Türkiye Petrol Rafinerileri A.Ş., known as Tüpraş, reported third-quarter 2026 revenue, EBITDA and net profit above market expectations. Revenue reached 474.4 billion TL against an expected 430.9 billion TL, up 66 percent from a year earlier. Net profit came in at 68.7 billion TL, compared with a market expectation of 60.4 billion TL, a rise of 335 percent year on year.
The company attributed the stronger margins to tight product markets during peak season. Supply constraints linked to Russia and refinery outages pushed product prices up, while high energy prices from the US-Iran war added to the pressure. Gasoline margins rose on seasonal demand and low inventories. Jet fuel margins also climbed, as outages tightened middle distillate supply.
Margins drive the quarter
The net refinery margin reached 36.3 dollars a barrel in the third quarter, up from 21.4 dollars in the second quarter and 9.7 dollars a year earlier. Diesel margins hit 81.3 dollars a barrel, against 25 dollars in the same quarter of 2025.
Gasoline margins stood at 44.6 dollars a barrel, compared with 18.8 dollars a year earlier. Jet fuel margins reached 69.1 dollars, up from 20.1 dollars. EBITDA rose to 88.7 billion TL, above an 85 billion TL consensus, and the EBITDA margin widened to 18.7 percent.
Volumes and guidance
Tüpraş ran at 106 percent capacity utilisation in the quarter, producing 7.6 million tonnes and selling 8.8 million tonnes. Domestic sales accounted for 90 percent of the total. Sales volume in the same quarter of 2025 was 8 million tonnes.
For the first nine months of 2026, sales revenue reached 1.2 trillion TL, up 51 percent from 776.2 billion TL a year earlier. The company raised its 2026 net refinery margin guidance to 13-15 to 20-22 dollars a barrel. It kept its 2026 sales target at 30 million tonnes and set a production target of 29 million tonnes. It also targets average capacity utilisation of 95-100 percent and plans investment of around 700 million dollars this year.
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Source: Tüpraş
