Company/Industry Reports

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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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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Doğan Holding reported TL26.2bn in revenue, TL7.0bn in EBITDA and TL3.3bn in net profit in 2Q26. Revenue declined by 11% YoY in real terms. However, EBITDA increased by 18%, while the EBITDA margin improved to 27% from 20% a year ago. The strong increase in net profit was supported by better operating performance, higher investment income, lower financing expenses and TL1.6bn in deferred tax income. Following the...
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We assess TAB Gıda’s 2Q26 financial results as Slightly Positive, as the stronger-than-expected operating performance and solid sequential margin recovery were partly offset by the year-on-year weakening in cash flow generation. The company reported net income of TL1,514mn in 2Q26, exceeding the market median expectation of TL1,167mn by 30% and our estimate of TL1,150mn by 32%. Net sales came in at TL16,243mn, 3%...
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Teknosa posted TL22.6bn in revenue, TL742mn EBITDA and a TL986mn net loss in 2Q26. Revenue came in line with our TL22.6bn estimate, while EBITDA was slightly above our TL680mn forecast. The net loss, however, exceeded our TL749mn estimate. On an annual basis, revenue fell 3% and EBITDA declined 37%; the EBITDA margin narrowed to 3.3% from 5.1% a year earlier. Against this backdrop, we view the 2Q26 results as...
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