TLMAN FINANCIAL STATEMENTS

Trabzon Liman Isletmeciligi Anonim Sirketi — balance sheet, income statement and cash flow trends

TLMANTrabzon Liman Isletmeciligi Anonim Sirketi

🇹🇷 Turkey · IS · Industrials · Marine Shipping

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue790.3 M ₺+2.2%

Gross Profit103.3 M ₺-39.6%

Operating Income58.7 M ₺-52.1%

EBITDA228.9 M ₺-10.8%

Net Income-51 M ₺-148.5%

Peer Comparison· Marine Shipping

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
TLMAN	2.2%	13.1%	29.0%	-6.4%
SMHI	-18.0%	19.3%	45.8%	-13.0%
HAUTO	5.7%	37.0%	23.9%	31.7%
HAFNI	-8.6%	21.0%	12.3%	19.0%
PANL	22.6%	11.7%	15.3%	5.1%
ASC	-13.2%	31.0%	32.7%	18.0%
Industry median	-1.4%	32.6%	37.9%	18.2%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity1.8 B ₺79%
Current Liabilities139.4 M ₺6%
Long-term Liabilities354.5 M ₺15%

Key Figures

YoY change

Total Assets2.3 B ₺+28.8%

Total Liabilities493.9 M ₺+11.8%

Total Equity1.8 B ₺+34.3%

Cash & ST Investments508.5 M ₺+41.7%

Total Debt122.9 M ₺-1.9%

Net Debt89 M ₺-25.5%

Peer Comparison· Marine Shipping

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
TLMAN	6.18	6.7%	-1.69	78.8%
SMHI	2.36	132.5%	2.92	38.7%
HAUTO	2.30	—	—	53.4%
HAFNI	1.60	—	—	63.1%
PANL	1.63	81.6%	2.59	46.4%
ASC	4.87	16.1%	0.55	82.9%
Industry median	1.80	59.4%	1.54	59.5%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow-201.9 M ₺-138.7%

Capital Expenditures-59.1 M ₺—

Free Cash Flow7.4 M ₺-56.4%

Dividends Paid0 ₺—

Peer Comparison· Marine Shipping

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
TLMAN	-25.6%	0.9%	7.5%	396.2%
SMHI	-18.5%	-34.2%	15.7%	142.3%
HAUTO	70.8%	18.3%	36.5%	223.3%
HAFNI	43.1%	18.9%	10.5%	227.2%
PANL	9.3%	8.2%	1.1%	182.1%
ASC	26.9%	-11.4%	38.4%	149.7%
Industry median	30.8%	10.4%	19.5%	209.9%

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

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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.