Tüpraş (TUPRS) 2Q25 Financial Results

Tüpraş reported revenues of TL 183.2 bn, EBITDA of TL13.9 bn and net profit of TL 8.9 bn in 2Q25. Net profit exceeded the consensus estimate by 32 %, largely thanks to a reduction in one‑off expenses. While margins recovered sharply on a quarterly basis, revenue and EBITDA declined 29% and 20% year‑on‑year, respectively. The company’s net cash position rose to TL 49 bn and free cash flow remained strong. Management kept its 2025 guidance for refining margin, capacity utilisation and capital expenditure unchanged. We view the second‑quarter performance as slightly positive, meeting our expectations and reaffirming the company’s full‑year outlook. Following the financial results, we maintain our 12‑month target price for Tüpraş at TL200.30 and reiterate our BUY recommendation.