Türkiye Sise Ve Cam Fabrikalari
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Türkiye Sise Ve Cam Fabrikalari (SISE) investor relations material

Türkiye Sise Ve Cam Fabrikalari Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary17 Feb, 2026

Executive summary

  • 2025 financials reflect application of IAS 29 inflation accounting due to Türkiye's hyperinflationary environment, with all figures expressed in purchasing power of TRY as of December 31, 2025.

  • Consolidated revenue for 2025 ranged from TRY 224.5 billion to TRY 242,921 million, with year-on-year changes reported as both an 8% decline and an 8% increase, reflecting differences in inflation accounting and segment performance.

  • EBITDA rose up to 32% year-on-year to TRY 24 billion, with margin improving to 11% (20% adjusted), driven by efficiency and operational optimization.

  • Net income attributable to owners increased up to 50% to TRY 9.9 billion, with a net income margin of 4.4%.

  • International sales comprised up to 59% of consolidated revenue, with Europe accounting for up to 29% and the U.S. up to 11%.

Financial highlights

  • Revenue for 2025 ranged from TRY 224.5 billion to TRY 242,921 million, with both declines and growth reported due to inflation accounting.

  • EBITDA increased up to 32% to TRY 24 billion; adjusted EBITDA was TRY 43.7 billion.

  • Net debt stood at $2.8 billion or TRY 120,713 million, with a net leverage ratio of 5x (2.8x adjusted).

  • Free cash flow was negative, ranging from -TRY 31,762 million to -TRY 32 billion, mainly due to high CapEx.

  • CapEx for 2025 was up to TRY 36 billion, focused on glass and packaging investments, with 47% allocated to architectural glass.

Outlook and guidance

  • No major CapEx planned for 2026; expected CapEx is $500–600 million, mainly for payments from 2025 investments and maintenance.

  • EBITDA from new investments expected at $150–200 million in 2026.

  • Free cash flow expected to remain negative in 2026 due to ongoing CapEx, but asset sales may offset this.

  • Management expects continued growth in coated glass and packaging segments, with new capacity in Bulgaria and Hungary coming online in 2026.

  • Inflation accounting is expected to continue until Türkiye no longer meets IAS 29 criteria.

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Frequently asked questions

Türkiye Şişe ve Cam Fabrikaları A.Ş. (Sisecam) is active in the production and sale of glass and chemicals. As a subsidiary of Türkiye İş Bankası A.Ş., Sisecam offers a broad range of products including flat glass, coated glass, mirror glass, patterned glass, laminated glass, solar power glass, automotive and encapsulated glass. The company also manufactures chemical products such as soda and chromium chemicals, industrial raw materials, glass fiber, vitamin K3, and sodium metabisulfite. Sisecam's portfolio extends to designing glassware and glass packaging catered to diverse industries like pharmaceuticals, food, beverages, and cosmetics. Furthermore, Sisecam has ventures in the electric energy and mining sectors, with operations spanning across the Middle East, Asia, the Americas, Europe, and Oceania, exporting products to numerous countries globally. The company is headquartered in Istanbul, Turkey, and its shares are listed on the Istanbul Stock Exchange.

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