Turkey · Delayed Price · Currency is TRY Tofas Türk Otomobil Fabrikasi Anonim Sirketi Earnings Call Transcripts
Fiscal Year 2026
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Production and exports surged in H1 2026, with PBT up over 300% and margins improving year-over-year. LCVs drove growth, while domestic demand softened and pricing pressure is expected to ease in H2. CapEx and export guidance were raised, with synergies from Stellantis Türkiye already materializing.
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Q1 2026 delivered robust profitability with a 3.5% PBT margin, 200% revenue growth, and a 155% surge in export volumes, driven by strong LCV performance and K0 model ramp-up. Guidance was revised upward for production and exports, while domestic outlook was tempered by geopolitical risks.
Fiscal Year 2025
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2025 saw transformative growth with the Stellantis Türkiye acquisition, strong PBT and export recovery, and robust market leadership. Guidance for 2026 includes higher production, export growth, and margin expansion, supported by ongoing investments and integration synergies.
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Profit before tax more than doubled in Q3 year-over-year, driven by Stellantis Türkiye integration and strong domestic demand. Guidance for domestic sales and CapEx was raised, while export and production guidance was lowered due to K0 ramp-up delays. Margin expansion is expected in 2026 as new models launch.
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Stellantis Türkiye acquisition drove market leadership and boosted H1 2025 results, with strong domestic demand and production ramp-up offsetting export declines. Revenue rose 17% to TRY 95 billion, and guidance for domestic sales and market size was raised.
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Q1 2025 saw sharp declines in production, shipments, and revenue due to competition, model transitions, and hyperinflation, but cash flow remained strong. The Stellantis Türkiye acquisition and new investments are expected to drive recovery and growth, with export volumes set to accelerate.
Fiscal Year 2024
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Shipments and revenue declined sharply in 2024 due to product transitions, low capacity utilization, and inflationary pressures, but a strong recovery in export volumes is expected in 2025 with the ramp-up of the K0 model. The company maintains a robust cash position and healthy dividend outlook.
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Nine-month results were impacted by intense competition, product phase-outs, and hyperinflation, leading to a 30% drop in shipments and a 72% decline in PBT. Market leadership was maintained, and a major K0 investment with Stellantis is underway, with most initial production aimed at exports.
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H1 2024 saw a sharp decline in shipments, revenue, and margins due to fierce competition, inflation, and regulatory headwinds. Guidance for sales, exports, and margins was lowered, but new model launches and strategic agreements are expected to support recovery.