Türkiye Sise Ve Cam Fabrikalari (SISE) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was TRY 57,478 million, down 3–3.4% year-over-year, while gross profit rose 13% to TRY 15,936 million and net income after minority interest increased 14.7–15% to TRY 1,884 million.

• EBITDA declined 60% to TRY 2,049 million, and total comprehensive loss attributable to equity holders was TRY 8.01 billion, mainly due to negative currency translation and hedge reserve movements.

• Financials are reported under IAS/TAS 29 inflation accounting due to Türkiye's hyperinflationary environment.

• Cash and cash equivalents increased to TRY 42.5 billion at quarter-end.

Financial highlights

• Gross profit margin improved to 27.7% from 23.7% year-over-year, despite lower revenue.

• EBITDA for Q1 2026 was TRY 2.05 billion, down from TRY 5.12 billion in Q1 2025.

• Earnings per share rose to TRY 0.99.

• Net debt at Q1 2026 was TRY 123,599 million, with a net debt/total equity ratio of 43%.

• Total assets decreased to TRY 538.4 billion from TRY 557.8 billion at year-end 2025.

Outlook and guidance

• Inflation accounting is expected to continue until Türkiye no longer meets IAS 29 criteria.

• A gross dividend of TRY 1.8 billion (58.76% of issued capital) will be distributed on June 1, 2026.

• Capex/revenue ratio remains low at 0.7% for Q1 2026, indicating disciplined capital spending.

• No significant changes in accounting policies or estimates affecting future periods.