Teknosa (TKNSA) 3Q25 Financial Results

Teknosa reported revenues of TL 19.9bn in 3Q25 (q/q 5%, y/y -6%), EBITDA of TL 1.2bn with a 6.1% margin (q/q 26%, y/y 35%), and a net loss of TL 231mn. The results came in slightly above our expectations (Tacirler estimate: TL 19.5bn in revenues, TL 1.0bn in EBITDA, and a TL 300mn net loss). On the operational side, a higher-margin product mix, disciplined campaign management, and improvements in operating expenses supported EBITDA. However, the high interest rate environment, credit card-related costs, and items stemming from inflation accounting continued to weigh on the bottom line. We do not see a deviation significant enough to change our investment thesis. Since there is no meaningful change in the outlook, we maintain our target price at TL 39.00 and, implying c. 57% upside to the last close, we continue to keep Teknosa in our Model Portfolio.