gross margin
—
FY 2026
official guidance
KOÇ HOLDING
Last · IstanbulTRY 218.40+3.50 (+1.63%)stale · yahoo · 179h ago
Market capTRY 553.6B2.54B sh
P/E · TTM23.8fwd 7.3 · eps 9.16
Beta—vs S&P 500
Div yield0.00%annual · TTM
52w range
TRY 146.00TRY 229.10
Volume28.3Msession
| Revenue | TRY 1.18T |
|---|---|
| Net income | TRY 46.9B |
| Net margin | 4.0% |
| Return on equity | 3.6% |
| Period | 2026 |
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
BuyHoldSell
Strong balance sheet and energy performance are offset by cyclical earnings concentration and unresolved subsidiary leverage.
Hold: Koç Holding delivered strong 1H26 results, with revenue up 7.2% to TL2.7tn, net income up 147% to TL20.3bn and roughly US$989m of holding-level net cash.
The earnings quality is less clean than the headline suggests: energy contributed TL20.7bn amid unusually strong refining margins, while Arçelik remains highly leveraged and management offered no firm buyback or monetization catalyst despite the NAV discount.
Themes
- 1h26 Results
- Tuepras Refining
- Arcelik Leverage
- Otokar Backlog
- Yapi Kredi Azimut
- Nav Discount
Near term
Tüpraş’s FY26 net refining margin outcome versus its $13-$15/bbl revised expectation will be the main earnings swing factor.
Otokar’s €669m backlog and scheduled military-vehicle deliveries should support visibility, but quarterly results remain delivery-timing dependent.
Investors should monitor Arçelik’s covenant headroom, land monetization plans and cash generation before assuming no further Koç support is required.
Yapı Kredi’s Azimut transaction, subject to approvals, could add approximately 70 bps to CET1 and provide a modest positive catalyst.
Longer term
The portfolio remains strategically diversified, with automotive representing 32%, finance 23% and refining 20% of NAV; however, current earnings are heavily reliant on refining.
Arçelik’s deleveraging and realization of Whirlpool integration synergies are critical to limiting parent-level contingent support risk.
Koç’s approximately US$2.5bn unlisted asset value and US$1bn net cash create optionality, but management prioritizes reinvestment and tactical opportunities over shareholder returns.
Automotive scale remains a structural strength: Koç’s combined domestic market share reached 33% and its export market share rose to approximately 51%.
The group’s international and hard-currency exposure provides some protection against Turkish macro volatility, but real-lira appreciation continues to pressure exporters.
Red flags
Analyst pushback highlighted Arçelik leverage of roughly 5x and potential covenant pressure; management said it remains supportive but did not quantify leverage targets, liquidity buffers or the probability of further capital assistance.
Arçelik’s positive 1H contribution from Whirlpool-related contingent-liability releases did not improve its cash position, making the earnings uplift lower quality.
Management’s response on capital allocation was noncommittal: buybacks are only a possible Board decision and remain secondary to reinvestment and opportunistic acquisitions.
Other segment remained dilutive by TL6.5bn, reflecting holding-level monetary losses and operating losses in retail, services and healthcare businesses.
Tüpraş’s exceptional $15.6/bbl 1H net refining margin is above the revised full-year range, leaving meaningful normalization risk in the second half.
Forward outlook
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
Upcoming earnings
4:00 PM UTC+1
Period
Sep 2026
Est. EPS
—
Est. revenue
0
Earnings transcripts
Documents
FormReporting forFiledFlags