{"id":1845,"date":"2026-03-12T15:28:02","date_gmt":"2026-03-12T12:28:02","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1845"},"modified":"2026-03-14T13:47:50","modified_gmt":"2026-03-14T10:47:50","slug":"odas-faaliyet-raporu-analizi-202512-oda-elektrik-retim-as","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1845","title":{"rendered":"\ud83d\udd34 ODAS Faaliyet Raporu Analizi 2025\/12 | Oda\u015f Elektrik \u00dcretim AS"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34 ODAS Faaliyet Raporu Analizi 2025\/12 | ODA\u015e&#039;\u0131n K\u00fcresel Hamleleri ve Nakit Erimesi\" width=\"858\" height=\"644\" src=\"https:\/\/www.youtube.com\/embed\/h8IM6bJvgLQ?feature=oembed\" 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>Enerji ve Madencilikte Beklenmedik Rotalar: ODA\u015e\u2019\u0131n 2025 Yol Haritas\u0131ndan 5 Stratejik \u00c7\u0131kar\u0131m<\/h1>\n<h2>1. Giri\u015f: De\u011fi\u015fimin Enerjisi<\/h2>\n<p>Geleneksel enerji devleri genellikle yerel \u015febekelere ba\u011fl\u0131, emtia fiyatlar\u0131na duyarl\u0131 ve statik yap\u0131lar olarak alg\u0131lan\u0131r. Ancak ODA\u015e\u2019\u0131n 2025 y\u0131l\u0131 faaliyet raporu, bu yerle\u015fik alg\u0131y\u0131 y\u0131karak kar\u015f\u0131m\u0131za bir &#8220;enerji \u015firketi&#8221; de\u011fil, \u00e7evik bir &#8220;stratejik yat\u0131r\u0131m holdingi&#8221; \u00e7\u0131kar\u0131yor. 1.126 ki\u015filik bir ekosistem ve 20\u2019den fazla ba\u011fl\u0131 ortakl\u0131kla ODA\u015e, 2025 y\u0131l\u0131nda sadece elektrik \u00fcreten bir yap\u0131dan; \u00d6zbekistan\u2019da varl\u0131k arbitraj\u0131 yapan, Venezuela\u2019da petrol servislerine giren ve kritik madenler portf\u00f6y\u00fcyle k\u00fcresel arz g\u00fcvenli\u011finde rol alan bir strateji mimar\u0131na d\u00f6n\u00fc\u015ft\u00fc.<\/p>\n<h2>2. Varl\u0131k Arbitraj\u0131: \u015eanl\u0131urfa\u2019dan \u00d6zbekistan\u2019a &#8220;Stratejik G\u00f6\u00e7&#8221;<\/h2>\n<p>ODA\u015e, varl\u0131k y\u00f6netimi literat\u00fcr\u00fcne girecek bir hamleyle, T\u00fcrkiye pazar\u0131ndaki daralmay\u0131 bir f\u0131rsata d\u00f6n\u00fc\u015ft\u00fcrd\u00fc. 2025 raporuna g\u00f6re, T\u00fcrkiye\u2019de do\u011fal gaz santralleri kapasitesinde 762 MW\u2019l\u0131k bir azalma ya\u015fan\u0131rken, \u015firket \u015eanl\u0131urfa\u2019daki santralini s\u00f6kerek \u00d6zbekistan\u2019a ta\u015f\u0131d\u0131 (asset relocation).<\/p>\n<p><b>Analiz:<\/b> 174 MW kurulu g\u00fc\u00e7le \u00d6zbekistan\u2019da \u00fcretime devam eden bu santral, sadece teknik bir nakil de\u011fil, bir &#8220;sermaye rasyonalizasyonu&#8221; \u00f6rne\u011fidir. Doymu\u015f ve kapasite fazlas\u0131 veren bir pazardan, y\u00fcksek talep ve k\u00e2rl\u0131l\u0131k vadeden bir co\u011frafyaya ge\u00e7i\u015f, ODA\u015e\u2019\u0131n operasyonel \u00e7evikli\u011fini kan\u0131tl\u0131yor.<\/p>\n<p>&#8220;2020 y\u0131l\u0131na kadar \u00fcretim faaliyetlerini s\u00fcrd\u00fcren \u015eanl\u0131urfa Do\u011falgaz \u00c7evrim Santrali\u2019nin s\u00fcrd\u00fcr\u00fclebilir k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 devam ettirebilmek amac\u0131yla santralin \u00d6zbekistan\u2019a relokasyonu hayata ge\u00e7irilmi\u015f, santral toplam 174 MW kurulu g\u00fc\u00e7 ile \u00fcretimini ger\u00e7ekle\u015ftirmektedir.&#8221;<\/p>\n<h2>3. &#8220;Dijital D\u00fcnyan\u0131n Rezerv G\u00fcc\u00fc&#8221;: Antimon ve G\u00f6r\u00fcnmez De\u011ferler<\/h2>\n<p>ODA\u015e\u2019\u0131n madencilik kolu olan Suda Maden, antimon \u00fcretimiyle \u015firketi k\u00fcresel jeopolitik denklemin merkezine yerle\u015ftiriyor. AB ve ABD taraf\u0131ndan &#8220;kritik maden&#8221; olarak s\u0131n\u0131fland\u0131r\u0131lan antimon, arz g\u00fcvenli\u011fi a\u00e7\u0131s\u0131ndan vazge\u00e7ilmez bir varl\u0131k. Ancak 2025 raporundaki &#8220;sessiz de\u011fer&#8221; sadece antimonla s\u0131n\u0131rl\u0131 de\u011fil.<\/p>\n<p><b>Analiz:<\/b> \u015eirketin bilan\u00e7osunda hen\u00fcz tam anlam\u0131yla realize edilmemi\u015f devasa bir potansiyel yat\u0131yor: K\u00fctahya b\u00f6lgesindeki <b>348.150 ons alt\u0131n ve 2,8 milyon ons g\u00fcm\u00fc\u015f<\/b> rezervi. Brent petrol fiyatlar\u0131n\u0131n %16,7, API2 k\u00f6m\u00fcr endeksinin ise %14,9 d\u00fc\u015ft\u00fc\u011f\u00fc bir konjonkt\u00fcrde (p. 10), ODA\u015e\u2019\u0131n alt\u0131n ve antimon gibi stratejik metallere sahip olmas\u0131, emtia dalgalanmalar\u0131na kar\u015f\u0131 m\u00fckemmel bir &#8220;commodity hedging&#8221; (emtia korunma) mekanizmas\u0131 i\u015flevi g\u00f6r\u00fcyor.<\/p>\n<h2>4. Okyanus \u00d6tesi Risk Da\u011f\u0131t\u0131m\u0131: Venezuela\u2019da Petrol Servisleri<\/h2>\n<p>ODA\u015e\u2019\u0131n k\u00fcresel \u00e7e\u015fitlendirme stratejisi 2025 y\u0131l\u0131nda Venezuela ile yeni bir boyut kazand\u0131. \u00c7an2 Termik \u00fczerinden <b>Denarius Pumping Services<\/b> \u015firketinde edinilen <b>%19,04 oran\u0131ndaki dolayl\u0131 pay<\/b>, \u015firketi petrol \u00e7\u0131karma servisleri sekt\u00f6r\u00fcne ta\u015f\u0131d\u0131.<\/p>\n<p><b>Analiz:<\/b> Bu hamle, sadece bir co\u011frafi geni\u015fleme de\u011fil, ayn\u0131 zamanda dikey entegrasyon \u00e7abas\u0131d\u0131r. \u015eirketin ana oda\u011f\u0131 olan linyit k\u00f6m\u00fcr\u00fc bazl\u0131 \u00fcretimden (340 MW), petrol ve enerji servislerine evrilmesi, enerji piyasas\u0131ndaki \u00e7evrimsel riskleri minimize etme amac\u0131n\u0131 ta\u015f\u0131yor. Bu &#8220;kar\u015f\u0131-d\u00f6ng\u00fcsel&#8221; hamle, petrol fiyatlar\u0131ndaki volatiliteyi bir riskten ziyade, servis sa\u011flay\u0131c\u0131 kimli\u011fiyle bir gelir kap\u0131s\u0131na d\u00f6n\u00fc\u015ft\u00fcr\u00fcyor.<\/p>\n<h2>5. Gelir \u00c7e\u015fitlendirmesinin Yeni Mimarisi: Stabilizat\u00f6rler ve B\u00fcy\u00fcme Motorlar\u0131<\/h2>\n<p>ODA\u015e, 2025 itibar\u0131yla gelir kalemlerini iki ana kategoriye ay\u0131rarak bir koruma kalkan\u0131 olu\u015fturmu\u015ftur:<\/p>\n<ul>\n<li><b>Nakit Ak\u0131\u015f\u0131 Stabilizat\u00f6rleri (Defansif):<\/b> Fethiye\u2019deki \u00fcst segment otel yat\u0131r\u0131mlar\u0131 (Zenn Yat\u0131r\u0131m ve Fethiye \u00c7iftlik Turizm) ve Nos G\u0131da gibi operasyonlar, enerji piyasas\u0131ndaki volatiliteye kar\u015f\u0131 d\u00fczenli ve d\u00f6viz bazl\u0131 nakit giri\u015fi sa\u011fl\u0131yor.<\/li>\n<li><b>B\u00fcy\u00fcme Motorlar\u0131 (Ofansif):<\/b> \u00d6zbekistan\u2019daki enerji sat\u0131\u015f\u0131, Venezuela petrol projeleri ve antimon ihracat\u0131, \u015firketin ana k\u00e2r marjlar\u0131n\u0131 yukar\u0131 \u00e7eken lokomotifler.<\/li>\n<\/ul>\n<p><b>Analiz:<\/b> Bu hibrit yap\u0131, ODA\u015e\u2019\u0131 tek bir sekt\u00f6re g\u00f6bekten ba\u011fl\u0131 kalmaktan kurtar\u0131yor. Turizm ve g\u0131da gibi h\u0131zl\u0131 nakit d\u00f6n\u00fc\u015f\u00fc olan sekt\u00f6rler, a\u011f\u0131r sanayi yat\u0131r\u0131mlar\u0131n\u0131n finansal y\u00fck\u00fcn\u00fc dengeleyen birer &#8220;likidite tamponu&#8221; g\u00f6revi g\u00f6r\u00fcyor.<\/p>\n<h2>6. Finansal R\u00f6nesans: 41 Milyar TL\u2019lik Bir Holding D\u00f6n\u00fc\u015f\u00fcm\u00fc<\/h2>\n<p>\u015eirketin finansal tablolar\u0131, operasyonel verimlili\u011fin rakamlara d\u00f6k\u00fclm\u00fc\u015f halidir. 2024 y\u0131l\u0131nda kaydedilen <b>yakla\u015f\u0131k 3,9 milyar TL\u2019lik (3.898.603.214 TL)<\/b> ana ortakl\u0131k net zarar\u0131, 2025 y\u0131l\u0131 sonunda yerini <b>467 milyon TL net k\u00e2ra<\/b> b\u0131rakm\u0131\u015ft\u0131r.<\/p>\n<p><b>Analiz:<\/b> Bu d\u00f6n\u00fc\u015f\u00fcm\u00fcn arkas\u0131nda, 41,3 milyar TL\u2019lik toplam varl\u0131k ve 35,9 milyar TL\u2019ye ula\u015fan g\u00fc\u00e7l\u00fc \u00f6zkaynak yap\u0131s\u0131 bulunmaktad\u0131r. Ayr\u0131ca \u015firket, 2025 y\u0131l\u0131nda kurdu\u011fu <b>S\u00fcrd\u00fcr\u00fclebilir Komitesi<\/b> ve <b>TSRS (T\u00fcrkiye S\u00fcrd\u00fcr\u00fclebilirlik Raporlama Standartlar\u0131)<\/b> kapsam\u0131nda haz\u0131rlad\u0131\u011f\u0131 ilk raporuyla, finansal ba\u015far\u0131s\u0131n\u0131 kurumsal y\u00f6neti\u015fim standartlar\u0131yla ta\u00e7land\u0131rm\u0131\u015ft\u0131r.<\/p>\n<p>&#8220;Stratejik yat\u0131r\u0131mlarla farkl\u0131la\u015farak s\u00fcrd\u00fcr\u00fclebilir k\u00e2rl\u0131l\u0131k sa\u011flayan \u00f6nc\u00fc bir firma olmak.&#8221; (ODA\u015e Vizyon Bildirisi, p. 15)<\/p>\n<h2>7. Sonu\u00e7: Gelece\u011fin ODA\u015e&#8217;\u0131 ve Bir Soru<\/h2>\n<p>ODA\u015e\u2019\u0131n 2025 y\u0131l\u0131 hikayesi, bir kriz y\u00f6netimi raporu de\u011fil, bir &#8220;evrim&#8221; belgesidir. \u015eirket; varl\u0131k relokasyonu, kritik maden y\u00f6netimi ve okyanus \u00f6tesi servis yat\u0131r\u0131mlar\u0131yla &#8220;enerji \u00fcreten bir \u015firket&#8221; olmaktan \u00e7\u0131k\u0131p, &#8220;enerji ve emtia odakl\u0131 bir yat\u0131r\u0131m holdingi&#8221; kimli\u011fini ku\u015fanm\u0131\u015ft\u0131r.<\/p>\n<p><b>Kapan\u0131\u015f Sorusu:<\/b> K\u00fcresel enerji d\u00f6n\u00fc\u015f\u00fcm\u00fcn\u00fcn bu kadar sert ya\u015fand\u0131\u011f\u0131 bir \u00e7a\u011fda, bir enerji \u015firketi sadece elektrik \u00fcreterek mi hayatta kalmal\u0131, yoksa ODA\u015e gibi \u00e7evik bir stratejik yat\u0131r\u0131m holdingine mi d\u00f6n\u00fc\u015fmeli?<\/p>\n<h1>ODA\u015e Elektrik \u00dcretim Sanayi Ticaret A.\u015e. 2025 Faaliyet Y\u0131l\u0131 Bilgilendirme Raporu<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, ODA\u015e Elektrik \u00dcretim Sanayi Ticaret A.\u015e.&#8217;nin (ODA\u015e) 01.01.2025 \u2013 31.12.2025 d\u00f6nemine ait operasyonel ve finansal performans\u0131n\u0131 sentezlemektedir. 2010 y\u0131l\u0131nda kurulan ve enerji, maden ve turizm sekt\u00f6rlerinde faaliyet g\u00f6steren grup, 2025 y\u0131l\u0131n\u0131 stratejik yat\u0131r\u0131mlar\u0131 ve gelir \u00e7e\u015fitlendirme hedefleri do\u011frultusunda tamamlam\u0131\u015ft\u0131r.<\/p>\n<p><b>Kritik \u00c7\u0131kar\u0131mlar:<\/b><\/p>\n<ul>\n<li><b>Finansal \u0130yile\u015fme:<\/b> 2024 y\u0131l\u0131ndaki 4,39 milyar TL&#8217;lik d\u00f6nem zarar\u0131n\u0131n ard\u0131ndan, 2025 y\u0131l\u0131nda 300 milyon TL seviyesinde d\u00f6nem k\u00e2r\u0131 elde edilmi\u015ftir. Toplam varl\u0131klar 41,39 milyar TL, toplam \u00f6zkaynaklar ise 35,96 milyar TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>\u00dcretim Performans\u0131:<\/b> \u00c7an2 Termik Santrali, planl\u0131 bak\u0131m \u00e7al\u0131\u015fmalar\u0131n\u0131n \u00f6ne \u00e7ekilmesi nedeniyle 1.675 GWsa br\u00fct \u00fcretim ger\u00e7ekle\u015ftirmi\u015ftir. \u00d6zbekistan\u2019daki do\u011fal gaz \u00e7evrim santrali ise sat\u0131\u015flar\u0131n\u0131 1.373 GWsa\u2019e y\u00fckselterek istikrarl\u0131 bir performans sergilemi\u015ftir.<\/li>\n<li><b>Madencilikte Stratejik Odak:<\/b> Antimuan fiyatlar\u0131ndaki k\u00fcresel art\u0131\u015f, grubun bu alandaki operasyonlar\u0131n\u0131n \u00f6nemini art\u0131rm\u0131\u015ft\u0131r. K\u00fctahya b\u00f6lgesinde y\u00fcksek miktarda alt\u0131n ve g\u00fcm\u00fc\u015f rezervi tescil edilmi\u015ftir.<\/li>\n<li><b>S\u00fcrd\u00fcr\u00fclebilirlik:<\/b> 2025 y\u0131l\u0131nda S\u00fcrd\u00fcr\u00fclebilirlik Komitesi kurulmu\u015f ve T\u00fcrkiye S\u00fcrd\u00fcr\u00fclebilirlik Raporlama Standartlar\u0131 (TSRS) kapsam\u0131ndaki ilk rapor yay\u0131nlanm\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>Kurumsal Yap\u0131 ve Y\u00f6netim<\/h2>\n<h3>Sermaye ve Ortakl\u0131k Yap\u0131s\u0131<\/h3>\n<p>31.12.2025 itibar\u0131yla \u015firketin \u00f6denmi\u015f sermayesi 1.400.000.000 TL\u2019dir. Pay geri al\u0131m program\u0131 kapsam\u0131nda 15.000.000 adet pay geri al\u0131nm\u0131\u015ft\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ortak Ad\u0131 \/ Unvan\u0131<\/td>\n<td>Sermaye Pay\u0131 (%)<\/td>\n<td>Oy Hakk\u0131 \u0130mtiyaz\u0131<\/td>\n<\/tr>\n<tr>\n<td>Burak Altay<\/td>\n<td>%16,31<\/td>\n<td>(A) Grubu: Pay ba\u015f\u0131na 15 oy<\/td>\n<\/tr>\n<tr>\n<td>Abdulkadir Bahattin \u00d6zal<\/td>\n<td>%4,87<\/td>\n<td>(A) Grubu: Pay ba\u015f\u0131na 15 oy<\/td>\n<\/tr>\n<tr>\n<td>BB Enerji Yat\u0131r\u0131m San. Tic. A.\u015e.<\/td>\n<td>%2,83<\/td>\n<td>(B) Grubu: Pay ba\u015f\u0131na 1 oy<\/td>\n<\/tr>\n<tr>\n<td>Di\u011fer (Halka A\u00e7\u0131k vb.)<\/td>\n<td>%75,99<\/td>\n<td>(B) Grubu: Pay ba\u015f\u0131na 1 oy<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Y\u00f6netim Kurulu \u0130mtiyazlar\u0131:<\/b> Y\u00f6netim Kurulu en az 5 \u00fcyeden olu\u015fur ve 2 \u00fcyenin (A) grubu pay sahiplerinin adaylar\u0131 aras\u0131ndan se\u00e7ilmesi zorunludur.<\/p>\n<h3>\u00dcst Y\u00f6netim ve Komiteler<\/h3>\n<p>Y\u00f6netim Kurulu Ba\u015fkanl\u0131\u011f\u0131 g\u00f6revini <b>Burak Altay<\/b>, Ba\u015fkan Vekilli\u011fi g\u00f6revini ise <b>Abdulkadir Bahattin \u00d6zal<\/b> y\u00fcr\u00fctmektedir. \u015eirket b\u00fcnyesinde Denetim, Kurumsal Y\u00f6netim, Riskin Erken Saptanmas\u0131 ve S\u00fcrd\u00fcr\u00fclebilirlik komiteleri aktif olarak faaliyet g\u00f6stermektedir.<\/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>Operasyonel Analiz<\/h2>\n<h3>Enerji \u00dcretim Faaliyetleri<\/h3>\n<p>Grup, yerli k\u00f6m\u00fcr ve do\u011fal gaz kaynakl\u0131 enerji \u00fcretiminde uluslararas\u0131 bir portf\u00f6ye sahiptir.<\/p>\n<ol>\n<li><b>\u00c7an2 Termik Santrali (\u00c7anakkale):<\/b> 340 MWm\/330 MWe kurulu g\u00fcce sahip tesis, yerli linyit k\u00f6m\u00fcr\u00fcn\u00fc elektri\u011fe d\u00f6n\u00fc\u015ft\u00fcrmektedir. 2026&#8217;n\u0131n ilk \u00e7eyre\u011fi i\u00e7in planlanan rutin bak\u0131mlar\u0131n ticari avantajlar nedeniyle Kas\u0131m 2025&#8217;e \u00e7ekilmesi sonucu \u00fcretimde bir \u00f6nceki y\u0131la g\u00f6re (1.983 GWsa\u2019den 1.675 GWsa\u2019e) bir d\u00fc\u015f\u00fc\u015f ya\u015fanm\u0131\u015ft\u0131r.<\/li>\n<li><b>\u00d6zbekistan Do\u011fal Gaz \u00c7evrim Santrali:<\/b> \u015eanl\u0131urfa&#8217;dan relokasyonu yap\u0131lan 174 MW kurulu g\u00fcce sahip santral, 2025 y\u0131l\u0131nda 1.373 GWsa elektrik sat\u0131\u015f\u0131 ger\u00e7ekle\u015ftirerek 2024 y\u0131l\u0131n\u0131 (1.302 GWsa) geride b\u0131rakm\u0131\u015ft\u0131r.<\/li>\n<li><b>K\u00fcresel Yat\u0131r\u0131mlar:<\/b> Venezuela\u2019da petrol \u00e7\u0131karma faaliyetlerini y\u00fcr\u00fcten Denarius Pumping Services LLC ve Denarius Venezuela \u00fczerinden dolayl\u0131 olarak %19,04 oran\u0131nda ortakl\u0131k bulunmaktad\u0131r.<\/li>\n<\/ol>\n<h3>Madencilik Faaliyetleri<\/h3>\n<p>ODA\u015e, stratejik metal ve k\u00f6m\u00fcr rezervlerine odaklanmaktad\u0131r.<\/p>\n<ul>\n<li><b>Antimuan:<\/b> Suda Maden b\u00fcnyesinde \u00fcretilen antimuan, AB ve ABD taraf\u0131ndan &#8220;kritik maden&#8221; olarak s\u0131n\u0131fland\u0131r\u0131lmaktad\u0131r. 2025 y\u0131l\u0131nda antimuan fiyatlar\u0131nda anlaml\u0131 bir art\u0131\u015f kaydedilmi\u015ftir.<\/li>\n<li><b>K\u0131ymetli Metaller:<\/b> K\u00fctahya b\u00f6lgesindeki ruhsatl\u0131 sahalarda <b>348.150 Ons Alt\u0131n<\/b> ve <b>2.832.036 Ons G\u00fcm\u00fc\u015f<\/b> rezervi bulunmaktad\u0131r.<\/li>\n<li><b>K\u00f6m\u00fcr:<\/b> \u00c7an-2 Trakya K\u00f6m\u00fcr ve Yel Enerji \u00fczerinden k\u00f6m\u00fcr madencili\u011fi faaliyetleri s\u00fcrd\u00fcr\u00fclmektedir.<\/li>\n<\/ul>\n<h3>Turizm ve Di\u011fer Alanlar<\/h3>\n<ul>\n<li><b>Fethiye Otel Projesi:<\/b> \u00dcst segmente hitap edecek orta \u00f6l\u00e7ekli bir otel yat\u0131r\u0131m\u0131 hayata ge\u00e7irilmi\u015ftir.<\/li>\n<li><b>G\u0131da ve Restoran:<\/b> Nos G\u0131da \u00fczerinden yemek \u00fcretimi ve servis hizmetleri verilmektedir.<\/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>Sekt\u00f6rel G\u00f6r\u00fcn\u00fcm ve Piyasa Verileri<\/h2>\n<p>2025 y\u0131l\u0131 sonunda T\u00fcrkiye&#8217;nin toplam kurulu g\u00fcc\u00fc %5,5 art\u0131\u015fla <b>122.446 MW<\/b>&#8216;a ula\u015fm\u0131\u015ft\u0131r.<\/p>\n<p><b>Kaynak Bazl\u0131 Kurulu G\u00fc\u00e7 Da\u011f\u0131l\u0131m\u0131 (31.12.2025):<\/b><\/p>\n<ul>\n<li><b>Hidro:<\/b> %26,4<\/li>\n<li><b>G\u00fcne\u015f:<\/b> %20,5 (En y\u00fcksek art\u0131\u015f: 5.017 MW)<\/li>\n<li><b>Do\u011fal Gaz:<\/b> %19,5<\/li>\n<li><b>Linyit &amp; K\u00f6m\u00fcr:<\/b> %18<\/li>\n<li><b>R\u00fczgar:<\/b> %12,1<\/li>\n<\/ul>\n<p><b>Ekonomik G\u00f6stergeler:<\/b><\/p>\n<ul>\n<li><b>Elektrik Piyasa Takas Fiyat\u0131 (PTF):<\/b> TL baz\u0131nda %17 artarak 2.619,8 TL\/MWsa olmu\u015f, ancak dolar baz\u0131nda %2,5 azal\u0131\u015fla 66,42 $\/MWsa seviyesine gerilemi\u015ftir.<\/li>\n<li><b>Maliyetler:<\/b> API2 K\u00f6m\u00fcr endeksi dolar baz\u0131nda %14,9, Brent petrol ise %16,7 oran\u0131nda d\u00fc\u015f\u00fc\u015f g\u00f6stermi\u015ftir. Buna kar\u015f\u0131n, BOTA\u015e elektrik \u00fcretim ama\u00e7l\u0131 do\u011fal gaz tarifesi %25 artm\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>Finansal Performans \u00d6zeti<\/h2>\n<p>A\u015fa\u011f\u0131daki tablolar, grubun 31.12.2025 tarihi itibar\u0131yla konsolide finansal durumunu yans\u0131tmaktad\u0131r.<\/p>\n<h3>Bilan\u00e7o \u00d6zet Verileri (Milyon TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/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>D\u00f6nen Varl\u0131klar<\/td>\n<td>7.548,7<\/td>\n<td>10.339,8<\/td>\n<td>-%27,0<\/td>\n<\/tr>\n<tr>\n<td>Duran Varl\u0131klar<\/td>\n<td>33.846,3<\/td>\n<td>34.370,4<\/td>\n<td>-%1,5<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>41.395,0<\/b><\/td>\n<td><b>44.710,2<\/b><\/td>\n<td><b>-%7,4<\/b><\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>3.894,3<\/td>\n<td>8.171,7<\/td>\n<td>-%52,3<\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>1.535,5<\/td>\n<td>1.683,8<\/td>\n<td>-%8,8<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam \u00d6zkaynaklar<\/b><\/td>\n<td><b>35.965,1<\/b><\/td>\n<td><b>34.854,6<\/b><\/td>\n<td><b>+%3,2<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Gelir Tablosu \u00d6zet Verileri (TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>01.01 &#8211; 31.12.2025<\/td>\n<td>01.01 &#8211; 31.12.2024<\/td>\n<\/tr>\n<tr>\n<td>Has\u0131lat<\/td>\n<td>8.912.508.577<\/td>\n<td>10.215.595.077<\/td>\n<\/tr>\n<tr>\n<td>Br\u00fct K\u00e2r<\/td>\n<td>1.625.469.691<\/td>\n<td>2.304.555.052<\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet K\u00e2r\u0131<\/td>\n<td>513.363.301<\/td>\n<td>142.917.923<\/td>\n<\/tr>\n<tr>\n<td>Finansman Gideri \u00d6ncesi K\u00e2r\/Zarar<\/td>\n<td>1.997.796.342<\/td>\n<td>(1.171.582.898)<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Net K\u00e2r\u0131 \/ Zarar\u0131<\/b><\/td>\n<td><b>300.071.277<\/b><\/td>\n<td><b>(4.395.570.238)<\/b><\/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>\u0130nsan Kaynaklar\u0131 ve S\u00fcrd\u00fcr\u00fclebilirlik<\/h2>\n<h3>\u0130nsan ve K\u00fclt\u00fcr<\/h3>\n<p>ODA\u015e, 31 Aral\u0131k 2025 itibar\u0131yla <b>1.126 \u00e7al\u0131\u015fan<\/b> ile faaliyet g\u00f6stermektedir. \u015eirket k\u00fclt\u00fcr\u00fc; &#8220;Birlikteli\u011fi \u00d6nemseyen, Dinamik Olan, Geli\u015fimi \u0130lke Edinen, G\u00fcvenilirli\u011fi Benimseyen, Ke\u015ffeden&#8221; \u015feklinde tan\u0131mlanan 5 ana de\u011fer \u00fczerine in\u015fa edilmi\u015ftir.<\/p>\n<ul>\n<li><b>Geli\u015fim:<\/b> &#8220;ODA\u015e Geli\u015fim Platformu&#8221; \u00fczerinden \u00e7al\u0131\u015fanlara 6.000\u2019den fazla i\u00e7erik sunulmaktad\u0131r.<\/li>\n<li><b>Ba\u011f\u0131\u015flar:<\/b> D\u00f6nem i\u00e7inde toplam 9.972.885 TL ba\u011f\u0131\u015f ve yard\u0131m yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>Risk Y\u00f6netimi ve Denetim<\/h3>\n<p>Nexia (AS Ba\u011f\u0131ms\u0131z Denetim ve YMM A.\u015e.) taraf\u0131ndan denetlenen faaliyet raporu, finansal bilgilerin ger\u00e7e\u011fi yans\u0131tt\u0131\u011f\u0131na dair olumlu g\u00f6r\u00fc\u015f alm\u0131\u015ft\u0131r. Riskin Erken Saptanmas\u0131 Komitesi, olas\u0131 risklerin y\u00f6netimi i\u00e7in periyodik \u00e7al\u0131\u015fmalar y\u00fcr\u00fctmektedir.<\/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<p><i>Bu briefing belgesi, ODA\u015e 31.12.2025 Faaliyet Raporu verileri esas al\u0131narak haz\u0131rlanm\u0131\u015ft\u0131r.<\/i><\/p>\n<button class=\"simplefavorite-button\" data-postid=\"1845\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>ODA\u015e 2025 Y\u0131l\u0131nda K\u00e2ra Ge\u00e7ti: Enerji ve Madencilikte Stratejik B\u00fcy\u00fcme<br \/>\n\u00d6zet: ODA\u015e, 2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131yla birlikte enerji, madencilik ve turizm sekt\u00f6rlerindeki g\u00fcc\u00fcn\u00fc bir kez daha kan\u0131tlad\u0131. 2024 y\u0131l\u0131ndaki zarar\u0131n ard\u0131ndan 300 milyon TL&#8217;yi a\u015fan net k\u00e2r ile d\u00f6nemi kapatan \u015firket, operasyonel verimlilikte \u00e7\u0131tay\u0131 y\u00fckseltti. \u00d6zbekistan\u2019daki enerji \u00fcretim art\u0131\u015f\u0131, stratejik antimuan madencili\u011findeki fiyat avantajlar\u0131 ve \u00c7an2 Termik Santrali&#8217;nin yerli k\u00f6m\u00fcr odakl\u0131 \u00fcretimiyle ODA\u015e, s\u00fcrd\u00fcr\u00fclebilir k\u00e2rl\u0131l\u0131k yolunda emin ad\u0131mlarla ilerliyor. 2025 y\u0131l\u0131nda kurulan S\u00fcrd\u00fcr\u00fclebilirlik Komitesi ile \u00e7evresel ve sosyal y\u00f6netim hedeflerini de raporlayan ODA\u015e&#8217;\u0131n gelecek vizyonuna ve mali tablolar\u0131n\u0131n detaylar\u0131na blog yaz\u0131m\u0131zdan ula\u015fabilirsiniz.<\/p>\n","protected":false},"author":7,"featured_media":1297,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[251],"tags":[299],"class_list":["post-1845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-faaliyetraporuanalizi","tag-odas"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1845","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=1845"}],"version-history":[{"count":4,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1845\/revisions"}],"predecessor-version":[{"id":1912,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1845\/revisions\/1912"}],"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=1845"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1845"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1845"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}