Company/Industry Reports

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...
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We evaluate TAV Airports’ 4Q25 results as neutral overall. Despite the deviation on the net income line due to higher financial expenses, operational performance came in broadly in line with our expectations. While the stock has delivered a more balanced performance year to date despite strong traffic data and a constructive 2026 outlook, we consider potential short term post-earnings profit taking and intermittent...
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Koç Holding reported consolidated net income of TL7.0bn in 4Q25 (Consensus: TL4.4bn). The results point to a marked year-on-year improvement (4Q24: TL8.0bn net loss), supported by better financing costs at associates and the rebound in the monetary position item under inflation accounting. The monetary position item improved from -TL1.1bn in 4Q24 to +TL4.6bn in 4Q25. For FY25, consolidated net income came in at...
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We assess the 4Q25 financial results as neutral, with Ford Otosan reporting a net profit of TL 10,649mn, exceeding both market consensus and our house estimate (Market: TL 9.1bn, Tacirler: TL 9.3bn). Net sales increased by 3% YoY and 13% QoQ to TL 223.1bn, while EBITDA reached TL 13.8bn and adjusted EBITDA stood at TL 17.6bn. Excluding one-off items, operational profitability was broadly in line with our...
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Turk Tractor reported its 4Q25 financial results with a net loss of TL 502mn, significantly below market expectations, and we view the results as negative. The market consensus had pointed to a net profit of TL 4mn, while our house estimate was a net profit of TL 201mn. In an environment where weak demand conditions and cost pressures continue to weigh on profitability, we revise our forecasts in line with updated...
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Tüpraş reported 4Q25 net sales of TL206.0bn (y/y -9%; q/q -11%), EBITDA of TL14.3bn (y/y +35%; q/q -31%) and net profit of TL6.8bn (y/y +33%; q/q -47%) (Tacirler: TL205.4bn / TL14.6bn / TL6.2bn; Consensus: TL209.6bn / TL15.5bn / TL5.0bn). While net sales and EBITDA were broadly in line with our expectations, net profit came in above our estimate. The upside was driven by strong product cracks, a more limited...
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We attended the analyst meeting held with the participation of Turkcell’s senior management and investor relations. In addition to the latest developments regarding the company’s current operations, the meeting covered strategic priorities as well as data center and cloud investments that are expected to contribute to growth in the medium to long...
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Tüpraş announced January product margins. Accordingly, within middle distillates, the diesel margin declined by 11% month-on-month, while the jet fuel margin decreased by 9%. Within light distillates, the gasoline margin narrowed by 30% compared to the previous month, whereas the fuel oil margin was recorded at -15.8 $/bbl. For Tüpraş, which is included in our model portfolio, we have a target price of TL271.00 and...
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