Ford Otosan (FROTO) 4Q25 Financial Results

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 expectations. In line with our updated macro assumptions and 2026 forecasts, we raise our 12-month target price to TL 155 per share from TL 140 and maintain our BUY recommendation, while noting that dividend expectations may continue to support positive share price performance in the near term.