Şişecam H1 2026 slides: adjusted EBITDA at 14% as stock falls
Turkish manufacturer Şişecam released first-half 2026 financial results on August 17, 2026, revealing a challenging financial landscape. Shares fell 6.67% to $38.64 following the disclosure, as investors noted weak reported profitability, negative cash flow, and significant pressure in the chemicals segment. The presentation highlighted a stark contrast between reported and adjusted earnings, with inflation accounting standard IAS 29 distorting the company's financial statements.
Reported EBITDA fell to just 3% of revenue, while adjusted EBITDA of 14% offered a more accurate reflection of operational performance. Revenue in H1'26 fell 8% year-over-year, primarily due to Turkish lira hyperinflation affecting comparative figures rather than actual business contraction. The most notable decline was in the chemicals segment, where margin collapsed from 14% to just 3%, driven by a 14% pricing decrease and global soda ash oversupply.
Despite challenges, the company's diverse business model showed resilience in architectural glass and industrial glass segments.
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