{"id":2197,"date":"2026-04-29T00:17:07","date_gmt":"2026-04-28T21:17:07","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2197"},"modified":"2026-04-29T00:18:54","modified_gmt":"2026-04-28T21:18:54","slug":"tavhl-2026-03-bilano-analizi-tav-havalimanlar","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2197","title":{"rendered":"\ud83d\udd34 TAVHL 2026-03 Bilan\u00e7o Analizi | TAV Havalimanlar\u0131"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34 TAVHL 2026-03 Bilan\u00e7o Analizi | TAV Havalimanlar\u0131\" width=\"858\" height=\"644\" src=\"https:\/\/www.youtube.com\/embed\/AaDZYiubnmE?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>TAV Havalimanlar\u0131 Holding A.\u015e. 31 Mart 2026 Ara D\u00f6nem Finansal Brifing Raporu<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing belgesi, TAV Havalimanlar\u0131 Holding A.\u015e. ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (Grup) 31 Mart 2026 tarihinde sona eren \u00fc\u00e7 ayl\u0131k ara hesap d\u00f6nemine ait finansal performans\u0131n\u0131 ve operasyonel durumunu analiz etmektedir. Grup, 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde has\u0131lat\u0131n\u0131 bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %27,5 oran\u0131nda art\u0131rarak 18,4 milyar TL seviyesine \u00e7\u0131karm\u0131\u015ft\u0131r. Ancak, y\u00fcksek finansman giderleri ve \u00f6zkaynak y\u00f6ntemiyle de\u011ferlenen yat\u0131r\u0131mlardan gelen zararlar\u0131n etkisiyle d\u00f6nem net zarar\u0131 2,9 milyar TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/p>\n<p>Finansal tablolar, T\u00fcrkiye&#8217;deki y\u00fcksek enflasyon nedeniyle TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131na uygun olarak d\u00fczeltilmi\u015f rakamlar\u0131 i\u00e7ermektedir. Grup&#8217;un toplam varl\u0131klar\u0131 246,2 milyar TL, toplam \u00f6zkaynaklar\u0131 ise 77,8 milyar TL seviyesindedir. Operasyonel bazda, pandemi kaynakl\u0131 m\u00fccbir sebep nedeniyle T\u00fcrkiye ve Kuzey Makedonya&#8217;daki baz\u0131 havalimanlar\u0131n\u0131n i\u015fletme s\u00fcreleri uzat\u0131lm\u0131\u015ft\u0131r.<\/p>\n<h2>Finansal Performans Analizi<\/h2>\n<p>Grup&#8217;un 2026 y\u0131l\u0131 ilk \u00e7eyrek performans verileri, operasyonel b\u00fcy\u00fcme ile finansal y\u00fck\u00fcml\u00fcl\u00fckler aras\u0131ndaki dengeyi ortaya koymaktad\u0131r.<\/p>\n<h3>\u00d6zet Kar veya Zarar Tablosu<\/h3>\n<p>(Bin TL cinsinden)<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>1 Ocak &#8211; 31 Mart 2026<\/td>\n<td>1 Ocak &#8211; 31 Mart 2025<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td>Has\u0131lat<\/td>\n<td>18.395.155<\/td>\n<td>14.418.829<\/td>\n<td>+27,5%<\/td>\n<\/tr>\n<tr>\n<td>Br\u00fct Kar<\/td>\n<td>5.966.262<\/td>\n<td>5.051.462<\/td>\n<td>+18,1%<\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet Kar\u0131<\/td>\n<td>1.863.550<\/td>\n<td>2.160.520<\/td>\n<td>-13,7%<\/td>\n<\/tr>\n<tr>\n<td>Finansman Gideri \u00d6ncesi Faaliyet Kar\u0131<\/td>\n<td>332.899<\/td>\n<td>1.381.485<\/td>\n<td>-75,9%<\/td>\n<\/tr>\n<tr>\n<td>Finansman Giderleri (Net)<\/td>\n<td>(2.754.940)<\/td>\n<td>(2.283.427)<\/td>\n<td>+20,6%<\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nem Net Zarar\u0131 (Ana Ortakl\u0131k)<\/td>\n<td>(2.990.086)<\/td>\n<td>(1.738.315)<\/td>\n<td>+72,0%<\/td>\n<\/tr>\n<tr>\n<td>Pay Ba\u015f\u0131na Kay\u0131p (Tam TL)<\/td>\n<td>(8,19)<\/td>\n<td>(4,78)<\/td>\n<td>+71,3%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Temel Bulgular:<\/b><\/p>\n<ul>\n<li><b>Has\u0131lat Art\u0131\u015f\u0131:<\/b> Gelirlerdeki art\u0131\u015fa ra\u011fmen, sat\u0131\u015flar\u0131n maliyeti (12,4 milyar TL) ve genel y\u00f6netim giderlerindeki (4,0 milyar TL) y\u00fckseli\u015f karl\u0131l\u0131k \u00fczerinde bask\u0131 olu\u015fturmu\u015ftur.<\/li>\n<li><b>Finansman Bask\u0131s\u0131:<\/b> 2,8 milyar TL tutar\u0131ndaki finansman giderleri, net d\u00f6nem zarar\u0131n\u0131n en \u00f6nemli nedenidir.<\/li>\n<li><b>\u00d6zkaynak Y\u00f6ntemi Etkisi:<\/b> \u00d6zkaynak y\u00f6ntemiyle de\u011ferlenen yat\u0131r\u0131mlardan (i\u015ftirakler ve i\u015f ortakl\u0131klar\u0131) kaynaklanan 1,99 milyar TL&#8217;lik zarar, finansman \u00f6ncesi kar\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde a\u015fa\u011f\u0131 \u00e7ekmi\u015ftir.<\/li>\n<\/ul>\n<h2>Finansal Durum ve Bor\u00e7 Yap\u0131s\u0131<\/h2>\n<p>Grup&#8217;un bilan\u00e7o yap\u0131s\u0131, b\u00fcy\u00fck \u00f6l\u00e7ekli altyap\u0131 yat\u0131r\u0131mlar\u0131n\u0131 ve uzun vadeli bor\u00e7lanma stratejilerini yans\u0131tmaktad\u0131r.<\/p>\n<h3>Varl\u0131k ve Kaynak \u00d6zeti<\/h3>\n<p>(Bin TL cinsinden)<\/p>\n<ul>\n<li><b>Toplam Varl\u0131klar:<\/b> 246.228.974 TL (31 Aral\u0131k 2025: 252.102.372 TL)<\/li>\n<li><b>D\u00f6nen Varl\u0131klar:<\/b> 38.208.657 TL\n<ul>\n<li>Nakit ve Nakit Benzerleri: 10.725.681 TL<\/li>\n<\/ul>\n<\/li>\n<li><b>Duran Varl\u0131klar:<\/b> 208.020.317 TL\n<ul>\n<li>\u0130mtiyaz S\u00f6zle\u015fmelerinden Do\u011fan Haklar: 97.550.427 TL<\/li>\n<\/ul>\n<\/li>\n<li><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 168.415.225 TL\n<ul>\n<li>Finansal Bor\u00e7lanmalar (Toplam): 102.667.712 TL<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>Bor\u00e7lanma Detaylar\u0131<\/h3>\n<p>Grup&#8217;un finansal bor\u00e7lanmalar\u0131 b\u00fcy\u00fck oranda teminatl\u0131 proje finansman kredilerinden olu\u015fmaktad\u0131r:<\/p>\n<ul>\n<li><b>Banka Kredileri:<\/b> 73,7 milyar TL<\/li>\n<li><b>\u0130hra\u00e7 Edilmi\u015f Tahviller:<\/b> 18,2 milyar TL (Aral\u0131k 2023&#8217;te ihra\u00e7 edilen 400 milyon ABD dolar\u0131 nominal de\u011ferli tahvil dahil).<\/li>\n<li><b>Kiralama Bor\u00e7lar\u0131:<\/b> 9,8 milyar TL<\/li>\n<li><b>Vade Yap\u0131s\u0131:<\/b> Bor\u00e7lar\u0131n 21,6 milyar TL&#8217;lik k\u0131sm\u0131 bir y\u0131l i\u00e7inde, 52,1 milyar TL&#8217;lik k\u0131sm\u0131 ise uzun vadede \u00f6denecektir.<\/li>\n<\/ul>\n<h2>Faaliyet B\u00f6l\u00fcmleri ve Co\u011frafi Da\u011f\u0131l\u0131m<\/h2>\n<p>Grup faaliyetlerini be\u015f ana segmentte raporlamaktad\u0131r. Terminal operasyonlar\u0131 has\u0131lat\u0131n ve karl\u0131l\u0131\u011f\u0131n lokomotifi olmaya devam etmektedir.<\/p>\n<h3>B\u00f6l\u00fcm Bazl\u0131 Performans (31 Mart 2026)<\/h3>\n<p>(Bin TL cinsinden, eliminasyonlar \u00f6ncesi)<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Faaliyet B\u00f6l\u00fcm\u00fc<\/td>\n<td>B\u00f6l\u00fcm D\u0131\u015f\u0131 Gelirler<\/td>\n<td>Faaliyet Kar\u0131<\/td>\n<\/tr>\n<tr>\n<td>Terminal Operasyonlar\u0131<\/td>\n<td>11.987.405<\/td>\n<td>2.910.721<\/td>\n<\/tr>\n<tr>\n<td>Yer Hizmetleri ve Otob\u00fcs \u0130\u015fletmecili\u011fi<\/td>\n<td>7.832.453<\/td>\n<td>134.104<\/td>\n<\/tr>\n<tr>\n<td>G\u00fcmr\u00fcks\u00fcz Ma\u011faza (Duty Free)<\/td>\n<td>3.552.986<\/td>\n<td>386.399<\/td>\n<\/tr>\n<tr>\n<td>Di\u011fer Operasyonlar<\/td>\n<td>3.950.709<\/td>\n<td>269.640<\/td>\n<\/tr>\n<tr>\n<td>Yiyecek ve \u0130\u00e7ecek (BTA)<\/td>\n<td>2.396.389<\/td>\n<td>(155.988)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Co\u011frafi Gelir Da\u011f\u0131l\u0131m\u0131<\/h3>\n<p>Grup&#8217;un gelirlerinin co\u011frafi da\u011f\u0131l\u0131m\u0131 \u00e7e\u015fitlilik g\u00f6stermektedir:<\/p>\n<ul>\n<li><b>T\u00fcrkiye:<\/b> 7,38 milyar TL<\/li>\n<li><b>Kazakistan:<\/b> 5,46 milyar TL<\/li>\n<li><b>G\u00fcrcistan:<\/b> 1,76 milyar TL<\/li>\n<li><b>Makedonya:<\/b> 0,75 milyar TL<\/li>\n<li><b>Di\u011fer (H\u0131rvatistan, Tunus, Letonya, Fransa vb.):<\/b> ~3,05 milyar TL<\/li>\n<\/ul>\n<h2>\u00d6nemli Operasyonel Notlar ve Geli\u015fmeler<\/h2>\n<h3>1. Enflasyon Muhasebesi (TMS 29) Etkisi<\/h3>\n<p>T\u00fcrkiye&#8217;de faaliyet g\u00f6steren ve fonksiyonel para birimi TL olan grup \u015firketleri i\u00e7in enflasyon d\u00fczeltmesi uygulanm\u0131\u015ft\u0131r. 31 Mart 2026 itibar\u0131yla \u00fc\u00e7 y\u0131ll\u0131k k\u00fcm\u00fclatif enflasyon oran\u0131 %205 olarak hesaplanm\u0131\u015ft\u0131r. Net parasal pozisyon kazanc\u0131 bu d\u00f6nemde 59,4 milyon TL olarak kaydedilmi\u015ftir.<\/p>\n<h3>2. \u0130\u015fletme S\u00fcresi Uzat\u0131mlar\u0131 ve M\u00fccbir Sebep<\/h3>\n<ul>\n<li><b>T\u00fcrkiye:<\/b> DHM\u0130, pandemi kaynakl\u0131 m\u00fccbir sebep nedeniyle Antalya, Ankara Esenbo\u011fa, \u0130zmir Adnan Menderes, Milas-Bodrum ve Gazipa\u015fa-Alanya havalimanlar\u0131n\u0131n i\u015fletme s\u00fcrelerini <b>iki\u015fer y\u0131l<\/b> uzatm\u0131\u015ft\u0131r.<\/li>\n<li><b>Kuzey Makedonya:<\/b> \u00dcsk\u00fcp ve Ohrid havalimanlar\u0131n\u0131n i\u015fletme s\u00fcreleri Haziran 2030&#8217;dan Haziran 2032&#8217;ye uzat\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>3. Mevsimsellik Etkisi<\/h3>\n<p>Havac\u0131l\u0131k sekt\u00f6r\u00fcn\u00fcn do\u011fas\u0131 gere\u011fi, operasyonel sonu\u00e7lar mevsimsel dalgalanmalar g\u00f6stermektedir. Gelir ve kar\u0131n, yolcu say\u0131s\u0131n\u0131n artt\u0131\u011f\u0131 y\u0131l\u0131n ikinci yar\u0131s\u0131nda (\u00f6zellikle Haziran-A\u011fustos d\u00f6nemi) ilk alt\u0131 aya oranla daha y\u00fcksek olmas\u0131 beklenmektedir.<\/p>\n<h3>4. \u0130stihdam Durumu<\/h3>\n<p>31 Mart 2026 itibar\u0131yla Grup&#8217;un toplam \u00e7al\u0131\u015fan say\u0131s\u0131 \u015fu \u015fekildedir:<\/p>\n<ul>\n<li><b>Ba\u011fl\u0131 Ortakl\u0131klar:<\/b> 21.828 ki\u015fi.<\/li>\n<li><b>\u0130\u015f Ortakl\u0131klar\u0131:<\/b> 12.426 ki\u015fi.<\/li>\n<li><b>Toplam:<\/b> 34.254 \u00e7al\u0131\u015fan.<\/li>\n<\/ul>\n<h3>5. Stratejik Yat\u0131r\u0131mlar<\/h3>\n<p>2026 y\u0131l\u0131 i\u00e7erisinde Tunisie Duty Free S.A. (&#8220;AT\u00dc Tunus Duty Free&#8221;) \u015firketinde ek hisse al\u0131m\u0131 ger\u00e7ekle\u015ftirilerek sermaye pay\u0131 oran\u0131 %24,98&#8217;den %50,00&#8217;ye \u00e7\u0131kar\u0131lm\u0131\u015ft\u0131r.<\/p>\n<h2>Risk Y\u00f6netimi ve T\u00fcrev Ara\u00e7lar<\/h2>\n<p>Grup, \u00f6zellikle de\u011fi\u015fken faiz oranl\u0131 kredilerden kaynaklanan faiz riskini y\u00f6netmek amac\u0131yla vadeli faiz oran\u0131 takas\u0131 (IRS) kullanmaktad\u0131r. TAV Ege (%75), TAV Ankara (%50) ve TAV Milas Bodrum (%90) gibi \u00f6nemli projelerde faiz \u00f6demeleri bu yolla sabitlenmi\u015ftir. Ayr\u0131ca, ABD dolar\u0131 tahvil ihrac\u0131ndan kaynaklanan riskler \u00e7apraz kur takas\u0131 ile Avro baz\u0131na \u00e7evrilmi\u015ftir.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"2197\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>TAV Havalimanlar\u0131 (TAVHL), 2026 y\u0131l\u0131 birinci \u00e7eyrek finansal sonu\u00e7lar\u0131n\u0131 kamuoyuyla payla\u015ft\u0131. \u015eirketin has\u0131lat\u0131 bir \u00f6nceki y\u0131la g\u00f6re %27\u2019nin \u00fczerinde bir b\u00fcy\u00fcme ile 18,4 milyar TL seviyesine ula\u015f\u0131rken, operasyonel geni\u015fleme devam ediyor. Ancak finansman giderlerinin ve i\u015ftiraklerden gelen paylar\u0131n etkisiyle d\u00f6nem 2,9 milyar TL net zarar ile tamamland\u0131. Yat\u0131r\u0131mc\u0131lar\u0131n merakla bekledi\u011fi temett\u00fc takvimi ve havaliman\u0131 i\u015fletme s\u00fcrelerindeki stratejik uzatmalara dair t\u00fcm kritik veriler analizimizde.<\/p>\n","protected":false},"author":5,"featured_media":1725,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[31],"class_list":["post-2197","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-tavhl"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2197","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\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=2197"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2197\/revisions"}],"predecessor-version":[{"id":2198,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2197\/revisions\/2198"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/1725"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=2197"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=2197"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=2197"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}