Can Ulaşlar Tourism pay dividends in 2026?

Financial Situation Analysis

Ulaşlar Tourism has experienced a significant loss in revenue in its last nine-month financial statements, while reporting a 33.9 million TL net profit at the end of the period. However, the source of this profit is not from core operations but rather from the appreciation in the value of the securities held by the company. The loss from core operations has been reported as 6.9 million TL. Additionally, it is noted that EBITDA (FAVÖK) has been negative in the first nine months, indicating that it is not generating healthy cash flow from operations.

Dividend Payment Expectations

Considering that Ulaşlar Tourism has not made any capital increases or dividend payments in the last five years, the likelihood of it paying dividends in 2026 appears quite low. For the company to be able to pay dividends, it must first achieve sustainable profits, increase EBITDA generation, and convert these revenues into cash. As long as net profits are temporary and non-recurring in nature, it is impossible for the company to make a dividend decision.

On Subsidiaries and Capital Increases

Despite reporting a net loss of 69.2 million TL in its nine-month period, Hedef Girişim continues to participate in the paid capital increases of its subsidiaries. This situation may be perceived by some analysts as a sign of the company's weakening. However, this participation strategy is, in fact, vital for maintaining control power from the parent company’s perspective and securing future value increases.

On one hand, Hedef Girişim’s operating profit has increased by 37% to 167.6 million TL, while on the other hand, EBITDA has decreased by 44% to 159.9 million TL, putting pressure on financing projections. At this point, the strategy of participating in capital increases of subsidiaries, while creating pressure on short-term cash flow, is an important move to preserve the company's long-term growth potential.