Company/Industry Reports

We view Pegasus' 3Q26 financial results as slightly positive, driven by stronger-than-expected revenues and profitability despite continued YoY margin pressures. The company reported TL11.3bn net profit, exceeding our estimate of TL9.7bn by 16% and the market expectation of TL8.9bn by 27%. Revenues of TL72.2bn and EBITDA of TL22.2bn came in above both our estimates and market expectations. Strong passenger...
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We view Astor Enerji's 3Q26 financial results as neutral, considering the significant deterioration in net profit despite strong revenue growth and operational profitability. The company reported TL3.18bn net loss, against our expectation of TL2.5bn net profit. Revenues increased by 33% YoY in real terms to TL13.3bn, exceeding our estimate by 7%, while EBITDA reached TL4.4bn, broadly in line with our...
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Koç Holding reported consolidated net income of TL34.9bn in 3Q26, up from TL9.9bn a year earlier. The energy segment, led by Tüpraş’s strong performance, was the main driver of earnings growth. Lower net financing expenses and the gain on the sale of Koç Finansman also supported earnings, while wider losses in consumer durables and a negative contribution from financial services partly offset the improvement. We...
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Tüpraş reported revenue of TL474.4bn, EBITDA of TL88.7bn and net income of TL68.7bn in 3Q26. All three figures exceeded both our estimates and market expectations. Strong product margins and high capacity utilization supported operating performance, while higher financial income also contributed to earnings. The strong margin environment highlighted in our September report continued into the third quarter....
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We view Ford Otosan's 3Q26 financial results as slightly positive, reflecting stronger-than-expected profitability and a QoQ recovery. We believe the prolonged decline in the share price has largely priced in the challenging operating environment, while we expect the recovery in 2027 to be gradual. Based on the latest financial results and revisions to our growth and profitability assumptions for the coming...
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We maintain our Neutral view on Coca-Cola İçecek's (CCOLA) 3Q26 financial results, as operating profitability fell short of expectations despite solid volume performance. In the third quarter, the company reported net sales revenue of TL 68.4bn, up 1% YoY, EBITDA of TL 12.6bn, down 17.1% YoY, and net income of TL 7.8bn, declining 16.4% YoY. Net sales and EBITDA came in 3.3% and 10.7% below our estimates,...
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Koton reported revenue of TL9.3bn, EBITDA of TL1.6bn and a net loss of TL604mn in 3Q26. Revenue and the net loss were close to expectations, while EBITDA exceeded our estimate by 8% and the market forecast by 9%. Weak domestic demand weighed on operating margins. Although financing costs declined from TL1.0bn a year earlier to TL791mn, lower monetary gains weighed on net earnings. Management lowered its full-year...
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Doğan Holding reported revenue of TL30.0bn, EBITDA of TL6.0bn and net profit of TL2.0bn in 3Q26. Net profit rose from TL165mn a year earlier, supported by stronger operations and investment income. Financing costs and tax expenses limited the improvement. We view the results positively, as the clear improvement in operating margins points to a strong quarter. Following the results, we maintain our 12-month target...
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