Ford Otomotiv Sanayi (FROTO) Q1 2026 earnings summary

Executive summary

• Maintained #1 position in Turkey's commercial vehicle market with 24.4% share despite domestic volume and revenue declines of 18% and 22% year-over-year.

• Revenue for Q1 2026 was TRY 192.4 billion, down from TRY 210.6 billion in Q1 2025, reflecting a year-over-year decline.

• Net profit for Q1 2026 was TRY 5.5 billion, a decrease from TRY 8.5 billion in Q1 2025.

• Acquisition of Koçfinans for $137 million to enhance retail financing capabilities and value chain control.

• Total assets decreased to TRY 458.6 billion as of March 31, 2026, from TRY 496.0 billion at year-end 2025.

Financial highlights

• Total revenues declined 9% year-over-year to TL 192,443 million; domestic revenues down 22%, export revenues down 5%.

• Adjusted EBITDA dropped 28% to TL 11,729 million; margin fell to 6.1% from 7.8%.

• Net income decreased 35% to TL 5,499 million; operating profit down 51% to TL 4,939 million.

• Gross profit for Q1 2026 was TRY 13.3 billion, down from TRY 18.2 billion in Q1 2025.

• Free cash flow fell 52% to TL 16,050 million; CapEx/sales ratio dropped to 1.0%.

Outlook and guidance

• 2026 revenue growth outlook revised from 'high single digit' to 'flat' due to macroeconomic pressures and EUR/TRY-inflation gap.

• Adjusted EBITDA margin guidance at 8.0%; total production volume expected between 690k–740k units.

• CapEx guidance: €300–400 million for general investments, €80–100 million for product-related investments.

• No explicit forward-looking guidance provided, but the decline in revenue and profit signals a challenging environment.