Koç Holding (KCHOL) H2 2025 earnings summary

Executive summary

• Consolidated net income surged to TL 22.0 billion in 2025 from TL 1.7 billion in 2024, reflecting an 1187% increase year-over-year.

• Combined revenue reached TL 4.6 trillion in 2025, up 4% year-over-year, with strong execution and financial discipline.

• Largest industrial and services group in Turkey, with 46% of revenues from international markets and 31% from international sales.

• Maintained a net cash position of $815 million at the holding level, with 69% in hard currency.

• Portfolio diversification and robust segment contributions supported performance in a volatile macroeconomic environment.

Financial highlights

• Gross profit increased 9% year-over-year to TL 469.4 billion.

• Operating profit rose to TL 155.5 billion, with segment operating profits led by automotive and energy.

• Profit before tax was TL 124.5 billion; total assets reached TL 5.3 trillion, up 4% year-over-year.

• Dividend income reached TL 33.4 billion; TRY 17.5 billion distributed in dividends in Q2.

• Earnings per share for 2025 was 8.679 Kr, compared to 0.674 Kr in 2024.

Outlook and guidance

• Focus on sustaining profitability, reinforcing the balance sheet, and leveraging portfolio resilience as the group approaches its 100th anniversary.

• 2026 guidance: Tüpraş net refining margin expected at $6.0–7.0/bbl; Tofaş production to rise to ~29,000 units; Arçelik revenue growth to be flattish in Turkey and low single digit internationally.

• Yapı Kredi targets TL loan growth of 43% and FC loan growth of 23% in 2026.

• Continued appetite for M&A, prioritizing targets with strong cash conversion and EBITDA metrics.

• No earmarked plans for the $600 million club loan; funds reserved for potential acquisitions and liquidity needs.