MLP Care (MPARK) 2Q26 Financial Results

MLP Care reported 2Q26 revenue of TRY 16,736mn (2% above our estimate), EBITDA of TRY 4,807mn (3% above) and net income attributable to shareholders of TRY 1,368mn (18% above). On the operational front, the shift in patient mix and continued efficiency gains in personnel and materials expenses persisted, while EBITDA growth was driven predominantly by the rise in depreciation and amortization expenses. The return of free cash flow to positive territory, the normalization in the investment pace, and the 20.1% increase in Private Physician Practice (ÖHU) coefficients effective in July support the second-half outlook. We view the results as mildly positive. Accordingly, we raise our 12-month target price for MPARK from TRY 619 to TRY 645, maintain our "BUY" recommendation, and continue to hold the company in our model portfolio.