Gedik Yatirim Menkul Degerler A.s. · BIST:GEDIK
Gedik Yatirim Menkul Degerler A.s — Institutional Investor Summit 2025
26 slides from Gedik Yatirim Menkul Degerler A.s's conference presentation, Jun 24, 2025
Slide 1: Gedik Investment Institutional Investor Summit Notes
Gedik Investment Institutional Investor Summit Notes June 24, 2025 Meeting Notes from our Summit on June 18’th, 2025
Slide 2: Institutional Investor Summit Notes
Institutional Investor Summit Notes ▪ Agesa Hayat Emeklilik ▪ Akbank ▪ Anadolu Sigorta ▪ Arçelik ▪ Astor Enerji ▪ Çimsa ▪ Doğuş Otomotiv ▪ Emlak GYO ▪ Enka İnşaat ▪ Ford Otosan ▪ Galata Wind ▪ Kocaer Çelik ▪ Mavi Giyim ▪ Orge Enerji ▪ Pegasus Hava Taşımacılığı ▪ Şişe Cam ▪ Tab Gıda ▪ Tofaş Oto Fabri
Slide 3: Brief Notes on Participating Companies: Agesa
Brief Notes on Participating Companies Agesa ➢ The company reported that its total profit pool is evenly distributed among three segments: (1) pension funds under the Private Pension System (BES), split roughly 50/50 between TRY and FX instruments; (2) TRY-based credit life insurance products; and (
Slide 4: Brief Notes on Participating Companies: Akbank
Brief Notes on Participating Companies Akbank ➢ At the beginning of the year, the Bank shared the following set of expectations for 2025. Accordingly, the targets were: • An improvement of approximately 300 bps in the net interest margin, reaching 5%, • A 40% growth in net fee and commission income,
Slide 5: Brief Notes on Participating Companies: Anadolu Sigorta
Brief Notes on Participating Companies Anadolu Sigorta ➢ Anadolu Sigorta announced that it reached a premium production of TRY 23.2 billion in the first quarter of 2025, representing a 41% yoy increase. The company noted notable growth in the Health segment, with production reaching TRY 6.4 billion,
Slide 6: Brief Notes on Participating Companies: Arçelik
Brief Notes on Participating Companies Arçelik ➢ 1Q25 Results Update: In 1Q25 net sales increased by 9% y/y to TL109bn. Domestic sales declined by 12% while Asia-Pacific sales fell by 15%. Europe sales increased by 49% y/y supported by the inorganic contribution of the Whirlpool merger (+EUR650mn).
Slide 7: Brief Notes on Participating Companies: Astor Enerji
Brief Notes on Participating Companies Astor Enerji ➢ Astor Enerji is the market leader in Turkey with a 35% market share and exports to over 100 countries. The company targets revenues of USD 940 million in 2025 and USD 1.2 billion in 2026. Its current backlog stands at approximately USD 700 millio
Slide 8: Brief Notes on Participating Companies: Çimsa
Brief Notes on Participating Companies Çimsa ➢ In 1Q25, Çimsa increased its consolidated sales by 21% YoY to TRY 8.9 billion, driven by the contribution from Mannok and volume growth. EBITDA rose by 37% to TRY 1,094 million. Adjusted for the temporary effect of Sabancı Holding shares, net profit soa
Slide 9: Brief Notes on Participating Companies: Dogus Otomotiv
Brief Notes on Participating Companies Dogus Otomotiv ➢ The incorporation of Doğuş REIT (Real Estate Investment Trust) into the group is expected to support the company’s operations over the medium-to-long term, with a non-negligible contribution to net profit. ➢ 1Q25 market demand was above expecta
Slide 10: Brief Notes on Participating Companies: Emlak GYO
Brief Notes on Participating Companies Emlak GYO ➢ According to consolidated IAS29 figures in 1Q25, net sales increased by 631% y/y to TL22,779mn, primarily driven by the increase in housing sales. Note that, revenue from sales is recorded in P/L when the transaction is completed. The housing sales
Slide 11: Brief Notes on Participating Companies: Enka İnşaat
Brief Notes on Participating Companies Enka İnşaat ➢ Construction: The construction segment remains strong. The backlog reached USD 6.6 billion as of Q1 2025, excluding the EUR 880 million (Enka’s share: EUR 485 million) Iraq project and the USD 530 million contract awarded to Cimtas. The backlog is
Slide 12: Brief Notes on Participating Companies: Ford Otosan
Brief Notes on Participating Companies Ford Otosan ➢ The Company currently guides for full-year 2025 Turkish auto market volumes in the 950–1,050k range, while emphasizing upside risks to this forecast based on recent sales momentum. ➢ Production volumes are reported to have strengthened in 2Q25, pr
Slide 13: Brief Notes on Participating Companies: Galata Wind
Brief Notes on Participating Companies Galata Wind ➢ Galatawind currently operates a total installed capacity of 297 MW across 71 turbines. Its 105 MW Şah WPP (Balıkesir) ranks among the largest wind power plants in Turkey, while the 63 MW Mersin WPP stands out for its high operational efficiency. T
Slide 14: Brief Notes on Participating Companies: Kocaer Steel
Brief Notes on Participating Companies Kocaer Steel ➢ Management emphasized that the Company’s focus on value-added exports to the energy sector continues to provide a meaningful hedge against broader cyclical volatility in conventional steel markets. This strategic differentiation remains intact, w
Slide 15: Brief Notes on Participating Companies: Mavi Giyim
Brief Notes on Participating Companies Mavi Giyim ➢ In Q1 2025, Mavi reported an EBITDA TL1,997mn (-26.8% YoY) and a net income of TL837mn (-36.7% YoY). Revenues decreased by 14.2% YoY, LFL sales contracted 15.9% in TRY terms (Q424: -3% YoY), while contracting 13.4% in volume (Q424: -3%). Basket siz
Slide 16: Brief Notes on Participating Companies: Orge Enerji
Brief Notes on Participating Companies Orge Enerji ➢ Orge has reached a backlog of TL 2.8 billion as of the end of Q1 2025, up from TL 1.8 billion a year earlier. However, new orders declined to TL 447 million in Q1 2025 from TL 520 million in Q1 2024, reflecting a market slowdown. Given the strong
Slide 17: Brief Notes on Participating Companies: Pegasus
Brief Notes on Participating Companies Pegasus Hava Taşımacılığı ➢ Based on EUR figures in 1Q25, net sales increased by 20% y/y to EUR622 mn, in line with our estimate of EUR624 mn and the consensus estimate of EUR607 mn. Domestic and International revenues grew by 25% and 9%, respectively. In 1Q25,
Slide 18: Brief Notes on Participating Companies: Şişe Cam
Brief Notes on Participating Companies Şişe Cam ➢ In Q1 2025, net sales dropped by 19% in real terms to TL 45.5 billion. While architectural glass and glass packaging saw volume growth, all other segments experienced a decline. On the pricing side, due to weak demand—especially in Europe—low energy
Slide 19: Brief Notes on Participating Companies: Tab Gıda
Brief Notes on Participating Companies Tab Gıda ➢ The company targets over 40% nominal revenue growth by the end of 2025. Following the strong growth in the first quarter, a more normalized trend is expected for the remainder of the year. The current 5.5-month performance indicates that this target
Slide 20: Brief Notes on Participating Companies: Tofas
Brief Notes on Participating Companies Tofas ➢ The due diligence (DD) process following the Stellantis Otomotiv acquisition is currently ongoing. The Company expects to see a positive contribution from the consolidation in the 2Q financial results. Current market demand dynamics remain supportive, w
Slide 21: Brief Notes on Participating Companies: Tüpraş
Brief Notes on Participating Companies Tüpraş ➢ Product margins have shown improvement so far in 2Q25 compared to 1Q25, supported by seasonal effects. Notably, diesel and jet fuel margins have surged to around USD 20/bbl in recent days, potentially due to geopolitical tensions related to the Iran-Is
Slide 22: Brief Notes on Participating Companies: Türk Hava Yolları
Brief Notes on Participating Companies Türk Hava Yolları ➢ In 1Q25, the company recorded USD 4,887 million in net sales, increasing by 2% YoY in USD terms. In 1Q25, total passenger numbers rose by 2%, with international passengers up by 4% and domestic passengers down by 2%. Available Seat Kilometer
Slide 23: Brief Notes on Participating Companies: Turk Telekom
Brief Notes on Participating Companies Turk Telekom ➢ Since late 4Q24, Türk Telekom has demonstrated continued strength in net subscriber additions alongside resilient — and even improving — ARPU dynamics, a rare trend in the telecom space. We previously interpreted this as a reflection of meaningfu
Slide 24: Brief Notes on Participating Companies: Yapı Kredi Bankası
Brief Notes on Participating Companies Yapı Kredi Bankası ➢ At the beginning of 2025, in light of its macroeconomic expectations, the Bank shared a relatively conservative set of expectations. Accordingly, the targets were: • A 300 bps increase in the net interest margin, • 25–30% growth in net fee
Slide 25: Gedik Investment Research Team
Gedik Investment Research Team Ali Kerim Akkoyunlu Research Director Food & Beverage, Catering, Clothing Retail, Defence, Food Retail, Furniture ali.akkoyunlu@gedik.com Serkan Gönençler Chief Economist Macroeconomy, Strategy serkan.gonencler@gedik.com Umut Öztürk Manager Auto Parts, Chemicals, Contr
Slide 26: Gedik Investment
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