Dogus Otomotiv Servis ve Ticaret (DOAS) Q2 2025 earnings summary

Executive summary

• Sales volume reached 93,293 units in H1 2025, up 13% year-over-year, outpacing the Turkish market's 10% growth.

• Revenue rose 2% year-over-year to TRY 104.7 billion in H1 2025.

• Net profit dropped 62% year-over-year to TRY 2.7 billion, reflecting higher costs and margin pressures.

• Maintained leadership in sustainability, digital transformation, and corporate governance, with new distributorships in Azerbaijan and Iraq.

• Entered Financial Times Sustainability Good Emerging Index and improved ESG risk score.

Financial highlights

• Gross profit margin declined to 13.2% from 18.5% year-over-year.

• EBITDA fell 43% year-over-year to TRY 7.6 billion; EBITDA margin dropped to 7.7%.

• Net profit margin ended at 2.6%, down from 6.9% year-over-year.

• Working capital and total assets increased by over 20% and 14%, respectively, reaching TRY 58.5 billion and TRY 122.2 billion.

• CapEx for H1 2025 was TRY 1.6 billion, down 8% year-over-year.

Outlook and guidance

• Full-year sales target updated to over 130,000 units (excluding Škoda); Turkish automotive market forecast at 1.1–1.2 million units.

• Planned CapEx for 2025 is TRY 5.7 billion, focusing on digitalization, mobility, electrification, and sustainability.

• Sustainable EBITDA margin expected around 8% going forward.

• Continued investment in digitalization, infrastructure, and EV charging stations.

• Profitability and market share remain strategic priorities amid macroeconomic and geopolitical risks.