Analyst Meeting Notes-Tuprs (Tacirler Yatırım )

Performance below expectations in Q1... The company reported a net profit of
TRY 320 million for Q1 2024. The reported net profit included a net monetary loss
of TRY 5,609 million due to inflation adjustment. The reported net profit decreased
by 89% compared to the same period of the previous year. The decline in product
margins, the crude oil price differential, RUP Periodic Maintenance, and the increase
in monetary loss pressured the net profit. The company increased its sales by 3%
year-on-year, driven by the increase in production and sales volumes. The
company's cash position stood at $2.8 billion as of March 2024.
Product margins below last year's levels... Except for High Sulfur Fuel Oil (HSFO),
which improved due to the OPEC+ cut decision, product margins were lower
compared to last year. Diesel and jet fuel product margins decreased compared to
the same period last year due to the high base of the previous year. The weighted
average product margin was $14.5/bbl in Q1 2024, compared to $18.7/bbl in Q1
2023 and $15.7/bbl in Q4 2023.
Recovery in operations... Tüpraş produced 5.9 million tons in Q1 2024, up from 5.0
million tons in the previous year. The company's sales volume in Q1 2024 increased
by 10% year-on-year, reaching 7.0 million tons. Exports, particularly driven by
gasoline and Tüpraş Trading UK, increased by 60% year-on-year. The Capacity
Utilization Rate in Q1 2024 was 82%, up 11 basis points from the previous year.
Turkey's fuel demand increased by 3% in the first two months of 2024.
Sustainability Efforts... In Q1 2024, 344 GWh of Zero Carbon Electricity was sold.
Sales from total Zero Carbon Electricity production increased by approximately
200%. Work has begun on the obtained 653 MW pre-license. Additionally, Tüpraş
signed an agreement with Tiryaki Agro for the supply of second-generation
feedstock for Sustainable Aviation Fuel (SAF) production. Following the
commissioning of the SAF Production Facility, a minimum of 300,000 tons of
feedstock supply is secured for 10 years

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