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Hizmete Özel / Confidential www.tupras.com.tr Q3 2025 Earnings Presentation 31 October 2025
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Hizmete Özel / Confidential Disclaimer www.tupras.com.tr31/10/2025 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 0.3 0.4 0.4 0.3 0.3 0.4 0.5 1.6 1.7 1.7 1.5 0.7 1.2 1.8 0 1Ç'2024 2Ç'2024 3Ç'2024 4Ç'2024 1Ç'2025 2Ç'2025 3Ç'2025 FAVÖK* Net Nakit 96.5% 98.0% 99.1% 101.4% 100.3% 70% 80% 90% 100% 110% Q3'21 Q3'22 Q3'23 Q3'24 Q3'25 Capacity Utilization Rate Q3 2025 – Tüpraş Highlights 3 Capturing Strong Margins Through High Utilization • Capacity utilization remained at ~100% in Q3’25 surpassing the global capacity utilization rate, allowing capturing strong margins. • Strong domestic demand and favorable crack margins contributed to sustaining high profitability across operations. Sustained Net Cash Position www.tupras.com.tr31/10/2025 Earnings Presentation • Our sustained cash position demonstrates the company’s strong financial discipline and resilience. • Despite ongoing market volatility and scheduled outflows, we maintained a healthy cash balance supported by Working Capital management. • This prudent liquidity management ensures flexibility for future investments and continued financial stability. bn USD Dividend Payment – 1st installment End of Month Eid Holliday Dividend Payment – 2nd installment Eurobond Payment *The USD EBITDA values are not indexed with Q3’25 purchasing power. Beginning of co-process production 2024 2025 2026 2028 Tüpraş-THY SAF Agreement 400k ton/year unit with %75 SAF yield 2027 Blending ratio for 2026 was announced • In June 2025, Türkiye announced the SAF regulation that is aligned with the global CORSIA target of 5% blending by 2030. In September 2026 target is announced as 0.5% emission reduction by using SAF. • Tüpraş will start producing SAF via co-processing method as of 2026. • We aim to preserve market lead position in aviation fuel market with the completion of the SAF unit in 2028, with fully compliant production kicking off. Türkiye Announced SAF Regulation Long term feedstock procurement agreement was signed with Tiryaki Jun Sep SAF regulation announced
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Hizmete Özel / Confidential Market
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Hizmete Özel / Confidential 80% 79% 79% 77% 78% 79% 80% 80% 80% 79% 80% 81% 81% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Last 5 year range 5 year Average 2025 2024 17.1 17.5 Diesel 8M 2024 8M 2025 Q3 2025 – Key Market Highlights 5 Global Oil MarketTurkish Market Despite the ongoing downward trend in inflation Central Bank maintained a tight stance preserving a positive real interest rate environment. *Transit flight consumption included Mid-distillate crack margins rose in Q3’25, driven by strong demand, low utilization due to higher than expected maintenances. Global Capacity Utilization (%) Mid-distillate demand continued to increase in Q3’25 and surpassing last year, highlighting resilient industrial and transport consumption despite a softer macro backdrop. Turkish fuel demand is up due to the increase in gasoline and jet fuel demand respectively by 16.9% and 12.1% supported with resilient diesel demand. Gasoline and jet fuel demand reached their record highs in July. mn tons 3.8 4.3 Jet Fuel* 8M 2024 8M 2025 3.2 3.8 Gasoline 8M 2024 8M 2025 +2,8% +16.9% +12.1% 16 17 23 17.0 16.7 18.3 Q1 Q2 Q3 Mid-Distillate Cracks ($/bbl) 5Y Average www.tupras.com.tr31/10/2025 Earnings Presentation 33.3% 40.5% 22% 0% 25% 50% 75% Sep'24 Oct'24 Nov'24 Dec'24 Jan'25 Feb'25 Mar'25 Apr'25 May'25 Jun'25 Jul'25 Aug'25 Sep'25 CPI & CBRT Policy Rate (%) CPI % (12M) Policy Rate % (weekly) USD/TRY % (12M) Global Mid-distillate demand (mbbl/d) 25 28 31 34 37 40 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Last 5 year range 5 year Average 2025 2024
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Hizmete Özel / Confidential 26.5 18.4 15.7 16.117.3 17.1 25.0 Q1 Q2 Q3 Q4 Diesel 5 year range 2024 2025 Quarterly Crack Margin Comparison ($/bbl) www.tupras.com.tr 631/10/2025 Earnings Presentation Mid-distillate cracks were higher due to the low inventory levels and high seasonal demand. HSFO remained strong due to ongoing supply constraints. • On a y/y basis, diesel cracks remained significantly high due to continued geopolitical issues, low inventory levels and high demand. • Higher demand and refinery outages supported gasoline crack margins on a y/y basis. 12.5 16.2 18.819.0 21.5 14.1 11.9 Q1 Q2 Q3 Q4 Gasoline • Jet fuel cracks were significantly higher y/y supported by all time high demand. 14.5 16.0 20.1 23.7 16.3 13.5 13.3 Q1 Q2 Q3 Q4 Jet Fuel • HSFO cracks continue to remain above last year due to the limited supply as opposed to increased demand of complex refineries. -7.7 -5.7 -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 2021 2022 2023 2024 2025 Arab Heavy Basrah Heavy Kirkuk CPC Average* Heavy Crude Price Differentials to Brent ($/bbl) www.tupras.com.tr 7 *Simple average of listed differentials Differentials narrowed y/y in Q3 due to the geopolitical issues and sanctions despite OPEC+ production increase. Kirkuk pipeline started operating in Q3 and Basrah Heavy continued to provide wider discounts compared to the rest of the slate. 31/10/2025 Earnings Presentation OPEC+ Cut Decision Russia - Ukraine War OPEC+ Cut Decision Red sea Tension OPEC+ Cut Decision Israel – Iran War
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Hizmete Özel / Confidential Operations
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Hizmete Özel / Confidential 81 84 77 85 76 88 92 84 74 91 92 7 8 10 8 6 6 10 9 9 7 988 92 87 93 82 94 101 93 83 98 100 2021 2022 2023 2024 Q1 24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Capacity Utilization (%) Crude Oil Semi Product Feedstock Total Capacity Utilization and Quarterly Production Volume www.tupras.com.tr31/10/2025 Earnings Presentation 9 5.0 5.9 7.1 7.0 5.9 6.8 7.3 6.8 5.9 7.0 7.2 4 5 6 7 8 Q1 Q2 Q3 Q4 Quarterly Production (Million Tons) 2023 2024 2025 • Tüpraş produced 7.2 million tons in Q3 2025. • Capacity utilization for Q3 2025 was 100%.
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Hizmete Özel / Confidential Product Sales in Q3 2025 (Million Tons) www.tupras.com.tr 10 • Tüpraş generated 8.0 million tons of sales in Q3 2025. • Our domestic sales are up by 4%, supported by 15% y/y increase in gasoline sales. 6.4 6.6 6.7 6.9 7.0 1.6 2.0 1.7 1.2 1.0 8.0 8.5 8.4 8.1 8.0 Q3 2021 Q3 2022 Q3 2023 Q3 2024 Q3 2025 Total Product Sales Domestic Sales International Sales 3.3 3.3 3.1 2.9 2.8 0.8 1.0 1.2 1.4 1.4 0.9 0.9 1.2 1.4 1.6 0.6 0.6 0.5 0.5 0.6 Q3 2021 Q3 2022 Q3 2023 Q3 2024 Q3 2025 Domestic Sales of Selected Products Diesel Jet Fuel Gasoline Bitumen 31/10/2025 Earnings Presentation
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Hizmete Özel / Confidential Electricity Production & Sales in Q3’2025 www.tupras.com.tr 11 31/10/2025 Earnings Presentation • In Q3 2025, 344 GWh of Zero Carbon Electricity was sold. • Total Zero Carbon Electricity (ZCE) sales from production declined by 8% y/y due to weak hydrological conditions during Q3’2025. 97 115 277 229 375 344 Q3 2024 Q3 2025 Total ZCE Sales from Production (GWh) Spot Price Feed-in Tariff 112 MW 178 MW 17.5 MW 14.7 MW 28 MW 24.4 MW 66 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 965 576 Q3 2024 Q3 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.tr31/10/2025 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 Q3 2025 Q3 2024 % 9M 2025 9M 2024 % Net Sales 220,666 261,553 -16% 598,344 798,874 -25% COGS -197,006 -236,514 -17% -540,516 -727,791 -26% Gross Profit 23,660 25,039 -6% 57,828 71,083 -19% Operating Expenses -7,360 -8,006 -8% -22,445 -27,179 -17% Income/Loss from other operations -1,174 -1,593 -26% -5,479 -6,841 -20% Operating Profit 15,125 15,440 -2% 29,904 37,062 -19% Inc./Loss from Equity pick ups 463 636 -27% 1,108 1,076 3% Operating Profit Before Fin. Income/Loss 15,588 16,076 -3% 31,012 38,138 -19% Financial Income /Expense 1,384 3,267 -58% 2,786 9,967 -72% Monetary Gain/Loss -458 -4,064 -89% -2,551 -16,793 -85% Profit Before Tax 16,514 15,280 8% 31,247 31,312 0% Net Profit (excluding minority interest) 12,162 10,322 18% 21,823 18,092 21% EBITDA* 20,543 20,139 2% 47,686 53,263 -10% Inventory Gain/Loss -749 2,766 -127% 4,310 8,080 -47% EBITDA* CCS 21,292 17,373 23% 43,376 45,181 -4%
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Hizmete Özel / Confidential Profit Before Tax Bridge (Q3 2024– Q3 2025) www.tupras.com.tr 14 31/10/2025 Earnings Presentation Million TL Strong product profitability supported PBT more than offsetting the effect of narrowed differentials, inventory impact and elevated energy expenses. 15,280 11,599 -5,127 -3,515 -2,040 -2,523 3,606 -819 53 16,514 Q3 2024 Product Profitability Crude Differentials Inventory Impact Energy Cost FX & Net Interest Monetary Gain & Loss Subsidiaries Other Q3 2025
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Hizmete Özel / Confidential -68.4 -74.4 2024 FY Q3 2025 -1.1 -1.3 Net Debt/EBITDA 15www.tupras.com.tr Financial Highlights 31/10/2025 Earnings Presentation 117.1 0 20 40 60 80 100 120 Cash Currency Breakdown Hard Currency TL 14.6 2.0 10.5 15.8 1 year 1-2 years 2-3 Years Over 3 years Redemption Schedule TL Hard Currency bn TLbn TL Net Debt & Net Debt / EBITDA -2.5 -8.2 22.4 1.2 -7.9 -15 -10 -5 0 5 10 15 20 25 30 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Working Capital (bn TL) bn TL FX Exposure (Q3 2025, mn $) Assets 3,602 Liabilities 3,576 +25.9 mn $ Net FX Position
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Hizmete Özel / Confidential WPP (Installed Capacity) WPP (Developing) HPP Strategy Update – Zero Carbon Electricity +155.4 MW 50 MW +12.6 MW +70 MW 66 MW +79.4 MW +50.4 MW +55 MW 36.0 MW +129.6 MW +72 MW 29.3 MW +83.6 MW 7 MW +50 MW +40 MW +214 MW +41.2 MW 42.8 MW 24,4 MW 178 MW 17.5 MW Romania SPP (Installed Capacity) SPP (Developing) www.tupras.com.tr31/10/2025 Earnings Presentation
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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 1831/10/2025 Earnings Presentation Refinery Unit Starting Quarter Duration (weeks) Purpose Planned İzmit Vacuum Q1 5 Periodic Maintenance Completed Desulphurizer Q1 Completed İzmir FCC Q1 52 Revamp Ongoing Batman Crude Oil & Vacuum Q1 10 Seasonal Completed Crude Oil & Vacuum Q4 3 Seasonal Planned
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Hizmete Özel / Confidential 2025 Expectations www.tupras.com.tr31/10/2025 Earnings Presentation 19 • ~26 mn tons annual production • ~30 mn tons annual sales • 90-95% average capacity utilization Net Refining Margin(*) expectation 6-6.5 $/bbl Consolidated Capex ~480 million $ (*) Net Refining Margin is calculated with all factors subject to inflation accounting (IAS 29) stripped out.
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Hizmete Özel / Confidential 6.8 4.8 4.1 5.3 9.7 0.0 2.0 4.0 6.0 8.0 10.0 12.0 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Tüpraş Net Refining Margin ($/bbl) 20.1 21.9 26 30 Production Sales Operationals (mn tons) 9M 2025 FY Target Q3 2025 Results www.tupras.com.tr31/10/2025 Earnings Presentation 20 316 480 0 200 400 600 9M 2025 FY Target Total Capex (mn $) 93.6 0 20 40 60 80 100 9M 2025 Capacity Utilization (%) Tüpraş FY Target Tüpraş FY Target
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Hizmete Özel / Confidential www.tupras.com.tr31/10/2025 Earnings Presentation 21 www.tupras.com.tr
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Hizmete Özel / Confidential Appendix
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Hizmete Özel / Confidential 23 ¹Transit flight consumption included Million Tons +12.1% -5.8%+16.9% +2.8% Turkish Market, 8M 2025 Q1 Q2 5.6 5.4 5.6 5.8 5.8 6.3 6.1 6.5 6.5 6.8 4.9 4.5 4.9 4.8 5.0 16.9 15.9 17.1 17.1 17.5 2021 2022 2023 2024 2025 Diesel 0.6 0.9 1.1 1.1 1.20.7 1.2 1.4 1.5 1.60.8 1.0 1.1 1.3 1.5 2.1 3.1 3.6 3.8 4.3 2021 2022 2023 2024 2025 Jet Fuel1 0.5 0.7 0.8 1.0 1.20.6 0.8 1.0 1.3 1.4 0.7 0.7 0.8 1.0 1.1 1.8 2.1 2.7 3.2 3.8 2021 2022 2023 2024 2025 Gasoline 0.8 0.8 1.0 1.0 0.9 0.9 0.9 1.1 1.1 1.0 0.8 0.8 0.8 0.8 0.7 2.6 2.5 3.0 2.8 2.6 2021 2022 2023 2024 2025 LPG Jul+Aug 31/10/2025 Earnings Presentation www.tupras.com.tr
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Hizmete Özel / Confidential OPET www.tupras.com.tr31/10/2025 Earnings Presentation 24 Opet has 1,901 fuel stations as of September 2025 end. 14% 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 1,272 427 435 431 434 463 495 563 588 615 626 623 6291,393 1,444 1,504 1,560 1,615 1,670 1,766 1,802 1,857 1,866 1,882 1,901 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Opet Sunpet 19% Market Share* OPET SHELL Petrol Ofisi TOTAL OTHER *As of August’25
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Hizmete Özel / Confidential Q3 Product Yields www.tupras.com.tr31/10/2025 Earnings Presentation LPG 3% Gasoline 23% Naphtha 0% Jet Fuel 19%Diesel 36% Fuel Oil 2% Kok 3% Bitumen 12% Other 2%3% LPG 22% Gasoline 0% Naphtha 20% Jet Fuel33% Diesel 7% Fuel Oil 3% Kok 9% Bitumen 2% Other Q3 2025 White Product Yield (%) 81.5% Production 7.2 mn tons API 31.9 Q3 2024 White Product Yield (%) 79.5% Production 7.3 mn tons API 31.5 26% Light Distil. 53% Mid. Distil. 19% Black Prod. 2% Other white Light Distil. 26% Mid. Distil. 55% Black Prod. 17% Other white 2%
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Hizmete Özel / Confidential Tüpraş Balance Sheet (Million TL) www.tupras.com.tr31/10/2025 Earnings Presentation 26 Million TL 30.09.2025 31.12.2024 Difference % Difference Current Assets 269,993 232,787 37,206 16 Cash & C. Equivalents 117,091 92,234 24,857 27 Trade Receivables 55,573 46,499 9,074 20 Derivatives 683 1,843 -1,160 -63 Inventories 62,563 75,606 -13,044 -17 Pre-paid expenses 2,481 2,220 260 12 Other Current Assets 31,602 14,384 17,218 120 Long Term Assets 340,148 336,825 3,323 1 Financial Assets & Subsidiaries 17,351 17,180 172 1 Fixed Assets 295,930 292,439 3,491 1 Derivatives 16 59 -43 -73 Pre-paid expenses 5,807 5,016 791 16 Deferred Tax 829 1,115 -286 -26 Other Long Term Assets 20,214 21,016 -801 -4 Total Assets 610,140 569,612 40,528 7 Short Term Liabilities 214,108 186,600 27,508 15 Financial Loans 14,560 11,356 3,204 28 Trade Payables 126,009 130,297 -4,288 -3 Derivatives 2,301 3,560 -1,260 -35 Provisions 4,173 2,900 1,273 44 Other ST Liabilities 67,066 38,487 28,579 74 Long Term Liabilities 47,577 23,971 23,606 98 Financial Loans 28,100 12,461 15,639 126 Payables & Provisions 2,246 2,088 158 8 Derivatives 411 562 -150 -27 Other LT Liabilities 16,820 8,861 7,959 90 Total equity attributable to equity holders of the parent 343,121 353,983 -10,861 -3 Minority Interests 5,334 5,058 276 5 Total Liabilities & Equity 610,140 569,612 40,528 7
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Hizmete Özel / Confidential Finished Product and Semi Product Imports (Thousand Tons) 31/10/2025 Earnings Presentation 27www.tupras.com.tr 400 149 239 43 127 95 630 0 200 195 61 0 104 Diesel Jet Fuel HVGO ASRFO LSFO Naphtha Gasoline MTBE Product Imports Q3 2025 Q3 2024
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Hizmete Özel / Confidential www.tupras.com.tr31/10/2025 Earnings Presentation 28 www.tupras.com.tr