According to the evaluation report published by Kardemir Çelik on the Public Disclosure Platform (KAP), the company’s net sales amounted to TL 13.92 billion as of June 30, 2026. Compared with the TL 12.94 billion estimate calculated for the same period under the Price Determination Report, the realization rate for net sales reached 108%.
The company’s gross profit stood at TL 1.75 billion in the first half of the year. Compared with the TL 1.63 billion estimate calculated for the first six-month period, gross profit also reached a realization rate of 108%.
EBITDA Reached TL 1.43 Billion
Kardemir Çelik’s EBITDA amounted to TL 1.43 billion in the first half of 2026. The EBITDA estimate calculated for the same period under the Price Determination Report was TL 1.33 billion, meaning the company reached 107% of the forecast.
The report stated that EBITDA was calculated using the method of “gross profit - marketing, sales and distribution expenses - general administrative expenses - research and development expenses + depreciation,” and that this method was consistent with the calculation methodology used in the Price Determination Report.
Annual Forecasts Adjusted for the First Half
The Price Determination Report prepared by Vakıf Yatırım stated that there was no separate forecast for the first half of 2026, with projections prepared on an annual basis and denominated in US dollars. To enable comparison, the 2026 annual forecasts were converted into Turkish lira using the USD/TRY exchange rate as of June 30, 2026, and half of the calculated amounts were taken to create estimated values for the first half.
Kardemir Çelik’s shares began trading on Borsa İstanbul on July 31, 2026, while the company’s financial statements for the January 1-June 30, 2026 period were published on KAP on August 19, 2026.
The IPO price of Kardemir Çelik was set at TL 35 per share, while the total IPO size amounted to TL 4.48 billion through the sale of 128 million shares.
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