Ford Otosan's Q3 2025 Earnings Exceeded Expectations.

Strong Third Quarter Results from Ford Otosan

SEVCAN ERSÖZLÜ/BLOOMBERG HT RESEARCH

Ford Otosan achieved a net profit of 8.4 billion TL in the third quarter of 2025. The median expectation of analysts was set at 7.6 billion TL.

The company's net profit increased by 37.5 percent on a quarterly basis, while it experienced a decrease of 26.4 percent compared to the same period last year. The net profit margin stood at 4.43 percent; this was a 1.29 percentage point increase on a quarterly basis but a 1.61 percentage point decrease on an annual basis. During the period, net financial expenses amounted to 3.4 billion TL, representing a 49 percent decrease year-on-year and a 74 percent decrease compared to the previous quarter.

Sales Revenue of 189.6 Billion TL

Ford Otosan generated a total sales revenue of 189.6 billion TL in the third quarter of 2025. This figure was approximately 2.5 percent above the market expectation of 185 billion TL. Sales revenues decreased by 2.7 percent on a quarterly basis while remaining flat on an annual basis.

The company supported its sales volume thanks to strong domestic market performance in this quarter, although the gross profit margin remained at 8.25 percent.

EBITDA and Export Rate

EBITDA was realized at 12.3 billion TL, exceeding expectations by 6 percent in the third quarter. However, there was a 8.19 percent decrease year-on-year and a 3.98 percent decrease on a quarterly basis. The export rate in the third quarter stood at 82.4 percent.

Increase in Vehicle Sales

Ford Otosan achieved a 5 percent annual increase in vehicle sales, reaching 167,000 units in the third quarter. Domestic sales rose by 15 percent to 28,685 units, while international sales increased by 3 percent to 139,313 units.

In domestic sales, passenger car sales surged by 20 percent to 6,278 units. Among the standout models, the Ford Puma saw a 33 percent increase.

2025 Year Expectations Revised

Ford Otosan revised its forecast for the Turkish automotive market, increasing it to a range of 1,300–1,400 thousand units due to strong domestic demand. However, the export sales expectation was reduced to 590–640 thousand units.

The company maintains its forecast of high single-digit growth in sales revenue and an expected EBITDA margin of 7-8 percent for the year 2025.