Turkey · Delayed Price · Currency is TRY Türkiye Petrol Rafinerileri A.S. Earnings Call Transcripts
Fiscal Year 2026
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Strong financial and operational results were achieved amid volatile markets, with net profit and EBITDA surging year-on-year. Raised refining margin guidance reflects confidence in sustained sector strength, while robust cash flow and disciplined execution support future growth.
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Q1 2026 saw record-high capacity utilization and strong financial results, with revenues up 24% year-on-year and robust cash reserves. Despite global disruptions and higher costs, operational flexibility and diversified supply ensured uninterrupted production and sales growth.
Fiscal Year 2025
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Strong operational and financial results in 2025 were driven by high capacity utilization, robust margin capture, and strategic investments in sustainability. Net income rose to TL 6.8 billion in Q4, with a solid cash position and a TRY 33 billion dividend proposal for 2026.
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Q3 2025 saw record operational performance with capacity utilization above 100%, strong crack margins, and a net cash position of $1.8 billion. Net income reached TRY 12.2 billion, and guidance for net refining margin was raised to $6.5 per barrel.
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Q2 2025 saw strong financial and operational results, with high capacity utilization, robust cash reserves, and resilient margins despite geopolitical volatility. Guidance and CapEx targets remain unchanged, and Moody's upgraded the credit rating.
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Q1 2025 saw strong operational efficiency and a high white product yield, with revenues of TRY 159 billion and net income of TRY 97 million. Despite FX losses and lower margins, a robust net cash position and flexible crude sourcing supported resilience. Guidance and CAPEX targets remain unchanged.
Fiscal Year 2024
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Record production and sales exceeded guidance in 2024, with strong cash generation and a robust dividend policy. Crack margins normalized but remained above pre-pandemic levels, while 2025 guidance anticipates stable operations, $600M CapEx, and continued focus on renewables.
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Highest capacity utilization since 2019 and record domestic gasoline sales drove strong operational results, despite a 33% year-over-year revenue decline from weaker crack margins. Cash position and dividend payouts remained robust, with guidance and CapEx targets unchanged.
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Q2 2024 saw record sales volumes, strong operational efficiency, and robust cash reserves, despite lower EBITDA year-over-year due to narrower differentials and maintenance. Strategic investments in propane and zero-carbon electricity advanced, with a proposed total dividend of TRY 43 billion.