Turcas Petrol : 2023 YE Earnings Release

2023 Year-End Earnings Presentation

YE23 General Overview

			IFRS Consolidated Net Income Bridging (YE23) (Inflation Adjusted) (MM TL)	Turcas YE23
			Net Profit: 369 MM TL
			66	18	-122
			58
			101		-29
					-82
							369
						49
			177
		217	-83

Turcas' Share Turcas' Share	STAŞ Preferred	Fair value	TKG Share Sale Other (Net)*	Fair Value	Opex	STAŞ BPA	Net Financing	Monetary Gain Net Profit as of
in STAŞ Net in RTG Net Loss	Shares	difference of	Additional	Difference Of			Expenses (o/w	YE2023
Profit	Revaluation	ATAŞ valuation	Proceeds	Venture Capital			105 MM TL
	Gain			Investment			from net FX
				Fund			losses)

* Fixed asset sale gain (+17.4 MM TL), Rent & Service income (+12.1 MM TL), Deferred Tax Income (+36.0 MM TL) and Net other income (0.2 MM TL)

YE23 inflation adjusted results were marked by below performance factors:

(+) Shell&Turcas's Net Profit of +723 MM TL thanks to positive operational performance and stock gains resulting from oil price increases;

(-) Despite making a Net profit of 505 MM TL before Inflation Accounting ("IA") Adjustments, RWE&Turcas has recorded a Net Loss of -278 MM TL mainly due to 973

1. TL of IA related monetary loss mostly stemming from IA induced increase in 2022 profit and further indexation of this figure in 2023, as well as the increase in depreciation of fixed assets;

1. Revaluation gains from Preferred Shares amounting to 177 MM TL and income from fair value difference of ATAŞ valuation (performed by a 3rd party independent valuation company) amounting to 101 MM TL in YE23;

(-)/(+) Devaluation of the currency resulted in 105 MM TL Net FX Losses. However, FX impacts are decreasing (compared to previous years) thanks to well on track financial deleveraging (Slide#12);

(+) Net Monetary Gain booked due to application of IAS29 Inflation Accounting amounting to 49 MM TL.

1

Impact of IAS29 Inflation Accounting on Turcas Financials

Change in Total Assets (2023)

MM TL

1.547

108

18

6.842

3.153

2.016

2023 YE total assets before IA Inflation impact on Associates	Inflation impact on Associates	Inflation impact on Fixed assets Inflation impact on Deferred Tax 2023 YE total assets after IA
(STAŞ)	(RTG)	& Other

Change in Total Equity (2023)

MM TL

1.712-2446.419

3.363

1.587

2023 YE total equity before IA Inflation impact on paid-in capital Inflation impact on legal reserve	Inflation impact on net profit	2023 YE total equity after IA
	and retainend earnings
	Before Inflation		After Inflation
	Accounting (IA)		Accounting (IA)

2

At a glance - YE23 vs [YE22] (with "IA")

		Retail (Fuel Distribution & Lubricants)
	VOLUME	NET SALES	EBITDA	NET PROFIT
	8,205	245,942	6,369	723
	ths m3	MM TL	MM TL	MM TL
Shell & Turcas	in YE23	in YE23	in YE23	in YE23
	[7,585 ths m3 in YE22]	[305,019 MM TL in YE22]	[7,013 MM TL in YE22]	[1,094 MM TL in YE22]
		Electricity (Power Generation)
	2,859 MM	11,454	1,828	-278
	kWh	MM TL	MM TL	MM TL
RWE & Turcas	in YE23	in YE23	in YE23	in YE23
	[2,514 MM kWh in YE22]	[15,714 MM TL in YE22]	[1,743 MM TL in YE22]	[2,880 MM TL in YE22]

Note: STAS Volume includes Onsite B2C Fuels, Onsite B2B Fuels, Commercial Fuels , LPG, Lubricants. Excluding Supply Third Party Sales.

As per IAS 29 (financial reporting in hyperinflationary economies), "After Inflation Accounting" figures for 2022 are escalated with 2023 inflation in order to present all figures with 2023 year-end purchasing power.

3

Associates of Turcas - Summary Balance Sheet Figures

	Retail (Fuel Distribution & Lubricants)
TOTAL ASSETS	LIABILITIES	SHAREHOLDERS	PAID-IN CAPITAL
EQUITY

		39,930	27,273	12,657	528
		MMTL	MM TL	MM TL	MM TL
Shell & Turcas	in YE23	in YE23	in YE23	in YE23
		[47,849 MM TL in YE22]	[35,343 MM TL in YE22]	[12,506 MM TL in YE22]	[528 MM TL in YE22]
			Electricity (Power Generation)
		9,428	2,415	7,013	1,163
		MM TL	MM TL	MM TL	MM TL
RWE & Turcas	in YE23	in YE23	in YE23	in YE23
		[12,426 MM TL in YE22]	[4,464 MM TL in YE22]	[7,961 MM TL in YE22]	[1,916 MM TL in YE22]
				Combined Equity of Associates:	MCap of Turcas: 7.2 Billion TL
				19,670 MM TL
					Book Value of Turcas: 6.4 Billion TL
				Turcas' Share in Associates'	(as of 2023 YE)
				Combined Equity: 5,901 MM TL
					P/B Value: 1.13x

All figures demonstrate After IA figures as per IAS 29 (financial reporting in hyperinflationary economies). After IA figures for 2022 are escalated with 2023 inflation in order to present all figures with 2023 year-end purchasing power.

4

Quarterly & YoY Segmental Analysis

MM				Oil Segment				Energy Segment
		Shell & Turcas				RWE & Turcas
TL
	(Turcas share: 30%)	(Turcas share: 30%)
		Revenues		EBITDA			Net Profit/		Revenues	EBITDA			Net Profit/
					Loss				Loss
				After Inflation Accounting
YE23		245,942		6,369			723		11,454	1,828			-278
YE22		305,019		7,013			1,094		15,714	1,743			2,880
				Before Inflation Accounting
YE23		201,670		5,366			937		9,277	629			505
YE22		160,891		4,072			814		8,480	733			664
4Q23		64,701		402			-778		2,824	234			193
4Q22		43,338		58			-831		3,896	221			186

5

Shell & Turcas JV - Volumes & Market Share

Onsite B2B + B2C Fuel Sales

ths m3

		+11% y/y
		5,999
	5,383	+7% q/q
			+1,483
	+1,392		in Q4
	in Q4

2022		2023
		Lubricants Sales
ths m3
			+16% y/y
			+8% q/q	172
148
	+39
		+36		in Q4
		in Q4

2022

2023

Commercial Fuel Sales

ths m3

	1,314	-4% y/y
	1,268
		+9% q/q
	+369
	+401
	in Q4
		in Q4

		2022										2023
		Onsite Market Share Progress in 2021-2023	1
	23.0%												21.9%
	22.0%	21.9%						21.5%		21.5%
	21.0%									21.6% 21.4%
	20.0%	19.1%					18.8%	19.1%	19.3%	19.1%
	19.0%	18.7%18.8%	18.9%
														19.2%
	18.0%	17.6%										18.8%
					18.1%18.2%18.4%
	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' Aug. 23' Sep. 23' Oct. 23' Nov. 23' Dec. 23'
					Shell			Opet				PO (Vitol)

Source: STAŞ management reports. Market share info: EMRA

6

Shell & Turcas JV - Key Financial Highlights

	Before Inflation			After Inflation
	Accounting (IA)			Accounting (IA)
Net Sales				EBITDA
MM TL			MM TL

	305,019	-19% y/y
	+25% y/y
			245,942
		201,670
160,891
2022	2022	2023	2023

	-9% y/y
	7,013
	+32% y/y		6,369
		5,366
4,072
2022	2022	2023	2023

Net Profit / Loss		Shell & Turcas YE23 Highlights

MM TL

		-34% y/y
	1,094	+15% y/y
		937
814			723
2022	2022	2023	2023

Source: STAŞ IFRS consolidated financials

• Total sales volume is up by 8% YoY and up by 5% QoQ basis.
• Net sales (before IA) has increased by 25% YoY basis demonstrating the price effect (beyond the volume increase mentioned above) due to the increase in oil / product prices and FX.
• Net Profit has been realized as 723 MM TL thanks to positive operational performance and stock gains resulting from oil price increases.
• As per IAS 29 (financial reporting in hyperinflationary economies), "After Inflation Accounting" figures for 2022 are escalated with 2023 inflation in order to present all figures with 2023 year-end purchasing power.

7

Cash inflows from Shell & Turcas

MM TL

																177
																	203
												65
										57					168
	5	10	16				23							85		120
		13		14					75
7		53		16					70
50	45				51	41
31		30	33	36							30
26	27	24
2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	1Q 2024*

MM USD

4

7

				11
6					8							15
							11
	39					9	8					11
	34
		30
20					18
					15	16	15				13						7
						12			13	10	11
									8	9	10		6
													4
																		1
2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	1Q 2024
			Ordinary Dividends Received from Shell & Turcas			BPA Revenues & Preferred Dividends & SHL Interest Received from Shell & Turcas

The figures demonstrate actual amounts received in the respective year with no IA adjustment. The figures exclude VAT (received / paid).

* BPA Revenues (6.30 MM USD-excl. VAT; 7.55 MM USD-incl. VAT) and Ordinary Dividends (30 MM TL) collected in 1Q24.

Preferred Dividends (8 MM USD) and 2nd Ordinary Dividends (30 MM TL) will be collected in June'24.

8

RWE & Turcas JV - Key Operational Highlights

Gas Consumption

Electricity Generation

mcm

GWh

+12% y/y

+14% y/y

-2% q/q

544

2,514

-1% q/q

2,859

487

+149

+779

+789

in Q4

in Q4

+153

in Q4

in Q4

		2022		2023									2022					2023
	RTG Average Electricity Sales Price (TL/MWh)						Cash inflows to Turcas from RWE & Turcas JV*
										MM TL			SHL Repayment		Cash Capital Decrease		Dividend Payment
				4,004	4,506
					3,519
				2,644	2,268
				1,530	2,232	2,500																169
																		83
				913								32
													20
		323 308	421	557						8			11	11	8	6
318											30
										2013	2014	2015	2016	2017	2018	2019		2022	2023
	3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23

• The figures demonstrate actual amounts received in the respective year with no IA adjustment. Source: RWE & Turcas management reports

9