Kardemir returns to profit but misses expectations
Kardemir reported a net profit of TL 269.3 million in the third quarter of 2026, returning to profitability after recording a loss of TL 884.5 million in the same period last year.
The company's quarterly revenue increased 1.5% year over year to TL 21.1 billion, while net profit fell short of analysts' expectations of TL 826 million. Kardemir's earnings before interest, taxes, depreciation, and amortization (EBITDA) came in at approximately TL 2.3 billion, below the market forecast of TL 2.47 billion.
Lower financing expenses played a key role in the company's return to profitability. Financing costs declined from TL 1.75 billion to TL 461.7 million in the third quarter, while operating profit fell 62.1% year over year to TL 270.9 million. Kardemir's revenue for the first nine months of the year decreased 3.1% to TL 60.6 billion. The results indicated that despite improvements in financing costs, pressure on the company's operating profitability persisted.
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