{"id":1595,"date":"2026-03-05T02:20:13","date_gmt":"2026-03-04T23:20:13","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1595"},"modified":"2026-03-05T02:21:27","modified_gmt":"2026-03-04T23:21:27","slug":"ttkom-bilano-analizi-202512-trk-telekomnikasyon-a","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1595","title":{"rendered":"\ud83c\uddf9\ud83c\uddf7 TTKOM Bilan\u00e7o Analizi 2025\/12 | T\u00fcrk Telekom\u00fcnikasyon A.\u015e."},"content":{"rendered":"<p><iframe loading=\"lazy\" style=\"border-radius: 12px;\" src=\"https:\/\/open.spotify.com\/embed\/episode\/5LhZ70CAizM1eZndfP08C1?utm_source=generator&amp;t=0\" width=\"100%\" height=\"352\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-testid=\"embed-iframe\"><\/iframe><\/p>\n<h1>T\u00fcrk Telekom 2025: Bir Teknoloji Devinin Finansal R\u00f6ntgeni ve 2050 Vizyonu<\/h1>\n<h3>Say\u0131lar\u0131n \u00d6tesindeki Hikaye: Enflasyon \u00c7a\u011f\u0131nda Stratejik Dayan\u0131kl\u0131l\u0131k<\/h3>\n<p>Devasa bir telekom\u00fcnikasyon \u015firketinin y\u0131ll\u0131k finansal raporu, ilk bak\u0131\u015fta sadece muhasebecileri ilgilendiren kuru rakam y\u0131\u011f\u0131nlar\u0131 gibi g\u00f6r\u00fcnebilir. Ancak T\u00fcrk Telekom\u2019un 2025 y\u0131l\u0131 konsolide raporu, rakamlar\u0131n \u00e7ok \u00f6tesinde stratejik bir hikaye anlat\u0131yor: T\u00fcrkiye\u2019nin dijital gelece\u011finin 25 y\u0131ll\u0131k teminat\u0131 ve enflasyonist bask\u0131lar alt\u0131nda bir devin nas\u0131l &#8220;bilan\u00e7o tahkimat\u0131&#8221; ger\u00e7ekle\u015ftirdi\u011fi.<\/p>\n<p>K\u0131demli bir finansal analist g\u00f6z\u00fcyle bak\u0131ld\u0131\u011f\u0131nda, bu rapor sadece bir k\u00e2r beyan\u0131 de\u011fil; 2050 vizyonuna giden yolda d\u00f6\u015fenen mali ta\u015flar\u0131n d\u00f6k\u00fcm\u00fcd\u00fcr. Enflasyon muhasebesinin (TMS 29) rakamlar\u0131 maskeleyebildi\u011fi bir d\u00f6nemde, T\u00fcrk Telekom\u2019un operasyonel kald\u0131ra\u00e7 g\u00fcc\u00fcn\u00fc nas\u0131l kulland\u0131\u011f\u0131n\u0131 ve likidite pozisyonunu neden %580 oran\u0131nda art\u0131rd\u0131\u011f\u0131n\u0131 anlamak, \u015firketin ger\u00e7ek sa\u011fl\u0131\u011f\u0131n\u0131 analiz etmek i\u00e7in kritiktir.<\/p>\n<h3>2050\u2019ye Kadar Kesintisiz Ba\u011flant\u0131: \u0130mtiyaz S\u00f6zle\u015fmesi Yenilendi<\/h3>\n<p>T\u00fcrk Telekom\u2019un 2025 y\u0131l\u0131ndaki en kritik ve oyun kurucu hamlesi, Bilgi Teknolojileri ve \u0130leti\u015fim Kurumu (BTK) ile imzalanan &#8220;Elektronik Haberle\u015fme Hizmetlerinin Y\u00fcr\u00fct\u00fclmesine \u0130li\u015fkin Uzat\u0131m S\u00f6zle\u015fmesi&#8221;dir. \u015eirketin gelecekteki \u00e7eyrek asr\u0131n\u0131 garanti alt\u0131na alan bu anla\u015fma, imtiyaz s\u00fcresini 28 \u015eubat 2050 tarihine kadar uzatm\u0131\u015ft\u0131r.<\/p>\n<p>Bu stratejik g\u00fcvencenin bedeli, \u015firketin gelece\u011fe olan inanc\u0131n\u0131 simgeleyen devasa bir tutard\u0131r: <b>2,5 milyar ABD Dolar\u0131 + KDV<\/b>. \u00d6deme takvimi ise nakit ak\u0131\u015f y\u00f6netimi a\u00e7\u0131s\u0131ndan titizlikle planlanm\u0131\u015ft\u0131r; uzat\u0131m bedeli 2026 y\u0131l\u0131ndan ba\u015flayarak 10 y\u0131la yay\u0131lan taksitlerle \u00f6denecektir. Bu imtiyaz, T\u00fcrk Telekom\u2019un sadece bir hizmet sa\u011flay\u0131c\u0131 de\u011fil, T\u00fcrkiye\u2019nin ana teknolojik omurgas\u0131n\u0131n yeg\u00e2ne sahibi olma konumunu peki\u015ftirmektedir.<\/p>\n<h3>K\u00e2r Tablosunda B\u00fcy\u00fck S\u0131\u00e7rama: Operasyonel G\u00fcc\u00fcn Zaferi<\/h3>\n<p>2025 y\u0131l\u0131 finansal tablolar\u0131nda en \u00e7arp\u0131c\u0131 nokta, k\u00e2rl\u0131l\u0131ktaki niteliksel art\u0131\u015ft\u0131r. 2024 y\u0131l\u0131nda <b>11.068.445 bin TL<\/b> olan konsolide net d\u00f6nem k\u00e2r\u0131, 2025 y\u0131l\u0131 sonunda %100\u2019\u00fcn \u00fczerinde bir art\u0131\u015fla <b>22.980.532 bin TL<\/b> seviyesine ula\u015fm\u0131\u015ft\u0131r.<\/p>\n<p>Bu k\u00e2r art\u0131\u015f\u0131n\u0131 &#8220;\u015fa\u015f\u0131rt\u0131c\u0131&#8221; k\u0131lan temel unsur, \u015firketin maruz kald\u0131\u011f\u0131 maliyet bask\u0131lar\u0131na ra\u011fmen sergiledi\u011fi diren\u00e7tir. Has\u0131lat\u0131n enflasyona g\u00f6re d\u00fczeltilmi\u015f rakamlarla 211,6 milyar TL\u2019den <b>242,23 milyar TL<\/b>\u2019ye y\u00fckselmesi, b\u00fcy\u00fcmenin operasyonel bir zemine oturdu\u011funu kan\u0131tlamaktad\u0131r. Daha da \u00f6nemlisi, \u015firket <b>6,9 milyar TL<\/b> (6.905.161 bin TL) gibi ciddi bir cari d\u00f6nem vergi gideriyle kar\u015f\u0131la\u015fmas\u0131na ra\u011fmen net k\u00e2r\u0131n\u0131 ikiye katlamay\u0131 ba\u015farm\u0131\u015ft\u0131r. Operasyonel sa\u011fl\u0131\u011f\u0131n en saf g\u00f6stergesi olan FAV\u00d6K (EBITDA) ise 82,66 milyar TL\u2019den <b>99,39 milyar TL<\/b>\u2019ye \u00e7\u0131karak \u015firketin nakit \u00fcretme kapasitesindeki ivmeyi do\u011frulam\u0131\u015ft\u0131r.<\/p>\n<h3>Enflasyon Muhasebesi (TMS 29): Rakamlar\u0131n Ard\u0131ndaki &#8220;G\u00f6r\u00fcnmez El&#8221;<\/h3>\n<p>Y\u00fcksek enflasyon ortam\u0131nda finansal tablolar\u0131n ger\u00e7ekli\u011fini anlamak i\u00e7in TMS 29 standard\u0131n\u0131n etkilerini ayr\u0131\u015ft\u0131rmak gerekir. T\u00fcrk Telekom, 2025 y\u0131l\u0131nda <b>17,86 milyar TL<\/b> tutar\u0131nda &#8220;Net Parasal Pozisyon Kazanc\u0131&#8221; kaydetmi\u015ftir.<\/p>\n<p>Analitik bir perspektifle, bu &#8220;g\u00f6r\u00fcnmez&#8221; kazan\u00e7, \u015firketin net parasal y\u00fck\u00fcml\u00fcl\u00fck (bor\u00e7) pozisyonunun nakit varl\u0131klar\u0131ndan daha y\u00fcksek olmas\u0131n\u0131n bir sonucudur. Enflasyonist bir ekonomide bor\u00e7lu kalmak, borcun reel de\u011ferinin d\u00fc\u015fmesi nedeniyle ka\u011f\u0131t \u00fczerinde bir kazan\u00e7 yarat\u0131r. T\u00fcrk Telekom, bu finansal dinami\u011fi ak\u0131ll\u0131ca y\u00f6neterek sat\u0131n alma g\u00fcc\u00fcn\u00fc korumu\u015f ve enflasyonun a\u015f\u0131nd\u0131r\u0131c\u0131 etkisini bilan\u00e7osunda bir avantaja d\u00f6n\u00fc\u015ft\u00fcrm\u00fc\u015ft\u00fcr.<\/p>\n<h3>K\u00fcresel Bor\u00e7lanma Stratejisi ve Likidite Patlamas\u0131<\/h3>\n<p>\u015eirket, 2025 y\u0131l\u0131nda d\u0131\u015f kaynak kullan\u0131m\u0131nda tam bir &#8220;\u00e7eviklik&#8221; sergilemi\u015ftir. Ekim 2025\u2019te ger\u00e7ekle\u015ftirilen 600 milyon dolarl\u0131k Eurobond ve yine 600 milyon dolarl\u0131k Sukuk (kira sertifikas\u0131) ihra\u00e7lar\u0131, \u0130rlanda Borsas\u0131\u2019ndaki kotasyonlar\u0131yla k\u00fcresel yat\u0131r\u0131mc\u0131n\u0131n g\u00fcvenini teyit etmi\u015ftir. Ayr\u0131ca Kas\u0131m 2024\u2019teki 250 milyon TL\u2019lik Sukuk ihrac\u0131, \u015firketin bor\u00e7lanma ara\u00e7lar\u0131ndaki \u00e7e\u015fitlilik stratejisini g\u00f6stermektedir.<\/p>\n<p>Bu bor\u00e7lanma trafi\u011finin en stratejik sonucu ise bilan\u00e7odaki nakit mevcudunda g\u00f6r\u00fclmektedir. \u015eirketin &#8220;Nakit ve nakit benzerleri&#8221; kalemi, 2024 sonundaki 9,86 milyar TL seviyesinden inan\u0131lmaz bir art\u0131\u015fla <b>66,94 milyar TL<\/b>\u2019ye f\u0131rlam\u0131\u015ft\u0131r. Bu %580\u2019lik likidite art\u0131\u015f\u0131, asl\u0131nda 2026\u2019da ba\u015flayacak olan 2,5 milyar dolarl\u0131k imtiyaz \u00f6demeleri i\u00e7in haz\u0131rlanan devasa bir &#8220;sava\u015f sand\u0131\u011f\u0131&#8221; (war chest) niteli\u011findedir.<\/p>\n<h3>Altyap\u0131 Yat\u0131r\u0131mlar\u0131nda Dev Ad\u0131mlar: Maddi Olmayan Duran Varl\u0131klar<\/h3>\n<p>\u015eirketin imtiyaz yenileme hamlesi, bilan\u00e7odaki &#8220;Maddi Olmayan Duran Varl\u0131klar&#8221; grubuna do\u011frudan yans\u0131m\u0131\u015ft\u0131r. \u0130mtiyaz s\u00f6zle\u015fmesinden do\u011fan haklar\u0131n kay\u0131tl\u0131 de\u011feri <b>62,22 milyar TL<\/b>\u2019ye y\u00fckselmi\u015ftir. Bu rakam, sadece bir muhasebe kalemi de\u011fil, fiber altyap\u0131dan yeni nesil ileti\u015fim teknolojilerine kadar uzanan devasa bir yat\u0131r\u0131m\u0131n m\u00fch\u00fcr\u00fcd\u00fcr.<\/p>\n<p>Rapor, bu haklar\u0131n ve altyap\u0131n\u0131n do\u011fas\u0131n\u0131 \u015fu hukuki ve stratejik notla \u00f6zetlemektedir:<\/p>\n<p>&#8220;\u0130mtiyaz S\u00f6zle\u015fmesinin s\u00fcresinin sona ermesi veya yenilenmemesi halinde, \u015eirket sistemin i\u015fleyi\u015fini etkileyen t\u00fcm te\u00e7hizat\u0131 b\u00fct\u00fcn fonksiyonlar\u0131 ile \u00e7al\u0131\u015f\u0131r vaziyette ve bu te\u00e7hizat\u0131n kurulu bulundu\u011fu, kendi kullan\u0131m\u0131nda olan ta\u015f\u0131nmazlar\u0131 BTK\u2019ya veya BTK\u2019n\u0131n g\u00f6sterece\u011fi kurulu\u015fa bedelsiz olarak devredecektir.&#8221;<\/p>\n<h3>Sonu\u00e7: 2026 ve \u00d6tesine Bak\u0131\u015f<\/h3>\n<p>T\u00fcrk Telekom i\u00e7in 2025 y\u0131l\u0131, sadece rekor k\u00e2rlar\u0131n elde edildi\u011fi bir takvim y\u0131l\u0131 de\u011fil; \u00f6n\u00fcm\u00fczdeki \u00e7eyrek asr\u0131n finansal ve hukuki z\u0131rh\u0131n\u0131n ku\u015fan\u0131ld\u0131\u011f\u0131 bir &#8220;d\u00f6n\u00fc\u015f\u00fcm y\u0131l\u0131&#8221; olmu\u015ftur. \u015eirket; 99,4 milyar TL\u2019lik operasyonel nakit \u00fcretme g\u00fcc\u00fc, 67 milyar TL\u2019ye yakla\u015fan nakit rezervi ve 2050\u2019ye uzanan lisans g\u00fcvencesiyle 2026 y\u0131l\u0131na hi\u00e7 olmad\u0131\u011f\u0131 kadar diren\u00e7li girmektedir.<\/p>\n<p>Peki, 2050 y\u0131l\u0131na kadar uzanan bu dijital yolculukta, T\u00fcrkiye&#8217;nin teknolojik altyap\u0131s\u0131 bu devasa yat\u0131r\u0131mlarla nas\u0131l bir \u015fekil alacak? Finansal veriler yolun a\u00e7\u0131k oldu\u011funu g\u00f6sterse de, bu dijital otoyolun h\u0131z\u0131, T\u00fcrk Telekom&#8217;un bu muazzam likiditeyi teknolojik inovasyona ne kadar efektif d\u00f6n\u00fc\u015ft\u00fcrece\u011fine ba\u011fl\u0131 olacak.<\/p>\n<p>&nbsp;<\/p>\n<h1>T\u00fcrk Telekom\u00fcnikasyon A.\u015e. 2025 Y\u0131l\u0131 Konsolide Finansal Raporu Brifing Notlar\u0131<\/h1>\n<p>Bu brifing belgesi, T\u00fcrk Telekom\u00fcnikasyon A.\u015e. ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (&#8220;Grup&#8221;) 31 Aral\u0131k 2025 tarihi itibar\u0131yla sona eren hesap d\u00f6nemine ait ba\u011f\u0131ms\u0131z denetimden ge\u00e7mi\u015f konsolide finansal tablolar\u0131n\u0131 ve dipnotlar\u0131n\u0131 sentezlemektedir. Belge, y\u00fcksek enflasyon d\u00fczeltmesi (TMS 29) uygulanm\u0131\u015f veriler \u0131\u015f\u0131\u011f\u0131nda Grubun finansal performans\u0131n\u0131, stratejik geli\u015fmelerini ve operasyonel yap\u0131s\u0131n\u0131 analiz eder.<\/p>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>2025 y\u0131l\u0131, T\u00fcrk Telekom Grubu i\u00e7in hem finansal b\u00fcy\u00fcmenin hem de uzun vadeli stratejik netli\u011fin sa\u011fland\u0131\u011f\u0131 bir y\u0131l olmu\u015ftur. Grubun net d\u00f6nem kar\u0131, \u00f6nceki y\u0131la g\u00f6re %107,6 oran\u0131nda artarak <b>22,98 milyar TL<\/b> seviyesine ula\u015fm\u0131\u015ft\u0131r. Toplam has\u0131lat ise bir \u00f6nceki y\u0131la g\u00f6re %14,5 art\u0131\u015fla <b>242,2 milyar TL<\/b> olarak ger\u00e7ekle\u015fmi\u015ftir.<\/p>\n<p>En kritik geli\u015fme, Bilgi Teknolojileri ve \u0130leti\u015fim Kurumu (BTK) ile imzalanan ve 28 \u015eubat 2050 tarihine kadar ge\u00e7erli olan <b>&#8220;Uzat\u0131m S\u00f6zle\u015fmesi&#8221;<\/b> olmu\u015ftur. Bu anla\u015fma uyar\u0131nca 2,5 milyar ABD Dolar\u0131 + KDV tutar\u0131ndaki bedelin 2026&#8217;dan itibaren 10 y\u0131la yay\u0131larak \u00f6denecek olmas\u0131, Grubun faaliyetlerinin s\u00fcrd\u00fcr\u00fclebilirli\u011fi a\u00e7\u0131s\u0131ndan temel bir d\u00f6n\u00fcm noktas\u0131d\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ana Finansal G\u00f6stergeler (Bin TL)<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Has\u0131lat<\/b><\/td>\n<td>242.228.623<\/td>\n<td>211.588.662<\/td>\n<td>+14,5%<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet Kar\u0131<\/b><\/td>\n<td>48.723.669<\/td>\n<td>33.095.497<\/td>\n<td>+47,2%<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem Kar\u0131<\/b><\/td>\n<td>22.980.532<\/td>\n<td>11.068.445<\/td>\n<td>+107,6%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td>426.658.604<\/td>\n<td>353.745.545<\/td>\n<td>+20,6%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam \u00d6zkaynaklar<\/b><\/td>\n<td>212.437.099<\/td>\n<td>191.222.659<\/td>\n<td>+11,1%<\/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>1. Kurumsal Yap\u0131 ve M\u00fclkiyet Bilgileri<\/h2>\n<p>T\u00fcrk Telekom, T\u00fcrkiye&#8217;nin entegre telekom\u00fcnikasyon lideri olarak karma\u015f\u0131k bir ba\u011fl\u0131 ortakl\u0131k yap\u0131s\u0131n\u0131 y\u00f6netmektedir.<\/p>\n<ul>\n<li><b>Hissedarl\u0131k Yap\u0131s\u0131:<\/b> 31 Aral\u0131k 2025 itibar\u0131yla Grubun ana orta\u011f\u0131 ve kontrol g\u00fcc\u00fcne sahip kurulu\u015fu <b>T\u00fcrkiye Varl\u0131k Fonu&#8217;dur (TVF)<\/b>. TVF, Grubun %61,68 pay\u0131na sahiptir. \u015eirket hisselerinin %15&#8217;i Borsa \u0130stanbul&#8217;da (TTKOM) i\u015flem g\u00f6rmektedir.<\/li>\n<li><b>Ba\u011fl\u0131 Ortakl\u0131klar:<\/b> Grup; TTNet (\u0130nternet), TT Mobil (GSM), Argela (Teknoloji), AssisTT (\u00c7a\u011fr\u0131 Merkezi) ve Sebit (E\u011fitim) gibi %100 oran\u0131nda kontrol etti\u011fi kritik i\u015ftiraklere sahiptir. Ayr\u0131ca TTINT Grubu \u00fczerinden uluslararas\u0131 altyap\u0131 ve bant geni\u015fli\u011fi hizmetleri sunmaktad\u0131r.<\/li>\n<li><b>\u0130nsan Kaynaklar\u0131:<\/b> 2025 sonu itibar\u0131yla toplam personel say\u0131s\u0131 31.779&#8217;dur (2024: 36.607). Personel say\u0131s\u0131ndaki bu d\u00fc\u015f\u00fc\u015f, operasyonel verimlilik odakl\u0131 bir yap\u0131ya i\u015faret etmektedir.<\/li>\n<\/ul>\n<h2>2. Stratejik Geli\u015fmeler: \u0130mtiyaz ve Uzat\u0131m S\u00f6zle\u015fmesi<\/h2>\n<p>Grubun operasyonel gelece\u011fini belirleyen en \u00f6nemli unsur BTK ile olan imtiyaz ili\u015fkisidir.<\/p>\n<ul>\n<li><b>S\u00f6zle\u015fme Uzat\u0131m\u0131:<\/b> Mevcut imtiyaz s\u00f6zle\u015fmesinin s\u00fcresi dolmadan \u00f6nce yap\u0131lan ba\u015fvuru sonucunda, 28 \u015eubat 2050 tarihine kadar ge\u00e7erli olacak yeni bir &#8220;Uzat\u0131m S\u00f6zle\u015fmesi&#8221; imzalanm\u0131\u015ft\u0131r.<\/li>\n<li><b>\u00d6deme Ko\u015fullar\u0131:<\/b> Uzat\u0131m bedeli olarak belirlenen <b>2,5 milyar ABD Dolar\u0131 + KDV<\/b>, 2026 y\u0131l\u0131ndan ba\u015flayarak 10 y\u0131la yay\u0131lan taksitlerle \u00f6denecektir.<\/li>\n<li><b>Devir Y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc:<\/b> S\u00f6zle\u015fme sonunda, sistemin i\u015fleyi\u015fini etkileyen t\u00fcm te\u00e7hizat ve ilgili ta\u015f\u0131nmazlar BTK&#8217;ya bedelsiz olarak devredilecektir.<\/li>\n<\/ul>\n<h2>3. Finansal Performans Analizi<\/h2>\n<h3>Has\u0131lat ve Karl\u0131l\u0131k<\/h3>\n<ul>\n<li><b>Br\u00fct Kar:<\/b> Sat\u0131\u015flar\u0131n maliyetindeki %5,4&#8217;l\u00fck s\u0131n\u0131rl\u0131 art\u0131\u015fa kar\u015f\u0131n has\u0131lattaki %14,5&#8217;lik b\u00fcy\u00fcme, br\u00fct kar\u0131n %30 artarak 101,2 milyar TL&#8217;ye ula\u015fmas\u0131n\u0131 sa\u011flam\u0131\u015ft\u0131r.<\/li>\n<li><b>FAV\u00d6K Performans\u0131:<\/b> Grup y\u00f6netimi performans \u00f6l\u00e7\u00fct\u00fc olarak FAV\u00d6K&#8217;\u00fc (Faiz, Vergi, Amortisman \u00d6ncesi Kar) kullanmaktad\u0131r. 2025 y\u0131l\u0131 toplam FAV\u00d6K tutar\u0131 <b>99,39 milyar TL<\/b> olarak ger\u00e7ekle\u015fmi\u015ftir (2024: 82,66 milyar TL).<\/li>\n<li><b>Net Parasal Pozisyon:<\/b> Enflasyon muhasebesi (TMS 29) uygulamas\u0131 sonucunda Grup, 17,86 milyar TL net parasal pozisyon kazanc\u0131 kaydetmi\u015ftir. Bu rakam \u00f6nceki y\u0131l 30,63 milyar TL seviyesindeydi.<\/li>\n<\/ul>\n<h3>Finansman ve Bor\u00e7 Yap\u0131s\u0131<\/h3>\n<p>Grup, faaliyetlerini ve yat\u0131r\u0131mlar\u0131n\u0131 finanse etmek i\u00e7in yo\u011fun bir bor\u00e7lanma ve sermaye piyasas\u0131 arac\u0131 kullan\u0131m\u0131 i\u00e7indedir.<\/p>\n<ul>\n<li><b>Banka Kredileri:<\/b> Toplam banka kredileri 45,97 milyar TL&#8217;dir. Bu bor\u00e7lar\u0131n b\u00fcy\u00fck \u00e7o\u011funlu\u011fu ABD Dolar\u0131 ve Avro cinsinden de\u011fi\u015fken faizli teminats\u0131z kredilerdir.<\/li>\n<li><b>\u0130hra\u00e7 Edilen Tahviller:<\/b> 2025 y\u0131l\u0131nda finansman \u00e7e\u015fitlili\u011fi art\u0131r\u0131lm\u0131\u015ft\u0131r:\n<ul>\n<li>Ekim 2025&#8217;te 600 milyon ABD Dolar\u0131 tutar\u0131nda 7 y\u0131l vadeli tahvil ihrac\u0131.<\/li>\n<li>Ekim 2025&#8217;te 600 milyon ABD Dolar\u0131 tutar\u0131nda 5 y\u0131l vadeli kira sertifikas\u0131 (sukuk) ihrac\u0131.<\/li>\n<li>Toplam ihra\u00e7 edilmi\u015f bor\u00e7lanma ara\u00e7lar\u0131 <b>73,54 milyar TL<\/b>&#8216;ye ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2>4. Faaliyet B\u00f6l\u00fcmleri Analizi<\/h2>\n<p>Grup faaliyetlerini &#8220;Sabit Hat&#8221; ve &#8220;Mobil&#8221; olmak \u00fczere iki ana segmentte raporlamaktad\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>B\u00f6l\u00fcm Bazl\u0131 Katk\u0131 (Bin TL)<\/td>\n<td>Sabit Hat<\/td>\n<td>Mobil<\/td>\n<\/tr>\n<tr>\n<td><b>Konsolide Gelire Katk\u0131<\/b><\/td>\n<td>144.267.282<\/td>\n<td>97.961.341<\/td>\n<\/tr>\n<tr>\n<td><b>Konsolide FAV\u00d6K&#8217;e Katk\u0131<\/b><\/td>\n<td>48.789.628<\/td>\n<td>50.597.157<\/td>\n<\/tr>\n<tr>\n<td><b>Yat\u0131r\u0131m Harcamalar\u0131<\/b><\/td>\n<td>48.252.126<\/td>\n<td>27.678.470<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Sabit Hat:<\/b> Gelir baz\u0131nda en b\u00fcy\u00fck paya sahip olmaya devam etmektedir.<\/li>\n<li><b>Mobil:<\/b> FAV\u00d6K katk\u0131s\u0131 bak\u0131m\u0131ndan Sabit Hat segmentini geride b\u0131rakarak Grubun nakit \u00fcretim kapasitesindeki \u00f6nemini peki\u015ftirmi\u015ftir.<\/li>\n<li><b>Yat\u0131r\u0131m:<\/b> Toplam 75,8 milyar TL&#8217;lik yat\u0131r\u0131m harcamas\u0131n\u0131n %63,7&#8217;si sabit hat altyap\u0131s\u0131na y\u00f6nlendirilmi\u015ftir.<\/li>\n<\/ul>\n<h2>5. Risk Y\u00f6netimi ve \u00d6nemli Muhasebe Politikalar\u0131<\/h2>\n<ul>\n<li><b>Enflasyon Muhasebesi (TMS 29):<\/b> Finansal tablolar, 31 Aral\u0131k 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fc esas\u0131na g\u00f6re d\u00fczeltilmi\u015ftir. Bu d\u00fczeltmede kullan\u0131lan T\u00dcFE endeksi 3513,87&#8217;dir (y\u0131ll\u0131k art\u0131\u015f %30,89).<\/li>\n<li><b>Kur Riski ve Korunma:<\/b> Grup, d\u00f6viz cinsinden bor\u00e7lar\u0131ndan kaynaklanan riskleri y\u00f6netmek i\u00e7in &#8220;Nakit Ak\u0131\u015f Riskinden Korunma&#8221; muhasebesi ve t\u00fcrev ara\u00e7lar (\u00e7apraz kur takaslar\u0131) kullanmaktad\u0131r.<\/li>\n<li><b>Ertelenmi\u015f Vergi:<\/b> 2025 y\u0131l\u0131nda 14 milyar TL ertelenmi\u015f vergi gideri kaydedilmi\u015ftir. Vergi Usul Kanunu kapsam\u0131ndaki enflasyon muhasebesi uygulamalar\u0131 bu kalem \u00fczerinde belirleyici olmu\u015ftur.<\/li>\n<\/ul>\n<h2>\u00d6nemli Al\u0131nt\u0131lar<\/h2>\n<p>&#8220;Elektronik Haberle\u015fme Hizmetlerinin Y\u00fcr\u00fct\u00fclmesine \u0130li\u015fkin Uzat\u0131m S\u00f6zle\u015fmesi 28 \u015eubat 2050 tarihine kadar ge\u00e7erli olacak \u015fekilde imzalanm\u0131\u015ft\u0131r. S\u00f6zle\u015fmeye g\u00f6re&#8230; 2.5 milyar ABD Dolar\u0131 + KDV tutar\u0131nda uzat\u0131m bedeli \u00f6denecektir.&#8221; (Dipnot 1)<\/p>\n<p>&#8220;31 Aral\u0131k 2025 tarihi itibar\u0131yla, \u015eirket\u2019i kontrol eden ana ortak T\u00fcrkiye Varl\u0131k Fonu\u2019dur.&#8221; (Dipnot 1)<\/p>\n<p>&#8220;Grup y\u00f6netiminin performans de\u011ferlendirmesinde FAV\u00d6K kullan\u0131lmas\u0131n\u0131&#8230; sekt\u00f6rdeki \u015firketlerle kar\u015f\u0131la\u015ft\u0131r\u0131labilirli\u011fi a\u00e7\u0131s\u0131ndan tercih etmi\u015ftir.&#8221; (Dipnot 3)<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"1595\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>T\u00fcrk Telekom 2025 Y\u0131l\u0131 Finansal Sonu\u00e7lar\u0131n\u0131 A\u00e7\u0131klad\u0131: Net Kar 23 Milyar TL\u2019ye Ula\u015ft\u0131<br \/>\nT\u00fcrk Telekom\u00fcnikasyon A.\u015e., 31 Aral\u0131k 2025 tarihi itibar\u0131yla sona eren y\u0131la ait konsolide finansal sonu\u00e7lar\u0131n\u0131 kamuoyuyla payla\u015ft\u0131. \u015eirketin y\u0131ll\u0131k has\u0131lat\u0131 242,2 milyar TL seviyesine ula\u015f\u0131rken, net d\u00f6nem kar\u0131 bir \u00f6nceki y\u0131l elde edilen 11 milyar TL\u2019lik seviyeyi ikiye katlayarak 22,9 milyar TL olarak ger\u00e7ekle\u015fti.<br \/>\n2025 y\u0131l\u0131, T\u00fcrk Telekom i\u00e7in sadece finansal ba\u015far\u0131larla de\u011fil, stratejik hamlelerle de \u00f6ne \u00e7\u0131kt\u0131. \u015eirket, Bilgi Teknolojileri ve \u0130leti\u015fim Kurumu (BTK) ile imzalad\u0131\u011f\u0131 uzat\u0131m s\u00f6zle\u015fmesi sayesinde imtiyaz s\u00fcresini 28 \u015eubat 2050 tarihine kadar uzatarak gelece\u011fini g\u00fcvence alt\u0131na ald\u0131. Ayr\u0131ca, 5G haz\u0131rl\u0131klar\u0131 kapsam\u0131nda ger\u00e7ekle\u015ftirilen frekans ihalesinde 700 MHz ve 3500 MHz bantlar\u0131nda stratejik paketler kazanarak T\u00fcrkiye&#8217;nin dijital d\u00f6n\u00fc\u015f\u00fcm\u00fcndeki liderli\u011fini peki\u015ftirdi. 31 binden fazla \u00e7al\u0131\u015fan\u0131yla hizmet veren teknoloji devinin, pay ba\u015f\u0131na kazanc\u0131 da 6,56 kuru\u015fa y\u00fckseldi.<br \/>\nT\u00fcrk Telekom\u2019un 2025 y\u0131l\u0131 performans\u0131n\u0131, yat\u0131r\u0131m planlar\u0131n\u0131 ve gelecek vizyonunu i\u00e7eren detayl\u0131 analiz raporumuza g\u00f6z at\u0131n.<\/p>\n","protected":false},"author":7,"featured_media":970,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[184],"class_list":["post-1595","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-ttkom"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1595","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\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1595"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1595\/revisions"}],"predecessor-version":[{"id":1597,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1595\/revisions\/1597"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/970"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=1595"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1595"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1595"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}