Koc Holding is Turkey's largest conglomerate with diversified exposure to energy (Tupras refining), autos (Ford Otosan, Tofas), banking (Yapi Kredi), consumer durables (Arcelik), and retail. This breadth provides natural inflation hedging as Koc owns real assets across the economy. TRY hyperinflation, while damaging on an FX-adjusted basis, has paradoxically elevated Koc's nominal asset values and revenues. The pivot toward exports (Ford Otosan's European truck sales, Arcelik's global white-goods footprint) creates USD/EUR revenue that partially offsets TRY risk. Deeply undervalued on USD book metrics.
Thesis reviewed May 29, 2026
Koc Holding A.S. is headquartered in Turkey, which is currently showing moderate signals.
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Investors who hold KCHOL.IS may also have indirect exposure through these country funds.
Ford Otosan Transit Custom EV production ramp ahead of schedule; European orders full
Tupras refinery margin recovery on Med complex spread widening
Koc Holding FX-adjusted EBITDA +9% driven by export-oriented subsidiaries
Estimates · Yahoo Finance · Not audited figures