MARKET WATCH (SEKER YATIRIM)

MARKET WATCH (SEKER YATIRIM)

MARKET WATCH - WEDNESDAY, MARCH 4, 2026
OUTLOOK:
THE BIST-100 INDEX STARTED TUESDAY NEGATIVELY, FOLLOWING A VOLATILE NEGATIVE INTRADAY TREND THEREAFTER TO CLOSE AT 12,933.40, DOWN 3.09%. THE TOTAL LOSS IN THE INDEX OVER THE PAST THREE TRADING DAYS, DUE TO SHARP SELL-OFFS, HAS EXCEEDED 945 POINTS (-6.8%). THE INDUSTRIAL INDEX FELL BY 1.78%, WHILE THE BANKING INDEX CONTINUED ITS NEGATIVE DIVERGENCE, DOWN 5.51%. THE SECTOR LOSING THE MOST VALUE WAS MINING WITH AN INDEX LOSS OF 7.39%, WHILE THE STRONGEST PERFORMANCE WAS SEEN IN THE CHEMICALS, PETROLEUM, AND PLASTICS INDEX, UP 2.20%. ON THE MACROECONOMIC DATA FRONT, ACCORDING TO DATA RELEASED YESTERDAY BY TURKSTAT, CPI ROSE BY 2.96% MONTHLY IN FEBRUARY, WHILE ANNUAL INFLATION ROSE TO 31.53% (FROM 30.65% PREVIOUSLY). MARKET EXPECTATIONS WERE FOR INFLATION TO RISE BY 3.00% MONTHLY AND 31.58% ANNUALLY (OUR EXPECTATION: 3.15% MONTHLY, 31.77% ANNUALLY). ALTHOUGH THE DATA, WHICH WAS SLIGHTLY BELOW EXPECTATIONS, SOMEWHAT LIMITED THE UPWARD RISKS IN THE MAIN TREND, IT WAS INSUFFICIENT TO SUPPORT RISK APPETITE IN THE STOCK MARKET. GLOBALLY, SELLING PRESSURE CONTINUED IN STOCK MARKETS YESTERDAY. PRESIDENT TRUMP STATED THAT THE RISE IN OIL PRICES FOLLOWING THE U.S. AND ISRAELI ATTACKS ON IRAN WOULD BE TEMPORARY AND THAT PRICES COULD FALL BELOW PREVIOUS LEVELS ONCE THE PROCESS ENDS. TRUMP ALSO ANNOUNCED THAT HE HAD ORDERED POLITICAL RISK INSURANCE AND GUARANTEES FOR MARITIME TRADE PASSING THROUGH THE GULF, AND THAT THE U.S. NAVY COULD ESCORT TANKER SHIPS IF NECESSARY. ALTHOUGH SOME INTRADAY LOSSES WERE RECOVERED AFTER TRUMP`S STATEMENTS, GLOBAL STOCK MARKETS CLOSED THE DAY LOWER. DESPITE THE GLOBAL SELL-OFF, THE U.S. STOCK MARKETS CLOSED WITH RELATIVELY LIMITED LOSSES, WITH THE DOW JONES INDEX DOWN 0.83%, THE S&P 500 INDEX DOWN 0.94%, AND THE NASDAQ INDEX DOWN 1.02%. SELLING WAS EVEN MORE SEVERE IN EUROPE, WITH THE GERMAN DAX INDEX FALLING 3.44% AND THE EURO STOXX 50 INDEX DOWN 3.64%. THE VIOP APRIL FUTURES INDEX CONTRACT ROSE 0.74% IN THE EVENING SESSION, RECOVERING SOME OF ITS INTRADAY LOSSES. AMID CONTINUED GEOPOLITICAL TENSION IN THE MIDDLE EAST THE IRANIAN SIDE HAS ANNOUNCED THAT 10 OIL TANKERS WERE STRUCK FOR ATTEMPTING TO PASS THROUGH THE STRAIT OF HORMUZ DESPITE A TRANSIT BAN. BRENT CRUDE OIL PRICES, WHICH FELL BELOW USD78 YESTERDAY FOLLOWING TRUMP`S STATEMENTS, ARE TRADING ABOVE USD82 AGAIN TODAY. RISING ENERGY PRICES REMAIN A SIGNIFICANT RISK FACTOR IN THE MARKETS. SHARP SELL-OFFS ARE BEING SEEN IN ASIAN STOCK MARKETS THIS MORNING. THE JAPANESE NIKKEI INDEX IS DOWN NEARLY 4%, WHILE THE SOUTH KOREAN KOSPI INDEX IS DOWN NEARLY 10%. IN FUTURES INDICES, THE U.S. FUTURES ARE TRADING NEGATIVELY, WHILE GERMAN DAX FUTURES CONTRACTS ARE SHOWING LIMITED POSITIVE PRICING. TODAY`S MACROECONOMIC DATA AGENDA INCLUDES NO SIGNIFICANT DOMESTIC DATA THAT COULD AFFECT MARKET TRENDS. HOWEVER, GLOBALLY, KEY EVENTS INCLUDE DEVELOPED COUNTRY SERVICES AND COMPOSITE PMI DATA, AS WELL AS THE U.S. ADP PRIVATE SECTOR EMPLOYMENT, WEEKLY MORTGAGE APPLICATIONS, AND THE FED`S BEIGE BOOK REPORT. LOCALLY, WE EXPECT THE BENCHMARK INDEX TO START NEGATIVELY TODAY AND EXPERIENCE VOLATILE INTRADAY TRADING. SUPPORT: 12,800 - 12,700 RESISTANCE: 13,100 - 13,300.
MONEY MARKET:
THE LIRA WAS NEGATIVE YESTERDAY, WEAKENING 0.09% AGAINST THE USD TO CLOSE AT 43.9812. THE CURRENCY ALSO APPRECIATED BY 0.40% AGAINST A BASKET OF $0.50 AND €0.50. MEANWHILE, THE LOCAL FIXED INCOME MARKETS WERE NEGATIVE. THE TEN-YEAR BENCHMARK BOND WAS TRADED WITHIN A RANGE OF 30.44%-30.87%, ENDING THE DAY AT A HIGH OF 30.87%, 32 BPS ABOVE ITS PREVIOUS CLOSING.
HEADLINES:
*** CPI INCREASES BY 2.96% MONTH-ON-MONTH AND 31.53% YEAR-ON-YEAR IN FEBRUARY. FOR THE MONTH, THE AVERAGE INFLATION RATES FOR FOOD, HOUSING AND TRANSPORT ARE SIGNIFICANTLY ABOVE HEADLINE FIGURES: CPI ROSE BY 2.96% IN FEBRUARY COMPARED TO THE PREVIOUS MONTH, WHILE ANNUAL INFLATION STOOD AT 31.53% (PREVIOUSLY 30.65%). MARKET EXPECTATIONS WERE FOR INFLATION TO INCREASE BY 3% MONTHLY AND 31.58% ANNUALLY (SEKER INVEST EXPECTATION WAS 3.15% MONTHLY AND 31.77% ANNUALLY). THE FIGURES, WHICH WERE SLIGHTLY BELOW MARKET AND OUR EXPECTATIONS, HAVE LIMITED THE UPSIDE RISKS IN THE MAIN TREND. LOOKING AT THE DIFFUSION INDEX FOR FEBRUARY, 147 SUB-INDICES RECORDED INCREASES, WHILE 27 SHOWED DECLINES. TURNING TO THE INFLATION INDEX, WHICH IS MORE PRONOUNCED IN THE CONSUMPTION GROUP RATHER THAN HEADLINE INFLATION, THERE IS ALSO A DIVERGENCE. THE INCREASE IN ITEMS THAT CONSTITUTE THE MAJORITY OF THE CONSUMPTION BASKET FOR THE LOW-INCOME GROUP DEVIATES SIGNIFICANTLY UPWARDS FROM HEADLINE INFLATION. FOOD, HOUSING AND TRANSPORT, WHICH CONSTITUTE THE MAIN EXPENDITURE BASKET FOR THIS GROUP, HAVE A 52.46% WEIGHT IN THE CPI INDEX. THIS INDEX, CREATED USING THE AVERAGE FOOD, HOUSING AND TRANSPORT INFLATION, ROSE BY 35.32% YEAR-ON-YEAR IN FEBRUARY. THE PRICE DYNAMICS THIS MONTH CAN BE SUMMARIZED AS FOLLOWS. FOLLOWING JANUARY`S 6.59%, FOOD AND NON-ALCOHOLIC BEVERAGES CONTINUED THEIR UPWARD MOMENTUM IN FEBRUARY AT 6.89%, WITH ANNUAL INFLATION AT 36.44%. IN INSURANCE AND FINANCIAL SERVICES, INFLATION STOOD AT 8.02% IN FEBRUARY, WITH CUMULATIVE INFLATION FOR THE FIRST TWO MONTHS OF THE YEAR AT 19.7%. INFLATION DYNAMICS IN FOOD AND SERVICES KEEP RISKS IN THE MAIN TREND INDICATORS ALIVE. OF THE MONTHLY INFLATION RATE OF 2.96%, 2.4 POINTS COME FROM FOOD, HOUSING AND TRANSPORT ITEMS. THE MONTHLY INFLATION RATE FOR THE B INDEX (CORE INFLATION), WHICH IS THE SPECIAL COMPREHENSIVE CPI INDICATOR, WAS 2.16%, WHILE THE ANNUAL INFLATION RATE WAS 29.91%. THE RATE OF DISINFLATION IN THE CORE INDICATORS IS SIGNIFICANTLY BETTER THAN THE HEADLINE FIGURES. THIS GIVES US A CLUE AS TO WHERE THE FOCUS OF THE FIGHT AGAINST INFLATION SHOULD LIE. THERE ARE MORE POSITIVE DEVELOPMENTS IN REGULATED AREAS SUCH AS EDUCATION AND RENT. IN PARTICULAR, INFLATION IN EDUCATION, WHICH WAS 6.61% IN JANUARY, FELL TO 3.97% IN FEBRUARY. AS THIS AREA IS INCLUDED IN THE EXPENDITURE ITEMS OF ALMOST ALL INCOME GROUPS, THE SLOWDOWN IN THIS AREA IS CRITICAL IN TERMS OF THE MAIN INFLATION TREND. HOUSING INCREASED BY 2.4% THIS MONTH, BELOW HEADLINE INFLATION, ALTHOUGH ANNUAL INFLATION REMAINS HIGH AT 42.33%. EXCLUDING CLOTHING AND FOOTWEAR, PRICES INCREASED IN ALL SPENDING GROUPS THIS MONTH. TRANSPORT PRINTED BELOW HEADLINE FIGURES THIS MONTH AT 2.58% AND 28.86% ANNUALLY. THE MAIN INFLATION TREND AND EXPECTATIONS ARE CONSIDERED INDICATORS OF THE MONETARY POLICY STANCE, AND WE NOTE A LIMITED INCREASE IN THE MAIN TREND THIS MONTH. ON THE OTHER HAND, RECENT GEOPOLITICAL RISKS CONTINUE TO POSE PRESSURE RISKS, PARTICULARLY ON COMMODITY AND ENERGY PRICES. ALTHOUGH IT IS TOO EARLY TO PREDICT THE NET IMPACT, THERE IS A DIFFERENCE OF AROUND 30% BETWEEN THE CBRT`S ASSUMPTION FOR OIL PRICES AND THE CURRENT FIGURES. EVEN IF IT REMAINS AT THESE LEVELS, THIS AREA WILL ADD APPROXIMATELY 4-5 POINTS OF ADDITIONAL PRESSURE TO INFLATION. IN THIS CONTEXT, WE CAN SAY THAT THE OUTLOOK FOR THE CBRT`S MARCH MEETING, FROM WHICH A 50-100 BASIS POINT CUT HAD BEEN EXPECTED, HAS CHANGED. EVEN IF RISKS REMAIN AT THESE LEVELS, THE LIKELIHOOD OF AN INTEREST RATE CUT IN MARCH HAS FALLEN TO VERY LOW LEVELS. ASSUMING THAT THE OPERATIONS TRIGGERED BY THE IRAN TENSION WILL LAST AT LEAST 4-5 WEEKS, IF NO AGREEMENT IS REACHED, THE INTEREST RATE CUT WILL BE SHELVED. IN A MORE NEGATIVE SCENARIO (IF ATTACKS CONTINUE TO ESCALATE), WE MAY SEE TIGHTER MEASURES FROM THE CBRT. ALTHOUGH SOME MEASURES HAVE BEEN TAKEN TO LIMIT VOLATILITY, THESE CAN BE CONSIDERED WAIT-AND-SEE STEPS. CURRENTLY, MONTHLY PRICE DEVELOPMENTS ARE OVERSHADOWED BY GEOPOLITICAL RISKS, AND INTEREST RATE DECISIONS WILL BE MADE BASED ON THESE DEVELOPMENTS. FOR OUR DETAILED ANALYSIS, PLEASE CLICK THE LINK
SECTOR NEWS:
*** FEBRUARY 2026 DOMESTIC AUTOMOTIVE MARKET RESULTS: ACCORDING TO THE DOMESTIC RETAIL SALES FIGURES RELEASED BY THE AUTOMOTIVE DISTRIBUTORS AND MOBILITY ASSOCIATION (ADMA), THE AUTOMOTIVE MARKET FOR PCS AND LCVS IN FEBRUARY 2026 RECORDED A YOY DECREASE OF 2.97%, TOTALING 88,039 UNITS (FEBRUARY 2025: 90,730 UNITS). RETAIL SALES OF PCS DECLINED BY 8.21% YOY, DECREASED FROM 76,021 UNITS IN FEBRUARY LAST YEAR TO 69,776 UNITS THIS FEBRUARY. RETAIL SALES OF LCVS ROSE BY 24.16% YOY FROM 14,709 UNITS IN FEBRUARY 2025 TO 18,263 UNITS THIS FEBRUARY. FROM JANUARY TO FEBRUARY 2026, THE AUTOMOTIVE MARKET FOR PCS AND LCVS ROSE BY 2.52% YOY, RISING TO 163,401 UNITS (FEBRUARY 2025: 159,384 UNITS). FOR THE SAME PERIOD IN 2026, RETAIL SALES OF PCS SHOWED A MARGINAL DECREASE OF 0.86% FROM 131,965 UNITS IN THE PREVIOUS YEAR TO 130,831 UNITS. RETAIL SALES OF LCVS EXPERIENCED AN INCREASE OF 18.79% FROM 27,419 UNITS LAST YEAR TO 32,570 UNITS THIS YEAR.
TOFAS`S (TOASO.TI OP) FCA-BRANDED PC SALES DECLINED ON A MONTHLY BASIS FROM 5,167 UNITS IN FEBRUARY 2025 TO 4,423 UNITS IN FEBRUARY 2026, REFLECTING A 14.4% YOY CONTRACTION. IN CONTRAST, PSA-BRANDED PC SALES INCREASED BY 35.4% YOY TO 12,768 UNITS. TOFAS`S FCA-BRANDED LCV SALES SHOWED STRONG GROWTH, RISING 70.2% YOY TO 3,627 UNITS (FEBRUARY 2025: 2,131 UNITS). PSA-BRANDED LCV SALES ALSO EXPANDED BY 63.3% YOY TO 5,718 UNITS.
FORD OTOSAN`S (FROTO.TI OP) LCV SALES DECLINED BY 19.8% YOY TO 4,069 UNITS IN FEBRUARY. IN THE 2M26 PERIOD, FORD OTOSAN`S RETAIL LCV SALES DECREASED BY 21.5% YOY TO 7,559 UNITS.
DOGUS OTOMOTIV`S (DOAS.TI OP) PC SALES DECLINED SLIGHTLY FROM 10,046 UNITS IN FEBRUARY 2025 TO 9,943 UNITS IN FEBRUARY 2026, MARKING A 1.0% YOY DECREASE. LCV SALES INCREASED BY 0.4% YOY TO 1,227 UNITS IN FEBRUARY 2026. IN THE 2M26 PERIOD, PC RETAIL SALES EDGED DOWN 0.1% YOY TO 18,443 UNITS, WHILE LCV RETAIL SALES ROSE 10.7% YOY TO 2,506 UNITS.
IN TERMS OF MARKET SHARE, DOGUS OTOMOTIV MAINTAINED A FLAT PERFORMANCE IN FEBRUARY 2026 AT 12.7%. FORD OTOSAN`S MARKET SHARE CONTRACTED BY 2.2 PP YOY TO 5.8%. TOFAS`S MARKET SHARE INCREASED SIGNIFICANTLY BY 7.8 PP YOY, RISING FROM 22.3% TO 30.1%. IN THE JANUARY-FEBRUARY 2026 PERIOD, DOGUS OTOMOTIV`S MARKET SHARE SLIGHTLY DECLINED TO 12.8%, WHILE FORD OTOSAN`S SHARE FELL TO 6.4%. TOFAS`S MARKET SHARE EXPANDED BY 3.3 PP YOY, INCREASING FROM 25.1% TO 28.4% (SLIGHTLY NEGATIVE FOR FORD OTOSAN, POSITIVE FOR TOFAS, NEUTRAL FOR DOGUS OTOMOTIV).
COMPANY NEWS:
COCA-COLA ICECEK (CCOLA.TI OP) BOARD OF DIRECTORS HAS RESOLVED TO ELECT MR. AHMET KURSAD ERTIN, CURRENT CHIEF OPERATING OFFICER OF CCI, TO SUCCEED MR. KARIM YAHI, WHO HAS BEEN SERVING AS CCI`S CEO SINCE SEPTEMBER 2023. THE TRANSITION WILL BE EFFECTIVE AS OF JULY 1ST 2026.
COCA-COLA ICECEK (CCOLA.TI OP) HAS RESOLVED TO PROPOSE TO THE GENERAL ASSEMBLY THE DISTRIBUTION OF A TOTAL GROSS DIVIDEND OF TRY 4,001,252,400.86, TO BE FULLY COVERED FROM ITS 2025 NET PROFIT FOR THE PERIOD. A GROSS CASH DIVIDEND OF TRY 1.4300 (TRY 1.2155 NET) WILL BE PAID PER 100 SHARES WITH A NOMINAL VALUE OF TRY 1.00. BASED ON THE CLOSING PRICE AS OF 3 MARCH 2026, THE TOTAL GROSS CASH DIVIDEND PER SHARE IMPLIES A DIVIDEND YIELD OF 1.85%. THE PROPOSED EX-DIVIDEND DATE IS MAY 12, 2026.
COCA-COLA ICECEK (CCOLA.TI OP) REPORTED A CONSOLIDATED NET LOSS OF TRY 605MN IN 4Q25 UNDER TAS-29, COMPARED TO THE MEDIAN MARKET EXPECTATION OF A TRY 1,585MN NET INCOME AND OUR FORECAST OF A TRY 1,677MN NET INCOME (4Q24: TRY 460MN NET LOSS). DESPITE SOLID OPERATING PROFITABILITY SUPPORTED BY STRONG GROSS MARGINS AND SALES REVENUE GROWTH, THE BOTTOM-LINE MISS WAS PRIMARILY DRIVEN BY WEAKER MONETARY GAINS, TRY 1,889MN IN NET FX EXPENSES, AND HIGHER-THAN-EXPECTED TAX EXPENSES.
CCI`S CONSOLIDATED SALES VOLUME ROSE BY 5.4% YOY IN 4Q25 TO 285MN UNIT CASES (4Q24: 271MN), DRIVEN BY STRONG INTERNATIONAL OPERATIONS. TURKIYE VOLUMES DECLINED BY 3.6% YOY TO 100MN UNIT CASES (4Q24: 104MN), WHILE INT`L VOLUMES ROSE 11.0% YOY TO 185MN UNIT CASES. FOR FULL-YEAR 2025, CONSOLIDATED SALES VOLUME ROSE 8.0% YOY TO 1,622MN UNIT CASES. TURKIYE VOLUMES DECLINED 1.0% YOY TO 562MN UNIT CASES EXCLUDING THE WATER CATEGORY, TOTAL VOLUMES INCREASED 3.8% YOY. INT`L VOLUMES EXPANDED 13.5% YOY TO 1,060MN UNIT CASES, WITH KAZAKHSTAN, UZBEKISTAN, PAKISTAN, IRAQ, AND AZERBAIJAN CONTRIBUTING VOLUME GROWTH OF 15.5%, 33.7%, 1.3%, 12.0%, AND 8.1%, RESPECTIVELY.
UNDER TAS-29, CONSOLIDATED NET SALES REVENUE REACHED TRY 35,701MN IN 4Q25 (RT MEDIAN: TRY 33,878MN SEKER: TRY 33,735MN). SALES REVENUES FROM TURKIYE OPERATIONS GREW 10.8%, WHILE INT`L REVENUES INCREASED 40.4% YOY. THE CONSOLIDATED GROSS MARGIN IMPROVED BY 720BPS YOY TO 38.1%, SUPPORTED BY A STRONG NET SALES PERFORMANCE AND EFFECTIVE COST CONTROL IN INTERNATIONAL OPERATIONS. CONSOLIDATED EBITDA SURGED 179% YOY TO TRY 5,534MN (4Q24: TRY 1,980MN), ABOVE THE RT MEDIAN EXPECTATION OF TRY 4,521MN AND OUR FORECAST OF TRY 4,860MN. THE EBITDA MARGIN EXPANDED 870BPS YOY TO 15.5%.
CONSOLIDATED NET DEBT STOOD AT USD 595MN AT END-4Q25. NET DEBT/EBITDA IMPROVED TO 0.77X AT YEAR-END 2025 (2024: 1.02X). FCF TURNED POSITIVE TO TRY 2.8BN IN 2025 (2024: NEGATIVE TRY 2.9BN), SUPPORTED BY IMPROVEMENTS IN THE NET WORKING CAPITAL TO SALES RATIO AND DISCIPLINED CAPEX SPENDING (EXCLUDING TAS-29 IMPACT: TRY 7.1BN).
CCI`S 2026 EXPECTATIONS: CCI EXPECTS MID-SINGLE-DIGIT CONSOLIDATED VOLUME GROWTH, DRIVEN BY LOW-TO-MID SINGLE-DIGIT GROWTH IN TURKIYE AND HIGH-SINGLE-DIGIT GROWTH IN INTERNATIONAL OPERATIONS. UNDER TAS-29, THE COMPANY GUIDES FOR FLAT EBIT MARGINS AND MID-SINGLE-DIGIT NSR/UC GROWTH IN 2026. EXCLUDING TAS-29 EFFECTS, MANAGEMENT EXPECTS LOW-TO-MID TEENS GROWTH IN FX-NEUTRAL NSR/UC, WITH FLAT EBIT MARGINS. THE CAPEX/SALES RATIO IS PROJECTED TO REMAIN IN THE HIGH SINGLE DIGITS BOTH INCLUDING AND EXCLUDING TAS-29 EFFECTS (SLIGHTLY NEGATIVE).
MIGROS (MGROS.TI OP) IS TO ANNOUNCE ITS 4Q25 RESULTS AFTER THE CLOSE OF THE TR MARKETS. FOR 4Q25, WE EXPECT NET SALES OF TRY 102,550MN (MARKET AVERAGE EXPECTATION: TRY 102,646MN). ON THE EBITDA SIDE, THE AVERAGE MARKET EXPECTATION IS TRY 7,016MN, WHILE OUR EXPECTATION IS TRY 7,049MN. AS A RESULT, WE EXPECT THE COMPANY TO PRINT A NET PROFIT OF TRY 748MN (AVERAGE MARKET EXPECTATION: TRY 752MN).
ERDEMIR (EREGL.TI MP): THE BOARD OF DIRECTORS HAS PROPOSED A CASH DIVIDEND OF TRY 0.55 GROSS (TRY 0.4675 NET) PER SHARE FROM 2025 EARNINGS, SUBJECT TO GENERAL ASSEMBLY APPROVAL. THE TOTAL DIVIDEND DISTRIBUTION AMOUNTS TO TRY 3.85BN, WHILE THE PAYMENT DATE WILL BE DETERMINED BY THE BOARD FOLLOWING THE GENERAL ASSEMBLY.
PEGASUS (PGSUS.TI OP) IS TO ANNOUNCE ITS 4Q25 RESULTS AFTER THE CLOSE OF THE TR MARKETS. FOR 4Q25, WE EXPECT NET SALES OF EUR 795MN (MARKET AVERAGE EXPECTATION: EUR 799MN). ON THE EBITDA SIDE, THE AVERAGE MARKET EXPECTATION IS EUR 144MN, WHILE OUR EXPECTATION IS EUR 150MN. AS A RESULT, WE EXPECT THE COMPANY TO PRINT A NET LOSS OF EUR 14.7MN (MARKET EXPECTATION: EUR 4MN NET PROFIT).
TURK TELEKOM (TTKOM.TI OP) IS EXPECTED TO ANNOUNCE ITS 4Q25 FINANCIAL RESULTS TODAY AFTER THE CLOSE OF TURKISH MARKETS. WE EXPECT THE COMPANY TO REPORT NET SALES OF TRY 64,589 MILLION IN 4Q25 (MARKET MEDIAN EXPECTATION: TRY 62,533 MILLION). ON THE EBITDA SIDE, WHILE THE MARKET MEDIAN EXPECTATION STANDS AT TRY 24,851 MILLION, OUR ESTIMATE IS TRY 25,357 MILLION. AS A RESULT, WE EXPECT THE COMPANY TO POST A NET PROFIT OF TRY 4,989 MILLION IN THE FOURTH QUARTER (MARKET MEDIAN EXPECTATION: TRY 3,030 MILLION).
TURKISH AIRLINES (THYAO.TI OP) IS TO ANNOUNCE ITS 4Q25 RESULTS AFTER THE CLOSE OF THE TR MARKETS. FOR 4Q25, WE EXPECT NET SALES OF USD 6,173MN (MARKET AVERAGE EXPECTATION: USD 6,175MN). ON THE EBITDA SIDE, THE AVERAGE MARKET EXPECTATION IS USD 1,243MN, WHILE OUR EXPECTATION IS USD 1,346MN. AS A RESULT, WE EXPECT THE COMPANY TO PRINT A NET PROFIT OF USD 610MN (MARKET EXPECTATION: USD 528MN).

SEKER YATIRIM MENKUL DEGERLER A.S
WWW.SEKERYATIRIM.COM.TR

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YASAL UYARI

BURADA YER ALAN YATIRIM BILGI, YORUM VE TAVSIYELER YATIRIM DANISMANLIGI KAPSAMINDA DEGILDIR.YATIRIM DANISMANLIGI HIZMETI ARACI KURUMLAR, PORTFOY YONETIM SIRKETLERI, MEVDUAT KABUL ETMEYEN BANKALAR ILE MUSTERI ARASINDA IMZALANACAK YATIRIM DANISMANLIGI SOZLESMESI CERCEVESINDE SUNULMAKTADIR.BURADA YER ALAN YORUM VE TAVSIYELER, YORUM VE TAVSIYEDE BULUNANLARIN KISISEL GORUSLERINE DAYANMAKTADIR.BU GORUSLER MALI DURUMUNUZ ILE RISK VE GETIRI TERCIHLERINIZE UYGUN OLMAYABILIR.BU NEDENLE, SADECE BURADA YER ALAN BILGILERE DAYANILARAK YATIRIM KARARI VERILMESI BEKLENTILERINIZE UYGUN SONUCLAR DOGURMAYABILIR.