Türkiye Sise Ve Cam Fabrikalari (SISE) Q2 2026 earnings summary

Executive summary

• H1 2026 revenue was TRY 122,325 million, down 8% YoY; reported EBITDA was TRY 3.65 billion versus TRY 6.32 billion in H1 2025.

• IAS 29-adjusted EBITDA was TRY 17.1 billion, with a 14% margin; non-recurring valuation and investment items weighed on reported results.

• Net income was TRY 16.962 billion; net profit attributable to equity holders was TRY 5.37 billion. Total comprehensive loss was TRY 16.8 billion, mainly due to currency translation and revaluation effects.

• Inflation-adjusted statements reflect Turkish lira purchasing power as of June 30, 2026, under IAS 29.

Financial highlights

• Reported EBITDA margin was 3%, compared with 13% in the prior year; non-recurring valuation and investment items had a stated TRY 7.4 billion negative EBITDA impact.

• IAS 29 effects on relevant P&L lines totaled TRY 13.4 billion; adjusted EBITDA was TRY 17.1 billion and adjusted margin was 14%.

• Parent-only net income was flat at TRY 4.4 billion; lower net financing expenses and monetary gains supported earnings.

• International sales represented 61% of consolidated revenue; exports were $464 million, with 62% of export revenue from products shipped to Europe.

Outlook and guidance

• New-facility ramp-ups, accepted price increases and easing energy-cost shocks are expected to support improved H2 EBITDA; recovery also depends on stronger demand.

• Free cash flow guidance was not quantified; working-capital optimization and cash discipline remain priorities as new-facility inventories normalize.

• FY 2026 CapEx is estimated at up to $500 million, versus the earlier $500 million–$600 million budget, with spending managed in line with free cash flow.

• Major expansions are complete; future investment is expected to focus on renewals, while U.S. project feasibility remains under review.

• A reduced manufacturing tax rate is expected from 2027; inflation accounting under IAS 29 will continue while Türkiye meets hyperinflation criteria.