Teknosa Iç ve Dis Ticaret Anonim Sirketi (TKNSA) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was TL 22,239,732, up 3% year-over-year, with e-commerce sales up 23.7% and now comprising ~10% of total sales.

• Marketplace platform expanded significantly, reaching 1,437 merchants and 336,000 SKUs, a 67-fold increase.

• Continued strategic focus on digital transformation, operational efficiency, and disciplined cost management, including SAP rollout and AI-driven initiatives.

• Store count stood at 138, with a shift to larger format, experience-driven locations and an average net retail sales area of 681 square meters.

• Net loss narrowed to TL 477 million from TL 542 million in Q1 2025, supported by improved EBITDA and lower operating expenses.

Financial highlights

• Revenues grew by 3% year-over-year to TL 22.2 billion, with like-for-like sales up 9.6%.

• EBITDA increased by 12% year-over-year to TL 643 million, with margin improving from 2.7% to 2.9%.

• Gross margin declined by 1.2 percentage points year-over-year to 11.5% due to seasonality and competition.

• Cash and cash equivalents decreased to TL 615,338 from TL 2,722,445 at year-end 2025.

• Short-term borrowings rose to TL 6,340,983 from TL 5,074,076, and net financial expenses-to-revenues ratio increased to 6.0% from 5.2%.

Outlook and guidance

• Expect more meaningful impacts from cost and efficiency initiatives in the second half of 2026.

• Anticipate gradual normalization of net income as interest rates stabilize and operational efficiencies materialize.

• Focus remains on revenue growth through high-margin categories, channel expansion, and continued cost discipline.

• Commitment to long-term growth and value creation despite macroeconomic challenges.

• Sustainability targets include reducing Scope 1 and 2 emissions by 42% by 2030 and achieving Net Zero by 2050.