Ford Otomotiv Sanayi (FROTO) Q2 2026 earnings summary

Executive summary

• Maintained #1 position in Turkey's commercial vehicle market with 24.6% share despite 18% domestic volume and 21% revenue declines year-over-year.

• Revenue declined 12% YoY to TL 427.1 billion; net income fell 40% YoY to TL 10.3 billion, with margins pressured by competitive pricing and cost inflation.

• Export volumes fell 4% YoY and export revenues dropped 9% due to weaker demand in key markets.

• Adjusted EBITDA dropped 37% YoY to TL 25.6 billion, margin at 6.0%.

• Completed Koç Finansman A.Ş. share transfer for USD 130.6 million, supporting integrated customer experience strategy.

Financial highlights

• Total revenues declined 12% YoY to TL 427,069 million; export revenues down 9%, domestic revenues down 21%.

• Adjusted EBITDA fell 37% YoY to TL 25,579 million; margin dropped to 6.0%.

• Gross profit decreased 28% YoY to TL 29,325 million; operating profit down 56% to TL 11,645 million.

• Net income declined 40% YoY to TL 10,337 million; profit before tax margin fell by 2.0 percentage points.

• Free cash flow dropped 83% YoY to TL 10,908 million; CapEx down 35% to TL 8,311 million.

Outlook and guidance

• Revenue growth outlook revised to mid-to-high single-digit decline for 2026.

• Adjusted EBITDA margin guidance lowered to 6%–7% for 2026.

• Domestic retail sales and wholesale volume guidance reduced amid weaker demand.

• Capex guidance maintained at €300–400 million.