Tüpraş (TUPRS) 1Q26 Financial Results

Tupras posted 1Q26 results with net sales of TL 258.3bn, EBITDA of TL 15.8bn and net profit of TL 3.7bn. Net sales came in above both our estimate (TL 235.2bn) and the market consensus (TL 237.8bn), while EBITDA was slightly below expectations (Tacirler: TL 16.3bn; market: TL 16.4bn). Net profit was below our forecast (TL 7.1bn) but came in close to the market expectation (TL 3.8bn). As we highlighted in our Tupras Company Report dated 4 April, elevated margins in February – March lifted the quarterly average; however, we expect the more visible impact to spill over into 2Q26 along with the start of the high season. We view the results as neutral. In line with our positive margin outlook for the remainder of the year, we maintain our BUY recommendation and our target price of TL 352, and we continue to keep Tupras in our model portfolio.