Teknosa (TKNSA) 2Q25 Financial Results

Teknosa delivered TL 17.7 bn in revenue for 2Q25 (q/q +1%, y/y flat) and TL 896 mn EBITDA (q/q +118%, y/y +93%), surpassing our expectations, yet reported a TL 542 mn net loss. The loss stemmed mainly from lower monetary gains, a decline in deferred tax income and several one-off expenses. Operationally, margins improved markedly on both annual and sequential bases. In the near term, a richer product mix should keep top-line momentum intact, while strict cost discipline is expected to buttress operating margins. Longer term, rising demand for digital transformation, higher consumer-electronics penetration and the continuing surge in e-commerce remain the pillars of the company’s growth story. Following the 2Q print we reiterate our BUY rating with a TL 39.00 target price and maintain Teknosa in our model portfolio.