Galata Wind Enerji (QWIND) Q2 2026 earnings summary

Executive summary

• Positive recovery signals after a challenging quarter, with MCP rebounding from $13 in May to $60 in July.

• Generated revenue of TRY 1,107.4 million for H1 2026, primarily from wind and solar energy sales, with a gross profit of TRY 342.6 million.

• Net profit for H1 2026 surged to TRY 1,778 million, up from TRY 544.8 million last year, driven by deferred tax income.

• Total assets stood at TRY 23.6 billion, with equity attributable to shareholders at TRY 17.97 billion as of 30 June 2026.

• Dividend distribution of TRY 400 million (inflation-adjusted TRY 410.9 million) was approved, with a share repurchase program initiated in March 2026.

Financial highlights

• Revenue for H1 2026 was TRY 1,107 million, down 30% year-over-year due to a 34% drop in MCP and a 32% indexing rate, despite a 13% increase in production.

• EBITDA fell 45% to TRY 608 million, mainly due to fixed costs and lower MCP-driven revenues.

• Net profit margin surged to 160.6%, driven by a significant deferred tax income of TRY 1,339.3 million.

• Gross profit margin for the period was 30.9%, compared to 46.2% in the prior year.

• Total borrowings (short and long-term) amounted to TRY 3.08 billion, down from TRY 3.74 billion at year-end.

Outlook and guidance

• Revised 2026 CAPEX guidance lowered to TRY 6.1 billion from TRY 6.8 billion.

• Annual generation target maintained at 950,000–1,000,000 MWh.

• EBITDA margin guidance revised to ~60% from the previous 65–70% range.

• The company anticipates the impact of a reduced corporate tax rate (12.5%) for production income effective 2027.

• Management is evaluating the effects of new tax legislation on deferred tax assets and liabilities.