KCHOL
Koç Holding Inc.
One of Türkiye's largest holding companiesStrong headline results
Revenue grew 8.9% in real terms while operating profit rose 55.5%, indicating a clear improvement in profitability. Since 26.6 billion TL of total net profit belongs to minority interests, it would be risky to simply double the 20.3 billion TL attributable profit to estimate the full year. A significant share of profit came from Tüpraş and the energy segment.
6M 2026 operating marginsThe pace of refinery-margin normalization and recovery at Otokar, Arçelik and Ford will be the key variables in the second half.
| Item | 6M 2026 | 6M 2025 | Change |
|---|---|---|---|
| Consolidated revenue | 1,694.0 | 1,555.5 | 8.9% |
| Gross profit | 306.6 | 266.6 | 15.0% |
| Operating profit | 96.0 | 61.7 | 55.5% |
| Profit before tax | 83.6 | 32.9 | 154.2% |
| Total net profit | 46.9 | 12.6 | 272.3% |
| Net profit attributable to parent | 20.3 | 8.2 | 146.5% |
1NAV Discount
Koç Holding NAV Calculation
| Company | Koç stake | Attributable equity value (bn TL) |
|---|---|---|
| TOFAŞ | 37.62% | 49.3 |
| Ford Otosan | 38.65% | 109.0 |
| Tüpraş | 46.40% | 271.4 |
| Yapı Kredi | 40.95% | 118.4 |
| Arçelik | 48.53% | 32.0 |
| Aygaz | 40.68% | 24.0 |
| Türk Traktör | 37.50% | 15.4 |
| Otokar | 47.38% | 16.6 |
| Other | — | 70.9 |
| Total NAV | — | 707 bn TL |
+ 46 bn TL standalone cash = 753 bn TL total NAV
Closing market value as of 5 August: 522 bn TL
Result: approximately 30.7% NAV discount
2. 2027 Outlook
In brief: Tüpraş earnings may normalize; in contrast, an automotive recovery at Ford and Tofaş, a rising contribution from Yapı Kredi, margin improvement at Arçelik and a return to profit at Otokar are the main catalysts.
The central 2027 theme: a transition from Tüpraş-dependent earnings toward more balanced subsidiary profitability, together with a potential narrowing of the approximately 31% NAV discount.