ISO 500: Turkish Industry Returns to Real Growth, Financing Burden Persists

The 2025 “Turkey's Top 500 Industrial Enterprises” survey, announced by the Istanbul Chamber of Industry (ISO), provided significant data on the overall performance of Turkish industry. According to the survey, the sales from production of the 500 largest industrial enterprises increased by 28% year-on-year, reaching 11 trillion 118 billion Turkish Liras. This growth, when adjusted for the 25.4% Domestic Producer Price Index (D-PPI) in 2025, indicates a real increase of 2.1% in sales from production. Thus, after real declines experienced in 2022, 2023, and 2024, a moderate positive real growth was observed in 2025.

Delving into the details of the research, Türkiye Petrol Rafinerileri AŞ (TÜPRAŞ) (TUPRS) once again secured the top spot with 698 billion 789 million liras in sales from production, maintaining its leadership. TÜPRAŞ was followed by Ford Otomotiv Sanayi AŞ (FROTO) with 538 billion 300 million liras in sales and Star Rafineri AŞ with 327 billion 900 million liras. Other significant changes in the top 10 ranking included Oyak-Renault Otomobil Fabrikaları AŞ rising to fourth place, Toyota Otomotiv Sanayi Türkiye AŞ to fifth, and Arçelik AŞ (ARCLK) to sixth.

The performance of defense industry companies was one of the highlights of this year's survey. Turkish Aerospace Industries Inc. (TUSAŞ) and ASELSAN AŞ (ASELS) successfully entered the top 10, ranking seventh and ninth respectively. Türkiye Petrolleri Anonim Ortaklığı (TPAO) was eighth, and Mercedes-Benz Türk AŞ was tenth, once again demonstrating the decisive weight of the energy, automotive, and defense sectors in Turkish industry.

The operating profit of ISO 500 companies increased by 57.1% in 2025, exceeding 1 trillion liras for the first time, marking a significant nominal rise. However, according to statements by ISO Chairman Erdal Bahçıvan, approximately 85% of the profit generated by industrialists was consumed by financing expenses. This situation clearly revealed the pressure of rising interest rates and general financing costs on the profitability of the industrial sector. On the export front, the total exports of ISO 500 companies amounted to 104.7 billion dollars in 2025.

The slowdown in the global economy and changes in domestic economic policies had led to real sales declines in previous years. However, the moderate real growth in 2025 demonstrates the adaptability of Turkish industry to these challenging conditions. The rise of the defense industry, in particular, can be seen as a tangible result of strategic investments and localization efforts. On the other hand, high financing costs continue to be a fundamental problem limiting the investment capacity and competitiveness of industrial enterprises.

Analysts and market experts emphasize that reducing financing costs and increasing profitability are essential for the sustainable growth of Turkish industry. In the coming period, potential revival in global demand and domestic macroeconomic stability measures will directly influence the performance of ISO 500 companies. Alleviating the financing burden and supporting the real sector's investment appetite could enable Turkish industry to enter a more robust growth path.