Koton (KOTON) 4Q25 Financial Results

We view Koton’s 4Q25 results as neutral. While the company delivered a strong operational finish to the quarter, net profit came in below expectations. Versus the market’s TL110mn expectation and our TL49mn net loss forecast, Koton reported a TL885mn net loss. The deviation was mainly driven by a TL472mn monetary loss and a year-on-year increase in net financial expenses. As these items are largely non-operational and temporary in nature, and given that the company’s 2026 guidance remains solid, we do not see any change in our medium-to-long-term investment thesis. We reiterate our 12-month target price of TL27.00 and our BUY recommendation.