Company/Industry Reports

DESA reported TL 1.03bn revenue, TL 207mn EBITDA (20% margin) and TL 115mn net profit in 2Q25; the gross margin came in at 56%. 1H25 results were TL 1.84bn revenue, TL 568mn EBITDA (31% margin) and TL 242mn net profit. Despite the impact of promotional activity and higher selling & marketing and G&A expenses, operating profitability was preserved in 2Q. In yesterday’s analyst call, management reaffirmed...
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Doğan Holding reported 2Q25 revenue of TL 21.8bn, EBITDA of TL 2.1bn, and net profit of TL 75mn. Net Asset Value (NAV) rose to USD 2.6bn and standalone net cash to USD 662mn. Quarterly indicators point to strong profitability in renewables, mining, and digital financial services, while weak demand and regulatory headwinds weighed on automotive and some industrial lines. The gross margin improved by 3pp y/y, whereas...
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Teknosa delivered TL 17.7 bn in revenue for 2Q25 (q/q +1%, y/y flat) and TL 896 mn EBITDA (q/q +118%, y/y +93%), surpassing our expectations, yet reported a TL 542 mn net loss. The loss stemmed mainly from lower monetary gains, a decline in deferred tax income and several one-off expenses. Operationally, margins improved markedly on both annual and sequential bases. In the near term, a richer product mix should...
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We view ASELSAN’s 2Q25 financial results as positive. Despite strong operational performance, recent share price movements suggest that much of the quarter’s expectations have already been priced in. Nevertheless, we continue to favor the company’s business model and maintain it under close watch. Following the results, we have made a slight upward revision to our forecasts and raised our 12-month target price from...
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Tüpraş has released its product-margin data for July. Within the middle-distillate slate, the diesel margin improved 32% m/m and the jet-fuel margin 18% m/m. Among light distillates, the gasoline margin narrowed 4% versus the previous month, while the fuel-oil margin printed at –US$7.2 /bbl. We view the month-on-month gains and the fact that all margins other than gasoline are holding around their five-year...
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Tüpraş reported revenues of TL 183.2 bn, EBITDA of TL13.9 bn and net profit of TL 8.9 bn in 2Q25. Net profit exceeded the consensus estimate by 32 %, largely thanks to a reduction in one‑off expenses. While margins recovered sharply on a quarterly basis, revenue and EBITDA declined 29% and 20% year‑on‑year, respectively. The company’s net cash position rose to TL 49 bn and free cash flow remained strong. Management...
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Tüpraş announced its product margins for June. Accordingly, among middle distillate products, the diesel margin improved by 18% month-on-month, while the jet fuel margin rose by 5%. Among light distillate products, the gasoline margin contracted by 9% compared to the previous month, and the fuel oil margin was recorded at negative USD 6.2 per barrel. We view the monthly improvements and the resilience of product...
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Since the beginning of 2025, the Turkish housing market has experienced a strong recovery. In the January–May period, home sales reached a record high with a 25.4% increase compared to the same period last year. On the other hand, the House Price Index (HPI) recorded a 2.3% decline in real terms, while foreign investor interest declined significantly due to regulatory changes and the reduced appeal of citizenship...
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