{"id":1022,"date":"2026-02-10T13:18:00","date_gmt":"2026-02-10T10:18:00","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1022"},"modified":"2026-02-13T21:09:15","modified_gmt":"2026-02-13T18:09:15","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-tuprs-tupras-analist-toplantisi-notlari-2025-12","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1022","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #TUPRS | T\u00fcpra\u015f Analist Toplant\u0131s\u0131 Notlar\u0131 (2025\/12)"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/creators.spotify.com\/pod\/profile\/market-risk-tr\/embed\/episodes\/TUPRS--Tpra-Analist-Toplants-Notlar-202512-e3est37\/a-acfd82o\" width=\"400px\" height=\"102px\" frameborder=\"0\" scrolling=\"no\"><\/iframe><br \/>\n<span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> T\u00fcpra\u015f&#8217;\u0131n 2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131 ve operasyonel performans\u0131na ili\u015fkin \u00f6ne \u00e7\u0131kan \u00f6nemli ba\u015fl\u0131klar a\u015fa\u011f\u0131da \u00f6zetlenmi\u015ftir:<\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>2025 Finansal Raporlar\u0131ndan \u00d6ne \u00c7\u0131kanlar<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\">\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Net K\u00e2rda G\u00fc\u00e7l\u00fc Art\u0131\u015f:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> T\u00fcpra\u015f&#8217;\u0131n 2025 y\u0131l\u0131 sat\u0131\u015f gelirleri, Brent petrol fiyatlar\u0131ndaki d\u00fc\u015f\u00fc\u015f\u00fcn de etkisiyle y\u0131ll\u0131k bazda %22 azalarak 830,4 milyar TL seviyesine gerilemi\u015ftir. Buna ra\u011fmen, \u015firketin <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>net d\u00f6nem k\u00e2r\u0131 y\u0131ll\u0131k %23 art\u0131\u015fla 29,5 milyar TL<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> olarak ger\u00e7ekle\u015fmi\u015ftir.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Operasyonel Karl\u0131l\u0131k ve Marjlar:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> 2025 y\u0131l sonu itibar\u0131yla br\u00fct k\u00e2r marj\u0131 %10,14, FAV\u00d6K marj\u0131 ise %6,92 olarak kaydedilmi\u015ftir. Y\u0131l genelinde net rafineri marj\u0131 7,0 dolar\/varil ile \u015firketin beklentilerinin \u00fczerinde ger\u00e7ekle\u015fmi\u015ftir.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>\u00dcretim ve Kapasite Kullan\u0131m\u0131:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> \u015eirket 2025 y\u0131l\u0131nda toplam <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>26,9 milyon ton \u00fcretim<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> ger\u00e7ekle\u015ftirirken, kapasite kullan\u0131m oran\u0131 %93,6 seviyesinde ger\u00e7ekle\u015fmi\u015ftir. Toplam sat\u0131\u015flar ise 29,4 milyon ton olmu\u015ftur.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Yurt \u0130\u00e7i Talep Dinamikleri:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> T\u00fcrkiye piyasas\u0131nda benzin talebi %15,8 artarak 2021 seviyelerinin iki kat\u0131ndan fazlas\u0131na ula\u015fm\u0131\u015ft\u0131r. Jet yak\u0131t\u0131 talebi ise g\u00fc\u00e7l\u00fc havac\u0131l\u0131k faaliyetleri sayesinde %14,7 art\u0131\u015f g\u00f6stermi\u015ftir.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Stratejik Yat\u0131r\u0131mlar ve Entek:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> Entek arac\u0131l\u0131\u011f\u0131yla 2025 y\u0131l\u0131nda 1.086 GWh s\u0131f\u0131r karbon elektrik \u00fcretimi yap\u0131lm\u0131\u015ft\u0131r. \u015eirket, 2025 y\u0131l\u0131nda toplam 476 milyon dolar yat\u0131r\u0131m harcamas\u0131 ger\u00e7ekle\u015ftirmi\u015ftir.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Temett\u00fc M\u00fcjdesi:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> 2025 y\u0131l\u0131 k\u00e2r\u0131ndan iki taksitte da\u011f\u0131t\u0131lmak \u00fczere <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>toplam 33 milyar TL temett\u00fc<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> \u00f6nerilmi\u015ftir.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>2026 Beklentileri:<\/strong><\/span><\/span><span data-slate-node=\"text\" data-slate-fragment=\"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\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> \u015eirket 2026 y\u0131l\u0131nda net rafineri marj\u0131n\u0131n 6-7 dolar\/varil, kapasite kullan\u0131m\u0131n\u0131n ise %95-100 aral\u0131\u011f\u0131nda olmas\u0131n\u0131 hedeflemektedir. Ayr\u0131ca 700 milyon dolarl\u0131k yat\u0131r\u0131m harcamas\u0131 planlan\u0131rken, bunun yar\u0131s\u0131n\u0131n ye\u015fil elektrik yat\u0131r\u0131mlar\u0131na ayr\u0131lmas\u0131 \u00f6ng\u00f6r\u00fclmektedir. <\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n<h1>T\u00fcpra\u015f&#8217;\u0131n 2025 Karnesi: Enerji Devinden Beklenmedik Stratejik D\u00f6n\u00fc\u015f\u00fcmler ve 2026 Vizyonu<\/h1>\n<p><b>1. Giri\u015f: De\u011fi\u015fen Enerji Denkleminde Bir Dev<\/b><\/p>\n<p>K\u00fcresel enerji piyasalar\u0131 2025 y\u0131l\u0131nda adeta bir satran\u00e7 tahtas\u0131na d\u00f6n\u00fc\u015ft\u00fc. K\u0131z\u0131ldeniz\u2019deki gerilimler, Rus enerji tesislerine y\u00f6nelik drone sald\u0131r\u0131lar\u0131 ve OPEC+ grubunun arz k\u0131s\u0131nt\u0131lar\u0131, rafinaj sekt\u00f6r\u00fcn\u00fc y\u00fcksek volatiliteyle kar\u015f\u0131 kar\u015f\u0131ya b\u0131rakt\u0131. T\u00fcrkiye\u2019nin enerji ihtiyac\u0131 artarken, T\u00fcpra\u015f\u2019\u0131n 6 \u015eubat 2026 tarihinde 2025 y\u0131l sonu sonu\u00e7lar\u0131n\u0131 de\u011ferlendirmek \u00fczere ger\u00e7ekle\u015ftirdi\u011fi analist toplant\u0131s\u0131, dev bir sanayi kurulu\u015funun bu f\u0131rt\u0131nal\u0131 denizde rotas\u0131n\u0131 nas\u0131l belirledi\u011fini ortaya koydu.<\/p>\n<p>Bu toplant\u0131, sadece ge\u00e7mi\u015f y\u0131l\u0131n bir muhasebesi de\u011fil; T\u00fcpra\u015f\u2019\u0131n k\u00fcresel yapt\u0131r\u0131mlara, iklim krizine ve de\u011fi\u015fen t\u00fcketici al\u0131\u015fkanl\u0131klar\u0131na verdi\u011fi stratejik yan\u0131tlar\u0131n bir \u00f6zeti niteli\u011findeydi. Petrol piyasas\u0131ndaki belirsizliklere ra\u011fmen \u015firketin operasyonel esnekli\u011fi, 2026 y\u0131l\u0131na dair neden iyimser olmam\u0131z gerekti\u011fini de kan\u0131tl\u0131yor.<\/p>\n<p><b>2. Benzin Talebinde Patlama: 2021\u2019in \u0130ki Kat\u0131!<\/b><\/p>\n<p>T\u00fcrkiye i\u00e7 piyasas\u0131nda benzin talebi, ekonomi \u00e7evrelerinin beklentilerini a\u015fan bir ivme yakalad\u0131. 2025 y\u0131l\u0131n\u0131n ilk 11 ay\u0131nda %15,8 artan benzin talebi, \u00fcst \u00fcste \u00fc\u00e7\u00fcnc\u00fc y\u0131l\u0131n\u0131 \u00e7ift haneli b\u00fcy\u00fcme ile kapat\u0131rken; g\u00fcncel talep seviyesinin pandemi sonras\u0131 d\u00f6nem olan 2021\u2019in tam iki kat\u0131na ula\u015fmas\u0131 dikkat \u00e7ekici bir veri olarak kayda ge\u00e7ti.<\/p>\n<p>T\u00fcpra\u015f, bu &#8220;talep patlamas\u0131n\u0131&#8221; proaktif bir sat\u0131\u015f karmas\u0131yla kar\u015f\u0131lad\u0131. \u015eirket, sat\u0131\u015flar\u0131n\u0131 ihracattan yurt i\u00e7ine kayd\u0131rarak hem yerel piyasan\u0131n ihtiyac\u0131n\u0131 kar\u015f\u0131lad\u0131 hem de nakliye avantajlar\u0131n\u0131 (lojistik maliyet tasarrufu) k\u00e2rl\u0131l\u0131\u011fa d\u00f6n\u00fc\u015ft\u00fcrd\u00fc. Rafineri konfig\u00fcrasyonundaki optimizasyonlarla benzin veriminin kademeli olarak y\u00fckseltilmesi, \u015firketin piyasa dinamiklerine ne kadar h\u0131zl\u0131 uyum sa\u011flayabildi\u011finin en somut g\u00f6stergesi oldu.<\/p>\n<p><b>3. \u0130zmir Rafinerisi&#8217;nin &#8220;Rusya&#8221; Stratejisi ve \u0130hracat Esnekli\u011fi<\/b><\/p>\n<p>K\u00fcresel yapt\u0131r\u0131m rejimleri, T\u00fcpra\u015f\u2019\u0131n hammadde tedarik zincirinde radikal bir d\u00f6n\u00fc\u015f\u00fcm\u00fc zorunlu k\u0131ld\u0131. \u015eirket, kargo bazl\u0131 karar alma mekanizmas\u0131yla fiyat ve d\u00fczenleme uyumunu \u00f6nceliklendiriyor. \u00d6zellikle \u0130zmir Rafinerisi, stratejik bir kararla &#8220;s\u0131f\u0131r Rus petrol\u00fc&#8221; politikas\u0131na ge\u00e7erek \u00fcretimini tamamen Avrupa Birli\u011fi \u00fclkelerine ihra\u00e7 etmeye odakland\u0131.<\/p>\n<p>K\u0131y\u0131 rafinerilerinin sa\u011flad\u0131\u011f\u0131 co\u011frafi esneklik, T\u00fcpra\u015f&#8217;\u0131n yapt\u0131r\u0131ma tabi ki\u015fi ve kurulu\u015flarla (SDN) \u00e7al\u0131\u015fmadan d\u00fcnyan\u0131n farkl\u0131 b\u00f6lgelerinden ham petrol tedarik etmesine imkan tan\u0131yor. \u015eirketin bu konudaki tavizsiz duru\u015fu, kurumsal y\u00f6netim \u00e7er\u00e7evesinde \u015fu \u015fekilde vurgulan\u0131yor:<\/p>\n<p><i>&#8220;T\u00fcpra\u015f g\u00fc\u00e7l\u00fc bir uyum \u00e7er\u00e7evesine sahip ve SDN (Yapt\u0131r\u0131ma Tabi Ki\u015fi ve Kurulu\u015flar Listesi) listelerindeki \u015firketlerle \u00e7al\u0131\u015fm\u0131yor.&#8221;<\/i><\/p>\n<p><b>4. Kurakl\u0131k vs. Ye\u015fil Enerji: Entek\u2019in \u0130mtihan\u0131<\/b><\/p>\n<p>T\u00fcpra\u015f&#8217;\u0131n s\u00fcrd\u00fcr\u00fclebilirlik vizyonunun kilit oyuncusu olan Entek, 2025 y\u0131l\u0131nda do\u011fan\u0131n sert y\u00fcz\u00fcyle kar\u015f\u0131la\u015ft\u0131. Son 65 y\u0131l\u0131n en kurak mevsiminin ya\u015fanmas\u0131 hidroelektrik \u00fcretimini do\u011frudan vurdu ve bu birimin FAV\u00d6K katk\u0131s\u0131n\u0131n y\u0131ll\u0131k bazda %42 azalmas\u0131na yol a\u00e7t\u0131.<\/p>\n<p>Ancak bu \u00e7evresel engele ra\u011fmen, \u015firketin s\u0131f\u0131r karbon hedeflerinden sapmad\u0131\u011f\u0131 g\u00f6r\u00fcl\u00fcyor. Toplam 1.086 GWh seviyesinde ger\u00e7ekle\u015fen s\u0131f\u0131r karbon elektrik \u00fcretimi, operasyonel dayan\u0131kl\u0131l\u0131\u011f\u0131n bir sonucu olarak \u00f6ne \u00e7\u0131k\u0131yor. Mevcut \u00fcretim portf\u00f6y\u00fc ise \u00e7e\u015fitlendirilmi\u015f bir yap\u0131 sunuyor:<\/p>\n<ul>\n<li><b>Hidroelektrik:<\/b> %51<\/li>\n<li><b>R\u00fczgar Enerjisi:<\/b> %33<\/li>\n<li><b>Toplam Kurulu G\u00fc\u00e7:<\/b> 440 MW<\/li>\n<\/ul>\n<p><b>5. Finansal Dayan\u0131kl\u0131l\u0131k: Sat\u0131\u015flar D\u00fc\u015ferken K\u00e2r Art\u0131\u015f\u0131 Nas\u0131l M\u00fcmk\u00fcn Oldu?<\/b><\/p>\n<p>2025 y\u0131l\u0131 finansallar\u0131, ilk bak\u0131\u015fta bir \u00e7eli\u015fki bar\u0131nd\u0131r\u0131yor gibi g\u00f6r\u00fcnebilir: Sat\u0131\u015f gelirleri bir \u00f6nceki y\u0131la g\u00f6re %22 azalarak 830,4 milyar TL\u2019ye gerilerken, net k\u00e2r %23 art\u0131\u015fla 29,5 milyar TL\u2019ye ula\u015ft\u0131. Bir finansal analist g\u00f6z\u00fcyle bak\u0131ld\u0131\u011f\u0131nda; bu ba\u015far\u0131n\u0131n arkas\u0131nda y\u0131ll\u0131k 7,0 $\/varil seviyesinde ger\u00e7ekle\u015ferek 5-6 dolarl\u0131k \u00f6ng\u00f6r\u00fcy\u00fc a\u015fan Net Rafineri Marj\u0131 (NRM) ve disiplinli maliyet y\u00f6netimi yat\u0131yor. (D\u00f6rd\u00fcnc\u00fc \u00e7eyrekte NRM 8,6 $\/varil ile y\u0131l\u0131 \u00e7ok g\u00fc\u00e7l\u00fc bir finalle kapatt\u0131.)<\/p>\n<p>K\u00e2rl\u0131l\u0131k art\u0131\u015f\u0131n\u0131n as\u0131l mimarlar\u0131 ise muhasebesel ve ekonomik mekanizmalar: Enflasyondaki gerilemeye ba\u011fl\u0131 olarak azalan parasal kay\u0131plar ve yat\u0131r\u0131m te\u015fviklerinden kaynaklanan ertelenmi\u015f vergi gelirleri net k\u00e2r\u0131 yukar\u0131 ta\u015f\u0131d\u0131.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Finansal G\u00f6sterge<\/td>\n<td>2025\/12<\/td>\n<td>2024\/12<\/td>\n<\/tr>\n<tr>\n<td>\u00d6zkaynak Karl\u0131l\u0131\u011f\u0131 (%)<\/td>\n<td>8,05<\/td>\n<td>6,40<\/td>\n<\/tr>\n<tr>\n<td>Net Bor\u00e7 \/ FAV\u00d6K<\/td>\n<td>-0,92<\/td>\n<td>N\/A<\/td>\n<\/tr>\n<tr>\n<td>Net K\u00e2r (Milyar TL)<\/td>\n<td>29,5<\/td>\n<td>24,0<\/td>\n<\/tr>\n<tr>\n<td>Cari Oran<\/td>\n<td>1,40<\/td>\n<td>1,25<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i>Not: -0,92 seviyesindeki Net Bor\u00e7\/FAV\u00d6K rasyosu, \u015firketin borcundan daha fazla nakde sahip oldu\u011funu, yani \u00e7ok g\u00fc\u00e7l\u00fc bir &#8220;net nakit pozisyonunda&#8221; bulundu\u011funu g\u00f6stermektedir.<\/i><\/p>\n<p><b>6. 2026 Projeksiyonu: 800 Milyon Dolarl\u0131k Yat\u0131r\u0131m Hamlesi<\/b><\/p>\n<p>T\u00fcpra\u015f, 2026 y\u0131l\u0131nda bir &#8220;rafineri devinden&#8221; bir &#8220;enerji teknoloji \u015firketine&#8221; d\u00f6n\u00fc\u015f\u00fcm h\u0131z\u0131n\u0131 art\u0131rmay\u0131 planl\u0131yor. \u015eirket, 2026 y\u0131l\u0131 i\u00e7in 700 milyon dolarl\u0131k yat\u0131r\u0131m harcamas\u0131 (Capex) \u00f6ng\u00f6r\u00fcyor. Bu b\u00fct\u00e7enin yar\u0131s\u0131n\u0131n (%50) geleneksel rafineri iyile\u015ftirmelerine, di\u011fer yar\u0131s\u0131n\u0131n ise tamamen ye\u015fil elektrik yat\u0131r\u0131mlar\u0131na ayr\u0131lacak olmas\u0131 stratejik bir d\u00f6n\u00fcm noktas\u0131na i\u015faret ediyor. Ayr\u0131ca 2025&#8217;ten ertelenen 100 milyon dolarl\u0131k D\u0130TA\u015e gemi al\u0131m\u0131 da bu y\u0131l\u0131n yat\u0131r\u0131m ajandas\u0131nda yer al\u0131yor.<\/p>\n<p>Operasyonel tarafta, \u0130zmir revizyon projesinin 2026&#8217;n\u0131n ilk \u00e7eyre\u011finde tamamlanacak olmas\u0131 verimlili\u011fi art\u0131racak. Yat\u0131r\u0131mc\u0131lar i\u00e7in en b\u00fcy\u00fck m\u00fcjde ise 33 milyar TL\u2019lik dev temett\u00fc \u00f6nerisi oldu. Kapasite kullan\u0131m\u0131n\u0131n %95-100 aral\u0131\u011f\u0131nda hedeflenmesi, \u015firketin tam gaz ilerleyece\u011finin en net kan\u0131t\u0131.<\/p>\n<p><b>7. Sonu\u00e7: Gelece\u011fin Yak\u0131t\u0131 Sadece Petrol m\u00fc?<\/b><\/p>\n<p>T\u00fcpra\u015f&#8217;\u0131n 2025 y\u0131l\u0131 performans\u0131, \u015firketin sadece bir petrol i\u015fleyicisi de\u011fil; k\u00fcresel yapt\u0131r\u0131mlar\u0131, yerel talep de\u011fi\u015fimlerini ve iklim krizinin getirdi\u011fi riskleri y\u00f6netebilen bir strateji merkezi oldu\u011funu kan\u0131tl\u0131yor. Operasyonel esneklik ve ye\u015fil d\u00f6n\u00fc\u015f\u00fcm odakl\u0131 bu b\u00fcy\u00fcme modeli, enerji sekt\u00f6r\u00fcndeki k\u00e2rl\u0131l\u0131k tan\u0131m\u0131n\u0131 yeniden yap\u0131yor.<\/p>\n<p>Peki, bu devasa d\u00f6n\u00fc\u015f\u00fcm bize ne anlat\u0131yor? <b>Enerji devlerinin ye\u015fil d\u00f6n\u00fc\u015f\u00fcm\u00fc, sadece \u00e7evresel bir zorunluluk mu yoksa gelece\u011fin k\u00e2rl\u0131l\u0131k form\u00fcl\u00fc m\u00fc?<\/b><\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">T\u00fcpra\u015f Analist Toplant\u0131s\u0131 Brifing Notlar\u0131 (2025\/12)<\/span><\/h1>\n<p>Bu brifing belgesi, 6 \u015eubat 2026 tarihinde ger\u00e7ekle\u015ftirilen T\u00fcpra\u015f Analist Toplant\u0131s\u0131&#8217;ndan elde edilen veriler \u0131\u015f\u0131\u011f\u0131nda, \u015firketin 2025 y\u0131l\u0131 d\u00f6rd\u00fcnc\u00fc \u00e7eyrek ve y\u0131l sonu finansal ve operasyonel performans\u0131n\u0131, k\u00fcresel piyasa ko\u015fullar\u0131n\u0131 ve 2026 y\u0131l\u0131 stratejik beklentilerini analiz etmektedir.<\/p>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>T\u00fcpra\u015f, 2025 y\u0131l\u0131n\u0131 volatil piyasa ko\u015fullar\u0131na ve arz y\u00f6nl\u00fc bask\u0131lara ra\u011fmen operasyonel esneklik ve g\u00fc\u00e7l\u00fc nakit y\u00f6netimi ile tamamlam\u0131\u015ft\u0131r. Y\u0131ll\u0131k bazda sat\u0131\u015f gelirlerinde %22&#8217;lik bir daralma ya\u015fanmas\u0131na ra\u011fmen, net d\u00f6nem k\u00e2r\u0131 %23 art\u0131\u015fla 29,5 milyar TL seviyesine y\u00fckselmi\u015ftir. \u015eirket, T\u00fcrkiye i\u00e7i artan talebe (\u00f6zellikle benzin ve jet yak\u0131t\u0131) proaktif yan\u0131t vererek sat\u0131\u015f karmas\u0131n\u0131 optimize etmi\u015ftir. 2026 y\u0131l\u0131 i\u00e7in kapasite kullan\u0131m\u0131n\u0131n %95-100 band\u0131na \u00e7\u0131kmas\u0131 ve 700 milyon dolarl\u0131k yat\u0131r\u0131m harcamas\u0131 planlanmaktad\u0131r. \u015eirketin finansal yap\u0131s\u0131, -0,92&#8217;lik Net Bor\u00e7\/FAV\u00d6K oran\u0131 ile olduk\u00e7a g\u00fc\u00e7l\u00fc kalmaya devam etmektedir.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>Finansal G\u00f6stergeler ve Piyasa De\u011feri<\/h2>\n<p>09.02.2026 itibar\u0131yla T\u00fcpra\u015f&#8217;\u0131n temel borsa verileri ve piyasa \u00e7arpanlar\u0131 a\u015fa\u011f\u0131da tablola\u015ft\u0131r\u0131lm\u0131\u015ft\u0131r:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Veri Kalemi<\/td>\n<td>De\u011fer<\/td>\n<td>Piyasa \u00c7arpanlar\u0131<\/td>\n<td>De\u011fer<\/td>\n<\/tr>\n<tr>\n<td><b>Hisse Fiyat\u0131<\/b><\/td>\n<td>220,40 TL<\/td>\n<td><b>F\/K<\/b><\/td>\n<td>14,38<\/td>\n<\/tr>\n<tr>\n<td><b>Piyasa De\u011feri<\/b><\/td>\n<td>424,7 Milyar TL<\/td>\n<td><b>FD\/FAV\u00d6K<\/b><\/td>\n<td>5,92<\/td>\n<\/tr>\n<tr>\n<td><b>Hisse Ba\u015f\u0131na K\u00e2r<\/b><\/td>\n<td>15,32<\/td>\n<td><b>PD\/DD<\/b><\/td>\n<td>1,17<\/td>\n<\/tr>\n<tr>\n<td><b>Fiili Dola\u015f\u0131m Oran\u0131<\/b><\/td>\n<td>%46,53<\/td>\n<td><b>PEG<\/b><\/td>\n<td>0,62<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6denmi\u015f Sermaye<\/b><\/td>\n<td>1,93 Milyar TL<\/td>\n<td><b>Net Bor\u00e7\/FAV\u00d6K<\/b><\/td>\n<td>-0,92<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>\u00d6zet Finansal Tablo (Milyar TL)<\/h3>\n<p>2025 y\u0131l sonu sonu\u00e7lar\u0131, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemiyle kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda k\u00e2rl\u0131l\u0131ktaki iyile\u015fme dikkat \u00e7ekmektedir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>2025\/12<\/td>\n<td>2024\/12<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015flar<\/td>\n<td>830,4<\/td>\n<td>1.100,0<\/td>\n<td>%-22<\/td>\n<\/tr>\n<tr>\n<td>Br\u00fct K\u00e2r<\/td>\n<td>81,2<\/td>\n<td>89,0<\/td>\n<td>%-9<\/td>\n<\/tr>\n<tr>\n<td>FAV\u00d6K<\/td>\n<td>62,1<\/td>\n<td>66,4<\/td>\n<td>%-6<\/td>\n<\/tr>\n<tr>\n<td>Net K\u00e2r<\/td>\n<td>29,5<\/td>\n<td>24,0<\/td>\n<td>%+23<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Bilan\u00e7o Analizi:<\/b><\/p>\n<ul>\n<li><b>Net Bor\u00e7 Durumu:<\/b> 2025\/9 d\u00f6neminde -77,7 milyar TL olan net bor\u00e7 pozisyonu, y\u0131l sonunda -57,0 milyar TL olarak ger\u00e7ekle\u015fmi\u015ftir. Negatif net bor\u00e7, \u015firketin g\u00fc\u00e7l\u00fc bir nakit pozisyonuna sahip oldu\u011funu g\u00f6stermektedir.<\/li>\n<li><b>\u00d6zkaynak Karl\u0131l\u0131\u011f\u0131:<\/b> %6,40&#8217;tan %8,05&#8217;e y\u00fckselmi\u015ftir.<\/li>\n<li><b>Likidite:<\/b> Cari oran 1,25&#8217;ten 1,40 seviyesine iyile\u015fmi\u015ftir.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>K\u00fcresel Rafineri Piyasas\u0131 ve Operasyonel Dinamikler<\/h2>\n<p>2025&#8217;in son \u00e7eyre\u011finde sekt\u00f6r, arz y\u00f6nl\u00fc \u00f6nemli k\u0131s\u0131tlamalarla kar\u015f\u0131 kar\u015f\u0131ya kalm\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li><b>Arz Bask\u0131lar\u0131:<\/b> ABD ve \u0130ngiltere&#8217;nin Rus enerji \u015firketlerine y\u00f6nelik ek yapt\u0131r\u0131mlar\u0131 ve Rus rafinerilerine d\u00fczenlenen drone sald\u0131r\u0131lar\u0131 toplam arz\u0131 olumsuz etkilemi\u015ftir.<\/li>\n<li><b>Crack Marjlar\u0131:<\/b> Beklenmedik rafineri ar\u0131zalar\u0131 ve planl\u0131 bak\u0131mlar nedeniyle marjlarda ani y\u00fckseli\u015fler g\u00f6r\u00fclm\u00fc\u015ft\u00fcr:\n<ul>\n<li><b>Motorin:<\/b> Ortalama 28,4 $\/varil.<\/li>\n<li><b>Jet Yak\u0131t\u0131:<\/b> Ortalama 25,8 $\/varil (Kas\u0131m ay\u0131nda 37 $ seviyesine ula\u015fm\u0131\u015ft\u0131r).<\/li>\n<li><b>Benzin:<\/b> 19,9 $\/varil (5 y\u0131ll\u0131k ortalamalar\u0131n \u00fczerinde).<\/li>\n<\/ul>\n<\/li>\n<li><b>Ham Petrol Farklar\u0131 (Diferansiyeller):<\/b> OPEC+ \u00fcretim art\u0131\u015flar\u0131 &#8220;hafif tatl\u0131&#8221; ham petrol odakl\u0131 kalm\u0131\u015f, bu durum T\u00fcpra\u015f gibi kompleks rafinerilerin ihtiya\u00e7 duydu\u011fu &#8220;a\u011f\u0131r ham petrol&#8221; talebini kar\u015f\u0131layamam\u0131\u015ft\u0131r. Y\u0131l sonunda mevsimsellik ve y\u00fcksek stoklar nedeniyle farklarda hafif geni\u015fleme izlenmi\u015ftir.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>T\u00fcrkiye Pazar\u0131 ve Talep Geli\u015fimi<\/h2>\n<p>Yurt i\u00e7i talep 2025 y\u0131l\u0131nda g\u00fc\u00e7l\u00fc bir b\u00fcy\u00fcme sergilemi\u015ftir:<\/p>\n<ul>\n<li><b>Benzin:<\/b> Y\u0131l\u0131n ilk 11 ay\u0131nda %15,8 art\u0131\u015f g\u00f6stererek 2021 seviyelerinin iki kat\u0131na \u00e7\u0131km\u0131\u015ft\u0131r.<\/li>\n<li><b>Jet Yak\u0131t\u0131:<\/b> G\u00fc\u00e7l\u00fc havac\u0131l\u0131k faaliyetleri sayesinde %14,7 art\u0131\u015f kaydetmi\u015ftir.<\/li>\n<li><b>Motorin:<\/b> %3,1&#8217;lik \u0131l\u0131ml\u0131 bir b\u00fcy\u00fcme ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>Stratejik Yan\u0131t:<\/b> T\u00fcpra\u015f, i\u00e7 piyasadaki bu i\u015ftahl\u0131 talebi kar\u015f\u0131lamak i\u00e7in sat\u0131\u015flar\u0131n\u0131 ihracattan yurt i\u00e7ine kayd\u0131rm\u0131\u015f ve rafineri konfig\u00fcrasyonunu benzin verimini art\u0131racak \u015fekilde optimize etmi\u015ftir.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>Operasyonel Performans ve Verimlilik<\/h2>\n<p>T\u00fcpra\u015f, 2025 y\u0131l\u0131n\u0131 y\u00fcksek kapasite kullan\u0131m\u0131 ve hedeflerin \u00fczerinde bir marjla kapatm\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li><b>\u00dcretim ve Sat\u0131\u015f:<\/b> Y\u0131ll\u0131k toplam \u00fcretim 26,9 milyon ton, toplam sat\u0131\u015f ise 29,4 milyon ton olarak ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>Kapasite Kullan\u0131m\u0131:<\/b> Y\u0131ll\u0131k ortalama %93,6 seviyesinde ger\u00e7ekle\u015ferek \u00f6ng\u00f6r\u00fclen (guidance) aral\u0131kta kalm\u0131\u015ft\u0131r.<\/li>\n<li><b>Net Rafineri Marj\u0131 (NRM):<\/b> 2025\/12 d\u00f6neminde 7,0 $\/varil seviyesine ula\u015farak, 5-6 $\/varil olan beklentinin \u00fczerinde performans sergilenmi\u015ftir.<\/li>\n<li><b>Beyaz \u00dcr\u00fcn Verimi:<\/b> 4. \u00e7eyrekte %79,8 olarak ger\u00e7ekle\u015fmi\u015ftir. \u00dcr\u00fcn miksinde en b\u00fcy\u00fck pay\u0131 %36 ile motorin al\u0131rken, onu %22 ile benzin ve %17 ile jet yak\u0131t\u0131 izlemi\u015ftir.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>S\u00fcrd\u00fcr\u00fclebilirlik ve \u0130\u015ftirak Performans\u0131<\/h2>\n<h3>Entek ve Yenilenebilir Enerji<\/h3>\n<ul>\n<li><b>\u00dcretim:<\/b> 2025 y\u0131l\u0131nda toplam 1.086 GWh s\u0131f\u0131r karbon elektrik \u00fcretimi ger\u00e7ekle\u015ftirilmi\u015ftir.<\/li>\n<li><b>Kapasite:<\/b> Toplam kurulu g\u00fc\u00e7 440 MW seviyesindedir (\u00dcretimin %51&#8217;i hidroelektrik, %33&#8217;\u00fc r\u00fczgar).<\/li>\n<li><b>Olumsuz Etken:<\/b> Son 65 y\u0131l\u0131n en kurak mevsimi nedeniyle elektrik sat\u0131\u015flar\u0131n\u0131n FAV\u00d6K katk\u0131s\u0131 y\u0131ll\u0131k bazda %42 gerilemi\u015ftir.<\/li>\n<\/ul>\n<h3>Stratejik Uyum ve Rusya Politikas\u0131<\/h3>\n<ul>\n<li>T\u00fcpra\u015f, yapt\u0131r\u0131ma tabi (SDN listesi) ki\u015fi ve kurulu\u015flarla \u00e7al\u0131\u015fmamaktad\u0131r.<\/li>\n<li><b>\u0130zmir Rafinerisi:<\/b> Tamamen Rus ham petrol\u00fc d\u0131\u015f\u0131ndaki kaynaklar\u0131 kullanmakta ve buradan sadece AB \u00fclkelerine ihracat yap\u0131lmaktad\u0131r. Di\u011fer k\u0131y\u0131 rafinerileri ise co\u011frafi \u00e7e\u015fitlilik avantaj\u0131 ile tedarik esnekli\u011fi sa\u011flamaktad\u0131r.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>2026 Y\u0131l\u0131 Beklentileri ve Gelecek Projeksiyonu<\/h2>\n<p>\u015eirket y\u00f6netimi 2026 y\u0131l\u0131 i\u00e7in iyimser ve b\u00fcy\u00fcme odakl\u0131 bir tablo \u00e7izmektedir:<\/p>\n<ul>\n<li><b>K\u00e2rl\u0131l\u0131k Hedefi:<\/b> Net Rafineri Marj\u0131 beklentisi 6-7 $\/varil seviyesindedir.<\/li>\n<li><b>Operasyonel Hacim:<\/b> ~29 milyon ton \u00fcretim ve ~30 milyon ton sat\u0131\u015f hedeflenmektedir. Kapasite kullan\u0131m oran\u0131n\u0131n %95-100 aral\u0131\u011f\u0131na y\u00fckselmesi beklenmektedir.<\/li>\n<li><b>Yat\u0131r\u0131m Harcamalar\u0131 (Capex):<\/b> Toplam 700 milyon dolar yat\u0131r\u0131m \u00f6ng\u00f6r\u00fclmektedir. Bu miktar\u0131n %50&#8217;si geleneksel rafinericilik, %50&#8217;si ise ye\u015fil elektrik yat\u0131r\u0131mlar\u0131na ayr\u0131lacakt\u0131r.<\/li>\n<li><b>Lojistik Yat\u0131r\u0131mlar\u0131:<\/b> 2025&#8217;ten ertelenen 100 milyon dolarl\u0131k D\u0130TA\u015e gemi al\u0131m\u0131 ger\u00e7ekle\u015ftirilecektir.<\/li>\n<li><b>Bak\u0131m Takvimi:<\/b> \u0130zmir revizyon projesinin ilk \u00e7eyrekte tamamlanmas\u0131 beklenmektedir. 2026 y\u0131l\u0131nda \u00fcretimi \u00f6nemli \u00f6l\u00e7\u00fcde aksatacak b\u00fcy\u00fck bir duru\u015f planlanmam\u0131\u015ft\u0131r.<\/li>\n<li><b>Temett\u00fc Politikas\u0131:<\/b> 2025 k\u00e2r\u0131ndan 33 milyar TL toplam temett\u00fc da\u011f\u0131t\u0131lmas\u0131 \u00f6nerilmi\u015ftir. 2023-2026 k\u00fcm\u00fclatif temett\u00fc hedefi yakla\u015f\u0131k 4 milyar dolar seviyesindedir.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Ba\u015fl\u0131k: T\u00fcpra\u015f 2025 Finansallar\u0131n\u0131 A\u00e7\u0131klad\u0131: Net K\u00e2rda %23 Art\u0131\u015f ve Dev Temett\u00fc Plan\u0131!<br \/>\n\u00d6zet: K\u00fcresel piyasalardaki volatiliteye ve sat\u0131\u015f gelirlerindeki d\u00fc\u015f\u00fc\u015fe ra\u011fmen T\u00fcpra\u015f, 2025 y\u0131l\u0131n\u0131 29,5 milyar TL net k\u00e2rla kapatarak operasyonel esnekli\u011fini kan\u0131tlad\u0131. Yurt i\u00e7indeki g\u00fc\u00e7l\u00fc benzin ve jet yak\u0131t\u0131 talebini proaktif bir \u015fekilde y\u00f6neten dev rafineri, hissedarlar\u0131na 33 milyar TL temett\u00fc da\u011f\u0131tmaya haz\u0131rlan\u0131yor. Ye\u015fil enerji d\u00f6n\u00fc\u015f\u00fcm\u00fc ve 2026 hedeflerinin detayland\u0131r\u0131ld\u0131\u011f\u0131 analizimizde, T\u00fcpra\u015f&#8217;\u0131n s\u00fcrd\u00fcr\u00fclebilirlik yolculu\u011fundaki kritik ad\u0131mlar\u0131 inceleyebilirsiniz.<\/p>\n","protected":false},"author":1,"featured_media":1025,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[249,8],"tags":[210],"class_list":["post-1022","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analisttoplantisi","category-bilancoanalizi","tag-tuprs"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1022","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1022"}],"version-history":[{"count":3,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1022\/revisions"}],"predecessor-version":[{"id":1124,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1022\/revisions\/1124"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/1025"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=1022"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1022"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1022"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}