Tofas Türk Otomobil Fabrikasi Anonim Sirketi (TOASO) H1 2026 earnings summary

Executive summary

• Achieved operational objectives in H1 2026, with production up 30% year-over-year to 77,000 units and export volumes more than doubling, driven by the K0 model and Stellantis Türkiye consolidation.

• Maintained strong market leadership with a stable 26.3% share in the Turkish light vehicle market, despite an 8% decline in domestic demand.

• Export volumes surged 127% year-over-year, supported by the KO model combi version launch.

• Egea/Tipo production phased out at end of June 2026 after a decade of market leadership.

• The group completed the integration of Stellantis Otomotiv Pazarlama A.Ş., finalizing the business combination and reflecting goodwill of TL 8.69 billion.

Financial highlights

• Revenue for H1 2026 reached TRY 201.8 billion, up 60.6% year-over-year, with net profit rising 197.2% to TRY 6.29 billion.

• Shipments grew 65% year-over-year to 192,147 units, driving a 16% rise in EBITDA to TRY 4.8 billion.

• Gross profit for H1 2026 was TRY 14.28 billion, with gross margin at 7.1%.

• PBT margin improved by 2.1 percentage points to 3.4%, with profit before tax surging over 300% to nearly TRY 7 billion.

• Shareholders' equity stood at TRY 66 billion, down TRY 5 billion from year-end, mainly due to dividend payments.

Outlook and guidance

• Full-year production guidance maintained at 145,000-155,000 units.

• Export volume outlook revised upward to 75,000-85,000 units for the year.

• Domestic light vehicle demand outlook reduced to 1.1-1.2 million units, with local retail sales expected at 300,000-320,000 units.

• CapEx guidance unchanged at EUR 250 million for the year.

• Deferred tax calculations reflect a reduced corporate tax rate for manufacturing income effective 2027, expected to positively impact future results.