Turcas Holding (“Turcas”) is a publicly traded sub-holding company – under the wider Aksoy Holding portfolio – with a traditional focus on the oil and energy industries. Turcas’ roots go back to 1931 when it was originally founded as Türkiye’s first privately-owned fuel retail company, then-operating under the Türkpetrol brand. Turcas was IPO’ed in 1992 since when the company stock trades on Borsa Istanbul under the TRCAS ticker. Turcas’ corporate structure was converted into an investment holding company from an operating company when all of its fuel retail operations were merged with that of Shell Türkiye in 2006 under the spinoff merger (JV) entity Shell & Turcas Petrol A.S.

As at 1Q 2026, Turcas has 3 strategic investments; Retail (Fuel & Lubricants), Power Generation, and Portfolio Investments.

Turcas’ (fuel) retail investments are consolidated under its flagship subsidiary Shell & Turcas Petrol which is a 70-30 JV company owned by Shell Turkiye (a wholly-owned subsidiary of Shell plc) and Turcas Holding, respectively. Shell & Turcas operates an extremely efficient network of ca. 1,250 mobility sites (fuel stations) across every city of Türkiye. Shell & Turcas, which recorded a turnover of 363 Billion TL in 2025, is not only the leader of the Turkish fuel retail and lubricants industry but also one of the largest companies of the Turkish economy.

Turcas’ power generation investments are consolidated under its subsidiary RWE & Turcas Power which is a 70-30 JV company owned by RWE AG of Germany and Turcas Holding, respectively, established in 2009. RWE & Turcas Power owns and operates an installed power generation capacity of 820 MW consisting of the 800 MW Denizli Natural Gas fired Combined Cycle Power Plant (commissioned in 2013) and an adjacent 20 MW Hybrid Solar Power Plant (to be commissioned mid-2026). RWE & Turcas Power generated 4 billion kWh of electricity in 2025.

Apart from its strategic investments, Turcas also engages in portfolio investments with the aim to diversify, hedge and increase the return performance of its overall investment portfolio. As at 1Q 2026, these investments consist of: (i) a minority (12.5%) stake in the equity capital stack of a luxury residential real estate development in Manhattan, NYC, USA through its wholly-owned subsidiaries Turcas International Holding AS and Turcas USA 1, LLC, (ii) while Turcas was a direct shareholder of ATAS Oil Terminal in Mersin, Türkiye, it divested its 6.02% stake to Shell & Turcas Petrol A.Ş. in March 2026, thereby exiting its direct shareholding. It currently maintains an indirect interest of 11.57% in ATAŞ (38.55% × 30% = 11.57%), and (iii) a minor (0.65%) venture capital investment in the BEK Ventures Digital East Fund II.

Turcas is a member of 8 different indices at Borsa Istanbul including the Star, Corporate Governance, Holding and Investment indices.