Research

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...
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Migros reported 2Q26 sales revenue of TL 124,399mn, broadly in line with expectations, while EBITDA came in 17% below consensus at TL 5,307mn. On the bottom line, the company posted a net loss of TL 699mn versus consensus expectations of TL 407mn net profit (2Q25: TL 371mn net profit; 1Q26: TL 1,710mn net profit). Sales increased by 3% YoY and 6% QoQ, while intensified promotional activity and higher distribution...
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Coca-Cola İçecek announced 2Q26 net sales of TL 67.2 billion, up 6% in real terms, EBITDA of TL 14.9 billion, up 26%, and net profit of TL 8.3 billion, up 24%. Revenue came in 1% below the market estimate, broadly in line, while EBITDA and net profit beat expectations by 7% and 5%. The above-expectation EBITDA and net profit reflected the quarter's margin performance. In a period when consolidated sales volume...
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Koton reported TL9.1bn in revenue, TL1.7bn in EBITDA and a TL49mn net loss in 2Q26. Revenue was in line with both our and the market’s TL9.0bn expectations, while EBITDA came in c.11% below the TL1.9bn forecasts. The net result was also below our TL47mn net profit estimate and the market consensus of TL30mn. Weak domestic demand and increased promotional activity weighed on operating performance, while lower...
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Good morning. While U.S. indices renewed their record highs yesterday, European equities are also trying to hold near their peak levels. Oil prices rose somewhat following the U.S. threat to extend its sanctions on Iran indefinitely. Despite this, U.S. and European futures are in positive territory this morning, while Asian markets are showing a mixed performance. In Borsa Istanbul, the BIST 100 managed to hold...
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Macro and Politics * The CBT will release the results of the Survey of Market Participants for August @ 10:00 local time. According to the CBT’s July 2026 Survey of Market Participants, respondents’ end-2026 CPI inflation expectation edged up to 29.2% from 29.1%, while the end-2027 expectation rose marginally to 21.5% from 21.4%. The 12-month-ahead inflation expectation increased to 24% from 23.8%, whereas the...
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Good morning. Global risk appetite remains balanced, while we are seeing a slight pullback in oil prices and an effort by US and European futures to hold near record-high levels. Following yesterday’s limited decline in US CPI, today’s PPI data, for which a more pronounced moderation is expected, will be closely monitored. We are seeing expectations for Fed rate hikes being pushed back from the October/December...
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Sabancı Holding reported TL14.2bn in consolidated net profit in 2Q26. This marked a significant improvement from TL2.3bn in the same period last year. The largest contributor to the increase was the TL8.9bn gain recorded from the disposal of the company’s stake in Akçansa. The decline in monetary losses to TL7.4bn from TL12.7bn also supported net profit, while higher tax expenses limited the improvement. Excluding...
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