Company/Industry Reports

Turkcell reported 1Q26 financial results slightly above our expectations, posting TL 68,377 million in revenue, TL 28,300 million in EBITDA, and TL 4,634 million in net income. Relative to our estimates, revenue and EBITDA came in c.1% above, while net income was c.3% ahead. This quarter was marked by sustained operational growth, with net income exceeding expectations despite a high tax burden, supported by...
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We evaluate Pegasus Airlines’s 1Q26 financial results as neutral overall, with significant weakness on the operational side but no meaningful deviation from our expectations. Considering the recent weak share price performance, rising geopolitical risks, upward pressure on energy costs, and the current uncertainty environment, we revise our 12-month target price to TL 252 from TL 300 while maintaining our Buy...
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We evaluate Dogus Otomotiv’s 1Q26 financial results as neutral overall, as the company delivered results in line with our expectations despite continued annual weakness in both operational performance and net profitability. Following the recent weak share price performance and financial results broadly in line with our expectations, we revise our 12-month target price to TL 255 from TL 278 in line with our updated...
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We evaluate Astor Enerji’s 1Q26 financial results as broadly in line with our expectations and neutral overall. While the company maintained strong annual operational profitability, we observed a more normalized trend on a quarterly basis. ASTOR reported net income of TL 1,812mn in 1Q26, up 53% YoY, with net income coming in 9% below market expectations but 4% above our estimate. For ASTOR, we are revising our...
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Koç Holding posted a net profit of TL 522 million in 1Q26. While the figure came in below the market expectation of TL 5.3 billion, it points to a meaningful recovery compared to the TL 1.9 billion net loss recorded in the same period last year. Strengthening operational performance at subsidiaries — particularly Yapı Kredi and Tüpraş — along with easing financial expenses versus the prior year and a narrower...
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MLP Care reported TL 16,252mn in revenue, in line with market expectations, TL 4,810mn in EBITDA, 7% above expectations, and TL 1,668mn in net profit, 42% above expectations, in 1Q26. The results were mainly driven by an improvement in patient and payer mix, efficiency gains, and the support to net profit from monetary gains stemming from inflation accounting as well as deferred tax income. We assess the results as...
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Koton reported TL8.3bn in revenue, TL1.5bn in EBITDA and a net loss of TL265mn in 1Q26. Revenue came in line with both our estimate and market expectations, while EBITDA delivered an upside surprise, coming in at nearly twice our TL887mn estimate and the market median estimate of TL901mn. The main drivers of this positive deviation were the stronger-than-expected improvement in gross margin and lower-than-expected...
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Doğan Holding reported 1Q26 net sales of TL23.9bn, EBITDA of TL2.6bn and net income of TL334mn, compared to a net loss of TL680mn in 1Q25. The YoY increase in investment income and the decline in financial expenses supported the recovery in net income, while the widening monetary loss, from TL988mn to TL3.3bn, limited the bottom line. On the operational side, Mining, the turnaround at Karel and the recovery in...
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