Tüpraş's Q3 profit exceeded expectations and grew.

Tüpraş's Financial Performance in Q3 2025

Tüpraş announced a 12.2 billion TL net profit in the third quarter of 2025. This value surpassed the market expectation of 11 billion TL, demonstrating a remarkable performance. The profit increase was particularly driven by improvements in the margins of products like diesel, gasoline, and jet fuel, as well as a reduction in the loss from monetary position which decreased from -4.1 billion TL to -458 million TL, along with an 8% decrease in operating expenses.

Sales Revenues and Product Performance

Tüpraş's sales revenues for the third quarter were recorded at 220.1 billion TL. This figure was approximately 6% above the market expectation of 208 billion TL. Revenues increased by 20.5% on a quarterly basis, while they decreased by 15.6% compared to the same period last year. Tüpraş achieved total sales of 8 million tons in this quarter.

Domestic sales showed an annual increase of 4% and were determined at 7 million tons. Meanwhile, exports remained at 1 million tons, with 87.5% of total sales coming from the domestic market. Gasoline sales contributed to this growth with a 15% increase.

Financial Indicators and EBITDA Analysis

Tüpraş reported an EBITDA of 20.3 billion TL in the third quarter, approximately 6% above the market expectation of 19.2 billion TL. EBITDA showed a 1% annual decrease but recorded a 44% increase on a quarterly basis.

In the first nine months of 2025, the company's net profit was recorded at 21.8 billion TL, reflecting a 20.62% annual increase. However, there was a 14.33% annual decrease in EBITDA compared to the same period of the previous year.

Future Expectations and Investment Goals

Tüpraş aims to maintain its net refinery margin target in the 6–7 dollar/barrel range throughout the year, planning to achieve strong production and sales targets. The investment expenditure target for 2025 has been reduced from 600 million dollars to 480 million dollars.