{"id":1125,"date":"2026-02-13T21:12:10","date_gmt":"2026-02-13T18:12:10","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1125"},"modified":"2026-02-13T21:17:06","modified_gmt":"2026-02-13T18:17:06","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-toaso-tofas-turk-otomobil-fabrikasi-analist-toplantisi-notlari-2025-12","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1125","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #TOASO | Tofa\u015f T\u00fcrk Otomobil Fabrikas\u0131 Analist Toplant\u0131s\u0131 Notlar\u0131 (2025\/12) &#8211; Tofa\u015f Stellantis D\u00f6n\u00fc\u015f\u00fcm\u00fc ve Yeni Modeller"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/creators.spotify.com\/pod\/profile\/market-risk-tr\/embed\/episodes\/TOASO--Tofa-Trk-Otomobil-Fabrikas-Analist-Toplants-Notlar-202512---Tofa-Stellantis-Dnm-ve-Yeni-Modeller-e3f2c4h\/a-acfkjcu\" width=\"400px\" height=\"102px\" frameborder=\"0\" scrolling=\"no\"><\/iframe><br \/>\n\u2022 G\u00fc\u00e7l\u00fc Sat\u0131\u015f ve K\u00e2r B\u00fcy\u00fcmesi: Tofa\u015f, 2025 y\u0131l\u0131nda sat\u0131\u015flar\u0131n\u0131 y\u0131ll\u0131k %96 art\u0131rarak 332,2 milyar TL seviyesine ula\u015ft\u0131rm\u0131\u015ft\u0131r. \u015eirketin net k\u00e2r\u0131 ise %22 art\u0131\u015fla 8,4 milyar TL olarak ger\u00e7ekle\u015fmi\u015ftir.<br \/>\n\u2022 Stellantis Entegrasyonu ve Pazar Liderli\u011fi: Nisan 2025&#8217;te tamamlanan Stellantis T\u00fcrkiye sat\u0131n al\u0131m\u0131 ve Ekim ay\u0131ndaki hukuki birle\u015fme ile Tofa\u015f, T\u00fcrkiye hafif ara\u00e7 pazar\u0131nda %26,3\u2019l\u00fck pay ile a\u00e7\u0131k ara lider konumuna gelmi\u015ftir.<br \/>\n\u2022 \u0130hracat ve Yeni Modeller: K0 modelinin \u00fcretim h\u0131z\u0131ndaki art\u0131\u015f (ramp-up) sayesinde ihracat hacimleri y\u0131ll\u0131k bazda %41 art\u0131\u015f g\u00f6stermi\u015ftir. K0 modeli i\u00e7in 2025&#8217;te toplam 38 bin adet ihracat ger\u00e7ekle\u015ftirilirken, 2026&#8217;da bu rakam\u0131n yakla\u015f\u0131k iki kat\u0131na \u00e7\u0131kmas\u0131 beklenmektedir.<br \/>\n\u2022 K9 Yat\u0131r\u0131m\u0131 ve Gelecek Stratejisi: \u015eirket, fabrikan\u0131n 400 bin adetlik kapasitesini doldurma hedefi do\u011frultusunda K9 projesi i\u00e7in 250 milyon avroluk yat\u0131r\u0131m ba\u015flatm\u0131\u015ft\u0131r; \u00fcretimin 2026\u2019n\u0131n \u00fc\u00e7\u00fcnc\u00fc \u00e7eyre\u011finde ba\u015flamas\u0131 planlanmaktad\u0131r.<br \/>\n\u2022 Operasyonel Marjlar: Vergi \u00f6ncesi k\u00e2r (V\u00d6K) marj\u0131, 2025 y\u0131l\u0131nda %2,8 seviyesine y\u00fckselmi\u015ftir. \u015eirketin orta vadeli hedefi, 2028 y\u0131l\u0131nda %5-7 V\u00d6K marj\u0131 ve y\u0131ll\u0131k 600 bin adet sat\u0131\u015f rakam\u0131na ula\u015fmakt\u0131r.<br \/>\n\u2022 Sekt\u00f6rel Rekor: T\u00fcrkiye otomobil ve hafif ticari ara\u00e7 pazar\u0131 2025&#8217;te 1,37 milyon adede ula\u015farak tarihi bir seviyeye \u00e7\u0131km\u0131\u015f, d\u00f6rd\u00fcnc\u00fc \u00e7eyrekte perakende sat\u0131\u015flar 441 bin adet ile rekor k\u0131rm\u0131\u015ft\u0131r.<\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium\" src=\"https:\/\/pbs.twimg.com\/media\/HBDqVFmakAQ1Gx6?format=jpg&amp;name=4096x4096\" width=\"2752\" height=\"1536\" \/><\/p>\n<hr \/>\n<p>&nbsp;<\/p>\n<h1>Tofa\u015f T\u00fcrk Otomobil Fabrikas\u0131 A.\u015e. 2025 Y\u0131l\u0131 Analist Toplant\u0131s\u0131 Bilgi Notu<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Tofa\u015f T\u00fcrk Otomobil Fabrikas\u0131 A.\u015e. (TOASO), 2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131n\u0131 takiben ger\u00e7ekle\u015ftirdi\u011fi analist toplant\u0131s\u0131nda, Stellantis T\u00fcrkiye entegrasyonu ile peki\u015fen pazar liderli\u011fini ve yeni model yat\u0131r\u0131mlar\u0131yla \u015fekillenen orta vadeli b\u00fcy\u00fcme stratejisini payla\u015fm\u0131\u015ft\u0131r. 2025 y\u0131l\u0131, \u00f6zellikle Nisan ay\u0131nda tamamlanan Stellantis T\u00fcrkiye sat\u0131n al\u0131m\u0131 ve Ekim sonundaki hukuki birle\u015fme ile \u015firket i\u00e7in bir d\u00f6n\u00fc\u015f\u00fcm y\u0131l\u0131 olmu\u015ftur. Tofa\u015f, toplam hafif ara\u00e7 pazar\u0131nda %26,3\u2019l\u00fck pay ile liderli\u011fini korurken, binek ara\u00e7ta %21,7 ve hafif ticari ara\u00e7ta %43,9&#8217;luk pazar paylar\u0131 elde etmi\u015ftir. Finansal a\u00e7\u0131dan sat\u0131\u015flar\u0131n\u0131 y\u0131ll\u0131k bazda %96 art\u0131rarak 332,2 milyar TL&#8217;ye \u00e7\u0131karan \u015firket, K0 modelindeki \u00fcretim art\u0131\u015f\u0131 ve 2026 y\u0131l\u0131nda devreye girecek K9 projesi ile operasyonel ivmesini s\u00fcrd\u00fcrmeyi hedeflemektedir.<\/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>\u015eirket ve Piyasa G\u00f6stergeleri (11.02.2026 \u0130tibar\u0131yla)<\/h2>\n<p>A\u015fa\u011f\u0131daki tablo, \u015firketin mevcut piyasa de\u011ferlemesini ve hisse performans\u0131n\u0131 \u00f6zetlemektedir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Parametre<\/td>\n<td>De\u011fer<\/td>\n<td>Parametre<\/td>\n<td>De\u011fer<\/td>\n<\/tr>\n<tr>\n<td><b>Hisse Fiyat\u0131<\/b><\/td>\n<td>310,25 TL<\/td>\n<td><b>Piyasa De\u011feri<\/b><\/td>\n<td>155,125 Mr TL<\/td>\n<\/tr>\n<tr>\n<td><b>Hisse Ba\u015f\u0131na Kar<\/b><\/td>\n<td>16,71 TL<\/td>\n<td><b>F\/K Oran\u0131<\/b><\/td>\n<td>18,57<\/td>\n<\/tr>\n<tr>\n<td><b>Fiili Dola\u015f\u0131m Oran\u0131<\/b><\/td>\n<td>%24,11<\/td>\n<td><b>FD\/FAV\u00d6K<\/b><\/td>\n<td>18,87<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6denmi\u015f Sermaye<\/b><\/td>\n<td>500 Mn TL<\/td>\n<td><b>PD\/DD<\/b><\/td>\n<td>2,58<\/td>\n<\/tr>\n<tr>\n<td><b>Net Bor\u00e7\/FAV\u00d6K<\/b><\/td>\n<td>3,35<\/td>\n<td><b>PEG Oran\u0131<\/b><\/td>\n<td>0,84<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Hisse Performans\u0131:<\/b><\/p>\n<ul>\n<li><b>Son 1 Ay:<\/b> %12,4<\/li>\n<li><b>Son 3 Ay:<\/b> %34,4<\/li>\n<li><b>Y\u0131lba\u015f\u0131ndan Bug\u00fcne (YTD):<\/b> %25,6<\/li>\n<li><b>Son 1 Y\u0131l:<\/b> %59,7<\/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>Finansal Analiz ve Operasyonel Performans<\/h2>\n<p>Tofa\u015f\u2019\u0131n 2025 y\u0131l\u0131 finansal tablolar\u0131, Stellantis konsolidasyonunun ve artan sat\u0131\u015f hacminin etkilerini yans\u0131tmaktad\u0131r.<\/p>\n<h3>\u00d6zet Gelir Tablosu Kar\u015f\u0131la\u015ft\u0131rmas\u0131<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>(Milyar TL)<\/td>\n<td>2025\/12<\/td>\n<td>2024\/12<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Sat\u0131\u015flar<\/b><\/td>\n<td>332,2<\/td>\n<td>169,3<\/td>\n<td>%96<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Kar<\/b><\/td>\n<td>20,6<\/td>\n<td>17,5<\/td>\n<td>%18<\/td>\n<\/tr>\n<tr>\n<td><b>Faaliyet Kar\u0131<\/b><\/td>\n<td>3,6<\/td>\n<td>5,4<\/td>\n<td>%-33<\/td>\n<\/tr>\n<tr>\n<td><b>FAV\u00d6K<\/b><\/td>\n<td>10,0<\/td>\n<td>12,1<\/td>\n<td>%-18<\/td>\n<\/tr>\n<tr>\n<td><b>Net Kar<\/b><\/td>\n<td>8,4<\/td>\n<td>6,8<\/td>\n<td>%22<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>\u00d6nemli Finansal Rasyolar<\/h3>\n<ul>\n<li><b>Vergi \u00d6ncesi Kar (V\u00d6K) Marj\u0131:<\/b> 2025 y\u0131l\u0131nda y\u0131ll\u0131k bazda %2,8 seviyesine \u00e7\u0131km\u0131\u015ft\u0131r. D\u00f6rd\u00fcnc\u00fc \u00e7eyrekte bu marj %4,6\u2019ya y\u00fckselerek \u00e7eyreksel bazda \u00fc\u00e7 kattan fazla art\u0131\u015f g\u00f6stermi\u015ftir.<\/li>\n<li><b>\u00d6zkaynak Karl\u0131l\u0131\u011f\u0131:<\/b> 2024\u2019teki %10,41 seviyesinden %13,73\u2019e y\u00fckselmi\u015ftir.<\/li>\n<li><b>Kald\u0131ra\u00e7 Oran\u0131:<\/b> %48,61\u2019den %65,40\u2019a \u00e7\u0131km\u0131\u015ft\u0131r.<\/li>\n<li><b>Cari Oran:<\/b> 2,37&#8217;den 1,70&#8217;e gerilemi\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>Sekt\u00f6rel G\u00f6r\u00fcn\u00fcm ve Pazar Konumu<\/h2>\n<h3>T\u00fcrkiye Pazar\u0131<\/h3>\n<p>2025 y\u0131l\u0131nda T\u00fcrkiye otomobil ve hafif ticari ara\u00e7 pazar\u0131 y\u0131ll\u0131k %11 art\u0131\u015fla <b>1,37 milyon adetle<\/b> rekor k\u0131rm\u0131\u015ft\u0131r. Bu b\u00fcy\u00fcmede mevduat ve alt\u0131n birikimlerinin yaratt\u0131\u011f\u0131 servet etkisi ile enflasyon kar\u015f\u0131s\u0131ndaki reel fiyat avantaj\u0131 etkili olmu\u015ftur. 4. \u00e7eyrekte 441 bin adetlik perakende sat\u0131\u015f ile tarihi bir zirve g\u00f6r\u00fclm\u00fc\u015ft\u00fcr.<\/p>\n<h3>Stellantis T\u00fcrkiye Entegrasyonu<\/h3>\n<p>Tofa\u015f, Stellantis markalar\u0131n\u0131n (Peugeot, Citroen, Opel, DS) portf\u00f6ye eklenmesiyle T\u00fcrkiye pazar\u0131nda a\u00e7\u0131k ara lider konuma y\u00fckselmi\u015ftir. Fiat markas\u0131ndaki pazar pay\u0131 kayb\u0131, model portf\u00f6y\u00fcn\u00fcn ya\u015flanmas\u0131 ve ge\u00e7i\u015f s\u00fcreciyle a\u00e7\u0131klan\u0131rken; di\u011fer Stellantis markalar\u0131 pazardan daha iyi performans sergilemi\u015ftir.<\/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>\u00dcretim Stratejisi ve Yeni Modeller<\/h2>\n<p>\u015eirketin ana stratejisi, fabrikan\u0131n <b>400 bin adetlik kapasitesini<\/b> tam verimlilikle kullanmakt\u0131r.<\/p>\n<h3>K0 Model Grubu<\/h3>\n<ul>\n<li><b>2025 Performans\u0131:<\/b> 38 bin adet ihracat ve 15 bin adet i\u00e7 pazar sat\u0131\u015f\u0131 ger\u00e7ekle\u015ftirilmi\u015ftir. \u0130hracat hacmi y\u0131ll\u0131k bazda %41 artm\u0131\u015ft\u0131r.<\/li>\n<li><b>2026 Beklentisi:<\/b> \u0130hracat hacminin &#8220;Combi&#8221; versiyonunun devreye girmesiyle iki kat\u0131na \u00e7\u0131kmas\u0131 ve toplamda 100 bin adet\/y\u0131l seviyesine yakla\u015fmas\u0131 \u00f6ng\u00f6r\u00fclmektedir.<\/li>\n<li><b>Global A\u00e7\u0131l\u0131m:<\/b> Kuzey Amerika versiyonunun 2026\u2019n\u0131n 4. \u00e7eyre\u011finde devreye girmesi ve 2027\u2019den itibaren bu pazardan katk\u0131 sa\u011flamas\u0131 hedeflenmektedir.<\/li>\n<\/ul>\n<h3>K9 Projesi ve Yat\u0131r\u0131mlar<\/h3>\n<ul>\n<li><b>Yat\u0131r\u0131m Tutar\u0131:<\/b> K9 projesi i\u00e7in yakla\u015f\u0131k <b>250 milyon avro<\/b> yat\u0131r\u0131m harcamas\u0131 \u00f6ng\u00f6r\u00fclmektedir.<\/li>\n<li><b>Zaman \u00c7izelgesi:<\/b> \u00dcretimin 2026 y\u0131l\u0131n\u0131n 3. \u00e7eyre\u011finde ba\u015flamas\u0131, ihracat\u0131n ise 2027&#8217;den itibaren ger\u00e7ekle\u015ftirilmesi planlanmaktad\u0131r.<\/li>\n<li><b>Genel Yat\u0131r\u0131m Varsay\u0131m\u0131:<\/b> Y\u00f6netim, her yeni ara\u00e7 projesi i\u00e7in mimari yap\u0131ya g\u00f6re 250-300 milyon avro seviyesindeki yat\u0131r\u0131m\u0131n makul oldu\u011funu belirtmi\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>2026 Beklentileri ve Orta Vadeli Hedefler<\/h2>\n<p>Y\u00f6netim, 2026 y\u0131l\u0131 ve sonras\u0131 i\u00e7in ihtiyatl\u0131 ancak iyimser bir tablo \u00e7izmektedir:<\/p>\n<ol>\n<li><b>Marj Beklentisi:<\/b> 2026 y\u0131l\u0131 i\u00e7in %3-4 band\u0131nda Vergi \u00d6ncesi Kar (V\u00d6K) marj\u0131 beklenmektedir. Marj geni\u015flemesinin \u00f6zellikle 2026\u2019n\u0131n 3. \u00e7eyre\u011finden itibaren (K9\u2019un devreye giri\u015fiyle) netle\u015fmesi \u00f6ng\u00f6r\u00fclmektedir.<\/li>\n<li><b>Enflasyon Etkisi:<\/b> 2026&#8217;da enflasyonun %20 seviyelerine gerilemesi durumunda, enflasyon muhasebesinin \u00f6zkaynaklar \u00fczerindeki bask\u0131s\u0131n\u0131n azalaca\u011f\u0131 ve bunun V\u00d6K marj\u0131n\u0131 destekleyece\u011fi belirtilmi\u015ftir.<\/li>\n<li><b>Binek Ara\u00e7 Yat\u0131r\u0131mlar\u0131:<\/b> \u00dczerinde \u00e7al\u0131\u015f\u0131lan potansiyel binek ara\u00e7 yat\u0131r\u0131mlar\u0131 i\u00e7in nihai karar\u0131n 2026 y\u0131l\u0131n\u0131n ilk yar\u0131s\u0131nda a\u00e7\u0131klanmas\u0131 planlanmaktad\u0131r. (F2X ve F2U modelleri Tofa\u015f plan\u0131nda yer almamakta, Fas\/Kenitra&#8217;da \u00fcretilmektedir.)<\/li>\n<li><b>2028 Vizyonu:<\/b> Orta vadeli hedefler kapsam\u0131nda 2028 y\u0131l\u0131nda y\u0131ll\u0131k yakla\u015f\u0131k <b>600 bin adet sat\u0131\u015f<\/b> ve <b>%5-7 V\u00d6K marj\u0131<\/b> hedeflenmektedir.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>Tofa\u015f, 2025 Y\u0131l\u0131nda Stellantis Birle\u015fmesi ve Rekor Sat\u0131\u015flarla D\u00f6n\u00fc\u015f\u00fcm\u00fcn\u00fc Tamamlad\u0131!<br \/>\nTofa\u015f, 2025 finansal sonu\u00e7lar\u0131nda Stellantis T\u00fcrkiye entegrasyonunun yaratt\u0131\u011f\u0131 sinerji ile pazar liderli\u011fini per\u00e7inledi. Sat\u0131\u015flar\u0131n\u0131 y\u0131ll\u0131k bazda %96 art\u0131rarak 332,2 milyar TL\u2019ye ta\u015f\u0131yan \u015firket, K0 modelindeki ihracat ba\u015far\u0131s\u0131 ve yeni K9 projesi yat\u0131r\u0131mlar\u0131yla gelecek vizyonunu netle\u015ftirdi. 2028 y\u0131l\u0131 i\u00e7in 600 bin adet sat\u0131\u015f hedefleyen Tofa\u015f&#8217;\u0131n analist toplant\u0131s\u0131ndan \u00f6ne \u00e7\u0131kan finansal verileri, \u00fcretim stratejilerini ve otomotiv sekt\u00f6r\u00fcndeki yeni rotas\u0131n\u0131 bu yaz\u0131m\u0131zda detayland\u0131r\u0131yoruz.<\/p>\n","protected":false},"author":1,"featured_media":1025,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[249],"tags":[250],"class_list":["post-1125","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analisttoplantisi","tag-toaso"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1125","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=1125"}],"version-history":[{"count":3,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1125\/revisions"}],"predecessor-version":[{"id":1128,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1125\/revisions\/1128"}],"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=1125"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1125"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1125"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}