{"id":1907,"date":"2026-03-14T01:40:11","date_gmt":"2026-03-13T22:40:11","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1907"},"modified":"2026-03-14T01:41:07","modified_gmt":"2026-03-13T22:41:07","slug":"tkfen-faaliyet-raporu-analizi-202512-tekfen-holding-a","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1907","title":{"rendered":"\ud83d\udd35 TKFEN Faaliyet Raporu Analizi 2025\/12 | Tekfen Holding A.\u015e."},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd35 TKFEN Faaliyet Raporu Analizi 2025\/12 | Tekfen&#039;in 5.7 milyar liral\u0131k varolu\u015f sava\u015f\u0131\" width=\"858\" height=\"644\" src=\"https:\/\/www.youtube.com\/embed\/slanw2fpCa0?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>Tekfen Holding 2025 Faaliyet Raporu: Stratejik D\u00f6n\u00fc\u015f\u00fcm ve Operasyonel Analiz Brifingi<\/h1>\n<p>Bu belge, Tekfen Holding\u2019in 2025 y\u0131l\u0131 faaliyet raporu ve finansal verileri \u0131\u015f\u0131\u011f\u0131nda haz\u0131rlanan, grubun stratejik y\u00f6nelimlerini, y\u00f6netimsel de\u011fi\u015fimlerini ve sekt\u00f6rel performans\u0131n\u0131 sentezleyen kapsaml\u0131 bir analizdir.<\/p>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>2025 y\u0131l\u0131, Tekfen Grubu i\u00e7in hem k\u00fcresel ekonomik belirsizliklerin hem de k\u00f6kl\u00fc y\u00f6netimsel de\u011fi\u015fimlerin y\u00f6netildi\u011fi kritik bir &#8220;ge\u00e7i\u015f y\u0131l\u0131&#8221; olmu\u015ftur. Grup, 2025 y\u0131l\u0131n\u0131 5,7 milyar TL net d\u00f6nem zarar\u0131 ve 53,9 milyar TL konsolide has\u0131lat ile tamamlam\u0131\u015ft\u0131r. Y\u0131l i\u00e7indeki en \u00f6nemli geli\u015fme, kurucu ortaklar\u0131n hisse devirlerini takiben ana hissedar konumuna gelen Can Grubu&#8217;na y\u00f6nelik hukuki s\u00fcre\u00e7ler sonucunda y\u00f6netimin TMSF (Tasarruf Mevduat\u0131 Sigorta Fonu) kontrol\u00fcne ge\u00e7mesidir. Bu durum, y\u00f6netimsel bo\u015flu\u011fu gidermi\u015f ve kurumsal devaml\u0131l\u0131\u011f\u0131 sa\u011flam\u0131\u015ft\u0131r. Stratejik olarak grup, &#8220;hacimden ziyade verimlilik&#8221; ve &#8220;yeni taahh\u00fctlerden ziyade mevcut projelerin sa\u011fl\u0131kl\u0131 tamamlanmas\u0131&#8221; prensiplerine odaklanm\u0131\u015f; k\u00e2rl\u0131 g\u00f6r\u00fclmeyen &#8220;Ye\u015fil Amonyak&#8221; gibi baz\u0131 projeleri ask\u0131ya alm\u0131\u015ft\u0131r.<\/p>\n<h2>1. Makroekonomik \u00c7er\u00e7eve ve K\u00fcresel Konjonkt\u00fcr<\/h2>\n<p>2025 y\u0131l\u0131, k\u00fcresel sistemde belirsizli\u011fin kal\u0131c\u0131 hale geldi\u011fi bir d\u00f6nem olarak nitelendirilmektedir:<\/p>\n<ul>\n<li><b>K\u00fcresel Ekonomi:<\/b> D\u00fcnya ekonomisi %3,3 civar\u0131nda diren\u00e7li bir b\u00fcy\u00fcme sergilese de, s\u0131k\u0131la\u015fan finansal ko\u015fullar ve y\u00fcksek bor\u00e7luluk oranlar\u0131 yat\u0131r\u0131m i\u015ftah\u0131n\u0131 bask\u0131lam\u0131\u015ft\u0131r.<\/li>\n<li><b>Enerji Piyasalar\u0131:<\/b> Brent petrol\u00fcn varil fiyat\u0131 %18,5 gerileyerek 60-65 ABD dolar\u0131 band\u0131na inmi\u015f, bu durum petrol \u00fcreticisi \u00fclkelerin yat\u0131r\u0131m b\u00fct\u00e7elerinde daha temkinli davranmas\u0131na yol a\u00e7m\u0131\u015ft\u0131r.<\/li>\n<li><b>T\u00fcrkiye Ekonomisi:<\/b> T\u00fcrkiye ekonomisi %3,6 b\u00fcy\u00fcme kaydetmi\u015f, enflasyon y\u0131l sonunda %30,9 olarak ger\u00e7ekle\u015fmi\u015ftir. S\u0131k\u0131 para politikas\u0131 finansman maliyetlerini art\u0131r\u0131rken operasyonel verimlili\u011fi zorunlu k\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>2. Y\u00f6netimsel De\u011fi\u015fim ve Kurumsal S\u00fcre\u00e7ler<\/h2>\n<p>Tekfen Holding\u2019in 70 y\u0131ll\u0131k tarihindeki en \u00f6nemli ortakl\u0131k yap\u0131s\u0131 de\u011fi\u015fimi 2025 y\u0131l\u0131nda ya\u015fanm\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li><b>Hissedar De\u011fi\u015fimi:<\/b> Kurucu ailelerin hisselerini satmas\u0131yla Can Grubu\u2019nun pay\u0131 %42,80\u2019e ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<li><b>TMSF M\u00fcdahalesi:<\/b> Can Grubu hakk\u0131nda y\u00fcr\u00fct\u00fclen soru\u015fturma kapsam\u0131nda Mahkeme karar\u0131yla TMSF kayy\u0131m olarak atanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Yeni Y\u00f6netim Yap\u0131s\u0131:<\/b> TMSF Fon Kurulu taraf\u0131ndan belirlenen Nevzat Avun\u00e7 (Y\u00f6netim Kurulu Ba\u015fkan\u0131) ve Nam\u0131k \u00dclke (CEO) liderli\u011findeki yeni y\u00f6netim, kurumsal belirsizlikleri gidermek ve payda\u015f g\u00fcvenini yeniden tesis etmek \u00fczere g\u00f6reve ba\u015flam\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>3. Finansal Performans Analizi<\/h2>\n<p>Grubun 2025 y\u0131l\u0131 finansal g\u00f6stergeleri, operasyonel zorluklar\u0131 ve yeniden yap\u0131land\u0131rma etkilerini yans\u0131tmaktad\u0131r:<\/p>\n<h3>Temel Finansal G\u00f6stergeler (Konsolide)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>G\u00f6sterge (Milyon TL)<\/td>\n<td>2025<\/td>\n<td>2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015f Gelirleri<\/td>\n<td>53.909<\/td>\n<td>76.166<\/td>\n<td>-29,2<\/td>\n<\/tr>\n<tr>\n<td>FAV\u00d6K<\/td>\n<td>(935)<\/td>\n<td>3.566<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td>Net D\u00f6nem K\u00e2r\u0131 \/ (Zarar\u0131)<\/td>\n<td>(5.732)<\/td>\n<td>542<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td>Toplam Varl\u0131klar<\/td>\n<td>72.195<\/td>\n<td>86.224<\/td>\n<td>-16,3<\/td>\n<\/tr>\n<tr>\n<td>Ana Ortakl\u0131\u011fa Ait \u00d6zkaynaklar<\/td>\n<td>32.386<\/td>\n<td>39.877<\/td>\n<td>-18,8<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Sat\u0131\u015f Da\u011f\u0131l\u0131m\u0131:<\/b> Gelirlerin %61,7\u2019si M\u00fchendislik ve Taahh\u00fct, %37,1\u2019i Tar\u0131msal Sanayi grubundan elde edilmi\u015ftir.<\/li>\n<li><b>Likidite Durumu:<\/b> Cari oran 1,08&#8217;den 0,75&#8217;e gerilemi\u015ftir. 31 Aral\u0131k 2025 itibar\u0131yla net nakit pozisyonu -5,8 milyar TL olarak kaydedilmi\u015ftir.<\/li>\n<\/ul>\n<h2>4. M\u00fchendislik ve Taahh\u00fct Grubu Analizi<\/h2>\n<p>Grup, 2025 y\u0131l\u0131nda &#8220;gemiyi limana g\u00fcvenle yana\u015ft\u0131rma&#8221; stratejisiyle mevcut portf\u00f6y\u00fcn tamamlanmas\u0131na \u00f6ncelik vermi\u015ftir.<\/p>\n<h3>Operasyonel Durum ve Backlog<\/h3>\n<ul>\n<li><b>Backlog:<\/b> Tekfen \u0130n\u015faat\u2019\u0131n kalan i\u015f miktar\u0131 2024\u2019teki 837 milyon ABD dolar\u0131ndan 585 milyon ABD dolar\u0131na gerilemi\u015ftir.<\/li>\n<li><b>Sekt\u00f6rel S\u0131ralama:<\/b> Tekfen \u0130n\u015faat, ENR &#8220;D\u00fcnyan\u0131n En B\u00fcy\u00fck 250 Uluslararas\u0131 M\u00fcteahhidi&#8221; listesinde 143. s\u0131rada; Tekfen M\u00fchendislik ise &#8220;En B\u00fcy\u00fck 225 Uluslararas\u0131 Tasar\u0131m Firmas\u0131&#8221; listesinde 215. s\u0131rada yer alm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>\u00d6ne \u00c7\u0131kan Projeler<\/h3>\n<ul>\n<li><b>Katar North Field East (NFE):<\/b> D\u00fcnyan\u0131n en b\u00fcy\u00fck LNG projelerinden biri olan i\u015fte %96,2 ilerleme sa\u011flanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Azerbaycan Merkez Bankas\u0131:<\/b> 37 katl\u0131, 163,8 metre y\u00fcksekli\u011findeki simge bina tamamlanarak teslim edilmi\u015ftir.<\/li>\n<li><b>Suudi Arabistan Master Gaz Faz 3:<\/b> 77,3 km\u2019lik boru hatt\u0131 projesinde %19,1 fiziksel ilerleme kaydedilmi\u015ftir.<\/li>\n<li><b>Irak Rumaila:<\/b> Su ve Tuz Ayr\u0131\u015ft\u0131rma \u00fcnitelerinde %83,6 ilerleme sa\u011flanm\u0131\u015f, s\u00f6zle\u015fme s\u00fcresi Haziran 2026&#8217;ya uzat\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>Stratejik Revizyonlar<\/h3>\n<ul>\n<li><b>Ye\u015fil Amonyak:<\/b> Uluslararas\u0131 piyasalarda beklenen fiyat priminin olu\u015fmamas\u0131 nedeniyle proje durdurulmu\u015ftur.<\/li>\n<li><b>Mod\u00fcler \u0130malat:<\/b> Y\u00fcksek maliyetler nedeniyle hedefler k\u00fc\u00e7\u00fclt\u00fclm\u00fc\u015f; Ceyhan Tesisi daha &#8220;butik&#8221; bir yap\u0131ya d\u00f6n\u00fc\u015ft\u00fcr\u00fclm\u00fc\u015ft\u00fcr.<\/li>\n<li><b>\u0130malat Birle\u015fmesi:<\/b> Derince Tesisi, operasyonel verimlilik ad\u0131na Ceyhan \u00c7elik \u0130malat Tesisi ile birle\u015ftirilmi\u015ftir.<\/li>\n<\/ul>\n<h2>5. Tar\u0131msal Sanayi Grubu Analizi<\/h2>\n<p>Toros Tar\u0131m, zorlu piyasa ko\u015fullar\u0131na ra\u011fmen pazar liderli\u011fini s\u00fcrd\u00fcrm\u00fc\u015ft\u00fcr:<\/p>\n<ul>\n<li><b>Piyasa Ko\u015fullar\u0131:<\/b> Hammadde maliyetlerindeki oynakl\u0131k ve \u00e7ift\u00e7inin al\u0131m g\u00fcc\u00fcndeki d\u00fc\u015f\u00fc\u015f talebi bask\u0131lam\u0131\u015ft\u0131r.<\/li>\n<li><b>Operasyonel Engeller:<\/b> Y\u0131l i\u00e7inde baz\u0131 tesislerde ya\u015fanan grev s\u00fcre\u00e7leri \u00fcretim ve sevkiyat takvimini olumsuz etkilemi\u015ftir.<\/li>\n<li><b>Stratejik Odak:<\/b> \u00dcretim planlamas\u0131nda esneklik, stok optimizasyonu ve mali disiplin temel y\u00f6netim ara\u00e7lar\u0131 olmu\u015ftur.<\/li>\n<\/ul>\n<h2>6. S\u00fcrd\u00fcr\u00fclebilirlik ve \u0130novasyon<\/h2>\n<p>Tekfen, dijital d\u00f6n\u00fc\u015f\u00fcm ve s\u00fcrd\u00fcr\u00fclebilirli\u011fi operasyonlar\u0131n\u0131n merkezine koymaya devam etmektedir:<\/p>\n<ul>\n<li><b>Dijital D\u00f6n\u00fc\u015f\u00fcm:<\/b> M\u00fchendislik projelerinde BIM (Yap\u0131 Bilgi Modellemesi) ve geli\u015fmi\u015f sim\u00fclasyon \u00e7\u00f6z\u00fcmleri kullan\u0131lmaktad\u0131r.<\/li>\n<li><b>\u00c7evresel Yat\u0131r\u0131mlar:<\/b> Ceyhan tesisindeki GES (G\u00fcne\u015f Enerji Santrali) yat\u0131r\u0131m\u0131 gibi s\u00fcrd\u00fcr\u00fclebilirlik hamleleri devreye al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<li><b>Ar-Ge:<\/b> Tar\u0131msal grupta verimlilik ve \u00fcr\u00fcn \u00e7e\u015fitlili\u011fini art\u0131rmaya y\u00f6nelik Ar-Ge faaliyetleri s\u00fcrd\u00fcr\u00fclmektedir.<\/li>\n<\/ul>\n<h2>7. \u00d6nemli Al\u0131nt\u0131lar ve Liderlik Vizyonu<\/h2>\n<p>&#8220;2025 y\u0131l\u0131nda yeni y\u00f6netimin i\u015f ba\u015f\u0131na gelmesiyle birlikte Tekfen\u2019de \u00f6ncelikle belirsizliklerin \u00f6nemli \u00f6l\u00e7\u00fcde giderilmesine y\u00f6nelik kurumsal bir \u00e7er\u00e7eve olu\u015fturulmu\u015f; \u015eirket\u2019in faaliyetlerinin kesintisiz ve d\u00fczenli bi\u00e7imde s\u00fcrd\u00fcr\u00fclmesi sa\u011flanm\u0131\u015ft\u0131r.&#8221; \u2014 <b>Nevzat Avun\u00e7, Y\u00f6netim Kurulu Ba\u015fkan\u0131<\/b><\/p>\n<p>&#8220;2025 y\u0131l\u0131 boyunca Grup genelinde sermaye disiplini, risk y\u00f6netimi ve \u00f6nceliklendirme temel yakla\u015f\u0131m\u0131m\u0131z olmu\u015ftur. Yeni yat\u0131r\u0131m kararlar\u0131nda ekonomik rasyonalite esas al\u0131nm\u0131\u015f, \u00f6nceki strateji plan\u0131ndaki baz\u0131 projeler piyasa ko\u015fullar\u0131 do\u011frultusunda yeniden de\u011ferlendirilmi\u015ftir.&#8221; \u2014 <b>Nam\u0131k \u00dclke, Grup \u015eirketler Ba\u015fkan\u0131 (CEO)<\/b><\/p>\n<h2>8. Gelecek Beklentileri ve 2026 Hedefleri<\/h2>\n<p>Tekfen Holding, 2026 y\u0131l\u0131na &#8220;daha dengeli ve dayan\u0131kl\u0131 bir yap\u0131&#8221; ile girmeyi hedeflemektedir:<\/p>\n<ol>\n<li><b>Se\u00e7ici B\u00fcy\u00fcme:<\/b> \u00d6zellikle Azerbaycan, Libya ve Irak gibi pazarlar yerel ortakl\u0131klar modeliyle yeniden \u00f6nceliklendirilmi\u015ftir.<\/li>\n<li><b>Maliyet Y\u00f6netimi:<\/b> T\u00fcrkiye&#8217;deki y\u00fcksek i\u015f\u00e7ilik maliyetleri kar\u015f\u0131s\u0131nda kadro optimizasyonu ve verimlilik odakl\u0131 personel y\u00f6netimi s\u00fcrd\u00fcr\u00fclecektir.<\/li>\n<li><b>Yeni Sekt\u00f6rler:<\/b> Suudi Arabistan&#8217;da madencilik in\u015faatlar\u0131 ve 2034 D\u00fcnya Kupas\u0131 kapsam\u0131ndaki stadyum projeleri yeni hedef alanlar\u0131 olarak belirlenmi\u015ftir.<\/li>\n<li><b>Mali Disiplin:<\/b> Nakit y\u00f6netimi ve kontroll\u00fc bor\u00e7luluk temel prensip olmaya devam edecektir.<\/li>\n<\/ol>\n<button class=\"simplefavorite-button\" data-postid=\"1907\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Tekfen Holding\u2019in 2025 y\u0131l\u0131na ait faaliyet raporu, \u015firketin zorlu k\u00fcresel ve yerel ekonomik ko\u015fullar alt\u0131ndaki stratejik y\u00f6nelimini ve kurumsal d\u00f6n\u00fc\u015f\u00fcm\u00fcn\u00fc belgelemektedir. Metin; M\u00fchendislik ve Taahh\u00fct, Tar\u0131msal Sanayi ve Yat\u0131r\u0131m olmak \u00fczere \u00fc\u00e7 ana i\u015f koluna odaklanarak, holdingin finansal performans\u0131n\u0131, y\u00f6netim yap\u0131s\u0131ndaki de\u011fi\u015fimleri ve operasyonel verimlilik hedeflerini detayland\u0131rmaktad\u0131r. \u00d6zellikle pay sahipli\u011fi yap\u0131s\u0131ndaki de\u011fi\u015fimler ve TMSF\u2019nin y\u00f6netimdeki rol\u00fc gibi kritik s\u00fcre\u00e7ler ele al\u0131n\u0131rken, \u015firketin d\u00fcr\u00fcstl\u00fck ve dayan\u0131kl\u0131l\u0131k ilkeleriyle s\u00fcrd\u00fcr\u00fclebilir k\u00e2rl\u0131l\u0131k ve mali disiplin rotas\u0131nda ilerledi\u011fi vurgulanmaktad\u0131r. Raporun genel amac\u0131, payda\u015flara g\u00fcven vermek ve Tekfen\u2019in geni\u015f bir co\u011frafyada y\u00fcr\u00fctt\u00fc\u011f\u00fc EPC projeleri ile tar\u0131msal faaliyetlerindeki liderli\u011fini nas\u0131l koruyaca\u011f\u0131n\u0131 a\u00e7\u0131klamakt\u0131r.<\/p>\n","protected":false},"author":6,"featured_media":1297,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[251],"tags":[148],"class_list":["post-1907","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-faaliyetraporuanalizi","tag-tkfen"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1907","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\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1907"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1907\/revisions"}],"predecessor-version":[{"id":1908,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1907\/revisions\/1908"}],"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=1907"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1907"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1907"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}