MARKET WATCH (SEKER YATIRIM) MARKET WATCH - TUESDAY, FEBRUARY 10, 2026 OUTLOOK: THE BIST-100 INDEX STARTED MONDAY WITH BUYING INTEREST, CONTINUED ITS POSITIVE TREND AND CLOSED THE DAY AT 13,838.38, UP 2.34%. IN SECTORAL INDICES, THE BANKING INDEX ROSE BY 2.60% AND THE INDUSTRIAL INDEX GAINED 2.15%. THE CONSTRUCTION INDEX WAS THE MOST POSITIVE PERFORMER WITH A GAIN OF 3.99%, WHILE THE CHEMICALS, PETROLEUM, AND PLASTICS INDEX WAS THE MOST NEGATIVE WITH A LIMITED RISE OF 0.56%. THE VIOP FEBRUARY FUTURES CONTRACT CONTINUED ITS UPTREND IN THE EVENING SESSION, UP 0.23%. GLOBALLY, THE FIRST TRADING DAY OF THE WEEK WAS ALSO A POSITIVE ONE FOR EQUITY MARKETS. ASIAN BOURSES STARTED THE WEEK HIGHER FOLLOWING THE RESULTS OF THE EARLY ELECTIONS IN JAPAN. THE EASING OF TENSIONS BETWEEN THE U.S. AND IRAN ALSO SUPPORTED A RENEWED INCREASE IN RISK APPETITE IN THE MARKET AFTER THE VOLATILE TRADING OF THE PREVIOUS WEEK. THE DOW JONES INDEX RECORDED A LIMITED RISE OF 0.04%, WHILE THE S&P 500 INDEX ROSE 0.47% AND THE NASDAQ INDEX INCREASED BY 0.90%. THE GERMAN DAX INDEX GAINED 1.19%. PRESIDENT TRUMP STATED THAT KEVIN WARSH, HIS NOMINEE TO HEAD THE FED, COULD GROW THE ECONOMY BY 15%. ASIAN STOCK MARKETS ARE SHOWING A POSITIVE OUTLOOK THIS MORNING. THE RALLY IN THE JAPANESE STOCK MARKET CONTINUES FOLLOWING TAKAICHI`S ELECTION VICTORY. THE NIKKEI 225 INDEX IS TRADING AT A RECORD HIGH, GAINING MORE THAN 2%. IN FUTURES MARKETS, THE U.S. AND EUROPEAN FUTURES ARE TRADING FLAT. ON MACROECONOMIC DATA AGENDA, DOMESTICALLY, DECEMBER`S INDUSTRIAL PRODUCTION (IP) DATA WILL BE FOLLOWED. WE EXPECT A LIMITED INCREASE IN MONTHLY IP AND A PULLBACK IN ANNUAL PRODUCTION DUE TO THE BASE EFFECT. ABROAD, THE U.S. RETAIL SALES DATA AND SPEECHES BY FED MEMBERS HAMMACK AND LOGAN ARE NOTEWORTHY. LOCALLY, WE EXPECT THE BENCHMARK INDEX TO START TUESDAY POSITIVELY, FOLLOWED BY VOLATILITY. SUPPORT: 13,600 - 13,500 RESISTANCE: 13,900 - 14,000. MONEY MARKET: THE LIRA WAS POSITIVE YESTERDAY, GAINING 0.05% AGAINST THE USD TO CLOSE AT 43.5920. THE CURRENCY ALSO DEPRECIATED BY 0.37% AGAINST A BASKET OF $0.50 AND €0.50. MEANWHILE, THE LOCAL FIXED INCOME MARKETS WERE RELATIVELY FLAT. THE TEN-YEAR BENCHMARK BOND YIELD FLUCTUATED BETWEEN A RANGE OF 29.81%-29.95%, CLOSING THE DAY AT 29.88%, DOWN 8 BPS FROM THE PREVIOUS CLOSE. HEADLINES: *** TODAY`S MACROECONOMIC DATA AGENDA FEATURES THE RELEASE OF INDUSTRIAL PRODUCTION (IP) FIGURES FOR DECEMBER. WE EXPECT A LIMITED INCREASE IN MONTHLY IP AND A DECLINE IN ANNUAL FIGURES DUE TO BASE EFFECTS. OUR DETAILED ANALYSIS WILL BE PUBLISHED LATER TODAY. COMPANY NEWS: ACCORDING TO INFLATION-ADJUSTED FINANCIALS UNDER IAS 29, FORD OTOSAN (FROTO.TI OP) REPORTED TRY 10,649MN IN NET INCOME IN 4Q25, WHICH CAME IN 16.8% ABOVE OUR ESTIMATE OF TRY 9,120MN AND 18.4% ABOVE THE MARKET CONSENSUS OF TRY 8,993MN, DESPITE A 29.8% YOY DECLINE (4Q24: TRY 15,169MN). THE COMPANY GENERATED TRY 223,104MN IN REVENUE IN 4Q25, SLIGHTLY BELOW BOTH OUR EXPECTATION OF TRY 230,621MN AND THE MARKET CONSENSUS OF TRY 225,930MN (4Q24: TRY 215,913MN). EBITDA REACHED TRY 13,765MN, REPRESENTING A 20.8% YOY INCREASE, BROADLY IN LINE WITH OUR ESTIMATE OF TRY 13,810MN AND THE CONSENSUS OF TRY 13,221MN (4Q24: TRY 11,390MN). ADJUSTED EBITDA ROSE BY 25% YOY TO TRY 15,860MN, EXCEEDING BOTH OUR FORECAST (TRY 15,260MN) AND THE CONSENSUS (TRY 14,617MN). THE ADJUSTED EBITDA MARGIN IMPROVED BY 1.2PP, REACHING 7.9%. 2026 GUIDANCE: FORD OTOSAN EXPECTS THE DOMESTIC RETAIL MARKET TO REACH 1.3-1.4MN UNITS IN 2026, WHILE FORECASTING DOMESTIC RETAIL SALES OF 90-100K UNITS. THE COMPANY GUIDES FOR EXPORT VOLUMES OF 580-630K UNITS (ROMANIA: 190-210K TURKIYE: 390-420K). TOTAL SALES VOLUME IS PROJECTED AT 670-730K UNITS, WHILE TOTAL PRODUCTION IS EXPECTED TO REACH 690-740K UNITS (ROMANIA: 230-250K TURKIYE: 460-490K). PLANNED CAPEX FOR 2026 IS EUR 300-400MN (GENERAL INVESTMENTS: EUR 80-100MN PRODUCT RELATED INVESTMENTS: EUR 220-300MN). FORD OTOSAN ALSO EXPECTS HIGH SINGLE-DIGIT REVENUE GROWTH AND AN ADJUSTED EBITDA MARGIN OF 7%-8% IN 2026 (POSITIVE). PETKIM (PETKM.TI MP) HAS REPORTED THAT DURING THE WEEK OF FEBRUARY 2 - 6, 2026, THE ETHYLENE-NAPHTHA SPREAD ROSE SLIGHTLY TO USD 206 /TON (+1.6%), UP FROM USD 203 /TON IN THE PREVIOUS WEEK, DRIVEN BY A 0.9% DECREASE IN ETHYLENE PRICES AND A 1.8% DECREASE IN NAPHTHA PRICES. SEKER YATIRIM MENKUL DEGERLER A.S WWW.SEKERYATIRIM.COM.TR *** YASAL UYARI BURADA YER ALAN YATIRIM BILGI, YORUM VE TAVSIYELER YATIRIM DANISMANLIGI KAPSAMINDA DEGILDIR.YATIRIM DANISMANLIGI HIZMETI ARACI KURUMLAR, PORTFOY YONETIM SIRKETLERI, MEVDUAT KABUL ETMEYEN BANKALAR ILE MUSTERI ARASINDA IMZALANACAK YATIRIM DANISMANLIGI SOZLESMESI CERCEVESINDE SUNULMAKTADIR.BURADA YER ALAN YORUM VE TAVSIYELER, YORUM VE TAVSIYEDE BULUNANLARIN KISISEL GORUSLERINE DAYANMAKTADIR.BU GORUSLER MALI DURUMUNUZ ILE RISK VE GETIRI TERCIHLERINIZE UYGUN OLMAYABILIR.BU NEDENLE, SADECE BURADA YER ALAN BILGILERE DAYANILARAK YATIRIM KARARI VERILMESI BEKLENTILERINIZE UYGUN SONUCLAR DOGURMAYABILIR. 10.02.2026 09:36:10