Company/Industry Reports

Alarko Holding reported a net loss of TL875mn in 4Q25 (vs. a net profit of TL2.6bn in 4Q24). Weak operational results, a year-on-year decline in investment income, and a one-off tax expense weighed on bottom-line performance. Consolidated revenues increased by 150% year-on-year to TL1.4bn in the same period (4Q24: TL559mn). For the full year 2025, consolidated revenues came in at TL8.7bn, while the company reported...
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DESA reported TL907mn in revenue, TL277mn in EBITDA, and TL190mn in net income in 4Q25. Although revenues declined on a yearly basis, the notable improvement in gross margin, resilient operational profitability, and a more balanced financial expense profile supported bottom-line performance. The resilience in profitability and strong cash generation maintained throughout 2025 continue to support our investment...
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BIM reported better-than-expected results across all three key line items in 4Q25, with sales of TL186.0bn (consensus: TL182.8bn), EBITDA of TL12.8bn (consensus: TL9.6bn), and net income of TL6.9bn (consensus: TL4.2bn). Strong real revenue growth on a year-on-year basis and the positive momentum in operational margins support our investment thesis. Incorporating the latest results into our model and rolling our...
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Turkcell announced its 4Q25 financial results, posting TL 62,819mn in net sales, TL 25,792mn in EBITDA, and TL 3,594mn in net profit. The reported figures came in around 1% and 5% above market expectations on the revenue and EBITDA lines, respectively, while net profit was approximately 4% below consensus. Overall, the results point to a broadly in-line picture. We view the results as neutral. Accordingly, we...
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We assess Pegasus’ 4Q25 results as negative, as both operational performance and net profitability came in below our expectations. The company reported TL424mn in net profit in the final quarter, significantly below our estimate of around TL1.7bn and also below the market consensus of TL466mn. The deviation in net profit was mainly driven by weaker-than-expected operational performance and differences in one-off...
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Migros reported 4Q25 results above market expectations. Revenues came in at TL105.1bn (Expectation: TL102.7bn), EBITDA at TL7.5bn (Expectation: TL7.0bn), and net income at TL939mn (Expectation: TL777mn). Continued market share gains, the increasing contribution of digital channels, and still-strong 2026 guidance further support our investment case. Reflecting the updated figures in our model and rolling our...
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We evaluate Turkish Airlines’ 4Q25 results as slightly positive. The company reported TL37.1bn in net profit, exceeding our estimate by 61%, while operational performance came largely in line with our expectations. The strong deviation on the bottom line was mainly driven by income from investment activities and one-off items, whereas operationally the company continued to deliver growth despite the relatively low...
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Sabancı Holding reported TL4.6bn consolidated net profit in 4Q25 (Consensus: TL412mn). Excluding the TL2.5bn net negative impact stemming from the suspension of inflation accounting in statutory (VUK) accounts—including the effect on asset revaluations—adjusted net profit amounted to TL7.2bn in 4Q. Results came in materially above market expectations. The easing of the net monetary loss position versus last year...
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