Arçelik Erases 6-Month Loss, Net Profit Rises to 1.5 Trillion TL – Target Prices Updated

Arçelik posted a 1,493,453,000 TL net profit for the first half of 2026, wiping out the 5,382,933,000 TL net loss recorded in the same period last year.

Financial Turnaround: From Loss to Profit

■6,876,386,000 TL nominal increase turned the loss into profit

■Profit margin rose to 4.2%, up from -14.8% in the prior period

■Sales volume grew 7.3%, reaching 45.2 billion TL

■Operating expenses fell 3.1% to 8.9 billion TL

Target Price Revisions and Market Reaction

■Brokerage houses raised the average target price for ARCLK by +12%

■Post‑inflation real‑return expectations lifted, with some firms setting +15% targets

■Share price climbed 5.6% to 85.30 TL

■Trading volume surged 48% over the last two weeks

Liquidity and Credit Outlook

■Company’s short‑term liquidity ratio stands at 1.85

■Credit utilization dropped to 62%, a 9% decline from the previous period

■An additional 500 million TL credit line is being planned for new investment projects

■Stability in the Central Bank’s policy rate reduced borrowing costs by 0.4 percentage points

Kerem Tufan – Director of Commercial Loans and Central Bank Policies: "Arçelik’s striking financial rebound reflects both a recovery in domestic demand and effective cost optimisation. The ongoing tightening of SME credit and the pace of commercial loan growth, shaped by macro‑prudent measures, force large manufacturers to manage liquidity prudently. The company’s new credit request presents a strategic opening for the banking sector to ease credit‑supply pressures. However, the durability of target‑price upgrades will hinge on external trade conditions and currency volatility."