Türkiye Petrol Rafinerileri (TUPRS) Q4 2025 earnings summary

Executive summary

• Achieved strong operational performance in 2025, with high capacity utilization and robust domestic sales driven by surging Turkish fuel demand.

• Maintained significant dividend payments, supported by solid cash generation and balance sheet strength.

• Advanced sustainability initiatives, improving scores across major ESG indices and signing new SAF agreements.

• Consolidated financial statements for 2025 were audited and present fairly in all material respects in accordance with TFRS.

• The group operates mainly in refining, trading of petroleum products, and electricity production and supply, with significant operations in Türkiye.

Financial highlights

• Q4 2025 net profit rose 33% year-over-year to TL 6.75 bn; full-year net profit up 23% to TL 29.5 bn.

• Revenue for 2025 was TRY 830.4 billion, down from TRY 1,060.7 billion in 2024.

• Gross profit in Q4 up 40% year-over-year, but down 9% for the full year; 2025 gross profit was TRY 81.2 billion.

• Earnings per share increased to 15.32 Kr from 12.44 Kr year-over-year.

• Total assets stood at TRY 592.0 billion, with total equity of TRY 369.8 billion at year-end.

Outlook and guidance

• 2026 net refining margin expected at $6–7/bbl, with annual production and sales targets of ~29–30 mn tons.

• Capacity utilization forecasted at 95–100% for 2026.

• Consolidated capex planned at ~$700 mn for 2026.

• Deferred tax assets from investment incentives are expected to be recovered within five years.

• The group continues to assess the impact of new and upcoming TFRS standards on its financial position.