{"id":1634,"date":"2026-03-05T14:23:01","date_gmt":"2026-03-05T11:23:01","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1634"},"modified":"2026-03-05T14:24:17","modified_gmt":"2026-03-05T11:24:17","slug":"pahol-bilano-analizi-202512-pasifik-holding-a","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1634","title":{"rendered":"\ud83c\uddf9\ud83c\uddf7 PAHOL Bilan\u00e7o Analizi 2025\/12 | Pasifik Holding A.\u015e."},"content":{"rendered":"<p><iframe loading=\"lazy\" style=\"border-radius: 12px;\" src=\"https:\/\/open.spotify.com\/embed\/episode\/7ss0FEcMo8Pa9ExRiu2Ho2?utm_source=generator&amp;t=0\" width=\"100%\" height=\"352\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-testid=\"embed-iframe\"><\/iframe><\/p>\n<h1>Pasifik Holding\u2019in 2025 Finansal Karnesi: Bir Dev Devinim Halinde mi?<\/h1>\n<h2>1. Giri\u015f: G\u00f6r\u00fcnmeyeni Okumak<\/h2>\n<p>Bir holdingi sadece bilan\u00e7o kalemlerinden ibaret g\u00f6rmek, devasa bir strateji mozai\u011finin sadece tek bir par\u00e7as\u0131na bakmak gibidir. Pasifik Holding, 13 Haziran 2023 tarihinde kuruldu\u011funda i\u015f d\u00fcnyas\u0131 bu yeni yap\u0131n\u0131n nas\u0131l bir ivme yakalayaca\u011f\u0131n\u0131 merakla bekliyordu. Kurulu\u015fundan sadece iki y\u0131l sonra, 21 Kas\u0131m 2025\u2019te Borsa \u0130stanbul (BIST) i\u015flem s\u0131ralar\u0131na girmesi, bu merak\u0131n ne kadar hakl\u0131 oldu\u011funu kan\u0131tlad\u0131.<\/p>\n<p>Ancak bu h\u0131z sadece halka arzla s\u0131n\u0131rl\u0131 de\u011fil. \u015eirketin \u00e7ekirdek y\u00f6netim ekibinin bir y\u0131l i\u00e7inde 14 ki\u015fiden 23 ki\u015fiye \u00e7\u0131kmas\u0131 (%64 b\u00fcy\u00fcme), kurumsalla\u015fma ve operasyonel derinlik aray\u0131\u015f\u0131n\u0131n sessiz ama g\u00fc\u00e7l\u00fc bir g\u00f6stergesi. Bug\u00fcn kar\u015f\u0131m\u0131zda duran 31 Aral\u0131k 2025 tarihli ba\u011f\u0131ms\u0131z denetim raporu, geleneksel bir yap\u0131dan ziyade \u00e7evik bir &#8220;yat\u0131r\u0131m makinesi&#8221; portresi \u00e7iziyor.<\/p>\n<p>Say\u0131lar\u0131n \u00f6tesindeki vizyonu okumak i\u00e7in holdingin sadece k\u00e2r\u0131na de\u011fil, bu k\u00e2r\u0131n karakterine ve bilan\u00e7o sonras\u0131 att\u0131\u011f\u0131 satran\u00e7 hamlelerine daha yak\u0131ndan bakmam\u0131z gerekiyor.<\/p>\n<h2>2. \u015ea\u015f\u0131rt\u0131c\u0131 K\u00e2r S\u0131\u00e7ramas\u0131: 288 Milyon\u2019dan 4,5 Milyar TL\u2019ye<\/h2>\n<p>Pasifik Holding\u2019in 2025 finansal sonu\u00e7lar\u0131nda ilk g\u00f6ze \u00e7arpan veri, net d\u00f6nem k\u00e2r\u0131ndaki devasa s\u0131\u00e7rama. 2024 y\u0131l\u0131nda 288.459.425 TL olan net d\u00f6nem k\u00e2r\u0131, 2025 y\u0131l\u0131 sonunda yakla\u015f\u0131k %1.483 oran\u0131nda artarak <b>4.566.020.425 TL<\/b> seviyesine ula\u015fm\u0131\u015f durumda.<\/p>\n<p>Bir stratejik analist g\u00f6z\u00fcyle bu k\u00e2r\u0131n &#8220;karakterini&#8221; analiz etti\u011fimizde, kar\u015f\u0131m\u0131za operasyonel bir sat\u0131\u015ftan ziyade &#8220;de\u011ferleme&#8221; odakl\u0131 bir tablo \u00e7\u0131k\u0131yor. Has\u0131lat kalemindeki en b\u00fcy\u00fck pay\u0131, <b>7,28 Milyar TL<\/b> ile &#8220;Finansal Yat\u0131r\u0131mlar De\u011fer Art\u0131\u015f\u0131&#8221; olu\u015fturuyor. Bu, k\u00e2r\u0131n b\u00fcy\u00fck \u00f6l\u00e7\u00fcde i\u015ftiraklerin de\u011fer kazanmas\u0131ndan kaynaklanan <b>nakit d\u0131\u015f\u0131 ve ger\u00e7ekle\u015fmemi\u015f (unrealized)<\/b> bir kazan\u00e7 oldu\u011fu anlam\u0131na geliyor.<\/p>\n<p>Holdingin bu s\u00fcre\u00e7te markala\u015fma vizyonu i\u00e7in hi\u00e7bir masraftan ka\u00e7\u0131nmad\u0131\u011f\u0131 da g\u00f6r\u00fcl\u00fcyor; &#8220;\u0130lan ve Reklam&#8221; giderlerinin 12,3 Milyon TL\u2019den <b>66,7 Milyar TL<\/b> seviyesine \u00e7\u0131kmas\u0131, agresif bir pazar konumland\u0131rmas\u0131n\u0131n i\u015fareti. Finansal tablolar\u0131n \u015feffafl\u0131\u011f\u0131 konusunda ise ba\u011f\u0131ms\u0131z denet\u00e7i raporu &#8220;Olumlu G\u00f6r\u00fc\u015f&#8221; sunuyor:<\/p>\n<p>&#8220;G\u00f6r\u00fc\u015f\u00fcm\u00fcze g\u00f6re ili\u015fikteki finansal tablolar, \u015eirket\u2019in 31 Aral\u0131k 2025 tarihi itibar\u0131yla finansal durumunu ve ayn\u0131 tarihte sona eren hesap d\u00f6nemine ait finansal performans\u0131n\u0131 ve nakit ak\u0131\u015flar\u0131n\u0131, T\u00fcrkiye Muhasebe Standartlar\u0131na (TMS) uygun olarak t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sunmaktad\u0131r.&#8221;<\/p>\n<h2>3. Sekt\u00f6rel \u00c7e\u015fitlilik: \u0130n\u015faattan \u0130nsans\u0131z Hava Ara\u00e7lar\u0131na<\/h2>\n<p>Pasifik Holding, riskleri da\u011f\u0131tan ve gelece\u011fin teknolojilerine odaklanan alt\u0131 ana sekt\u00f6rde (\u0130n\u015faat, Lojistik, Teknoloji, Enerji, \u0130malat, Madencilik) g\u00fc\u00e7l\u00fc bir portf\u00f6y kurgulam\u0131\u015f.<\/p>\n<ul>\n<li><b>Teknoloji ve Savunma:<\/b> <b>Titra Teknoloji<\/b>&#8216;nin insans\u0131z hava ara\u00e7lar\u0131 (\u0130HA) ve savunma sanayi projeleri, holdingin y\u00fcksek katma de\u011ferli \u00fcretim vizyonunun merkezinde yer al\u0131yor.<\/li>\n<li><b>Lojistik:<\/b> <b>Pasifik Eurasia<\/b> \u00fczerinden y\u00fcr\u00fct\u00fclen \u00c7in-T\u00fcrkiye demiryolu hatt\u0131, holdingi k\u00fcresel tedarik zincirinde stratejik bir oyuncu konumuna ta\u015f\u0131yor.<\/li>\n<li><b>\u0130n\u015faat ve Marka G\u00fcc\u00fc:<\/b> \u0130stanbul, Ankara ve Bodrum\u2019daki &#8220;Next Level&#8221; projeleri, gayrimenkul geli\u015ftirme alan\u0131nda sadece konut de\u011fil, bir ya\u015fam stili ve marka alg\u0131s\u0131 in\u015fa ediyor.<\/li>\n<\/ul>\n<h2>4. Stratejik Bir Karar: Neden &#8220;Konsolide&#8221; De\u011fil, &#8220;Ger\u00e7e\u011fe Uygun De\u011fer&#8221;?<\/h2>\n<p>Pasifik Holding\u2019in finansal raporlamas\u0131nda kulland\u0131\u011f\u0131 <b>TFRS 10 &#8220;Yat\u0131r\u0131m \u0130\u015fletmesi&#8221;<\/b> istisnas\u0131, holdingin kendisini nas\u0131l tan\u0131mlad\u0131\u011f\u0131na dair en b\u00fcy\u00fck ipucu. Holding, i\u015ftiraklerini operasyonel olarak konsolide etmek yerine, bu i\u015ftiraklerin &#8220;ger\u00e7e\u011fe uygun de\u011fer fark\u0131n\u0131 k\u00e2r veya zarara yans\u0131tarak&#8221; \u00f6l\u00e7\u00fcyor.<\/p>\n<p>Bu tercih, Pasifik Holding\u2019in geleneksel bir sanayi grubu gibi de\u011fil, bir <b>Private Equity (\u00d6zel Sermaye Fonu)<\/b> veya <b>Venture Capital (Giri\u015fim Sermayesi)<\/b> gibi \u00e7al\u0131\u015ft\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Holdingin ana &#8220;\u00fcr\u00fcn\u00fc&#8221; \u00fcretti\u011fi mallar de\u011fil, y\u00f6netti\u011fi i\u015ftiraklerin yaratt\u0131\u011f\u0131 de\u011ferdir. Bu de\u011ferleme s\u00fcrecinde \u015feffafl\u0131\u011f\u0131 sa\u011flamak ad\u0131na <b>Bizim Menkul De\u011ferler A.\u015e.<\/b> taraf\u0131ndan haz\u0131rlanan ba\u011f\u0131ms\u0131z raporlar, \u0130NA ve Borsa Rayici gibi y\u00f6ntemlerle yat\u0131r\u0131mc\u0131ya net bir piyasa aynas\u0131 tutuyor.<\/p>\n<h2>5. Bilan\u00e7o Sonras\u0131 Hamle: Konya G\u00fcbre ve &#8220;Ye\u015fil Pasifik&#8221; Vizyonu<\/h2>\n<p>Holdingin bilan\u00e7o tarihi sonras\u0131 (Ocak-\u015eubat 2026) hamleleri, b\u00fcy\u00fcmenin finansal bir ill\u00fczyon de\u011fil, sermaye yo\u011fun bir ger\u00e7eklik oldu\u011funu kan\u0131tl\u0131yor. \u00d6zellikle <b>Konya G\u00fcbre Sanayi A.\u015e.<\/b>\u2019nin %30 pay\u0131n\u0131n <b>60 Milyon TL<\/b> bedelle devral\u0131nmas\u0131 ve isminin <b>Ye\u015fil Pasifik G\u00fcbre ve Enerji Yat\u0131r\u0131mlar\u0131 A.\u015e.<\/b> olarak de\u011fi\u015ftirilecek olmas\u0131 kritik bir viraj.<\/p>\n<p>Bu yat\u0131r\u0131m\u0131n arkas\u0131ndaki stratejik g\u00fc\u00e7ler \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>15,9 MW Kurulu G\u00fc\u00e7:<\/b> 5 adet biyogaz tesisinden gelen enerji \u00fcretimi.<\/li>\n<li><b>80.000 Ton Kapasite:<\/b> Y\u0131ll\u0131k organomineral g\u00fcbre \u00fcretim potansiyeli.<\/li>\n<li><b>YEKDEM G\u00fcvencesi:<\/b> Ekonomik dalgalanmalarda &#8220;alt\u0131n de\u011ferinde&#8221; olan dolar bazl\u0131 ve al\u0131m garantili gelir ak\u0131\u015f\u0131.<\/li>\n<\/ul>\n<p>Ayr\u0131ca, ana hissedarlar\u0131n (Erdo\u011fan ve F\u0131rat aileleri) Pasifik GYO\u2019ya <b>5 Milyar TL<\/b> ve Pasifik Teknoloji\u2019ye <b>2 Milyar TL<\/b> tutar\u0131nda \u015fahsi sermaye enjeksiyonu yapmas\u0131 dikkat \u00e7ekicidir. Bu hamleler holdingin sahiplik oranlar\u0131n\u0131 bir miktar seyreltseler de (GYO&#8217;da %12,67&#8217;ye, Teknoloji&#8217;de %45,34&#8217;e d\u00fc\u015f\u00fc\u015f), i\u015ftiraklerin kasas\u0131na giren bu devasa nakit, holdingin b\u00fcy\u00fcme motoruna d\u0131\u015far\u0131dan yak\u0131t ikmali yap\u0131ld\u0131\u011f\u0131n\u0131 g\u00f6steriyor.<\/p>\n<h2>6. Sonu\u00e7 ve Ponder: Gelece\u011fin Holding Yap\u0131s\u0131 m\u0131 \u015eekilleniyor?<\/h2>\n<p>2025 sonu itibar\u0131yla Pasifik Holding, <b>45,14 Milyar TL<\/b> toplam varl\u0131k yap\u0131s\u0131 ve <b>20 Milyar TL<\/b> \u00f6denmi\u015f sermayesi ile devasa bir \u00f6l\u00e7e\u011fe ula\u015fm\u0131\u015f durumda. Ancak as\u0131l \u00e7arp\u0131c\u0131 olan likidite g\u00fcc\u00fc: Nakit mevcudu 1,25 Milyar TL\u2019ye \u00e7\u0131karken, toplam finansal bor\u00e7lar\u0131n sadece 20,3 Milyon TL olmas\u0131, holdingi <b>1,23 Milyar TL\u2019lik net nakit pozisyonuna<\/b> (Negatif Net Bor\u00e7) ta\u015f\u0131yor. Enflasyonist bir ortamda bor\u00e7suz ve nakit zengini olmak, holdinge e\u015fsiz bir manevra alan\u0131 sa\u011fl\u0131yor.<\/p>\n<p>En kritik sinyal ise dipnotlar\u0131n derinliklerinde sakl\u0131: <b>90 Milyar TL Kay\u0131tl\u0131 Sermaye Tavan\u0131.<\/b> Bu rakam, Pasifik Holding\u2019in mevcut 20 Milyar TL\u2019lik sermayesini 4,5 kat daha art\u0131rma niyetinde oldu\u011funu ve yolun hen\u00fcz \u00e7ok ba\u015f\u0131nda oldu\u011funu g\u00f6steriyor.<\/p>\n<p><b>Kapan\u0131\u015f Sorusu:<\/b> Geleneksel holding yap\u0131lar\u0131n\u0131n aksine, nakit pozisyonunu koruyan, teknolojiyi ve s\u00fcrd\u00fcr\u00fclebilirli\u011fi merkeze alan bu &#8220;\u00e7evik yat\u0131r\u0131m modeli&#8221;, 90 milyar TL\u2019lik sermaye hedefine ula\u015ft\u0131\u011f\u0131nda T\u00fcrkiye&#8217;deki sermaye hiyerar\u015fisini yeniden tan\u0131mlayabilir mi?<\/p>\n<h1>Pasifik Holding 2025 Y\u0131l\u0131 Finansal Durum ve Stratejik Faaliyet De\u011ferlendirmesi<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, Pasifik Holding Anonim \u015eirketi\u2019nin (&#8220;\u015eirket&#8221;) 31 Aral\u0131k 2025 tarihinde sona eren hesap d\u00f6nemine ait ba\u011f\u0131ms\u0131z denetim raporu ve finansal tablolar\u0131n\u0131n kapsaml\u0131 bir sentezidir. 2025 y\u0131l\u0131, \u015eirket i\u00e7in stratejik bir d\u00f6n\u00fcm noktas\u0131 olmu\u015f; paylar\u0131 21 Kas\u0131m 2025 tarihi itibar\u0131yla Borsa \u0130stanbul\u2019da i\u015flem g\u00f6rmeye ba\u015flam\u0131\u015ft\u0131r.<\/p>\n<p>\u015eirket, 2025 y\u0131l\u0131 sonu itibar\u0131yla <b>45,14 milyar TL<\/b> toplam varl\u0131\u011fa ve <b>4,56 milyar TL<\/b> net d\u00f6nem k\u00e2r\u0131na ula\u015fm\u0131\u015ft\u0131r. Ba\u011f\u0131ms\u0131z denetim sonucunda &#8220;Olumlu G\u00f6r\u00fc\u015f&#8221; alan finansal tablolar, \u015eirket&#8217;in \u00f6zellikle gayrimenkul, lojistik, teknoloji ve enerji sekt\u00f6rlerindeki i\u015ftiraklerinin ger\u00e7e\u011fe uygun de\u011fer art\u0131\u015flar\u0131 ve operasyonel geni\u015flemesiyle g\u00fc\u00e7l\u00fc bir b\u00fcy\u00fcme sergiledi\u011fini ortaya koymaktad\u0131r. Holding&#8217;in temel stratejisi, i\u015ftirak etti\u011fi \u015firketlerin y\u00f6netimlerine kat\u0131larak yat\u0131r\u0131mlar\u0131n g\u00fcvenli\u011fini art\u0131rmak ve ekonomik dalgalanmalara kar\u015f\u0131 diren\u00e7li bir yap\u0131 olu\u015fturmakt\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>1. Finansal Durum ve Performans Analizi<\/h2>\n<p>Pasifik Holding&#8217;in finansal verileri, 31 Aral\u0131k 2025 tarihi itibar\u0131yla sat\u0131n alma g\u00fcc\u00fc esas\u0131na g\u00f6re (enflasyon muhasebesi uygulanm\u0131\u015f) sunulmu\u015ftur.<\/p>\n<h3>Temel Finansal G\u00f6stergeler (TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Hesap Kalemi<\/td>\n<td>31.12.2025<\/td>\n<td>31.12.2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td>45.142.029.393<\/td>\n<td>34.464.962.575<\/td>\n<td>%30,9<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td>39.782.765.772<\/td>\n<td>32.297.151.516<\/td>\n<td>%23,2<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>7.469.166.078<\/td>\n<td>1.372.323.545<\/td>\n<td>%444,3<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131<\/b><\/td>\n<td>7.295.238.876<\/td>\n<td>545.588.812<\/td>\n<td>%1237,3<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131<\/b><\/td>\n<td>4.566.020.425<\/td>\n<td>288.459.425<\/td>\n<td>%1483,0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Finansal Performans\u0131n Temel Dinamikleri<\/h3>\n<ul>\n<li><b>Has\u0131lat Kaynaklar\u0131:<\/b> Gelirin en b\u00fcy\u00fck k\u0131sm\u0131n\u0131 7,28 milyar TL ile &#8220;Finansal Yat\u0131r\u0131mlar De\u011fer Art\u0131\u015f\u0131&#8221; olu\u015fturmaktad\u0131r. Bunu 181 milyon TL ile Holding hizmet gelirleri takip etmektedir.<\/li>\n<li><b>Likidite Pozisyonu:<\/b> Nakit ve nakit benzerleri, bir \u00f6nceki y\u0131lki 23,6 milyon TL seviyesinden 1,25 milyar TL seviyesine y\u00fckselmi\u015ftir. Bu art\u0131\u015fta sermaye art\u0131\u015f\u0131ndan sa\u011flanan 2 milyar TL&#8217;lik nakit giri\u015fi kritik rol oynam\u0131\u015ft\u0131r.<\/li>\n<li><b>Bor\u00e7 Yap\u0131s\u0131:<\/b> Toplam y\u00fck\u00fcml\u00fcl\u00fckler 5,36 milyar TL seviyesindedir. Bunun b\u00fcy\u00fck bir k\u0131sm\u0131 (3,86 milyar TL) ertelenmi\u015f vergi y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcnden kaynaklanmaktad\u0131r. Banka kredileri toplam\u0131 ise 20,3 milyon TL&#8217;ye gerileyerek finansal bor\u00e7luluk minimize edilmi\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. Ba\u011f\u0131ms\u0131z Denetim ve Kilit Denetim Konular\u0131<\/h2>\n<p>Deneyim Ba\u011f\u0131ms\u0131z Denetim ve Dan\u0131\u015fmanl\u0131k A.\u015e. taraf\u0131ndan y\u00fcr\u00fct\u00fclen denetim sonucunda, finansal tablolar\u0131n T\u00fcrkiye Muhasebe Standartlar\u0131na (TMS) uygun ve ger\u00e7e\u011fe uygun oldu\u011fu teyit edilmi\u015ftir.<\/p>\n<h3>Kilit Denetim Konusu: Finansal Yat\u0131r\u0131mlar\u0131n De\u011ferlemesi<\/h3>\n<p>\u015eirket varl\u0131klar\u0131n\u0131n %90,9&#8217;unu olu\u015fturan <b>41.031.454.129 TL<\/b> tutar\u0131ndaki ba\u011fl\u0131 ortakl\u0131k ve i\u015ftirak yat\u0131r\u0131mlar\u0131, ba\u011f\u0131ms\u0131z bir de\u011ferleme kurulu\u015fu (Bizim Menkul De\u011ferler A.\u015e.) taraf\u0131ndan analiz edilmi\u015ftir.<\/p>\n<ul>\n<li><b>De\u011ferleme Y\u00f6ntemleri:<\/b> \u0130ndirgenmi\u015f Nakit Ak\u0131m Y\u00f6ntemi (\u0130NA), Borsa Rayici ve Net Aktif De\u011fer y\u00f6ntemleri kullan\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>\u00d6nem Derecesi:<\/b> Bu yat\u0131r\u0131mlar\u0131n toplam varl\u0131klar i\u00e7indeki b\u00fcy\u00fckl\u00fc\u011f\u00fc ve de\u011ferleme metotlar\u0131ndaki tahmin\/varsay\u0131mlar\u0131n karma\u015f\u0131kl\u0131\u011f\u0131 nedeniyle &#8220;Kilit Denetim Konusu&#8221; olarak s\u0131n\u0131fland\u0131r\u0131lm\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>3. Sekt\u00f6rel \u0130\u015ftirakler ve Faaliyet Alanlar\u0131<\/h2>\n<p>Pasifik Holding, yat\u0131r\u0131mlar\u0131n\u0131 alt\u0131 ana sekt\u00f6r alt\u0131nda toplam\u0131\u015ft\u0131r.<\/p>\n<h3>A. \u0130n\u015faat Sekt\u00f6r\u00fc (Pasifik GYO A.\u015e.)<\/h3>\n<p>Pasifik GYO, portf\u00f6y\u00fcndeki b\u00fcy\u00fck \u00f6l\u00e7ekli projelerle dikkat \u00e7ekmektedir:<\/p>\n<ul>\n<li><b>Merkez Ankara:<\/b> Emlak Konut GYO ile gelir payla\u015f\u0131m\u0131 modeliyle y\u00fcr\u00fct\u00fclen, 1,18 milyon m\u00b2 in\u015faat alan\u0131na sahip dev proje.<\/li>\n<li><b>Next Level \u0130stanbul (Levent):<\/b> Be\u015fikta\u015f Ortak\u00f6y&#8217;de turizm-ticaret-konut fonksiyonlu proje.<\/li>\n<li><b>Di\u011fer Projeler:<\/b> Next Level Country (Kemerburgaz), Next Level Kemer (G\u00f6kt\u00fcrk), Next Level Bodrum ve Akademiler Sitesi Kentsel D\u00f6n\u00fc\u015f\u00fcm Projesi.<\/li>\n<\/ul>\n<h3>B. Lojistik Sekt\u00f6r\u00fc (Pasifik Eurasia Lojistik A.\u015e.)<\/h3>\n<ul>\n<li>Uluslararas\u0131 demiryolu, havayolu, karayolu ve deniz yolu ta\u015f\u0131mac\u0131l\u0131\u011f\u0131 yapmaktad\u0131r.<\/li>\n<li>TCDD Ta\u015f\u0131mac\u0131l\u0131k A.\u015e. ile 2028 y\u0131l\u0131na kadar ge\u00e7erli olan kapsaml\u0131 bir konvansiyonel e\u015fya ve konteyner ta\u015f\u0131ma s\u00f6zle\u015fmesi bulunmaktad\u0131r.<\/li>\n<li><b>Pasifik Arkas:<\/b> Arkas Lojistik ile demiryolu i\u015fletmecili\u011fi alan\u0131nda stratejik ortakl\u0131k kurulmu\u015ftur.<\/li>\n<\/ul>\n<h3>C. Teknoloji Sekt\u00f6r\u00fc (Pasifik Teknoloji A.\u015e.)<\/h3>\n<p>Geni\u015f bir teknoloji ekosistemine sahiptir:<\/p>\n<ul>\n<li><b>Titra Teknoloji:<\/b> \u0130nsans\u0131z Hava Ara\u00e7lar\u0131 (\u0130HA) ve yapay zek\u00e2 projeleri geli\u015ftirmektedir.<\/li>\n<li><b>Proline Bili\u015fim:<\/b> Biyometrik \u00e7\u00f6z\u00fcmler ve g\u00fcvenli dok\u00fcman teknolojileri alan\u0131nda faaliyet g\u00f6stermektedir (\u015eubat 2025&#8217;te %51&#8217;i sat\u0131n al\u0131nm\u0131\u015ft\u0131r).<\/li>\n<li><b>Destel Bili\u015fim:<\/b> Siber g\u00fcvenlik ve a\u011f \u00e7\u00f6z\u00fcmleri sunmaktad\u0131r.<\/li>\n<\/ul>\n<h3>D. Enerji, \u0130malat ve Madencilik<\/h3>\n<ul>\n<li><b>Pasifik Yenilenebilir Enerji:<\/b> R\u00fczg\u00e2r, g\u00fcne\u015f ve biyoenerji yat\u0131r\u0131mlar\u0131na odaklanmaktad\u0131r. Romanya&#8217;da Seara la Cetate SRL ve Agronatura gibi yat\u0131r\u0131mlar\u0131 bulunmaktad\u0131r.<\/li>\n<li><b>Aden Pellet:<\/b> Giresun&#8217;da y\u0131ll\u0131k 9.000 m\u00b2 tesis alan\u0131nda &#8220;Green Planet&#8221; markas\u0131yla pelet \u00fcretimi yapmaktad\u0131r.<\/li>\n<li><b>Pasifik Madencilik:<\/b> Maden arama ve i\u015fletme lisanslar\u0131 \u00fczerine faaliyet g\u00f6stermektedir.<\/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. Bilan\u00e7o Tarihinden Sonraki \u00d6nemli Geli\u015fmeler (2026)<\/h2>\n<p>Finansal tablolar\u0131n onayland\u0131\u011f\u0131 2 Mart 2026 tarihine kadar ger\u00e7ekle\u015fen kritik olaylar:<\/p>\n<ol>\n<li><b>Aden Pellet Sermaye Art\u0131\u015f\u0131:<\/b> Pasifik Holding, Aden Pellet&#8217;in tahsisli sermaye art\u0131r\u0131m\u0131na kat\u0131larak pay\u0131n\u0131 <b>%80&#8217;den %88&#8217;e<\/b> \u00e7\u0131karm\u0131\u015ft\u0131r.<\/li>\n<li><b>Konya G\u00fcbre Sat\u0131n Al\u0131m\u0131:<\/b> Pasifik Yenilenebilir Enerji, Konya G\u00fcbre Sanayi A.\u015e.&#8217;nin %30 pay\u0131n\u0131 60 milyon TL bedelle devralm\u0131\u015ft\u0131r. \u015eirketin unvan\u0131 &#8220;Ye\u015fil Pasifik G\u00fcbre ve Enerji Yat\u0131r\u0131mlar\u0131 A.\u015e.&#8221; olarak de\u011fi\u015ftirilecektir. Bu tesisler 15,9 MW kurulu g\u00fcce sahip 5 adet biyogaz tesisini kapsamaktad\u0131r.<\/li>\n<li><b>Halka A\u00e7\u0131k \u0130\u015ftiraklerde Sermaye Hareketleri:<\/b>\n<ul>\n<li>Pasifik GYO&#8217;da ger\u00e7ekle\u015fen tahsisli sermaye art\u0131\u015f\u0131 sonras\u0131 Holding pay\u0131 %9,78 olmu\u015ftur.<\/li>\n<li>Pasifik Teknoloji&#8217;de ger\u00e7ekle\u015fen tahsisli sermaye art\u0131\u015f\u0131 sonras\u0131 Holding pay\u0131 %45,34 olmu\u015ftur.<\/li>\n<\/ul>\n<\/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>5. Risk Y\u00f6netimi ve Stratejik Yakla\u015f\u0131m<\/h2>\n<ul>\n<li><b>D\u00f6viz Riski:<\/b> \u015eirket 31 Aral\u0131k 2025 itibar\u0131yla 6,07 milyon TL (141.773 ABD Dolar\u0131) net yabanc\u0131 para y\u00fck\u00fcml\u00fcl\u00fck pozisyonuna sahiptir. Kur riskine kar\u015f\u0131 hassasiyet d\u00fc\u015f\u00fck seviyededir.<\/li>\n<li><b>Sermaye Y\u00f6netimi:<\/b> \u015eirket, b\u00fcy\u00fcmesini hem i\u00e7 fonlar hem de d\u0131\u015f kaynaklarla finanse etmektedir. Net Finansal Bor\u00e7 \/ \u00d6zkaynak oran\u0131 <b>-%3,10<\/b> (negatif bor\u00e7luluk) ile son derece g\u00fc\u00e7l\u00fc bir likidite yap\u0131s\u0131na i\u015faret etmektedir.<\/li>\n<li><b>Yat\u0131r\u0131m \u0130\u015fletmesi Stat\u00fcs\u00fc:<\/b> \u015eirket, TFRS 10 uyar\u0131nca bir &#8220;yat\u0131r\u0131m i\u015fletmesi&#8221; olarak tan\u0131mlanm\u0131\u015f olup, konsolidasyon yerine yat\u0131r\u0131mlar\u0131n\u0131 ger\u00e7e\u011fe uygun de\u011fer \u00fczerinden raporlamaktad\u0131r.<\/li>\n<\/ul>\n<p><b>\u00d6nemli Not:<\/b> &#8220;\u015eirket\u2019in 31 Aral\u0131k 2025 tarihi itibariyle sermayesi 20.000.000.000 TL\u2019dir ve paylar\u0131 21 Kas\u0131m 2025\u2019te Borsa \u0130stanbul\u2019da i\u015flem g\u00f6rmeye ba\u015flam\u0131\u015ft\u0131r.&#8221;<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"1634\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Pasifik Holding 2025 Y\u0131l\u0131nda Rekor B\u00fcy\u00fcme ve Stratejik Yat\u0131r\u0131mlarla \u00d6ne \u00c7\u0131kt\u0131<br \/>\nPasifik Holding, 2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131n\u0131 a\u00e7\u0131klad\u0131: 4,56 milyar TL net d\u00f6nem kar\u0131 ve 45,14 milyar TL toplam varl\u0131k b\u00fcy\u00fckl\u00fc\u011f\u00fc ile dev bir performans sergileyen holding, Kas\u0131m 2025&#8217;te ger\u00e7ekle\u015fen halka arz\u0131yla Borsa \u0130stanbul&#8217;un g\u00fc\u00e7l\u00fc oyuncular\u0131 aras\u0131ndaki yerini sa\u011flamla\u015ft\u0131rd\u0131,,.<br \/>\n\u0130n\u015faat, lojistik, enerji ve teknoloji gibi kritik sekt\u00f6rlerdeki yat\u0131r\u0131mlar\u0131yla dikkat \u00e7eken Pasifik Holding, 2025 y\u0131l\u0131nda \u00f6zellikle finansal yat\u0131r\u0131mlar\u0131ndaki 7,28 milyar TL&#8217;lik de\u011fer art\u0131\u015f\u0131yla dikkat \u00e7ekiyor,,. Yat\u0131r\u0131m i\u015fletmesi modeliyle dinamik bir b\u00fcy\u00fcme stratejisi izleyen \u015firket, bilan\u00e7o sonras\u0131 d\u00f6nemde b\u00fcnyesine katt\u0131\u011f\u0131 biyoenerji ve g\u00fcbre yat\u0131r\u0131mlar\u0131yla s\u00fcrd\u00fcr\u00fclebilir enerji alan\u0131ndaki vizyonunu da geni\u015fletmeye devam ediyor,,.<br \/>\nPasifik Holding\u2019in 2025 y\u0131l\u0131 finansal tablolardaki ba\u015far\u0131s\u0131, sekt\u00f6rel \u00e7e\u015fitlili\u011fi ve gelece\u011fe d\u00f6n\u00fck yat\u0131r\u0131m hamleleri hakk\u0131nda t\u00fcm detaylar blog yaz\u0131m\u0131zda.<\/p>\n","protected":false},"author":11,"featured_media":970,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[284],"class_list":["post-1634","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-pahol"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1634","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=1634"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1634\/revisions"}],"predecessor-version":[{"id":1636,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1634\/revisions\/1636"}],"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=1634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}