Karsan (KARSN) Q2 2025 earnings summary

Executive summary

• Revenue for the first half of 2025 was 5,123,759 TL, down from 5,704,541 TL year-over-year, with a net loss of 300,242 TL compared to a net loss of 378,393 TL in the prior year period.

• Gross profit decreased to 1,258,862 TL from 1,140,313 TL year-over-year, while operating profit was 710,184 TL, slightly up from 701,320 TL.

• The period was marked by high financing costs and significant net monetary gains due to inflation accounting.

Financial highlights

• Net loss for the period was 300,242 TL, with an EPS of (0.334) TL per 100,000 shares.

• Gross margin improved to 24.6% from 20% year-over-year.

• Operating profit margin was 13.9%, up from 12.3% in the prior year.

• Net monetary gain from inflation accounting was 582,472 TL.

• Cash and cash equivalents at period end were 627,448 TL, down from 1,374,630 TL at year-end 2024.

Outlook and guidance

• Management expects revenue growth and improved operating profitability in the remainder of 2025, supported by scale and cash inflows.

• No significant going concern risk is anticipated due to planned refinancing and operational cash flows.