Tofas Türk Otomobil Fabrikasi Anonim Sirketi (TOASO) Q3 2026 earnings summary

Executive summary

• 9M26 revenue rose 19.4% YoY to TRY293,540,755 thousand and net profit increased 188.6% to TRY10,972,737 thousand, in Sep. 30, 2026 purchasing power.

• Total shipments rose 24% YoY to 263,839 units; production grew 12% to 100,000 units and exports increased 110% to 56,980 units.

• Total LV market share was 25.2%, down 1.2pp YoY, as LCV share gains partly offset weaker passenger-car share.

Financial highlights

• 9M26 gross profit was TRY22,807,158 thousand, operating profit TRY5,552,458 thousand and EBITDA TRY7,558mn; operating profit turned positive from a prior-year loss.

• 9M26 PBT increased 200.7% YoY to TRY12,121,484 thousand; net profit rose 188.6% to TRY10,972,737 thousand.

• Q3 revenue fell nearly 29% to TRY86,352,630 thousand, while net profit rose to TRY4,331,820 thousand from TRY1,567,618 thousand.

• Q3 PBT more than doubled to TRY4.8bn; gross margin improved by almost 500 bps, and net income growth partly reflected lower taxes.

• 9M26 EPS was Kr21.95 vs Kr7.60; total comprehensive income was TRY9,449,264 thousand, including TRY1,846,375 thousand of cash-flow hedge losses before tax.

Outlook and guidance

• 2026 domestic LV market outlook was cut to 1.1mn–1.15mn units; domestic retail target fell to 270K–290K from 300K–320K.

• 2026 export target was reduced to 70K–80K from 75K–85K, and production target to 135K–145K from 145K–155K, partly due to supply constraints.

• FY26 PBT margin guidance rose to ~4% from 3%–4%; the 2028 target remained 5%–7%.

• Investment guidance remained €250mn; management expected Turkish market softness to continue into H1 2027.