Performance of Three Major Companies in the First 9 Months of 2025

Financial Performances of Three Major Companies

In the January-September period of 2025, three of Turkey's leading companies, Akbank (#AKBNK), TAV Airports (#TAVHL), and Ereğli Iron and Steel (#EREGL), announced their significant financial results. This report highlights strong growth in the banking sector, a decline in net profitability in the service sector, and weak price pressures observed in the industrial sector.

Akbank's Strong Balance Sheet

Akbank reported a net profit of 38 billion 916 million TL for the first nine months of 2025, marking a 17.4% increase compared to 33 billion 139 million TL in the previous year. The bank's equity grew by 20% to reach 277.3 billion TL, and the return on equity was recorded at 15.31%. The price/earnings ratio was determined to be 6.50, while the market value/book value ratio was 1.13. These results showcase Akbank's strong profitability and solid capital structure.

Signs of Decline at TAV Airports

TAV Airports achieved a net profit of 4 billion 24 million TL in the first nine months of 2025, which reflects a 39% decline compared to 6 billion 627 million TL in 2024. The company's equity increased to 80 billion TL, recording a 31.8% growth. However, the return on equity decreased to 5.72%. Net debt decreased from 63.5 billion TL to 59.6 billion TL. High financing costs and seasonal effects were among the factors limiting TAV's profitability.

Ereğli Iron and Steel’s Weak Performance

Ereğli Iron and Steel reported a net profit of 2 billion 384 million TL for the first nine months of 2025, marking a decline of 77.9% compared to 10 billion 787 million TL in 2024. The company's equity reached 279.8 billion TL, showing a 23.8% increase; however, the return on equity fell to 0.94%. The price/earnings ratio was set at 37.6, while the market value/book value ratio was 0.68. The decline in global steel prices and decrease in exports appear to have negatively impacted Ereğli Iron and Steel's profitability.

Conclusion Assessment for Investors

The first nine months of 2025 reveal a pronounced sectoral divergence in the financial conditions of these three major companies. The banking sector stands out with strong capital and interest income, while the service sector faces financing burdens, and the industrial sector continues to feel the effects of global price pressures. For investors, this period is evaluated as a time when the importance of defensive and low-multiple sectors has increased.