Turk Tractor (TTRAK) 4Q25 Financial Results

Turk Tractor reported its 4Q25 financial results with a net loss of TL 502mn, significantly below market expectations, and we view the results as negative. The market consensus had pointed to a net profit of TL 4mn, while our house estimate was a net profit of TL 201mn. In an environment where weak demand conditions and cost pressures continue to weigh on profitability, we revise our forecasts in line with updated expectations. We maintain our 12-month target price of TL 680 per share and reiterate our HOLD recommendation. The company had reported a net profit of TL 413mn in the same period last year and TL 296mn in the previous quarter. The net loss was mainly driven by weaker operational profitability and higher tax expenses