MARKET WATCH (SEKER YATIRIM)

MARKET WATCH (SEKER YATIRIM)

MARKET WATCH - THURSDAY, MARCH 5, 2026
OUTLOOK:
THE BIST-100 INDEX STARTED WEDNESDAY ON A NEGATIVE TREND, EXPERIENCING VOLATILE TRADING THROUGHOUT THE DAY. THE INDEX CLOSED AT 12,943.19, UP 0.08%. IN SECTORAL INDICES, THE INDUSTRIAL INDEX FELL BY 0.27%, WHILE THE BANKING INDEX CONTINUED ITS NEGATIVE DIVERGENCE, DOWN 0.71%. THE COMMUNICATIONS INDEX SAW THE BIGGEST DECLINE, FALLING BY 2.10%, WHILE THE STRONGEST PERFORMANCE WAS SEEN IN THE FINANCIAL LEASING AND FACTORING INDEX, WHICH ROSE BY 5.76%. GLOBALLY MIDWEEK, WE OBSERVED REBOUND RALLIES IN EQUITY MARKETS AFTER TWO DAYS OF WEAK RISK APPETITE. IN THE U.S., THE DOW JONES INDEX ROSE BY 0.49%, THE S&P 500 INDEX BY 0.78%, AND THE NASDAQ INDEX BY 1.29%. IN EUROPE, BUYING WAS STRONGER, WITH THE GERMAN DAX INDEX RISING BY 1.74% AND THE EURO STOXX 50 INDEX BY 1.75%. THE VIOP APRIL FUTURES INDEX CONTRACT ROSE 0.58% IN THE EVENING SESSION, WHICH WAS DOMINATED BY PURCHASING ACTIVITY. YESTERDAY, THE MINISTRY OF NATIONAL DEFENCE ANNOUNCED THAT A BALLISTIC MISSILE FIRED FROM IRAN AND DETECTED HEADING TOWARDS TURKISH AIRSPACE WAS NEUTRALIZED BY NATO AIR AND MISSILE DEFENSE ELEMENTS DEPLOYED IN THE EASTERN MEDITERRANEAN. FOLLOWING A MEETING WITH MINISTER OF FOREIGN AFFAIRS HAKAN FIDAN, U.S. SECRETARY OF STATE RUBIO STATED THAT ATTACKS ON TURKIYE`S SOVEREIGN TERRITORY WERE `UNACCEPTABLE` AND PLEDGED THE US`S FULL SUPPORT TO TURKIYE. ASIAN STOCK MARKETS ARE SHOWING A POSITIVE OUTLOOK AT THE START OF THE NEW DAY. THE SOUTH KOREAN KOSPI INDEX, TRADING WITH GAINS OF OVER 11%, HAS RECOVERED FROM YESTERDAY`S LOSSES. IN FUTURES MARKETS, THE U.S. AND EUROPEAN FUTURES ARE SHOWING LIMITED NEGATIVE PRICING THIS MORNING AFTER YESTERDAY`S GAINS. THE MACROECONOMIC DATA AGENDA FOR THE DAY INCLUDES WEEKLY MONEY AND BANKING STATISTICS DOMESTICALLY, AND EUROZONE RETAIL SALES, U.S. WEEKLY JOBLESS CLAIMS, AND A SPEECH BY ECB PRESIDENT LAGARDE ABROAD. LOCALLY, WE EXPECT THE BENCHMARK INDEX TO START THURSDAY POSITIVELY, FOLLOWED BY VOLATILE TRADING. SUPPORT: 12,800 - 12,700 RESISTANCE: 13,100 - 13,300.
MONEY MARKET:
THE LIRA WAS POSITIVE YESTERDAY, GAINING 0.03% AGAINST THE USD TO CLOSE AT 43.9688. THE CURRENCY ALSO DEPRECIATED BY 0.27% AGAINST A BASKET OF $0.50 AND €0.50. MEANWHILE, THE LOCAL FIXED INCOME MARKETS WERE POSITIVE. THE TEN-YEAR BENCHMARK BOND WAS TRADED WITHIN A RANGE OF 30.69%-31.10%, ENDING THE DAY AT A LOW OF 30.69%, 18 BPS BELOW ITS PREVIOUS CLOSING.
HEADLINES:
*** ACCORDING TO THE CIRCULAR PUBLISHED IN THE OFFICIAL GAZETTE, A SLIDING SCALE SYSTEM (ECHELLE MOBILE) HAS BEEN INTRODUCED FOR FUEL PRICES. UNDER THIS SYSTEM, IN THE EVENT OF AN INCREASE DUE TO INTERNATIONAL OIL PRICES OR EXCHANGE RATES, THE SPECIAL CONSUMPTION TAX APPLICABLE TO THE GOODS IN QUESTION WILL BE REDUCED BY 75% OF THE ACTUAL INCREASE (AND SIMILARLY REDUCED BY 75% IN THE EVENT OF A PRICE DECREASE). THE IMPACT OF INCREASES AND VOLATILITY IN OIL PRICES ON CONSUMER PUMP PRICES WILL BE OFFSET BY WAIVING TAX REVENUES. ALTHOUGH THE PRICE INCREASES REFLECTED IN THE BUDGET RATHER THAN ON CONSUMERS WILL HAVE AN INFLATIONARY EFFECT IN THE LONG TERM, THEIR SHORT-TERM EFFECT WILL BE TO ALLEVIATE INFLATIONARY PRESSURE. THIS IS A POSITIVE DECISION IN TERMS OF LIMITING RISKS TO MONETARY POLICY AND PRICING BEHAVIOR.
COMPANY NEWS:
AKSA ENERGY (AKSEN.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 10,236 MILLION IN 4Q25 (MARKET MEDIAN EXPECTATION: TRY 10,046 MILLION). ON THE EBITDA SIDE, WHILE THE MARKET MEDIAN EXPECTATION STANDS AT TRY 3,086 MILLION, OUR ESTIMATE IS TRY 3,284 MILLION. AS A RESULT, WE EXPECT THE COMPANY TO POST A NET PROFIT OF TRY 1,385 MILLION IN THE FOURTH QUARTER (MARKET MEDIAN EXPECTATION: TRY 969 MILLION).
GARANTI BBVA (GARAN.TI OP) IS TO PROPOSE TO THE GENERAL ASSEMBLY THE DISTRIBUTION OF A GROSS CASH DIVIDEND OF TRY 5.2668872 (TRY 4.4768541 NET) PER SHARE WITH A PAR VALUE OF 1 TL. BASED ON THE CLOSING PRICE AS OF 04 MARCH 2026, THE TOTAL GROSS CASH DIVIDEND PER SHARE IMPLIES A DIVIDEND YIELD OF 3.8%. THE PROPOSED EX-DIVIDEND DATE IS APRIL 07, 2026.
MIGROS (MGROS.TI OP) HAS ANNOUNCED THAT IN FEBRUARY, 17 NEW STORES (9 MIGROS, 7 MIGROS JET, 1 MION) AND 2 DISTRIBUTION CENTERS WERE OPENED. THE TOTAL NUMBER OF STORES REACHED 3,797 AS OF 28 FEBRUARY 2026.
MIGROS (MGROS.TI OP) HAS REPORTED A NET PROFIT OF TRY 864MN IN 4Q25, 15% ABOVE THE AVERAGE RT EXPECTATION OF TRY 752MN AND OUR EXPECTATION OF TRY 748MN ACCORDING TO IAS-29, REPRESENTING A 9.3% DECREASE YOY (4Q24: TRY 4,208MN NET PROFIT). INCLUDING IAS-29 EFFECTS, THE COMPANY ACHIEVED NET SALES REVENUE OF TRY 105,068MN, A 7.7% INCREASE YOY (4Q24: TRY 97,573MN) (RT AVERAGE: TRY 102,646MN, SEKER: TRY 102,550MN). INCLUDING IAS-29, THE COMPANY GENERATED EBITDA OF TRY 7,509MN IN 4Q25 (4Q24: TRY 6,652MN) (RT AVERAGE: TRY 7,016MN, SEKER: TRY 7,049MN). 2026 EXPECTATIONS: MIGROS EXPECTS REAL SALES GROWTH OF 5%-7% AND AN EBITDA MARGIN OF 6%-7% IN 2026, INCLUDING IAS-29. EXCLUDING THE EFFECTS OF IMPUTED INTEREST RATES AND INVENTORY INFLATION ADJ. IMPACTS, THE EXPECTED EBITDA MARGIN IS IN THE RANGE OF 4%-5%. MIGROS PLANS TO OPEN 180-200 NEW STORES BY THE END OF 2026, WHILE SETTING ITS CAPITAL EXPENDITURE-TO-SALES RATIO FORECAST AT 2.5%-3.0%. (POSITIVE).
PETKIM (PETKM.TI MP): ACCORDING TO INFLATION-ADJUSTED FINANCIALS (TMS-29), THE COMPANY REPORTED A NET LOSS OF TRY 5,250MN IN 4Q25, SIGNIFICANTLY ABOVE OUR EXPECTATION OF A TRY 1,071MN LOSS AND THE MARKET MEDIAN ESTIMATE OF A TRY 2,084MN LOSS. THE COMPANY`S 4Q25 EBITDA CAME IN AT TRY -1,664MN. THE FIGURE WAS 15.9% ABOVE OUR ESTIMATE OF TRY -1,978MN, BUT 9.4% BELOW THE MARKET MEDIAN ESTIMATE OF TRY -1,521MN. NET SALES REACHED TRY 22,538MN, EXCEEDING OUR ESTIMATE BY 7% AND THE MARKET MEDIAN EXPECTATION BY 2%.
PEGASUS (PGSUS.TI OP) REPORTED A NET PROFIT OF €15MN IN 4Q25, REPRESENTING A 71% YOY DECLINE, BUT ABOVE THE MARKET CONSENSUS EXPECTATION OF €4MN (SEKER: €-15MN) (4Q24: €51MN). IN 4Q25, THE COMPANY POSTED A NET PROFIT OF €15MN, REFLECTING A 71% YOY DECLINE, MAINLY DUE TO WEAKER OPERATING PROFITABILITY STEMMING FROM RISING COST PRESSURES AS WELL AS A DECLINE IN OTHER OPERATING INCOME AND INCOME FROM INVESTMENT ACTIVITIES COMPARED TO THE SAME PERIOD OF THE PREVIOUS YEAR. DESPITE AN 18% YOY INCREASE IN ANCILLARY REVENUES (4Q24: €281MN, 4Q25: €332MN), ACTIONS TAKEN TO SUPPORT PASSENGER DEMAND PUT PRESSURE ON TICKET PRICES. AS A RESULT, DOMESTIC SCHEDULED REVENUES DECLINED BY 1% YOY IN € TERMS, WHILE INTERNATIONAL SCHEDULED PASSENGER REVENUES INCREASED BY 4% YOY IN € TERMS. ACCORDINGLY, TOTAL REVENUES INCREASED BY 8% YOY TO €814MN, SLIGHTLY ABOVE THE MARKET CONSENSUS OF €799MN AND OUR ESTIMATE OF €795MN. EBITDA REACHED €148MN IN 4Q25, PRINTING 3% ABOVE THE MARKET CONSENSUS OF €144MN, WHILE SLIGHTLY 1% BELOW OUR ESTIMATE OF €150MN. THE EBITDA MARGIN STOOD AT 18.1% IN 4Q25.
PEGASUS` TOTAL PASSENGER TRAFFIC INCREASED BY 19% YOY TO 11.3MN IN 4Q25, SUPPORTED BY STRONG GROWTH IN BOTH DOMESTIC AND INTERNATIONAL PASSENGER VOLUMES COMPARED TO 4Q24. THE COMPANY`S REVENUES INCREASED BY 8% YOY TO €814MN (4Q24: €753MN). THE PLF INCREASED BY 1.7PP YOY TO 88.5% COMPARED TO 4Q24. TOTAL ASK INCREASED BY 20% YOY IN 4Q25. ANCILLARY REVENUES/PAX DECLINED SLIGHTLY BY 1% YOY TO €29.3, WHILE RASK DECREASED BY 10% YOY TO €¢4.03. TOTAL CASK DECLINED BY 2% YOY TO €¢3.90, MAINLY DRIVEN BY LOWER MAINTENANCE AND PERSONNEL CASK (EX-FUEL CASK: 4Q25: €¢2.69, 4Q24: €¢2.77). AS A RESULT, PEGASUS GENERATED €148MN EBITDA IN 4Q25.
THE COMPANY`S NET DEBT REACHED €2.94BN AT THE END OF 4Q25, REPRESENTING A 7% YOY INCREASE COMPARED TO YEAR-END 2024. PEGASUS HAS ALSO HEDGED 61% OF ITS PROJECTED JET FUEL CONSUMPTION FOR 2026. MEANWHILE, THE COMPANY`S NET CASH POSITION DECLINED TO €597MN AT THE END OF 4Q25 (YEAR-END 2024: €827MN, 3Q25: €759MN) (NEUTRAL).
SABANCI HOLDING (SAHOL.TI OP) HAS ANNOUNCED THAT AT ITS BOARD OF DIRECTORS MEETING DATED MARCH 4, 2026, IT RESOLVED TO PROPOSE TO THE GENERAL ASSEMBLY A CASH DIVIDEND PAYMENT OF GROSS TRY 1.41356 (NET TRY 1.33897) PER SHARE WITH A NOMINAL VALUE OF TRY 1. BASED ON THE CLOSING PRICE AS OF MARCH 4, 2026, THE PROPOSED CASH DIVIDEND CORRESPONDS TO A GROSS DIVIDEND YIELD OF 1.51%. THE PROPOSED DIVIDEND ENTITLEMENT (EX-DIVIDEND) DATE HAS BEEN SET AS APRIL 1, 2026.
SABANCI HOLDING (SAHOL.TI OP) HAS REPORTED A TRY 4.616MN CONSOLIDATED NET PROFIT IN 4Q25 (NON-BANK: TRY 853MN NET PROFIT), ACCORDING TO ITS INFLATION-ADJUSTED CONSOLIDATED FINANCIAL RESULTS (INCLUDING THE EFFECTS OF TAS 29). IN THE SAME PERIOD OF THE PREVIOUS YEAR, THE COMPANY HAD REPORTED A TRY 4,775MN CONSOLIDATED NET LOSS (NON-BANK: TRY 894MN NET LOSS). CONSOLIDATED REVENUES DECLINED BY 8.9% YEAR-ON-YEAR TO TRY 288,904MN IN 4Q25 (4Q24: TRY 317,053MN). OF THE TOTAL CONSOLIDATED REVENUES, TRY 210,346MN WAS GENERATED FROM THE BANKING SEGMENT (4Q24: TRY 233,983MN), WHILE TRY 83,066MN WAS GENERATED FROM NON-BANK BUSINESS SEGMENTS (4Q24: TRY 84,176MN). EBITDA INCREASED BY 61.8% YEAR-ON-YEAR TO TRY 38,384MN (4Q24: TRY 23,718MN).
SISECAM (SISE.TI OP) IS TO DISTRIBUTE A NET DIVIDEND OF TRY 0.4995 PER SHARE (GROSS DIVIDEND: TRY 0.5876) WITH JUNE 1, 2026 AS THE EX-DIVIDEND DATE. BASED ON THE COMPANY`S CLOSING SHARE PRICE AS OF MARCH 4, 2026, THE DIVIDEND CORRESPONDS TO A GROSS DIVIDEND YIELD OF 1.43%.
TURKCELL (TCELL.TI OP) IS EXPECTED TO ANNOUNCE ITS 4Q25 RESULTS AFTER THE CLOSE OF THE TURKISH MARKETS TODAY. WE ANTICIPATE THAT TURKCELL WILL REPORT NET SALES OF TRY 62,698 MILLION FOR 4Q25 (MARKET MEDIAN EXPECTATION: TRY 62,110 MILLION ). ON THE EBITDA SIDE, WHILE THE MARKET MEDIAN EXPECTATION IS TRY 24,496 MILLION, OUR EXPECTATION IS TRY 24,776 MILLION. AS A RESULT, WE EXPECT THE COMPANY TO RECORD A NET PROFIT OF TRY 2,864 MILLION IN THE FOURTH QUARTER OF THE YEAR (MARKET MEDIAN EXPECTATION: TRY 3,752 MILLION).
SISECAM (SISE.TI OP) HAD PREVIOUSLY ANNOUNCED TO THE PUBLIC THAT A COLD REPAIR OF THE FURNACE AT ITS NORTHERN ITALY FLAT GLASS PLANT AND A TEMPORARY SUSPENSION OF PRODUCTION AT THE LAMINATED LINE AT THE SAME FACILITY HAD BEEN DECIDED ON. THE COMPANY HAS NOW ANNOUNCED THAT THE SHUTDOWNS, WHICH HAD BEEN ONGOING FOR OVER ONE YEAR, HAVE BEEN TERMINATED FOLLOWING AN EVALUATION OF THE FLAT GLASS REQUIREMENTS OF THE COATED GLASS LINE COMMISSIONED AT THE SAME PLANT ON 16 FEBRUARY 2026, AND THE CURRENT MARKET DYNAMICS IN THE EUROPEAN REGION. WITHIN THIS SCOPE, THE LAMINATED LINE HAS BEEN RECOMMISSIONED, AND THE FLAT GLASS FURNACE AT THE FACILITY WAS FIRED UP ON 4 MARCH 2026. SISECAM ALSO STATED THAT, THANKS TO THE EARLY COLD REPAIR AND EXTENDED SHUTDOWN PLANNING COMPLETED UNDER THE SISECAM EFFICIENCY MANAGEMENT PROGRAM, THE DOWNTIME PERIOD WAS UTILIZED EFFICIENTLY BY SUPPORTING THE CAPACITY UTILIZATION RATES OF ITS OTHER FLAT GLASS PLANTS IN EUROPE, THEREBY ENABLING AN EFFECTIVE MANAGEMENT OF THE PRODUCTION-SALES-INVENTORY BALANCE. AS A RESULT, THE COMPANY INDICATED THAT THIS PROCESS GENERATED A POSITIVE CONTRIBUTION OF EUR 25 MILLION TO EBITDA-LEVEL PROFITABILITY.
TURK TELEKOM (TTKOM.TI OP) REPORTED A NET PROFIT OF TRY 718MN IN 4Q25 ACCORDING TO ITS FINANCIAL STATEMENTS ADJUSTED FOR INFLATION ACCOUNTING (TMS-29 EFFECT) (4Q24: NET LOSS OF TRY 2,075MN). THE MARKET MEDIAN EXPECTATION STOOD AT TRY 3,030MN, WHILE OUR ESTIMATE WAS TRY 4,989MN. DESPITE STRONG OPERATIONAL PROFITABILITY SUPPORTED BY HIGHER REVENUES, IMPROVED GROSS PROFITABILITY, AND OPERATING EXPENSES INCREASING AT A MORE LIMITED PACE COMPARED TO SALES, THE DECLINE IN NET MONETARY POSITION GAINS AND DEFERRED TAX EXPENSES CAUSED NET PROFIT TO COME IN WELL BELOW EXPECTATIONS.
INCLUDING TMS-29 EFFECTS, THE COMPANY`S NET SALES REVENUES INCREASED BY 16.2% YOY TO TRY 69,312MN IN 4Q25, EXCEEDING BOTH OUR ESTIMATE OF TRY 64,589MN AND THE MARKET MEDIAN EXPECTATION OF TRY 62,533MN (4Q24: TRY 59,652MN). GROWTH WAS PRIMARILY DRIVEN BY FIXED INTERNET, MOBILE, AND CORPORATE DATA SEGMENTS. IFRIC 12 REVENUES INCREASED SIGNIFICANTLY IN THE FINAL QUARTER DUE TO HIGHER FIBER INFRASTRUCTURE INVESTMENTS. EXCLUDING THE IFRIC 12 ACCOUNTING EFFECT, 4Q25 REVENUES ROSE BY 8.4% YOY TO TRY 58.6BN.
ON A SEGMENTAL BASIS, FIXED BROADBAND GREW BY 18.8%, MOBILE BY 5.3%, TV BY 17.9%, AND CORPORATE DATA BY 26.5%, WHILE FIXED VOICE, INTERNATIONAL, AND OTHER REVENUES DECLINED BY 1.4%, 26.9%, AND 4.1%, RESPECTIVELY. THE COMPANY`S TOTAL SUBSCRIBER BASE REACHED 56.6 MILLION IN 4Q25, SUPPORTED BY 392 THOUSAND NEW SUBSCRIBERS. EXCLUDING THE LOSS OF 224 THOUSAND SUBSCRIBERS IN THE FIXED VOICE SEGMENT, THE QUARTERLY NET SUBSCRIBER GAIN AMOUNTED TO 617 THOUSAND.
DESPITE THE HIGH BASE OF THE PREVIOUS YEAR, ARPU CONTINUED ITS STRONG PERFORMANCE IN 4Q25, INCREASING 17.9% YOY, BRINGING FULL-YEAR 2025 ARPU GROWTH TO 16.5%. SUCCESSFUL PRICING STRATEGIES, STRONG RE-CONTRACTING PERFORMANCE, AND HIGHER-TIER PACKAGE SALES SUPPORTED THE ARPU GROWTH MOMENTUM. MOBILE ARPU DECLINED BY 8.5% YOY IN 4Q, MAINLY DUE TO THE HIGH BASE OF 19.8% GROWTH IN 4Q24 AND THE DILUTIVE IMPACT OF M2M SUBSCRIBER ADDITIONS. EXCLUDING M2M, MOBILE AND POSTPAID ARPU REMAINED FLAT YOY IN 4Q. FOR THE FULL YEAR, MOBILE ARPU GREW BY 4.2% YOY, ON TOP OF THE STRONG 17.1% GROWTH RECORDED IN THE PREVIOUS YEAR. EXCLUDING M2M, MOBILE AND POSTPAID ARPU INCREASED BY 9.4% AND 11.7% YOY, RESPECTIVELY. THE COMPANY EXPECTS FIXED INTERNET NET SUBSCRIBER ADDITIONS IN 2026 TO EXCEED LAST YEAR`S LEVEL, SUPPORTED BY CONTINUED PRICING ACTIONS AND ONGOING INCREASES IN SUBSCRIBER SPEEDS, WHICH SHOULD ALSO DRIVE STRONG REAL ARPU GROWTH.
THE ONGOING DISINFLATION PROCESS AND EFFECTIVE COST MANAGEMENT SUPPORTED OPERATIONAL PROFITABILITY. INCLUDING TMS-29 EFFECTS, EBITDA INCREASED BY 35.6% YOY TO TRY 26,496MN IN 4Q25, EXCEEDING BOTH OUR ESTIMATE OF TRY 25,357MN AND THE MARKET MEDIAN EXPECTATION OF TRY 24,851MN. THE EBITDA MARGIN REACHED 38.2% IN 4Q25 (4Q24: 32.7%).
2025 PERFORMANCE: IN 2025, THE COMPANY INCREASED ITS REVENUES BY 14.5% YOY (EXCLUDING IFRIC 12) TO TRY 242,229MN, EXCEEDING ITS 10% REVENUE GROWTH GUIDANCE. REVENUE GROWTH WAS MAINLY SUPPORTED BY PRICE ADJUSTMENTS AND STRONG OPERATIONAL PERFORMANCE, REINFORCING THE COMPANY`S OPERATING STRUCTURE. THE EBITDA MARGIN STOOD AT 40.9%, SLIGHTLY BELOW THE COMPANY`S 41.5% GUIDANCE, ALTHOUGH THE COMPANY LARGELY MAINTAINED ITS HIGH OPERATIONAL PROFITABILITY THROUGHOUT THE YEAR.
2026 GUIDANCE: THE COMPANY EXPECTS 8-9% REVENUE GROWTH IN 2026, SUPPORTED BY CONTINUED STRONG SUBSCRIBER GROWTH ACROSS CORE BUSINESS SEGMENTS, ONGOING PRICING ACTIONS, AND RAPID INCREASES IN AVERAGE SPEEDS IN THE FIXED BROADBAND SUBSCRIBER BASE. THE EBITDA MARGIN IS EXPECTED TO IMPROVE SLIGHTLY TO THE 41-42% RANGE. IN ADDITION, CAPITAL EXPENDITURES AS A PERCENTAGE OF REVENUES ARE PROJECTED TO INCREASE TO 33-34%, DRIVEN BY 5G INVESTMENTS AND INCREASED BROWNFIELD (TRANSFORMATION) AND GREENFIELD (NEW) FIBER INVESTMENTS.
TURKISH AIRLINES (THYAO.TI OP) REPORTED A NET PROFIT OF USD882MN IN 4Q25, REPRESENTING A 23.9% YOY INCREASE AND EXCEEDING THE MARKET CONSENSUS BY 67% AND OUR ESTIMATE BY 44.6% (4Q24: US$712MN NET PROFIT) (SEKER.: US$610MN, AVG. CONSENSUS: USD528MN). THE STRONG BOTTOM-LINE PERFORMANCE WAS SUPPORTED BY IMPROVED OPERATING PROFITABILITY, THE CONTRIBUTION OF INCOME FROM INVESTMENT ACTIVITIES, AND THE POSITIVE IMPACT OF DECLINING TAX EXPENSES ON AN ANNUAL BASIS. AS A RESULT, THE COMPANY RECORDED A 23.9% YOY INCREASE IN NET PROFIT IN THE FINAL QUARTER OF THE YEAR. THY`S TOTAL PAX VOLUME ROSE BY 15.7% YOY, REACHING 23.3MN IN 4Q25 COMPARED TO 4Q24. MEANWHILE, TOTAL CARGO VOLUME ROSE BY 16.6% YOY IN 4Q25. SUPPORTED BY A 13% YOY INCREASE IN PASSENGER REVENUES, IN LINE WITH STRONG PASSENGER GROWTH, AND A 3% YOY INCREASE IN CARGO REVENUES DRIVEN BY HIGHER CARGO VOLUMES, THY`S TOTAL REVENUES INCREASED BY 11.9% YOY TO USD6,276MN IN 4Q25 (SEKER.: USD6,173MN, AVG. CONSENSUS: USD6,175MN). THE COMPANY`S EBITDA REACHED USD1,314MN, REPRESENTING A 23.5% YOY INCREASE AND EXCEEDING MARKET EXPECTATIONS BY 6%, DRIVEN BY REVENUE GROWTH, DECLINING OPERATING EXPENSES, AND THE CONTRIBUTION OF INCOME FROM GOVERNMENT INCENTIVES (SEKER: USD1,346MN, AVG. CONSENSUS: USD1,243MN). WHILE OPERATIONAL RESULTS CAME IN SLIGHTLY ABOVE EXPECTATIONS, NET PROFIT SIGNIFICANTLY OUTPERFORMED ESTIMATES.
THE EBITDAR MARGIN ROSE BY 0.7 PP YOY TO 23.2% IN 4Q25. THY`S TOTAL PASSENGER TRAFFIC ROSE BY 15.7% YOY IN 4Q25, WHILE THE PASSENGER LF REACHED 83.9%, UP 2.1PP YOY COMPARED TO 4Q24. HOWEVER, REVENUE YIELDS DECLINED SLIGHTLY BY 0.5% YOY IN USD TERMS, REACHING USD8.59 IN 4Q25. CARGO VOLUME INCREASED BY 16.6% YOY, WHILE CARGO REVENUES ROSE BY 3.4% YOY TO USD981MN IN 4Q25. THY`S RASK2 (INCLUDING ACTK) DECLINED BY 1.1% YOY TO US¢7.71 IN 4Q25 (4Q24: US¢7.79). MEANWHILE, PASSENGER RASK INCREASED BY 0.9% YOY TO US¢7.21. TOTAL CASK INCREASED BY 0.5% YOY TO US¢8.55, MAINLY ARISING FROM FUEL CASK DUE TO HIGH CRACK SPREAD (4Q24: US¢2.18, 4Q25: US¢2.35, +8.0% YOY), DESPITE DECLINES IN EX-FUEL CASK DRIVEN BY LOWER PERSONNEL CASK (4Q24: US¢2.18, 4Q25: US¢1.99, -8.6% YOY) AND REDUCED AIRCRAFT OWNERSHIP COSTS. EBITDAR ROSE BY 15.4% YOY TO USD1,454MN, SUPPORTED BY TOP LINE GROWTH AND COST BASE EFFECT. THE EBITDAR MARGIN IMPROVED BY 0.7PP YOY TO 23.2%. THY`S NET DEBT/EBITDA RATIO STOOD AT 1.6X IN 2025 (2024: 1.1X). THE COMPANY`S FUEL HEDGE RATIOS ARE 36% FOR 2026 AND 5% FOR 2027 (POSITIVE).



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.