Turkey · Delayed Price · Currency is TRY Türkiye Sise Ve Cam Fabrikalari A.S. Earnings Call Transcripts
Fiscal Year 2026
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Revenue declined 8% year-on-year to TRY 122 billion, with reported EBITDA sharply lower due to non-recurring property losses and market headwinds. Adjusted EBITDA margin was 14%, and management expects margin recovery in H2 2026 as new investments ramp up and energy costs stabilize.
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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Revenue reached TRY 185.6B, with strong Architectural Glass and Packaging performance, but inflation accounting and FX volatility drove a 15% reported revenue decline and margin compression. CapEx for 2025 will be capped at EBITDA, with leverage targeted below 3.5x.
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First half 2024 saw revenue and volumes grow in most segments, but margins and net income declined sharply due to inflation, weak demand, and lower prices. Management is prioritizing cost controls, flexible CapEx, and major projects, expecting gradual margin recovery in H2 2024.