Karsan (KARSN) Q4 2025 earnings summary

Executive summary

• Audited TFRS statements received an unmodified opinion; 2025 revenue was TRY16,599,038 thousand and net profit TRY179,091 thousand, both stated in purchasing power at 31 Dec 2025.

• Operating profit increased to TRY2,672,205 thousand from TRY1,329,879 thousand; net debt-to-total-capital ratio rose to 100.02% from 87.53%.

Financial highlights

• Revenue TRY16,599,038 thousand vs TRY14,224,493 thousand; gross profit TRY4,599,703 thousand vs TRY2,854,223 thousand.

• Operating profit TRY2,672,205 thousand vs TRY1,329,879 thousand; pretax profit TRY400,668 thousand vs TRY386,378 thousand.

• Net profit TRY179,091 thousand vs TRY102,576 thousand; parent-attributable EPS TRY0.199 vs TRY0.081 per share.

• Financial expenses increased to TRY3,764,832 thousand from TRY2,613,633 thousand; monetary gain was TRY1,434,178 thousand vs TRY1,678,295 thousand.

• Operating cash flow was TRY1,686,945 thousand vs TRY715,242 thousand; cash and equivalents ended at TRY1,526,478 thousand vs TRY1,542,145 thousand.

Outlook and guidance

• Management’s budget and forecast assumptions expect revenue growth to improve operating profitability and generate cash inflows to address the working-capital deficit.

• Current assets exceeded short-term liabilities by TRY30,572 thousand at 31 Dec 2025; management stated it saw no working-capital risk to going concern.