MARKET WATCH (SEKER YATIRIM)

MARKET WATCH (SEKER YATIRIM)

MARKET WATCH - WEDNESDAY, FEBRUARY 18, 2026
OUTLOOK:
THE BIST-100 INDEX STARTED TUESDAY ON A SLIGHTLY NEGATIVE TREND, THEREAFTER EXPERIENCING VOLATILE TRADING THROUGHOUT THE DAY. THE INDEX SAW A DAILY LOSS OF 0.78%, CLOSING AT 14,227.29. AMONG SECTORAL INDICES, THE BANKING INDEX FELL BY 0.83%, WHILE THE INDUSTRIAL INDEX DIVERGED NEGATIVELY, DOWN 1.42%. THE LEASING AND FACTORING INDEX WAS THE MOST POSITIVE PERFORMER WITH A 7.60% GAIN, WHILE THE METALS MAIN INDEX WAS THE MOST NEGATIVE WITH ITS 1.89% LOSS. THE FEBRUARY FUTURES CONTRACT FOR THE VIOP INDEX RECORDED A LIMITED DECREASE OF 0.08% IN THE QUIET EVENING SESSION. GLOBALLY, THE U.S. STOCK MARKETS CLOSED THE DAY WITH LIMITED GAINS. THE DOW JONES INDEX ROSE BY 0.07%, THE S&P 500 INDEX BY 0.10%, AND THE NASDAQ INDEX BY 0.14%. EUROPEAN STOCK MARKETS SAW STRONGER GAINS. THE GERMAN DAX INDEX CLOSED THE DAY UP 0.80%, WHILE THE EURO STOXX 50 INDEX ROSE 0.78%. THE U.S. AND IRAN REPORTEDLY MADE PROGRESS IN NUCLEAR NEGOTIATIONS HELD IN GENEVA YESTERDAY. ACCORDINGLY, THE RISK OF CONFLICT BETWEEN THE TWO COUNTRIES WAS DEEMED LOW. ON THE FED SIDE, BOARD MEMBER MICHAEL BARR STATED THAT DUE TO ONGOING RISKS TO THE U.S. INFLATION OUTLOOK, THE FED COULD ONLY PROCEED WITH ITS NEXT INTEREST RATE CUT IN THE DISTANT FUTURE. CHICAGO FED PRESIDENT AUSTAN GOOLSBEE INDICATED THAT IF INFLATION IN THE U.S. CONTINUES TO RETURN TOWARDS THE CENTRAL BANK`S 2% TARGET, HE SEES THE POSSIBILITY OF FURTHER RATE CUTS THIS YEAR. AT THE START OF THE NEW DAY, MARKETS IN CHINA AND SOUTH KOREA REMAIN CLOSED DUE TO PUBLIC HOLIDAYS. THE JAPANESE NIKKEI 225 INDEX IS TRADING POSITIVELY. FUTURES IN THE U.S. AND EUROPE ARE GIVING A LIMITED POSITIVE PERFORMANCE. THERE ARE NO MAJOR DOMESTIC DATA RELEASES EXPECTED TO SIGNIFICANTLY IMPACT MARKET PERFORMANCE. GLOBALLY, UK CPI, U.S. INDUSTRIAL PRODUCTION, AND THE FOMC MEETING MINUTES ARE NOTEWORTHY. LOCALLY, WE EXPECT THE BENCHMARK INDEX TO OPEN FLAT, FOLLOWED BY A VOLATILE TRADING SESSION. SUPPORT: 14,100 - 14,000 RESISTANCE: 14,300 - 14,400.
MONEY MARKET:
THE LIRA WAS NEGATIVE YESTERDAY, WEAKENING 0.05% AGAINST THE USD TO CLOSE AT 43.7305. THE CURRENCY ALSO APPRECIATED BY 0.15% AGAINST A BASKET OF $0.50 AND €0.50. MEANWHILE, THE LOCAL FIXED INCOME MARKETS WERE RELATIVELY FLAT. THE TEN-YEAR BENCHMARK BOND YIELD FLUCTUATED BETWEEN A TIGHT RANGE OF 29.70%-29.78%, CLOSING THE DAY AT 29.74%, UP 2 BPS FROM THE PREVIOUS CLOSE.
COMPANY NEWS:
ERDEMIR (EREGL.TI OP) REPORTED A NET LOSS OF TRY 1,872MN IN 4Q25. THIS COMPARES WITH OUR EXPECTATION OF A TRY 1,370MN NET LOSS (37% WEAKER), BUT WAS 34% BETTER THAN THE MARKET MEDIAN EXPECTATION OF A TRY 2,832MN NET LOSS.
THE COMPANY`S 4Q25 EBITDA CAME IN AT TRY 7,453MN. THE REPORTED FIGURE WAS 32% ABOVE OUR ESTIMATE AND 32% ABOVE THE MARKET MEDIAN EXPECTATION.
ERDEMIR`S 4Q25 NET SALES REACHED TRY 60,995MN, 3% ABOVE OUR FORECAST AND 5% ABOVE THE MARKET CONSENSUS.
EMLAK KONUT REIT (EKGYO.TI N/C) HAS ANNOUNCED THAT THE AGREEMENT OF THE ISTANBUL BASAKSEHIR GUNEY TICARET 1ST STAGE REVENUE SHARING MODEL PROJECT IN RETURN FOR LAND SALE, HAS BEEN SIGNED BETWEEN THE COMPANY AND CONTRACTOR PEKERLER INS. ENERJI TAS. TUR. SAN. VE TIC. LTD. STI. THE TENDER RESULTS ARE AS FOLLOWS ESTIMATED TOTAL SALES REVENUE : TRY 37,500,000,000, COMPANY REVENUE SHARE RATIO: 36%, COMPANY`S SHARE IN TOTAL REVENUE: TRY 13,500,000,000.
EMLAK KONUT REIT (EKGYO.TI N/C) HAS ANNOUNCED THAT WITHIN THE SCOPE OF THE COOPERATION PROTOCOL SIGNED BETWEEN THE COMPANY, FENERBAHCE SPOR KULUBU VE AKFIN GAYRIMENKUL DEGERLENDIRME A.S., THE AGREEMENT FOR THE `ISTANBUL ATASEHIR KAYISDAGI REVENUE SHARING MODEL PROJECT IN RETURN FOR LAND SALE PROJECT HAS BEEN SIGNED WITH THE CONTRACTOR, PEKERLER INS. ENERJI TAS. TUR. SAN. VE TIC. LTD. STI. THE TENDER RESULTS ARE AS FOLLOWS ESTIMATED TOTAL SALES REVENUE: TRY 9,261,000,000, COMPANY REVENUE SHARE RATIO: 40%, COMPANY`S SHARE IN TOTAL REVENUE: TRY 3,704,400,000. IN ACCORDANCE WITH THE PROVISIONS OF THE PROTOCOL SIGNED WITH THE LAND OWNERS WITHIN THE SCOPE OF THE SAID PROJECT THE SHARING PRINCIPLES HAVE BEEN DETERMINED SUCH THAT 80% OF THE COMPANY SHARE TOTAL REVENUE IN RETURN FOR LAND SALE OBTAINED IN THE TENDER SHALL BELONG TO THE LAND OWNERS, AND 20% TO THE COMPANY. (RELATED COMPANIES: FENER.TI).
SELCUK ECZA DEPOSU (SELEC.TI MP) REPORTED A NET PROFIT OF TRY 211MN IN 4Q25, SIGNIFICANTLY BELOW BOTH THE MARKET MEDIAN EXPECTATION OF TRY 1,071MN AND OUR FORECAST OF TRY 1,191MN (4Q24: TRY 1,802MN NET PROFIT). THE WEAK OPERATIONAL PERFORMANCE DUE TO RISING COSTS AND A MONETARY POSITION LOSS PRESSURED PROFITABILITY IN THE FOURTH QUARTER OF 2025.
IN 4Q25, SELCUK ECZA DEPOSU GENERATED TRY 42,877MN IN NET SALES REVENUE, SLIGHTLY ABOVE OUR ESTIMATE OF TRY 42,055MN AND THE MARKET MEDIAN EXPECTATION OF TRY 42,009MN, DESPITE A 1.4% YOY DECLINE. ACCORDING TO DATA RELEASED BY IQVIA, THE COMPANY`S MARKET SHARE IN TL TERMS STOOD AT 38.15% IN THE FOURTH QUARTER, WHILE ITS UNIT-BASED MARKET SHARE REACHED 38.49%. BASED ON 12-MONTH CUMULATIVE DATA, MARKET SHARE CORRESPONDED TO 37.60% IN TL TERMS AND 37.84% IN UNIT TERMS (FY24: 36.36% AND 36.21%, RESPECTIVELY).
THE PERIODIC EURO VALUE WAS REVISED UPWARD FROM TRY 21.6721 TO TRY 25.3346 ON DECEMBER 19, 2025. THIS ADJUSTMENT INCREASES TL-DENOMINATED DRUG PRICES, DIRECTLY SUPPORTING REVENUE ON THE PHARMACEUTICAL WAREHOUSE SIDE. SINCE THE PRICE REVISION CAME INTO EFFECT IN THE FINAL DAYS OF 2025, ITS FULL-YEAR IMPACT WILL BE REFLECTED IN 2026, CREATING A NOTABLE BASE EFFECT ON SALES REVENUES FOR PHARMACEUTICAL DISTRIBUTORS. IN ADDITION, IN PARALLEL WITH THE INCREASE IN THE PERIODIC EURO VALUE, THRESHOLD AMOUNTS WERE RAISED TO TRY 87.34 FOR PRICE-PROTECTED PRODUCTS AND TRY 45.64 FOR OTHER PRODUCTS, WHICH MAY HELP PRESERVE DISTRIBUTION MARGINS, PARTICULARLY FOR HIGH-PRICED PRODUCTS.
INCLUDING THE IMPACT OF TMS-29, EBITDA DECLINED BY 34.6% YOY TO TRY 1,571MN IN 4Q25, BELOW BOTH OUR ESTIMATE OF TRY 1,662MN AND THE MARKET MEDIAN EXPECTATION OF TRY 1,681MN (4Q24: TRY 2,402MN). RISING COSTS WERE THE MAIN DRIVER BEHIND THE EBITDA CONTRACTION. THE GROSS PROFIT MARGIN STOOD AT 9.1%, THE EBITDA MARGIN AT 3.7%, AND THE NET PROFIT MARGIN AT 0.5% (4Q24: 11.3%, 5.5%, AND 4.1%, RESPECTIVELY).
FY2025 RESULTS- INCLUDING THE IMPACT OF TMS-29, NET SALES REVENUES INCREASED BY 2.2% YOY TO TRY 172,011MN IN FY25. HOWEVER, EBITDA DECLINED BY 42% YOY TO TRY 4,410MN. GROSS AND EBITDA MARGINS, WHICH STOOD AT 10.1% AND 4.5% IN FY24, DECLINED TO 8.3% AND 2.6%, RESPECTIVELY, IN FY25.
DIVIDEND - THE COMPANY DECIDED TO DISTRIBUTE A NET DIVIDEND OF TRY 0.37 PER SHARE (GROSS: TRY 0.44), WITH THE EX-DIVIDEND DATE SET FOR APRIL 17, 2026. BASED ON THE CLOSING PRICE AS OF FEBRUARY 17, 2026, THE GROSS DIVIDEND YIELD CORRESPONDS TO APPROXIMATELY 0.48%.
TAV AIRPORTS HOLDING (TAVHL.TI OP) REPORTED A NET LOSS OF €24.6MN IN 4Q25, THUS GREATER THAN THE MARKET CONSENSUS EXPECTATION OF AN €11MN NET LOSS (SEKER: €-9.7MN) (4Q24: €-1.9MN). THE GROUP`S TOTAL REVENUES INCREASED BY 1% YOY TO €433.4MN IN 4Q25 (4Q24: €428.5MN), BELOW THE MARKET CONSENSUS OF €451MN (SEKER: €446MN). TAV GENERATED €92.8MN EBITDA IN 4Q25, MARKING A 19% YOY INCREASE (4Q24: €78.1MN), SLIGHTLY BELOW THE MARKET EXPECTATION OF €96MN (SEKER: €94MN). FOR 2026 GUIDANCE, THE COMPANY EXPECTS: NET SALES REVENUES: €1,880MN-€1,980MN, TOTAL PASSENGER TRAFFIC: 116MN-123MN, INT`L PASSENGER TRAFFIC: 78MN-83MN, AND EBITDA: €590MN-€650MN. TAV ANTICIPATES 2026 CAPEX TO BE BELOW €330MN (NEUTRAL).
TAV AIRPORTS HOLDING (TAVHL.TI OP) HAS DECIDED TO SUBMIT FOR SHAREHOLDER APPROVAL AT THE ORDINARY GENERAL ASSEMBLY THE PROPOSAL TO PAY A TOTAL GROSS CASH DIVIDEND OF TRY 1.311.437.953 IN TWO EQUAL INSTALLMENTS, WITH THE PAYMENT DATE FOR THE FIRST INSTALLMENT OF TRY 655.718.976,5 SET AS JULY 21, 2026, AND FOR THE SECOND INSTALLMENT OF TRY 655.718.976,5, SET AS SEPTEMBER 22, 2026. FOR SHARES WITH A NOMINAL VALUE OF TRY 1.00, THE PAYMENT OF THE 1ST AND 2ND INSTALLMENTS, TOTALING TRY 1.8049898 GROSS (TRY 1.5342413 NET), WILL BE SUBMITTED TO THE GENERAL ASSEMBLY. BASED ON THE CLOSING PRICE AS OF FEBRUARY 17, 2026, THE CASH DIVIDEND PER SHARE CORRESPONDS TO A GROSS DIVIDEND YIELD OF 1%.
TOFAS (TOASO.TI OP) IS TO DISTRIBUTE A GROSS CASH DIVIDEND FOR EACH SHARE WITH A NOMINAL VALUE OF TL 1.00, WHEREBY A GROSS DIVIDEND OF TL 20.00 (NET TL 17.00) SHALL BE PAID. BASED ON THE LAST CLOSING PRICE ON FEBRUARY 17, 2026, THE CASH DIVIDEND PER SHARE CORRESPONDS TO A GROSS DIVIDEND YIELD OF 6%. THE PROPOSED EX-DIVIDEND DATE IS MARCH 23, 2026.
YAPI KREDI (YKBNK.TI OP): PURSUANT TO THE RESOLUTION OF THE BOARD OF DIRECTORS DATED 17 FEBRUARY 2026, NON-PERFORMING LOANS WITH A TOTAL OUTSTANDING AMOUNT OF TRY 2,231,072,727.33 AS OF 31 DECEMBER 2025 WERE SOLD TO BIRIKIM ASSET MANAGEMENT INC., DENGE ASSET MANAGEMENT INC., DUNYA ASSET MANAGEMENT INC., EMIR ASSET MANAGEMENT INC. AND ORTAK ASSET MANAGEMENT INC. FOR A TOTAL CONSIDERATION OF TRY 273,820,000.



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WWW.SEKERYATIRIM.COM.TR

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