{"id":1475,"date":"2026-02-27T21:11:54","date_gmt":"2026-02-27T18:11:54","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1475"},"modified":"2026-02-27T22:03:48","modified_gmt":"2026-02-27T19:03:48","slug":"trhol-faaliyet-raporu-analizi-2025-12-tera-finansal-yatirimlar-holding","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1475","title":{"rendered":"\ud83c\uddf9\ud83c\uddf7 #TRHOL Faaliyet Raporu Analizi 2025\/12 | Tera Finansal Yat\u0131r\u0131mlar Holding"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube-nocookie.com\/embed\/CRtAW7KMR4s?si=9rm1abexTvK8T_sW\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h1>Tera Finansal\u2019\u0131n 2025 D\u00f6n\u00fc\u015f\u00fcm\u00fc: Tekstilden K\u00fcresel Finans Devine Uzanan \u015ea\u015f\u0131rt\u0131c\u0131 Yolculuk<\/h1>\n<h2>Bir \u015eirketin Tam Metamorfozu<\/h2>\n<p>Bir kurum, isminden genetik kodlar\u0131na kadar t\u00fcm varl\u0131\u011f\u0131n\u0131 bir y\u0131l i\u00e7inde nas\u0131l ba\u015ftan a\u015fa\u011f\u0131 de\u011fi\u015ftirebilir? Kurumsal tarihte nadir g\u00f6r\u00fclen bu radikal d\u00f6n\u00fc\u015f\u00fcm\u00fcn en g\u00fcncel ve \u00e7arp\u0131c\u0131 \u00f6rne\u011fi, 2025 y\u0131l\u0131nda &#8220;Dagi Yat\u0131r\u0131m&#8221; ismini geride b\u0131rakarak &#8220;Tera Finansal Yat\u0131r\u0131mlar Holding&#8221;e evrilen yap\u0131da hayat buldu. Bu de\u011fi\u015fim, tabeladaki basit bir isim de\u011fi\u015fikli\u011finin \u00e7ok \u00f6tesinde; tekstil odakl\u0131 bir ge\u00e7mi\u015fin tasfiye edilip, yerine k\u00fcresel bir finans ekosisteminin in\u015fa edildi\u011fi k\u00f6kl\u00fc bir stratejik devrimdir. Bu d\u00f6n\u00fc\u015f\u00fcm\u00fcn en belirgin sinyali ise, y\u00f6netim kurulunun ba\u015f\u0131na <b>CFA (Chartered Financial Analyst)<\/b> unvan\u0131na sahip <b>Emre Tezmen<\/b>\u2019in ge\u00e7mesiyle verilen profesyonel ve k\u00fcresel standartlara uyum mesaj\u0131d\u0131r.<\/p>\n<h2>Dagi\u2019den Tera\u2019ya: Kimlik De\u011fi\u015fiminin Perde Arkas\u0131<\/h2>\n<p>2025 y\u0131l\u0131, \u015firket i\u00e7in sadece bir m\u00fclkiyet de\u011fi\u015fimi de\u011fil, tam bir kimlik tazeleme d\u00f6nemi oldu. S\u00fcre\u00e7, 26 \u015eubat 2025 tarihinde \u015firket sermayesinin %41,21&#8217;lik \u00e7o\u011funluk hissesinin Tera Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e. taraf\u0131ndan devral\u0131nmas\u0131yla tetiklendi. Kurumsal unvan\u0131n &#8220;Tera Finansal Yat\u0131r\u0131mlar Holding A.\u015e.&#8221; olarak de\u011fi\u015ftirilmesi ise <b>04 A\u011fustos 2025<\/b> tarihinde resmen tescil edildi ve <b>06 A\u011fustos 2025<\/b>\u2019te kamuoyuna ilan edildi.<\/p>\n<p>Yat\u0131r\u0131mc\u0131lar i\u00e7in bu s\u00fcre\u00e7, \u015feffafl\u0131k ve d\u00fcr\u00fcstl\u00fck ilkelerinin yeniden tan\u0131mland\u0131\u011f\u0131 bir d\u00f6nemi temsil ediyor. Yeni y\u00f6netimin bu konudaki kararl\u0131l\u0131\u011f\u0131, Faaliyet Raporu\u2019ndaki \u015fu sorumluluk beyan\u0131yla m\u00fch\u00fcrlenmi\u015ftir:<\/p>\n<p>&#8220;Konsolide Finansal Tablolar\u0131n, \u015eirket&#8217;in aktifleri, pasifleri, kar ve zarar\u0131 ile finansal durumu hakk\u0131nda ger\u00e7e\u011fi d\u00fcr\u00fcst bir bi\u00e7imde yans\u0131tt\u0131\u011f\u0131 ve Faaliyet Raporu&#8217;nun da \u015eirket&#8217;in i\u015fin geli\u015fimini, performans\u0131n\u0131 ve finansal durumunu, kar\u015f\u0131 kar\u015f\u0131ya oldu\u011fu \u00f6nemli riskler ve belirsizliklerle birlikte, d\u00fcr\u00fcst\u00e7e yans\u0131tt\u0131\u011f\u0131n\u0131 beyan ederiz.&#8221;<\/p>\n<h2>Hisse Fiyatlar\u0131ndaki \u0130nan\u0131lmaz Dalgalanma: 14 TL\u2019den 860 TL\u2019ye<\/h2>\n<p>\u015eirketin ya\u015fad\u0131\u011f\u0131 bu kabuk de\u011fi\u015fimi, piyasa alg\u0131s\u0131nda devasa bir volatilite yaratt\u0131. 2025 y\u0131l\u0131 i\u00e7erisinde hisse fiyat\u0131 kapan\u0131\u015f verilerine g\u00f6re en d\u00fc\u015f\u00fck <b>14,30 TL<\/b> seviyesini g\u00f6r\u00fcrken, spek\u00fclatif beklentiler ve stratejik d\u00f6n\u00fc\u015f\u00fcm\u00fcn etkisiyle <b>860 TL<\/b> gibi ekstrem bir zirveye ula\u015ft\u0131. Y\u0131l\u0131n son i\u015flem g\u00fcn\u00fcn\u00fc <b>583,50 TL<\/b> seviyesinden kapatan hisse senedi, piyasan\u0131n bu yeni finansal vizyona verdi\u011fi agresif tepkiyi ve y\u00fcksek beklentiyi a\u00e7\u0131k\u00e7a ortaya koyuyor.<\/p>\n<h2>Radikal Strateji: Tekstilden \u00c7\u0131k\u0131\u015f, Saf Finansal Odak<\/h2>\n<p>Tera y\u00f6netimi, oda\u011f\u0131 netle\u015ftirmek ad\u0131na radikal bir &#8220;temizlik&#8221; operasyonu y\u00fcr\u00fctt\u00fc. \u015eirket, tekstil sekt\u00f6r\u00fcndeki son ba\u011f\u0131 olan %100 ba\u011fl\u0131 ortakl\u0131\u011f\u0131 Eros Tekstil\u2019i 156,1 milyon TL bedelle devretti. Bu hamle sadece bir sat\u0131\u015f de\u011fil, ayn\u0131 zamanda ge\u00e7mi\u015fin finansal y\u00fcklerinden kurtulma hamlesiydi; nitekim bu sat\u0131\u015ftan gelen kaynaklar hem yeni finansal yat\u0131r\u0131mlar i\u00e7in sermaye olu\u015fturmak hem de <b>Dagi Giyim Sanayi\u2019ye olan bor\u00e7lar\u0131n itfas\u0131<\/b> i\u00e7in kullan\u0131ld\u0131.<\/p>\n<p><b>Eski vs. Yeni Odak<\/b><\/p>\n<ul>\n<li><b>Eski Odak:<\/b> Haz\u0131r giyim, tekstil \u00fcretimi ve ticareti (Eros Tekstil oda\u011f\u0131).<\/li>\n<li><b>Yeni Odak:<\/b> Portf\u00f6y y\u00f6netimi (Tera Portf\u00f6y), sigortac\u0131l\u0131k (Prive Sigorta), kat\u0131l\u0131m finans\u0131 ve dijital finansal hizmetler.<\/li>\n<\/ul>\n<h2>Sermaye Enjeksiyonu: Agresif B\u00fcy\u00fcme ve Kald\u0131ra\u00e7 Riski<\/h2>\n<p>\u015eirket, 30 milyon TL olan \u00e7\u0131kar\u0131lm\u0131\u015f sermayesini <b>150 milyon TL<\/b>\u2019ye \u00e7\u0131karma hedefiyle devasa bir sermaye hamlesi ba\u015flatt\u0131. Bu 120 milyon TL\u2019lik art\u0131\u015f\u0131n yap\u0131s\u0131, bir finans stratejisti i\u00e7in olduk\u00e7a kritiktir: <b>30 milyon TL\u2019si i\u00e7 kaynaklardan (bedelsiz)<\/b> kar\u015f\u0131lan\u0131rken, kalan <b>90 milyon TL\u2019si nakden (bedelli)<\/b> yat\u0131r\u0131mc\u0131dan talep edilmektedir. Elde edilecek net fonun %42,23\u2019\u00fc Prive Sigorta pay devral\u0131m\u0131na, %57,77\u2019si ise yeni yat\u0131r\u0131mlara ayr\u0131lm\u0131\u015ft\u0131r.<\/p>\n<p>Ancak bu b\u00fcy\u00fcme i\u015ftah\u0131, finansal tabloya riskli bir y\u00fck de getirmi\u015ftir. \u015eirketin <b>Kald\u0131ra\u00e7 Oran\u0131 (Toplam Y\u00fck\u00fcml\u00fcl\u00fckler \/ Toplam \u00d6zkaynaklar)<\/b> bir y\u0131l i\u00e7inde <b>%74\u2019ten %141\u2019e<\/b> y\u00fckselmi\u015ftir. Bu s\u0131\u00e7rama, metamorfozun agresif bir bor\u00e7lanma\/y\u00fck\u00fcml\u00fcl\u00fck stratejisiyle finanse edildi\u011fini ve \u015firketin art\u0131k y\u00fcksek risk-y\u00fcksek getiri denkleminde hareket etti\u011fini g\u00f6stermektedir.<\/p>\n<h2>Ufuk \u00c7izgisinde Yeni D\u00fcnyalar: Asya Pasifik ve Papara \u0130halesi<\/h2>\n<p>Tera Finansal, yerel bir oyuncu olman\u0131n \u00e7ok \u00f6tesinde bir h\u0131rs sergiliyor. &#8220;Raporlama D\u00f6nemi Sonras\u0131 Geli\u015fmeler&#8221; b\u00f6l\u00fcm\u00fc, \u015firketin k\u00fcresel bir finansal ekosisteme d\u00f6n\u00fc\u015fme vizyonunu kan\u0131tl\u0131yor:<\/p>\n<ul>\n<li><b>Asya Pasifik\u2019te Kat\u0131l\u0131m Finans\u0131 Hamlesi:<\/b> B\u00f6lgede <b>&#8220;Kat\u0131l\u0131m Finans&#8221;<\/b> (Participation Finance) ilkeleriyle faaliyet g\u00f6steren bir bankan\u0131n sat\u0131n al\u0131nmas\u0131 i\u00e7in ba\u011flay\u0131c\u0131 olmayan teklif verilerek detayl\u0131 inceleme (due diligence) s\u00fcreci ba\u015flat\u0131ld\u0131.<\/li>\n<li><b>TMSF ve Papara S\u00fcreci:<\/b> TMSF\u2019nin sat\u0131\u015fa \u00e7\u0131kard\u0131\u011f\u0131 PPR Holding i\u015ftirakleri (Papara Elektronik Para, Papara Sigorta, Papara Teknoloji ve Papara Menkul De\u011ferler) i\u00e7in ihale \u015fartnamesi temin edilerek incelemelere ba\u015fland\u0131. Bu, \u015firketin dijital finans alan\u0131nda dikey bir b\u00fcy\u00fcme hedefledi\u011fini g\u00f6steriyor.<\/li>\n<\/ul>\n<h2>Sonu\u00e7: Yeni Bir Finansal Ekosistemin Do\u011fu\u015fu<\/h2>\n<p>Tera Finansal Yat\u0131r\u0131mlar Holding, 2025 y\u0131l\u0131n\u0131 bir &#8220;metamorfoz y\u0131l\u0131&#8221; olarak tamamlad\u0131. Tekstilden tamamen ar\u0131nan, sermayesini be\u015f kat\u0131na \u00e7\u0131karmay\u0131 hedefleyen ve rotas\u0131n\u0131 Asya Pasifik&#8217;ten dijital finans i\u015ftiraklerine kadar geni\u015f bir spektruma k\u0131ran bu yeni yap\u0131, T\u00fcrkiye&#8217;nin holding modeline farkl\u0131 bir soluk getiriyor.<\/p>\n<p>Peki, Tera&#8217;n\u0131n tekstil miras\u0131ndan s\u0131yr\u0131l\u0131p y\u00fcksek kald\u0131ra\u00e7l\u0131 bir dijital finans ekosistemine bu denli h\u0131zl\u0131 ge\u00e7i\u015fi, T\u00fcrkiye&#8217;nin yeni ekonomisindeki &#8220;Holding&#8221; modelini yeniden tan\u0131mlamay\u0131 ba\u015farabilecek mi?<\/p>\n<p>&nbsp;<\/p>\n<h1>Tera Finansal Yat\u0131r\u0131mlar Holding A.\u015e. 2025 Y\u0131l\u0131 Bilgilendirme Dok\u00fcman\u0131<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>2025 y\u0131l\u0131, Tera Finansal Yat\u0131r\u0131mlar Holding A.\u015e. (eski ad\u0131yla Dagi Yat\u0131r\u0131m Holding A.\u015e.) i\u00e7in k\u00f6kl\u00fc bir stratejik d\u00f6n\u00fc\u015f\u00fcm ve kurumsal yeniden yap\u0131lanma y\u0131l\u0131 olmu\u015ftur. \u015eirketin kontrol\u00fcn\u00fcn Tera Grubu&#8217;na ge\u00e7mesiyle ba\u015flayan s\u00fcre\u00e7; unvan de\u011fi\u015fikli\u011fi, y\u00f6netim kadrosunun yenilenmesi ve yat\u0131r\u0131m oda\u011f\u0131n\u0131n tekstil gibi sekt\u00f6rlerden finansal hizmetlere kayd\u0131r\u0131lmas\u0131yla sonu\u00e7lanm\u0131\u015ft\u0131r.<\/p>\n<p>Bu d\u00f6nemde \u015firket, 2024 y\u0131l\u0131ndaki yakla\u015f\u0131k 90 milyon TL&#8217;lik net zarar\u0131n ard\u0131ndan, 2025 y\u0131l\u0131n\u0131 65,9 milyon TL net k\u00e2rla kapatarak g\u00fc\u00e7l\u00fc bir finansal geri d\u00f6n\u00fc\u015f sergilemi\u015ftir. Toplam varl\u0131klar bir \u00f6nceki y\u0131la g\u00f6re %138 oran\u0131nda artarak 380,7 milyon TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. \u015eirket, b\u00fcy\u00fcme stratejisi kapsam\u0131nda Prive Sigorta ve Tera Portf\u00f6y gibi finansal i\u015ftiraklere yat\u0131r\u0131m yapm\u0131\u015f, ayr\u0131ca Asya-Pasifik b\u00f6lgesinde bir kat\u0131l\u0131m bankas\u0131 sat\u0131n alma s\u00fcrecini ba\u015flatm\u0131\u015ft\u0131r. Sermaye yap\u0131s\u0131n\u0131 g\u00fc\u00e7lendirmek amac\u0131yla \u00e7\u0131kar\u0131lm\u0131\u015f sermayenin 30 milyon TL&#8217;den 150 milyon TL&#8217;ye y\u00fckseltilmesi i\u00e7in SPK ba\u015fvurusu ger\u00e7ekle\u015ftirilmi\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>1. Kurumsal D\u00f6n\u00fc\u015f\u00fcm ve Stratejik Yap\u0131lanma<\/h2>\n<h3>Sahiplik De\u011fi\u015fimi ve Unvan De\u011fi\u015fikli\u011fi<\/h3>\n<p>\u015eirketin m\u00fclkiyet yap\u0131s\u0131 ve y\u00f6netim kontrol\u00fc 2025 y\u0131l\u0131 ba\u015f\u0131nda temelden de\u011fi\u015fmi\u015ftir:<\/p>\n<ul>\n<li><b>26 \u015eubat 2025:<\/b> Mahmut Nedim Ko\u00e7&#8217;a ait olan ve \u015firket sermayesinin %41,21&#8217;ini temsil eden paylar Tera Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e. taraf\u0131ndan sat\u0131n al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<li><b>03 Mart 2025:<\/b> Y\u00f6netim kontrol\u00fc resmen Tera Grubu&#8217;na devredilmi\u015f; Emre Tezmen Y\u00f6netim Kurulu Ba\u015fkan\u0131 olarak atanm\u0131\u015ft\u0131r.<\/li>\n<li><b>04-06 A\u011fustos 2025:<\/b> \u015eirketin &#8220;Dagi Yat\u0131r\u0131m Holding A.\u015e.&#8221; olan unvan\u0131 &#8220;Tera Finansal Yat\u0131r\u0131mlar Holding A.\u015e.&#8221; olarak tescil edilmi\u015f ve kamuoyuna duyurulmu\u015ftur.<\/li>\n<\/ul>\n<h3>Vizyon, Misyon ve Yeni Strateji<\/h3>\n<p>\u015eirket, &#8220;yat\u0131r\u0131mc\u0131lar\u0131n g\u00fcvenle tercih etti\u011fi, dijital altyap\u0131s\u0131 g\u00fc\u00e7l\u00fc ve inovatif bir finansal yat\u0131r\u0131m \u015firketi olma&#8221; vizyonunu benimsemi\u015ftir.<\/p>\n<ul>\n<li><b>Odak Noktas\u0131:<\/b> Sanayi ve turizm gibi alanlarda yetkisi bulunmakla birlikte, 2025 itibar\u0131yla temel stratejik odak &#8220;finansal yat\u0131r\u0131mlar&#8221; olarak belirlenmi\u015ftir.<\/li>\n<li><b>Varl\u0131k Devri:<\/b> Finansal yat\u0131r\u0131mlara kaynak olu\u015fturmak amac\u0131yla haz\u0131r giyim sekt\u00f6r\u00fcnde faaliyet g\u00f6steren ba\u011fl\u0131 ortakl\u0131\u011f\u0131 <b>Eros Tekstil<\/b>, 156,1 milyon TL bedelle devredilmi\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>2. Y\u00f6netim Kurulu ve Kurumsal Y\u00f6netim<\/h2>\n<h3>Y\u00f6netim Kurulu Yap\u0131s\u0131<\/h3>\n<p>\u015eirketin y\u00f6netim kadrosu, finans ve kamu y\u00f6netimi alan\u0131nda y\u00fcksek tecr\u00fcbeye sahip isimlerden olu\u015fmaktad\u0131r:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ad\u0131 Soyad\u0131<\/td>\n<td>G\u00f6revi<\/td>\n<td>Mesleki Arka Plan \u00d6zeti<\/td>\n<\/tr>\n<tr>\n<td><b>Emre Tezmen (CFA)<\/b><\/td>\n<td>Y\u00f6netim Kurulu Ba\u015fkan\u0131<\/td>\n<td>Tera Grubu kurucusu, MKK Y\u00f6netim Kurulu \u00dcyesi, finans sekt\u00f6r\u00fcnde 30 y\u0131la yak\u0131n deneyim.<\/td>\n<\/tr>\n<tr>\n<td><b>Erkan Kilimci<\/b><\/td>\n<td>Ba\u015fkan Vekili<\/td>\n<td>Eski TCMB Ba\u015fkan Yard\u0131mc\u0131s\u0131, Bo\u011fazi\u00e7i \u00dcniversitesi mezunu, bankac\u0131l\u0131k ve ekonomi uzman\u0131.<\/td>\n<\/tr>\n<tr>\n<td><b>G\u00fcl Ay\u015fe \u00c7olak (CFA)<\/b><\/td>\n<td>\u00dcye<\/td>\n<td>Tera Yat\u0131r\u0131m kurucu orta\u011f\u0131, portf\u00f6y y\u00f6netimi ve ara\u015ft\u0131rma uzman\u0131.<\/td>\n<\/tr>\n<tr>\n<td><b>Emir M\u00fcnir Sarpyener<\/b><\/td>\n<td>\u00dcye<\/td>\n<td>Eski Raymond James CEO&#8217;su, T\u00fcrk sermaye piyasalar\u0131nda 30 y\u0131ll\u0131k deneyim.<\/td>\n<\/tr>\n<tr>\n<td><b>Kadir Boy<\/b><\/td>\n<td>Ba\u011f\u0131ms\u0131z \u00dcye<\/td>\n<td>Eski \u0130stanbul Defterdar\u0131 ve Maliye Bakanl\u0131\u011f\u0131 M\u00fcste\u015far Yard\u0131mc\u0131s\u0131.<\/td>\n<\/tr>\n<tr>\n<td><b>G\u00fcrkan Parlaka\u00e7<\/b><\/td>\n<td>Ba\u011f\u0131ms\u0131z \u00dcye<\/td>\n<td>Teknoloji ve giri\u015fim sermayesi yat\u0131r\u0131mc\u0131s\u0131, blockchain uzman\u0131.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Komiteler ve Denetim<\/h3>\n<p>Kurumsal y\u00f6netim ilkeleri \u00e7er\u00e7evesinde \u00fc\u00e7 ana komite faaliyet g\u00f6stermektedir:<\/p>\n<ol>\n<li><b>Denetim Komitesi:<\/b> Mali tablolar\u0131n ger\u00e7e\u011fe uygunlu\u011funu ve i\u00e7 kontrol sistemini denetler. (Ba\u015fkan: Kadir Boy)<\/li>\n<li><b>Kurumsal Y\u00f6netim Komitesi:<\/b> Aday g\u00f6sterme ve \u00fccretlendirme g\u00f6revlerini de \u00fcstlenir. (Ba\u015fkan: Kadir Boy)<\/li>\n<li><b>Riskin Erken Saptanmas\u0131 Komitesi:<\/b> \u015eirketin varl\u0131\u011f\u0131n\u0131 tehlikeye d\u00fc\u015f\u00fcrebilecek riskleri izler. (Ba\u015fkan: G\u00fcrkan Parlaka\u00e7)<\/li>\n<\/ol>\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. Finansal Performans Analizi<\/h2>\n<p>2025 y\u0131l\u0131 finansal tablolar\u0131, \u015firketin aktif b\u00fcy\u00fckl\u00fc\u011f\u00fcnde ve karl\u0131l\u0131\u011f\u0131nda belirgin bir ivme oldu\u011funu g\u00f6stermektedir.<\/p>\n<h3>\u00d6zet Finansal G\u00f6stergeler (TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nen Varl\u0131klar<\/td>\n<td>10.978.166<\/td>\n<td>14.250.752<\/td>\n<td>%30<\/td>\n<\/tr>\n<tr>\n<td>Duran Varl\u0131klar<\/td>\n<td>148.911.130<\/td>\n<td>366.465.421<\/td>\n<td>%146<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>159.889.296<\/b><\/td>\n<td><b>380.716.173<\/b><\/td>\n<td><b>%138<\/b><\/td>\n<\/tr>\n<tr>\n<td>\u00d6zkaynaklar<\/td>\n<td>92.099.838<\/td>\n<td>157.677.046<\/td>\n<td>%71<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Net K\u00e2r\u0131 \/ Zarar\u0131<\/b><\/td>\n<td><b>(90.157.065)<\/b><\/td>\n<td><b>65.950.065<\/b><\/td>\n<td><b>-%173<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>\u00d6nemli Finansal Oranlar<\/h3>\n<ul>\n<li><b>Cari Oran:<\/b> 0,06 (2024: 0,16).<\/li>\n<li><b>Kald\u0131ra\u00e7 Oran\u0131:<\/b> %141 (2024: %74).<\/li>\n<li><b>Bor\u00e7luluk Oran\u0131:<\/b> %59 (2024: %42).<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetlerinden Gelirler:<\/b> 2025 y\u0131l\u0131nda 116,6 milyon TL seviyesinde ger\u00e7ekle\u015ferek k\u00e2rl\u0131l\u0131\u011f\u0131n ana itici g\u00fcc\u00fc olmu\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>4. \u00d6nemli Yat\u0131r\u0131mlar ve Operasyonel Geli\u015fmeler<\/h2>\n<h3>\u0130\u015ftirak Edinimleri<\/h3>\n<ul>\n<li><b>Tera Portf\u00f6y Y\u00f6netimi A.\u015e.:<\/b> \u015eirket sermayesinin %1&#8217;ine denk gelen paylar 106,5 milyon TL bedelle devral\u0131nm\u0131\u015ft\u0131r.<\/li>\n<li><b>Prive Sigorta A.\u015e.:<\/b> \u015eirket sermayesinin %9&#8217;una ili\u015fkin pay devri tamamlanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>Sermaye Art\u0131r\u0131m\u0131 S\u00fcreci<\/h3>\n<p>21 Kas\u0131m 2025 tarihinde SPK&#8217;ya yap\u0131lan ba\u015fvuru ile:<\/p>\n<ul>\n<li>\u00c7\u0131kar\u0131lm\u0131\u015f sermayenin 30 milyon TL&#8217;den <b>150 milyon TL<\/b>&#8216;ye y\u00fckseltilmesi planlanmaktad\u0131r.<\/li>\n<li>Art\u0131\u015f\u0131n 30 milyon TL&#8217;si i\u00e7 kaynaklardan (bedelsiz), 90 milyon TL&#8217;si nakden (bedelli) kar\u015f\u0131lanacakt\u0131r.<\/li>\n<li>Elde edilecek yakla\u015f\u0131k 89 milyon TL&#8217;lik net fonun %42,23&#8217;\u00fc Prive Sigorta pay devral\u0131m\u0131, %57,77&#8217;si ise yeni yat\u0131r\u0131mlar i\u00e7in kullan\u0131lacakt\u0131r.<\/li>\n<\/ul>\n<h3>Raporlama D\u00f6nemi Sonras\u0131 Geli\u015fmeler (2026 Ba\u015flang\u0131c\u0131)<\/h3>\n<ul>\n<li><b>Kat\u0131l\u0131m Bankas\u0131 Teklifi:<\/b> Asya-Pasifik b\u00f6lgesinde faaliyet g\u00f6steren bir kat\u0131l\u0131m bankas\u0131n\u0131n sat\u0131n al\u0131nmas\u0131 i\u00e7in ba\u011flay\u0131c\u0131 olmayan teklif verilmi\u015f, detayl\u0131 inceleme (due diligence) s\u00fcreci ba\u015flat\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Papara \u0130halesi:<\/b> TMSF taraf\u0131ndan sat\u0131\u015fa \u00e7\u0131kar\u0131lan PPR Holding (Papara Grubu) i\u015ftiraklerinin pay sat\u0131\u015f\u0131 ihalesi i\u00e7in \u015fartname temin edilmi\u015f ve inceleme s\u00fcrecine girilmi\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>5. Ekonomik G\u00f6r\u00fcn\u00fcm ve Piyasa Performans\u0131<\/h2>\n<h3>Makroekonomik Ba\u011flam<\/h3>\n<ul>\n<li><b>T\u00fcrkiye 2025:<\/b> Y\u0131l sonu enflasyonu (T\u00dcFE) %30,9 olarak ger\u00e7ekle\u015fmi\u015f, g\u0131da enflasyonu %32,3 ile y\u00fcksek seyretmi\u015ftir. Sanayi \u00fcretimi %2,6 b\u00fcy\u00fcrken, tekstil sekt\u00f6r\u00fc %14 daralarak \u015firketin tekstilden \u00e7\u0131k\u0131\u015f stratejisinin hakl\u0131l\u0131\u011f\u0131n\u0131 desteklemi\u015ftir.<\/li>\n<li><b>K\u00fcresel G\u00f6r\u00fcn\u00fcm (2026):<\/b> K\u00fcresel b\u00fcy\u00fcmenin %3,3, T\u00fcrkiye b\u00fcy\u00fcmesinin ise %4,2 seviyesinde ger\u00e7ekle\u015fmesi beklenmektedir.<\/li>\n<\/ul>\n<h3>Hisse Senedi Performans\u0131 (2025)<\/h3>\n<ul>\n<li><b>En D\u00fc\u015f\u00fck Fiyat:<\/b> 14,30 TL.<\/li>\n<li><b>En Y\u00fcksek Fiyat:<\/b> 860,00 TL.<\/li>\n<li><b>Y\u0131l Sonu Kapan\u0131\u015f:<\/b> 583,50 TL.<\/li>\n<li><b>Trend:<\/b> 2025 y\u0131l\u0131 boyunca genel bir y\u00fckseli\u015f trendi hakim olmu\u015f, Kas\u0131m ay\u0131ndaki d\u00fc\u015f\u00fc\u015f\u00fcn ard\u0131ndan Aral\u0131k ay\u0131nda tekrar toparlanma g\u00f6zlenmi\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>6. Kurumsal Politikalar ve Uyum<\/h2>\n<ul>\n<li><b>Kar Da\u011f\u0131t\u0131m Politikas\u0131:<\/b> Pay sahiplerinin menfaatleri ile \u015firket b\u00fcy\u00fcme hedefleri aras\u0131nda denge g\u00f6zetilmektedir. 2025 d\u00f6neminde k\u00e2r\u0131n da\u011f\u0131t\u0131lmamas\u0131, finansal yap\u0131n\u0131n g\u00fc\u00e7lendirilmesi amac\u0131yla Genel Kurul&#8217;da a\u00e7\u0131klanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Etik \u0130lkeler:<\/b> \u015eeffafl\u0131k, d\u00fcr\u00fcstl\u00fck ve adil rekabet ilkeleri do\u011frultusunda &#8220;\u0130\u015f Eti\u011fi Kurallar\u0131&#8221; olu\u015fturulmu\u015f ve kamuya a\u00e7\u0131klanm\u0131\u015ft\u0131r.<\/li>\n<li><b>S\u00fcrd\u00fcr\u00fclebilirlik:<\/b> Hen\u00fcz kapsaml\u0131 bir \u00c7SY (\u00c7evresel, Sosyal, Y\u00f6neti\u015fim) politikas\u0131 yaz\u0131l\u0131 hale getirilmemi\u015f olsa da, y\u00f6netim kararlar\u0131nda bu riskler etkin bir \u015fekilde g\u00f6zetilmektedir. \u0130lgili ilkelerin tam uyumu i\u00e7in \u00e7al\u0131\u015fmalar s\u00fcrmektedir.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"1475\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Tera Finansal Yat\u0131r\u0131mlar Holding\u2019den 2025 Y\u0131l\u0131nda Dev D\u00f6n\u00fc\u015f\u00fcm ve Karl\u0131l\u0131k Rekoru!<br \/>\nTera Finansal Yat\u0131r\u0131mlar Holding A.\u015e., 2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131n\u0131 ve stratejik hedeflerini a\u00e7\u0131klad\u0131. Bir \u00f6nceki y\u0131l\u0131 zararla kapatan \u015firket, 65,9 milyon TL net kar a\u00e7\u0131klayarak finans sekt\u00f6r\u00fcndeki yeni vizyonunun meyvelerini toplamaya ba\u015flad\u0131. Dagi Yat\u0131r\u0131m&#8217;dan Tera Finansal&#8217;a uzanan bu de\u011fi\u015fim s\u00fcrecinde; Eros Tekstil&#8217;in elden \u00e7\u0131kar\u0131lmas\u0131, Prive Sigorta ve Tera Portf\u00f6y yat\u0131r\u0131mlar\u0131 ile Asya Pasifik\u2019te banka sat\u0131n alma hamlesi gibi kritik geli\u015fmelere imza at\u0131ld\u0131. \u015eirketin sermaye art\u0131r\u0131m\u0131 planlar\u0131 ve finans d\u00fcnyas\u0131ndaki yeni rotas\u0131na dair t\u00fcm detaylar\u0131 inceledi\u011fimiz yaz\u0131m\u0131z yay\u0131nda!<br \/>\n[Devam\u0131n\u0131 Oku&#8230;]<\/p>\n","protected":false},"author":11,"featured_media":1297,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[251],"tags":[275],"class_list":["post-1475","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-faaliyetraporuanalizi","tag-trhol"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1475","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=1475"}],"version-history":[{"count":4,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1475\/revisions"}],"predecessor-version":[{"id":1503,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1475\/revisions\/1503"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/1297"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=1475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1475"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}