Key Performance Indicators
Net Income
118,117 Mn TRY
Free Cash Flow
105,696 Mn TRY
Total Assets
1,996,745 Mn TRY
P&L Overview
Revenue · EBITDA · EBIT · Net Income
TRY Millions — FY2024 vs FY2025
FY2025
FY2024
Profitability Margins
% of Revenue — FY2024 vs FY2025
FY2025
FY2024
Balance Sheet & Cash Flow
Asset Composition — FY2025
Total Assets: 1,996,745 Mn TRY
ROU Assets (42.5%)
PP&E (18.2%)
Fin. Invest. (10.4%)
Cash + AR (6.6%)
Other (22.3%)
Cash Flow Bridge
Operating / Investing / Financing / FCF
FY24
FY25 +
FY25 −
Capital Structure — FY2025
ST Liab / LT Liab / Equity
ST Liab. (22.1%)
LT Liab. (32.2%)
Equity (45.6%)
Ratio Analysis — FY2024 vs FY2025
Current RatioCurrent Assets / ST Liabilities
1.007x
0.987x
Quick Ratio(Current A. − Inventory) / ST Liab.
0.937x
0.894x
Cash RatioCash & Equiv. / ST Liabilities
0.283x
0.195x
Net Working CapitalCurrent A. − ST Liab. (Mn TRY)
+2,377
−5,664
Debt / EquityTotal Financial Debt / Equity
0.72x
0.84x
Net Debt / EBITDA(Total Debt − Cash) / EBITDA
2.58x
3.67x
Interest CoverageEBITDA / Interest Expense
7.23x
8.61x
Leverage RatioTotal Liabilities / Total Assets
51.4%
54.4%
Return on Equity (ROE)Net Income / Total Equity
16.7%
13.0%
Return on Assets (ROA)Net Income / Total Assets
8.1%
5.9%
EBITDA MarginEBITDA / Revenue
20.5%
19.3%
Asset TurnoverRevenue / Total Assets
0.532x
0.478x
Gross MarginGross Profit / Revenue
19.2%
16.3%
EBIT MarginEBIT / Revenue
10.8%
9.4%
Net MarginNet Income / Revenue
15.2%
12.4%
CapEx (Mn TRY)Property & Equipment Acq.
43,963
80,117
CapEx / RevenueInvestment Intensity
5.9%
8.4%
FCF ConversionFCF / Net Income
99.3%
89.5%
Revenue GrowthYoY %
—
+28.2%
EBITDA GrowthYoY %
—
+21.0%
Asset GrowthTotal Assets YoY %
—
+42.7%
Net Debt (Mn TRY)Fin. Debt − Cash
393,947
678,218
Lease LiabilitiesST + LT Lease Debt (Mn TRY)
422,924
638,976
Equity / Total AssetsFinancial Autonomy
48.6%
45.6%
Executive Signal Panel
✔ Strength
Revenue Momentum
Revenue surged 28.2% to TRY 955.5bn, with EBITDA reaching a record TRY 184.8bn (+21%). Interest coverage strengthened from 7.2x to 8.6x, signalling robust debt-service capacity despite elevated leverage.
⚠ Monitor
Margin Compression
Gross margin contracted 290 bps to 16.3%; net margin fell from 15.2% to 12.4%. COGS growth (+32.8%) outpaced revenue, driven by fuel, maintenance and FX-linked cost inflation. EBITDA margin held near 19%.
⚑ Watch
Rising Leverage
Net Debt/EBITDA climbed sharply from 2.58x to 3.67x. CapEx doubled to TRY 80.1bn (+82%), pushing investing cash flow deep negative at −TRY 144.7bn. Lease obligations (ST+LT) reached TRY 639bn.
ℹ Note
Equity & Dividends
Total equity grew 34% to TRY 911.3bn, partly driven by FX translation reserves. First-ever dividend payment of TRY 8.95bn signals capital confidence. Equity ratio modestly declined to 45.6% as assets expanded faster.