Teknosa Iç ve Dis Ticaret Anonim Sirketi (TKNSA) Q4 2025 earnings summary

Executive summary

• Macroeconomic headwinds, high financing costs, and delayed policy normalization led to an 8.1% year-over-year decline in net sales to TL 83,519 million, with consumer demand shifting toward essentials.

• Operational profitability improved, with EBITDA margin rising to 5.0% due to disciplined cost management and gross margin expansion.

• Online channel and marketplace initiatives accelerated digital sales, with e-commerce GMV reaching TL 15.7 billion and marketplace expansion to 1,400 merchants and 256,000 SKUs.

• Net loss widened to TL 2,251 million for FY 2025, mainly due to high financial expenses and the discontinuation of inflation accounting.

• Strategic focus remains on efficiency, profitability, and digital transformation, with full impact expected from H2 2026.

Financial highlights

• Revenues declined 8.1% year-over-year to TL 83,519 million, with like-for-like revenues up 2.6% in Q4, outperforming the market.

• EBITDA increased 10.4% year-over-year to TL 4,208 million, with margin up 0.8 ppts to 5.0%.

• Gross profit margin improved by 0.6 percentage points to 13.5% for the year.

• Net loss for 2025 was TL 2,251 million, compared to TL 1,858 million in 2024, despite one-off costs for store closures and headcount optimization.

• OPEX-to-sales ratio increased to 11.1% from 10.7% year-over-year.

Outlook and guidance

• Strategic priorities for 2026 include revenue growth, online expansion, cost discipline, and selective store expansion, with full impact of digital and AI investments expected from H2 2026.

• Focus remains on financial discipline, liquidity management, and cost control amid a challenging macroeconomic environment.

• Commitment to long-term growth, value creation, and sustainability, including a target to reduce Scope 1 and 2 emissions by 42% by 2030 and achieve Net Zero by 2050.