MLP Care (MPARK) 4Q25 Financial Results

MLP Care reported TL 14,164mn in revenue and TL 4,418mn in EBITDA in 4Q25, exceeding expectations by 1% and 3%, respectively. Net profit, however, stood at TL 1,284mn, 11% below the market expectation. While the strong improvement in EBITDA margin stood out in the final quarter, the weakness in net profit was largely driven by non-operating items and the tax burden. We assess the results positively. Accordingly, we raise our 12-month target price for MPARK to TL 559 from TL 485, maintain the stock in our model portfolio, and reiterate our “BUY” recommendation. Our target price implies a 29% upside potential from the last closing price.