Galata Wind Enerji (QWIND) Q3 2026 earnings summary

Executive summary

• 9M 2026 revenue was TRY 2,038m and operating profit TRY 1.04bn; net profit rose to TRY 2,189m, primarily on TRY 1.4bn deferred tax income.

• Generation increased 5% YoY to 729,230 MWh through September across 354.2 MW of installed wind and solar capacity.

• Q3 MCP recovered to USD 58/MWh from a yearly low of USD 13/MWh; YEKDEM averaged 45% of trailing-12-month revenue.

Financial highlights

• 9M revenue was TRY 2,038m, down 30% YoY; gross profit was TRY 755m, down 46%, and EBITDA TRY 1,182m, down 42%.

• 9M operating profit was TRY 1.04bn versus TRY 1.67bn; finance expenses rose to TRY 624.2m from TRY 451.0m.

• Q3 revenue was TRY 852m before TAS 29 adjustments; financial statements reported TRY 868.6m. 9M net profit was TRY 2,189m versus TRY 953.5m.

• 9M EPS was TRY 4.054 versus TRY 1.766; Q3 EPS was TRY 0.579 versus TRY 0.701.

Outlook and guidance

• FY 2026 generation guidance was reduced to 900,000–950,000 MWh from 950,000–1,000,000 MWh; EBITDA margin guidance remains ~60%.

• 2026 capex guidance was lowered to ~TRY 5bn from TRY 6.1bn; 2025 actual capex was TRY 1.6bn.

• Taşpınar WPP is scheduled to use YEKDEM again in 2026, with its current term through end-2030; Çorum and Erzurum SPPs receive USD 133/MWh through end-2027 and end-2028, respectively.

• Pipeline includes 300 MW of European solar projects and 410 MW of storage-related projects planned for 2027–2030.