Gedik Yatirim Menkul Degerler A.s. · BIST:GEDIK
Gedik Yatirim Menkul Degerler A.s — 4Q25 Earnings Presentation
8 slides from Gedik Yatirim Menkul Degerler A.s's earnings presentation, Jan 28, 2026
Slide 1: Gedik Investment 4Q25 Earnings Preview
Gedik Investment 4Q25 Earnings Preview January 28, 2026
Slide 2: 4Q25 Earnings Preview
4Q25 Earnings Preview ➢ Industrials – Deferred tax expenses to put pressure on the bottom line. For the industrials, we expect a strong recovery in operating activity, translating into a 59% YoY EBITDA growth rate, largely driven by base effects. That said, we see the net income line as more complex
Slide 3: 4Q 2025 Gedik Investment Estimates (TL mn)
4Q25 Earnings Preview 4Q 2025 Gedik Investment Estimates (TL mn) 2025/4Q BANKS Net Income QoQ ∆ YoY ∆ Expected Release Date Akbank AKBNK 17.938 28% 94,4% 2.02.2026 Albaraka Türk ALBRK 3.062 337% 86,0% 13.02.2026 Garanti Bankası GARAN 25.452 -16% 0,8% 4.02.2026 T. Halk Bankası HALKB 6.232 -17% n.m. -
Slide 4: 4Q 2025 Gedik Investment Estimates (TL mn)
4Q25 Earnings Preview Financials reported according to TAS 29 Sector 4Q 2025 Gedik Investment Estimates (TL mn) Expected Release Date Revenues QoQ real ∆ YoY real ∆ EBITDA QoQ real ∆ YoY real ∆ Net Income QoQ real ∆ YoY real ∆ GLASS Şişecam SISE 53.010 -5,8% -0,6% 5.318 -13,0% 161,1% 1.201 -21,3% n.
Slide 5: 4Q 2025 Gedik Investment Estimates (TL mn)
4Q25 Earnings Preview Financials reported according to TAS 29 Sector 4Q 2025 Gedik Investment Estimates (TL mn) Expected Revenues QoQ real ∆ YoY real ∆ EBITDA QoQ real ∆ YoY real ∆ Net Income QoQ real ∆ YoY real ∆ Release Date STEEL & IRON Kardemir KARDM 15.884 -5,2% -6,0% 2.116 14,0% 57,3% (313) n.
Slide 6: 4Q 2025 Gedik Investment Estimates (TL mn)
4Q25 Earnings Preview Financials reported according to TAS 29 Sector 4Q 2025 Gedik Investment Estimates (TL mn) Expected Revenues QoQ real ∆ YoY real ∆ EBITDA QoQ real ∆ YoY real ∆ Net Income QoQ real ∆ YoY real ∆ Release Date FOOD RETAIL Bim Mağazaları BIMAS 184.214 -1,8% 9,0% 8.953 -35,2% -1,8% 3.
Slide 7: 4Q25 Aggregate Estimates Summary
4Q25 Earnings Preview Banks 2025/4Q 2025/3Q 2024/4Q QoQ ∆ YoY ∆ Net Income 101.739 96.721 69.868 5% 46% Insurance 2025/4Q 2025/3Q 2024/4Q QoQ ∆ YoY ∆ Net Income 2.998 2.756 2.088 9% 44% Non-TAS 29 - Reported in hard currency 2025/4Q 2025/3Q 2024/4Q QoQ ∆ YoY ∆ Revenues 438.584 467.695 331.602 -6% 32
Slide 8: 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 Macro Economy, Strategy serkan.gonencler@gedik.com Umut Öztürk Manager Auto Parts, Chemicals, Cont
Gedik Yatirim Menkul Degerler A.S. — 4Q25 Earnings Presentation on 6ix