Vestel’s first-half sales decline 48%, while net debt approaches TRY 106 billion

Vestel Elektronik’s financial results for the first six months of 2026 were announced. The company’s sales stood at TRY 46.91 billion in the 2026/6 period, down from TRY 89.79 billion in the same period of 2025.

The decline in sales was accompanied by a decrease in gross profit. Gross profit fell from TRY 15.2 billion in the first half of 2025 to TRY 6.3 billion in the same period of 2026. The gross profit margin declined from approximately 17% to 13.4%.

EBITDA turns negative

The deterioration in Vestel’s operating performance was also reflected in its EBITDA. The company reported EBITDA of TRY 924.8 million in the first half of 2025, while EBITDA loss reached TRY 2.7 billion in the same period of 2026. As a result, the EBITDA margin declined from positive territory to approximately negative 5.8%.

A similar trend continued in the second quarter. The company’s second-quarter sales were approximately TRY 24.4 billion, while its net loss for the period reached TRY 6.9 billion.

Monetary position gain limits net loss

A net monetary position gain also stood out in Vestel’s first-half financial results. The company recorded a net monetary position gain of TRY 12.56 billion in the first six months of the year, up 38% from TRY 9.07 billion in the same period of the previous year.

Despite this gain, the net loss attributable to the parent company amounted to TRY 9.74 billion. The company had reported a net loss attributable to the parent company of TRY 16.70 billion in the same period of 2025.

Net debt rises to TRY 105.95 billion

Vestel also saw changes in its debt and equity position. Net debt increased from TRY 99.34 billion at the end of March to TRY 105.95 billion at the end of June, representing an approximately 7% increase over the quarter. Over the same period, equity declined from TRY 28.23 billion to TRY 21.89 billion, a decrease of approximately 22%.

Total assets fell from TRY 213.41 billion to TRY 203.67 billion, representing an approximately 5% decline. Current assets also decreased by 3% over the same period.

As of the end of June, Vestel had TRY 21.89 billion in equity against net debt of TRY 105.95 billion.

Headcount falls to 11,822

Vestel’s employee count also declined. The number of employees fell from 19,509 at the end of 2024 to 12,677 at the end of 2025 and further to 11,822 as of June 2026. This represents a 39.4% decrease in headcount between the end of 2024 and June 2026.