Tofas Türk Otomobil Fabrikasi Anonim Sirketi (TOASO) H2 2025 earnings summary

Executive summary

• 2025 was a transformative year, highlighted by the acquisition and consolidation of Stellantis Türkiye, new production contracts, and successful integration progress, establishing clear market leadership.

• Achieved full-year PBT growth of 38% year-on-year, driven by consolidation, KO production ramp-up, and easing inflation, with Q4 PBT more than tripling quarter-over-quarter.

• Maintained domestic market leadership with a 26.3% share in 2025; LCV segment share at 43.9% and PC at 21.7%.

• Export volumes rebounded 41% year-on-year, with LCV exports up 217% and strong domestic market performance.

• Maintained a robust balance sheet with TRY 3.5 billion net cash, supporting ongoing investments and dividend policy.

Financial highlights

• Full-year PBT increased by 38% to TRY 8.838 billion, with a PBT margin of 2.8%.

• Net sales doubled to TRY 319.4 billion in 2025 from TRY 157.4 billion in 2024 (+102.9% year-on-year).

• Net profit rose 22.2% year-over-year to TRY 8.354 billion.

• EBITDA for the year declined 17.7% to TRY 9.998 billion, despite revenue doubling.

• Q4 PBT more than tripled quarter-over-quarter, reaching a 4.6% margin, and net income tripled to TRY 5.3 billion.

Outlook and guidance

• 2026 domestic market projected at 1.3–1.4 million units, with local shipments expected to rise over 20%.

• Export shipments forecasted to increase 40–60% to 65,000–75,000 units, all K0 models.

• Production guidance for 2026 is 140,000–150,000 units, with CapEx of EUR 250 million.

• PBT margin guidance for 2026 is 3–4%, targeting 5–7% by 2028.