Alarko Holding (ALARK) 4Q25 Financial Results

Alarko Holding reported a net loss of TL875mn in 4Q25 (vs. a net profit of TL2.6bn in 4Q24). Weak operational results, a year-on-year decline in investment income, and a one-off tax expense weighed on bottom-line performance. Consolidated revenues increased by 150% year-on-year to TL1.4bn in the same period (4Q24: TL559mn). For the full year 2025, consolidated revenues came in at TL8.7bn, while the company reported a net loss of TL1.2bn. Net monetary gain stemming from inflation accounting amounted to TL1.7bn in 4Q25. Following the results, we maintain our 12-month target price at TL155.00 and reiterate our BUY recommendation.