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Hizmete Özel / Confidential www.tupras.com.tr Q1 2025 Earnings Presentation 29 April 2025
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Hizmete Özel / Confidential Disclaimer www.tupras.com.tr 29/04/2025 Earnings Presentation 2 With the Capital Markets Board of Turkey’s Bulletin dated 28.12.2023 numbered 2023/81, CMB announced that issuers and capital market institutions shall prepare their annual financial statements ending on 31.12.2023 or later, in accordance with IAS 29 inflation accounting provisions. Accordingly, this presentation on financial results contain the Company’s audited financial information prepared according to Turkish Accounting / Financial Reporting Standards by application of IAS 29 inflation accounting provisions, in accordance with CMB’s decision dated 28.12.2023. This presentation does contain forward-looking statements and figures that reflect the Company management’s current views with respect to certain future events based on the base-case assumptions. Although it is believed that the expectations reflected in these statements are reasonable under current conditions, they may be affected by a variety of variables and changes in underlying assumptions that could cause actual results to differ. Neither Tüpraş nor any of its directors, managers, or employees nor any other person shall have any liability whatsoever for any loss arising from the use of this presentation.
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Hizmete Özel / Confidential Q1 2025 – Tüpraş Highlights www.tupras.com.tr 3 29/04/2025 Earnings Presentation Sustained Normalization in Crack Margins above Pre-Covid Levels, with a Healthy Spread over Opex. FX losses are more than offset by Inventory Gains and Net Interest Income • Sharp depreciation of TL towards the end of the quarter has led to FX losses from other operations, mitigated by inventory gains and net interest income as usual. • With FX based pricing mechanism, we continue to record inventory gains at EBITDA level in Q2. Increased White Product Yield upon the Completion of Major Maintenances • In Q1’25, our white product yield reached to 84.4%, highest since the first quarter of 2021 after we completed our major maintenances in 2023 and 2024. • Tüpraş will be able to capture any improvement in the crack margin environment as we enter the high season. mn TL85% 82% 80% 75% 84% Q1'21 Q1'22 Q1'23 Q1'24 Q1'25 -7,626 -51 -2,092 138 -2,598 12,115 4,877 8,077 458 4,306 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 FX Gain/Loss Inventory Effect & Net Interest Income 0.0 5.0 10.0 15.0 20.0 Q1'18 Q1'19 Q1'20 Q1'21 Q1'22 Q1'23 Q1'24 Q1'25 Tüpraş Crack Margin Opex/bbl • Tüpraş Crack Margin continues to normalize, yet remain above pre-Covid levels, supported by solid demand and improved market dynamics. • The spread between Tüpraş Crack Margin and opex/bbl remains at supportive levels with improved operational efficiency following maintenances. $/bbl
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Hizmete Özel / Confidential Market
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Hizmete Özel / Confidential Turkish fuel demand is up by 5% y/y. Increase in demand is derived from 18.5% increase in gasoline and 7% increase in jet fuel demand. Q1 2025 – Key Market Highlights www.tupras.com.tr 5 29/04/2025 Earnings Presentation Global Oil MarketTurkish Market OPEC+ announced production increases for April and May, bringing the total expected output to 42,1 mn bbl/d in Q2’25 – the highest level since 2023 after the volatile market conditions in Q1. TL experienced a sharp depreciation in mid-March, as USD/TRY rate surged to 38.1, resulting in a 7% depreciation y-t-d. 0.7 0.7 Jet Fuel* 2M 2024 2M 2025 (mn tons) *Transit flight consumption included Global inventories started slightly above 5-year average but fell below last year’s levels by the end of Q1, indicating that the initial increase in OPEC+ production could be absorbed during the high-demand season. 3.6 3.7 Diesel 2M 2024 2M 2025 42.4 41.6 41.5 41.8 2023 2024 Jan'25 Feb'25 OPEC+ Crude Supply Mn bbl 41.6 0.1 0.4 42.1 Mar’25 Apr’25 May’25 Q2’25 0.5 0.7 Gasoline 2M 2024 2M 2025 600 700 800 900 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Last 5 year range 5 year Average 2025 2024 2023 Mid-distillates Gasoline Oil Products Global Inventories 400 450 500 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 38.1 01/01/2025 22/01/2025 12/02/2025 05/03/2025 26/03/2025 16/04/2025 USD/TRY (YTD) USD/TRY Linear (USD/TRY) Mn bbl
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Hizmete Özel / Confidential 26.5 18.4 15.7 16.117.3 Q1 Q2 Q3 Q4 Diesel 5 year range 2024 2025 Quarterly Crack Margin Comparison ($/bbl) www.tupras.com.tr 629/04/2025 Earnings Presentation Mid-distillate cracks were lower y/y due to the high inventory levels; higher q/q with improved demand. HSFO remained strong due to supply constraints. • Diesel cracks were higher q/q due to the increase in heating demand. • On a y/y basis, diesel cracks were lower due to the normalization of the margins. • Gasoline cracks were lower y/y due to high inventory levels in the beginning of the first quarter. 12.5 19.0 21.5 14.1 11.9 Q1 Q2 Q3 Q4 Gasoline • Similar to diesel, jet fuel cracks were lower y/y due the high base of last year. 14.5 23.7 16.3 13.5 13.3 Q1 Q2 Q3 Q4 Jet Fuel • HSFO cracks remained strong due to the limited supply as opposed to increased demand of complex refineries. -7.7 -16.2 -13.2 -12.5 -7.4 Q1 Q2 Q3 Q4 High Sulphur Fuel Oil
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Hizmete Özel / Confidential -16 -12 -8 -4 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2017 2018 2019 2020 2021 2022 2023 2024 2025 Arab Heavy Basrah Heavy Kirkuk CPC Average* Heavy Crude Price Differentials to Brent ($/bbl) www.tupras.com.tr 7 OPEC+ Cut Decision Iran Sanctions *Simple average of listed differentials Differentials were narrowed q/q in Q1 upon the recent sanctions, partially supported by increased non-OPEC+ production. Basrah Heavy continued to provide wider discounts compared to the rest of the slate. 29/04/2025 Earnings Presentation OPEC+ disagreement OPEC+ Cut Decision OPEC+ Cut Decision Russia - Ukraine War
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Hizmete Özel / Confidential Operations
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Hizmete Özel / Confidential 75 81 84 77 85 76 88 92 84 74 7 7 8 10 8 6 5 10 9 9 82 88 92 87 93 82 93 101 93 83 2020 2021 2022 2023 2024 Q1 24 Q2'24 Q3'24 Q4'24 Q1'25 Capacity Utilization (%) Crude Oil Semi Product Feedstock Total Capacity Utilization and Quarterly Production Volume www.tupras.com.tr 29/04/2025 Earnings Presentation 9 5.0 5.9 7.1 7.0 5.9 6.8 7.3 6.8 5.9 4 5 6 7 8 Q1 Q2 Q3 Q4 Quarterly Production (Million Tons) 2023 2024 2025 • Tüpraş produced 5.9 million tons in Q1 2025. • Capacity utilization for Q1 2025 was 83%.
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Hizmete Özel / Confidential Product Sales in Q1 2025 (Million Tons) www.tupras.com.tr 10 • Tüpraş generated 6.4 million tons of sales in Q1 2025. • Our sales from production are parallel y/y. 4.2 5.0 5.1 5.1 4.6 0.7 1.5 1.2 1.9 1.84.9 6.5 6.3 7.0 6.4 Q1 2021 Q1 2022 Q1 2023 Q1 2024 Q1 2025 Total Product Sales Domestic Sales International Sales 2.3 2.6 2.5 2.3 1.9 0.6 0.8 0.9 0.9 0.8 0.5 0.7 0.8 1.0 1.20.2 0.1 0.3 0.3 0.2 Q1 2021 Q1 2022 Q1 2023 Q1 2024 Q1 2025 Domestic Sales of Selected Products Diesel Jet Fuel Gasoline Bitumen 29/04/2025 Earnings Presentation
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Hizmete Özel / Confidential Electricity Production & Sales in Q1’2025 www.tupras.com.tr 11 29/04/2025 Earnings Presentation • 238 GWh Zero Carbon Electricity is sold in Q1 2025. • Total Zero Carbon Electricity (ZCE) sales from production was decreased by 31% due to weak hydrology. 97 95 249 143 346 238 Q1 2024 Q1 2025 Total ZCE Sales from Production (GWh) Spot Price Feed-in Tariff 112 MW 178 MW 17.5 MW 16.4 MW 28 MW 24.4 MW 86 MW Wind Power Plant Natural Gas Combined Cycle Power Plant Hydroelectric Power Plants Total Installed Capacity 50 MW 29.3 MW 7 MW Solar Power Plant 644 236 Q1 2024 Q1 2025 EBITDA (mn TL)
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Hizmete Özel / Confidential Financials
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Hizmete Özel / Confidential Income Statement (Million TL) www.tupras.com.tr29/04/2025 Earnings Presentation 13 *On CMB reports. EBIT includes extra items such as FX impacts of trade receivables and payables. In our EBITDA calculation. FX related items are excluded from EBIT in line with international practices. Million TL Q1 2025 Q1 2024 % Net Sales 158,623 228,525 -31% COGS -145,458 -210,330 -31% Gross Profit 13,165 18,195 -28% Operating Expenses -6,417 -8,083 -21% Income/Loss from other operations -2,857 -4,616 -38% Operating Profit 3,891 5,496 -29% Income/Loss from Equity pick ups -49 389 -113% Operating Profit Before Fin. Income/Loss 3,842 5,884 -35% Financial Income/Expense 736 4,475 -84% Monetary Gain/Loss -2,045 -7,747 -74% Profit Before Tax 2,533 2,613 -3% Net Profit (excluding minority interest) 97 442 -78% EBITDA* 9,626 13,237 -27% Inventory Gain/Loss 3,266 4,574 -29% EBITDA CCS* 6,360 8,663 -27%
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Hizmete Özel / Confidential Profit Before Tax Bridge (Q1 2024– Q1 2025) www.tupras.com.tr 14 29/04/2025 Earnings Presentation Million TL Improved white product yield and lower energy expenses supported the PBT despite lower crack margins and narrow differentials. 2,613 -5,987 -2,745 1,640 2,802 -1,638 5,702 146 2,533 Q1 2024 Product Profitability Crude Differentials Energy Cost White Product Yield FX&Interest Monetary Gain / Loss Other Q1 2025
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Hizmete Özel / Confidential 15www.tupras.com.tr Financial Highlights 29/04/2025 Earnings Presentation 46.6 0 20 40 60 Cash Currency Breakdown Hard Currency TL 9.9 11.2 1 year Over 1 year Redemption Schedule(**) TL Hard Currencybn TLbn TL Financial Management • End of Month Eid Holliday led to a delay in receivables , while change in our supply mix caused further working capital requirement increase. • After dividend payments, we preserved our net cash position yet for another quarter. -132.8 -25.6 2024 Q1 2025 Net Debt & Net Debt / EBITDA -0.9 -0.5 Net Debt/EBITDA 27.7 7.9 19.6 0 5 10 15 20 25 30 Q1 2023 Q1 2024 Q1 2025 Working Capital (bn TL) bn TL
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Hizmete Özel / Confidential Outlook for 2025
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Hizmete Özel / Confidential 2025 Refinery Maintenance Schedule www.tupras.com.tr 29/04/2025 Earnings Presentation 17 Refinery Unit Starting Quarter Duration (weeks) Purpose Planned İzmit Vacuum Q1 5 Periodic Maintenance Completed Desulphurizer Q1 Ongoing İzmir FCC Q1&Q2&Q3 28 Revamp Ongoing Batman Crude Oil & Vacuum Q1 10 Seasonal Completed Crude Oil & Vacuum Q4 10 Seasonal Planned
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Hizmete Özel / Confidential 2025 Expectations www.tupras.com.tr 29/04/2025 Earnings Presentation 18 • ~26 mn tons annual production • ~30 mn tons annual sales • 90-95% average capacity utilization Net Refinery Margin(*) expectation 5-6 $/bbl Consolidated Capex ~600 million $ (*) Net Refining Margin is calculated with all factors subject to inflation accounting stripped out.
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Hizmete Özel / Confidential 8.4 5.4 6.8 4.8 4.1 0.0 2.0 4.0 6.0 8.0 10.0 12.0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Tüpraş Net Refining Margin($/bbl) 5.9 6.4 26 30 Production Sales Operationals (mn tons) Q1 2025 FY Target Q1 2025 Results www.tupras.com.tr 29/04/2025 Earnings Presentation 19 83 600 0 200 400 600 Q1 2025 FY Target Total Capex (mn $) 82.8 0 20 40 60 80 100 Q1 2025 Capacity Utilization (%) Tüpraş FY Target Tüpraş FY Target
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Hizmete Özel / Confidential www.tupras.com.tr29/04/2025 Earnings Presentation 20 www.tupras.com.tr
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Hizmete Özel / Confidential Appendix
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Hizmete Özel / Confidential www.tupras.com.tr 22 29/04/2025 Earnings Presentation Turkish Market, 2M 2025 ¹Transit flight consumption included 1.7 1.7 1.8 2.0 1.9 1.7 1.8 1.7 1.7 1.8 3.4 3.5 3.5 3.6 3.7 2021 2022 2023 2024 2025 Diesel 0.2 0.2 0.3 0.3 0.40.2 0.2 0.3 0.3 0.4 0.3 0.5 0.5 0.6 0.7 2021 2022 2023 2024 2025 Gasoline ¹Transit flight consumption included Million Tons +7.1% -6.2%+18.5% +2.5% 0.2 0.3 0.3 0.3 0.40.2 0.3 0.3 0.4 0.3 0.4 0.6 0.7 0.7 0.7 2021 2022 2023 2024 2025 Jet Fuel1 0.3 0.2 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.5 0.5 0.7 0.6 0.6 2021 2022 2023 2024 2025 LPG Jan Feb
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Hizmete Özel / Confidential OPET www.tupras.com.tr 29/04/2025 Earnings Presentation 23 Opet has 1,885 fuel stations as of March 2025 end. 12% of the fuel stations have EV chargers installed. 966 1,009 1,073 1,126 1,152 1,175 1,203 1,214 1,242 1,240 1,259 1,260 427 435 431 434 463 495 563 588 615 626 623 6251,393 1,444 1,504 1,560 1,615 1,670 1,766 1,802 1,857 1,866 1,882 1,885 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Opet Sunpet 18% Market Share* OPET SHELL Petrol Ofisi BP TOTAL OTHER *As of Feb’25
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Hizmete Özel / Confidential Q1 Product Yields www.tupras.com.tr 29/04/2025 Earnings Presentation LPG 3% Gasoline 23% Naphtha 0% Jet Fuel 19% Diesel 38% Fuel Oil 3% Kok 4% Bitumen 8% Other 2%3% LPG 23% Gasoline 0% Naphtha 16% Jet Fuel 32% Diesel 13% Fuel Oil 2% Kok 9% Bitumen 1% Other Q1 2025 White Product Yield (%) 84.4% Production 5.9 mn tons API 31.7 Q1 2024 White Product Yield (%) 75.3% Production 5.9 mn tons API 32.4 26% Light Distil. 49% Mid. Distil. 24% Black Prod. 1% Other white Light Distil. 26% Mid. Distil. 57% Black Prod. 15% Other white 2%
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Hizmete Özel / Confidential Tüpraş Balance Sheet (Million TL) www.tupras.com.tr 29/04/2025 Earnings Presentation 25 31.03.2025 31.12.2024 Difference % Difference Current Assets 179,149 204,267 -25,118 -12 Cash & C. Equivalents 46,671 80,934 -34,263 -42 Trade Receivables 44,436 40,802 3,633 9 Derivatives 3,854 1,617 2,237 138 Inventories 66,045 66,343 -298 0 Pre-paid expenses 1,857 1,948 -91 -5 Other Current Assets 16,286 12,622 3,664 29 Long Term Assets 296,751 295,559 1,192 0 Financial Assets & Subsidiaries 14,393 15,075 -682 -5 Tangible & Intangible Fixed Assets 257,646 256,611 1,034 0 Derivatives 74 52 22 42 Pre-paid expenses 5,612 4,401 1,211 28 Deferred Tax 992 979 14 1 Other Long-term Assets 18,034 18,441 -407 -2 Total Assets 475,900 499,826 -23,926 -5 Short Term Liabilities 165,537 163,739 1,798 1 Financial Loans 9,846 9,965 -119 -1 Trade Payables 90,819 114,334 -23,515 -21 Derivatives 4,732 3,124 1,608 51 Provisions 3,771 2,544 1,227 48 Other ST Liabilities 56,368 33,772 22,597 67 Long Term Liabilities 23,854 21,035 2,820 13 Financial Loans 11,229 10,934 294 3 Payables & Provisions 1,831 1,832 -1 0 Derivatives 448 493 -45 -9 Other LT Liabilities 10,347 7,775 2,572 33 Total equity attributable to equity holders of the parent 282,016 310,615 -28,599 -9 Minority Interests 4,493 4,438 55 1 Total Liabilities & Equity 475,900 499,826 -23,926 -5
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Hizmete Özel / Confidential Finished Product and Semi Product Imports (Thousand Tons) 29/04/2025 Earnings Presentation 26www.tupras.com.tr 223 63 270 78 60 800 28 216 117 155 13 49 Diesel Jet Fuel HVGO ASRFO LSFO Naphtha MTBE Product Imports Q1 2025 Q1 2024
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Hizmete Özel / Confidential www.tupras.com.tr29/04/2025 Earnings Presentation 27 www.tupras.com.tr