{"id":1423,"date":"2026-02-23T19:32:58","date_gmt":"2026-02-23T16:32:58","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1423"},"modified":"2026-02-23T20:34:13","modified_gmt":"2026-02-23T17:34:13","slug":"ebebk-ebebek-magazacilik-2025-12-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1423","title":{"rendered":"\ud83c\uddf9\ud83c\uddf7 EBEBK | Ebebek Ma\u011fazac\u0131l\u0131k 2025\/12 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/creators.spotify.com\/pod\/profile\/market-risk-tr\/embed\/episodes\/EBEBK--Ebebek-Maazaclk-202512-Bilano-Analizi-e3fga1f\/a-acg74vr\" height=\"102px\" width=\"400px\" frameborder=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<h1>Ebebek\u2019in 2025 Karnesi: Dev Ciro Art\u0131\u015f\u0131na Ra\u011fmen Karl\u0131l\u0131k Neden D\u00fc\u015ft\u00fc?<\/h1>\n<p><b>B\u00fcy\u00fcmenin Bedeli ve 2025\u2019in \u00d6zeti<\/b><\/p>\n<p>Perakende sekt\u00f6r\u00fcn\u00fcn dinamik oyuncusu Ebebek i\u00e7in 2025 y\u0131l\u0131, fiziksel s\u0131n\u0131rlar\u0131n zorland\u0131\u011f\u0131 ve operasyonel hacmin devasa boyutlara ula\u015ft\u0131\u011f\u0131 bir d\u00f6nem oldu. Ancak \u015firketin yay\u0131nlad\u0131\u011f\u0131 son finansal raporlar, stratejik bir ikilemi de beraberinde getiriyor: &#8220;B\u00fcy\u00fcmek her zaman kazanmak m\u0131d\u0131r?&#8221; Agresif ma\u011faza a\u00e7\u0131l\u0131\u015flar\u0131 ve Londra\u2019dan Erbil\u2019e uzanan uluslararas\u0131la\u015fma hikayesi has\u0131lat\u0131 zirveye ta\u015f\u0131rken, net karl\u0131l\u0131k kaleminde y\u00fcksek finansman maliyetlerinin yaratt\u0131\u011f\u0131 sert bir fren mekanizmas\u0131 g\u00f6r\u00fcl\u00fcyor.<\/p>\n<p>K\u0131demli bir analist g\u00f6z\u00fcyle bak\u0131ld\u0131\u011f\u0131nda, 2025 tablosu sadece bir k\u00e2r d\u00fc\u015f\u00fc\u015f\u00fc de\u011fil, ayn\u0131 zamanda y\u00fcksek enflasyon ve faiz sarmal\u0131nda verilen bir &#8220;ayakta kalma ve geni\u015fleme&#8221; m\u00fccadelesidir. Bu analizde, rakamlar\u0131n \u00f6tesindeki operasyonel g\u00fcc\u00fc ve finansal bask\u0131lar\u0131 TMS 29 (enflasyon muhasebesi) perspektifiyle mercek alt\u0131na al\u0131yoruz.<\/p>\n<p><b>Ciroda Rekor, Karda Fren: Rakamlar\u0131n Anlatt\u0131\u011f\u0131 Hikaye<\/b><\/p>\n<p>Ebebek\u2019in 2025 y\u0131l\u0131 konsolide finansal tablolar\u0131 incelenirken dikkat edilmesi gereken en kritik nokta, t\u00fcm rakamlar\u0131n 31 Aral\u0131k 2025 tarihli sat\u0131n alma g\u00fcc\u00fc esas\u0131na g\u00f6re (TMS 29) d\u00fczeltilmi\u015f olmas\u0131d\u0131r. Bu ba\u011flamda, \u015firketin has\u0131lat\u0131 2024\u2019teki 23,98 milyar TL seviyesinden %15\u2019lik bir &#8220;reel&#8221; art\u0131\u015fla 27,67 milyar TL\u2019ye ula\u015fm\u0131\u015ft\u0131r. Enflasyondan ar\u0131nd\u0131r\u0131lm\u0131\u015f bu b\u00fcy\u00fcme, pazar pay\u0131n\u0131n korundu\u011funu ve sat\u0131\u015f hacminin g\u00fc\u00e7l\u00fc kald\u0131\u011f\u0131n\u0131 kan\u0131tl\u0131yor.<\/p>\n<p>Ancak ayn\u0131 ba\u015far\u0131 karl\u0131l\u0131kta g\u00f6r\u00fclm\u00fcyor. Ana ortakl\u0131k paylar\u0131na d\u00fc\u015fen net d\u00f6nem kar\u0131, 2024\u2019teki 151,8 milyon TL seviyesinden 55,5 milyon TL\u2019ye gerilemi\u015f durumda. Tablonun tamam\u0131na bakt\u0131\u011f\u0131m\u0131zda ise daha \u00e7arp\u0131c\u0131 bir veriyle kar\u015f\u0131la\u015f\u0131yoruz: Kontrol g\u00fcc\u00fc olmayan paylar ve i\u015ftirak performanslar\u0131 dahil edildi\u011finde, grup asl\u0131nda y\u0131l\u0131 17,4 milyon TL konsolide net zarar ile kapatm\u0131\u015ft\u0131r. Bu rakamlar, operasyonel ba\u015far\u0131n\u0131n finansal y\u00fckler taraf\u0131ndan nas\u0131l g\u00f6lgelendi\u011fini g\u00f6steren resmi bir kan\u0131tt\u0131r.<\/p>\n<p>&#8220;Bu konsolide finansal tablolar yay\u0131mlanmak \u00fczere 18 \u015eubat 2026 tarihinde Y\u00f6netim Kurulu taraf\u0131ndan onaylanm\u0131\u015ft\u0131r.&#8221;<\/p>\n<p><b>S\u0131n\u0131rlar\u0131n \u00d6tesinde: Londra\u2019dan Erbil\u2019e Ebebek<\/b><\/p>\n<p>Finansal tablolardaki bask\u0131ya ra\u011fmen Ebebek, co\u011frafi geni\u015fleme stratejisinden \u00f6d\u00fcn vermeyerek yerel pazardaki doygunlu\u011fu k\u00fcresel hamlelerle a\u015fmaya \u00e7al\u0131\u015f\u0131yor. Not 1 verilerine g\u00f6re \u015firketin g\u00fcncel ma\u011faza da\u011f\u0131l\u0131m\u0131 \u015fu \u015fekildedir:<\/p>\n<ul>\n<li><b>T\u00fcrkiye:<\/b> 300 Ma\u011faza (\u00d6nceki y\u0131l: 270)<\/li>\n<li><b>Birle\u015fik Krall\u0131k (UK):<\/b> 3 Ma\u011faza (\u00d6nceki y\u0131l: 1)<\/li>\n<li><b>Kuzey Irak:<\/b> 1 Ma\u011faza (Yeni pazar giri\u015fi)<\/li>\n<\/ul>\n<p>Bu geni\u015fleme, Ebebek\u2019in sadece bir yerel perakendeci de\u011fil, d\u00f6viz bazl\u0131 gelir \u00fcretme potansiyeline sahip k\u00fcresel bir marka olma vizyonunu per\u00e7inliyor. Ancak yeni pazarlara giri\u015fin getirdi\u011fi ba\u015flang\u0131\u00e7 maliyetleri, k\u0131sa vadeli karl\u0131l\u0131k \u00fczerindeki bask\u0131y\u0131 art\u0131ran unsurlardan biri olarak \u00f6ne \u00e7\u0131k\u0131yor.<\/p>\n<p><b>Beklenmedik Darbe: Tuna \u00c7ocuk ve &#8220;\u015eerefiye&#8221; Kayb\u0131<\/b><\/p>\n<p>2025 y\u0131l\u0131n\u0131n stratejik soru i\u015faretlerinden biri Tuna \u00c7ocuk i\u015ftirakinde ya\u015fand\u0131. \u015eirket, Ekim 2025 gibi olduk\u00e7a ge\u00e7 bir tarihte Tuna \u00c7ocuk\u2019un kalan %30 pay\u0131n\u0131 12,8 milyon TL bedelle sat\u0131n alarak tamam\u0131na sahip oldu. Ancak bu sat\u0131n al\u0131m\u0131n hemen ard\u0131ndan, i\u015ftirakin performans\u0131n\u0131n beklentilerin alt\u0131nda kalmas\u0131 nedeniyle &#8220;\u015eerefiye&#8221; (Goodwill) tutar\u0131n\u0131n tamam\u0131 giderle\u015ftirildi.<\/p>\n<p>Finansal dilde &#8220;impairment&#8221; (de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc) olarak adland\u0131r\u0131lan bu durum, yat\u0131r\u0131m\u0131n beklenen nakit ak\u0131\u015f\u0131n\u0131 yaratamayaca\u011f\u0131n\u0131n kabul edilmesidir. Bir analist olarak, performans d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc sinyalleri veren bir i\u015ftirakin kalan paylar\u0131n\u0131n, impairment karar\u0131ndan hemen \u00f6nce neden sat\u0131n al\u0131nd\u0131\u011f\u0131 sorusu, y\u00f6netimin yat\u0131r\u0131m zamanlamas\u0131 a\u00e7\u0131s\u0131ndan ele\u015ftiriye a\u00e7\u0131k bir noktad\u0131r. Yine de bu giderin &#8220;nakit \u00e7\u0131k\u0131\u015f\u0131 gerektirmeyen&#8221; bir muhasebe operasyonu oldu\u011funu not etmek gerekir.<\/p>\n<p><b>Finansman Giderlerinin A\u011f\u0131rl\u0131\u011f\u0131: 1,2 Milyar TL\u2019lik Y\u00fck<\/b><\/p>\n<p>\u015eirketin 513,3 milyon TL\u2019lik esas faaliyet kar\u0131 \u00fcretmeyi ba\u015farmas\u0131 operasyonel bir ba\u015far\u0131yken, bu kar\u0131n finansman koridorlar\u0131nda nas\u0131l eridi\u011fini g\u00f6r\u00fcyoruz. Finansman giderleri, bir \u00f6nceki y\u0131l\u0131n 743 milyon TL\u2019lik seviyesinden 1,27 milyar TL\u2019ye f\u0131rlayarak operasyonel kar\u0131n yakla\u015f\u0131k 2,5 kat\u0131na ula\u015fm\u0131\u015ft\u0131r.<\/p>\n<p>Bu devasa art\u0131\u015f\u0131n arkas\u0131nda yatan temel sebep, %51,61 seviyesine ula\u015fan a\u011f\u0131rl\u0131kl\u0131 ortalama TL bor\u00e7lanma maliyetidir. Y\u00fcksek faiz ortam\u0131, Ebebek\u2019in b\u00fcy\u00fcme i\u00e7in kulland\u0131\u011f\u0131 kredilerin maliyetini s\u00fcrd\u00fcr\u00fclebilir s\u0131n\u0131rlar\u0131n \u00fczerine ta\u015f\u0131m\u0131\u015ft\u0131r. E\u011fer enflasyon muhasebesi (TMS 24) kapsam\u0131nda kaydedilen 1,1 milyar TL\u2019lik &#8220;Parasal Kazan\u00e7&#8221; (net parasal pozisyon kar\u0131) olmasayd\u0131, \u015firketin net zarar tablosu \u00e7ok daha dramatik bir boyuta ula\u015fabilirdi.<\/p>\n<p><b>Nakit Ak\u0131\u015f\u0131ndaki Gizli G\u00fc\u00e7<\/b><\/p>\n<p>Net kar rakam\u0131 zay\u0131f g\u00f6r\u00fcnse de, Ebebek\u2019in as\u0131l direnci nakit ak\u0131\u015f tablosunda gizli. \u0130\u015fletme faaliyetlerinden sa\u011flanan nakit ak\u0131\u015f\u0131n\u0131n 3,08 milyar TL ile olduk\u00e7a g\u00fc\u00e7l\u00fc kalmas\u0131, \u015firketin raflar\u0131ndaki \u00fcr\u00fcn\u00fc nakde d\u00f6nd\u00fcrme h\u0131z\u0131n\u0131n kesilmedi\u011fini g\u00f6steriyor. Net k\u00e2r\u0131 a\u015fa\u011f\u0131 \u00e7eken \u015ferefiye de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc gibi kalemlerin nakit \u00e7\u0131k\u0131\u015f\u0131 gerektirmemesi, \u015firket bilan\u00e7osundaki likidite g\u00fcc\u00fcn\u00fcn muhasebe zarar\u0131ndan \u00e7ok daha diri oldu\u011funu kan\u0131tl\u0131yor.<\/p>\n<p><b>Sonu\u00e7 ve Gelece\u011fe Bak\u0131\u015f: S\u00fcrd\u00fcr\u00fclebilirlik mi, Agresif B\u00fcy\u00fcme mi?<\/b><\/p>\n<p>Ebebek i\u00e7in 2025 y\u0131l\u0131, y\u00fcksek bor\u00e7lanma maliyetleri ve enflasyonist bask\u0131lar alt\u0131nda k\u00fcresel bir vizyon in\u015fa etmeye \u00e7al\u0131\u015ft\u0131\u011f\u0131 bir &#8220;yat\u0131r\u0131m ve konsolidasyon&#8221; y\u0131l\u0131 oldu. Reel ciro art\u0131\u015f\u0131 ve g\u00fc\u00e7l\u00fc nakit ak\u0131\u015f\u0131 operasyonel kaslar\u0131n sa\u011flaml\u0131\u011f\u0131na i\u015faret ederken, finansman giderleri ve hatal\u0131 yat\u0131r\u0131m zamanlamalar\u0131 karl\u0131l\u0131\u011f\u0131 s\u0131n\u0131rlamaya devam ediyor.<\/p>\n<p>Peki, Ebebek\u2019in k\u00fcresel bir oyuncu olma vizyonu, %50\u2019nin \u00fczerindeki bor\u00e7lanma maliyetlerini ve k\u0131sa vadeli karl\u0131l\u0131k bask\u0131lar\u0131n\u0131 a\u015farak 2026\u2019da daha s\u00fcrd\u00fcr\u00fclebilir bir yap\u0131ya kavu\u015fabilecek mi? 2026, bu agresif b\u00fcy\u00fcme stratejisinin verimlilikle bulu\u015fup bulu\u015fmayaca\u011f\u0131n\u0131 belirleyen as\u0131l test y\u0131l\u0131 olacak.<\/p>\n<h1><span style=\"color: #3366ff;\">Ebebek Ma\u011fazac\u0131l\u0131k A.\u015e. 2025 Y\u0131l\u0131 Konsolide Finansal Bilgilendirme Raporu<\/span><\/h1>\n<p>Bu belge, Ebebek Ma\u011fazac\u0131l\u0131k A.\u015e.&#8217;nin (&#8220;\u015eirket&#8221; veya &#8220;Grup&#8221;) 1 Ocak &#8211; 31 Aral\u0131k 2025 hesap d\u00f6nemine ait konsolide finansal tablolar\u0131n\u0131, ba\u011f\u0131ms\u0131z denet\u00e7i raporu \u00f6zetlerini ve operasyonel performans verilerini sentezleyen kapsaml\u0131 bir bilgilendirme d\u00f6k\u00fcman\u0131d\u0131r. T\u00fcm tutarlar, TMS 29 (Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama) uyar\u0131nca 31 Aral\u0131k 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fc cinsinden ifade edilmi\u015ftir.<\/p>\n<h2>1. Y\u00f6netici \u00d6zeti<\/h2>\n<p>2025 y\u0131l\u0131, Ebebek i\u00e7in operasyonel geni\u015flemenin s\u00fcrd\u00fc\u011f\u00fc, ancak enflasyon muhasebesi ve finansman maliyetlerinin net k\u00e2rl\u0131l\u0131k \u00fczerinde bask\u0131 olu\u015fturdu\u011fu bir d\u00f6nem olmu\u015ftur. \u015eirket, has\u0131lat\u0131n\u0131 bir \u00f6nceki y\u0131la g\u00f6re %15,4 oran\u0131nda art\u0131rarak 27,6 milyar TL seviyesine ta\u015f\u0131m\u0131\u015ft\u0131r.<\/p>\n<p><b>Kritik \u00c7\u0131kar\u0131mlar:<\/b><\/p>\n<ul>\n<li><b>Operasyonel B\u00fcy\u00fcme:<\/b> T\u00fcrkiye&#8217;deki ma\u011faza say\u0131s\u0131 300&#8217;e y\u00fckselmi\u015f, Birle\u015fik Krall\u0131k\u2019taki ma\u011faza say\u0131s\u0131 1&#8217;den 3&#8217;e \u00e7\u0131km\u0131\u015ft\u0131r.<\/li>\n<li><b>Net K\u00e2r Da\u011f\u0131l\u0131m\u0131:<\/b> Konsolide bazda 17,4 milyon TL net d\u00f6nem zarar\u0131 kaydedilmesine ra\u011fmen, ana ortakl\u0131k paylar\u0131na d\u00fc\u015fen net d\u00f6nem k\u00e2r\u0131 55,5 milyon TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>Stratejik Sat\u0131n Al\u0131mlar:<\/b> Tuna \u00c7ocuk Gere\u00e7leri A.\u015e.&#8217;nin kalan %30&#8217;luk pay\u0131 sat\u0131n al\u0131narak \u015firketin %100 kontrol\u00fc ele ge\u00e7irilmi\u015ftir. Ancak, performans hedeflerinin gerisinde kal\u0131nmas\u0131 nedeniyle bu birle\u015fmeden do\u011fan \u015ferefiye tamamen giderle\u015ftirilmi\u015ftir.<\/li>\n<li><b>Nakit Pozisyonu:<\/b> \u0130\u015fletme faaliyetlerinden 3 milyar TL&#8217;nin \u00fczerinde g\u00fc\u00e7l\u00fc bir nakit ak\u0131\u015f\u0131 sa\u011flanm\u0131\u015f, d\u00f6nem sonu nakit mevcudu 2,3 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\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>2. Finansal Durum Analizi<\/h2>\n<p>Grup&#8217;un toplam varl\u0131klar\u0131 2025 y\u0131l\u0131 sonunda, 2024 y\u0131l\u0131ndaki 13,1 milyar TL seviyesinden 14,6 milyar TL&#8217;ye y\u00fckselmi\u015ftir.<\/p>\n<h3>2.1. Varl\u0131k Yap\u0131s\u0131 ve Likidite<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Varl\u0131k Kalemi<\/td>\n<td>31 Aral\u0131k 2025 (TL)<\/td>\n<td>31 Aral\u0131k 2024 (TL)<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nen Varl\u0131klar<\/b><\/td>\n<td>8.923.209.537<\/td>\n<td>8.511.917.345<\/td>\n<td>+%4,8<\/td>\n<\/tr>\n<tr>\n<td>Nakit ve Nakit Benzerleri<\/td>\n<td>2.342.688.787<\/td>\n<td>1.666.388.884<\/td>\n<td>+%40,5<\/td>\n<\/tr>\n<tr>\n<td>Stoklar<\/td>\n<td>5.184.272.783<\/td>\n<td>5.665.945.139<\/td>\n<td>-%8,5<\/td>\n<\/tr>\n<tr>\n<td><b>Duran Varl\u0131klar<\/b><\/td>\n<td>5.701.803.226<\/td>\n<td>4.648.192.616<\/td>\n<td>+%22,7<\/td>\n<\/tr>\n<tr>\n<td>Maddi Duran Varl\u0131klar<\/td>\n<td>2.589.644.620<\/td>\n<td>2.221.253.684<\/td>\n<td>+%16,6<\/td>\n<\/tr>\n<tr>\n<td>Kullan\u0131m Hakk\u0131 Varl\u0131klar\u0131<\/td>\n<td>2.082.296.258<\/td>\n<td>1.660.471.485<\/td>\n<td>+%25,4<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>14.625.012.763<\/b><\/td>\n<td><b>13.160.109.961<\/b><\/td>\n<td><b>+%11,1<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Stok Y\u00f6netimi:<\/b> Stok seviyelerinde reel bir azal\u0131\u015f g\u00f6zlemlenmi\u015ftir. Stoklar a\u011f\u0131rl\u0131kl\u0131 ortalama y\u00f6ntemiyle maliyetlendirilmi\u015f ve 11,6 milyon TL tutar\u0131nda de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc kar\u015f\u0131l\u0131\u011f\u0131 ayr\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Yat\u0131r\u0131mlar:<\/b> Maddi duran varl\u0131klar kalemindeki art\u0131\u015f, \u00f6zellikle yeni a\u00e7\u0131lan ma\u011fazalar ve mobilya\/demirba\u015f kalemlerindeki (2,2 milyar TL) yat\u0131r\u0131mlardan kaynaklanmaktad\u0131r.<\/li>\n<\/ul>\n<h3>2.2. Y\u00fck\u00fcml\u00fcl\u00fckler ve \u00d6zkaynaklar<\/h3>\n<ul>\n<li><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 8,2 milyar TL (2024: 7,08 milyar TL). Bu kalemin %67&#8217;sini (5,5 milyar TL) ili\u015fkili olmayan taraflara olan ticari bor\u00e7lar olu\u015fturmaktad\u0131r.<\/li>\n<li><b>Bor\u00e7lanmalar:<\/b> K\u0131sa vadeli bor\u00e7lanmalar 800 milyon TL&#8217;den 1,7 milyar TL&#8217;ye y\u00fckselerek belirgin bir art\u0131\u015f g\u00f6stermi\u015ftir.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> Ana ortakl\u0131\u011fa ait \u00f6zkaynaklar 4,56 milyar TL olarak ger\u00e7ekle\u015fmi\u015ftir. \u00d6denmi\u015f sermaye 160 milyon TL seviyesinde korunmu\u015ftur.<\/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>3. Kar veya Zarar Performans\u0131<\/h2>\n<p>2025 y\u0131l\u0131, br\u00fct k\u00e2r marj\u0131n\u0131n korunmaya \u00e7al\u0131\u015f\u0131ld\u0131\u011f\u0131 ancak pazarlama ve finansman giderlerinin k\u00e2rl\u0131l\u0131\u011f\u0131 s\u0131n\u0131rlad\u0131\u011f\u0131 bir y\u0131l olmu\u015ftur.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>P&amp;L Kalemi<\/td>\n<td>2025 (TL)<\/td>\n<td>2024 (TL)<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>27.675.018.421<\/td>\n<td>23.982.608.849<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015flar\u0131n Maliyeti<\/td>\n<td>(17.677.168.946)<\/td>\n<td>(15.458.057.711)<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Kar<\/b><\/td>\n<td>9.997.849.475<\/td>\n<td>8.524.551.138<\/td>\n<\/tr>\n<tr>\n<td>Pazarlama Giderleri<\/td>\n<td>(6.434.057.114)<\/td>\n<td>(5.580.019.773)<\/td>\n<\/tr>\n<tr>\n<td>Genel Y\u00f6netim Giderleri<\/td>\n<td>(1.159.083.100)<\/td>\n<td>(864.994.318)<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet Kar\u0131\/(Zarar\u0131)<\/b><\/td>\n<td>513.274.092<\/td>\n<td>(28.759.128)<\/td>\n<\/tr>\n<tr>\n<td>Finansman Giderleri<\/td>\n<td>(1.277.082.692)<\/td>\n<td>(743.872.592)<\/td>\n<\/tr>\n<tr>\n<td>Net D\u00f6nem Kar\u0131\/(Zarar\u0131)<\/td>\n<td>(17.438.210)<\/td>\n<td>110.738.601<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Performans Analizi:<\/b><\/p>\n<ul>\n<li><b>Operasyonel \u0130yile\u015fme:<\/b> 2024 y\u0131l\u0131ndaki esas faaliyet zarar\u0131ndan, 513,2 milyon TL esas faaliyet k\u00e2r\u0131na ge\u00e7i\u015f yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Finansman Maliyeti:<\/b> Finansman giderlerindeki %71,6&#8217;l\u0131k art\u0131\u015f (1,27 milyar TL), net d\u00f6nem k\u00e2r\u0131n\u0131 bask\u0131layan ana unsur olmu\u015ftur.<\/li>\n<li><b>Parasal Kazan\u00e7:<\/b> Enflasyon muhasebesi d\u00fczeltmeleri neticesinde 1,1 milyar TL parasal kazan\u00e7 kaydedilmi\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>4. Operasyonel Segmentler ve \u0130nsan Kaynaklar\u0131<\/h2>\n<p>\u015eirket, operasyonlar\u0131n\u0131 e-ticaret ve ma\u011fazac\u0131l\u0131k olarak b\u00fct\u00fcnc\u00fcl tek bir segment alt\u0131nda y\u00f6netmektedir.<\/p>\n<ul>\n<li><b>Ma\u011faza A\u011f\u0131:<\/b>\n<ul>\n<li><b>T\u00fcrkiye:<\/b> 300 ma\u011faza (2024: 270)<\/li>\n<li><b>Birle\u015fik Krall\u0131k:<\/b> 3 ma\u011faza (2024: 1)<\/li>\n<li><b>Kuzey Irak:<\/b> 1 ma\u011faza<\/li>\n<\/ul>\n<\/li>\n<li><b>Personel:<\/b> 31 Aral\u0131k 2025 itibar\u0131yla Grup genelinde \u00e7al\u0131\u015fan say\u0131s\u0131 5.060&#8217;t\u0131r (2024: 4.909).<\/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>5. \u0130\u015ftirakler ve Stratejik Yat\u0131r\u0131mlar<\/h2>\n<h3>5.1. Tuna \u00c7ocuk Gere\u00e7leri A.\u015e. \u0130ktisab\u0131<\/h3>\n<ul>\n<li><b>Hisse Art\u0131r\u0131m\u0131:<\/b> 22 Ekim 2025 tarihinde, Tuna \u00c7ocuk&#8217;un kalan %30&#8217;luk pay\u0131 12,8 milyon TL kar\u015f\u0131l\u0131\u011f\u0131nda sat\u0131n al\u0131narak %100 sahiplik sa\u011flanm\u0131\u015ft\u0131r.<\/li>\n<li><b>De\u011fer D\u00fc\u015f\u00fckl\u00fc\u011f\u00fc:<\/b> Tuna \u00c7ocuk&#8217;un performans\u0131n\u0131n beklentilerin alt\u0131nda kalmas\u0131 ve nakit ak\u0131\u015f\u0131 tahminlerinin a\u015fa\u011f\u0131 y\u00f6nl\u00fc revize edilmesi nedeniyle, enflasyon d\u00fczeltmesi dahil t\u00fcm \u015ferefiye tutar\u0131 31 Aral\u0131k 2025 itibar\u0131yla giderle\u015ftirilmi\u015ftir.<\/li>\n<\/ul>\n<h3>5.2. Bat\u0131ege (Hello Baby) Birle\u015fmesi<\/h3>\n<p>2015 y\u0131l\u0131nda sat\u0131n al\u0131nan Bat\u0131ege kaynakl\u0131 241,2 milyon TL tutar\u0131ndaki \u015ferefiye, yap\u0131lan de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc testleri sonucunda geri kazan\u0131labilir bulunmu\u015f ve herhangi bir giderle\u015ftirme yap\u0131lmam\u0131\u015ft\u0131r.<\/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>6. \u00d6nemli Muhasebe \u0130lkeleri ve Notlar<\/h2>\n<ul>\n<li><b>Enflasyon Muhasebesi (TMS 29):<\/b> Finansal tablolar, T\u00dc\u0130K taraf\u0131ndan yay\u0131nlanan T\u00dcFE endeksleri (2025 sonu endeksi: 3.513,87) kullan\u0131larak d\u00fczeltilmi\u015ftir.<\/li>\n<li><b>Kiralama \u0130\u015flemleri (TFRS 16):<\/b> Kiralama y\u00fck\u00fcml\u00fcl\u00fckleri i\u00e7in TL cinsinden kullan\u0131lan alternatif bor\u00e7lanma oran\u0131 a\u011f\u0131rl\u0131kl\u0131 ortalamas\u0131 %51,61&#8217;dir.<\/li>\n<li><b>Hisse Senetleri:<\/b> \u015eirket hisseleri 7 Eyl\u00fcl 2023 tarihinden itibaren Borsa \u0130stanbul&#8217;da i\u015flem g\u00f6rmektedir.<\/li>\n<li><b>Ticari Bor\u00e7 Vadeleri:<\/b> K\u0131sa vadeli ticari bor\u00e7lar\u0131n ortalama vadesi 114 g\u00fcn olarak ger\u00e7ekle\u015fmi\u015ftir (2024: 101 g\u00fcn).<\/li>\n<\/ul>\n<h2>7. Nakit Ak\u0131\u015f Analizi<\/h2>\n<p>Grup, nakit yaratma kapasitesini korumaktad\u0131r:<\/p>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetleri:<\/b> 3,08 milyar TL net nakit giri\u015fi.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetleri:<\/b> Maddi ve maddi olmayan duran varl\u0131k al\u0131mlar\u0131 nedeniyle 1,7 milyar TL net nakit \u00e7\u0131k\u0131\u015f\u0131.<\/li>\n<li><b>Finansman Faaliyetleri:<\/b> 322,9 milyon TL net nakit \u00e7\u0131k\u0131\u015f\u0131 (Bor\u00e7lanma giri\u015fleri ile bor\u00e7 \u00f6demeleri ve temett\u00fc \u00f6demeleri dengelenmi\u015ftir).<\/li>\n<li><b>\u00d6denen Temett\u00fc:<\/b> 2025 y\u0131l\u0131nda 161,4 milyon TL temett\u00fc \u00f6demesi ger\u00e7ekle\u015ftirilmi\u015ftir.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"1423\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Ebebek 2025 Finansal Sonu\u00e7lar\u0131: 300 Ma\u011faza ve 27,6 Milyar TL Has\u0131lat ile G\u00fc\u00e7l\u00fc B\u00fcy\u00fcme<br \/>\nEbebek Ma\u011fazac\u0131l\u0131k A.\u015e., 2025 y\u0131l\u0131na ait konsolide finansal sonu\u00e7lar\u0131n\u0131 kamuoyuyla payla\u015ft\u0131. Enflasyon muhasebesi standartlar\u0131na g\u00f6re haz\u0131rlanan rapora g\u00f6re \u015firket, has\u0131lat\u0131n\u0131 27,6 milyar TL\u2019nin \u00fczerine \u00e7\u0131kar\u0131rken, T\u00fcrkiye\u2019deki ma\u011faza say\u0131s\u0131n\u0131 300\u2019e ula\u015ft\u0131rarak perakende a\u011f\u0131n\u0131 geni\u015fletmeye devam etti. Operasyonel verimlili\u011fini art\u0131ran ebebek, FAV\u00d6K marj\u0131n\u0131 %12,8\u2019e y\u00fckseltmeyi ba\u015fard\u0131. Yurt d\u0131\u015f\u0131 operasyonlar\u0131 ve Tuna \u00c7ocuk\u2019un %100 sat\u0131n al\u0131m\u0131 gibi stratejik hamlelerin \u00f6ne \u00e7\u0131kt\u0131\u011f\u0131 2025 y\u0131l\u0131nda, finansman maliyetlerine ra\u011fmen net d\u00f6nem kar\u0131 55,5 milyon TL olarak ger\u00e7ekle\u015fti. Ebebek\u2019in b\u00fcy\u00fcme yolculu\u011fundaki kritik finansal detaylar ve gelecek vizyonu blog yaz\u0131m\u0131zda!<\/p>\n","protected":false},"author":8,"featured_media":973,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[270],"class_list":["post-1423","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-ebebk"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1423","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\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1423"}],"version-history":[{"count":3,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1423\/revisions"}],"predecessor-version":[{"id":1432,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1423\/revisions\/1432"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/973"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=1423"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1423"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1423"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}