TERA’s First Half 2026 Surge: Sales +89%, EBITDA +442%

TERA Investment Securities Inc., delivered a double‑digit surge in both operational and financial metrics during the first half of 2026, emerging as a rare performance catalyst within the BIST 100.

Depth of Operational Expansion

■Revenue rose 89% to TL 112.7 bn.

■EBITDA jumped 442% to TL 21.5 bn.

■Gross profit increased 369% to TL 25.3 bn.

■Net profit grew 89% to TL 46.2 bn.

Financial Line: Profitability & Liquidity

■Net cash position loss, driven by inflation accounting, reached TL 7.26 bn (+357% YoY).

■Total assets rose 25% to TL 251.8 bn.

■Equity expanded 43% to TL 92.3 bn.

■Net debt stood at TL 146.4 bn.

Balance‑Sheet Dynamics & Capital Structure

■Asset growth underpins the balance sheet, while equity’s rapid rise strengthens capital adequacy.

■Net debt/equity ratio sits at 158%, yet the high EBITDA margin and cash outflows signal a liquidity focus for risk monitoring.

Market Valuation & Multiples

■Share price (July 31): TL 180.00

■Market cap: TL 126 bn

■P/E: 1.92

■P/B: 1.36

■Low multiples position the stock as an attractive value proposition for both domestic and foreign investors.

Technical Outlook & Potential Support/Resistance

■The stock trades above its 200‑day moving average (≈ TL 190), with a short‑term support zone around TL 175.

■A bullish breakout above the TL 200 resistance could extend the rally toward the TL 210 level within the BIST 100.

■RSI (14) sits at 62, indicating no over‑bought condition; sustained momentum will depend on volume confirmation.

Caner Yılmaz – Director of Technical and Quantitative Analysis, BIST 100: TERA’s explosive financial growth, combined with low valuation multiples and technically supportive indicators, presents a strategic addition for portfolios. Nonetheless, the rising net cash position loss and debt‑to‑equity ratio warrant close risk‑management oversight.