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Türkiye Petrol Rafinerileri (TUPRS) investor relations material

Türkiye Petrol Rafinerileri Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary31 Oct, 2025

Executive summary

  • Achieved near-full capacity utilization at 100% in Q3 2025, maintaining strong margins and profitability amid global volatility.

  • Net profit rose 18% year-over-year to TL 12.2 billion in Q3 2025, supported by robust domestic demand and favorable crack margins.

  • Revenue for the nine months ended 30 September 2025 was TRY598.3 billion, down from TRY798.9 billion year-over-year, with net income of TRY22.0 billion, up from TRY18.5 billion in the prior year period.

  • Sustained a strong net cash position, reflecting disciplined liquidity and working capital management.

  • Advanced strategic initiatives in sustainable aviation fuel (SAF) and zero carbon electricity, with new regulations and agreements in place.

Financial highlights

  • Q3 2025 net sales: TL 220.7 billion, down 16% year-over-year; gross profit: TL 23.7 billion.

  • EBITDA for Q3 2025: TL 20.5 billion, up 2% year-over-year; EBITDA margin improved.

  • Net income attributable to equity holders rose to TRY21.8 billion, with EPS at 11.33 Kr for the period, up from 9.39 Kr.

  • Cash and cash equivalents increased to TRY117.1 billion, and net financial liabilities were negative, indicating a net cash position.

  • Gearing ratio improved to -19.86% from -16.98% at year-end 2024.

Outlook and guidance

  • 2025 net refining margin expected at $6–6.5/bbl, with annual production of ~26 million tons and sales of ~30 million tons.

  • Average capacity utilization for 2025 guided at 90–95%.

  • Consolidated capex for 2025 projected at $480 million.

  • Management expects to recover deferred tax assets related to investment incentives within five years, based on business plans and macroeconomic assumptions.

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