Tofas Türk Otomobil Fabrikasi Anonim Sirketi (TOASO) H1 2025 earnings summary

Executive summary

• Closed the Stellantis Türkiye acquisition at the end of April 2025, with two months' impact in H1 2025 results and integration progressing to realize synergies and scale economies.

• Achieved domestic market leadership with a 26.2% light vehicle market share in H1 2025.

• Production ramped up, especially for the new K0 commercial vehicle, with further acceleration expected in H2.

• New model with 150,000 units annual capacity and EUR 256 million investment to launch in Q3 2026.

• Interim period covers 1 January to 30 June 2025, with financials prepared under Turkish Financial Reporting Standards and inflation accounting applied.

Financial highlights

• H1 2025 revenue rose 17% year-over-year to TL 95,098 million, driven by 15% volume growth.

• EBITDA reached TL 3,161 million; PBT at TL 1,300 million, down sharply year-over-year due to deferred tax and margin compression.

• Net profit was TL 1,602 million with a net margin just under 2%.

• Cash and cash equivalents stood at TL 15,984 million after major acquisition and dividend payments.

• Shareholders’ equity decreased to TL 48,239 million from TL 54,955 million at year-end 2024.

Outlook and guidance

• Domestic light vehicle market expectation raised to 1.1–1.2 million units for 2025.

• Domestic retail sales guidance increased to 300,000–330,000 units (annualized, full-year basis).

• Export guidance set at 70,000–80,000 units; production guidance at 150,000–160,000 units.

• CapEx guidance maintained at EUR 150 million for 2025, excluding new model investments.

• PBT margin guidance for 2025 set at 3%; 2028 target raised to 5–7% with full consolidation and new product launches.