Q2 2026 Koc Holding AS Earnings Call Transcript
Key Points
- Koc Holding AS (KHOLY) reported a 147% increase in consolidated net income, reaching TRY20.3 billion in the first half of 2026.
- The Energy segment delivered outstanding performance, contributing TRY20.7 billion to net income, driven by strong refining margins and high capacity utilization.
- Koc Holding AS (KHOLY) maintains a strong balance sheet with approximately $1 billion net cash at the holding level and a conservative leverage ratio of 1.1 times net debt to EBITDA.
- The company is actively optimizing its portfolio through strategic actions, including acquisitions, divestments, and partnerships, to enhance focus and operational efficiency.
- Yapı Kredi's net profit increased by 36% year-on-year, with a return on tangible equity of 23.4%, supported by strong net interest margin expansion and fee income.
- High interest rates and tight financial conditions in Türkiye are constraining domestic demand and elevating financing costs for firms.
- The continued real appreciation of the Turkish lira is a headwind for export-oriented sectors, negatively impacting profitability.
- The Turkish automotive market contracted by 8% in the first half, with TürkTraktör's domestic tractor sales volume dropping sharply by 61%.
- Arçelik's revenue performance is impacted by soft demand, pricing pressure, and unfavorable product mix, with international revenues declining by 11%.
- Yapı Kredi's asset quality deteriorated, with the NPL ratio rising to 4.3% and cost of risk materializing at 201 basis points in the first half.
Ladies and gentlemen, thank you for standing by. I am Polina, your Chorus Call operator. Welcome, and thank you for joining the Koç Holding conference call and live webcast to present and discuss the first-half 2026 financial results.
At this time, I would like to turn the conference over to Ms. Helin Ãelikbilek, IR Coordinator at Koç Holding. Ms. Ãelikbilek, you may now proceed.
Welcome, and thank you for joining us today for Koç Holding's first-half 2026 earnings call. This is Helin, IR Coordinator of Koç Holding. And today, I'm joined by our CFO, DoÄan Korkmaz; our Finance Coordinator, Ãzge; and our IR Manager, Ä°smail, to take you through our presentation and answer questions during the Q&A session.
Our presentation covers the company's reviewed financial results for the first half of 2026, prepared in accordance with Turkish accounting and financial reporting standards, including the application of IAS 29 inflation accounting. Please note that our presentation and Q
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