TRHOL Doubles Net Profit in H1 2026 with Robust Balance Sheet Expansion

Tera Finansal Yatırım Holding (TRHOL) posted a TL 4.56 billion net profit for the first half of 2026, turning around from a TL 24 million net loss in the same period last year.

Profit Momentum Across Quarters

■Q1: TL 30.99 million net profit

■Q2: TL 4.56 billion net profit (a 14,600% increase over Q1)

■YoY: Net profit up ~19,000%, far outpacing sector averages

Balance‑Sheet Transformation Highlights

■Current assets: TL 9.82 billion (2025/06: TL 252 million); +3,798% YoY

■Non‑current assets: TL 408.7 million (2025/06: TL 62.8 million)

■Equity: TL 4.73 billion (2025/06: TL 23.5 million)

■Net debt: ‑TL 9.81 billion (indicating a strong net cash position)

Market Valuation and Multiples

■Market cap (7 Aug 2026): TL 58.2 billion

■Share price: TL 1.94

■P/E: 12.48

■P/B: 12.30

Kerem Tufan – Director of Commercial Loans & Central Bank Policies: “The TRHOL net‑cash surplus and equity surge act as a buffer against tightening SME credit and the macro‑prudential constraints facing Turkish banks. Lower short‑term liabilities and heightened liquidity keep borrowing costs low, presenting an attractive risk‑return profile for equity investors. Nonetheless, market volatility and rising interest rates warrant close monitoring of the sustainability of current valuation multiples.”