Astor Energy (ASTOR) 1Q26 Financial Results

We evaluate Astor Enerji’s 1Q26 financial results as broadly in line with our expectations and neutral overall. While the company maintained strong annual operational profitability, we observed a more normalized trend on a quarterly basis. ASTOR reported net income of TL 1,812mn in 1Q26, up 53% YoY, with net income coming in 9% below market expectations but 4% above our estimate. For ASTOR, we are revising our expectations slightly upward, supported by strong order inflows from the US market, increasing export potential, and ongoing capacity expansion investments. However, we also plan to reassess the company’s updated guidance and expectations to be shared during the analyst meeting scheduled for next Friday before announcing any potential revision to our target price.