MLP Care (MPARK) 1Q26 Financial Results

MLP Care reported TL 16,252mn in revenue, in line with market expectations, TL 4,810mn in EBITDA, 7% above expectations, and TL 1,668mn in net profit, 42% above expectations, in 1Q26. The results were mainly driven by an improvement in patient and payer mix, efficiency gains, and the support to net profit from monetary gains stemming from inflation accounting as well as deferred tax income. We assess the results as slightly positive. Accordingly, we raise our 12-month target price for MPARK to TL 619 from TL 559, maintain the stock in our model portfolio, and reiterate our “BUY” recommendation. Our target price implies a 26% upside from the last closing price.