Tekfen Holding Anonim Sirketi (TKFEN) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 reached 76,166 million TL, with gross profit at 7,825 million TL and EBITDA at 3,566 million TL, reflecting a challenging year with significant operational and market headwinds.

• Net cash position deteriorated to -5,834 million TL by year-end 2025, indicating increased leverage or cash outflows.

• The company operates across engineering & contracting (62% of revenue), agri-industry (36%), and investment (2%).

Financial highlights

• Gross profit margin improved to 10.27% in 2025 from 3.56% in 2024.

• EBITDA margin rose to 4.68% in 2025 from -0.02% in 2024.

• Period profit margin turned positive at 0.71% in 2025, up from -10.63% in 2024.

• Net profit for 2025 was 270 million TL, a significant recovery from a net loss of 4,273 million TL in 2024.

Outlook and guidance

• Engineering & Contracting backlog at year-end 2025 was USD 585 million, down from USD 837 million in 2024, reflecting a cautious outlook.

• Green ammonia investment suspended due to unfavorable market conditions.

• Terminal operations expect continued growth, supported by new capacity and guaranteed cargo agreements.