Karsan (KARSN) investor relations material

Executive summary

• Revenue for Q1 2026 reached 4,781,335 TL, up from 1,995,914 TL year-over-year, with a net profit of 65,458 TL compared to a net loss of 376,232 TL in Q1 2025.

• Gross profit rose to 1,390,876 TL from 262,390 TL year-over-year, reflecting improved operational efficiency.

• Operating profit was 612,172 TL, a significant turnaround from an operating loss of 60,833 TL in Q1 2025.

• Total assets increased to 23,367,517 TL as of March 31, 2026, from 22,876,156 TL at year-end 2025.

Financial highlights

• Net profit for Q1 2026 was 65,458 TL, reversing a net loss of 376,232 TL in Q1 2025.

• EBITDA and EBIT improved significantly, with operating profit at 612,172 TL versus a prior loss.

• Gross margin increased, with gross profit at 1,390,876 TL (29% margin) compared to 262,390 TL (13% margin) year-over-year.

• Total equity rose to 7,997,260 TL from 7,959,849 TL at year-end.

• Cash and cash equivalents decreased to 1,040,547 TL from 1,679,770 TL at year-end.

Outlook and guidance

• Management expects continued revenue growth and improved operating profitability, supported by scale and increased cash inflows.

• No net working capital risk is anticipated for the coming year, with expectations of strengthened operating cash flow.