Koç Holding (KCHOL) Q2 2026 earnings summary

Executive summary

• Achieved 7.2% year-over-year combined revenue growth in 1H26, with consolidated net income up 147% to TL 20.3bn, reflecting strong performance despite a challenging environment.

• Revenue for the six months ended 30 June 2026 reached TL 1,693,964 million, up from TL 1,555,468 million year-over-year.

• Net profit attributable to equity holders was TL 20,306 million, a significant increase from TL 8,237 million in the prior year period.

• Maintained robust liquidity and balance sheet discipline, with net cash of ~$1bn and a net financial debt/EBITDA ratio of 1.1x.

• The group operates in five core segments: Energy, Automotive, Consumer Durables, Finance, and Other.

Financial highlights

• Combined revenues reached TL 2.74 trillion, up 7% year-over-year; operating profit rose 39% to TL 114.4bn.

• Gross profit grew 15% to TL 306.6bn; profit before tax surged 154% to TL 83.6bn.

• Operating profit increased to TL 95,971 million from TL 61,729 million year-over-year.

• Cash and cash equivalents stood at TL 436,086 million as of 30 June 2026.

• Total assets were TL 6,233,515 million, with total equity of TL 1,291,998 million at period end.

Outlook and guidance

• Tüpraş expects net refining margins of $6.0–7.0/bbl and capacity utilization of 95–100% for 2026.

• Arçelik guides for flattish domestic revenue and low single-digit international growth, with EBITDA margin of 6.25–6.5%.

• Ford Otosan and Tofaş anticipate stable or slightly declining volumes, with capex plans maintained.

• Yapı Kredi targets >100bps NIM improvement and high single-digit revenue growth.

• The group expects to recover deferred tax assets related to investment incentives within 10 years, based on long-term business plans.