Teknosa Iç ve Dis Ticaret Anonim Sirketi (TKNSA) Q2 2026 earnings summary

Executive summary

• Navigated persistent macroeconomic challenges, including high interest rates, inflation, and geopolitical tensions, while outperforming both the panel and tech online markets in the first half of 2026.

• Leveraged omni-channel capabilities, marketplace expansion, and digital initiatives to maintain competitive positioning and drive operational improvements.

• Strategic transformation initiatives in operational efficiency and digitalization remain on track for long-term value creation.

• Net sales remained flat year-over-year at TL 46,402 million for 1H 2026, with e-commerce sales growing 13% and accounting for approximately 11% of total net sales.

• Marketplace platform expanded to 1,463 merchants and around 303,000 SKUs, supporting growth despite competitive pressures and store closures.

Financial highlights

• Revenues remained flat year-over-year at ₺46,402 million in 1H26 compared to ₺46,455 million in 1H25, outperforming the declining panel market.

• Like-for-like sales increased by 6% year-over-year, reflecting store network strength.

• Gross margin declined to 11.7% in the first half (from 13.5% last year), but improved sequentially to 11.9% in Q2.

• EBITDA declined 21% year-over-year to TL 1,460 million, with margin dropping to 3.1%, but improved to 3.4% in Q2.

• Net loss increased to TL 1,496 million in 1H 2026 from TL 1,295 million in 1H 2025, mainly due to high financial costs.

Outlook and guidance

• Major AI-driven and digital initiatives expected to be deployed in Q3, with financial benefits anticipated from Q4 onward.

• Focus remains on restoring a negative net working capital position, reducing net debt, and disciplined inventory and liquidity management.

• No capital increase planned for 2026; management aims to manage debt with internal resources.

• Commitment to reducing Scope 1 and 2 emissions by 42% by 2030 and achieving Net Zero by 2050.

• Recovery in net profitability expected as operational improvements combine with eventual normalization of interest rates.