Zorlu Enerji: 8.03 billion lira loss in nine months, and the report flags uncertainty over going concern

Turkish power producer Zorlu Enerji published its financial report for the first nine months of 2026 on 5 November on the stock exchange disclosure platform KAP. Net loss attributable to equity holders of the parent rose to 8.03 billion Turkish lira from 5.84 billion in the same period last year, according to figures reported by Borsa Gündem, Paratic, Foreks and Yeşil Haber.

The figures. Revenue fell by about 31% to 21.37 billion lira from 31.01 billion, and gross profit shrank to 1.99 billion from 4.78 billion. Finance expenses dropped to 18.38 billion lira from 26.37 billion, but last year’s result had been supported by a 9.88 billion gain on the sale of a stake that did not recur, Yeşil Haber notes. In the third quarter alone, the loss was 1.67 billion lira, after a profit of 5.81 billion in the same quarter of 2025, according to Foreks. Net debt stood at 60.48 billion lira on 30 September, Borsa Gündem shows. Figures are presented on an inflation-adjusted basis (IAS 29).

Going concern. Note 2.4 of the report flags a material uncertainty about the company’s ability to continue as a going concern, which depends on external conditions such as bondholder approval and access to financing; management nonetheless prepared the statements on a going-concern basis. The company has proposed deferring a $60.5 million eurobond coupon to 23 April 2027, and a bondholders’ meeting is scheduled for 23 November 2026, according to Yeşil Haber.

What comes next. On 22 October, Zorlu completed the sale of its Electrip shares for $147.62 million, of which about $82.62 million went to repay loans; the transaction, which came after September, is not reflected in the nine-month cash flows.

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