{"id":1306,"date":"2026-02-19T02:21:44","date_gmt":"2026-02-18T23:21:44","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1306"},"modified":"2026-03-03T23:12:20","modified_gmt":"2026-03-03T20:12:20","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-tuprs-tupras-analist-toplantisi-notlari-2025-12-copy","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1306","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #TAVHL | TAV Havalimanlar\u0131 2025\/12 Analist Toplant\u0131s\u0131 Notlar\u0131 &#8211; TAV K\u00e2r D\u00fc\u015f\u00fc\u015f\u00fc Yan\u0131lt\u0131c\u0131 As\u0131l Hikaye Nakitte"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/creators.spotify.com\/pod\/profile\/market-risk-tr\/embed\/episodes\/TAVHL--TAV-Havalimanlar-202512-Analist-Toplants-Notlar---TAV-Kr-D-Yanltc-Asl-Hikaye-Nakitte-e3f9nm6\/a-acfud03\" width=\"400px\" height=\"102px\" frameborder=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<h1>TAV Havalimanlar\u0131\u2019n\u0131n 2025 Bilan\u00e7osu: &#8220;Yan\u0131lt\u0131c\u0131 Ayr\u0131\u015fma&#8221; ve 6 Y\u0131ll\u0131k Temett\u00fc Hasretinin Sonu<\/h1>\n<p>Havac\u0131l\u0131k sekt\u00f6r\u00fcnde rakamlar, bazen en deneyimli yat\u0131r\u0131mc\u0131y\u0131 bile yan\u0131ltabilecek bir &#8220;deceptive divergence&#8221; (yan\u0131lt\u0131c\u0131 ayr\u0131\u015fma) sergileyebilir. TAV Havalimanlar\u0131\u2019n\u0131n 2025 y\u0131l\u0131 finansal tablolar\u0131 tam olarak b\u00f6yle bir senaryoyu \u00f6n\u00fcm\u00fcze koyuyor. Bir tarafta %72 gerileyen net k\u00e2r, di\u011fer tarafta ise tarihinin en g\u00fc\u00e7l\u00fc operasyonel verimliliklerinden birini yans\u0131tan bir tablo. 1.823 milyon Euro\u2019luk geliriyle yolcu b\u00fcy\u00fcmesini geride b\u0131rakan bir ciro performans\u0131 g\u00f6steren TAV, asl\u0131nda k\u00e2\u011f\u0131t \u00fczerindeki rakamlar\u0131n \u00e7ok \u00f6tesinde bir nakit makinesine d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc kan\u0131tl\u0131yor. Analist toplant\u0131s\u0131ndan s\u00fcz\u00fclen stratejik sat\u0131r aralar\u0131yla, TAV\u2019\u0131n operasyonel kald\u0131ra\u00e7 hik\u00e2yesini ve 2026 ufkunu mercek alt\u0131na al\u0131yoruz.<\/p>\n<h2>K\u00e2r \u0130ll\u00fczyonu: Operasyonel G\u00fcc\u00fcn %30,7\u2019lik Kan\u0131t\u0131<\/h2>\n<p>2025 y\u0131l\u0131 man\u015fet rakamlar\u0131nda net k\u00e2r\u0131n 50,7 milyon Euro\u2019ya d\u00fc\u015fmesi, y\u00fczeyde negatif bir alg\u0131 yaratsa da bu durum tamamen nakit \u00e7\u0131k\u0131\u015f\u0131 yaratmayan teknik muhasebe kalemlerinden kaynaklan\u0131yor. \u015eirket, net k\u00e2r \u00fczerinde 119 milyon Euro\u2019luk bir &#8220;fantom bask\u0131&#8221; ile kar\u015f\u0131la\u015ft\u0131. Enflasyon muhasebesinin vergi kay\u0131tlar\u0131ndan \u00e7\u0131kar\u0131lmas\u0131na ba\u011fl\u0131 ertelenmi\u015f vergi etkileri (76 milyon Euro), kur fark\u0131 zararlar\u0131 (36 milyon Euro) ve swap giderleri (7,5 milyon Euro) hari\u00e7 tutuldu\u011funda, d\u00fczeltilmi\u015f net k\u00e2r 170 milyon Euro ile g\u00fcc\u00fcn\u00fc koruyor.<\/p>\n<p>As\u0131l hik\u00e2ye ise operasyonel verimlilikte gizli. \u015eirketin FAV\u00d6K marj\u0131, y\u0131ll\u0131k 1,4 puan geni\u015fleyerek %30,7 gibi etkileyici bir seviyeye ula\u015ft\u0131. Bu performans\u0131n arkas\u0131ndaki gizli kahramanlardan biri de BTA oldu. \u00d6zellikle Antalya\u2019daki yeni yiyecek-i\u00e7ecek operasyonlar\u0131 ve havalimanlar\u0131ndaki yolcu ba\u015f\u0131na harcama b\u00fcy\u00fcmesi, gelirin yolcu say\u0131s\u0131ndan daha h\u0131zl\u0131 artmas\u0131n\u0131 sa\u011flad\u0131.<\/p>\n<p>&#8220;\u015eirketin ger\u00e7ek operasyonel performans\u0131n\u0131 net k\u00e2ra k\u0131yasla, %44 art\u0131\u015fla 223 milyon Euro\u2019ya ula\u015fan serbest nakit ak\u0131\u015f\u0131n\u0131n \u00e7ok daha \u015feffaf bir \u015fekilde yans\u0131tt\u0131\u011f\u0131 ger\u00e7e\u011fi, y\u00f6netim ve analistler nezdinde bu d\u00f6nemin en kritik notudur.&#8221; \u2014 <i>Analist Toplant\u0131 Notlar\u0131ndan<\/i><\/p>\n<h2>6 Y\u0131ll\u0131k Hasret Bitiyor: Temett\u00fc Geri D\u00f6n\u00fcyor<\/h2>\n<p>Yat\u0131r\u0131mc\u0131lar\u0131n 2019\u2019dan bu yana sab\u0131rla bekledi\u011fi temett\u00fc geri d\u00f6n\u00fcyor. TAV, finansal esnekli\u011fine duydu\u011fu g\u00fcvenin bir ni\u015fanesi olarak, 2025 k\u00e2r\u0131n\u0131n %50\u2019sini da\u011f\u0131tma karar\u0131 ald\u0131. Burada kritik bir teknik detay var: 25 milyon Euro\u2019luk temett\u00fc \u00f6demesi, 170 milyon Euro\u2019luk d\u00fczeltilmi\u015f k\u00e2r \u00fczerinden de\u011fil, 50,7 milyon Euro\u2019luk UFRS net k\u00e2r\u0131 baz al\u0131narak hesapland\u0131. Bu karar, \u015firketin b\u00fcy\u00fck yat\u0131r\u0131m d\u00f6ng\u00fcs\u00fcne ra\u011fmen bilan\u00e7osunu ne denli sa\u011fl\u0131kl\u0131 y\u00f6netti\u011finin somut bir deklarasyonu niteli\u011finde.<\/p>\n<h2>Ankara Esenbo\u011fa ve AJet: 2026\u2019n\u0131n \u00d6nc\u00fc Sinyali<\/h2>\n<p>May\u0131s 2025\u2019te ba\u015flayan yeni imtiyaz d\u00f6nemiyle Ankara Esenbo\u011fa, portf\u00f6y\u00fcn b\u00fcy\u00fcme motoru haline geldi. Uluslararas\u0131 trafikteki %14\u2019l\u00fck b\u00fcy\u00fcme sadece bir ba\u015flang\u0131\u00e7t\u0131. Stratejik analistlerin radar\u0131ndaki as\u0131l veri ise Ocak 2026\u2019ya ait: AJet\u2019in Ankara\u2019y\u0131 merkez (hub) olarak konumland\u0131rmas\u0131 ve operasyona d\u00e2hil etti\u011fi <b>iki yeni u\u00e7ak<\/b>, uluslararas\u0131 trafikte Ocak ay\u0131nda %30\u2019luk muazzam bir s\u0131\u00e7rama yaratt\u0131. Bu durum, Ankara\u2019n\u0131n 2026 genelinde operasyonel kald\u0131ra\u00e7 etkisini en yo\u011fun hissettirecek meydan olaca\u011f\u0131n\u0131 do\u011fruluyor.<\/p>\n<h2>Jeopolitik Diren\u00e7 ve Almat\u0131\u2019n\u0131n Dayan\u0131kl\u0131l\u0131\u011f\u0131<\/h2>\n<p>TAV\u2019\u0131n \u00e7ok uluslu portf\u00f6y\u00fc, jeopolitik risklere kar\u015f\u0131 bir sigorta i\u015flevi g\u00f6rmeye devam ediyor. G\u00fcrcistan pazar\u0131 %16\u2019l\u0131k b\u00fcy\u00fcme ile parlamaya devam ederken, Kazakistan Almat\u0131 Havaliman\u0131 ger\u00e7ek bir diren\u00e7 testi verdi. Pratt &amp; Whitney motor sorunlar\u0131 nedeniyle A321neo u\u00e7aklar\u0131n\u0131n bir k\u0131sm\u0131n\u0131n yerde kalmas\u0131na ra\u011fmen, Almat\u0131 uluslararas\u0131 trafikte %7 b\u00fcy\u00fcmeyi ba\u015fard\u0131. Kuzey Makedonya\u2019da ise u\u00e7ak tipi de\u011fi\u015fikli\u011fi (A321neo kullan\u0131m\u0131) ile sa\u011flanan %30 ek koltuk kapasitesi, operasyonel \u00e7evikli\u011fin krizleri f\u0131rsata nas\u0131l \u00e7evirdi\u011finin derslik bir \u00f6rne\u011fi oldu.<\/p>\n<h2>Bor\u00e7 Y\u00f6netiminde Hedef Iskalansa da Kazan\u0131ld\u0131: CAPEX Etkisi<\/h2>\n<p>Net Bor\u00e7\/FAV\u00d6K oran\u0131n\u0131n 3,52\u2019den 2,89\u2019a gerilemesi, y\u00f6netimin 2,5-3,0 olan hedef band\u0131na girilmesini sa\u011flad\u0131. Ancak bu d\u00fc\u015f\u00fc\u015fte sadece operasyonel nakit ak\u0131\u015f\u0131 de\u011fil, planlanan yat\u0131r\u0131mlardaki sapma da etkili oldu. 2025 y\u0131l\u0131 i\u00e7in 220-240 milyon Euro olarak \u00f6ng\u00f6r\u00fclen yat\u0131r\u0131m harcamalar\u0131 (CAPEX), Almat\u0131\u2019daki sert k\u0131\u015f ko\u015fullar\u0131 ve Hava\u015f yat\u0131r\u0131mlar\u0131n\u0131n \u00f6telenmesiyle 201 milyon Euro seviyesinde kald\u0131. Bu &#8220;harcanamayan&#8221; nakit, bor\u00e7luluk rasyosuna pozitif yans\u0131rken, yat\u0131r\u0131mlar\u0131n 2026 ve sonras\u0131na kaymas\u0131 \u015firketin \u00f6n\u00fcm\u00fczdeki d\u00f6nemde finansal disiplini elden b\u0131rakmamas\u0131n\u0131 zorunlu k\u0131lacak.<\/p>\n<h2>Sonu\u00e7: 2026 Ufkunda Jeopolitik &#8220;Upside&#8221; Potansiyeli<\/h2>\n<p>TAV, 2026 y\u0131l\u0131 i\u00e7in 116-123 milyon yolcu ve 1,98 milyar Euro\u2019ya varan ciro hedefiyle \u00e7\u0131tay\u0131 olduk\u00e7a y\u00fckse\u011fe koymu\u015f durumda. Ancak bu muhafazak\u00e2r beklentilerin i\u00e7inde hen\u00fcz yer almayan, ger\u00e7ekle\u015fti\u011fi takdirde &#8220;pozitif patlama&#8221; yaratacak bir senaryo var.<\/p>\n<p>\u015eu an itibar\u0131yla Rusya kaynakl\u0131 trafik 2019 seviyesinin %27, Ukrayna trafi\u011fi ise %100 alt\u0131nda seyretmeye devam ediyor. \u015eirket y\u00f6netimi bu pazarlar\u0131 \u015fimdilik projeksiyonlar\u0131na d\u00e2hil etmiyor. Peki, b\u00f6lgedeki jeopolitik gerilimlerin normalle\u015fmesi durumunda, TAV\u2019\u0131n halihaz\u0131rda optimize edilmi\u015f bu operasyonel yap\u0131s\u0131 nas\u0131l bir b\u00fcy\u00fcme ivmesi yakalar? 2026, sadece hedeflere ula\u015f\u0131lan de\u011fil, kaybetti\u011fi devasa pazarlar\u0131 geri kazanan bir TAV\u2019\u0131n y\u0131l\u0131 olabilir mi?<\/p>\n<h1>TAV Havalimanlar\u0131 2025 Y\u0131l\u0131 Analist Toplant\u0131s\u0131 ve Finansal De\u011ferlendirme Brifingi<\/h1>\n<p>Bu belge, TAV Havalimanlar\u0131 Holding A.\u015e.&#8217;nin 18 \u015eubat 2026 tarihinde ger\u00e7ekle\u015ftirdi\u011fi 2025 y\u0131l sonu analist toplant\u0131s\u0131ndan elde edilen veriler, finansal sonu\u00e7lar ve gelecek projeksiyonlar\u0131n\u0131n kapsaml\u0131 bir sentezidir.<\/p>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>TAV Havalimanlar\u0131, 2025 y\u0131l\u0131n\u0131 jeopolitik zorluklara ra\u011fmen operasyonel a\u00e7\u0131dan g\u00fc\u00e7l\u00fc bir b\u00fcy\u00fcme ile tamamlam\u0131\u015ft\u0131r. Toplam yolcu say\u0131s\u0131 y\u0131ll\u0131k bazda %6 art\u0131\u015fla 113,1 milyona ula\u015f\u0131rken, konsolide gelirler Euro baz\u0131nda %10 artarak 1.823 milyon Euro seviyesine y\u00fckselmi\u015ftir. \u015eirketin FAV\u00d6K performans\u0131 %14 art\u0131\u015fla 560 milyon Euro\u2019ya \u00e7\u0131km\u0131\u015f ve FAV\u00d6K marj\u0131 1,4 puan geni\u015fleyerek %30,7 olarak ger\u00e7ekle\u015fmi\u015ftir.<\/p>\n<p>Net k\u00e2r taraf\u0131nda, nakit \u00e7\u0131k\u0131\u015f\u0131 gerektirmeyen tek seferlik kalemler (ertelenmi\u015f vergi, kur fark\u0131 zararlar\u0131 ve swap giderleri) nedeniyle %72&#8217;lik bir d\u00fc\u015f\u00fc\u015f ya\u015fansa da, \u015firket d\u00fczeltilmi\u015f net k\u00e2r\u0131n operasyonel g\u00fcc\u00fc daha iyi yans\u0131tt\u0131\u011f\u0131n\u0131 vurgulamaktad\u0131r. Finansal s\u00fcrd\u00fcr\u00fclebilirlik a\u00e7\u0131s\u0131ndan en kritik geli\u015fme, Net Bor\u00e7\/FAV\u00d6K oran\u0131n\u0131n 2,89 seviyesine gerileyerek hedef banda girmesi ve 2019&#8217;dan bu yana ilk kez temett\u00fc da\u011f\u0131t\u0131m karar\u0131 al\u0131nmas\u0131d\u0131r. 2026 y\u0131l\u0131 i\u00e7in yolcu say\u0131s\u0131nda 123 milyona kadar bir art\u0131\u015f ve FAV\u00d6K&#8217;te 650 milyon Euro band\u0131na kadar b\u00fcy\u00fcme \u00f6ng\u00f6r\u00fclmektedir.<\/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 (18.02.2026 \u0130tibar\u0131yla)<\/h2>\n<p>A\u015fa\u011f\u0131daki tablo, \u015firketin analiz tarihi itibar\u0131yla temel piyasa verilerini ve \u00e7arpanlar\u0131n\u0131 \u00f6zetlemektedir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>G\u00f6sterge<\/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>339,00 TL<\/td>\n<td><b>F\/K<\/b><\/td>\n<td>43,73<\/td>\n<\/tr>\n<tr>\n<td><b>Piyasa De\u011feri<\/b><\/td>\n<td>123.152.343.750 TL<\/td>\n<td><b>FD\/FAV\u00d6K<\/b><\/td>\n<td>7,30<\/td>\n<\/tr>\n<tr>\n<td><b>Fiili Dola\u015f\u0131m Oran\u0131<\/b><\/td>\n<td>%49,58<\/td>\n<td><b>PD\/DD<\/b><\/td>\n<td>1,55<\/td>\n<\/tr>\n<tr>\n<td><b>Hisse Ba\u015f\u0131na Kar<\/b><\/td>\n<td>7,75 TL<\/td>\n<td><b>PEG<\/b><\/td>\n<td>-0,77<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6denmi\u015f Sermaye<\/b><\/td>\n<td>363.281.250 TL<\/td>\n<td><b>Net Bor\u00e7\/FAV\u00d6K<\/b><\/td>\n<td>2,43 (Piyasa Verisi) \/ 2,89 (\u015eirket)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\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 Trafik Analizi<\/h2>\n<p>2025 y\u0131l\u0131nda trafik performans\u0131, b\u00f6lgesel farkl\u0131l\u0131klar ve stratejik geli\u015fmeler \u0131\u015f\u0131\u011f\u0131nda \u015fekillenmi\u015ftir:<\/p>\n<ul>\n<li><b>Genel Trafik:<\/b> Toplam yolcu say\u0131s\u0131 %6 art\u0131\u015fla 113,1 milyona ula\u015fm\u0131\u015ft\u0131r. Uluslararas\u0131 yolcu say\u0131s\u0131 %6 (75,3 milyon), yurt i\u00e7i yolcu say\u0131s\u0131 ise %8 (37,8 milyon) b\u00fcy\u00fcme kaydetmi\u015ftir.<\/li>\n<li><b>Ankara Esenbo\u011fa:<\/b> May\u0131s 2025&#8217;te y\u00fcr\u00fcrl\u00fc\u011fe giren yeni imtiyaz s\u00f6zle\u015fmesi ve AJet\u2019in b\u00f6lgeye konu\u015fland\u0131rd\u0131\u011f\u0131 yeni u\u00e7aklar sayesinde uluslararas\u0131 trafikte %14 b\u00fcy\u00fcme sa\u011flanm\u0131\u015ft\u0131r.<\/li>\n<li><b>G\u00fcrcistan (Tiflis ve Batum):<\/b> T\u00fcrk, \u0130srail ve Rus turistlerin yo\u011fun talebiyle yolcu say\u0131s\u0131 %16 artm\u0131\u015ft\u0131r.<\/li>\n<li><b>Almat\u0131:<\/b> Teknik sorunlara (A321neo u\u00e7aklar\u0131n\u0131n motor problemleri nedeniyle yerde kalmas\u0131) ra\u011fmen uluslararas\u0131 trafikte %7 art\u0131\u015f elde edilmi\u015ftir.<\/li>\n<li><b>Kuzey Makedonya:<\/b> Y\u0131l sonunda %30 daha y\u00fcksek kapasiteli A321neo u\u00e7aklar\u0131na ge\u00e7i\u015f yap\u0131lmas\u0131 beklentilerin \u00fczerinde b\u00fcy\u00fcmeyi tetiklemi\u015ftir.<\/li>\n<li><b>Turizm Destinasyonlar\u0131:<\/b> G\u00fc\u00e7l\u00fc TL etkisi Antalya ve Bodrum&#8217;da yabanc\u0131 talebini s\u0131n\u0131rlarken, \u0130zmir ve Ankara yerli turist etkisiyle olumlu bir g\u00f6r\u00fcn\u00fcm sergilemi\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>Finansal Sonu\u00e7lar ve Gelir Yap\u0131s\u0131<\/h2>\n<p>\u015eirket, gelirlerini yolcu b\u00fcy\u00fcme oran\u0131n\u0131n \u00fczerinde art\u0131rmay\u0131 ba\u015farm\u0131\u015ft\u0131r. 2025 y\u0131l\u0131 konsolide gelirleri 1.823 milyon Euro&#8217;dur.<\/p>\n<h3>Gelir Kaynaklar\u0131 ve Operasyonel Kald\u0131ra\u00e7<\/h3>\n<ul>\n<li><b>Gelir Da\u011f\u0131l\u0131m\u0131:<\/b> Toplam gelirin %42\u2019si T\u00fcrkiye, %58\u2019i ise yurt d\u0131\u015f\u0131 operasyonlar\u0131ndan elde edilmi\u015ftir.<\/li>\n<li><b>B\u00fcy\u00fcme \u0130ticileri:<\/b> BTA&#8217;n\u0131n Antalya&#8217;daki yeni yiyecek-i\u00e7ecek operasyonlar\u0131, Ankara&#8217;n\u0131n yeni imtiyaz yap\u0131s\u0131, fiyat art\u0131\u015flar\u0131 ve yolcu ba\u015f\u0131na harcamalardaki art\u0131\u015f gelirleri desteklemi\u015ftir.<\/li>\n<li><b>Gider Y\u00f6netimi:<\/b> Nakit i\u015fletme giderleri %8 art\u0131\u015fla gelir art\u0131\u015f\u0131n\u0131n (%10) alt\u0131nda tutulmu\u015f; bu durum \u00f6zellikle Ankara, Almat\u0131, Kuzey Makedonya ve BTA Antalya operasyonlar\u0131nda g\u00fc\u00e7l\u00fc bir operasyonel kald\u0131ra\u00e7 sa\u011flam\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>\u00d6zet Finansal Tablo (TL Bazl\u0131)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (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>82,2<\/td>\n<td>59,2<\/td>\n<td>%39<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Kar<\/b><\/td>\n<td>33,1<\/td>\n<td>21,5<\/td>\n<td>%54<\/td>\n<\/tr>\n<tr>\n<td><b>Faaliyet Kar\u0131<\/b><\/td>\n<td>16,7<\/td>\n<td>10,4<\/td>\n<td>%61<\/td>\n<\/tr>\n<tr>\n<td><b>FAV\u00d6K<\/b><\/td>\n<td>25,3<\/td>\n<td>16,8<\/td>\n<td>%51<\/td>\n<\/tr>\n<tr>\n<td><b>Net Kar<\/b><\/td>\n<td>2,8<\/td>\n<td>6,6<\/td>\n<td>%-57<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\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>Net Kar ve Bor\u00e7luluk Analizi<\/h2>\n<p>2025 y\u0131l\u0131 net k\u00e2r\u0131, Euro baz\u0131nda %72 azalarak 50,7 milyon Euro\u2019ya gerilemi\u015ftir. Ancak bu d\u00fc\u015f\u00fc\u015f\u00fcn arkas\u0131ndaki ana nedenler operasyonel de\u011fil, nakit d\u0131\u015f\u0131 kalemlerdir.<\/p>\n<h3>Net Kar\u0131 Bask\u0131layan Tek Seferlik Kalemler (Toplam 119 Milyon Euro):<\/h3>\n<ol>\n<li><b>Ertelenmi\u015f Vergi Etkisi (76 Milyon Euro):<\/b> Enflasyon muhasebesinin vergi kay\u0131tlar\u0131ndan \u00e7\u0131kar\u0131lmas\u0131na ba\u011fl\u0131 olu\u015fmu\u015ftur.<\/li>\n<li><b>Net Kur Fark\u0131 Zarar\u0131 (36 Milyon Euro):<\/b> Euro\/TL kurundaki y\u00fckseli\u015ften kaynaklanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Nakit D\u0131\u015f\u0131 Faiz Swap Giderleri (7,5 Milyon Euro).<\/b><\/li>\n<\/ol>\n<p>Bu kalemler hari\u00e7 tutuldu\u011funda, <b>d\u00fczeltilmi\u015f net k\u00e2r 170 milyon Euro<\/b> seviyesindedir. \u015eirket y\u00f6netimi, ger\u00e7ek performans\u0131 yans\u0131tmas\u0131 bak\u0131m\u0131ndan serbest nakit ak\u0131\u015f\u0131n\u0131n (\u20ac223 milyon, %44 art\u0131\u015f) net k\u00e2rdan daha \u00f6nemli bir g\u00f6sterge oldu\u011funu belirtmektedir.<\/p>\n<h3>Bor\u00e7 Y\u00f6netimi:<\/h3>\n<p>Net bor\u00e7 y\u0131ll\u0131k %6 azalarak 1.619 milyon Euro\u2019ya gerilemi\u015ftir. Bu iyile\u015fmede d\u00f6rd\u00fcnc\u00fc \u00e7eyrekteki d\u00f6viz korumal\u0131 mevduat d\u00f6n\u00fc\u015fleri, i\u015fletme sermayesi iyile\u015ftirmeleri ve Almat\u0131 az\u0131nl\u0131k opsiyonunun yeniden de\u011ferlenmesi (54M \u20ac&#8217;dan 91M \u20ac&#8217;ya) etkili olmu\u015ftur. <b>Net Bor\u00e7\/FAV\u00d6K oran\u0131 2,89<\/b> ile hedeflenen 2,5\u20133,0 band\u0131na yerle\u015fmi\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>Temett\u00fc Politikas\u0131 ve Gelecek Projeksiyonlar\u0131<\/h2>\n<h3>Temett\u00fc Karar\u0131<\/h3>\n<p>TAV Havalimanlar\u0131, 2019 y\u0131l\u0131ndan beri ara verdi\u011fi temett\u00fc \u00f6demelerine geri d\u00f6nmektedir. 2025 y\u0131l\u0131 UFRS net k\u00e2r\u0131n\u0131n %50\u2019sine tekab\u00fcl eden yakla\u015f\u0131k <b>25 milyon Euro<\/b> tutar\u0131nda temett\u00fc da\u011f\u0131t\u0131m\u0131 Genel Kurul onay\u0131na sunulacakt\u0131r.<\/p>\n<h3>2026 Y\u0131l\u0131 Beklentileri<\/h3>\n<p>\u015eirketin 2026 y\u0131l\u0131 i\u00e7in temel hedefleri \u015fu \u015fekildedir:<\/p>\n<ul>\n<li><b>Toplam Yolcu Say\u0131s\u0131:<\/b> 116 \u2013 123 milyon.<\/li>\n<li><b>Ciro:<\/b> 1,88 \u2013 1,98 milyar Euro.<\/li>\n<li><b>FAV\u00d6K:<\/b> 590 \u2013 650 milyon Euro.<\/li>\n<li><b>Yat\u0131r\u0131m Harcamalar\u0131 (CAPEX):<\/b> &lt; 330 milyon Euro.<\/li>\n<\/ul>\n<h3>Yat\u0131r\u0131m Planlamas\u0131<\/h3>\n<p>2025 y\u0131l\u0131nda 201 milyon Euro olarak ger\u00e7ekle\u015fen yat\u0131r\u0131m harcamalar\u0131n\u0131n, 2026 y\u0131l\u0131nda a\u015fa\u011f\u0131daki alanlara y\u00f6nlendirilmesi planlanmaktad\u0131r:<\/p>\n<ul>\n<li><b>Almat\u0131:<\/b> Toplam 315 milyon Euro\u2019luk yat\u0131r\u0131m\u0131n ikinci faz\u0131 (2026 b\u00fct\u00e7esinin %30\u2019u).<\/li>\n<li><b>G\u00fcrcistan:<\/b> \u0130mtiyaz uzat\u0131m\u0131 yat\u0131r\u0131mlar\u0131 (2026 b\u00fct\u00e7esinin %20-25&#8217;i).<\/li>\n<li><b>Di\u011fer:<\/b> Ankara g\u00fcne\u015f paneli projeleri, BTA ve hizmet \u015firketleri yat\u0131r\u0131mlar\u0131.<\/li>\n<\/ul>\n<h3>Riskler ve F\u0131rsatlar<\/h3>\n<ul>\n<li><b>Kaynak Pazarlar:<\/b> 2025&#8217;te \u00d6zbekistan (%36) ve \u0130srail (%31) h\u0131zl\u0131 b\u00fcy\u00fcme g\u00f6stermi\u015ftir. Rusya ve Ukrayna trafi\u011fi hala 2019 seviyelerinin \u00e7ok alt\u0131ndad\u0131r. Olas\u0131 bir bar\u0131\u015f s\u00fcreci yukar\u0131 y\u00f6nl\u00fc potansiyel olarak g\u00f6r\u00fclmekle birlikte mevcut tahminlere dahil edilmemi\u015ftir.<\/li>\n<li><b>\u0130\u00e7 Hatlar:<\/b> 2025&#8217;teki tavan fiyat d\u00fczenlemesinin ard\u0131ndan 2026&#8217;da i\u00e7 hat b\u00fcy\u00fcmesinin daha \u0131l\u0131ml\u0131 seyretmesi beklenmektedir.<\/li>\n<li><b>Ticari Gelirler:<\/b> 2025&#8217;te gerileyen yolcu ba\u015f\u0131na harcaman\u0131n, ATU operasyonlar\u0131n\u0131n olgunla\u015fmas\u0131yla toparlanmas\u0131 \u00f6ng\u00f6r\u00fclmektedir.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>TAV Havalimanlar\u0131 2025 Performans\u0131: G\u00fc\u00e7l\u00fc Nakit Ak\u0131\u015f\u0131 ve Temett\u00fcye D\u00f6n\u00fc\u015f!<br \/>\nTAV Havalimanlar\u0131, 2025 y\u0131l\u0131n\u0131 113 milyonu a\u015fan yolcu trafi\u011fi ve %10 gelir art\u0131\u015f\u0131yla geride b\u0131rakt\u0131. Net k\u00e2r rakam\u0131nda muhasebesel etkiler nedeniyle bir gerileme g\u00f6r\u00fclse de, operasyonel tarafta FAV\u00d6K marj\u0131 %30,7&#8217;ye y\u00fckselirken serbest nakit ak\u0131\u015f\u0131 %44 gibi rekor bir b\u00fcy\u00fcme sergiledi. Bor\u00e7luluk oranlar\u0131n\u0131 hedef seviyelere \u00e7eken \u015firket, 2019&#8217;dan bu yana ilk kez temett\u00fc da\u011f\u0131tma karar\u0131 alarak hissedarlar\u0131na g\u00fcven tazeledi. Ankara ve Almat\u0131 gibi stratejik yat\u0131r\u0131mlar\u0131n ivmesiyle 2026 y\u0131l\u0131 i\u00e7in de b\u00fcy\u00fcme sinyalleri veren TAV&#8217;\u0131n finansal r\u00f6ntgenini ve gelecek hedeflerini detayl\u0131ca inceliyoruz.<\/p>\n","protected":false},"author":11,"featured_media":1025,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[249],"tags":[31],"class_list":["post-1306","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analisttoplantisi","tag-tavhl"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1306","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\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1306"}],"version-history":[{"count":5,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1306\/revisions"}],"predecessor-version":[{"id":1573,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1306\/revisions\/1573"}],"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=1306"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1306"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1306"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}