Astor Energy (ASTOR) 3Q26 Financial Results
Tacirler Investment
We view Astor Enerji's 3Q26 financial results as neutral, considering the significant deterioration in net profit despite strong revenue growth and operational profitability. The company reported TL3.18bn net loss, against our expectation of TL2.5bn net profit. Revenues increased by 33% YoY in real terms to TL13.3bn, exceeding our estimate by 7%, while EBITDA reached TL4.4bn, broadly in line with our expectation. Although losses from financial investments weakened the short-term earnings outlook, capacity investments and export-oriented orders support our growth expectations. Reflecting the decline in the value of the financial investment portfolio and our updated profitability forecasts in our model, we lower our 12-month target price from TL405 to TL340 per share, while maintaining our BUY recommendation for Astor Enerji, which remains in our model portfolio.



