DESA 3Q25 Financial Results

DESA reported TL 817mn in revenue, TL 167mn in EBITDA and TL 114mn in net income in 3Q25. While gross profitability was broadly preserved both year-on-year and quarter-on-quarter, the slight annual contraction in operating margins was mainly driven by the decline in international sales and the increase in operating expenses; conversely, the easing of financial expenses versus last year supported the bottom line. Profitability was largely flat qoq. In 3Q, the EBITDA margin stood at 20.4% and the net margin at 14.0%. Following the results, we maintain our 12-month target price at TL 18.00 and our “HOLD” recommendation.