Logo Yazilim (LOGO) Q3 2025 earnings summary

Executive summary

• SaaS revenues grew 44% year-over-year in 9M25, now comprising 54% of total invoiced revenues.

• Revenue for the nine months ended 30 September 2025 reached TL 3,961.7 million, up from TL 3,569.8 million year-over-year.

• Net income for 9M25 was TL 1.4 bn, with a 35% margin, supported by a one-off investment gain from FX translation differences.

• Net profit for the period was TL 1,369.3 million, a significant increase from TL 438.2 million in the prior year.

• The company completed the sale of a significant portion of its stake in Total Soft, resulting in discontinued operations and a one-time gain.

Financial highlights

• Invoiced revenue rose 8% year-over-year to TL 4.0 bn in 9M25.

• Gross profit rose to TL 3,828.4 million from TL 3,453.6 million year-over-year.

• EBITDA increased 6% year-over-year, with a 40% margin in 9M25.

• Adjusted EBITDA for the period was TL 1,498.4 million.

• Earnings per share from continuing operations were TL 14.60, up from TL 3.94.

Outlook and guidance

• 2025 guidance: 7% invoiced revenue growth and 11% IFRS revenue growth (IAS29 adjusted).

• EBITDA margin expected at ~35% (IAS29 adjusted).

• The company expects to significantly increase SaaS revenues, particularly from fintech services, as new business lines mature.

• Ongoing investments in R&D and digital transformation are expected to support future growth.

• Economic assumptions: 35% year-end inflation, average USD/TL rate of 39.1 (+19% y/y), and Euro/TL rate of 40.9 (+15% y/y).