Karsan (KARSN) Q3 2026 earnings summary

Executive summary

• 9M 2026 revenue rose to TL 13.35bn from TL 10.44bn YoY, while operating profit fell to TL 404.8m from TL 1.06bn; the period loss narrowed to TL 579.5m from TL 877.3m.

• Electric vehicle sales revenue increased to TL 9.33bn from TL 5.78bn; total production was 31,211 units, with capacity utilization of 75.3%.

• European electric public transport market share reached 6.8% in H1 2026, with class shares of 48% for e-JEST, 20% for e-ATAK and 38% for 10-meter e-ATA.

Financial highlights

• 9M revenue was TL 13,348,842 thousand vs TL 10,436,426 thousand; gross profit was TL 2,906,486 thousand vs TL 2,385,959 thousand.

• Operating profit was TL 404,798 thousand vs TL 1,060,883 thousand; period loss narrowed to TL 579,475 thousand from TL 877,318 thousand.

• Total assets were TL 20,764,633 thousand at 30 Sep 2026 vs TL 26,066,733 thousand at 30 Sep 2025; equity was TL 8,350,149 thousand vs TL 7,925,139 thousand.

• Short-term liabilities were TL 9,112,283 thousand vs TL 15,517,839 thousand; long-term liabilities were TL 3,302,201 thousand vs TL 2,623,755 thousand.

Outlook and guidance

• A 3.5 MWdc rooftop solar project targets annual clean-energy generation of ~4.6m kWh and coverage of ~25% of electricity needs, supporting a 2030 Net Zero Factory vision.

• 2026 work continues on SBTi-aligned emissions targets; certification for three additional Environmental Product Declarations is targeted by year-end.

• The e-ATA Hydrogen platform remains a strategic R&D focus, including fuel-cell integration, range optimization, fast-refueling compatibility and performance validation.