{"id":2411,"date":"2026-05-06T22:22:33","date_gmt":"2026-05-06T19:22:33","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2411"},"modified":"2026-05-06T22:23:09","modified_gmt":"2026-05-06T19:23:09","slug":"tpra-2026-birinci-eyrek-ara-dnem-faaliyet-raporu","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2411","title":{"rendered":"T\u00fcpra\u015f 2026 Birinci \u00c7eyrek Ara D\u00f6nem Faaliyet Raporu"},"content":{"rendered":"
T\u00dcPRA\u015e 2026 YILI B\u0130R\u0130NC\u0130 \u00c7EYREK ARA D\u00d6NEM FAAL\u0130YET ANAL\u0130Z\u0130<\/h1>\n
Y\u00f6netici \u00d6zeti<\/h2>\n
2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011fi, T\u00fcrkiye Petrol Rafinerileri A.\u015e. (T\u00fcpra\u015f) i\u00e7in hem operasyonel verimlili\u011fin korundu\u011fu hem de stratejik d\u00f6n\u00fc\u015f\u00fcm hedefleri do\u011frultusunda \u00f6nemli ad\u0131mlar\u0131n at\u0131ld\u0131\u011f\u0131 bir d\u00f6nem olmu\u015ftur. Jeopolitik gerginliklerin petrol fiyatlar\u0131 \u00fczerinde yaratt\u0131\u011f\u0131 dalgalanmaya ra\u011fmen, \u015firket %94,5 kapasite kullan\u0131m oran\u0131na ula\u015fm\u0131\u015f ve toplam sat\u0131\u015f hacmini ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %15 art\u0131rarak 7,4 milyon tona y\u00fckseltmi\u015ftir.<\/p>\n
\u015eirketin sermaye yap\u0131s\u0131nda ger\u00e7ekle\u015fen pay sat\u0131\u015f\u0131 ile halka a\u00e7\u0131kl\u0131k oran\u0131 %48,85\u2019e \u00e7\u0131karken, Ko\u00e7 Grubu\u2019nun hakim ortakl\u0131k yap\u0131s\u0131 korunmu\u015ftur. Finansal a\u00e7\u0131dan 3,7 milyar TL net d\u00f6nem k\u00e2r\u0131 elde eden T\u00fcpra\u015f, pay sahiplerine toplam 33 milyar TL nakit temett\u00fc da\u011f\u0131tma karar\u0131 alm\u0131\u015f ve bu tutar\u0131n ilk taksitini Mart 2026\u2019da \u00f6demi\u015ftir. Stratejik odak noktalar\u0131 olan s\u00fcrd\u00fcr\u00fclebilir havac\u0131l\u0131k yak\u0131t\u0131 (SAF), ye\u015fil hidrojen ve s\u0131f\u0131r karbonlu elektrik yat\u0131r\u0131mlar\u0131 planland\u0131\u011f\u0131 \u015fekilde devam etmektedir.<\/p>\n
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1. Kurumsal Y\u00f6netim ve Sermaye Yap\u0131s\u0131<\/h2>\n
Y\u00f6netim Kurulu ve Komiteler<\/h3>\n
11 Mart 2026 tarihli Ola\u011fan Genel Kurul Toplant\u0131s\u0131 sonucunda Y\u00f6netim Kurulu \u00fcye say\u0131s\u0131 12 olarak belirlenmi\u015ftir. Y\u00f6netim yap\u0131s\u0131 \u015fu \u015fekildedir:<\/p>\n
\n
Ba\u015fkan:<\/b> M. \u00d6mer Ko\u00e7<\/li>\n
Ba\u015fkan Vekili:<\/b> Ali Y. Ko\u00e7<\/li>\n
Ba\u011f\u0131ms\u0131z \u00dcyeler:<\/b> Zekeriya Kaya (C Grubu – \u00d6\u0130B Temsilcisi), \u015eadan Kaptano\u011flu Dikici, M. Y\u0131ld\u0131z G\u00fcnay, M. Cem Kozlu.<\/li>\n<\/ul>\n
18 Mart 2026 tarihinde olu\u015fturulan komitelerin ba\u015fkanl\u0131klar\u0131n\u0131 ba\u011f\u0131ms\u0131z \u00fcyeler \u00fcstlenmi\u015ftir. Ayr\u0131ca, 5 \u00fcyeden olu\u015fan bir Y\u00fcr\u00fctme Komitesi kurulmu\u015ftur.<\/p>\n
Sermaye ve Ortakl\u0131k Yap\u0131s\u0131<\/h3>\n
Mart 2026’da Ko\u00e7 Holding A.\u015e., sahip oldu\u011fu 40.000.000 TL nominal de\u011ferli A grubu pay\u0131 h\u0131zland\u0131r\u0131lm\u0131\u015f talep toplama y\u00f6ntemiyle satm\u0131\u015ft\u0131r. Bu i\u015flem sonras\u0131 g\u00fcncel yap\u0131 \u015f\u00f6yledir:<\/p>\n
\n
Enerji Yat\u0131r\u0131mlar\u0131 A.\u015e. (EYA\u015e):<\/b> %46,4<\/li>\n
T\u00fcpra\u015f, pay sahiplerine toplam 33 milyar TL<\/b> nakit temett\u00fc da\u011f\u0131tma karar\u0131 alm\u0131\u015ft\u0131r.<\/p>\n
\n
\u0130lk Taksit:<\/b> 20 milyar TL (16\u201318 Mart 2026 tarihlerinde \u00f6dendi).<\/li>\n
\u0130kinci Taksit:<\/b> 13 milyar TL (30 Eyl\u00fcl\u20132 Ekim 2026 tarihlerinde planlan\u0131yor).<\/li>\n<\/ul>\n
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2. Sekt\u00f6rel Analiz ve Piyasa Ko\u015fullar\u0131<\/h2>\n
Petrol Piyasas\u0131<\/h3>\n
2026’n\u0131n ilk \u00e7eyre\u011finde k\u00fcresel petrol piyasas\u0131 y\u00fcksek belirsizlik ve oynakl\u0131k sergilemi\u015ftir:<\/p>\n
\n
Fiyat Hareketleri:<\/b> Ocak ay\u0131nda 60,97 $\/varil olan Dated Brent fiyat\u0131, Orta Do\u011fu’daki sava\u015f ve H\u00fcrm\u00fcz Bo\u011faz\u0131’ndaki lojistik aksamalar nedeniyle Mart sonunda 127,2 $\/varil seviyesine ula\u015fm\u0131\u015ft\u0131r. \u0130lk \u00e7eyrek ortalamas\u0131 80,61 $\/varil olmu\u015ftur.<\/li>\n
Arz-Talep:<\/b> D\u00fcnya petrol talebi 103,4 mv\/g, arz\u0131 ise 103,6 mv\/g olarak ger\u00e7ekle\u015fmi\u015ftir. Mart ay\u0131nda jeopolitik risklerle k\u00fcresel arz 97,1 mv\/g seviyesine gerilemi\u015ftir.<\/li>\n
T\u00fcrkiye Talebi:<\/b> Y\u0131l\u0131n ilk iki ay\u0131nda benzin t\u00fcketimi %13,2 artarken, motorin talebi %0,3 oran\u0131nda hafif bir d\u00fc\u015f\u00fc\u015f g\u00f6stermi\u015ftir.<\/li>\n<\/ul>\n
4 Nisan 2026 itibar\u0131yla sanayi ve elektrik santralleri i\u00e7in do\u011fal gaz tarifeleri %20 art\u0131r\u0131larak 18.000 TL\/kcsm seviyesine y\u00fckseltilmi\u015ftir.<\/li>\n
Elektrik tarifelerinde konutlarda %17, sanayide %11 oran\u0131nda art\u0131\u015f yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n
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3. Operasyonel Performans<\/h2>\n
Rafinaj Faaliyetleri<\/h3>\n
T\u00fcpra\u015f, y\u00fcksek kapasite kullan\u0131m\u0131 ile \u00fcretim hacmini art\u0131rm\u0131\u015ft\u0131r.<\/p>\n
\n\n
\n
Parametre<\/td>\n
2026 (3 Ayl\u0131k)<\/td>\n
2025 (3 Ayl\u0131k)<\/td>\n
De\u011fi\u015fim (%)<\/td>\n<\/tr>\n
\n
Toplam \u015earj (bin ton)<\/td>\n
7.090<\/td>\n
6.240<\/td>\n
+13,6<\/td>\n<\/tr>\n
\n
Kapasite Kullan\u0131m\u0131 (%)<\/td>\n
94,5<\/td>\n
83,2<\/td>\n
+11,3 puan<\/td>\n<\/tr>\n
\n
Toplam \u00dcretim (bin ton)<\/td>\n
6.776<\/td>\n
5.914<\/td>\n
+15<\/td>\n<\/tr>\n
\n
Yurt \u0130\u00e7i Sat\u0131\u015flar (bin ton)<\/td>\n
5.544<\/td>\n
4.617<\/td>\n
+20<\/td>\n<\/tr>\n
\n
Toplam Sat\u0131\u015flar (bin ton)<\/td>\n
7.376<\/td>\n
6.395<\/td>\n
+15<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
Beyaz \u00fcr\u00fcn verimi %82,8 olarak ger\u00e7ekle\u015fmi\u015ftir. \u00dcretim kalemlerinde en y\u00fcksek art\u0131\u015f %67 ile fuel oil ve %40 ile bit\u00fcmde g\u00f6r\u00fcl\u00fcrken, jet yak\u0131t\u0131 \u00fcretimi de %20 art\u0131\u015f kaydetmi\u015ftir.<\/p>\n
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4. Stratejik D\u00f6n\u00fc\u015f\u00fcm ve S\u00fcrd\u00fcr\u00fclebilirlik<\/h2>\n
Yat\u0131r\u0131m Projeleri<\/h3>\n
\n
Propilen Projesi:<\/b> \u0130zmit ve \u0130zmir rafinerilerinde 271 milyon ABD dolar\u0131 yat\u0131r\u0131m ile y\u0131lda 180 bin ton \u00fcretim hedeflenmektedir (Devreye alma: 2027).<\/li>\n
SAF (S\u00fcrd\u00fcr\u00fclebilir Havac\u0131l\u0131k Yak\u0131t\u0131):<\/b> \u0130zmir Rafinerisi’nde teknik altyap\u0131 tamamlanm\u0131\u015ft\u0131r. THY ve Pegasus ile iyi niyet anla\u015fmalar\u0131 imzalanm\u0131\u015ft\u0131r.<\/li>\n
Ye\u015fil Hidrojen:<\/b> 20 MW’l\u0131k pilot elektroliz\u00f6r kurulumu i\u00e7in temel m\u00fchendislik \u00e7al\u0131\u015fmalar\u0131 tamamlanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n
S\u0131f\u0131r Karbon Elektrik<\/h3>\n
Entek ve rafineriler dahil toplam s\u0131f\u0131r karbon elektrik kapasitesi 418,9 MWe<\/b> seviyesine ula\u015fm\u0131\u015ft\u0131r.<\/p>\n
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K\u0131r\u0131kkale GES:<\/b> 3. etap kapsam\u0131nda 8,33 MWm kapasite Mart sonunda kabul edilmi\u015ftir.<\/li>\n
Batman GES:<\/b> 7 MWe kapasite Eyl\u00fcl 2024\u2019ten bu yana \u015febekeye sat\u0131\u015f yapmaktad\u0131r.<\/li>\n
Tekirda\u011f GES:<\/b> 40,5 MWe kapasiteli proje i\u00e7in \u00c7ED olumlu karar\u0131 al\u0131nm\u0131\u015f, s\u00fcre\u00e7 devam etmektedir.<\/li>\n<\/ul>\n
TSRS uyumlu raporunu ge\u00e7i\u015f muafiyetlerinden yararlanmadan yay\u0131mlayan T\u00fcrkiye’deki ilk sanayi \u015firketi<\/b> olmu\u015ftur.<\/li>\n
CDP \u0130klim De\u011fi\u015fikli\u011fi ve Su G\u00fcvenli\u011fi programlar\u0131nda “A- Liderlik Seviyesi”<\/b> skoru elde etmi\u015ftir.<\/li>\n
S&P Sustainability Yearbook’ta sekt\u00f6r\u00fc temsil eden d\u00fcnya genelindeki 8 \u015firketten biri olmu\u015ftur.<\/li>\n<\/ul>\n
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5. \u0130\u015ftiraklerin Faaliyet \u00d6zeti<\/h2>\n
\n
OPET:<\/b> 1.995 istasyon ve %20,4 pazar pay\u0131 ile faaliyetlerini s\u00fcrd\u00fcrmektedir. \u0130stasyonlar\u0131n %16’s\u0131nda elektrikli ara\u00e7 \u015farj \u00fcnitesi bulunmaktad\u0131r. Opet Fuchs\u2019taki %50 hisse devri 30 Nisan 2026 itibar\u0131yla tamamlanm\u0131\u015ft\u0131r.<\/li>\n
Dita\u015f:<\/b> 2026’n\u0131n ilk \u00e7eyre\u011finde 4,6 milyon ton ham petrol ve \u00fcr\u00fcn ta\u015f\u0131m\u0131\u015ft\u0131r. Yeni kimyasal tankeri T. Florya<\/i> 6 Nisan 2026’da denize indirilmi\u015ftir.<\/li>\n
K\u00f6rfez Ula\u015ft\u0131rma:<\/b> 14 lokomotif ve 500 vagon ile 0,6 milyon ton akaryak\u0131t ta\u015f\u0131m\u0131\u015ft\u0131r. Ford Romanya sevkiyatlar\u0131 kapsam\u0131nda ilk \u00e7eyrekte 1.080 ara\u00e7 ta\u015f\u0131nm\u0131\u015ft\u0131r.<\/li>\n
Tupras Trading Ltd.:<\/b> Londra merkezli \u015firket, ilk \u00e7eyrekte 1,9 milyon ton \u00fcr\u00fcn ticareti ve 3,3 milyon ton spot ham petrol ba\u011flant\u0131s\u0131 ger\u00e7ekle\u015ftirmi\u015ftir.<\/li>\n
Entek:<\/b> 491 GWh elektrik sat\u0131\u015f\u0131 yapm\u0131\u015ft\u0131r. Romanya’daki 178,5 MWe Niculesti GES projesi i\u00e7in 71 milyon Avro tutar\u0131nda kredi s\u00f6zle\u015fmesi imzalanm\u0131\u015ft\u0131r.<\/li>\n
Tupras Ventures:<\/b> Verdagy (Ye\u015fil Hidrojen), Ionomr (Membran), AISField (Robotik) gibi 6 do\u011frudan yat\u0131r\u0131m\u0131 ile enerji d\u00f6n\u00fc\u015f\u00fcm teknolojilerine odaklanmaktad\u0131r.<\/li>\n<\/ul>\n
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6. Finansal Veriler ve \u00d6ng\u00f6r\u00fcler<\/h2>\n
2026 Birinci \u00c7eyrek Finansal Sonu\u00e7lar\u0131<\/h3>\n
\n
Net Sat\u0131\u015flar:<\/b> 258,3 milyar TL<\/li>\n
Esas Faaliyet K\u00e2r\u0131:<\/b> 11,4 milyar TL<\/li>\n
EBITDA:<\/b> 16,7 milyar TL<\/li>\n
Net D\u00f6nem K\u00e2r\u0131 (Ana Ortakl\u0131k):<\/b> 3,7 milyar TL<\/li>\n
Toplam Varl\u0131klar:<\/b> 704,7 milyar TL<\/li>\n
Yat\u0131r\u0131m Harcamalar\u0131:<\/b> 92,7 milyon ABD dolar\u0131 (modernizasyon ve enerji verimlili\u011fi odakl\u0131).<\/li>\n<\/ul>\n