Tekfen Holding Anonim Sirketi (TKFEN) Q3 2025 earnings summary

Executive summary

• Revenue rose to 56,864 million TL in 3Q 2025, up from 38,847 million TL in 3Q 2024, but gross profit dropped sharply to 796 million TL from 6,248 million TL year-over-year.

• EBITDA turned negative at -626 million TL in 3Q 2025, compared to 3,038 million TL in 3Q 2024.

• Net cash position deteriorated to -7,122 million TL from -4,367 million TL at year-end 2024.

• Report covers the nine-month period ended 30 September 2025, reflecting results under inflation accounting due to hyperinflation in Turkey, with all figures restated for purchasing power as of the reporting date.

• The period saw significant changes in shareholding and management, including SDIF-appointed trustees and ongoing legal disputes affecting governance.

Financial highlights

• Gross profit margin fell to 2.05% in 2025 from 10.99% in 2024; EBITDA margin dropped to -1.61% from 5.34%.

• Period profit margin was -8.65% in 2025, down from 0.11% in 2024.

• Net loss attributable to owners was TRY 3,337,425 thousand, compared to a profit of TRY 30,767 thousand in the prior year.

• Cash and cash equivalents at period end were TRY 5,732,926 thousand, down from TRY 11,841,096 thousand at the start of the year.

• Total assets decreased to TRY 69,597,173 thousand from TRY 82,625,509 thousand at year-end 2024.

Outlook and guidance

• Contractual claim and compensation processes are underway to recover prior project losses in Engineering & Contracting.

• Organizational measures to improve efficiency and cost control are ongoing.

• Management expects to secure additional financing and maintain operations, assuming successful completion of ongoing bank negotiations and no severe market deterioration.

• Action plans include cost discipline, optimization of working capital, and postponement of non-essential expenditures.