Reported Earnings • May 14
First quarter 2026 earnings released: ₺0.13 loss per share (vs ₺0.06 loss in 1Q 2025) First quarter 2026 results: ₺0.13 loss per share (further deteriorated from ₺0.06 loss in 1Q 2025). Revenue: ₺118.8m (up 27% from 1Q 2025). Net loss: ₺79.1m (loss widened 124% from 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 53% per year, which means it is well ahead of earnings. Announcement • Apr 01
Ostim Endüstriyel Yatirimlar ve Isletme A.S., Annual General Meeting, Apr 27, 2026 Ostim Endüstriyel Yatirimlar ve Isletme A.S., Annual General Meeting, Apr 27, 2026. Location: ostim organize sanayi bolge mudurlugi, 100.yil bulvari no:101/a ostim, ankara Turkey New Risk • Mar 10
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 1,186% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.0% net profit margin). Market cap is less than US$100m (₺1.60b market cap, or US$36.4m). Reported Earnings • Mar 10
Full year 2025 earnings released Full year 2025 results: Revenue: ₺427.0m (down 20% from FY 2024). Net income: ₺4.08m (down 97% from FY 2024). Profit margin: 1.0% (down from 23% in FY 2024). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Nov 25
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: ₺205m (US$4.8m) This is considered a minor risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Revenue is less than US$5m (₺205m revenue, or US$4.8m). Market cap is less than US$100m (₺1.83b market cap, or US$43.1m). Reported Earnings • Nov 13
Third quarter 2025 earnings released: ₺0.014 loss per share (vs ₺0.21 loss in 3Q 2024) Third quarter 2025 results: ₺0.014 loss per share (improved from ₺0.21 loss in 3Q 2024). Revenue: ₺119.7m (up 38% from 3Q 2024). Net loss: ₺2.15m (loss narrowed 98% from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 63% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Sep 03
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 32% Last year net profit margin: 66% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (32% net profit margin). Market cap is less than US$100m (₺2.27b market cap, or US$55.2m). Announcement • May 07
Ostim Endüstriyel Yatirimlar ve Isletme A.S., Annual General Meeting, Jun 03, 2025 Ostim Endüstriyel Yatirimlar ve Isletme A.S., Annual General Meeting, Jun 03, 2025. Location: ostim organize sanayi bolge mudurlugu, 100., yil bulvari no:101/a ostim, ankara Turkey Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺4.20, the stock trades at a trailing P/E ratio of 20.4x. Average trailing P/E is 15x in the Construction industry in Turkey. Total returns to shareholders of 896% over the past three years. New Risk • Mar 12
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 23% Last year net profit margin: 75% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (23% net profit margin). Market cap is less than US$100m (₺1.60b market cap, or US$43.6m). Reported Earnings • Mar 12
Full year 2024 earnings released: EPS: ₺0.77 (vs ₺1.87 in FY 2023) Full year 2024 results: EPS: ₺0.77 (down from ₺1.87 in FY 2023). Revenue: ₺535.2m (up 36% from FY 2023). Net income: ₺121.3m (down 59% from FY 2023). Profit margin: 23% (down from 75% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has increased by 89% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jan 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Turkish stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (38% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Market cap is less than US$100m (₺1.50b market cap, or US$42.2m). Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺10.50, the stock trades at a trailing P/E ratio of 3.3x. Average trailing P/E is 13x in the Construction industry in Turkey. Total returns to shareholders of 586% over the past three years. Valuation Update With 7 Day Price Move • Dec 03
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₺8.78, the stock trades at a trailing P/E ratio of 2.8x. Average trailing P/E is 13x in the Construction industry in Turkey. Total returns to shareholders of 375% over the past three years. Reported Earnings • Nov 18
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: ₺87.1m (up 48% from 3Q 2023). Net loss: ₺121.4m (loss widened ₺118.1m from 3Q 2023). Valuation Update With 7 Day Price Move • Oct 10
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺7.43, the stock trades at a trailing P/E ratio of 2.8x. Average trailing P/E is 18x in the Construction industry in Turkey. Total returns to shareholders of 335% over the past three years. New Risk • Sep 24
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 26% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (26% accrual ratio). Minor Risk Market cap is less than US$100m (₺1.30b market cap, or US$38.1m). Reported Earnings • Sep 15
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₺151.9m (up 183% from 2Q 2023). Net income: ₺58.4m (up 123% from 2Q 2023). Profit margin: 38% (down from 49% in 2Q 2023). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Sep 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺8.11, the stock trades at a trailing P/E ratio of 4.3x. Average trailing P/E is 23x in the Construction industry in Turkey. Total returns to shareholders of 314% over the past three years. Reported Earnings • Jun 16
First quarter 2024 earnings released First quarter 2024 results: Revenue: ₺190.3m (up 350% from 1Q 2023). Net loss: ₺47.3m (down ₺49.8m from profit in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 45% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 27
Full year 2023 earnings released: EPS: ₺1.87 (vs ₺1.77 in FY 2022) Full year 2023 results: EPS: ₺1.87 (up from ₺1.77 in FY 2022). Revenue: ₺393.2m (up 83% from FY 2022). Net income: ₺293.9m (up 5.5% from FY 2022). Profit margin: 75% (down from 129% in FY 2022). Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 45% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₺8.80, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 13x in the Construction industry in Turkey. Total returns to shareholders of 268% over the past three years. Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to ₺7.57, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 11x in the Construction industry in Turkey. Total returns to shareholders of 233% over the past three years. Reported Earnings • Nov 12
Third quarter 2023 earnings released: ₺0.021 loss per share (vs ₺0.084 profit in 3Q 2022) Third quarter 2023 results: ₺0.021 loss per share (down from ₺0.084 profit in 3Q 2022). Net loss: ₺3.36m (down 125% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 48% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺11.19, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 14x in the Construction industry in Turkey. Total returns to shareholders of 340% over the past three years. Valuation Update With 7 Day Price Move • Sep 18
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺11.79, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 14x in the Construction industry in Turkey. Total returns to shareholders of 596% over the past three years. Reported Earnings • Aug 23
Second quarter 2023 earnings released Second quarter 2023 results: Net income: ₺26.2m (up 176% from 2Q 2022). Valuation Update With 7 Day Price Move • Jul 27
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺8.82, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 10x in the Construction industry in Turkey. Total returns to shareholders of 447% over the past three years. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺6.00, the stock trades at a trailing P/E ratio of 3.5x. Average trailing P/E is 10x in the Construction industry in Turkey. Total returns to shareholders of 272% over the past three years. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺3.85, the stock trades at a trailing P/E ratio of 2.2x. Average trailing P/E is 9x in the Construction industry in Turkey. Total returns to shareholders of 161% over the past three years. Reported Earnings • May 12
First quarter 2023 earnings released First quarter 2023 results: Revenue: ₺42.3m (down 10% from 1Q 2022). Net income: ₺2.45m (down 79% from 1Q 2022). Profit margin: 5.8% (down from 24% in 1Q 2022). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 14
Full year 2022 earnings released Full year 2022 results: Revenue: ₺215.4m (up 185% from FY 2021). Net income: ₺278.4m (up ₺249.7m from FY 2021). Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺3.40, the stock trades at a trailing P/E ratio of 9.8x. Average trailing P/E is 17x in the Construction industry in Turkey. Total returns to shareholders of 187% over the past three years. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improved over the past week After last week's 15% share price gain to ₺3.62, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 18x in the Construction industry in Turkey. Total returns to shareholders of 210% over the past three years. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. 2 independent directors (3 non-independent directors). Vice Chairman of the Board of Directors Sitki Öztuna was the last director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment improved over the past week After last week's 16% share price gain to ₺3.05, the stock trades at a trailing P/E ratio of 11.1x. Average trailing P/E is 15x in the Construction industry in Turkey. Total returns to shareholders of 368% over the past three years. Reported Earnings • Aug 21
Second quarter 2022 earnings released: EPS: ₺0.06 (vs ₺0.055 in 2Q 2021) Second quarter 2022 results: EPS: ₺0.06 (up from ₺0.055 in 2Q 2021). Revenue: ₺57.8m (up 338% from 2Q 2021). Net income: ₺9.51m (up 9.2% from 2Q 2021). Profit margin: 16% (down from 66% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. 2 independent directors (3 non-independent directors). Vice Chairman of the Board of Directors Sitki Öztuna was the last director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 13
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₺0.18 (down from ₺0.19 in FY 2020). Revenue: ₺75.6m (down 3.1% from FY 2020). Net income: ₺28.7m (up 68% from FY 2020). Profit margin: 38% (up from 22% in FY 2020). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₺1.46, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 12x in the Construction industry in Turkey. Total returns to shareholders of 120% over the past three years. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₺1.54, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 10x in the Construction industry in Turkey. Total returns to shareholders of 136% over the past three years. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS ₺0.011 (vs ₺0.025 in 3Q 2020) The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ₺9.05m (up 40% from 3Q 2020). Net income: ₺1.80m (down 21% from 3Q 2020). Profit margin: 20% (down from 35% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₺1.87, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 11x in the Construction industry in Turkey. Total returns to shareholders of 150% over the past three years. Reported Earnings • Aug 22
Second quarter 2021 earnings released The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: ₺13.2m (down 16% from 2Q 2020). Net income: ₺8.70m (up ₺15.3m from 2Q 2020). Profit margin: 66% (up from net loss in 2Q 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jun 12
First quarter 2021 earnings released: EPS ₺0.001 (vs ₺0.069 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₺9.88m (down 77% from 1Q 2020). Net income: ₺110.0k (down 98% from 1Q 2020). Profit margin: 1.1% (down from 13% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improved over the past week After last week's 16% share price gain to ₺2.62, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 34x in the Construction industry in Turkey. Total returns to shareholders of 232% over the past three years. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₺2.19, the stock trades at a trailing P/E ratio of 9.8x. Average trailing P/E is 42x in the Construction industry in Turkey. Total returns to shareholders of 124% over the past three years. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₺2.50, the stock trades at a trailing P/E ratio of 11.1x. Average trailing P/E is 52x in the Construction industry in Turkey. Total returns to shareholders of 144% over the past three years. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorated over the past week After last week's 37% share price decline to ₺2.62, the stock is trading at a trailing P/E ratio of 11.7x, down from the previous P/E ratio of 18.5x. This compares to an average P/E of 13x in the Construction industry in Asia. Total returns to shareholders over the past three years are 149%. Is New 90 Day High Low • Mar 01
New 90-day low: ₺2.72 The company is down 34% from its price of ₺4.13 on 01 December 2020. The Turkish market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 7.0% over the same period. Reported Earnings • Feb 28
Full year 2020 earnings released: EPS ₺0.22 (vs ₺0.054 in FY 2019) The company reported a solid full year result with improved earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: ₺78.1m (flat on FY 2019). Net income: ₺17.1m (up 315% from FY 2019). Profit margin: 22% (up from 5.3% in FY 2019). Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 41% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Jan 31
New 90-day low: ₺3.84 The company is down 6.0% from its price of ₺4.10 on 02 November 2020. The Turkish market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 39% over the same period. Is New 90 Day High Low • Sep 30
New 90-day high: ₺3.35 The company is up 18% from its price of ₺2.84 on 02 July 2020. The Turkish market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is down 2.0% over the same period. 
