Dogus Otomotiv Servis ve Ticaret (DOAS) Investor presentation summary

Macroeconomic and market environment

• Inflation and exchange rates remained high, with annual CPI at 75.45% and significant TRY depreciation against USD and EUR.

• Automotive loan rates and CBRT interest rates increased, impacting consumer confidence and retail sales.

• The number of vehicles registered and second-hand sales activity showed growth, reflecting ongoing demand.

Operational and market performance

• Wholesale sales grew 67% in 2023, but only 3.1% in the first five months of 2024, with mixed performance across brands.

• Retail market share for passenger cars and light commercial vehicles declined slightly in May 2024 compared to the previous year.

• Electric vehicle sales increased to 1,052 units in 2023, up from 361 in 2022.

Financial performance

• Q1 2024 revenue rose 2% YoY to TRY 34.1 billion, but net profit dropped 48% to TRY 3.0 billion.

• Gross margin fell to 17.8% and net profit margin to 8.8%, reflecting higher operational expenses and lower profitability.

• Net cash position improved to TRY 2.4 billion, and total assets increased 5% to TRY 82 billion.