Türkiye 2Q26 earnings preview

Research evidence excerpt

Türkiye 2Q26 earnings preview

20 July 2026

Türkiye 2Q26 EquitiesTürkiye

2Q26 earnings preview Türkiye

◆ We provide a consolidated summary of our 2Q26 model Cenk Orcan*

forecasts across our Türkiye coverage Aviation & Industrials Analyst HSBC Yatirim Menkul Degerler A.S.

cenkorcan@hsbc.com.tr

◆ We expect aggregate non-bank IAS 29 net profit to grow 3% +90 212 376 46 14

y-o-y in real terms and banks’ profit to grow 7% y-o-y Bulent Yurdagul*

Head of EEMEA Consumer Research

HSBC Bank Middle East Limited, DIFC

◆ Non-bank standouts in terms of real positive growth y-o-y: bulentyurdagul@hsbc.com

ASELS, ASTOR, BIM, ENJSA, EREGL, TOASO +971 569445882

Cihan Saraoglu*, PhD

EEMEA Banks Analyst

The 2Q26 reporting season begins this week for the companies in our coverage. The HSBC Yatirim Menkul Degerler A.S. cihansaraoglu@hsbc.com.tr

reporting deadline is 10 August for banks and others reporting on a solo basis, and +90 212 376 46 20

19 August for consolidated results. Raj Sinha*

Co-Head of Global Equity Research

For the non-bank companies in our coverage reporting under inflation accounting HSBC Bank Middle East Limited, Dubai branch

raj.sinha@hsbc.com

standards (IAS 29), we see aggregate net profit rising 3% y-o-y and 20% q-o-q in real +971 4 423 6932

terms. Annual inflation in 2Q25-2Q26 came in at c32%, with quarterly inflation Sriharsha Pappu*

between 1Q26-2Q26 at c7%, both above the respective levels of TRY depreciation Global Head of Energy & Materials

HSBC Bank plc

vs USD and EUR. sriharsha.pappu@hsbc.com

+44 20 7991 9243

For companies using USD or EUR as a functional currency (thereby, exempt from

Stephen Bramley-Jackson*

IAS 29 application) and our insurance names, we see aggregated net profits Global Head of Real Estate Research

HSBC Bank Middle East Limited, Dubai branch