2021 3Q Earnings Release

3Q & 9M21

Earnings Presentation

3Q & 9M21 General Overview

Turcas Petrol IFRS Consolidated Net Income/Loss Bridging (9M21)	Turcas 9M21
Net Profit: +67 MM TL
44	7	7	-25
94			-14
			-87

	67
36	7

Turcas Kuyucak	STAŞ	Turcas share in	Turcas share in	Fair value	Deferred Tax	Holding & Turcas	Usufruct	Net Financing	Profit For The
Geothermal Gross Management Fees STAŞ's Net Profit	RTG's Net Profit difference of ATAŞ	Income	Kuyucak Opex &	Certificate	Expenses (o/w 73	Period
	Profit				valuation		Other (o/w 7 MM	Revaluation	MM TL from net
							TL from net FX	Losses	FX losses)
							losses on trade		Turcas 3Q21
							payables)
			Turcas Petrol IFRS Consolidated Net Income/Loss Bridging (3Q21)	Net Profit: +122 MM TL

37	-1	67
80

-55	10	1	-1	-5
Profit For The Period	Turcas Kuyucak	Usufruct Certificate	Deferred Tax	Holding & Turcas	Turcas share in	Turcas share in	Net Financing	Profit For The Period
1H 2021	Geothermal Gross	Revaluation Gains	Income	Kuyucak Opex &	STAŞ's Net Profit of	RTG's Net Profit of	Expenses (o/w 3	9M 2021
	Profit			Other	3Q 2021	3Q 2021	MM TL from net FX
							profit)

9M21 results were marked by Turcas' outstanding 3Q Net Profit Performance of 122 MM TL:

• (+) STAŞ's 3Q'21 Net Profit of 268 MM TL thanks to outstanding operational performance in fuel retail and lubricants;
• (+) RTG's Q3'21 Net Profit of 124 MM TL thanks to outstanding operational performance in conventional power geneation;
• (+) TKG's Sustained EBITDA contribution of 12 MM TL in Q3'21 from geothermal power generation;
• (-)Net FX losses (although decreased compared with 1H21) on FX denominated Financial Liabilities due to depreciation of TL

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At a glance - 9M21 & [3Q21]

		VOLUME (1)	NET SALES	EBITDA (2)	NET PROFIT
		4.9 MM	36,288	1,699	312
		m3	MM TL	MM TL	MM TL
Shell & Turcas	in 9M21	in 9M21	in 9M21	in 9M21
		[2.1 MM m3 in 3Q]	[15,841 MM TL in 3Q]	[746 MM TL in 3Q]	[268 MM TL in 3Q]

		3.0 MMM	1,392	188	148
		kWh	MM TL	MM TL	MM TL
RWE & Turcas	in 9M21	in 9M21	in 9M21	in 9M21
		[1.2 MMM kWh in 3Q]	[712 MM TL in 3Q]	[135 MM TL in 3Q]	[124 MM TL in 3Q]

	59 MM	57	42	-0.8
	kWh	MM TL	MM TL	MM TL
Kuyucak	in 9M21	in 9M21	in 9M21	in 9M21
Geothermal	[18 MM kWh in 3Q]	[18 MM TL in 3Q]	[12 MM TL in 3Q]	[5 MM TL in 3Q]

1. For Shell & Turcas: Includes Onsite B2C Fuels, Onsite B2B Fuels, Commercial Fuels , LPG, Lubricants. Excluding Supply Third Party Sales.
2. For Turcas Kuyucak; Net FX losses on capex related trade payables amounting to 7 MM TL have been classified as financing expense.

2

Quarterly & YoY Segmental Analysis

		Oil Segment				Energy Segment
MM
Shell & Turcas		RWE & Turcas		TKG
TL
(Turcas share: 30%)	(Turcas share: 30%)	(Turcas share: 100%)
				Net Profit/			Net		EBITDA	Net
	Revenues		EBITDA	Revenues	EBITDA	Profit/	Revenues	Profit/
		Loss	(*)
						Loss		Loss
3Q21	15,841		746	268	712	135	124	18	12	5
3Q20	9,693		484	128	478	52	34	17	13	-15
9M21	36,288		1,699	312	1,392	188	148	57	42	-0.8
9M20	24,967		633	-223	1,118	23	-33	40	29	-28

(*) Net FX losses on capex related trade payables have been classified as financing expense for all the periods presented.

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Shell & Turcas JV - 9M21 Key Operational Highlights

Onsite B2B + B2C Fuel Sales

ths m3

		+19% y/y	3.496
	2.932		+1.538
			in Q3

		9M2020			9M2021
			Lubricants Sales
ths m3
				+12% y/y	102
91
		+33
					in Q3

9M20209M2021

Commercial Fuel Sales

ths m3

		+33% y/y	792
			+318
596		in Q3

9M20209M2021

	Onsite Market Share Progress in 2021	1
18,8%
									18,7%
18,6%
18,4%
18,2%
18,0%
17,8%
									17,6%
17,6%
17,4%
									17,5%
17,2%
17,0%
Jan.	Feb. Mar.	Apr. May.	Jun.	Jul.	Aug.
				Shell		Opet		PO

Source: STAŞ management reports. Market share info : EMRA

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