{"id":1972,"date":"2026-03-22T14:32:30","date_gmt":"2026-03-22T11:32:30","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1972"},"modified":"2026-03-22T14:33:05","modified_gmt":"2026-03-22T11:33:05","slug":"mgros-bilano-analizi-202512-migros-ticaret-a","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1972","title":{"rendered":"\ud83d\udd34 MGROS Bilan\u00e7o Analizi 2025\/12 | Migros Ticaret A.\u015e."},"content":{"rendered":"<p><iframe title=\"Spotify Embed: \ud83d\udd34 MGROS Bilan\u00e7o Analizi 2025\/12 | Migros Ticaret A.\u015e.\" style=\"border-radius: 12px\" width=\"100%\" height=\"152\" frameborder=\"0\" allowfullscreen allow=\"autoplay; clipboard-write; encrypted-media; fullscreen; picture-in-picture\" loading=\"lazy\" src=\"https:\/\/open.spotify.com\/embed\/episode\/3CrwK6IHXyOmxWG5DHR2eI?si=597616c69e84494d&amp;utm_source=oembed\"><\/iframe><\/p>\n<h1>M\u0130GROS T\u0130CARET A.\u015e. 2025 HESAP D\u00d6NEM\u0130 F\u0130NANSAL VE STRATEJ\u0130K DE\u011eERLEND\u0130RME B\u0130LG\u0130LEND\u0130RME NOTU<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, Migros Ticaret A.\u015e. (&#8220;Grup&#8221;) ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n 1 Ocak &#8211; 31 Aral\u0131k 2025 hesap d\u00f6nemine ait konsolide finansal tablolar\u0131n\u0131n ve ba\u011f\u0131ms\u0131z denet\u00e7i raporunun kapsaml\u0131 bir sentezidir. 2025 y\u0131l\u0131, Grubun hem operasyonel a\u011f\u0131n\u0131 geni\u015fletti\u011fi hem de y\u00fcksek enflasyon muhasebesi (TMS 29) standartlar\u0131n\u0131 uygulad\u0131\u011f\u0131 kritik bir d\u00f6nemi temsil etmektedir.<\/p>\n<p><b>\u00d6ne \u00c7\u0131kan Temel Bulgular:<\/b><\/p>\n<ul>\n<li><b>Ba\u011f\u0131ms\u0131z Denet\u00e7i G\u00f6r\u00fc\u015f\u00fc:<\/b> PwC taraf\u0131ndan y\u00fcr\u00fct\u00fclen denetim sonucunda, finansal tablolar\u0131n Grubun finansal durumunu TFRS\u2019lere uygun olarak t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sundu\u011fu teyit edilmi\u015ftir (Olumlu G\u00f6r\u00fc\u015f).<\/li>\n<li><b>Finansal Performans:<\/b> Grup, 2025 y\u0131l\u0131nda 412,8 milyar TL has\u0131lat elde etmi\u015f; d\u00f6nemi 6,8 milyar TL net k\u00e2r ile kapatm\u0131\u015ft\u0131r.<\/li>\n<li><b>Operasyonel B\u00fcy\u00fcme:<\/b> Ma\u011faza say\u0131s\u0131 3.792\u2019ye, toplam \u00e7al\u0131\u015fan say\u0131s\u0131 ise 55.434\u2019e y\u00fckselmi\u015ftir. Grubun ana i\u015f kolu olan perakendecilik, toplam sat\u0131\u015flar\u0131n %97&#8217;sini olu\u015fturmaya devam etmektedir.<\/li>\n<li><b>Enflasyon Muhasebesi Etkisi:<\/b> 2025 y\u0131l\u0131 tablolar\u0131, 31 Aral\u0131k 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fc esas\u0131na g\u00f6re d\u00fczenlenmi\u015f; bu kapsamda 21,1 milyar TL tutar\u0131nda &#8220;Net Parasal Pozisyon Kazanc\u0131&#8221; kaydedilmi\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>1. Ba\u011f\u0131ms\u0131z Denetim ve Uyumluluk \u00c7er\u00e7evesi<\/h2>\n<p>PwC Ba\u011f\u0131ms\u0131z Denetim ve Serbest Muhasebeci Mali M\u00fc\u015favirlik A.\u015e. taraf\u0131ndan haz\u0131rlanan 4 Mart 2026 tarihli rapor, Grubun finansal \u015feffafl\u0131\u011f\u0131na ili\u015fkin \u015fu detaylar\u0131 sunmaktad\u0131r:<\/p>\n<h3>1.1. Denet\u00e7i G\u00f6r\u00fc\u015f\u00fc ve Dayana\u011f\u0131<\/h3>\n<p>Denetim, T\u00fcrkiye Denetim Standartlar\u0131&#8217;n\u0131n bir par\u00e7as\u0131 olan BDS&#8217;lere uygun olarak y\u00fcr\u00fct\u00fclm\u00fc\u015ft\u00fcr. Denet\u00e7iler, Grubun 31 Aral\u0131k 2025 itibar\u0131yla finansal durumunun ve nakit ak\u0131\u015flar\u0131n\u0131n ger\u00e7e\u011fe uygun oldu\u011funu beyan etmi\u015ftir. Ayr\u0131ca, 6102 say\u0131l\u0131 T\u00fcrk Ticaret Kanunu (TTK) uyar\u0131nca defter tutma d\u00fczeninin kanun ve esas s\u00f6zle\u015fmeye uygun oldu\u011fu belirtilmi\u015ftir.<\/p>\n<h3>1.2. Kilit Denetim Konusu: Has\u0131lat\u0131n Muhasebele\u015ftirilmesi<\/h3>\n<p>Denetim s\u00fcrecinde &#8220;Has\u0131lat\u0131n Muhasebele\u015ftirilmesi&#8221; en kritik konu olarak belirlenmi\u015ftir. Bu karar\u0131n gerek\u00e7eleri \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>Hacim ve Yayg\u0131nl\u0131k:<\/b> 3.792 ma\u011fazada ger\u00e7ekle\u015fen \u00e7ok say\u0131da i\u015flem.<\/li>\n<li><b>BT Riskleri:<\/b> Bilgi sistemleri taraf\u0131ndan i\u015flenen veri hacminin b\u00fcy\u00fckl\u00fc\u011f\u00fcnden kaynaklanan sekt\u00f6rel riskler.<\/li>\n<li><b>Performans \u00d6l\u00e7\u00fcm\u00fc:<\/b> Has\u0131lat\u0131n, y\u00f6netimin stratejik de\u011ferlendirmeleri i\u00e7in en \u00f6nemli performans kriteri olmas\u0131.<\/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. Finansal Performans Analizi<\/h2>\n<p>A\u015fa\u011f\u0131daki tablo, Grubun 2025 ve 2024 y\u0131llar\u0131na ait temel k\u00e2r veya zarar kalemlerinin kar\u015f\u0131la\u015ft\u0131rmas\u0131n\u0131 sunmaktad\u0131r (Tutarlar bin TL ve sat\u0131n alma g\u00fcc\u00fc esas\u0131na g\u00f6redir):<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>1 Ocak &#8211; 31 Aral\u0131k 2025<\/td>\n<td>1 Ocak &#8211; 31 Aral\u0131k 2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>412.756.429<\/td>\n<td>384.534.078<\/td>\n<td>+%7,3<\/td>\n<\/tr>\n<tr>\n<td><b>Sat\u0131\u015flar\u0131n Maliyeti<\/b><\/td>\n<td>(312.409.547)<\/td>\n<td>(295.747.383)<\/td>\n<td>+%5,6<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>100.346.882<\/td>\n<td>88.786.695<\/td>\n<td>+%13,0<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet Zarar\u0131<\/b><\/td>\n<td>(8.252.604)<\/td>\n<td>(12.402.981)<\/td>\n<td>-%33,5<\/td>\n<\/tr>\n<tr>\n<td><b>Net Parasal Pozisyon Kazanc\u0131<\/b><\/td>\n<td>21.102.605<\/td>\n<td>24.663.798<\/td>\n<td>-%14,4<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131<\/b><\/td>\n<td>6.793.533<\/td>\n<td>8.604.828<\/td>\n<td>-%21,0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Analiz Notlar\u0131:<\/b><\/p>\n<ul>\n<li><b>Operasyonel Giderler:<\/b> Pazarlama giderleri (81,5 milyar TL) ve genel y\u00f6netim giderleri (7,6 milyar TL) Grubun en b\u00fcy\u00fck gider kalemlerini olu\u015fturmaktad\u0131r.<\/li>\n<li><b>K\u00e2rl\u0131l\u0131k Yap\u0131s\u0131:<\/b> Esas faaliyet d\u00fczeyinde zarar kaydedilmesine ra\u011fmen, y\u00fcksek enflasyonun etkisiyle olu\u015fan 21,1 milyar TL&#8217;lik parasal pozisyon kazanc\u0131, d\u00f6nemin net k\u00e2rla kapanmas\u0131n\u0131 sa\u011flayan temel unsurdur.<\/li>\n<li><b>Pay Ba\u015f\u0131na Kazan\u00e7:<\/b> S\u00fcrd\u00fcr\u00fclen faaliyetlerden pay ba\u015f\u0131na kazan\u00e7 38,81 TL olarak ger\u00e7ekle\u015fmi\u015ftir (2024: 47,27 TL).<\/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. Finansal Durum ve Varl\u0131k Yap\u0131s\u0131<\/h2>\n<p>31 Aral\u0131k 2025 itibar\u0131yla Grubun toplam varl\u0131klar\u0131 <b>209.583.279 bin TL<\/b> seviyesine ula\u015fm\u0131\u015ft\u0131r.<\/p>\n<h3>3.1. Varl\u0131k Da\u011f\u0131l\u0131m\u0131<\/h3>\n<ul>\n<li><b>D\u00f6nen Varl\u0131klar (76,3 milyar TL):<\/b> En b\u00fcy\u00fck kalem 41,2 milyar TL ile stoklard\u0131r. Nakit ve nakit benzerleri 27,8 milyar TL tutar\u0131ndad\u0131r.<\/li>\n<li><b>Duran Varl\u0131klar (133,3 milyar TL):<\/b> Maddi duran varl\u0131klar (48,3 milyar TL) ve kullan\u0131m hakk\u0131 varl\u0131klar\u0131 (49,8 milyar TL) a\u011f\u0131rl\u0131kl\u0131d\u0131r. Ayr\u0131ca 26,3 milyar TL tutar\u0131nda \u015ferefiye bulunmaktad\u0131r.<\/li>\n<\/ul>\n<h3>3.2. Y\u00fck\u00fcml\u00fcl\u00fckler ve \u00d6zkaynaklar<\/h3>\n<ul>\n<li><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 96,3 milyar TL (Ticari bor\u00e7lar 79,8 milyar TL ile en b\u00fcy\u00fck paya sahiptir).<\/li>\n<li><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 33,4 milyar TL (Kiralama i\u015flemlerinden bor\u00e7lar 25 milyar TL&#8217;dir).<\/li>\n<li><b>Toplam \u00d6zkaynaklar:<\/b> 79,9 milyar TL (Ana ortakl\u0131\u011fa ait \u00f6zkaynaklar 79 milyar TL).<\/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. Operasyonel ve Stratejik Yap\u0131<\/h2>\n<h3>4.1. Ma\u011faza ve \u00c7al\u0131\u015fan A\u011f\u0131<\/h3>\n<p>Grubun fiziksel b\u00fcy\u00fcmesi 2025 y\u0131l\u0131nda da devam etmi\u015ftir:<\/p>\n<ul>\n<li><b>Toplam Ma\u011faza Say\u0131s\u0131:<\/b> 3.792 (2024: 3.621).\n<ul>\n<li>Perakende Ma\u011fazalar\u0131: 3.763.<\/li>\n<li>Toptan Sat\u0131\u015f Ma\u011fazalar\u0131: 29.<\/li>\n<\/ul>\n<\/li>\n<li><b>Sat\u0131\u015f Alan\u0131:<\/b> Toplam 2.088.659 m\u00b2.<\/li>\n<li><b>\u0130nsan Kayna\u011f\u0131:<\/b> 55.434 \u00e7al\u0131\u015fan.<\/li>\n<\/ul>\n<h3>4.2. Ba\u011fl\u0131 Ortakl\u0131klar ve Yeni Giri\u015fimler<\/h3>\n<p>Grup, perakendecili\u011fin yan\u0131 s\u0131ra teknoloji, lojistik ve finansal hizmetler alanlar\u0131nda geni\u015flemektedir. \u00d6nemli i\u015ftirakler \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>Dijital Platform G\u0131da Hizmetleri A.\u015e. (%93,0):<\/b> Online g\u0131da perakendecili\u011fi.<\/li>\n<li><b>Moneypay \u00d6deme ve Elektronik Para Hizmetleri A.\u015e. (%80,0):<\/b> Finansal teknolojiler.<\/li>\n<li><b>Paket Lojistik ve Teknoloji A.\u015e. (%98,7):<\/b> Motosikletli da\u011f\u0131t\u0131m ve lojistik.<\/li>\n<li><b>Yeni Kurulu\u015flar:<\/b> Mart 2025&#8217;te kurumsal \u00f6deme hizmetleri i\u00e7in &#8220;Moneypay Finansal Teknoloji ve Yapay Zeka A.\u015e.&#8221; kurulmu\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>5. Muhasebe Politikalar\u0131 ve Enflasyon Muhasebesi (TMS 29)<\/h2>\n<p>Grup, KGK duyurular\u0131na uygun olarak 31 Aral\u0131k 2025 tarihli konsolide finansal tablolar\u0131n\u0131 TMS 29 kapsam\u0131nda y\u00fcksek enflasyon d\u00fczeltmesine tabi tutmu\u015ftur.<\/p>\n<p><b>Uygulanan Parametreler:<\/b><\/p>\n<ul>\n<li><b>Endeks:<\/b> T\u00dc\u0130K taraf\u0131ndan yay\u0131mlanan T\u00fcketici Fiyat Endeksi (T\u00dcFE).<\/li>\n<li><b>Katsay\u0131lar:<\/b> 31.12.2025 endeksi 3.513,87 (Katsay\u0131: 1,0000); 31.12.2024 endeksi 2.684,55 (Katsay\u0131: 1,3089).<\/li>\n<li><b>\u00dc\u00e7 Y\u0131ll\u0131k Bile\u015fik Enflasyon:<\/b> %211 olarak kaydedilmi\u015ftir.<\/li>\n<\/ul>\n<p><b>\u00d6nemli Muhasebe Uygulamalar\u0131:<\/b><\/p>\n<ul>\n<li><b>Yeniden De\u011ferleme:<\/b> Arazi, arsa ve binalar makul de\u011ferleri \u00fczerinden izlenmektedir. 31 Aral\u0131k 2025 de\u011ferlemeleri Nova Ta\u015f\u0131nmaz De\u011ferleme ve Dan\u0131\u015fmanl\u0131k A.\u015e. taraf\u0131ndan yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>\u015eerefiye ve Markalar:<\/b> S\u0131n\u0131rs\u0131z faydal\u0131 \u00f6mre sahip oldu\u011fu de\u011ferlendirilen bu varl\u0131klar itfa edilmemekte, y\u0131ll\u0131k de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc testine tabi tutulmaktad\u0131r.<\/li>\n<li><b>Stok De\u011ferleme:<\/b> Ayl\u0131k a\u011f\u0131rl\u0131kl\u0131 ortalama maliyet y\u00f6ntemi kullan\u0131lmaktad\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<p><i>Bu briefing dok\u00fcman\u0131, Migros Ticaret A.\u015e.&#8217;nin resmi finansal raporlar\u0131 ve ba\u011f\u0131ms\u0131z denet\u00e7i beyanlar\u0131 temel al\u0131narak haz\u0131rlanm\u0131\u015ft\u0131r.<\/i><\/p>\n<button class=\"simplefavorite-button\" data-postid=\"1972\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Migros 2025 Finansal Sonu\u00e7lar\u0131n\u0131 A\u00e7\u0131klad\u0131: Perakendede B\u00fcy\u00fcme S\u00fcr\u00fcyor!<br \/>\nT\u00fcrkiye perakende sekt\u00f6r\u00fcn\u00fcn dev ismi Migros, 2025 y\u0131l\u0131na ait mali tablolar\u0131n\u0131 kamuoyuyla payla\u015ft\u0131. Y\u0131l\u0131 412 milyar TL&#8217;nin \u00fczerinde bir has\u0131latla kapatan \u015firket, operasyonel verimlili\u011fini simgeleyen FAV\u00d6K rakamlar\u0131n\u0131 da 27 milyar TL seviyesine ta\u015f\u0131d\u0131.<br \/>\nMa\u011faza a\u011f\u0131n\u0131 3.792 noktaya ula\u015ft\u0131rarak fiziksel eri\u015fimini art\u0131ran Migros, 55 binden fazla \u00e7al\u0131\u015fan\u0131yla T\u00fcrkiye ekonomisine dev bir istihdam katk\u0131s\u0131 sa\u011flamaya devam ediyor. Net d\u00f6nem k\u00e2r\u0131nda ge\u00e7ti\u011fimiz y\u0131la oranla bir de\u011fi\u015fim g\u00f6zlense de, \u015firketin pazar pay\u0131 ve geni\u015fleyen sat\u0131\u015f alan\u0131 2026 y\u0131l\u0131 i\u00e7in g\u00fc\u00e7l\u00fc bir sinyal veriyor.<br \/>\nMigros\u2019un online g\u0131da perakendecili\u011finden lojisti\u011fe, enerji hizmetlerinden finansal teknolojilere uzanan geni\u015f ekosisteminin finansal detaylar\u0131n\u0131 ve gelecek hedeflerini inceledi\u011fimiz yaz\u0131m\u0131z\u0131n devam\u0131 i\u00e7in t\u0131klay\u0131n.<\/p>\n","protected":false},"author":10,"featured_media":970,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[312],"class_list":["post-1972","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-mgros"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1972","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\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1972"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1972\/revisions"}],"predecessor-version":[{"id":1973,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1972\/revisions\/1973"}],"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=1972"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1972"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1972"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}