{"id":2498,"date":"2026-06-09T07:48:38","date_gmt":"2026-06-09T04:48:38","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2498"},"modified":"2026-06-09T07:53:47","modified_gmt":"2026-06-09T04:53:47","slug":"tuprs-2026-03-faaliyet-raporu-analizi-tpra-trkiye-petrol-rafinerileri-a","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2498","title":{"rendered":"\ud83d\udd35 TUPRS 2026-03 Faaliyet Raporu Analizi | T\u00dcPRA\u015e – T\u00fcrkiye Petrol Rafinerileri A.\u015e."},"content":{"rendered":"
T\u00fcpra\u015f 2026 Y\u0131l\u0131 Birinci \u00c7eyrek Ara D\u00f6nem Faaliyet Analizi ve Stratejik De\u011ferlendirme<\/h1>\n
Y\u00f6netici \u00d6zeti<\/h2>\n
2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011fi, T\u00fcpra\u015f i\u00e7in hem operasyonel ba\u015far\u0131lar\u0131n hem de stratejik d\u00f6n\u00fc\u015f\u00fcm ad\u0131mlar\u0131n\u0131n h\u0131z kazand\u0131\u011f\u0131 bir d\u00f6nem olmu\u015ftur. K\u00fcresel jeopolitik gerginliklerin petrol fiyatlar\u0131n\u0131 127,2 $\/varil seviyelerine kadar ta\u015f\u0131d\u0131\u011f\u0131 ve arz-talep dengelerini zorlad\u0131\u011f\u0131 bir ortamda, \u015eirket %94,5 gibi y\u00fcksek bir kapasite kullan\u0131m oran\u0131na ula\u015fm\u0131\u015ft\u0131r. Toplam sat\u0131\u015f hacmi ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %15 artarak 7,4 milyon ton olarak ger\u00e7ekle\u015firken, yurt i\u00e7i sat\u0131\u015flar %20\u2019lik bir b\u00fcy\u00fcme ile 5,5 milyon tona y\u00fckselmi\u015ftir.<\/p>\n
Finansal tarafta 11,4 milyar TL faaliyet k\u00e2r\u0131 ve 3,7 milyar TL net d\u00f6nem k\u00e2r\u0131 elde eden T\u00fcpra\u015f, hissedarlar\u0131na toplam 33 milyar TL nakit temett\u00fc da\u011f\u0131tma karar\u0131 alarak g\u00fc\u00e7l\u00fc nakit ak\u0131\u015f\u0131n\u0131 kan\u0131tlam\u0131\u015ft\u0131r. Stratejik D\u00f6n\u00fc\u015f\u00fcm Plan\u0131 kapsam\u0131nda SAF (S\u00fcrd\u00fcr\u00fclebilir Havac\u0131l\u0131k Yak\u0131t\u0131), ye\u015fil hidrojen ve s\u0131f\u0131r karbonlu elektrik yat\u0131r\u0131mlar\u0131 planlanan takvim dahilinde ilerlemektedir. \u00d6zellikle s\u0131f\u0131r karbon elektrik \u00fcretim kapasitesinin 418,9 MWe seviyesine ula\u015fmas\u0131, \u015eirketin karbon n\u00f6tr hedeflerine olan ba\u011fl\u0131l\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/p>\n
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1. Kurumsal Y\u00f6netim ve Sermaye Yap\u0131s\u0131ndaki De\u011fi\u015fimler<\/h2>\n
2026 y\u0131l\u0131 ilk \u00e7eyre\u011finde T\u00fcpra\u015f\u2019\u0131n sermaye yap\u0131s\u0131nda ve y\u00f6netim kademelerinde \u00f6nemli g\u00fcncellemeler ya\u015fanm\u0131\u015ft\u0131r:<\/p>\n
\n
Y\u00f6netim Yap\u0131s\u0131:<\/b> 11 Mart 2026 tarihli Genel Kurul\u2019da Y\u00f6netim Kurulu \u00fcye say\u0131s\u0131 12 olarak belirlenmi\u015f; M. \u00d6mer Ko\u00e7 Ba\u015fkanl\u0131k, Ali Y. Ko\u00e7 ise Ba\u015fkan Vekilli\u011fi g\u00f6revini \u00fcstlenmi\u015ftir.<\/li>\n
Hisse Sat\u0131\u015f\u0131 ve Halka A\u00e7\u0131kl\u0131k:<\/b> Mart 2026\u2019da Ko\u00e7 Holding A.\u015e., 40 milyon TL nominal de\u011ferli A grubu pay\u0131n\u0131 h\u0131zland\u0131r\u0131lm\u0131\u015f talep toplama y\u00f6ntemiyle satm\u0131\u015ft\u0131r. Bu i\u015flem sonucunda:\n
Enerji Yat\u0131r\u0131mlar\u0131 A.\u015e. (EYA\u015e) ile birlikte toplam Ko\u00e7 Grubu pay\u0131 %50,67<\/b> olmu\u015ftur.<\/li>\n
\u015eirketin halka a\u00e7\u0131kl\u0131k oran\u0131 %48,85<\/b> seviyesine y\u00fckselmi\u015ftir.<\/li>\n<\/ul>\n<\/li>\n
K\u00e2r Pay\u0131 Da\u011f\u0131t\u0131m\u0131:<\/b> Toplam 33 milyar TL<\/b> nakit temett\u00fc da\u011f\u0131t\u0131lmas\u0131 kararla\u015ft\u0131r\u0131lm\u0131\u015f; 20 milyar TL\u2019lik ilk taksit Mart ay\u0131nda \u00f6denmi\u015ftir. 13 milyar TL\u2019lik ikinci taksit ise Eyl\u00fcl-Ekim 2026 d\u00f6neminde planlanmaktad\u0131r.<\/li>\n<\/ul>\n
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2. Sekt\u00f6rel Geli\u015fmeler ve Piyasa Ko\u015fullar\u0131<\/h2>\n
Petrol Piyasas\u0131<\/h3>\n
2026’n\u0131n ilk \u00e7eyre\u011finde petrol piyasas\u0131, Orta Do\u011fu\u2019daki \u0130srail-\u0130ran-ABD eksenli sava\u015f\u0131n etkisiyle y\u00fcksek volatiliteye sahne olmu\u015ftur:<\/p>\n
\n
Fiyatlar:<\/b> Y\u0131la 60,97 $\/varil seviyesinden ba\u015flayan Brent petrol, Mart ay\u0131nda 120 $\/varili a\u015farak ay sonunda 127,2 $\/varil<\/b> seviyesinden kapanm\u0131\u015ft\u0131r. \u00c7eyreklik ortalama fiyat 80,61 $\/varildir.<\/li>\n
4 Nisan 2026 itibar\u0131yla sanayi ve santral do\u011fal gaz tarifelerine %20 zam<\/b> yap\u0131lm\u0131\u015f; konutlarda kademeli tarife sistemine ge\u00e7ilmi\u015ftir.<\/li>\n<\/ul>\n
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3. Operasyonel Performans ve Rafinaj Faaliyetleri<\/h2>\n
T\u00fcpra\u015f, 2026 y\u0131l\u0131 ilk \u00e7eyre\u011finde \u00fcretim ve sat\u0131\u015f hacminde belirgin bir art\u0131\u015f kaydetmi\u015ftir.<\/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 Oran\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
+14,6<\/td>\n<\/tr>\n
\n
Yurt \u0130\u00e7i Sat\u0131\u015flar (bin ton)<\/td>\n
Motorin:<\/b> 2,47 milyon ton \u00fcretim (Ge\u00e7en y\u0131la g\u00f6re %10 art\u0131\u015f).<\/li>\n
Jet Yak\u0131t\u0131:<\/b> 1,33 milyon ton \u00fcretim (%20 art\u0131\u015f).<\/li>\n
Benzin:<\/b> 1,52 milyon ton \u00fcretim (%11 art\u0131\u015f).<\/li>\n<\/ul>\n
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4. Stratejik D\u00f6n\u00fc\u015f\u00fcm ve S\u00fcrd\u00fcr\u00fclebilirlik Vizyonu<\/h2>\n
\u015eirket, katma de\u011feri y\u00fcksek ve \u00e7evre dostu \u00fcr\u00fcnlere ge\u00e7i\u015f stratejisini kararl\u0131l\u0131kla s\u00fcrd\u00fcrmektedir:<\/p>\n
\n
S\u00fcrd\u00fcr\u00fclebilir Havac\u0131l\u0131k Yak\u0131t\u0131 (SAF):<\/b> \u0130zmir Rafinerisi’nde SAF \u00fcretimi i\u00e7in teknik altyap\u0131 tamamlanm\u0131\u015ft\u0131r. THY ve Pegasus ile niyet anla\u015fmalar\u0131 imzalanm\u0131\u015ft\u0131r.<\/li>\n
Kimyasal Yat\u0131r\u0131mlar:<\/b> 271 milyon USD b\u00fct\u00e7eli Propilen Projesi<\/b> ile 2027 y\u0131l\u0131nda y\u0131ll\u0131k 180 bin ton \u00fcretim hedeflenmektedir. Alkilasyon projesi i\u00e7in de\u011ferlendirmeler s\u00fcrmektedir.<\/li>\n
S\u0131f\u0131r Karbon Elektrik:<\/b> K\u0131r\u0131kkale, Batman ve \u0130zmir rafinerilerindeki GES ve RES yat\u0131r\u0131mlar\u0131 ile toplam kapasite 418,9 MWe<\/b> seviyesine ula\u015fm\u0131\u015ft\u0131r.<\/li>\n
T\u00fcrkiye\u2019de TSRS uyumlu raporu muafiyet almaks\u0131z\u0131n yay\u0131mlayan ilk sanayi \u015firketi<\/b> olunmu\u015ftur.<\/li>\n
CDP \u0130klim De\u011fi\u015fikli\u011fi ve Su G\u00fcvenli\u011fi programlar\u0131nda A- (Liderlik Seviyesi)<\/b> skoru elde edilmi\u015ftir.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
OPET:<\/b> 1.995 istasyon ve %20,4 beyaz \u00fcr\u00fcn pazar pay\u0131 ile sekt\u00f6rdeki g\u00fc\u00e7l\u00fc konumunu korumaktad\u0131r. \u0130stasyonlar\u0131n %16’s\u0131nda \u015farj \u00fcnitesi mevcuttur.<\/li>\n
Dita\u015f:<\/b> \u0130lk \u00e7eyrekte 4,6 milyon ton ta\u015f\u0131ma ger\u00e7ekle\u015ftirmi\u015ftir. Metanol yak\u0131t sistemine haz\u0131r “T. Florya” tankeri Nisan 2026’da denize indirilmi\u015ftir.<\/li>\n
K\u00f6rfez Ula\u015ft\u0131rma:<\/b> 14 lokomotif ve 500 vagonla 0,6 milyon ton ta\u015f\u0131ma yap\u0131lm\u0131\u015ft\u0131r. Avrupa y\u00f6nl\u00fc (Halkal\u0131-Kap\u0131kule) seferler aktif olarak s\u00fcrd\u00fcr\u00fclmektedir.<\/li>\n
Tupras Trading Ltd:<\/b> 1,9 milyon ton \u00fcr\u00fcn ticareti ve 3,3 milyon ton spot ham petrol ba\u011flant\u0131s\u0131 y\u00f6netilmi\u015ftir.<\/li>\n
Entek:<\/b> 491 GWh elektrik sat\u0131\u015f\u0131 ger\u00e7ekle\u015ftirmi\u015f; Romanya’da 178,5 MWe kapasiteli Niculesti GES projesi i\u00e7in 71 milyon Avro kredi s\u00f6zle\u015fmesi imzalam\u0131\u015ft\u0131r.<\/li>\n
Tupras Ventures:<\/b> Verdagy, Ionomr ve Syzygy Plasmonics gibi enerji d\u00f6n\u00fc\u015f\u00fcm\u00fc odakl\u0131 6 do\u011frudan yat\u0131r\u0131mla k\u00fcresel teknoloji takibini s\u00fcrd\u00fcrmektedir.<\/li>\n<\/ul>\n
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6. Finansal \u00d6zet ve 2026 Beklentileri<\/h2>\n
2026 Q1 Finansal Verileri:<\/b><\/p>\n
\n
Net Sat\u0131\u015flar:<\/b> 258,3 milyar TL.<\/li>\n
EBITDA:<\/b> 16,7 milyar TL.<\/li>\n
Net D\u00f6nem K\u00e2r\u0131:<\/b> 3,7 milyar TL.<\/li>\n
Yat\u0131r\u0131m Harcamas\u0131:<\/b> 92,7 milyon USD.<\/li>\n<\/ul>\n
Toplam Sat\u0131\u015f:<\/b> ~30 milyon ton.<\/li>\n
Toplam Yat\u0131r\u0131m:<\/b> ~700 milyon USD.<\/li>\n<\/ul>\n
<\/p>\n
<\/p>\n
<\/p>\n
8 Haziran 2026 itibar\u0131yla payla\u015f\u0131lan 238,80 TL<\/strong> hisse fiyat\u0131 ve T\u00fcpra\u015f\u2019\u0131n 2026 y\u0131l\u0131 birinci \u00e7eyrek (Q1) finansal sonu\u00e7lar\u0131 do\u011frultusunda haz\u0131rlanan analiz ve hesaplamalar a\u015fa\u011f\u0131dad\u0131r:<\/p>\n
1. Piyasa De\u011feri ve Hisse Ba\u015f\u0131 De\u011ferlemeler<\/strong><\/h3>\n
\n
Piyasa De\u011feri:<\/strong> \u015eirketin toplam 1.926.795.598 adet pay\u0131 bulunmaktad\u0131r. 238,80 TL fiyat \u00fczerinden hesapland\u0131\u011f\u0131nda g\u00fcncel piyasa de\u011feri yakla\u015f\u0131k 460,1 milyar TL<\/strong> seviyesindedir.<\/li>\n
Defter De\u011feri (Hisse Ba\u015f\u0131):<\/strong> 31 Mart 2026 itibar\u0131yla ana ortakl\u0131\u011fa ait \u00f6zkaynaklar 353.671 milyon TL’dir. Bu durumda hisse ba\u015f\u0131na defter de\u011feri yakla\u015f\u0131k 183,55 TL<\/strong> olarak hesaplanmaktad\u0131r.<\/li>\n
PD\/DD (Piyasa De\u011feri \/ Defter De\u011feri):<\/strong> Mevcut fiyatla bu oran 1,30<\/strong> seviyesindedir. \u015eirketin \u00f6zsermayesinin %30 \u00fczerinde bir primle fiyatland\u0131\u011f\u0131n\u0131 g\u00f6sterir.<\/li>\n
F\/K (Fiyat \/ Kazan\u00e7):<\/strong> 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011findeki 3,71 milyar TL’lik net k\u00e2r y\u0131ll\u0131kland\u0131r\u0131ld\u0131\u011f\u0131nda (basit bir projeksiyonla), F\/K oran\u0131 yakla\u015f\u0131k 31,0<\/strong> seviyesinde ger\u00e7ekle\u015fmektedir. Bu oran, 2025 y\u0131l\u0131 ilk \u00e7eyre\u011findeki d\u00fc\u015f\u00fck baz etkisinden dolay\u0131 y\u00fcksek g\u00f6r\u00fcnmektedir.<\/li>\n<\/ul>\n
2. K\u00e2rl\u0131l\u0131k ve B\u00fcy\u00fcme Performans\u0131 (Q1 2026 vs Q1 2025)<\/strong><\/h3>\n
\n
Net D\u00f6nem K\u00e2r\u0131 ve De\u011fi\u015fimi:<\/strong> 2025 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde 127 milyon TL olan ana ortakl\u0131k net k\u00e2r\u0131, 2026 y\u0131l\u0131n\u0131n ayn\u0131 d\u00f6neminde 3.710 milyon TL<\/strong>‘ye y\u00fckselerek %2.821 (yakla\u015f\u0131k 28 kat)<\/strong> oran\u0131nda ola\u011fan\u00fcst\u00fc bir art\u0131\u015f kaydetmi\u015ftir.<\/li>\n
Sat\u0131\u015flar ve Br\u00fct K\u00e2r:<\/strong> Net sat\u0131\u015flar %24,4 art\u0131\u015fla 258,3 milyar TL’ye, br\u00fct k\u00e2r ise %25,2 art\u0131\u015fla 21,6 milyar TL’ye ula\u015fm\u0131\u015ft\u0131r.<\/li>\n
Esas Faaliyet K\u00e2r\u0131:<\/strong> \u015eirketin operasyonel k\u00e2rl\u0131l\u0131\u011f\u0131 %123,7 artarak 5,1 milyar TL’den 11,4 milyar TL<\/strong>‘ye \u00e7\u0131km\u0131\u015ft\u0131r. Bu durum, operasyonel verimlili\u011fin sat\u0131\u015f b\u00fcy\u00fcmesinden daha h\u0131zl\u0131 artt\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/li>\n<\/ul>\n
3. Finansal Sa\u011fl\u0131k ve Sermaye Yap\u0131s\u0131<\/strong><\/h3>\n
\n
Net Bor\u00e7 Durumu:<\/strong> Finansal tablolarda net bor\u00e7 rakam\u0131 a\u00e7\u0131k\u00e7a belirtilmemekle birlikte, \u015firketin 1,5 milyar TL net finansman geliri<\/strong> elde etmi\u015f olmas\u0131, nakit ve finansal yat\u0131r\u0131mlar\u0131ndan elde edilen getirinin bor\u00e7 maliyetinden y\u00fcksek oldu\u011funu, yani \u015firketin g\u00fc\u00e7l\u00fc bir nakit pozisyonunda (nette nakit) olabilece\u011fine i\u015faret etmektedir.<\/li>\n
Varl\u0131k Finansman\u0131:<\/strong> 704,7 milyar TL’lik toplam varl\u0131klar\u0131n yakla\u015f\u0131k %50,2<\/strong>‘si \u00f6zkaynaklarla (ana sermaye), geri kalan %49,8<\/strong>‘i ise bor\u00e7larla (y\u00fck\u00fcml\u00fcl\u00fckler) finanse edilmektedir.<\/li>\n
\u00d6zkaynaklardaki De\u011fi\u015fim:<\/strong> 2025 y\u0131l sonuna g\u00f6re \u00f6zkaynaklar 400,7 milyar TL’den 353,7 milyar TL’ye gerileyerek %11,7 azalm\u0131\u015ft\u0131r<\/strong>. Bu azal\u0131\u015f\u0131n temel sebebi, Mart ay\u0131nda \u00f6denen 20 milyar TL’lik dev temett\u00fc taksitidir.<\/li>\n<\/ul>\n
4. Tart\u0131\u015fma ve Di\u011fer \u00d6nemli Oranlar<\/strong><\/h3>\n
\n
Marj Analizi:<\/strong> 2026 Q1’de br\u00fct k\u00e2r marj\u0131 %8,35<\/strong> olarak ger\u00e7ekle\u015fmi\u015f ve ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki %8,30 seviyesini korumu\u015ftur. Ancak esas faaliyet k\u00e2r marj\u0131 %2,45’ten %4,41<\/strong>‘e y\u00fckselerek operasyonel karl\u0131l\u0131kta belirgin bir iyile\u015fme g\u00f6stermi\u015ftir.<\/li>\n
Temett\u00fc Verimi:<\/strong> Toplam 33 milyar TL’lik nakit temett\u00fc karar\u0131, yat\u0131r\u0131mc\u0131lar i\u00e7in \u00e7ok g\u00fc\u00e7l\u00fc bir getiri sinyalidir. Mart ay\u0131ndaki 20 milyar TL’lik \u00f6demeye ek olarak, Eyl\u00fcl ay\u0131nda 13 milyar TL daha \u00f6deme yap\u0131lmas\u0131 planlanmaktad\u0131r.<\/li>\n
\u00d6zkaynak K\u00e2rl\u0131l\u0131\u011f\u0131 (ROE):<\/strong> \u00d6zkaynaklardaki d\u00fc\u015f\u00fc\u015fe ra\u011fmen k\u00e2rl\u0131l\u0131ktaki art\u0131\u015f, \u00f6zkaynak k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 yukar\u0131 \u00e7ekmektedir. \u015eirket, stratejik d\u00f6n\u00fc\u015f\u00fcm ve modernizasyon kapsam\u0131nda sadece bu \u00e7eyrekte 92,7 milyon dolar yat\u0131r\u0131m harcamas\u0131 yaparak gelecek b\u00fcy\u00fcmesini desteklemeye devam etmektedir.<\/li>\n<\/ul>\n