Türkiye Sise Ve Cam Fabrikalari (SISE) Q3 2025 earnings summary

Executive summary

• Revenue for the nine months ended September 30, 2025, was TRY 162,278 million, down 11% year-over-year, with EBITDA rising 22% to TRY 18,244 million and net income declining 34% to TRY 5,657 million.

• Inflation accounting (IAS/TAS 29) was applied due to Türkiye's hyperinflationary environment, restating all financials in terms of purchasing power as of September 30, 2025.

• The period included a substantial administrative fine from the Competition Authority and a major land sale in Istanbul.

• The company operates across seven segments, with a diversified international presence and a strong focus on glass production and related industries.

Financial highlights

• Gross profit increased 8% to TRY 45,102 million, with gross margin improving to 27.8% despite revenue decline.

• EBITDA margin improved, and EBIT surged to TRY 5,614 million from TRY 539 million in 9M'24.

• Net debt/EBITDA rose to 5.49x, and net debt/equity increased to 0.45.

• Cash and cash equivalents fell 37% to TRY 42,353 million.

• Total assets stood at TRY 479.5 billion, with total equity at TRY 255.8 billion.

Outlook and guidance

• The company secured a EUR 550 million long-term loan from IFC post-period to support ongoing investments and refinance short-term debt.

• Management expects to recover deferred tax assets related to investment incentives within five years, with no change in projected recovery periods under sensitivity analysis.