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Koç Holding (KCHOL) 3Q26 Financial Results

Tacirler Investment

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Koç Holding reported consolidated net income of TL34.9bn in 3Q26, up from TL9.9bn a year earlier. The energy segment, led by Tüpraş’s strong performance, was the main driver of earnings growth. Lower net financing expenses and the gain on the sale of Koç Finansman also supported earnings, while wider losses in consumer durables and a negative contribution from financial services partly offset the improvement. We update the TL352.00 target price for Tüpraş used in our previous Koç Holding report to our unchanged current target of TL481.00. We also incorporate changes in ownership stakes and the latest standalone net cash position into our valuation. Accordingly, we raise our 12-month target price from TL337.00 to TL364.00 and maintain our BUY recommendation. Our new target price implies approximately 71% upside from the latest close.

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