Turk Traktor (TTRAK) 1Q26 Financial Results

We evaluate Turk Traktor’s 1Q26 financial results as negative, driven by a net loss close to market expectations but above our estimate, a sharp contraction in the domestic market, and continued weakness in operational profitability. Following the 1Q26 results, we revise our 12-month target price for TTRAK to TL 595 from TL 680, factoring in weak domestic demand, pressure on operational margins, and downward revisions to 2026 expectations, and we maintain our Hold recommendation given the limited upside potential.