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Tüpraş (TUPRS) 3Q26 Financial Results

Tacirler Investment

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Tüpraş reported revenue of TL474.4bn, EBITDA of TL88.7bn and net income of TL68.7bn in 3Q26. All three figures exceeded both our estimates and market expectations. Strong product margins and high capacity utilization supported operating performance, while higher financial income also contributed to earnings. The strong margin environment highlighted in our September report continued into the third quarter. Following the company’s upgrade to its full-year net refining margin guidance, we raise our 2026 forecasts. However, revisions to our macroeconomic assumptions for 2027 and the subsequent years covered by our valuation largely offset the positive impact on our target price. We therefore maintain our 12-month target price of TL481.00 and BUY recommendation. Our target price implies approximately 45% upside from yesterday’s close.

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