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Turkish Airlines (THYAO) 3Q26 Financial Results

Tacirler Investment

We view Turkish Airlines’ 3Q26 financial results as slightly positive, driven by stronger-than-expected net profit and operational performance in line with our estimates. Strong passenger and cargo revenues supported growth, while we positively view operational performance remaining in line with our expectations despite cost pressures, alongside the earnings beat. We believe the company maintains its medium- to long-term potential, supported by its extensive flight network, strong demand and contribution from cargo operations. Accordingly, we maintain our BUY recommendation and 12-month target price of TL414 per share for Turkish Airlines, which remains in our model portfolio.

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