MARKET WATCH (SEKER YATIRIM) MARKET WATCH - FRIDAY, MAY 8, 2026 OUTLOOK: THE BIST-100 INDEX STARTED THURSDAY POSITIVELY, FLUCTUATED THROUGHOUT THE DAY, TESTING THE 15,050.42 LEVEL AND RENEWING ITS RECORD HIGH IN TRY TERMS. THE BENCHMARK INDEX CLOSED THE DAY AT 15,040.25, UP 0.82%. THE BANKING INDEX SHOWED A POSITIVE DIVERGENCE, UP 1.78%, WHILE THE INDUSTRIAL INDEX CLOSED THE DAY UP 0.98%. THE INSURANCE INDEX WAS THE STRONGEST PERFORMER WITH A 2.99% GAIN, WHILE THE TECHNOLOGY INDEX WAS THE WEAKEST WITH A 0.53% LOSS. THE VIOP JUNE FUTURES CONTRACT FOR THE NEAR-TERM INDEX LOST 0.77% IN THE EVENING SESSION, WHICH SUCCUMBED TO SELLING PRESSURE. ACCORDING TO CBRT DATA, GROSS RESERVES DECREASED BY USD5.6 BILLION TO USD165.5 BILLION IN THE WEEK ENDING APRIL 30. NET RESERVES, EXCLUDING SWAPS, FELL BY USD116 MILLION TO USD36.3 BILLION. DURING THE SAME WEEK, FOREIGN INVESTORS MADE NET SALES OF USD228.4 MILLION IN EQUITIES. IN THE GOVERNMENT BOND MARKET, FOREIGN INVESTORS MADE NET SALES OF USD282.1 MILLION IN BONDS. ON A DAY WHEN RISK APPETITE REMAINED WEAK GLOBALLY, THE GERMAN DAX INDEX FELL BY 1.02% AND THE EURO STOXX 50 INDEX BY 0.99%, WHILE IN THE U.S. MARKETS, THE DOW JONES INDEX FELL BY 0.63%, THE S&P 500 INDEX BY 0.38%, AND THE NASDAQ INDEX BY 0.13%. RENEWED MILITARY TENSION BETWEEN IRAN AND THE U.S. AROUND THE STRAIT OF HORMUZ HAS INCREASED RISK PERCEPTION IN GLOBAL MARKETS AND BROUGHT RENEWED CONCERNS OVER ENERGY SUPPLY SECURITY TO THE FOREFRONT. GEOPOLITICAL TENSION ROSE AGAIN AFTER THE U.S. ANNOUNCED IT HAD CONDUCTED OPERATIONS AGAINST MILITARY TARGETS IN IRAN, WHILE TRUMP`S DEADLINE OF JULY 4TH FOR A TRADE AGREEMENT WITH THE EU INCREASED UNCERTAINTY IN THE GLOBAL TRADE MARKET. HAWKISH STATEMENTS FROM ECB MEMBERS ALSO CONTRIBUTED TO MAINTAINING A CAUTIOUS OUTLOOK IN GLOBAL MARKETS. THIS MORNING, BRENT CRUDE OIL SPOT PRICES ARE HOVERING NEAR USD100, WHILE ASIAN STOCK MARKETS ARE SHOWING A LIMITED NEGATIVE TREND. IN FUTURES MARKETS, THE U.S. INDEX FUTURES OBERVE A LIMITED POSITIVE TREND, WHILE EUROPEAN INDEX FUTURES OBSERVE A LIMITED NEGATIVE ONE. ON THE MACROECONOMIC DATA AGENDA TODAY, DOMESTIC INDUSTRIAL PRODUCTION (IP) DATA FOR MARCH WILL BE MONITORED. FOLLOWING THE RECOVERY IN FEBRUARY, WE EXPECT A LIMITED DECLINE IN IP IN MARCH. ABROAD, THE U.S. NON-FARM PAYROLLS DATA IS IN FOCUS, WITH MARKET EXPECTATIONS FOR A 62,000 INCREASE IN NON-FARM PAYROLLS IN APRIL. LOCALLY, WE EXPECT THE BENCHMARK INDEX TO START FRIDAY NEGATIVELY AND EXPERIENCE VOLATILE INTRADAY MOVEMENTS THEREAFTER. SUPPORT: 14,900 - 14,800 RESISTANCE: 15,150 - 15,250. MONEY MARKET: THE LIRA WAS NEGATIVE YESTERDAY, WEAKENING 0.08% AGAINST THE USD TO CLOSE AT 45.2462. THE CURRENCY ALSO DEPRECIATED BY 0.21% AGAINST A BASKET OF $0.50 AND €0.50. MEANWHILE, THE LOCAL FIXED INCOME MARKETS WERE POSITIVE. THE TEN-YEAR BENCHMARK BOND WAS TRADED WITHIN A TIGHT RANGE OF 33.23%-33.26%, ENDING THE DAY AT A HIGH OF 33.26%, 25 BPS BELOW ITS PREVIOUS CLOSING. HEADLINES: ON TODAY`S LOCAL MACROECONOMIC DATA CALENDAR, INDUSTRIAL PRODUCTION (IP) FIGURES FOR MARCH ARE DUE TO BE RELEASED. FOLLOWING THE RECOVERY SEEN IN FEBRUARY, WE EXPECT A MODEST DECLINE IN IP FOR MARCH. THE IMPACT OF THE TIGHTENING STANCE ON PRODUCTION FIGURES PERSISTS. OUR DETAILED ANALYSIS WILL BE PUBLISHED LATER TODAY. COMPANY NEWS: AG ANADOLU GRUBU HOLDING (AGHOL.TI OP) HAS REPORTED A NET PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT OF TRY 1,845MN IN 1Q26, BASED ON ITS INFLATION-ADJUSTED CONSOLIDATED FINANCIAL RESULTS INCLUDING THE EFFECTS OF TMS 29 (1Q25: TRY 759MN). IN THE SAME PERIOD, THE COMPANY`S CONSOLIDATED REVENUES INCREASED BY 6.2% YEAR-ON-YEAR TO TRY 184,913MN (1Q25: TRY 174,166MN). EBITDA ROSE BY 41.2% YEAR-ON-YEAR TO TRY 13,889MN (1Q25: TRY 9,834MN). EFOR YATIRIM (EFOR.TI N/C) HAS ANNOUNCED THE COMPLETION OF ITS SHARE BUYBACK PROGRAM LAUNCHED ON MARCH 25, 2026. UNDER THE PROGRAM, A TOTAL OF 17.9MN SHARES WERE REPURCHASED AT AN AGGREGATE COST OF TRY 127.5MN, IMPLYING AN AVERAGE BUYBACK PRICE OF TRY 7.13 PER SHARE. REPURCHASED SHARES CORRESPOND TO 0.82% OF THE COMPANY`S SHARE CAPITAL. HALKBANK (HALKB.TI MP) IS EXPECTED TO ANNOUNCE ITS 1Q26 FINANCIAL RESULTS TODAY AFTER THE CLOSE OF TURKISH MARKETS. WE EXPECT HALKBANK TO REPORT A NET PROFIT OF TRY 8.692 BILLION IN 1Q26, IMPLYING A 25.5% QUARTER-ON-QUARTER INCREASE. WE ESTIMATE THAT THE PROJECTED 25% RISE IN NET INTEREST INCOME WILL BE THE MAIN DRIVER SUPPORTING PROFITABILITY. ON THE OTHER HAND, WE EXPECT WEAKER TRADING INCOME AND LOWER SUBSIDIARY INCOME TO WEIGH ON EARNINGS PERFORMANCE. OYAK CEMENT (OYAKC.TI OP) HAS REPORTED A TRY 103MN NET PROFIT ATTRIBUTABLE TO THE EQUITY HOLDERS OF THE PARENT FOR 1Q26 IN ITS INFLATION-ADJUSTED (TAS 29) CONSOLIDATED FINANCIALS. THE REPORTED NET PROFIT CAME IN SIGNIFICANTLY BELOW BOTH OUR ESTIMATE OF TRY 588MN AND THE MARKET CONSENSUS OF TRY 556MN. NET SALES DECLINED BY 21.0% YOY TO TRY 10,710MN IN 1Q26, SLIGHTLY BELOW OUR FORECAST OF TRY 10,861MN AND BELOW THE MARKET CONSENSUS OF TRY 11,288MN. EBITDA DECREASED BY 29.8% YOY TO TRY 2,386MN, DESPITE STRONG COST MANAGEMENT AND HIGH ALTERNATIVE FUEL UTILIZATION AMID VOLUME CONTRACTION AND PRICING PRESSURE DRIVEN BY WEAK DOMESTIC DEMAND CONDITIONS. THE REPORTED EBITDA ALSO CAME IN BELOW BOTH OUR ESTIMATE OF TRY 2,518MN AND THE MARKET CONSENSUS OF TRY 2,541MN. WE ASSESS THE RESULTS AS `SLIGHTLY NEGATIVE,` MAINLY DUE TO VOLUME CONTRACTION DRIVEN BY WEAK DOMESTIC DEMAND CONDITIONS AND THE WEAKER-THAN-EXPECTED NET PROFIT PERFORMANCE. ACCORDINGLY, WE MAINTAIN OUR 12-MONTH TARGET PRICE OF TRY 33.35 AND OUR OUTPERFORM RECOMMENDATION. SISECAM (SISE.TI OP) IS EXPECTED TO ANNOUNCE ITS 1Q26 FINANCIAL RESULTS TODAY AFTER THE CLOSE OF TURKISH MARKETS. IN 1Q26, WE EXPECT SISECAM TO POST NET SALES OF TRY 57,875 MILLION (MARKET MEDIAN EXPECTATION: TRY 57,422 MILLION). ON THE EBITDA SIDE, WHILE THE MARKET MEDIAN EXPECTATION STANDS AT TRY 3,134 MILLION, OUR ESTIMATE IS TRY 3,345 MILLION. CONSEQUENTLY, WE EXPECT THE COMPANY TO REPORT A NET PROFIT OF TRY 1,220 MILLION FOR THE FIRST QUARTER OF THE YEAR (MARKET MEDIAN EXPECTATION: TRY 1,024 MILLION). TSKB (TSKB.TI OP) HAS ANNOUNCED SIGNING A EUR 300 MILLION IBRD PARTIALLY GUARANTEED LOAN AGREEMENT AIMED AT FINANCING CLIMATE ADAPTATION AND RESILIENCE INVESTMENTS. THE AGREEMENT WAS SIGNED WITH STANDARD CHARTERED BANK ACTING AS FACILITY AGENT BNP PARIBAS, STANDARD CHARTERED BANK (SINGAPORE) LIMITED AND ING BANK (A BRANCH OF ING-DIBA AG) ACTING AS LENDERS AND THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (`IBRD`) ACTING AS GUARANTOR. IT WAS STATED THAT THE IBRD PARTIAL GUARANTEE RELATED TO THE LOAN AGREEMENT WAS PROVIDED UNDER THE COUNTER-GUARANTEE OF THE REPUBLIC OF TURKIYE MINISTRY OF TREASURY AND FINANCE. IN ADDITION, A PROJECT AGREEMENT WAS SIGNED BETWEEN TSKB AND IBRD ON THE SAME DATE TO IMPLEMENT AND EXECUTE THE PURPOSE OF THE LOAN. ACCORDING TO ZORLU ENERGY`S (ZOREN.TI MP) INFLATION-ADJUSTED FINANCIAL STATEMENTS (TMS-29 EFFECT APPLIED), THE COMPANY REPORTED A NET LOSS OF TRY 3,065 MILLION IN 1Q26 (VS. A NET LOSS OF TRY 4,355 MILLION IN 1Q25). WEAK OPERATIONAL PERFORMANCE (AN EBIT OF TRY 305 MILLION IN 1Q26) AND THE INCREASE IN DEFERRED TAX EXPENSE TO TRY 1,050 MILLION IN 1Q26 (COMPARED TO A DEFERRED TAX INCOME OF TRY 903 MILLION IN 1Q25) WERE THE MAIN FACTORS DRIVING THE NET LOSS. ON THE OTHER HAND, THE DECLINE IN FINANCIAL EXPENSES TO TRY 4,000 MILLION IN 1Q26 (VS. TRY 7,164 MILLION IN 1Q25) LIMITED THE INCREASE IN THE NET LOSS. ON THE OPERATIONAL SIDE, THE COMPANY`S NET SALES REVENUE DECLINED BY 25.9% YOY TO TRY 5,940 MILLION (1Q25: TRY 8,014 MILLION). FOLLOWING HIGHER COST OF SALES AND OPERATING EXPENSES, THE COMPANY RECORDED AN OPERATING LOSS OF TRY 305 MILLION IN 1Q26 (VS. AN EBIT OF TRY 190 MILLION IN 1Q25), WHILE EBITDA DECREASED BY 38.5% YOY TO TRY 946 MILLION. THE COMPANY`S EBITDA MARGIN, WHICH STOOD AT 19.2% IN 1Q25, ALSO DECLINED TO 15.9% IN 1Q26. 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. 08.05.2026 09:40:46