Dogus Otomotiv Servis ve Ticaret (DOAS) Q1 2025 earnings summary

Executive summary

• Q1 2025 sales reached nearly 39,000 units, matching last year's performance, with total sales for the first four months up 10% year-over-year to 53,000 units.

• Wholesale sales volume for 1Q 2025 was 30,105 units (excluding Skoda), up 1% year-over-year, while total revenue declined by 11% to TRY 42.04 billion.

• Net profit dropped 86% year-over-year to 570.9 million TRY, with EBITDA down nearly 50% due to lower gross profitability and one-time social responsibility costs.

• Market share in the passenger car segment hit a record high of nearly 15%, with total light vehicle market share at 14.8%.

• Dividend payments totaling TRY 8.2 billion (including TRY 2.2 billion advanced last year) are scheduled, with 6 billion TRY to be paid in 2025.

Financial highlights

• Q1 2025 turnover was TRY 42.04 billion, down 11% year-over-year; net profit margin fell to 1.36%.

• EBITDA for Q1 2025 was TRY 3.4 billion, down 47% year-over-year.

• Gross profit margin declined to 16.17% from 17.81% year-over-year; EBIT and EBITDA margins fell to 6.58% and 6.6%, respectively.

• Balance sheet size increased 4% to TRY 105.98 billion as of March 31, 2025.

• CapEx reached 787.4 million TRY in Q1 2025, focused on digitalization and infrastructure.

Outlook and guidance

• 2025 total market expected to exceed 1 million units; company sales forecasted to surpass 115,000 units (excluding Skoda).

• CapEx for 2025 is planned at TRY 5.3 billion, focusing on renewable energy, digitalization, and EV charging infrastructure.

• EV sales targeted to exceed 10,000 units in 2025, with all brands except Škoda offering EV models.

• Strategic priorities include operational efficiency, electrification, digital transformation, and sustainability.

• Inventory days expected to remain flat year-over-year under current market and macroeconomic conditions.