Tab Gıda (TABGD) 2Q26 Financial Results

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% above the market consensus and 5% above our forecast, while EBITDA reached TL3,652mn, exceeding the market expectation by 5% and our estimate by 6%. In real terms, net sales increased by 10.6% y/y, EBITDA by 9.9% y/y and net income by 1% y/y. The EBITDA margin remained broadly flat on an annual basis at 22.5%, while improving by 5.5pp compared to the previous quarter. In addition to the strong operating performance, income generated from investing activities also contributed to the better-than-expected net income. Following the 2Q26 results, we maintain our BUY recommendation and 12-month target price of TL411 per share for TAB Gıda.