Teknosa (TKNSA) 2Q26 Financial Results

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 marginally negative. Operationally, results are tracking in line with our expectations, while we will continue to monitor financial expenses through the remainder of the year. The stock's weak performance has been shaped by the pressure of the high interest rate environment on financial expenses and the persistent net loss. That said, efficiency initiatives have started to deliver on the operational side. We also expect the easing in interest rates to alleviate the pressure on financial expenses in the coming period. We therefore maintain our 12-month target price of TL34.60 and our BUY rating.