Karsan Otomotiv stock: Phillip Capital reviews 2026 targets

Published on 10/22/2026 at 05:38 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Phillip Capital sees EUR 300-320 million revenue for 2026. Karsan Otomotiv stock faces a TRY 255.5 million first-half loss.

Guidance and earnings context

Phillip Capital kept Karsan's 2026 revenue target at EUR 300-320 million and its EBITDA target at EUR 50-55 million on October 12, 2026.
Karsan reported TRY 10.1 billion in first-half 2026 sales and a TRY 255.5 million net loss.
Second-quarter sales reached TRY 4.98 billion, compared with TRY 4.78 billion in the first quarter of 2026.

Karsan Otomotiv, TRAKARSN91H7, Illustration mit AI erstellt.

Karsan Otomotiv (ISIN TRAKARSN91H7) kept its 2026 targets at EUR 300-320 million in revenue and EUR 50-55 million in EBITDA, according to Para Ajansi on October 12, 2026. The report also said the company was prioritizing profitability over growth as delivery schedules shifted.

What do the targets imply?

The guidance sets a demanding profitability test for the rest of the year. Phillip Capital said some deliveries could move into 2027 after delays to tender results and contract processes, while no order cancellations had been reported in the situations discussed in the report.

The report described third-quarter 2026 activity as similar to the second quarter and fourth-quarter 2026 performance as more moderate than in previous years. That makes the EUR 50-55 million EBITDA target more dependent on execution and the timing of vehicle deliveries.

How did the first half perform?

Karsan reported TRY 10.1 billion in sales and a TRY 255.5 million net loss for the first half of 2026, according to FVT. The figures show that revenue growth has not yet translated into positive bottom-line results.

Quarterly figures point to a similar split. Karsan's second-quarter 2026 net sales reached TRY 4.98 billion, up 7.60 percent from the year-earlier quarter, while quarterly EBITDA fell 64.40 percent to TRY 321.00 million, according to Bilgitik. The quarter also produced a TRY 325.50 million net loss, compared with a TRY 18.00 million loss in the same quarter of 2025.

Three milestones shaped 2026

Karsan reported TRY 4.78 billion in first-quarter 2026 net sales on May 11, 2026, followed by TRY 4.98 billion in second-quarter sales on August 14, 2026. The latest October 12, 2026 research report then kept the full-year targets unchanged, creating a clear sequence from stronger quarterly sales to a still unresolved earnings challenge.

Stock context stays tied to execution

Karsan manufactures commercial vehicles and transportation solutions and is listed on Borsa Istanbul under the KARSN ticker, according to Yahoo Finance. For investors, the central question is whether delayed deliveries can convert the company's revenue targets into the EBITDA range management has maintained.