{"id":2159,"date":"2026-04-23T16:14:43","date_gmt":"2026-04-23T13:14:43","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2159"},"modified":"2026-04-23T16:26:51","modified_gmt":"2026-04-23T13:26:51","slug":"cw-enerji-2026-q1-raporu-rekor-kr-art-ve-750-milyon-dolarlk-abd-anlamas","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2159","title":{"rendered":"\u2600\ufe0f CW Enerji 2026 Q1 Raporu: Rekor K\u00e2r Art\u0131\u015f\u0131 ve 750 Milyon Dolarl\u0131k ABD Anla\u015fmas\u0131"},"content":{"rendered":"

https:\/\/youtu.be\/cYv55DUmtEM<\/a><\/p>\n

\r\n\ud83d\udd35 CWENE 2026-03 Faaliyet Raporu Analizi | CW Enerji\r\n\r\nCW Enerji 2026 Birinci \u00c7eyrek \u00d6nemli Geli\u015fmeler\r\nFinansal Performans ve Rekor K\u00e2r: \u015eirket, 2026'n\u0131n ilk \u00e7eyre\u011finde has\u0131lat\u0131n\u0131 y\u0131ll\u0131k bazda %31,3 art\u0131rarak 4,3 milyar TL seviyesine ula\u015ft\u0131rm\u0131\u015ft\u0131r\r\n. Net d\u00f6nem k\u00e2r\u0131 ise bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %98,8 oran\u0131nda rekor bir art\u0131\u015fla 737,7 milyon TL olarak ger\u00e7ekle\u015fmi\u015ftir\r\n.\r\nK\u00fcresel Geni\u015fleme ve Dev ABD Anla\u015fmas\u0131: CW Enerji, Nisan 2026'da ABD yerle\u015fik bir m\u00fc\u015fteriyle g\u00fcne\u015f paneli ve al\u00fcminyum \u00e7er\u00e7eve sat\u0131\u015f\u0131na ili\u015fkin 750 milyon ABD Dolar\u0131 tutar\u0131nda dev bir niyet mutabakat\u0131 imzalam\u0131\u015ft\u0131r\r\n. \u015eirketin ihracat gelirleri, toplam cironun %11,6's\u0131na ula\u015fm\u0131\u015f ve ihracat a\u011f\u0131 60 \u00fclkeye yay\u0131lm\u0131\u015ft\u0131r\r\n.\r\n\u00dcretim Kapasitesi ve Dikey Entegrasyon: Antalya'da yakla\u015f\u0131k 274.631 m\u00b2 alanda faaliyet g\u00f6steren \u015firket, y\u0131ll\u0131k 1,8 GW g\u00fcne\u015f paneli \u00fcretim kapasitesine sahiptir\r\n. 2025'te devreye al\u0131nan 1,2 GW'l\u0131k h\u00fccre \u00fcretim kapasitesinin, yeni yat\u0131r\u0131mlarla 2,5 GW seviyesine \u00e7\u0131kar\u0131lmas\u0131 hedeflenmektedir\r\n.\r\nTeknolojik Yat\u0131r\u0131mlar ve Ye\u015fil Hidrojen: \u015eirket; lityum batarya depolama (y\u0131ll\u0131k 62.640 adet kapasite), al\u00fcminyum \u00e7er\u00e7eve ve EVA \u00fcretimi gibi alanlarda dikey entegrasyonunu tamamlam\u0131\u015ft\u0131r\r\n. Ayr\u0131ca, \"2053 net s\u0131f\u0131r emisyon\" hedefleri do\u011frultusunda ye\u015fil hidrojen \u00fcretimi ve depolamas\u0131na y\u00f6nelik Ar-Ge \u00e7al\u0131\u015fmalar\u0131n\u0131 \u00fc\u00e7 fazl\u0131 bir planla h\u0131zland\u0131rm\u0131\u015ft\u0131r\r\n.\r\nSekt\u00f6rel Ba\u015far\u0131lar ve Kredi Notu: CW Enerji, Fortune 500 T\u00fcrkiye listesinde 299. s\u0131rada yer al\u0131rken, JCR Avrasya taraf\u0131ndan uzun vadeli ulusal kredi notu \u2018A (tr)\u2019 (stabil g\u00f6r\u00fcn\u00fcm) olarak teyit edilmi\u015ftir\r\n.\r\nYayg\u0131n Hizmet A\u011f\u0131: Elektrikli ara\u00e7 \u015farj istasyonu say\u0131s\u0131 146'ya (94 AC, 52 DC) ula\u015f\u0131rken, \"CW Plus Bayi\" modeliyle bayi say\u0131s\u0131 15'e y\u00fckselmi\u015ftir\r\n.<\/pre>\n
CW Enerji 31.03.2026 D\u00f6nemi Faaliyet Raporu Bilgilendirme Notu<\/h1>\n
Y\u00f6netici \u00d6zeti<\/h2>\n
Bu belge, CW Enerji M\u00fchendislik Ticaret ve Sanayi A.\u015e.’nin (“\u015eirket”) 01.01.2026 – 31.03.2026 d\u00f6nemine ait faaliyetlerini, finansal performans\u0131n\u0131 ve stratejik yat\u0131r\u0131mlar\u0131n\u0131 sentezlemektedir. \u015eirket, 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde operasyonel verimlilik ve dikey entegrasyon stratejisi sayesinde g\u00fc\u00e7l\u00fc bir b\u00fcy\u00fcme sergilemi\u015ftir.<\/p>\n
Kritik \u00c7\u0131kar\u0131mlar:<\/b><\/p>\n
    \n
  • Finansal Patlama:<\/b> Net d\u00f6nem k\u00e2r\u0131, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %98,8 artarak 737,7 milyon TL’ye ula\u015fm\u0131\u015ft\u0131r. Has\u0131lat ise %31,3 art\u0131\u015fla 4,3 milyar TL seviyesine \u00e7\u0131km\u0131\u015ft\u0131r.<\/li>\n
  • Dikey Entegrasyon ve Kapasite:<\/b> G\u00fcne\u015f paneli \u00fcretiminde kullan\u0131lan h\u00fccre, EVA ve al\u00fcminyum \u00e7er\u00e7eve gibi temel girdilerin \u00f6z kaynaklarla \u00fcretimi, maliyet avantaj\u0131 ve tedarik ba\u011f\u0131ms\u0131zl\u0131\u011f\u0131 sa\u011flam\u0131\u015ft\u0131r. H\u00fccre \u00fcretim kapasitesinin 2,5 GW’a \u00e7\u0131kar\u0131lmas\u0131 hedeflenmektedir.<\/li>\n
  • \u0130hracat Oda\u011f\u0131:<\/b> Toplam cironun %11,6’s\u0131 yurt d\u0131\u015f\u0131 sat\u0131\u015flardan elde edilmi\u015ftir. \u015eirket, ABD pazar\u0131 ba\u015fta olmak \u00fczere yakla\u015f\u0131k 60 \u00fclkeye ihracat yapmaktad\u0131r.<\/li>\n
  • Stratejik Yat\u0131r\u0131mlar:<\/b> Ye\u015fil hidrojen teknolojileri, lityum batarya enerji depolama sistemleri ve elektrikli ara\u00e7 \u015farj a\u011f\u0131 i\u015fletmecili\u011fi gibi yenilik\u00e7i alanlarda yat\u0131r\u0131mlar h\u0131z kazanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n
    ——————————————————————————–<\/p>\n
    1. Kurumsal Profil ve Operasyonel Yap\u0131<\/h2>\n
    CW Enerji, 2010 y\u0131l\u0131nda Antalya’da kurulmu\u015f olup, fotovoltaik panel \u00fcretimi ve anahtar teslim (EPC) proje geli\u015ftirme alanlar\u0131nda faaliyet g\u00f6steren, sekt\u00f6r\u00fcn \u00f6nc\u00fc kurulu\u015flar\u0131ndan biridir.<\/p>\n
    \u00dcretim ve Yerle\u015fke Bilgileri<\/h3>\n
    \u015eirket, Antalya Organize Sanayi B\u00f6lgesi ve Antalya Serbest B\u00f6lge’de, toplam yakla\u015f\u0131k 274.631 m\u00b2<\/b> alana sahip yedi farkl\u0131 lokasyonda faaliyet g\u00f6stermektedir.<\/p>\n
      \n
    • PV Panel Kapasitesi:<\/b> Y\u0131ll\u0131k 1.8 GW.<\/li>\n
    • H\u00fccre \u00dcretim Kapasitesi:<\/b> Mevcut 1.2 GW (Ingot dilimlemeden itibaren).<\/li>\n<\/ul>\n
      Sekt\u00f6rel Ba\u015far\u0131lar ve S\u0131ralamalar (2024 Verileri)<\/h3>\n
        \n
      • Fortune 500 T\u00fcrkiye:<\/b> Net sat\u0131\u015flarda 299. s\u0131ra.<\/li>\n
      • ISO 500:<\/b> \u00dcretimden sat\u0131\u015flarda 316. s\u0131ra.<\/li>\n
      • Kredi Notu (JCR Avrasya):<\/b> Uzun vadeli ulusal kurum kredi notu ‘A (tr)’, k\u0131sa vadeli notu ‘J1 (tr)’, g\u00f6r\u00fcn\u00fcm ise ‘stabil’ olarak belirlenmi\u015ftir.<\/li>\n<\/ul>\n
        ——————————————————————————–<\/p>\n
        2. Finansal Performans Analizi<\/h2>\n
        \u015eirket, TMS 29 “Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama” standard\u0131na uygun olarak enflasyon d\u00fczeltmesi uygulanm\u0131\u015f finansal sonu\u00e7lar\u0131n\u0131 payla\u015fm\u0131\u015ft\u0131r.<\/p>\n
        \u00d6zet Gelir Tablosu Kar\u015f\u0131la\u015ft\u0131rmas\u0131 (TL)<\/h3>\n\n\n\n\n\n\n\n
        Kalem<\/td>\n31.03.2026<\/td>\n31.03.2025<\/td>\nDe\u011fi\u015fim (%)<\/td>\n<\/tr>\n
        Has\u0131lat<\/b><\/td>\n4.323.155.260<\/td>\n3.292.193.841<\/td>\n+31,3%<\/td>\n<\/tr>\n
        Br\u00fct K\u00e2r<\/b><\/td>\n1.092.239.036<\/td>\n740.484.170<\/td>\n+47,5%<\/td>\n<\/tr>\n
        FAV\u00d6K (EBITDA)<\/b><\/td>\n949.035.603<\/td>\n656.310.654<\/td>\n+44,6%<\/td>\n<\/tr>\n
        D\u00f6nem K\u00e2r\u0131<\/b><\/td>\n737.659.411<\/td>\n371.014.336<\/td>\n+98,8%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
        Bilan\u00e7o ve Likidite G\u00f6stergeleri<\/h3>\n
          \n
        • Toplam Varl\u0131klar:<\/b> 36,4 milyar TL (2025 sonuna g\u00f6re %15,5 art\u0131\u015f).<\/li>\n
        • \u00d6zkaynaklar:<\/b> 16,1 milyar TL.<\/li>\n
        • Cari Oran:<\/b> 1,19 (K\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fckleri kar\u015f\u0131lama kapasitesinin korundu\u011funu g\u00f6stermektedir).<\/li>\n
        • Bor\u00e7luluk:<\/b> Yat\u0131r\u0131m d\u00f6nemine ba\u011fl\u0131 olarak kald\u0131ra\u00e7 oran\u0131 0,56 seviyesindedir. Bor\u00e7luluk art\u0131\u015f\u0131, kapasite art\u0131r\u0131m\u0131 odakl\u0131 strateji ile uyumludur.<\/li>\n<\/ul>\n
          ——————————————————————————–<\/p>\n
          3. Stratejik Yat\u0131r\u0131mlar ve Ar-Ge Faaliyetleri<\/h2>\n
          CW Enerji, \u00fcretim s\u00fcre\u00e7lerinde dikey entegrasyonu tamamlayarak d\u0131\u015fa ba\u011f\u0131ml\u0131l\u0131\u011f\u0131 azaltmay\u0131 ve katma de\u011feri art\u0131rmay\u0131 hedeflemektedir.<\/p>\n
          Ana Faaliyet ve Yat\u0131r\u0131m Alanlar\u0131<\/h3>\n
            \n
          1. H\u00fccre \u00dcretimi:<\/b> %100 ba\u011fl\u0131 ortakl\u0131k olan CW Solar Cell b\u00fcnyesinde 1.2 GW kapasiteli ilk faz devreye al\u0131nm\u0131\u015ft\u0131r. Fraunhofer ISE taraf\u0131ndan %25,03 verimlilikle sertifikaland\u0131r\u0131lan h\u00fccrelerin ABD’ye ilk ihracat\u0131 14.11.2025’te yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n
          2. Al\u00fcminyum \u00c7er\u00e7eve:<\/b> Ayl\u0131k 1.000 ton kapasiteli tesis, ihtiyac\u0131n %80’ini i\u00e7 t\u00fcketim i\u00e7in kar\u015f\u0131lamakta, %20’sini ihra\u00e7 etmektedir.<\/li>\n
          3. EVA \u00dcretimi:<\/b> Y\u0131ll\u0131k 21,1 milyon m\u00b2 kapasiteye ula\u015f\u0131lm\u0131\u015ft\u0131r.<\/li>\n
          4. \u015earj A\u011f\u0131 \u0130\u015fletmecili\u011fi:<\/b> 31.03.2026 itibar\u0131yla 94 AC ve 52 DC olmak \u00fczere toplam 146 adet istasyon ile hizmet verilmektedir.<\/li>\n
          5. Hidrojen Yat\u0131r\u0131m\u0131:<\/b> Ye\u015fil hidrojen \u00fcretimi ve depolamas\u0131na y\u00f6nelik \u00fc\u00e7 fazl\u0131 bir plan y\u00fcr\u00fct\u00fclmektedir. Konut tipi hidrojen \u00fcretiminden ula\u015f\u0131m sekt\u00f6r\u00fcne y\u00f6nelik y\u00fcksek bas\u0131n\u00e7l\u0131 depolama altyap\u0131lar\u0131na kadar geni\u015f bir spektrum hedeflenmektedir.<\/li>\n<\/ol>\n
            Ar-Ge \u0130\u015f Birlikleri<\/h3>\n
            \u015eirket, ODT\u00dc G\u00dcNAM<\/b> ile uzun vadeli bir i\u015f birli\u011fi i\u00e7erisindedir. TOPCon g\u00fcne\u015f h\u00fccrelerinin verimlili\u011fini %27 seviyelerine \u00e7\u0131karma ve \u00fcretim maliyetlerini d\u00fc\u015f\u00fcrme odakl\u0131 projeler devam etmektedir.<\/p>\n
            ——————————————————————————–<\/p>\n
            4. Sermaye ve Ortakl\u0131k Yap\u0131s\u0131<\/h2>\n
            \u015eirket’in \u00e7\u0131kar\u0131lm\u0131\u015f sermayesi 1.078.290.009 TL’dir. Hisseler BIST Y\u0131ld\u0131z Pazar’da “CWENE” koduyla i\u015flem g\u00f6rmektedir.<\/p>\n
            G\u00fcncel Ortakl\u0131k Tablosu (11.11.2025 itibar\u0131yla):<\/b><\/p>\n\n\n\n\n\n\n\n\n
            Ortak Ad\u0131<\/td>\nPay Grubu<\/td>\nSermaye Pay\u0131 (%)<\/td>\nOy Hakk\u0131 (%)<\/td>\n<\/tr>\n
            Tarzan Tar\u0131k Sarvan<\/b><\/td>\nA + B<\/td>\n49,74<\/td>\n70,05<\/td>\n<\/tr>\n
            Volkan Y\u0131lmaz<\/b><\/td>\nA + B<\/td>\n2,10<\/td>\n3,89<\/td>\n<\/tr>\n
            Bulls Portf\u00f6y 4. Fon<\/b><\/td>\nB<\/td>\n12,47<\/td>\n6,75<\/td>\n<\/tr>\n
            Deniz Portf\u00f6y TTSVY Fon<\/b><\/td>\nB<\/td>\n9,02<\/td>\n4,88<\/td>\n<\/tr>\n
            Di\u011fer<\/b><\/td>\nB<\/td>\n26,66<\/td>\n14,43<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
            A Grubu paylar\u0131n y\u00f6netim kurulu \u00fcyelerinin yar\u0131s\u0131ndan bir fazlas\u0131n\u0131 aday g\u00f6sterme ve pay ba\u015f\u0131na 5 adet oy imtiyaz\u0131 bulunmaktad\u0131r.<\/i><\/p>\n
            ——————————————————————————–<\/p>\n
            5. \u0130nsan Kaynaklar\u0131 ve Kurumsal Y\u00f6netim<\/h2>\n
              \n
            • \u00c7al\u0131\u015fan Say\u0131s\u0131:<\/b> 31.03.2026 itibar\u0131yla toplam 1.684<\/b> personel g\u00f6rev yapmaktad\u0131r.<\/li>\n
            • Cinsiyet Da\u011f\u0131l\u0131m\u0131:<\/b> %36 kad\u0131n, %64 erkek.<\/li>\n
            • \u0130\u015f G\u00fcc\u00fc Da\u011f\u0131l\u0131m\u0131:<\/b> %74 mavi yaka, %26 beyaz yaka.<\/li>\n
            • Y\u00f6netim Kurulu:<\/b> 5 \u00fcyeden olu\u015fmakta olup, Tarzan Tar\u0131k Sarvan ba\u015fkanl\u0131k g\u00f6revini y\u00fcr\u00fctmektedir. Kurumsal Y\u00f6netim, Riskin Erken Saptanmas\u0131, Denetim, S\u00fcrd\u00fcr\u00fclebilirlik ve Ar-Ge & \u0130novasyon komiteleri aktif olarak faaliyet g\u00f6stermektedir.<\/li>\n
            • \u0130\u00e7 Denetim:<\/b> Do\u011frudan Y\u00f6netim Kurulu’na ba\u011fl\u0131 bir \u0130\u00e7 Denetim Birimi ve \u0130nsan Kaynaklar\u0131’na ba\u011fl\u0131 bir \u0130\u00e7 Kontrol Birimi bulunmaktad\u0131r.<\/li>\n<\/ul>\n
              ——————————————————————————–<\/p>\n
              6. Sat\u0131\u015f ve Pazarlama Stratejisi<\/h2>\n
              \u015eirket, sat\u0131\u015f a\u011f\u0131n\u0131 “CW Plus Bayi” modeli ile g\u00fc\u00e7lendirmi\u015ftir. 31.12.2025 tarihinde 8 olan ana bayilik say\u0131s\u0131, 31.03.2026 itibar\u0131yla 15 adede<\/b> y\u00fckselmi\u015ftir.<\/p>\n
              Net Sat\u0131\u015f K\u0131r\u0131l\u0131m\u0131 (31.03.2026):<\/b><\/p>\n
                \n
              • Proje Sat\u0131\u015flar\u0131 (EPC):<\/b> %49 (2,1 milyar TL)<\/li>\n
              • G\u00fcne\u015f Paneli Sat\u0131\u015flar\u0131 (Proje D\u0131\u015f\u0131):<\/b> %28 (1,2 milyar TL)<\/li>\n
              • \u0130nvert\u00f6r Sat\u0131\u015flar\u0131:<\/b> %7 (283 milyon TL)<\/li>\n
              • Di\u011fer (GES, EVA, Batarya vb.):<\/b> %17 (739 milyon TL)<\/li>\n<\/ul>\n
                Yurt d\u0131\u015f\u0131 sat\u0131\u015flar y\u0131ll\u0131k bazda 65,4 milyon TL’den 499,5 milyon TL’ye<\/b> s\u0131\u00e7rayarak toplam cironun %11,6’s\u0131n\u0131 olu\u015fturmu\u015ftur. Bu veriler, \u015eirket’in k\u00fcresel pazardaki rekabet g\u00fcc\u00fcn\u00fcn artt\u0131\u011f\u0131n\u0131 teyit etmektedir.<\/p>\n
                 <\/p>\n
                Anahtar Terimler S\u00f6zl\u00fc\u011f\u00fc<\/span><\/h3>\n
                  \n
                • EPC (Engineering, Procurement, Construction):<\/b>\u00a0Tasar\u0131m, tedarik ve kurulum s\u00fcre\u00e7lerinin tamam\u0131n\u0131 kapsayan anahtar teslim proje y\u00f6netimi.<\/span><\/li>\n
                • Fotovoltaik (PV):<\/b>\u00a0G\u00fcne\u015f \u0131\u015f\u0131\u011f\u0131n\u0131 do\u011frudan elektrik enerjisine d\u00f6n\u00fc\u015ft\u00fcren teknoloji veya sistem.<\/span><\/li>\n
                • EVA (Etilen Vinil Asetat):<\/b>\u00a0G\u00fcne\u015f panellerinde h\u00fccrelerin cam ve arka tabaka (backsheet) ile yap\u0131\u015fmas\u0131n\u0131 sa\u011flayan koruyucu hammadde.<\/span><\/li>\n
                • FAV\u00d6K (EBITDA):<\/b>\u00a0Faiz, Amortisman ve Vergi \u00d6ncesi Kar; \u015firketin operasyonel karl\u0131l\u0131\u011f\u0131n\u0131 \u00f6l\u00e7en temel finansal g\u00f6sterge.<\/span><\/li>\n
                • TOPCon:<\/b>\u00a0Y\u00fcksek verimlilik sunan, g\u00fcne\u015f h\u00fccresi teknolojisinde kullan\u0131lan bir pasivasyon tekni\u011fi.<\/span><\/li>\n
                • Dikey Entegrasyon:<\/b>\u00a0Bir \u015firketin, \u00fcr\u00fcn\u00fcn\u00fcn \u00fcretim a\u015famalar\u0131ndaki farkl\u0131 tedarik ve \u00fcretim basamaklar\u0131n\u0131 kendi b\u00fcnyesine katmas\u0131.<\/span><\/li>\n
                • Net S\u0131f\u0131r Emisyon:<\/b>\u00a0Atmosfere sal\u0131nan sera gaz\u0131 miktar\u0131 ile do\u011fa taraf\u0131ndan emilen miktar\u0131n dengelenmesi durumu.<\/span><\/li>\n
                • Cari Oran:<\/b>\u00a0\u015eirketin k\u0131sa vadeli bor\u00e7lar\u0131n\u0131 \u00f6deme kabiliyetini g\u00f6steren likidite rasyosu (D\u00f6nen Varl\u0131klar \/ K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler).<\/span><\/li>\n
                • On-Grid \/ Off-Grid:<\/b>\u00a0\u015eebekeye ba\u011fl\u0131 (On-Grid) veya \u015febekeden ba\u011f\u0131ms\u0131z\/ak\u00fc destekli (Off-Grid) enerji sistemleri.<\/span><\/li>\n
                • Likitide Oran\u0131 (Asit-Test):<\/b>\u00a0Stoklar hari\u00e7 d\u00f6nen varl\u0131klar\u0131n k\u0131sa vadeli bor\u00e7lar\u0131 kar\u015f\u0131lama oran\u0131.<\/span><\/li>\n<\/ul>\n
                   <\/p>\n