Company/Industry Reports

We assess TAB Gıda’s 2Q26 financial results as Slightly Positive, as the stronger-than-expected operating performance and solid sequential margin recovery were partly offset by the year-on-year weakening in cash flow generation. The company reported net income of TL1,514mn in 2Q26, exceeding the market median expectation of TL1,167mn by 30% and our estimate of TL1,150mn by 32%. Net sales came in at TL16,243mn, 3%...
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Teknosa posted TL22.6bn in revenue, TL742mn EBITDA and a TL986mn net loss in 2Q26. Revenue came in line with our TL22.6bn estimate, while EBITDA was slightly above our TL680mn forecast. The net loss, however, exceeded our TL749mn estimate. On an annual basis, revenue fell 3% and EBITDA declined 37%; the EBITDA margin narrowed to 3.3% from 5.1% a year earlier. Against this backdrop, we view the 2Q26 results as...
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Koç Holding posted a net profit of TL 19.7bn in 2Q26. The result came in roughly 46% above the TL 13.6bn market consensus and rose 93% year-on-year. Tüpraş was the main driver of the beat. Strong product margins lifted the energy segment's first-half contribution to more than four times last year's level. The non-energy side of the results, however, looks more cautious. Demand and profitability pressure...
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We assess Ford Otosan’s 2Q26 financial results as slightly negative, as the broadly in-line operating performance was overshadowed by the continued YoY weakness and the downward revision to the company’s 2026 guidance. Following the 2Q26 results, we maintain our 12-month target price of TRY 132 per share and our BUY recommendation for Ford Otosan, which remains in our model...
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Tüpraş reported TL386.4bn in net sales, TL54.3bn in EBITDA and TL45.9bn in net income in 2Q26. Consensus stood at TL374.5bn, TL39.2bn and TL30.7bn respectively, while our estimates were TL400.1bn, TL37.4bn and TL26.0bn. Net sales came in close to expectations, whereas EBITDA beat consensus by 39% and net income by 49%. The EBITDA deviation was driven by product margins coming in stronger than we had assumed, while...
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Tüpraş announced its July product margins. Accordingly, among middle distillates, diesel and jet fuel margins increased by 64% and 52% month-on-month, respectively. Among light distillates, the gasoline margin rose by 40% compared to the previous month, while the fuel oil margin improved slightly to -$12.4/bbl from -$12.5/bbl in June. On a year-on-year basis, diesel, jet fuel and gasoline margins increased by 185%,...
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We view TAV Airports’ 2Q26 results positively overall, supported by growth in revenue and EBITDA as well as net income exceeding expectations. The company reported net income of TRY 3,518 million in 2Q26, above both our estimate of TRY 1.4 billion and the market consensus of TRY 1.7 billion. The better-than-expected net income was driven by operating performance coming in slightly above our forecast, TAV Antalya...
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Tüpraş announced its June product margins. Accordingly, among middle distillates, diesel margin declined by 4% m/m, while jet fuel margin decreased by 13% m/m. Among light distillates, gasoline margin remained flat compared to the previous month, while fuel oil margin was recorded at -12.5 USD/bbl. On a yearly basis, diesel, jet fuel and gasoline margins improved by 129%, 146% and 86%, respectively. We have a...
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