1Q22 Earnings Presentation

1Q2022 General Overview

Turcas 1Q22

Turcas Petrol IFRS Consolidated Net Income/Loss Bridging (1Q22)

Net Profit: 799 MM TL

900

57

19

-12

-4

-33

799

800

700

600

500

400

318

300

200

100

0

Turcas KuyucakTurcas Share inGeothermal Share STAŞ's Net ProfitTurcas Share in RTG's Net Profit

Sale Profit

Profit For The Period From Suspended Operations (TKJ)

Other*

Holding OpexDeferred Tax

ExpenseNet Financing Expenses (o/w 26 MM TL from net FX losses)Profit For The

Period

1Q22 results are marked by below performance factors

  • • (+) 318 MM TL of Share Sale Profit resulting from the sale of 100% shares of Turcas Kuyucak Geothermal ("TKG") and TKG's 57 MM TL Profit in the period between January 1 and February 14 (Date of share transfer);

  • • (+) Shell&Turcas's record quarterly Net Profit of 1,285 MM TL mostly due to significant stock gains (as high as ca. 1.1 Billion TL) due to oil / product price increases and partially supported by increased volumes and market share.

  • • (+) RWE&Turcas's outstanding operational performance delivering a Net Profit of 232 MM TL;

  • • (-) Net FX losses accruing on FX denominated Financial Liabilities, which has significantly decreased compared to previous quarters thanks to the ongoing successful financial deleveraging (please see slide #10).

*Consists of Usufruct Certificate Revaluation Gain (9 MM TL), Fair Value Difference Of Venture Capital Investment Fund Valuation (8 MM TL) and Rent & Service income (1.6 MM TL)

At a glance - 1Q22

Shell & Turcas

VOLUME (1)

Fuel Distribution & Lubricants

NET SALES

Power Generation

EBITDA

NET PROFIT

(1) For Shell & Turcas: Includes Onsite B2C Fuels, Onsite B2B Fuels, Commercial Fuels , LPG, Lubricants. Excluding Supply Third Party Sales.

Quarterly Segmental Analysis

MM TL

Oil Segment

Energy Segment

Shell & Turcas (Turcas share: 30%)

RWE & Turcas (Turcas share: 30%)

Revenues

EBITDA

Net Profit/

Loss

Revenues

EBITDA

Net Profit/

Loss

1Q22

26,155

2,212

1,285

1,249

225

232

1Q21

8,816

494

69

750

30

26

4Q21

19,281

341

-110

1,322

230

231

Shell & Turcas JV - 1Q22 Key Operational Highlights

Onsite B2B + B2C Fuel Sales

ths m3

1Q2021

1Q2022

Lubricants Sales

ths m3

37

37

1Q2021

1Q2022

Source: STAŞ management reports. Market share info : EMRA

Commercial Fuel Sales

ths m3

1Q2021

1Q2022

Onsite Market Share Progress in 2021-2022 Feb. 1

22,0%

21,9%

21,0%

20,0%

19,0%

18,0%

17,0%

16,0%Jan. Feb. Mar. Apr. May. Jun. Jul. Aug. Sept. Oct. Nov. Dec. Jan. Feb 21' 21' 21' 21' 21' 21' 21' 21' 21' 21' 21' 21' 22' 22'

ShellOpetPO

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Disclaimer

Turcas Petrol AS published this content on 29 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2022 18:37:11 UTC.