🔵🇺🇸 #ULUFA | Ulusal Factoring 2025/12 Earnings Analysis - Profit Drop Despite Record Revenue

### **Key Highlights from the 2025 Financial Reports (English)****Financial Performance and Growth***   **Total Assets:** The company's total asset size increased from 11.5 billion TL at the end of 2024 to **16,734.3 million TL**.*   **Factoring Receivables:** Net factoring receivables reached **14,943.8 million TL**.*   **Transaction Volume (Turnover):** Total transaction volume in 2025 saw significant growth, reaching **56,122.1 million TL**.*   **Net Profit:** The company reported a net profit of **748.5 million TL** for the year 2025.*   **Equity:** Total equity rose to **2,025.1 million TL**.**Operational Developments***   **Wide Branch Network:** With 4 new branches opened in 2025 (Isparta, Elazığ, Malatya, and Aksaray), the total number of branches reached **48** across 39 provinces.*   **Customer and Employee Base:** The number of active customers grew to **11,835**, and the total headcount increased to **558**.*   **Capital Increase:** The company's paid-in capital was increased from 133.5 million TL to **540 million TL** through internal resources.*   **Share Buyback:** A share buyback program was completed, totaling **149.9 million TL** (representing 6.89% of the capital).**Credit Rating and Audit Opinion***   **Credit Rating:** JCR Eurasia Rating assigned a Long-Term National Rating of **“AA- (tr) / Stable Outlook”**.*   **Independent Audit:** The 2025 financial statements received a **“Qualified Opinion”** concerning the accounting treatment of a specific sale-and-leaseback transaction.