Astor Energy (ASTOR) 4Q25 Financial Results
Tacirler Investment
We asses Astor Energy’s 4Q25 financial results as neutral overall as revenue and EBITDA came in broadly in line with our expectations despite the strong growth in net income, while margins exhibited a QoQ normalization. That said, we revise our 2026 and 2027 year-end forecasts upward, factoring in the rising export contribution, a higher share of power transformer orders within the backlog, and the impact of upcoming capacity expansions. Accordingly, we raise our 12-month target price to TL 257 from TL 158 reiterate our Buy recommendation and reintroduce Astor Enerji to our Model Portfolio.