Company/Industry Reports

MLP Care reported TL 14,164mn in revenue and TL 4,418mn in EBITDA in 4Q25, exceeding expectations by 1% and 3%, respectively. Net profit, however, stood at TL 1,284mn, 11% below the market expectation. While the strong improvement in EBITDA margin stood out in the final quarter, the weakness in net profit was largely driven by non-operating items and the tax burden. We assess the results positively. Accordingly, we...
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We view Mavi’s 4Q25 results as neutral. The company reported TL11.9 billion in revenue, TL1.9 billion in EBITDA, and a net loss of TL60 million in the quarter. While revenue was flat year-on-year, EBITDA margin improved from 12.8% to 16.0% thanks to strong cost discipline. Nevertheless, a TL208 million monetary loss and a TL422 million deferred tax expense weighed on net profit. For full-year 2025, revenue declined...
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We attended Karsan Automotive’s analyst meeting, where updated information on its current operations and future strategies was shared. During the meeting, management reiterated that Karsan’s growth strategy is centered around electric mobility solutions, autonomous technologies, and alternative fuel systems. Increasing demand in the electric public transportation segment, expansion into global markets particularly...
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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...
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DESA reported TL907mn in revenue, TL277mn in EBITDA, and TL190mn in net income in 4Q25. Although revenues declined on a yearly basis, the notable improvement in gross margin, resilient operational profitability, and a more balanced financial expense profile supported bottom-line performance. The resilience in profitability and strong cash generation maintained throughout 2025 continue to support our investment...
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BIM reported better-than-expected results across all three key line items in 4Q25, with sales of TL186.0bn (consensus: TL182.8bn), EBITDA of TL12.8bn (consensus: TL9.6bn), and net income of TL6.9bn (consensus: TL4.2bn). Strong real revenue growth on a year-on-year basis and the positive momentum in operational margins support our investment thesis. Incorporating the latest results into our model and rolling our...
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Turkcell announced its 4Q25 financial results, posting TL 62,819mn in net sales, TL 25,792mn in EBITDA, and TL 3,594mn in net profit. The reported figures came in around 1% and 5% above market expectations on the revenue and EBITDA lines, respectively, while net profit was approximately 4% below consensus. Overall, the results point to a broadly in-line picture. We view the results as neutral. Accordingly, we...
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We assess Pegasus’ 4Q25 results as negative, as both operational performance and net profitability came in below our expectations. The company reported TL424mn in net profit in the final quarter, significantly below our estimate of around TL1.7bn and also below the market consensus of TL466mn. The deviation in net profit was mainly driven by weaker-than-expected operational performance and differences in one-off...
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