Türkiye Sise Ve Cam Fabrikalari (SISE) Q2 2025 earnings summary

Executive summary

• Implemented an Efficiency Management Program focusing on resource optimization, cost control, and operational profitability.

• Major investments in new glass processing lines, plant consolidations, and capacity expansions scheduled through 2026.

• Published first TSRS-aligned Sustainability Report and launched new sustainability initiatives, including supplier engagement and e-learning.

• Revenue for the first half of 2025 was TRY 100.8 billion, down from TRY 115.9 billion year-over-year, with net profit attributable to equity holders at TRY 3.98 billion, a significant decrease from TRY 6.51 billion in the prior year period.

• The group operates across seven segments, with architectural, glass packaging, and chemicals as major contributors.

Financial highlights

• H1'25 revenue reached TRY 115,862 million, down 13% year-over-year; gross profit up 27% to TRY 56,447 million.

• EBITDA increased 13% to TRY 26,891 million; parent-only net income rose 6% to TRY 13,117 million.

• Without IAS 29, H1'25 revenue was TRY 97,943 million, up 19% year-over-year; EBITDA up 22% to TRY 21,256 million.

• Gross profit for H1 2025 was TRY 26.9 billion, nearly flat year-over-year, while EBITDA reached TRY 12.8 billion, down from TRY 14.6 billion.

• Operating profit improved to TRY 3.39 billion from a loss of TRY 0.7 billion in H1 2024, driven by lower operating expenses and higher other operating income.

Outlook and guidance

• Continued application of IAS 29 inflation accounting expected until Turkish economic conditions stabilize.

• Major capacity expansions and new production lines planned for Q4 2025 and 2026.

• Management expects continued volatility due to inflation and currency fluctuations, with ongoing focus on operational efficiency and risk management.

• The group is assessing the impact of upcoming IFRS changes, with no material effect expected in the near term.