Koç Holding (KCHOL) Q3 2025 earnings summary

Executive summary

• Consolidated net income for the first nine months rose 54% year-over-year to TL14,352 million, driven by strong energy and finance segments, sectoral and geographical diversification, and significant bargain purchase gains from acquisitions.

• Combined revenues for the period were TL1,954,626 million, reflecting a year-over-year decline, while EPS increased to 0.566 Kr from 0.367 Kr.

• Portfolio diversification includes 31% of revenues from international sales and 46% of revenues considered high currency-based, with 90% of NAV from listed assets.

• Major business combinations included the acquisition of Whirlpool's European and MENA operations, resulting in significant bargain purchase gains.

• Segment performance varied, with energy and finance showing strong contributions, while consumer durables and automotive faced headwinds.

Financial highlights

• Net cash position at holding level was USD 874 million at end-September, with 68% in hard currency.

• Dividend income for the year is expected to reach USD 805 million, assuming all announced dividends are approved.

• Gross profit for the period was TL330,543 million, up from TL320,786 million year-over-year.

• Operating profit reached TL81,111 million, compared to TL110,599 million in the prior year.

• Cash and cash equivalents stood at TL375,008 million as of 30 September 2025.

Outlook and guidance

• Tüpraş revised its net refining margin guidance upward to $6.5 per barrel for 2025, with high capacity utilization expected.

• Automotive sales, both domestic and export, are expected to remain robust, with Ford Otosan and Tofaş maintaining strong market shares.

• Arçelik projects high single-digit international revenue growth and EBITDA margins of 7–8%.

• Yapı Kredi targets mid-twenties ROTE and improved NIM, with loan growth below average inflation.

• Management expects 2026 to be better than 2025, with gradual improvement in Europe and potential domestic recovery in the second half.