Kontrolmatik Teknoloji Enerji ve Mühendislik A.Ş. | VISIT NOTE
5 Haziran 2025, Perşembe
KONTR I VISIT NOTE
About the Company
Founded in 2008 in Istanbul, Kontrolmatik Technologies is a technology company operating in the energy and industrial sectors, offering system integration and advanced engineering solutions. The company provides services across a wide spectrum—from energy generation to transmission and distribution, storage, and digitalization—delivering turnkey projects from start to finish.
Kontrolmatik’s operations span multiple business lines, including Energy, Process Industries, Transportation, Mining, and Advanced Technology Solutions. Within this scope, the company delivers comprehensive engineering services covering a wide range of technical fields such as electrical and mechanical infrastructure installations for power plants, substations, underground cabling systems, energy storage solutions, SCADA, and automation systems.
Kontrolmatik carries out the installation, electrification, and integration of power plants based on various energy sources. For energy transmission and distribution lines, the company undertakes project design, on-site installation, and operations & maintenance services. In the process industry, Kontrolmatik provides control systems, instrumentation, and digitalization solutions tailored to sectors such as chemicals, iron & steel, cement, and food. For transportation projects, the company offers comprehensive solutions including SCADA, signaling, lighting, and ventilation systems for metro, highway, and airport infrastructure. In the mining sector, Kontrolmatik supports safe and efficient operations through energy infrastructure, automation, IoT solutions, and environmental control systems deployed on-site.
Over the past four years, Kontrolmatik has made capital investments totaling USD 425 million, focusing on high-impact technologies such as battery cell production, collaborative robotics, Internet of Things (IoT), and floating solar platforms. Through its in-house R&D efforts, the company has developed a wide range of advanced technologies, including energy storage systems (ESS), mobile substations, hybrid power generation units, digital factory solutions, and IoT sensors and software offered under its Controlix brand. Kontrolmatik’s products are currently deployed in over 40 countries, both domestically and internationally.
Aligned with its vertical integration strategy, Kontrolmatik operates through multiple subsidiaries and affiliates. The key entities and their core focus areas include:
Pomega Energy Storage Technologies Inc.
Pomega specializes in the production of lithium iron phosphate (LFP) cells and battery systems, serving the growing demand for energy storage solutions. Its production facility in Ankara delivers both grid-scale and residential/industrial-scale storage solutions.
Plan-S Satellite and Space Technologies Inc.
Plan-S is one of Turkey’s largest private ventures in satellite and space technology, playing a pioneering role in the design and manufacturing of in-house satellite platforms. Kontrolmatik holds a 25% stake in Plan-S, which is developing low-Earth orbit (LEO) satellites to enable data transmission in areas lacking traditional communication infrastructure. These satellite systems are integrated with IoT applications, providing end-to-end connectivity solutions.
Mcfly Technology Inc.
Developing innovative robotic solutions for various sectors such as manufacturing, logistics, and healthcare with advanced automation technologies, Mcfly produces collaborative robot arms (cobots) and custom gripper systems for repetitive tasks in automation projects.
Emek Elektrik Endüstrisi Inc.
Emek Elektrik manufactures medium- and high-voltage instrument transformers and disconnectors, serving energy transmission and distribution projects with locally produced transformers. Following Kontrolmatik’s acquisition of the company’s management, Emek has not only strengthened its position in the domestic market but has also significantly increased its export share.
Üç Yıldız Antimon Madencilik Inc.
Üç Yıldız engages in the production of various valuable minerals, primarily lead, zinc, and copper.
Progresiva Energy Investments Inc.
Progresiva has developed one of Turkey’s first large-scale energy storage projects and focuses on grid-scale integrated renewable energy solutions, while also engaging in energy trading. Together with its subsidiaries, Kontrolmatik is building a fully integrated technology and engineering ecosystem. For example: Pomega supplies the battery systems required for energy projects, while Emek Elektrik manufactures the high-voltage equipment used in substations.
McFly provides robotics technologies for factory digitalization processes and Plan-S satellites enable data collection from remote areas beyond terrestrial network coverage. This structure strengthens Kontrolmatik’s role not only as a system integrator, but also as a developer of proprietary products and technologies.
Financial Overview
According to the financial results announced on May 12, 2025, Kontrolmatik Technologies reported consolidated revenue of TRY 2,041.3 million for the first quarter of 2025, representing a 47% year-on-year increase. Gross profit rose by 42% to TRY 383.0 million; however, the gross margin declined to 18.8%, down from 19.3% in Q1 2024, due to the impact of cost inflation.
Operating profit surged by 522% to TRY 63.6 million, while net profit for the period fell by 41% year-on-year to TRY 303.0 million. EBITDA increased by 20% to TRY 249.8 million, although the EBITDA margin declined from 15% to 12.2% compared to the same period last year. Total general administrative, marketing, and R&D expenses amounted to TRY 344 million, with their share of revenue falling to 16.8%, down from 20.5% a year earlier.
The margin contraction at the gross and EBITDA levels is largely attributed to temporary pressure from ramp-up processes and capacity expansions at the company’s subsidiaries. According to Kontrolmatik, this is a short-term impact, and these investments are expected to contribute positively over the medium to long term.
The company has carried out total investments of USD 425 million over the past three years.
Elevated financial expenses are primarily driven by the financing of these investments and rising working capital requirements.
As of year-end 2025, the company’s net debt is expected to reach approximately USD 250 million. Around half of this amount is attributed to working capital needs, while the other half is related to investment loans. At the end of 2024, the company’s Net Debt / EBITDA ratio stood at 5.1. With the expected increase in EBITDA contribution from Pomega, this ratio is targeted to decline to the 3.0–3.5 range in the coming periods. As EBITDA is projected to grow steadily over the years, the Net Debt / EBITDA ratio is expected to remain at sustainable levels, even as new investments are made. The company utilizes its foreign currency-denominated revenues as a natural hedge and is also taking steps to optimize the currency composition of its debt to its advantage. Currently, approximately 50% of the company’s debt is in Turkish Lira, while 30% of its revenues are TL-denominated.
Outlook
Considering Kontrolmatik’s expectations for 2025 and its current financial structure, subsidiaries and affiliates play a central role in the company’s growth strategy. Pomega targets USD 105 million in revenue for 2025 and plans approximately USD 30 million in capital expenditures during the year. However, this investment relates to previously initiated projects and financing already secured in prior years—not new investment decisions specific to 2025.
These expenditures reflect scheduled payments for ongoing projects rather than the start of new initiatives. Pomega is expected to reach ebitda margin levels of 25–30% in the future periods. Additionally, various financing options are under evaluation, including the potential introduction of new investors to strengthen the company’s capital structure. Although Pomega does not yet have sales agreements backed by purchase guarantees for its storage products, cost and incentive advantages arise from sourcing battery systems domestically. Furthermore, growing concerns over power outages (blackouts) are expected to drive increased demand for energy storage solutions. In fact, in the Public Disclosure Platform (KAP) statement dated May 19, Kontrolmatik announced that Pomega has signed a binding agreement with Our Next Energy (ONE), a U.S. -based battery company, for the production of 7 GWh of LFP battery cells.
Under the agreement, production will be carried out at Pomega’s Ankara-based gigafactory, in line with ONE’s technical specifications. The plan is to start production at 2 GWh capacity in 2026, with an increase to 5 GWh annually by 2027. This partnership supports ONE’s strategy to establish a flexible and scalable supply chain that qualifies for incentives under the U.S. Inflation Reduction Act (IRA), and marks a significant strategic step for both companies.
On the Emek Elektrik side, revenue is expected to reach approximately USD 29 million by the end of 2025. The company also plans new investments, particularly for Emkel, subject to favorable financing conditions, and has expressed its intention to expand in this segment. The Middle East, especially Saudi Arabia, has been highlighted as a market with significant growth potential for Emkel.
It was also noted that Üç Yıldız Antimon Madencilik, one of the group’s subsidiaries, is currently being considered for divestment, with an expected proceeds of approximately USD 20 million from the sale.
The consolidated revenue expectation for 2025 is in the range of USD 450–550 million, with anticipated improvements in operational efficiency. In the company’s core business line, substantial momentum has been achieved toward the year-end target of USD 300–350 million in revenue. Looking ahead, consolidated revenue is projected to reach USD 874 million in 2026 and USD 1.1 billion in 2027, followed by USD 1.4 billion and USD 1.6 billion in the subsequent years. Over the next five years, Pomega’s contribution to total consolidated revenue is expected to increase from 20% to 45%, reflecting its growing strategic importance within the group.
