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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.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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