Zorlu Enerji stock fell 1.04 percent after Fitch cut its rating

Published on 10/04/2026 at 20:50 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Zorlu Enerji stock was last at TRY 1.91 on October 2 after Fitch cut the issuer to B-. Q2 revenue reached TRY 6.65 billion, while net loss was TRY 2.75 billion.

Zorlu Enerji, TRAZOREN91L8, Illustration mit AI erstellt.

Zorlu Enerji stock (ISIN TRAZOREN91L8) was last at TRY 1.91 on Borsa Istanbul on October 2, 2026, down 1.04 percent from the prior close. The move followed a credit downgrade: IT Boltwise reported on October 1, 2026, that Fitch Ratings cut Zorlu Enerji to B- and placed its ratings on Rating Watch Negative.

Debt pressure sets the tone

The downgrade puts the balance sheet at the center of the stock story. Total financial debt stood at TRY 60.76 billion as of June 30, 2026, according to IT Boltwise, while net debt to EBITDA rose from 3.8 in fiscal year 2025 to 4.1 in the first half of 2026.

The comparison matters because refinancing capacity depends on both leverage and operating recovery. The same IT Boltwise report said Fitch placed the company on a negative watch while Zorlu Enerji reviewed capital structure options.

Losses sharpen the operating risk

Zorlu Enerji generated TRY 6.65 billion in revenue in Q2 2026 and posted a TRY 2.75 billion net loss, figures reported by IT Boltwise. First-half revenue was TRY 13 billion, down from TRY 17.3 billion in the same period of 2025, a decline of 24.9 percent.

That combination gives investors two separate variables to track: whether revenue stabilizes and whether debt service becomes less restrictive. The June 30 balance sheet also showed total assets of TRY 142.5 billion and total debt of TRY 60.76 billion in the latest quarterly financial data.

Analysts see a wide valuation gap

Investing.com lists a Neutral consensus based on 2 analysts, with an average 12-month price target of TRY 3.940. The highest target is TRY 4.3 and the lowest is TRY 3.58, placing the average target 106.28 percent above the October 2 price of TRY 1.91.

The gap is a market expectation, not a realized return. It also sits beside the credit risk highlighted by Fitch, making the next earnings release important for the balance between leverage, cash generation and valuation.

Zorlu Enerji stock stays under pressure

Zorlu Enerji stock was last at TRY 1.91 on Borsa Istanbul on October 2, 2026, with a 52-week range of TRY 1.86 to TRY 3.78 and a market capitalization of TRY 9.6 billion. Trading volume was 23,519,265 shares.