Tofas Türk Otomobil Fabrikasi Anonim Sirketi (TOASO) Q3 2025 earnings summary

Executive summary

• Profit before tax in Q3 more than doubled year-over-year, mainly due to Stellantis Türkiye integration and a low base effect.

• Maintained domestic market leadership with a 26.4% share over nine months.

• Completed Stellantis Otomotiv Pazarlama A.Ş. acquisition, resulting in temporary goodwill of TL 7.74 billion.

• Signed new manufacturing and export contracts, including for K9 LCV and KO model for North America.

• Sold headquarters land block for TRY 1.25 billion, generating a pre-tax gain of TRY 0.9 billion in Q4.

Financial highlights

• Revenue for the nine months reached TL 197.9 billion, up from TL 124.5 billion year-over-year.

• Net profit for the period was TL 2.93 billion, a significant decrease from TL 6.7 billion in the prior year.

• Q3 revenues more than tripled to TRY 87 billion; gross profit up 137% to TRY 4.2 billion; EBITDA up over 400% to TRY 1.8 billion.

• EBITDA margin for 9M25 dropped to 2.7% from 9.8% year-over-year.

• Cash and cash equivalents at TL 18.7 billion; net financial debt rose to TL 19.6 billion.

Outlook and guidance

• Domestic light vehicle demand guidance raised to 1.3–1.4 million units; retail sales guidance up to 350,000–370,000 units.

• Export shipment guidance for 2025 at 70,000–80,000 units, rising to 150,000–170,000 by 2028.

• CapEx outlook increased to €150 million in 2025 and €200 million in 2028, mainly for K9 project.

• PBT margin guidance at ~3% for 2025, rising to 5–7% by 2028.

• Expectation of margin expansion and higher export volumes in 2026, with K9 ramp-up and normalization of price competition.