Karsan (KARSN) Q3 2025 earnings summary

Executive summary

• Revenue for the nine months ended 30 September 2025 was 8,044,634 TL, up from 7,795,860 TL in the same period last year, but the period ended with a net loss of 676,257 TL compared to a net loss of 1,121,333 TL in 2024.

• Gross profit increased to 1,839,151 TL from 1,114,956 TL year-over-year, reflecting improved margins despite higher costs.

• Operating profit (EBIT) was 817,752 TL, up from 406,656 TL in the prior year, but high finance costs and net monetary losses led to a pre-tax loss.

• Total assets rose to 20,092,830 TL as of 30 September 2025, up from 18,968,351 TL at year-end 2024.

Financial highlights

• Net loss for the period was 676,257 TL, a significant improvement from the 1,121,333 TL loss in the prior year.

• EBITDA and EBIT improved year-over-year, with EBIT at 817,752 TL versus 406,656 TL.

• Gross margin increased to 22.9% from 14.3% year-over-year.

• Net cash from operating activities was negative at (596,420) TL, compared to (405,721) TL in the prior year.

• Cash and cash equivalents at period end were 352,486 TL, down from 1,477,792 TL at year-end 2024.

Outlook and guidance

• Management expects revenue growth and improved operating profitability in 2025, anticipating that scale effects will strengthen working capital and cash flow.

• Short-term liabilities exceed current assets by 1,135,154 TL, but management plans to address this through operational cash flows and refinancing.