MARTI FINANCIAL STATEMENTS

Marti Otel Isletmeleri A.S. — balance sheet, income statement and cash flow trends

MARTIMarti Otel Isletmeleri A.S.

🇹🇷 Turkey · IS · Consumer Cyclical · Lodging

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q4 2025 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue1.6 B ₺+18.3%

Gross Profit522.6 M ₺+54.4%

Operating Income-168.5 M ₺-237.1%

EBITDA40.1 M ₺-85.3%

Net Income26 M ₺-90.5%

Peer Comparison· Lodging

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
MARTI	18.3%	32.5%	2.5%	1.6%
WTB	-0.1%	50.6%	35.9%	7.3%
Industry median	2.0%	44.3%	24.5%	9.7%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
MARTI	18.3%	32.5%	2.5%	1.6%
TEKTU	2.9%	66.7%	-57.3%	-618.6%
ULAS	-96.7%	100.0%	-641.5%	-924.5%
MAALT	2.0%	41.6%	38.8%	40.1%
KSTUR	-5.2%	32.1%	39.8%	18.4%
Industry median	2.0%	44.3%	24.5%	9.7%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q4 2025

Equity17.1 B ₺60%
Current Liabilities2.2 B ₺8%
Long-term Liabilities9.3 B ₺32%

Key Figures

YoY change

Total Assets28.6 B ₺+27.3%

Total Liabilities11.5 B ₺+24.9%

Total Equity17.1 B ₺+29.0%

Cash & ST Investments949.2 M ₺+7,238.4%

Total Debt5.5 B ₺+2.7%

Net Debt4.6 B ₺-14.6%

Peer Comparison· Lodging

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
MARTI	0.54	32.3%	114.46	59.9%
WTB	0.44	174.3%	4.99	32.8%
Industry median	0.68	7.1%	3.56	32.8%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
MARTI	0.54	32.3%	114.46	59.9%
TEKTU	0.68	0.0%	0.25	78.9%
ULAS	1.08	7.1%	7.06	68.2%
MAALT	2.50	0.0%	-38.08	87.6%
KSTUR	7.25	0.0%	-1.55	93.9%
Industry median	0.68	7.1%	3.56	32.8%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q4 2025 · TTM

Key Figures

YoY change

Operating Cash Flow589.2 M ₺—

Capital Expenditures-100.7 M ₺—

Free Cash Flow498.8 M ₺—

Dividends Paid0 ₺—

Peer Comparison· Lodging

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
MARTI	36.6%	31.0%	6.3%	2,266.1%
WTB	25.8%	3.4%	22.5%	354.3%
Industry median	14.6%	16.8%	6.3%	132.5%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
MARTI	36.6%	31.0%	6.3%	2,266.1%
TEKTU	-66.7%	349.8%	8.8%	10.8%
ULAS	-588.9%	4,604.7%	194.4%	63.7%
MAALT	-362.4%	-2,368.8%	2,006.4%	-903.3%
KSTUR	89.1%	77.2%	13.9%	483.8%
Industry median	14.6%	16.8%	6.3%	132.5%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

Go deeper on MARTI

Run a DCF valuation

Full DCF model with editable assumptions

Start a head-to-head duel

Compare two stocks metric by metric

Filter in the stock screener

Build your own universe with 400+ metrics

Data on this page refreshes once per day. Price data as of Jul 3, 26. This content is for informational purposes only and is not investment advice.