand headed by weak consumption into styrene depressed benzene prices for fifteen consecutive months into August
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Earnings Presentation 3Q25 8 Polymers Fibers Aromatics Others Product groups spread (over naphtha CIF MED), USD/MT 100 250 400 550 700 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 HDPE LDPE PP PVC -200 0 200 400 600 800 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 MEG ACN PTA DEG -120 180 480 780 1080 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 PGP Crude C4 PA PY-GAS Source: S&P Global Commodity Insights Industry Environment 0 200 400 600 800 1000 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Benzene Paraxylene Ortoxylene
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Earnings Presentation 3Q25 9 Benzene / Paraxylene - Naphtha spread (over naphtha NWE), USD/MT Source: S&P Global Commodity Insights Industry Environment 394 340 320 397 206 143 144 2021 2022 2023 2024 20251Q 20252Q 20253Q Benzene-naphtha spread 222 481 457 366 224 275 334 2021 2022 2023 2024 20251Q 20252Q 20253Q Paraxylene-naphtha spread The European benzene market in Q3 2025 displayed a volatile trend, beginning with strength before weakening under significant downward pressure The spread narrowed sharply from $150/mt in August to only $87/mt in September, highlighting the significant margin compression and weakening production economics P-X demand remained relatively fragile through the quarter, though July saw a moderate pickup driven by seasonal PET resin consumption. While activity eased somewhat in August and September due to softer purified terephthalic acid (PTA) orders, overall sentiment remained stable The quarter closed with the market continuing to adapt to import competition and tighter production margins, while expectations for a gradual recovery in post-holiday demand remained in place
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Earnings Presentation 3Q25 10 Türkiye’s Petrochemical Sector Overview Petrochemical consumption in Türkiye (k tons) Products market share(cumulative) Türkiye domestic demand is primarily met by importsSurplus (k tons) Deficit (k tons) 9% Total Market Share -600 -500 -400 -300 -200 -100 0 3Q24 4Q24 1Q25 2Q25 3Q25 PVC LDPE HDPE PP ACN MEG PTA PA P-X C-5 Arom Naphtha Caustic Styrene 2.289 2.377 2.291 2.507 2.362 203 247 220 228 231 0 500 1.000 1.500 2.000 2.500 3.000 3Q24 4Q24 1Q25 2Q25 3Q25 Domestic consumption Petkim domestic sales 2% 6% 7% 7% 10% 12% 13% 22% 43% 54% 59% AROM… CAUSTIC PP PVC HDPE ACN STYRENE P-X LDPE PA C-5
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Earnings Presentation 3Q25 11 OPERATING & FINANCIAL RESULTS
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Earnings Presentation 3Q25 103 97 117 110 110 156 148 162 145 163 8 10 10 6 883 97 108 104 100 172 170 203 193 200 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0 100 200 300 400 500 600 700 3Q24 4Q24 1Q25 2Q25 3Q25 Ethylene Thermoplastics Fiber Aromatics Other 84% 79% 89% 78% 87% 11% 14% 14% 8% 12% 78% 87% 99% 97% 88% 70% 66% 81% 75% 74% 9% 18% 18% 18% 18% -5% 5% 15% 25% 35% 45% 55% 65% 75% 85% 95% 0% 50% 100% 3Q24 4Q24 1Q25 2Q25 3Q25 Thermoplastics Fiber Aromatics Ethylene Other 12 Capacity utilization rates (%) Gross production (k tons) Capacity Utilization & Gross Production Non-economical plants are temporarily shut down or operated at low-capacity levels to optimize costs Petkim generated 581k tons gross production and capacity utilization rate was 63% in 3Q25 599 522 521 557 581
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Earnings Presentation 3Q25 36% 2% 11% 21% 30% Thermoplastics Fiber Aromatics Other Trade 13 Breakdown by percentage in 3Q25 $536mn Breakdown of petchemsales (USD mn) Total petchem sales 214 194 186 184 192 5 18 12 8 11 91 85 63 78 60 79 74 118 106 113 158 127 104 138 160 3Q24 4Q24 1Q25 2Q25 3Q25 Thermoplastics Fiber Aromatics Other Trade Petrochemical Product Sales
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Earnings Presentation 3Q25 15 84 25 38 9 34 37 22 82 191 PVC LDPE HDPE PP ACN Benzene C4 P-X Others Trade 14 Sales volume (k tons) Revenue (TRY mn) Export Revenue (TRY mn) Breakdown of Sales Revenue breakdown (%) Exports breakdown as per region (%) Total volume: 538k tons Total revenue: ₺22,230mn Total export: ₺9,822mn 573 4.464 1.186 1.744 440 2 1.026 877 764 4.493 6.661 PVC LDPE HDPE PP ACN PTA Benzene C4 P-X Others Trade 65 1.107 83 116 1.026 877 611 5.937 PVC LDPE HDPE PP Benzene C4 Others Trade Domestic 53% Export 44% Other 3% EU 87% Others 13%
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Earnings Presentation 3Q25 15 3Q25 total COGS $1mn₺22,148mn 3Q25 inventory gain COGS breakdown (%) Inventory gain/loss* (USD mn) 43% 45% 8% 7% 7% 7% 6% 6% 25% 32% 11% 3% 2Q25 3Q25 Other Trade Depreciation Labour costs Energy Raw materials 2 -2 -1 -2 -1 1 -2 -3 1 642 612 579 583 571 525 558 584 551 509 503 512 506 515 522 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 100 200 300 400 500 600 700 Inventory gain/loss Naphtha prices Breakdown of Total COGS *IAS 29 is not applied to this figure.
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Earnings Presentation 3Q25 16 Thermoplastics and naphtha spread USD/ton Petchemunit margins USD/ton Petkim’s termoplastic prices and margins were depressed by weak demand and increased importer competition Petkim’s naphtha procurement continues to be cost-effective, sourced from both STAR Refinery and the open market Co-product and aromatics profitability, especially paraxylene, held steady as all value chains were exposed to frail markets 722 764 731 697 689 703 617 624 655 724 671 653 675 660 617 739 715 692 683 639 623 639 626 592 527 521 536 535 537 535 1.461 1.480 1.422 1.380 1.328 1.325 1.256 1.249 1.247 1.251 1.192 1.189 1.210 1.197 1.152 300 350 400 450 500 550 600 650 700 750 800 0 400 800 1.200 1.600 2.000 2.400 Spread Naphtha Thermoplastics Feedstock vs. Product Prices of PETKIM * Excludingtrade 62 44 73 10 45 26 74 69 67 57 63 110 83 94 64 0 50 100 150 200 250 -100 100 300 500 700 900 1.100 1.300 1.500 Margin (Right Axis) Unit Price Unit Cost
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Earnings Presentation 3Q25 17 TRY mn Q2’25* Q3’25 QoQ Δ (%) Sales 21,393 22,230 4% Cost of sales (21,869) (22,148) 1% Gross profit (476) 82 (117%) Gross profit % (2%) 0% - Marketing and sales expenses (414) (420) 1% General administrative expenses (1,306) (1,219) (7%) Operating profit (2,196) (1,557) (29%) Other income/ (expenses) (275) (499) 81% Financial income 448 460 3% Financial expenses (3,313) (3,001) (9%) Monetary gain / (loss) 4,100 4,509 10% Profit before tax (1,236) (88) (93%) Income tax - - - Deferred tax 612 (1,126) (284%) Net profit / (loss) (624) (1,214) 95% Net profit % (3%) (5%) - Other 67 806 1098% Depreciation 1,522 1,494 (2%) EBITDA (602) 82 (114%) EBITDA % (3%) 0% - PETKIM 3Q25 Income Statement *Indexed to purchasing power as of the end of September2025.
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Earnings Presentation 3Q25 (602) (425) (72) 156 248 160 144 233 239 82 Q2'25 Price Raw Material Volume and Efficiency OpEx FX Inventory Utilities Other Q3'25 18 (114%) Pricing delta (₺497mn) EBITDA turned positive despite the negative pricing delta
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Earnings Presentation 3Q25 19 TRY mn 6M’25* 9M’25 QoQ Δ (%) Cash and cash equivalents 6,816 9,420 38% Trade receivable 12,524 13,191 5% Inventory 10,391 9,022 (13%) Other receivables 1,039 45 (96%) Other current assets 5,352 3,287 (39%) Current assets 36,123 34,966 (3%) Non current assets 115,399 116,661 1% Total assets 151,522 151,627 0% Short term borrowings 32,728 33,770 3% Trade payables 21,869 17,646 (19%) Other payables 2,910 2,557 (12%) Current liabilities 57,507 53,974 (6%) Long term borrowings 18,181 17,665 (3%) Other non-current liabilities 6,230 12,989 108% Shareholders' equity 69,604 67,000 (4%) Total liabilities 151,522 151,627 0% PETKIM 9M25 Balance Sheet As values of non- monetary assets and liabilities are indexed to inflation, the largest impact was realized on inventories, fixed assets, right of use assets, share capital and retained earnings *Indexed to purchasing power as of the end of September2025.
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Earnings Presentation 3Q25 84% 5% 11% USD TRY EUR USD227 mn 20 Liquidity Highlights Cash flow from operations and investmentactivities(USD mn)* Net debt position (USD mn) Maturity profile (USD mn) 53 229 404 429 453 2025 2026 2027 2028 Long term Short term 39 51 26 6 -77-49 158 -205 112 -9 -350 -250 -150 -50 50 150 250 -100 -80 -60 -40 -20 0 20 40 60 3Q24 4Q24 1Q25 2Q25 3Q25 CFI CFO 1.050 1.005 1.225 1.003 983 0 200 400 600 800 1.000 1.200 1.400 3Q24 4Q24 1Q25 2Q25 3Q25 *Negative USD77mn reflects a positive cash flow impact from STAR Refinery’s upfront construction right fee.
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Earnings Presentation 3Q25 21 STAR REFINERY
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Earnings Presentation 3Q25 One of the most digitalized refinery in the world ~16% 13mn tons 9.1 28-36 API 1.96mn m³ ~88% TÜRKİYE MARKET SHARE REFINING CAPACITY NELSON COMPLEXITY INDEX PROCESSING RANGE WHITE PRODUCT YIELD STORAGE CAPACITY $6.7bn TOTAL INVESTMENT VALUE STAR Refinery is Türkiye’s first privately constructed refinery The refinery began full operations in 2019 The first company in Türkiye to hold a Strategic Investment Incentive Certificate State-of-the-art refinery with high white product yield Full integration with refinery- petrochemical value chain 7,6 1,7 1,1 1,3 0,9 0,2 0,2 Diesel Naphtha Jet Fuel Reformate Petcoke LPG Sulphur Production Capacity (mn tons) 22 STAR Refinery
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Earnings Presentation 3Q25 23 Rafineri Holding ResultsTRY (mn) 3Q25 Revenue 101.572 Gross Profit 9.978 Net income 7.450 Profit Attributableto Owner 3.933 Net Debt 76.949 STAR Refinery maintained a high operating rate, with capacity utilization realized at 122% STAR Refinery is not subject to the application of IAS 29, as its functional currency is USD. STAR Refinery Operating and Financial Highlights Capacity utilization 122% Domestic sales 53% Q3 2025 Figures Crude processed (per year) 13mn tons Product sales 3.3mn tons Refinery operations performed well in the third quarter. Strong refining margins, supported by favorable market dynamics and effective operational management, further contributed to these results • 17% of the consolidated revenue is derived from Petrol Ticaret, while 0,1% is contributed by Depolama
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Earnings Presentation 3Q25 24 SUSTAINABILITY & ESG
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Earnings Presentation 3Q25 25 Decarbonization Short-term2 Long-term Mid-term 2025-20302021-2025 2030 onwards ๏ Implement energy efficiency, electrification, resource management and flare management initiatives to decrease CO2 emission intensity in R&P BU ๏ Develop internal carbon pricing approach for future investments to effectively integrate decarbonization aspiration and mitigate risks caused by potential regulations ๏ Consider decarbonization initiatives under strategic investments ๏ Achieve long term decarbonization targets for decreased emissions: ‣40% reduction by 2035 for Scope 1 & 21 ‣Carbon neutral by 2050 for Scope 1 & 21 ๏ Collaborate with alternative energy start-ups through CVC with know-how gained in short and mid-term Circular economy Develop relations and potentially partnerships with recycling players to address projected business opportunity and capture sustainability impact Invest in plastic recycling to be one of the leading companies in Türkiye recycling industry capacity Scope 1: Direct emissions (e.g. production processes), Scope 2: Indirect emissions (e.g. electricity and heat), No major capex needed in the short term. Base year is 2017 Improve capabilities and know-how for potential alternative energies (e.g., bio-naphtha, SAF, etc.) Our SustainabilityStrategy Will be Built on Two Pillars - Climate/CO2 Targets
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Earnings Presentation 3Q25 26 Best Corporate Governance World Finance 2024 Petkim’s SustainabilityIndices and ESG Agencies Europe & Emerging EMEA Equity Award Best IR Team and Best Corporate in IR in Basic Materials Extel 2024 ESG Rating: BB Petkim has been independently assessed according to the FTSE4Good criteria, and has satisfied the requirements to become a constituent of the FTSE4Good Index Series 51/493 Out of Chemicals Companies Petkim became the first company in the petrochemical industry to be included in the BIST Sustainability 25 Index in 2022ESG Rating: 75/100 ESG Rating: 3.5/5 ESG Rating: 47/100 Petkim has been ranked first in Türkiye’s chemical industry according to S&P Global ESG scores Petkim upgraded its rating from B to BB by one notch
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Earnings Presentation 3Q25 27 SUPPORTING SLIDES
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Earnings Presentation 3Q25 28 Petkim / SOCAR Türkiyeplans to invest in Ethylene, PP and HDPE/LLDPE plants due to strong growth potential and high demand 611 985 707 2.800 LDPE HDPE LLDPE PP 2022 2030 780 1.200 905 3.500 Compound Annual Growth Rate, 2022-30 2.7% 6.2% 3.1% According to the results of the Feasibility and Technical Feasibility Study conducted by KBR, Petkim aims to build a new Ethylene Plant (1.2 MTA), PP Plant (550 KTA) and HDPE/LLDPE Plant (827 KTA) Timeline Pre-FEED process FEED process Licensor selection and technical studies Final investment decision 2025 2026 Petkim Master Plan final investment decision is expected to be evaluated in 2026 Domestic demand by main petrochemical products (Thousand tons/year) 2.5%
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Earnings Presentation 3Q25 29 Petrochemical Complex Flow Chart Petkim has fully integrated operations PropyleneAromatics Ethylene LDPE (350,000 ton/year) HDPE (96,000 ton/year) MEG (89,000 ton/year) C4 (140,000 ton/year) PVC (150,000 ton/year) PP (144,000 ton/year) ACN (90,000 ton/year) PA (49,000 ton/year) Benzene (144,000 ton/year) C5 Mixtures (80,000 ton/year) P-X (136,000 ton/year) PTA (105,000 ton/year) Chlor-alkali (100,000 ton/year) Bag, greenhouse covers, film, cable, toys, pipes, bottles, hose, packaging Construction and water pipes, packaging film, toys, bottles, soft drink crates, barrels Polyester fiber, polyester film, antifreeze Pipe, window shades, cable, bottles, building materials, packaging film, floor tiles, serum bags Knitting yarn, ropes, tablecloths, napkins, doormats, hoses, radiator pipes, fishing nets, brushes Textile fibers, artificial wool, ABS resins (acrylonitrile butadiene) Detergent, solvents, explosives, pharmaceuticals, cosmetics, parts of white goods Polyester industry Polyester fiber, polyester resin, films, plasticizers, synthetic chemicals Naphtha Ethylene plantAromatics plant
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Earnings Presentation 3Q25 30 PETKIM Stock Performance ₺17.2 / $0.41 Closing price (TRY/share) / (USD/share) Market capitalization (TRY mn) / (USD mn) Free float (%) *As the date of 31 October 2025 Unit mn ₺43,516 / $1,035 49.0% 0 50 100 150 200 250 300 350 400 450 0 20 40 60 80 100 120 140 160 180 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Petkim Volume PETKM TI Equity XU100 Index
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Earnings Presentation 3Q25 31 Disclaimer This presentation does not constitute or form part of, and should not be construed as, an offer or invitation to subscribe for, underwrite or otherwise acquire, any securities of Petkim Petrokimya Holding A.Ş. (the “Company”) or any member of its group nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of the Company or any member of its group nor shall it or any part of it form the basis of or be relied on in connection with any contract, investment decision or commitment whatsoever. This presentation has been made to you solely for your information and background and is subject to amendment. This presentation (or any part of it) may not be reproduced or redistributed, passed on, or the contents otherwise divulged, directly or indirectly, to any other person (excluding the relevant person’s professional advisers) or published in whole or in part for any purpose without the prior written consent of the Company. The Capital Markets Board, with its Bulletin dated 28.12.2023 and numbered 2023/81, announced to the public that issuers subject to financial reporting regulations and capital market institutions must prepare their annual financial statements ending on 31.12.2023 and thereafter in accordance with IAS29 inflation accounting. As of March 31, 2024, in accordance with the adjustments required by IAS 29, financial statements prepared in a hyperinflationary currency must be presented in the purchasing power of the currency as of the balance sheet date, and amounts from previous periods must be similarly restated. The indexing process used the coefficient derived from the Consumer Price Index (CPI) published by the Turkish Statistical Institute (TUIK). Figures from previous reporting periods have been restated using the general price index to ensure that comparative financial statements are presented in the measurement unit valid at the end of the current reporting period. Information for previous periods is also shown in the measurement unit valid at the end of the reporting period. Additionally, some items in our financials are presented without inflation adjustment for informational purposes, to provide our investors with a consistent and comprehensive overview of previous periods. These unaudited figures are clearly marked where applicable. All other financial figures are reported in accordance with IAS 29.
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Earnings Presentation 3Q25 32 Scan QR Code to See more petkim.com.tr