Company Report-Vestel Elektronik (İş Yatırım)

Actual vs Estimates
Vestel Elektronik recorded a net loss of TL5.1bn in 1Q25 vs. a net loss of
TL298mn in 1Q24 There is only one estimate available for 1Q25
expectations due to the recent departure of IR team. The weak bottomline performance was driven by weaker sales volumes and margins,
significantly higher net financial expenses and lower monetary gains.
Highlights of the Quarter
Consolidated revenues were at TL31.46bn in 1Q25, down by 14% YoY on
the back of weak demand in main markets and softer pricing
environment in export markets. The household appliances segment
posted a 7% YoY revenue decline in 1Q25 which was driven by i)
slowdown in domestic demand from a high base, ii) softer pricing
environment due to fierce competition and sluggish demand and real TL
appreciation. Consumer and mobility electronics segment revenues
decreased by 29% YoY due to lower TV unit sales both in the domestic
market and export markets which was driven by weak market demand
and increased competitive dynamics abroad. In 1Q25 retail TV sales in
Türkiye continued their downward trend with a 12% YoY decline while
the EU5 market contracted by 5% YoY.
1Q25 EBITDA realized at TL1166mn, plummeting by 62% YoY in real
terms. EBITDA margin came in at 3.7% in 1Q25 vs. 8.4% in 1Q24 due to i)
increase in raw material costs as of revenues, ii) weak pricing and iii)
inflationary impact in TL based costs, labor in particular.
 

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