Financials Türkiye Petrol Rafinerileri

Equities

TUPRS

TRATUPRS91E8

Oil & Gas Refining and Marketing

Market Closed - Borsa Istanbul Other stock markets 11:09:57 2025-06-12 am EDT			5-day change	1st Jan Change
131.00 ^TRY	-0.53%		+0.15%	-7.68%

Jun. 06	Russian Urals oil to India sells at narrowest discounts since 2022, traders say	RE
May. 22	Turkey's imports of Urals oil set to rise in May, LSEG data shows	RE

Projected Income Statement: Türkiye Petrol Rafinerileri

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	63,244	150,972	481,765	686,529	810,386	730,531	930,806	946,668
Change	-	138.71%	219.11%	42.5%	18.04%	-9.85%	27.42%	1.7%
EBITDA ¹	494.2	12,996	55,192	79,691	45,326	49,357	60,955	63,522
Change	-	2,529.66%	324.67%	44.39%	-43.12%	8.89%	23.5%	4.21%
EBIT ¹	-248	12,209	54,542	73,628	35,710	32,258	44,562	46,727
Change	-	5,022.53%	346.74%	34.99%	-51.5%	-9.67%	38.14%	4.86%
Interest Paid ¹	-3,149	995.6	-6,096	-5,194	9,192	-3,306	-4,536	-1,254
Earnings before Tax (EBT) ¹	-3,795	2,161	39,876	57,820	31,746	37,962	45,770	61,644
Change	-	156.94%	1,745.24%	45%	-45.1%	19.58%	20.57%	34.68%
Net income ¹	-2,494	3,319	41,045	53,577	18,315	22,064	32,600	40,493
Change	-	233.11%	1,136.61%	30.53%	-65.82%	20.47%	47.75%	24.21%
Announcement Date	2/11/21	2/16/22	2/8/23	3/4/24	2/17/25	-	-	-

¹TRY in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1
Net sales ¹	9,280	17,035	19,990	19,821	33,688	40,993	56,470	76,541	135,785	150,609	116,026	92,826	104,405	185,137	304,160	165,473	190,716	196,223	211,054	158,623	148,162	148,571	155,818	163,358	163,358	163,358	163,358	175,924
Change	-	83.58%	17.34%	-0.84%	69.96%	21.68%	37.76%	35.54%	77.4%	10.92%	-22.96%	-20%	12.47%	77.33%	64.29%	-45.6%	15.25%	2.89%	7.56%	-24.84%	-6.6%	0.28%	4.88%	4.84%	0%	0%	0%	7.69%
EBITDA ¹	559.2	882.1	232.7	1,163	2,470	2,472	6,861	4,467	15,887	17,779	16,400	11,703	8,968	27,197	32,361	6,119	13,006	14,215	10,323	6,894	12,194	13,406	8,570	8,298	12,754	12,769	9,640	9,266
Change	-	57.73%	-73.62%	399.88%	112.36%	0.09%	177.51%	-34.9%	255.67%	11.91%	-7.76%	-28.64%	-23.37%	203.26%	18.99%	-81.09%	112.55%	9.3%	-27.38%	-33.21%	76.88%	9.93%	-36.07%	-3.18%	53.7%	0.11%	-24.51%	-3.88%
EBIT ¹	369.9	690	58.08	970.2	2,273	2,276	6,690	-	12,159	13,734	16,382	11,438	8,694	26,890	27,144	3,979	10,579	11,583	7,905	3,891	8,110	9,116	4,294	5,388	9,461	9,441	6,490	6,323
Change	-	86.53%	-91.58%	1,570.51%	134.31%	0.1%	193.96%	-	-	12.95%	19.28%	-30.18%	-23.99%	209.3%	0.95%	-85.34%	165.86%	9.49%	-31.76%	-50.78%	108.42%	12.41%	-52.89%	25.49%	75.59%	-0.21%	-31.26%	-2.58%
Charge d'intérêts	-550.3	-833.1	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-329.2	-556	-112.5	-960.1	1,297	1,155	669	1,062	-	-	-	-	6,538	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-68.91%	79.76%	-753.14%	235.06%	-10.89%	-42.1%	58.77%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	-184.8	-420	376.5	-760.5	1,700	988	1,392	895.7	10,611	11,554	17,589	6,748	7,217	21,306	18,306	320.3	5,004	7,744	4,742	97.08	3,462	7,663	6,075	6,430	8,428	8,626	6,603	9,238
Change	-	-127.22%	189.64%	-302.01%	323.52%	-41.88%	40.87%	-35.65%	1,084.76%	8.89%	52.22%	-61.63%	6.95%	195.21%	-14.08%	-98.25%	1,462.09%	54.75%	-38.76%	-97.95%	3,466.46%	121.32%	-20.72%	5.84%	31.07%	2.35%	-23.45%	39.91%
Announcement Date	8/12/20	11/3/20	2/11/21	5/5/21	8/11/21	11/4/21	2/16/22	5/9/22	8/15/22	11/3/22	2/8/23	4/28/23	7/31/23	10/25/23	3/4/24	5/22/24	8/5/24	11/5/24	2/17/25	4/29/25	-	-	-	-	-	-	-	-

¹TRY in Million

Estimates

Forecast Balance Sheet: Türkiye Petrol Rafinerileri

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	9,420	11,217	-12,830	-62,697	-54,546	-46,986	-56,052	-34,254
Change	-	19.08%	-214.38%	-388.67%	13%	13.86%	-19.3%	38.89%
Announcement Date	2/11/21	2/16/22	2/8/23	3/4/24	2/17/25	-	-	-

¹TRY in Million

Estimates

Cash Flow Forecast: Türkiye Petrol Rafinerileri

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	1,083	1,325	2,775	12,394	13,811	23,804	25,161	31,350
Change	-	22.36%	109.44%	346.58%	11.43%	72.36%	5.7%	24.6%
Free Cash Flow (FCF) ¹	1,031	-731.4	43,484	72,883	26,409	24,956	19,044	18,481
Change	-	-170.94%	6,044.97%	67.61%	-63.76%	-5.5%	-23.69%	-2.96%
Announcement Date	2/11/21	2/16/22	2/8/23	3/4/24	2/17/25	-	-	-

¹TRY in Million

Estimates

Forecast Financial Ratios: Türkiye Petrol Rafinerileri

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	0.78%	8.61%	11.46%	11.61%	5.59%	6.76%	6.55%	6.71%
EBIT Margin (%)	-0.39%	8.09%	11.32%	10.72%	4.41%	4.42%	4.79%	4.94%
EBT Margin (%)	-6%	1.43%	8.28%	8.42%	3.92%	5.2%	4.92%	6.51%
Net margin (%)	-3.94%	2.2%	8.52%	7.8%	2.26%	3.02%	3.5%	4.28%
FCF margin (%)	1.63%	-0.48%	9.03%	10.62%	3.26%	3.42%	2.05%	1.95%
FCF / Net Income (%)	-41.35%	-22.04%	105.94%	136.03%	144.19%	113.11%	58.42%	45.64%
Profitability
ROA	-4.27%	4.05%	29.83%	15%	3.72%	4.7%	5.7%	-
ROE	-20.43%	22.89%	95.95%	28.3%	6.4%	8%	10.76%	12.31%
Financial Health
Leverage (Debt/EBITDA)	19.06x	0.86x	-	-	-	-	-	-
Debt / Free cash flow	9.14x	-15.34x	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	1.71%	0.88%	0.58%	1.81%	1.7%	3.26%	2.7%	3.31%
CAPEX / EBITDA (%)	219.11%	10.2%	5.03%	15.55%	30.47%	48.23%	41.28%	49.35%
CAPEX / FCF (%)	105.02%	-181.16%	6.38%	17.01%	52.3%	95.38%	132.12%	169.63%
Items per share
Cash flow per share ¹	1.206	0.3386	24.01	58.43	-	-	-	-
Change	-	-71.93%	6,989.52%	143.38%	-	-	-	-
Dividend per Share ¹	-	-	-	-	11.94	14.31	13.57	15.54
Change	-	-	-	-	-	19.86%	-5.18%	14.56%
Book Value Per Share ¹	6.532	10.02	34.64	1.042	146.5	168.6	157.7	164.5
Change	-	53.35%	245.84%	-96.99%	13,956.5%	15.1%	-6.43%	4.25%
EPS ¹	-1.423	1.893	21.3	36.71	9.51	12.07	17.88	21.56
Change	-	233.03%	1,025.36%	72.34%	-74.09%	26.92%	48.16%	20.56%
Nbr of stocks (in thousands)	1,752,934	1,752,934	1,926,796	1,926,796	1,926,796	1,926,796	1,926,796	1,926,796
Announcement Date	2/11/21	2/16/22	2/8/23	3/4/24	2/17/25	-	-	-