Company/Industry Reports

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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Migros reported 4Q25 results above market expectations. Revenues came in at TL105.1bn (Expectation: TL102.7bn), EBITDA at TL7.5bn (Expectation: TL7.0bn), and net income at TL939mn (Expectation: TL777mn). Continued market share gains, the increasing contribution of digital channels, and still-strong 2026 guidance further support our investment case. Reflecting the updated figures in our model and rolling our...
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We evaluate Turkish Airlines’ 4Q25 results as slightly positive. The company reported TL37.1bn in net profit, exceeding our estimate by 61%, while operational performance came largely in line with our expectations. The strong deviation on the bottom line was mainly driven by income from investment activities and one-off items, whereas operationally the company continued to deliver growth despite the relatively low...
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Sabancı Holding reported TL4.6bn consolidated net profit in 4Q25 (Consensus: TL412mn). Excluding the TL2.5bn net negative impact stemming from the suspension of inflation accounting in statutory (VUK) accounts—including the effect on asset revaluations—adjusted net profit amounted to TL7.2bn in 4Q. Results came in materially above market expectations. The easing of the net monetary loss position versus last year...
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Coca-Cola announced its 4Q25 financial results, coming in 5% and 22% above market expectations on sales and EBITDA, respectively, but significantly below expectations on net profit. In the last quarter, sales of TL 35.7 bn (consensus: TL 33.9 bn) and EBITDA of TL 5.5 bn (consensus: TL 4.5 bn) pointed to a strong recovery in revenues and margins, while the company reported a TL 605 mn net loss (consensus: TL 1.6 bn...
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We view Koton’s 4Q25 results as neutral. While the company delivered a strong operational finish to the quarter, net profit came in below expectations. Versus the market’s TL110mn expectation and our TL49mn net loss forecast, Koton reported a TL885mn net loss. The deviation was mainly driven by a TL472mn monetary loss and a year-on-year increase in net financial expenses. As these items are largely non-operational...
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Doğan Holding reported TL2.2bn net profit in 4Q25 (4Q24: TL1.4bn). Results were supported by stronger contribution from the Mining and Financing & Investment segments and a recovery in investment income, while the monetary position swung to a TL485mn loss in 4Q25 versus a TL416mn monetary gain in 4Q24. Full-year 2025 net profit came in at TL1.8bn (2024: TL5.7bn). Following the results, we raise our 12-month...
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Tüpraş released its February product margin figures. Within middle distillates, the diesel margin improved by 13% m/m, while the jet fuel margin rose by 12% m/m. Within light distillates, the gasoline margin increased by 8% m/m. Fuel oil margin was reported at -$15.5/bbl. For Tüpraş, which is in our model portfolio, we maintain our TL271.00 target price and BUY...
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