Dogus Otomotiv Servis ve Ticaret (DOAS) Investor presentation summary

Macroeconomic and sector overview

• Inflation and exchange rates remained high, with annual CPI at 68.5% and significant TRY depreciation against USD and EUR, impacting costs and pricing.

• Auto loan rates and CBRT interest rates increased, tightening consumer financing conditions.

• Consumer confidence index remained subdued, while retail automotive sales volumes showed resilience.

• Second-hand vehicle sales activity remained robust, with over 721,000 units changing hands in June 2024.

Market performance and share

• Wholesale sales for 7M2024 were stable YoY at 100,573 units, with mixed performance across brands.

• Retail market share for passenger cars in July 2024 was 15.5%, with light commercial vehicles at 9.5%.

• Premium segment share in passenger vehicles was 12% in July 2024.

• Electric vehicle sales increased, with 1,052 units sold in 2023, up from 361 in 2022.

Financial performance

• Q1 2024 revenue grew 2% YoY to TRY 34.1 billion, but net profit dropped 48% to TRY 3.0 billion.

• Gross margin fell to 17.8% and EBITDA margin to 13.8%, reflecting higher costs and expenses.

• Net cash position improved to TRY 2.4 billion, and total assets rose 5% to TRY 82.0 billion.

• Net debt/EBITDA ratio improved to -11.7%, indicating strong liquidity.