1H21 Earnings Presentation

26 713 7 7 8 -21

-15

-86

-55

-80-60-40-20

020406080

Turcas KuyucakGeothermal Gross

Profit

STAŞManagement

Fees

Turcas share inSTAŞ's Net Profit

Turcas share inRTG's Net Profit

Fair valuedifference of

ATAŞ valuation

Deferred TaxIncome

Holding & TurcasKuyucak Opex &

Other (o/w 7 MMTL from net FXlosses on trade

payables)

UsufructCertificate

RevaluationLosses

Net FinancingExpenses (o/w 76MM TL from net

FX losses)

Loss For ThePeriod

Message from Turcas Petrol CEO, Mr. Batu Aksoy:

1H21 results were marked by:

• (+) Increased and sustainable positive contribution from Geothermal business (Turcas Kuyucak)

• (+) STAŞ’s & RTG’s Net Profit with the improved operational performance

• (-) Increased net FX losses on FX denominated Financial Liabilities due to depreciation of TL

Turcas Petrol IFRS Consolidated Net Income/Loss Bridging (1H21)

1

1H21 General Overview

Turcas 1H21

Net Loss: 55 MM TL

At a glance- 1H21

2

2,785

ths m3volume

sold(1)

952

MM TLEBITDA

1,813

million

kWh Generation

52

MM TLEBITDA

42

million

kWh Generation

39

MM TLNet

Sales

30

MM TLEBITDA (2)

Shell & Turcas

RWE & Turcas

Kuyucak

Geothermal

680

MM TLNet

Sales

20,448

MM TLNet

Sales

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

(2) Net FX losses on capex related trade payables amounting to 7 MM TL have been classified as financing expense.

44

MM TLNet Profit

23

MM TLNet Profit

-6

MM TLNet Loss

Segmental Analysis

3

MM

TL

Oil Segment Energy Segment

Shell & Turcas

(Turcas share: 30%)

RWE & Turcas

(Turcas share: 30%)

TKG

(Turcas share: 100%)

Revenues EBITDANet Profit/

LossRevenues EBITDA

Net

Profit/

Loss

RevenuesEBITDA

(*)

Net

Profit/

Loss

1H21 20,448 952 44 680 52 23 39 30 -6

1H20 15,275 148 -351 640 -29 -67 23 17 -13

2Q21 11,632 459 -25 213 22 -2 18 13 -7

2Q20 6,807 135 -132 264 -25 -44 10 6 -8

(*) Net FX losses on capex related trade payables have been classified as financing expense for all the periods presented.

Shell17,8%

Opet17,1%

PO17,8%

BP8,2%

Total6,3%

Aytemiz4,2%

TP4,4%

Akpet2,2%

Others22,0%

57

70

1H2020 1H2021

363

474

1H2020 1H2021

1.692

1.958

1H2020 1H2021

Onsite B2B + B2C Fuel Sales Commercial Fuel Sales

Lubricants Sales Onsite Market Share (5M21)

4

Shell & Turcas JV – 1H21 Key Highlights

Source: STAŞ management reports. Market share info : EMRA

ths m3

+ 31% y/y

ths m3

ths m3

#1

+16% y/y

+23% y/y

-351

44

1H2020 1H2021

148

952

1H2020 1H2021

15.275

20.448

1H2020 1H2021

Net Sales EBITDA

Net Profit / Loss Shell & Turcas 1H21 Highlights

Source: STAŞ IFRS consolidated financials

5

Shell & Turcas JV – 1H21 Key Highlights

MM TL

MM TL

MM TL

+34% y/y

• Total sales volume has increased by 17% in 1H2021

compared to 1H2020 and it is also 1% above pre-Covid19

sales volume of 1H2019.

• Net Sales has increased by 34% y/y as a result of the

combined effects of improved volumes and increase in

oil prices.

• Significant increase in EBITDA supported by the stock

revaluation gains in consequence of increase in oil

prices.

• Strong recovery in Net Profit level despite the increase in

financing costs.

+542% y/y

148

5118

452731

45535026

7770

65

40

57

24 36 23

14 16 13

16 10 5

7

202120202019201820172016201520142013201220112010200920082007

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

Continuous Cash inflows from Shell & Turcas

6

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

MM TL

148 MM TL dividends

received in 3Q19. Out of that

amount, 73 MM TL transferred

back to STAS as SHL

-67

23

1H20 1H21

-29

52

1H20 1H21

640680

1H20 1H21

MM TL

Net Sales EBITDA

Net Profit / Loss

Source: RWE & Turcas IFRS consolidated financials.

7

RWE & Turcas JV – 1H21 Key Highlights

MM TL

RWE & Turcas 1H21 Highlights

• Electricity generation is up by %7 to 1,696 Gwh in 1H21.

• 38.8 MM TL Capacity Payments received in 1H21 (1H20: 39.1

MM TL)

• Generated EBITDA of 52 MM TL in 1H21 (-29 MM TL in 1H20)

thanks to outstanding operational performance.

• Generated +23 MM TL net profit in 1H21 ( -67 MM TL in 1H20)

MM TL

+6% y/y

1.6961.813

1H20 1H21

336

379

330 334 333 339

318 323

308

421

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21

326

339

1H20 1H21

8

31

79

20

6 6

2013 2014 2015 2016 2017 2018 2019

Gas Consumption Electricity Generation

RTG Average Electricity Sales Price (TL/MWh)Cash inflows to Turcas from RWE & Turcas JV

(under SHL repayment)

Source: RWE & Turcas IFRS consolidated financials. Cash inflows indicate shareholder loan repayments from RTG to Turcas

8

RWE & Turcas JV – 1H21 Key Highlights

MM TL

mcm

+4% y/y

GWh

+7% y/y

17

30

1H2020 1H2021

30

42

1H2020 1H2021

23

39

1H2020 1H2021

Net Sales EBITDA*

Electricity Generation

Source: Turcas Kuyucak financials

* Net FX losses on capex related trade payables have been classified as financing expense.

9

Turcas Kuyucak Geothermal (TKG) PP-1H21 Key Highlights

MM TL

million kWh

MM TL

Turcas Kuyucak Geothermal PP 1H21 Highlights

• Additional production well and 2 ESP pump investments

have been completed in July 2020 which continuously

contributed to electricity generation and maximization of

EBITDA. Electricity generation increased by 47% in the

July 20’ – June 21’ period compared to the same period of

the previous year.

• Turcas Kuyucak contributing positively to Turcas

consolidated EBITDA driven by USD based Feed-In Tariff

(11.8 USc/kwh),

• Long term Project Finance Loan repayments continues

successfully thanks to TKG’s healthy cash generation,

+68%

+38%

+77%

Potential Project Pipeline

10

Manisa

Gölmarmara

Geothermal Site

(Virgin)

Denizli

Hacıeyüplü Oil

Upstream Site

TKG

Geothermal Energy

Turcas plans to grow in geothermal energy with the following projects:

1. Existing TKG Plant: The brine and steam amount have been maximized with thecommissioning of an additional electrical submersible pump to a production well inQ2/2021 in order to increase the generation and consecutively EBITDA. The permitand license revision process has been triggered for the PV solar power generationwithin the concession zone in accordance with the regulation on Hybrid PowerGeneration.

2. Manisa Concession Zone: Turcas is developing another geothermal energy projecton a 4,958.68 hectares concession zone in Manisa Gölmarmara in Western Turkey.Turcas drilled an exploratory well in Q2 2018 and obtained operation license for 30years.

Oil Upstream (Denizli)

▪ Our 2,600 m deep geothermal well (drilled 1Q-2017) in Denizli Hacıeyüplü did not yieldenough thermal heat for power generation but encountered oil findings around 700 to 900meters depth. Turcas completed the geological and geophysical studies in 2018 and plansto move forward with seismic studies and to drill a new (shallow) well here for oilexploration in 2020. Turcas obtained the required Oil Exploration License from theGovernment Authorities on 02.05.2018.

▪ The activities on the development on exploration have been carried forward and ourcompany seek for further partnership opportunities for the development of the field.

31

27

14

11

8 8

11

1314

18

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Cash Dividend Distribution Track Record

11

Dividends Paid by Turcas

MM TL

2013 - 2017 avg. dividend yield: 2.5%

Turcas Consolidated IFRS Summary BS & PL

12

IFRS Consolidated Financial Statements & Financing Ratios

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

Note: LT Receivables from Related Parties are SHLreceivables from STAŞ

Balance Sheet , million TL 2020 1H2021 Ytd

Cash & Cash Equivalents 102 120 18%

L -T Rec. From Rel.Parties (from STAŞ) 73 73 0%

Associates (STAS & RTG) 689 710 3%

Fixed Assets (TKJ Capex Investments) 279 280 0%

Financial Assets (FMV of Usufruct Certificates, VCF investment) 121 60 -50%

Total Assets 1.311 1.301 -1%

S - T Financial Liabilities (PF Loans for RTG & TKG) 170 199 17%

L - T Financial Liabilities (PF Loans for RTG & TKG) 715 742 4%

Equity 365 289 -21%

Total Liabilities & Equity 1.311 1.301 -1%

Net Debt 783 821 5%

Income Statement, million TL 1H2020 1H2021 Y/Y

Revenues (Electricity Sales) 23 39 68%

Gross Profit 12 26 104%

Other Operational Income (Net) 16 0 -102%

Operating Expenses -12 -16 27%

Operating Profit 16 10 -41%

Income from Investments 58 -6 -111%

Income from Subsidiaries -125 20 116%

Shell & Turcas -105 13 113%

RWE & Turcas -20 7 135%

Earnings Before Financing & Tax -51 24 146%

Net Financial Losses -93 -86 -7%

Net FX Losses -82 -76 -7%

Net Income Before Tax -144 -63 56%

Tax 7 8 12%

Net Income/Loss -137 -55 60%

173 165

151

135

120

102

88 77

67

54

0

50

100

150

200

2013 Dec. 2013 YE 2014 YE 2015 YE 2016 YE 2017 YE 2018 YE 2019 YE 2020 YE 2021 YE(Expected)

Denizli CCGT Project Finance Loan Principal Outstanding Balance

Financial Deleveraging Ongoing

13

MM EUR

▪ In addition to Denizli CCGT Project Finance Loan, outstanding loan balance obtained for TKG is 26.1 MM USD and 9.7 MM Euro as of end of1H21. Remaining maturity is 8.5 years.

Thank you!

Contact Information

Arif ŞAHİN

Corporate Finance and Investor

Relations Deputy Manager

E-mail: arif.sahin@turcas.com.tr

Phone: +90 212 259 00 00 / Ext: 1238

Mert GÖKNAR

Finance and Investor Relations Manager

E-mail: mert.goknar@turcas.com.tr

Phone: +90 212 259 00 00 / Ext: 1243