All Newsletters

We assess Pegasus’ 4Q25 results as negative, as both operational performance and net profitability came in below our expectations. The company reported TL424mn in net profit in the final quarter, significantly below our estimate of around TL1.7bn and also below the market consensus of TL466mn. The deviation in net profit was mainly driven by weaker-than-expected operational performance and differences in one-off...
Read More

Migros reported 4Q25 results above market expectations. Revenues came in at TL105.1bn (Expectation: TL102.7bn), EBITDA at TL7.5bn (Expectation: TL7.0bn), and net income at TL939mn (Expectation: TL777mn). Continued market share gains, the increasing contribution of digital channels, and still-strong 2026 guidance further support our investment case. Reflecting the updated figures in our model and rolling our...
Read More

Good morning. Despite the ongoing geopolitical tension, we are seeing signs of a rebound this morning across U.S. and European futures as well as Asian equities. The heavy flow of Middle East-related headlines is likely to continue and keep volatility elevated; however, the market is starting the day on a positive note. Since this positive tone is not backed by any concrete news flow or new development, we believe...
Read More

* The Treasury and Finance Ministry will release February cash budget figures @ 17:30 local time. The central government budget posted a deficit of TL214.5bn in January, while the primary balance recorded a surplus of TL241.8bn. Accordingly, the 12-month cumulative budget deficit edged up modestly from TL1.8tn to TL1.87tn, whereas the primary surplus widened markedly from TL255.3bn to TL473.4bn. The Treasury cash...
Read More

We evaluate Turkish Airlines’ 4Q25 results as slightly positive. The company reported TL37.1bn in net profit, exceeding our estimate by 61%, while operational performance came largely in line with our expectations. The strong deviation on the bottom line was mainly driven by income from investment activities and one-off items, whereas operationally the company continued to deliver growth despite the relatively low...
Read More

Sabancı Holding reported TL4.6bn consolidated net profit in 4Q25 (Consensus: TL412mn). Excluding the TL2.5bn net negative impact stemming from the suspension of inflation accounting in statutory (VUK) accounts—including the effect on asset revaluations—adjusted net profit amounted to TL7.2bn in 4Q. Results came in materially above market expectations. The easing of the net monetary loss position versus last year...
Read More

*Following the sharp rise in oil prices triggered by escalating US–Iran tensions, a Presidential Decree published in the Official Gazette introduced revisions to the échelle mobile tax mechanism applied to gasoline, diesel and LPG products. Under the new framework, if increases in international oil prices or exchange rates lead to a rise in domestic refinery gate prices, the Special Consumption Tax (SCT) applied to...
Read More

Good morning. Geopolitical stress continues, but the fact that markets have already priced in some of the risk—and that the latest news flow has not brought any additional negative surprises—has triggered a rebound in equities. We can also say that macro data and corporate financials have supported this rebound. After four days of weakness in U.S. equities, part of the losses was recouped yesterday, and Europe...
Read More