Turkey · Delayed Price · Currency is TRY Türkiye Sise Ve Cam Fabrikalari A.S. Earnings Call Transcripts
Fiscal Year 2025
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Revenue declined 8% to TRY 225B in 2025, but EBITDA rose 32% to TRY 24B, with margin gains from efficiency and value-added glass products. CapEx peaked in 2025; 2026 will focus on deleveraging and asset monetization, with free cash flow expected to remain negative due to ongoing investments.
Fiscal Year 2024
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2024 results were heavily impacted by inflation accounting, with reported revenue and margins down, but underlying operational performance more resilient. Chemicals led segment contributions, while CapEx will be tightly linked to EBITDA in 2025. Net leverage is targeted below 3.5x.
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Revenue and margins declined due to inflation accounting, cost inflation, and weak demand, with EBITDA margin dropping to 9% and net income down 54% year-on-year. Management expects gradual margin recovery, CapEx below $1B, and is prioritizing major projects while delaying non-core investments.