Turkish Airlines (THYAO) 3Q25 Financial Results

We evaluate Turkish Airlines’ 3Q25 financial results as neutral. Although net profit exceeded expectations during the period, the cost pressures seen on the EBITDA side limited profitability outlook. We maintain our 12-month target price of TL 439 per share and our “BUY” recommendation, keeping Turkish Airlines in our model portfolio due to its long-term growth potential and strategic roadmap.