Turkish Stock Market Shifts: 42% of Companies Post Losses in Q2

Borsa Istanbul’s second quarter sees a 42% loss rate amid high financing costs and weak demand, turning the market into a competitive battleground.

Rising Margins and Declines: Sectoral Divergence

■Mining: EBITDA up 191%

■Chemicals: EBITDA up 109%

■Oil & Gas: EBITDA up 50%

■Steel: Net profit up 766%

■Automotive: EBITDA down 28%

■Durable Consumer: EBITDA down 37%

Profit Lines: 546 Companies, 315 Profitable

■Out of 546 companies, 315 posted profits

■231 companies ended the quarter in loss

■42% of companies reported a loss

■Loss rate in BIST 30: 3%; BIST 100: 21%

Bank Margins: Garanti BBVA’s Rapid Rise

■Garanti BBVA: 26% ROE, 69 basis‑point margin decline

■Akbank: 19% ROE, 25 basis‑point margin contraction

■Yapı Kredi: 16% ROE, 50 basis‑point margin contraction

■İş Bankası: 9% ROE, 170 basis‑point margin contraction

Energy Giants: Tüpraş’s Stunning Margin Surge

■Tüpraş: EBITDA up 196%, 54.3 B TL

■Net refinery margin 21.4 $/barrel

■2026 outlook 13‑15 $/barrel

■Galata Wind: EBITDA up 78%

■Zorlu Energy: EBITDA down 16%

Retail Showdown: Food vs Apparel

■BİM: Revenue up 9.6%, resilient EBITDA

■Şok: Revenue up 6.6%, resilient EBITDA

■Migros: Revenue up 2.6%, EBITDA down 118 basis points

■Koton: EBITDA down 1,347 basis points

Automotive Strain: Margins and Expectations

■Türk Traktör: 410 basis‑point margin rebound

■Ford Otosan: Down‑ward revision of revenue and EBITDA outlook

■Doğuş Otomotiv: Weak operational profit

The quarter’s profit‑loss distribution reflects the influence of high interest rates and sluggish consumer demand. Significant margin gains in energy and mining deepen inter‑sectoral performance gaps. Remaining months are likely to see continued pressure on corporate earnings due to persistent inflation and geopolitical risks.