Tofaş's profit exceeded expectations

Tofaş announced its financial results for the third quarter of 2026 on the Public Disclosure Platform (KAP).

The company made a net profit of 4 billion 332 million TL in the July-September period, exceeding analysts' expectations of approximately 2.51 billion TL. Thus, Tofaş's third quarter net profit was approximately 73 percent above market expectations.

The company's net profit in the third quarter increased by 176 percent compared to the same period last year. In the first nine months, net profit increased by 189 percent and reached 10 billion 973 million TL.

SALES REVENUES EXCEEDED 293 BILLION LIRAS

Tofaş's sales revenues in the first nine months of 2026 increased by 19.4 percent compared to the same period last year, reaching 293.5 billion TL.

The company's operating profit also improved significantly. Tofaş, which announced an operating loss of 625 million TL in the first nine months of last year, achieved an operating profit of 5.55 billion TL in the same period of this year.

However, in the third quarter, sales revenues decreased by approximately 29 percent on an annual basis and reached 80.5 billion TL. Thus, the company managed to increase its profitability despite the decrease in sales revenues.

LIGHT COMMERCIAL VEHICLES FEATURED IN PRODUCTION

In addition to the financial results, there were also remarkable changes in Tofaş's production data.

The company's total vehicle production increased by approximately 11.5 percent in the first nine months of the year, reaching 99 thousand 700 units.

During this period, K0/Scudo production increased from 34 thousand 623 units in the same period last year to 72 thousand 54 units. On the other hand, Egea production decreased from 34 thousand 390 units to 16 thousand 720 units, and Egea Hatchback production decreased from 20 thousand 372 units to 10 thousand 926 units.

With the end of Egea's production, only light commercial vehicles will be produced in the Tofaş factory.

EXPECTATIONS HAVE CHANGED DOWNWARD

On the other hand, the company's net profit, which came above expectations in the third quarter, was influenced by the improvement in operational profitability, as well as financial income and monetary position gains.

The company's third quarter EBITDA exceeded the market expectation of approximately 1.84 billion TL at 2.43 billion TL.

However, Tofaş's downward revision of its production and sales expectations for the rest of the year was also among the notable developments in the balance sheet.

The company reduced its production expectation for 2026 from the range of 145-155 thousand vehicles to the range of 135-145 thousand vehicles.

Thus, although Tofaş announced profits above expectations in the third quarter, it predicted lower levels in its production and sales targets for the last period of the year.