Karsan (KARSN) Q2 2026 earnings summary

Executive summary

• H1 2026 revenue increased to TRY 10.10B from TRY 6.77B, while operating profit was TRY 712.0M and net loss narrowed to TRY 255.5M from TRY 396.7M. Figures are restated for purchasing power at 30 June 2026.

• Management expects revenue growth to lift core operating profitability and strengthen working capital; it plans to meet near-term liabilities through operating and financing cash flows and partial principal payments with refinancing of maturities.

Financial highlights

• H1 revenue was TRY 10.10B versus TRY 6.77B; gross profit was TRY 2.48B versus TRY 1.66B.

• H1 operating profit was TRY 712.0M versus TRY 938.2M; net loss was TRY 255.5M versus TRY 396.7M.

• Q2 revenue was TRY 4.98B versus TRY 4.63B; Q2 net loss was TRY 325.5M versus net income of TRY 6.0M.

• H1 financial expenses were TRY 1.71B, partly offset by a TRY 1.00B net monetary position gain.

• Operating cash flow was TRY 290.4M versus an outflow of TRY 577.6M; cash and cash equivalents ended June at TRY 499.1M, down from TRY 1.80B at year-end.

Outlook and guidance

• Management forecasts higher core operating profitability from revenue growth and expects resulting cash inflows to strengthen working capital.

• Management plans to cover short-term liabilities through operating and financing cash flows and refinance borrowing maturities with partial principal payments.

• Results may be affected by seasonal or periodic operating patterns and may not indicate full-year performance.