Operator

Ladies and gentlemen, thank you for standing by. I am Maria, your Chorus Call operator. Welcome, and thank you for joining the Ford Otosan AS conference call and live webcast to present and discuss the first quarter 2026 earnings results.

At this time, I would like to turn the conference over to Mrs. Gul Ertug Geriskovan, CFO; Ms. Bahar Efeoglu Agar, Head of IR; Mr. Unal Arslan, Corporate Finance Leader.

Ms. Ertug Geriskovan, you may now proceed.

Gul Ertug
CFO and Finance & Accounting Leader

Thank you. Good afternoon, everyone, and thank you for joining us for our first quarter 2026 results call. Today, I will start with a brief overview of the quarter, highlights essentially from the domestic and export performance. Then my team will provide further details in their subsequent markets and financial section. Then we will touch on a key strategic development for our company since we last met. And finally, 2026 guidance before we open it up for the questions.

So here now on the first page, I'd like to say that despite a very challenging macro environment and intensified competition, Ford Otosan maintained resilient export volumes and sustained leadership in commercial vehicles in Turkiye, while profitability was significantly pressured by vehicle mix, including higher EV penetration in exports that also was a factor for the export part of the business.

Sticky inflation and costs associated with that inflation. Also later in the month of -- end of February, early March, we had