Ford Otomotiv Sanayi (FROTO) Q3 2025 earnings summary

Executive summary

• Achieved 3rd position in the Turkish market with an 8% share and led the commercial vehicle segment with a 27.5% share in Q3 2025.

• Export volumes rose 13% and revenues 12% year-over-year, driven by E-Van and 1-ton CV ramp-up and robust European demand.

• Adjusted EBITDA margin improved to 8.1%, with EBITDA at TL46.9 billion and per vehicle EBITDA at EUR 1,832.

• Net cash from operating activities reached EUR 1.5 billion (TL71.1 billion), reflecting strong cash generation and effective working capital management.

• EVs comprised 15.8% of production, up from 5.5% at 2024 year-end.

Financial highlights

• Total revenues grew 8% year-over-year to TL582.4 billion, with 81% from exports; export revenues up 12% and volumes up 13%.

• Domestic sales volume up 7%, but domestic revenue down 6% due to sales mix and pricing pressure.

• Adjusted EBITDA rose 9% to TL46.9 billion; margin at 8.1%.

• Operating profit at TL30 billion, down 2%; PBT and PAT down 23% and 35% respectively, mainly due to FX losses and higher taxes.

• End-period cash and equivalents at TL54.5 billion, with net financial debt down 23%.

Outlook and guidance

• Full-year Türkiye automotive market volume guidance raised to 1.3–1.4 million units; domestic retail volume expected at 110K–120K.

• Export and production guidance lowered due to weaker European demand; export volume guidance revised to 590K–640K, total production to 680K–730K units.

• CapEx guidance lowered to €450–550 million, with most electrification investments completed.

• Revenue growth expected in high single digits; adjusted EBITDA margin guidance at 7–8%.