9M23 Earnings Presentation

3Q & 9M23 General Overview

Turcas 3Q23

Turcas Petrol IFRS Consolidated Net Income/Loss Bridging (3Q23) (MM TL) Net Profit: 824 MM TL

754

74

8

9

-3

-26

7

765

-59

Net Loss at 1H 2023 Turcas' Share in

Turcas' Share in RTG

STAŞ Preferred

Other (Net)*

Fair Value

Opex

Net Financing

Net Profit as of 9M

STAŞ Net Profit in

Net Profit in Q3

Shares Revaluation

Difference Of

Income (o/w 2 MM

2023

Q3

Gain

Venture Capital

TL from net FX

Investment Fund

losses)

* Fixed asset sale gain (+6.2 MM TL), Rent & Service & Other income (+2.6 MM TL), Deferred Tax Expense (-0.6 MM TL) and Net other income (0.8 MM TL)

Turcas 9M23

Turcas Petrol IFRS Consolidated Net Income Bridging (9M23) (MM TL)

Net Profit: 765 MM TL

166

108

19

15

-79

-26

-47

765

93

514

Turcas' Share in

Turcas' Share in

STAŞ Preferred

Fair value

Other (Net)**

Fair Value

Opex

STAŞ BPA

Net Financing

Net Profit as of

STAŞ Net Profit

RTG Net Profit

Shares

difference of ATAŞ

Difference Of

Expenses (o/w 64

9M2023

Revaluation Gain

valuation

Venture Capital

MM TL from net

Investment Fund

FX losses)

** Fixed asset sale gain (+11.4 MM TL), Rent & Service & Other income (+9.3 MM TL), ECA Premium Reimbursement (+5.0 MM TL), Deferred Tax Expense (-6.8 MM TL)

3Q23 and 9M23 results were marked by below performance factors:

  1. Shell&Turcas's Quarterly Net Profit of +2,513 MM TL (-798 MM TL in 1H23) mostly due to significant stock gains (as high as ca. 2.3 Billion TL in 3Q23 and 1.1 Billion TL in 9M23) resulting from oil price increases and one-time effect of special consumption tax increase;
  1. RWE&Turcas's outstanding operational performance delivering a Quarterly Net Profit of 248 MM TL (64 MM TL in 1H23);
  1. Revaluation gains from Preferred Shares amounting to 166 MM TL and income from fair value difference of ATAŞ valuation (based on a

study performed by a 3rd party independent valuation company) amounting to 108 MM TL in 9M23.

1

At a glance - 9M23 & [3Q23]

Retail (Fuel Distribution & Lubricants)

VOLUME

NET SALES

EBITDA

NET PROFIT

6,113

136,969

4,964

1,715

ths m3

MM TL

MM TL

MM TL

Shell & Turcas

in 9M23

in 9M23

in 9M23

in 9M23

(1)

[2,277 ths m3 in 3Q]

[68,575 MM TL in 3Q]

[4,390 MM TL in 3Q]

[2,513 MM TL in 3Q]

Electricity (Power Generation)

2,081 MM

6,454

394

312

kWh

MM TL

MM TL

MM TL

RWE & Turcas

in 9M23

in 9M23

in 9M23

in 9M23

[1,194 MM kWh in 3Q]

[3,097 MM TL in 3Q]

[198 MM TL in 3Q]

[248 MM TL in 3Q]

(1) Includes Onsite B2C Fuels, Onsite B2B Fuels, Commercial Fuels , LPG, Lubricants. Excluding Supply Third Party Sales.

2

Shell & Turcas JV - 9M23 Volumes & Market Share

Onsite B2B + B2C Fuel Sales

ths m3

+13% y/y

4,516

3,991

+11% q/q

+1,691

+1,527

in Q3

in Q3

9M22

9M23

Lubricants Sales

ths m3

+19% y/y

+11% q/q

133

112

+42

+38

in Q3

in Q3

9M22

9M23

Commercial Fuel Sales

ths m3

945

-8% y/y

-3% q/q

867

+346

+335

in Q3

in Q3

9M22

9M23

Onsite Market Share Progress in 2021-2023 July

1

23.0%

22.0%

21.9%

21.5%

21.5%

21.6%

21.0%

21.4%

20.0%

19.1%

18.8%

19.1%

19.3%

19.3%

19.0%

18.7% 18.8%

18.9%

17.6%

19.2%

18.0%

18.1% 18.2% 18.4%

18.7%

17.0%

18.0%

17.4%

16.0%

Jan. 21' Feb. 21' Mar. 21'

Apr. 21' May. 21' Jun. 21' Jul. 21' Aug. 21' Sept. 21' Oct. 21' Nov. 21' Dec. 21'

Jan. 22' Feb 22' Mar. 22' Apr. 22'

May. 22' Jun. 22' Jul. 22'

Aug. 22' Sep. 22'

Oct. 22' Nov. 22' Dec. 22' Jan. 23' Feb. 23' Mar. 23' Apr. 23' May. 23'

Jun. 23' Jul. 23'

Shell

Opet

PO

Source: STAŞ management reports. Market share info : EMRA

3

Shell & Turcas JV - 9M23 Key Financial Highlights

Net Sales

MM TL

+17% y/y

+40% q/q

136,969

117,553

+68,575

+48,856

in Q3

in Q3

9M22

9M23

Net Profit / Loss

MM TL

+4% y/y

1,645

+406% q/q

1,715

+2,513

-822

in Q3

in Q

3

9M22

9M23

Source: STAŞ IFRS consolidated financials

EBITDA

MM TL

+24% y/y

+1,047% q/q

4,964

4,014

+4,390

-464in Q3 in Q3

9M22

9M23

Shell & Turcas 3Q23 & 9M23 Highlights

  • Total sales volume is up by 9% compared to the first 9 months of the previous year and also up by 6% in 3Q23 compared to 3Q22.
  • Net sales has increased by 17% compared to the first 9 months of 2022. This increase is significantly higher than the increase in sales volume due to the increase in oil / product prices in 9M23 compared to 9M22.
  • Significant stock gains (ca 1.1 Billion TL in 9M23 and 2.3 Billion TL in 3Q23) fueled by the increase in sales volume have boosted the EBITDA and Net Profit figures.
  • As a result, 2.5 Billion TL of Net Profit in 3Q23 has turned 798 Million TL of Net Loss in 1H23 (which included stock losses of 1.2 Billion TL) into a Net Profit of 1.7 Billion TL.

4

Cash inflows from Shell & Turcas

MM TL

**

177

65

*

57

168

***

10

5

16

23

85

120

13

14

75

7

50

53

16

51

70

45

36

41

31

27

30

33

24

26

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

October

MM USD

4

7

11

6

8

15

9

11

39

8

11

34

30

20

18

16

7

15

15

13

13

12

10

11

8

9

10

4

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

October

Ordinary Dividends Received from Shell & Turcas

Management Fees & Preferred Dividends & SHL Interest Received from Shell & Turcas

  • 82 MM TL of Shareholder Loan Repayment plus 86.3 MM TL of Preferred Dividends (8 MM USD) net off BPA Payments (3.56 MM USD).
  • Preferred Dividends (8 MM USD) net off BPA Payments (1.2 MM USD).
  • Expected to be collected at the end of October.

5

RWE & Turcas JV - 9M23 Key Operational Highlights

Gas Consumption

Electricity Generation

mcm

GWh

+18% y/y

+21% y/y

+124% q/q

2,081

394

+132% q/q

334

1,725

+1,194

+225

+516

in Q3

+101

in Q3

in Q3

in Q3

9M22

9M23

9M22

9M23

RTG Average Electricity Sales Price (TL/MWh)

Cash inflows to Turcas from RWE & Turcas JV

4,506

MM TL

SHL Repayment

Cash Capital Decrease

Dividend Payment

4,004

3,519

2,644

2,268

30

169*

1,530

2,232

913

32

83

339

318 323

308

421 557

8

11

11

20

8

6

2013

2014

2015

2016

2017

2018

2019

2022

11M2023

2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23

*67.5 MM TL realized in May 2023. 101.3 MM TL is expected to be collected in November, after the General Assembly at 10th of November.

Source: RWE & Turcas management reports

6

RWE & Turcas JV - 9M23 Key Financial Highlights

Net Sales

MM TL

+41% y/y

6,454

+50% q/q

4,584

+3,097

in Q3

+2,059

in Q3

9M22

9M23

Net Profit / Loss

MM TL

-35% y/y

478 +89% q/q

+131

312

in Q3

+248

in Q3

9M22

9M23

Source: RWE & Turcas IFRS consolidated financials.

EBITDA

MM TL

-23% y/y

512+26% q/q

+157

394

in Q3

+198

in Q3

9M22

9M23

RWE & Turcas 3Q23 & 9M23 Highlights

  • Despite the ca. 2 months long planned major maintenance in 1H23 which kept the Plant non-operational, YoY electricity generation has recovered to +21% (was -27% in 1H23) and net sales has increased by 41% thanks to the outstanding 3Q performance in the summer (seasonally high) period.
  • Although the QoQ EBITDA and Net Profit performance was better in 2023, YTD figures fell below the previous year's due to (i) planned major maintenance mentioned above and (ii) weaker demand.
  • Unlike most of its peers, RWE & Turcas carries 155 MM TL of CIT and deferred tax expenses in its P&L in 9M2023 which is another reason for a lower YoY Net Profit.

7

Turcas Consolidated IFRS Summary BS & PL

IFRS Consolidated Financial Statements & Financing Ratios

Balance Sheet , million TL Cash & Cash Equivalents Associates (STAS & RTG) Fixed Assets Financial Investments (ATAŞ & 92 MM TL CPD* in 9M23) Financial Assets (FMV of Preferred Shares, VCF investment) Total Assets S - T Financial Liabilities (PF Loans for RTG) L - T Financial Liabilities (PF Loans for RTG) Equity Total Liabilities & Equity Net Debt

2022 32 1,127 25 17 278 1,494 85 335 1,061 1,494 389

9M2023 38 1,668 27 217 398 2,370 199 325 1,823 2,370 486

YTD 21% 48% 7% 1172% 43% 59% 133% -3%72% 59% 25%

Income Statement, million TL

Revenues

Gross Profit

Operating Expenses

Other Operational Income (Net)

Operating Profit

Income from Investments

Income from Subsidiaries

Shell & Turcas

RWE & Turcas

Earnings Before Financing & Tax

Net Financial Losses

Net FX Losses

Net Income Before Tax

Deferred Tax Income/Loss

Profit From Suspended Operations (TKG)

Net Income/Loss

9M2022

9M2023

Y/Y

0

0

n.m.

0

0

n.m.

-35

-79

125%

-47

-11

76%

-82

-90

-9%

479

300

-37%

637

608

-5%

493

514

4%

143

93

-35%

1,034

818

-21%

-26

-47

76%

-31

-64

105%

1,007

771

-23%

-2

-7

194%

57

0

n.m.

1,062

765

-28%

Note: Leverage = Financial Liabilities / Total Assets, Net Leverage = Net Debt / Total Assets

*CPD : Currency Protected Deposits

8

Financial Deleveraging Well On Track

MM EUR

Denizli CCPP +TKJ PP Project Finance Loans Principal Outstanding Balance

(2023-25 Balances reflect the scheduled repayment plan)

200

150

100

50

0

As of 9M2023: Ca. 90% of Denizli

127

CCPP PF Loans have been repaid

114

39

100

85

Loan Balance as of end of 9M 2023:

37

173

165

151

33

17.7 MM EUR

135

31

120

102

88

77

67

54

21

18

18

6

-

2013 Dec.

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023 9M

2023 P

2024 P

2025 P

Denizli CCPP Loan

TKJ PP Loan

Turcas Petrol sold its Geothermal Power Plant on February 14, 2022 to Albioma SA of France and as result, this investment's project finance loans of 31 MM EUR (as of 2021-end) were cleared from Turcas Balance Sheet.

Total Share Sales Proceeds of 24.3 MM USD were used for early debt repayments to the Denizli CCGT Lenders amounting to 19 MM EUR.

With 32.8 MM EUR loan repayments in 2022, Turcas' consolidated loan balance has decreased to 21.2 MM EUR by 2022-end. After the 240k EUR deduction from loan balance due to ECA risk premium decrease in 1Q23 and early repayment of 3.2 MM EUR principal amount (originally scheduled for December 2023) in June 2023, consolidated loan balance of Turcas has decreased to 17.7 MM EUR as of end of 9M23.

9

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Turcas Petrol AS published this content on 30 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 October 2023 17:15:09 UTC.