Petkim Petrokimya Anonim Sirketi : Investor Presentation, Fourth Quarter 2023

4Q23 RESULTS

INVESTOR PRESENTATION

MARCH 2024

Welcome to Our Earnings Presentation

Page 03-04

4Q23 FINANCIAL HIGHLIGHTS

Page 05-09

INDUSTRY ENVIRONMENT

Page 10-21

Petkim ranked first in the Aegean Exporters' Association's "Stars of Export 2023" list, both in the general ranking and in the chemistry category this year

OPERATING & FINANCIALS RESULTS

Page 22-25

STAR REFINERY

Page 26-28

SUSTAINABILITY & ESG

Page 29-32

SUPPORTING SLIDES

FINANCIAL HIGHLIGHTS

3

2023

Highlights

4

01 02

03 04

05

Solid performance since the second half of the year despite weak petrochemical markets

Petkim's average gross unit was USD89/ton

Optimization-focused initiatives resulted in cost efficient operations and improved profitability

Petkim's capacity utilization rate was 64%

Management actions continued to be taken in 4Q2023 impacted positively on EBITDA

Over 40 projects and initiatives contributed more than USD30mn to cumulative EBITDA results in 2023

STAR Refinery's financial impact has been reflected on Petkim financials from 4Q23 onwards

TRY3.2bn income derived from the equity pick-up method in 4Q23

IAS 29 has been applied to Petkim year-end financials The largest impact on profitability stemmed from inventories and depreciation

INDUSTRY ENVIRONMENT

Global Petrochemical Market Petrochemical Market in Türkiye

5

Industry Environment

Ethylene-naphtha spread increased by about 31% from USD86/ton in 3Q23 to USD113/ton in 4Q23

Prices in petrochemical markets followed the downturn in gasoline blending values at the refinery which continue to set the floor to prices in weak petrochemical markets

4Q23 PLATTs index increased by approximately 3% in comparison with the previous quarter

Monthly naphtha - ethylene spread (CIF MED spot prices) USD/ton

Jan

FebMar

5-year Max-Min

Monthly average Platts index* USD/ton

Apr

Mar

MayJun2023

JanFeb

AprMay

5-Year Max-Min

(*) compilation of ethylene, propylene, benzene, toluene, PX, LDPE and PP.

Jun

2023

2024

JulAug

5-Year AVGJul

5-Year AvgSepOctNov

2024

DecAugSepOctNovDec

6

EarningsPresentation 4Q23

7

Industry Environment

Product groups spread

(over naphtha CIF MED) USD/MT

550

450

350

250

150

50

Oct-22

Dec-22

AromaticsFeb-23

Apr-23

PolymersJun-23

FibersAug-23

Oct-23

OthersDec-23

OverallFeb-24

Key trends in the industry

Demand weakness and oversupply persists

Red Sea related issues impacting import availability

Markets were broadly pressured by weak demand for durable goods, which impacted margins in the product group segments

Polymer demand remained frail due to slack end use demand stemming from persistent weak economic climate

Intense cost pressure suffered by aromatics market through the summer season relaxed as gasoline values dropped around 20%

Pricing has been disconnected since the mid- January, between Europe and other regions - the US and Asia mainly-after disruptions to shipping through the Red Sea

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