Aygaz Anonim Sirketi · BIST:AYGAZ
Aygaz Anonim Sirketi — Aygaz — Q2 2026 Earnings Presentation
39 slides from Aygaz Anonim Sirketi's earnings presentation, Aug 31, 2026
Slide 1: Aygaz Investor Presentation August 2026
Aygaz Investor Presentation August - 2026 1
Slide 2: Agenda
Agenda Aygaz at a Glance LPG and Natural Gas Segment Operations 2026 Q2 Updates Sustainability & ESG Topics Appendix 2
Slide 3: Aygaz at a Glance
Aygaz at a Glance General Information Core Business LPG Joint Venture United Aygaz – Bangladesh Founded in 1961 LPG sourcing, storage, filling and distribution in Procurement, storage, filling and Koç Group’s first company Bangladesh distribution of LPG in energy sector Opet Aygaz Gayrimenkul A.Ş. R
Slide 4: Aygaz in Figures
Aygaz in Figures Key Operating Figures of 2025 Facilities in Turkey The largest LPG storage Aygaz total LPG sales Aygaz Doğal Gaz total LNG 5 Filling plants**** in Turkey volume* & PNG sales volume 178 thousand m3 2.4 million tons 97 mcm 8 Distribution centers Cylinder gas sales Cylinder gas dealers
Slide 5: Aygaz Strategic Goals
Aygaz Strategic Goals Creating sustainable value by Broadening its international expansion strengthening its current position in through LPG investments in LPG and Natural Gas Segment in developed and developing countries Turkey Assessing the opportunities in core and adjacent businesses with a focu
Slide 6: Agenda
Agenda Aygaz at a Glance LPG and Natural Gas Segment Operations 2026 Q2 Updates Sustainability & ESG Topics Appendix 6
Slide 7: Turkish LPG Market
Turkish LPG Market LPG as a commodity Turkish LPG Market Ranking** (2024) ~1/250 Volume Advantage Butane + Propane Mixture # 6 in European domestic LPG Liquefied hydrocarbon gas that is odorless When liquefied, LPG occupies approximately # 2 in Global autogas market 1/250 of its gaseous volume, maki
Slide 8: Aygaz's Core Business
Aygaz’s Core Business Highlights → Leader; → Generic brand for LPG ✓ LPG distributor of Turkey → Most preferred LPG brand in Turkey since its foundation ✓ Of the 2nd largest autogas market in the World → Market leader with 2 brands ✓ Of the 6th largest domestic LPG market in Europe LPG Sales Volume*
Slide 9: Cylinder Gas Market
Cylinder Gas Market Cylinder Gas Market (k ton) Cylinder Gas Market Shares Turkish Cylinder Market Aygaz Sales 699 612 621 573 548 41,50% 29,30% 287 252 255 238 226 18,50% 10,70% 2021 2022 2023 2024 2025 Aygaz İpragaz Oyak Group Other General factors affecting Turkish cylinder market Aygaz leading c
Slide 10: Autogas Market
Autogas Market Autogas Market (k ton) Market Shares & Station Number Shares Turkish Autogas Market Aygaz Sales 3.519 3.447 3.282 3.117 3.098 32,4% 25,7% 23,4% 669 697 774 760 767 8,9% 9,6% Aygaz PO Shell Oyak Grup Diğer 2021 2022 2023 2024 2025 General factors affecting Turkish autogas market Aygaz
Slide 11: Autogas; 2nd most widely used passenger car fuel of Turkey
Autogas; 2nd most widely used passenger car fuel of Turkey Ratio of cars registered to traffic acc. to fuel type Turkish Car Park (mn cars) Gasoline Diesel Autogas Hybrid Electric Diesel Autogas Gasoline Electric & Hybrid 17,4 0% 4% 2% 16,2 15,2 1,1 13,7 14,2 0,6 28% 31% 0,1 0,3 0,1 5,0 5,4 40% 30%
Slide 12: LPG Transportation Activities
LPG Transportation Activities → Aygaz has been actively engaged in LPG transportation by sea since 1967. → Since 2010, vessel management has been carried out by Anadoluhisarı Tankercilik A.Ş., an Aygaz subsidiary. → With a fleet of four dedicated LPG tankers with a transportation capacity of 67,000
Slide 13: Cylinder Production Facility
Cylinder Production Facility Cylinder and Gas Appliances Production & Sales → Generates USD-denominated sales revenue through the export of pressure vessels and equipment. → Makes Aygaz a fully integrated LPG company through the production of cylinders and gas appliances. → Through in-house R&D Cent
Slide 14: Bangladesh LPG Market
Bangladesh LPG Market LPG Consumption* (k ton) 2020-2024 CAGR: 9% 1.753 1.395 1.428 1.498 1.232 2020 2021 2022 2023 2024 Source: WLPGA Statistical Review of Global LP Gas Report, 2024 → Bangladesh, where the gross domestic product (GDP) growth rate was 3.5% in 2025, is also one of the most densely p
Slide 15: Aygaz Doğal Gaz
Aygaz Doğal Gaz Sales Volume (mcm) Turkish Natural Gas Market LNG Pipeline Natural Gas Private Sector Market Botaş Market Share %2 %98 246 16 bcm 2025 27 bcm 1 17 1,5 3,5 97 16 bcm 82 78 77 84,5 Housing Industry Electricity 2021 2022 2023 2024 2025 Data Of EPDK → In 2025, the company generated a tot
Slide 16: Agenda
Agenda Aygaz at a Glance LPG and Natural Gas Segment Operations 2026 Q2 Updates Sustainability & ESG Topics Appendix 16
Slide 17: Market Information
Market Information Turkish LPG Market (‘000 ton) Aygaz Market Shares Cylinder Jan-May’25 Jan-May’26 Jan-May'25 Jan-May'26 4 -2% -1% 0, 40,8% 42,1% 211k 202k 1,549 1,521 tons 8 tons 1,288 1,269 -4% - 211 202 50 50 Jan-May’25 Jan-May’26 Autogas Total Autogas Cylinder Gas Bulk 22,8% 24,6 Source: EMRA 1
Slide 18: Operational indicators – Q2 2026
Operational indicators – Q2 2025 2Q 2026 Compared 6M 2026 Compared (‘000 ton) to last year (‘000 ton) to last year Wholesale and International Sales* (‘000 ton) Wholesale International Total Domestic Retail 374 LPG Sales 264 - 506 2% 333 Wholesale and 204 295 International 374 12% 716 6% LPG Sales 1
Slide 19: LPG & Brent World Prices
LPG – Brent Prices LPG & Brent World Prices LPG - SP (Algeria) Brent 885 826 583 599 585 600 USD/Barrel 555 573 557 550 578 547 515 508 USD/ton 490 467 462 481 482 493 121 468 438 438 424 433 104 108 85 81 85 74 76 74 74 79 75 73 71 71 68 71 65 64 65 65 64 65 67 Jul 24 Aug 24 Sep 24 Oct 24 Nov 24 De
Slide 20: United Aygaz LPG Ltd.
United Aygaz LPG Ltd. Chittagong Plant Cumulative capital contribution: 75 mn USD Aygaz share: 37,5 mn USD Q2 2026 revenue: USD ~ 134 million 75 mn USD Total 551 capital employees Bangladesh LPG market, which is 1.8 Chittagong facility, 6 sphere tanks with million tons*, one of the fastest the stora
Slide 21: Consolidated Financials – 2026 Q2
Consolidated Financials – 2026 Q2 (Based on purchasing power of Turkish Lira ("TL") as of 30 June 2026, the amounts are expressed in mn TL unless otherwise stated.) Financials (mn TL) Q2 2026 Quarterly / YoY 6M 2026 6M / YoY Revenue 29,065 10% 52,492 -2% Gross Profit 3,168 16% 5,820 11% EBITDA (excl
Slide 22: Consolidated Financials
Consolidated Financials Gross Profit & Gross Profit Margin EBITDA* & EBITDA Margin Gross Profit (M TL) Gross Profit Margin (%) EBITDA* (M TL) EBITDA Margin (%) 3.108 1.145 2.669 2.712 15% 2.558 11,6% 805 820 10,7% 764 10,1% 10% 9,4% 5% 3,5% 3,9% 2,8% 3,1% 0% Q1 25 Q2 25 Q1 26 Q2 26 Q1 25 Q2 25 Q1 26
Slide 23: Net Working Capital and Net Financial Debt
Consolidated Financials – Net Working Capital and Net Financial Debt (Based on purchasing power of Turkish Lira ("TL") as of 30 June 2026, the amounts are expressed in mnTL unless otherwise stated.) Working Capital ** (mn TL) Net FinancialDebt ** (mn TL) Net cash position** 2.446 -1.076 2.970 2.984
Slide 24: Forward Looking Statements for 2026
Forward Looking Statements for 2026 Cylinder: 200 - 220 k tons Sales Volume Autogas: 750 - 790 k tons Cylinder: 41.5% - 42.5% Market Share Autogas: 23.5% - 24.5% 24
Slide 25: Aygaz Share Value
Aygaz Share Value Aygaz Share Price Performance Dividend-Nominal (mn TL) 300 2.758 2.758 BIST-30 Aygaz 250 1.506 200 150 220 150 100 2021 2022 2023 2024 2025 50 BIST Code: AYGAZ Aug-25 Sep-25 Jul-25 Nov-25 Dec-25 Feb-26 Jul-26 May-26 Oct-25 Apr-26 Jun-25 Jun-25 Jan-26 Mar-26 Jun-26 Bloomberg Code: A
Slide 26: Agenda
Agenda Aygaz at a Glance LPG and Natural Gas Segment Operations 2026 Q2 Updates Sustainability & ESG Topics Appendix 26
Slide 27: Sustainability Efforts
Sustainability Efforts Strategic Framework ESG Performance and Indices • Aygaz Sustainability Strategy, focused on carbon and energy transition, circular economy, social responsibility, and governance • The first Turkish energy company in Türkiye to publish sustainability reports at the “B” level in
Slide 28: R&D Center
R&D Center Aygaz R&D Center develops innovative products and systems that promote the use of LPG and enhance customer experience, while also focusing on value-added technologies and future-oriented solutions that support the company’s sustainability and digital transformation goals Smart LPG Detecto
Slide 29: Work Culture at Aygaz
Work Culture at Aygaz ✓ Aygaz Competency Model Agile and Efficient ✓ Integrated and digitalized processes ✓ Next-generation working models Organization ✓ A work environment that fosters collaboration, agile working, and open communication ✓ Development-oriented performance management Attracting and
Slide 30: Risk Policy
Risk Policy FX & Interest Rate Risk • Zero FX exposure target after natural hedges • Portfolio with fixed/variable interest rates • Proactive management of FX and interest rate with derivatives Leverage & Liquidity Risk • Limits for financial ratios and active liquidity risk management: ✓ Net Financ
Slide 31: Corporate Governance & Credit Rating
Corporate Governance & Credit Rating Corporate Governance Rating June’25 Rating Score Main Sections: Avg. 97,47 Board of Director 96,35 Stakeholders 99,51 Public Disclosure & Transparency 99,39 Shareholders 95,9 0 10 20 30 40 50 60 70 80 90 100 Source: SAHA Corporate Governance and Rating Services I
Slide 32: Agenda
Agenda Aygaz at a Glance LPG and Natural Gas Segment Operations 2026 Q2 Updates Sustainability & ESG Topics Appendix 32
Slide 33: Competitive Advantages of Aygaz
Competitive Advantages of Aygaz Brand Power & ✓ Generic brand – name of LPG in Turkey ✓ Market leader in all segments of the market Consistent Market ✓ Market maker Leader ✓ Advantages of economies of scale ✓ More than 4,000 dealers all over Turkey Strong Sales & Logistics ✓ 5 filling plants, 8 dist
Slide 34: The LPG Value Chain
The LPG Value Chain ~325 1,985 auto gas stations tankers Moving&floating storage capacity of Fixed storage ~ 75,200 m3 capacity of 178,200 m3 ~2,000 bulk gas customers 2.4 million 4 LPG ships belonging to tons of LPG supply the fleet of Anadoluhisarı Tankercilik Gebze Facility; exports of cylinders
Slide 35: Participation Portfolio
Participation Portfolio Subsidiaries Share Ratio(%) Associates Share Ratio(%) Anadoluhisarı Tankercilik A.Ş. 100 Kolay Gelsin Dağıtım Hizmetleri A.Ş.** 27.5 Kandilli Tankercilik A.Ş. 100 Enerji Yatırımları A.Ş.*** 20 Kuleli Tankercilik A.Ş. 100 Joint Venture Share Ratio(%) Kuzguncuk Tankercilik A.Ş.
Slide 36: Koç Holding at a Glance
Koç Holding at a Glance Turkey’s Leading Investment Holding Company o Turkey’s largest industrial and services group ~7% ~8% ~7% Combined Revenues/ Total Exports/ R&D expenditure/ o Sustainability oriented business model GDP 1 Turkey’s Exports Total private sector R&Ds2 focusing on profitable growth
Slide 37: Contact
Contact [email protected] Zeynep Keskin, CFO [email protected] Kozan Nabi Çiftçi, Corporate Finance [email protected] +90 216 656 7667 and Investor Relations Manager Billur Aslan, Investor Relations [email protected] +90 216 656 7653 Manager www.aygaz.com.tr 37
Slide 38: Glossary
Glossary LPG Liquid Petroleum Gas EMRA Energy Market Regulatory Authority WLPGA World LPG Association SP Sonatrach Price PETDER Petroleum Industry Association FOB Free On Board CIF Cost, Insurance & Freight Med Mediterranean VLGC Very Large Gas Carrier EYAŞ Enerji Yatırımları A.Ş. LNG Liquid Natural
Slide 39: Disclaimer
Disclaimer • With the Capital Markets Board of Turkey’s Bulletin dated 28.12.2023 numbered 2023/81, CMB announced that issuers and capital market institutions shall prepare their annual financial statements ending on 31.12.2023 or later, in accordance with IAS 29 inflationary accounting provisions.