Karsan (KARSN) Q4 2025 earnings summary

Executive summary

• Revenue increased to 16.6 billion TL, up from 14.2 billion TL year-over-year, with net profit rising to 179.1 million TL from 102.6 million TL in 2024.

• Gross profit reached 4.6 billion TL, up from 2.85 billion TL, and EBITDA improved, reflecting operational efficiency.

• The company maintained a strong export focus, with 9.9 billion TL in international sales.

• The audit opinion is unqualified, confirming compliance with TFRS and fair presentation.

Financial highlights

• Operating profit rose to 2.67 billion TL from 1.33 billion TL year-over-year.

• Net financial expenses increased to 3.76 billion TL, mainly due to higher interest and currency losses.

• Net cash from operating activities was 1.69 billion TL, up from 715 million TL.

• Total assets grew to 20.8 billion TL, and equity reached 7.23 billion TL.

• EPS increased to 0.199 TL per 100 shares, compared to 0.081 TL last year.

Outlook and guidance

• Management expects continued revenue growth and improved operating profitability, supported by export markets and new product launches.

• No significant liquidity or going concern risks are anticipated for the next year.