Research

Coca-Cola announced its 4Q25 financial results, coming in 5% and 22% above market expectations on sales and EBITDA, respectively, but significantly below expectations on net profit. In the last quarter, sales of TL 35.7 bn (consensus: TL 33.9 bn) and EBITDA of TL 5.5 bn (consensus: TL 4.5 bn) pointed to a strong recovery in revenues and margins, while the company reported a TL 605 mn net loss (consensus: TL 1.6 bn...
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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...
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Doğan Holding reported TL2.2bn net profit in 4Q25 (4Q24: TL1.4bn). Results were supported by stronger contribution from the Mining and Financing & Investment segments and a recovery in investment income, while the monetary position swung to a TL485mn loss in 4Q25 versus a TL416mn monetary gain in 4Q24. Full-year 2025 net profit came in at TL1.8bn (2024: TL5.7bn). Following the results, we raise our 12-month...
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Good morning. Geopolitical stress remains elevated around the Iran issue, and we are not yet seeing signs of de-escalation; on the contrary, the situation still appears to be in an escalation phase. Following Iran’s closure of the Strait of Hormuz, reports alleging that 10 oil tankers were hit have drawn attention. Meanwhile, U.S. President Trump’s comments suggesting the U.S. could provide escort services for...
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*The CBT will release February Real Effective Exchange Rate (REER) today @14:30 local time. Considering the inflation realizations and the average Basket/TRY change for February, we expect the REER to increase from 102.17 to 103.6, implying a 1.4% real appreciation of the Turkish lira. * TURSTAT will release February seasonally adjusted CPI and special CPI aggregates today @16:00 local time. Based on our...
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Good morning. Iran’s closure of the Strait of Hormuz is fuelling pessimistic expectations that oil prices could reach as high as USD 200 per barrel. Frankly, while we do not yet share such an overly bearish view, we believe oil prices could find a balance around current levels given that risks have already been priced in since the beginning of the year. That said, the key variable will be how long the process lasts...
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* TURKSTAT will release the February inflation figures today @ 10:00 local time. We expect CPI to increase by 2.9% m/m in February, in line with the market consensus. A print in line with our house estimates would lift annual inflation from 30.7% to 31.5%, implying a pause in the disinflation process during the month. The recent sharp increase in oil prices following the escalation in US–Iran tensions constitutes a...
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According to BDDK data for January 2026, the improvement in net interest margins in the banking sector that began in August slowed in January after five months of strong performance. However, it should be noted that the sector's net interest margin remained above its 2025 averages. Across the sector, real growth continues on an annual basis in items such as assets, equity, and profitability indicators, but we...
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