{"id":2199,"date":"2026-04-29T00:19:10","date_gmt":"2026-04-28T21:19:10","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2199"},"modified":"2026-04-29T00:20:11","modified_gmt":"2026-04-28T21:20:11","slug":"tavhl-2026-03-faaliyet-raporu-analizi-tav-havalimanlar","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2199","title":{"rendered":"\ud83d\udd35 TAVHL 2026-03 Faaliyet Raporu Analizi | TAV Havalimanlar\u0131"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd35 TAVHL 2026-03 Faaliyet Raporu Analizi | TAV Havalimanlar\u0131\" width=\"858\" height=\"644\" src=\"https:\/\/www.youtube.com\/embed\/vYHr_WsJEng?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 2026 Y\u0131l\u0131 Birinci \u00c7eyrek Faaliyet ve Strateji Analizi<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>TAV Havalimanlar\u0131, 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde k\u00fcresel ekonomik ve jeopolitik belirsizliklere ra\u011fmen operasyonel b\u00fcy\u00fcmesini s\u00fcrd\u00fcrm\u00fc\u015ft\u00fcr. Hizmet verilen toplam yolcu say\u0131s\u0131, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %7 artarak <b>19 milyona<\/b> ula\u015fm\u0131\u015ft\u0131r. \u00d6zellikle Ankara Esenbo\u011fa\u2019daki %23\u2019l\u00fck d\u0131\u015f hat trafik art\u0131\u015f\u0131 ve Antalya Havaliman\u0131\u2019ndaki kapasite geni\u015fletme yat\u0131r\u0131mlar\u0131n\u0131n tamamlanmas\u0131, d\u00f6nemin \u00f6ne \u00e7\u0131kan operasyonel ba\u015far\u0131lar\u0131d\u0131r.<\/p>\n<p>Finansal a\u00e7\u0131dan, has\u0131lat T\u00fcrk Liras\u0131 baz\u0131nda %28 art\u0131\u015fla 18,4 milyar TL\u2019ye ula\u015f\u0131rken, Euro baz\u0131nda has\u0131latta %5\u2019lik bir d\u00fc\u015f\u00fc\u015f g\u00f6zlenmi\u015ftir. Bu d\u00fc\u015f\u00fc\u015fte jeopolitik geli\u015fmeler, Almat\u0131 Havaliman\u0131\u2019ndaki yak\u0131t sat\u0131\u015f hacmi ve marj bask\u0131lar\u0131 ile ABD dolar\u0131n\u0131n Euro kar\u015f\u0131s\u0131ndaki zay\u0131fl\u0131\u011f\u0131 etkili olmu\u015ftur. \u015eirket, 2025 y\u0131l\u0131 net k\u00e2r\u0131n\u0131n %50\u2019sine tekab\u00fcl eden <b>1,3 milyar TL<\/b> tutar\u0131nda temett\u00fc da\u011f\u0131t\u0131m\u0131n\u0131 onaylayarak nakit yaratma g\u00fcc\u00fcn\u00fc ve hissedar taahh\u00fcd\u00fcn\u00fc teyit etmi\u015ftir.<\/p>\n<h2>Finansal Performans Analizi<\/h2>\n<p>2026 y\u0131l\u0131n\u0131n ilk \u00fc\u00e7 ayl\u0131k d\u00f6neminde finansal g\u00f6stergeler, devam eden yat\u0131r\u0131mlar\u0131n ve de\u011fi\u015fen piyasa ko\u015fullar\u0131n\u0131n etkilerini yans\u0131tmaktad\u0131r.<\/p>\n<h3>\u00d6zet Gelir ve Gider Tablosu (bin TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>Ocak-Mart 2026<\/td>\n<td>Ocak-Mart 2025<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>18.395.155<\/td>\n<td>14.418.829<\/td>\n<td>%28<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>5.966.262<\/td>\n<td>5.051.462<\/td>\n<td>%18<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131<\/b><\/td>\n<td>1.863.550<\/td>\n<td>2.160.520<\/td>\n<td>-%14<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Net Zarar\u0131<\/b><\/td>\n<td>(2.888.679)<\/td>\n<td>(1.673.129)<\/td>\n<td>%73<\/td>\n<\/tr>\n<tr>\n<td><b>Yat\u0131r\u0131m Harcamalar\u0131<\/b><\/td>\n<td>1.458.013<\/td>\n<td>1.097.653<\/td>\n<td>%33<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Finansal Sonu\u00e7lar\u0131n De\u011ferlendirilmesi:<\/b><\/p>\n<ul>\n<li><b>Net Zarar:<\/b> D\u00f6nem net zarar\u0131ndaki art\u0131\u015f\u0131n temel nedenleri; Ankara yat\u0131r\u0131m\u0131n\u0131n tamamlanmas\u0131yla birlikte faiz giderlerinin aktifle\u015ftirilmesinin sona erip do\u011frudan gider yaz\u0131lmaya ba\u015flanmas\u0131, artan amortisman ve itfa giderleri ile TAV G\u00fcrcistan\u2019\u0131n ertelenmi\u015f temett\u00fc \u00f6demeleri kaynakl\u0131 cari vergi giderleridir.<\/li>\n<li><b>Euro Bazl\u0131 G\u00f6r\u00fcn\u00fcm:<\/b> Euro baz\u0131nda FAV\u00d6K, 2025&#8217;in ilk \u00e7eyre\u011findeki 90,1 milyon \u20ac seviyesinden 77,6 milyon \u20ac&#8217;ya gerilemi\u015ftir (-%14). FAV\u00d6K marj\u0131 ise %23,8&#8217;den %21,5&#8217;e d\u00fc\u015fm\u00fc\u015ft\u00fcr.<\/li>\n<li><b>Bilan\u00e7o G\u00fcc\u00fc:<\/b> Toplam varl\u0131klar 246,2 milyar TL seviyesindedir. \u00d6zkaynaklar 77,8 milyar TL olarak ger\u00e7ekle\u015firken, net bor\u00e7 Euro baz\u0131nda %2 artarak 1,82 milyar \u20ac seviyesine y\u00fckselmi\u015ftir.<\/li>\n<\/ul>\n<h2>Operasyonel ve Trafik Verileri<\/h2>\n<p>TAV&#8217;\u0131n portf\u00f6y\u00fcndeki havalimanlar\u0131nda yolcu trafi\u011fi genel bir y\u00fckseli\u015f trendi g\u00f6stermektedir.<\/p>\n<h3>B\u00f6lgesel Yolcu Trafi\u011fi (Ocak-Mart 2026)<\/h3>\n<ul>\n<li><b>Ankara Esenbo\u011fa:<\/b> Toplam yolcu say\u0131s\u0131 %13 art\u0131\u015fla 3,4 milyona ula\u015fm\u0131\u015ft\u0131r. D\u0131\u015f hat trafi\u011fi, Ajet ve Pegasus&#8217;un yeni hatlar\u0131 ve d\u0131\u015f hat transfer oda\u011f\u0131 sayesinde %23 b\u00fcy\u00fcm\u00fc\u015ft\u00fcr.<\/li>\n<li><b>Antalya:<\/b> %5 art\u0131\u015fla 3,1 milyon yolcuya hizmet verilmi\u015ftir. Mart ay\u0131nda \u00f6zellikle Avrupa kaynakl\u0131 trafik g\u00fc\u00e7l\u00fc seyretmi\u015ftir.<\/li>\n<li><b>Almat\u0131:<\/b> Toplam trafik 2,7 milyon ile yatay kal\u0131rken, d\u0131\u015f hat trafi\u011fi %10 artm\u0131\u015ft\u0131r. \u0130\u00e7 hatlar, motor sorunlar\u0131 (Pratt &amp; Whitney) nedeniyle bask\u0131lanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Kuzey Makedonya:<\/b> Kapasite art\u0131\u015flar\u0131 ve filo g\u00fcncellemeleri sayesinde %33 ile en y\u00fcksek b\u00fcy\u00fcme oranlar\u0131ndan birini yakalam\u0131\u015ft\u0131r.<\/li>\n<li><b>\u0130zmir Adnan Menderes:<\/b> Pegasus&#8217;un katk\u0131s\u0131yla %12 b\u00fcy\u00fcme kaydedilerek 2,6 milyon yolcuya ula\u015f\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>Havayolu \u015eirketlerinin Etkisi ve Filo Geni\u015flemeleri<\/h3>\n<p>Sekt\u00f6rel b\u00fcy\u00fcme beklentileri, partner havayolu \u015firketlerinin agresif filo geni\u015fletme planlar\u0131yla desteklenmektedir:<\/p>\n<ul>\n<li><b>T\u00fcrk Hava Yollar\u0131:<\/b> 2033 y\u0131l\u0131na kadar filosunu 800 u\u00e7a\u011f\u0131n \u00fczerine \u00e7\u0131karmay\u0131 hedeflemektedir.<\/li>\n<li><b>Ajet:<\/b> 2024&#8217;te 119 olan u\u00e7ak say\u0131s\u0131n\u0131 2033&#8217;te 200&#8217;e y\u00fckseltecektir.<\/li>\n<li><b>Sunexpress:<\/b> \u0130zmir ve Antalya i\u00e7in kritik \u00f6neme sahip olup, kapasitesini 2033&#8217;e kadar 150 u\u00e7a\u011fa \u00e7\u0131karacakt\u0131r.<\/li>\n<\/ul>\n<h2>\u00d6nemli Yat\u0131r\u0131mlar ve Stratejik Geli\u015fmeler<\/h2>\n<h3>Antalya Havaliman\u0131 Kapasite Art\u0131\u015f\u0131<\/h3>\n<p>12 Nisan 2025 tarihinde a\u00e7\u0131lan yeni tesislerle Antalya Havaliman\u0131\u2019n\u0131n kapasitesi y\u0131ll\u0131k <b>65 milyon yolcuya<\/b> \u00e7\u0131kar\u0131lm\u0131\u015ft\u0131r. Yat\u0131r\u0131m kapsam\u0131nda:<\/p>\n<ul>\n<li>D\u0131\u015f hat terminali 93 bin m^2\u2019den 225 bin m^2\u2019ye ula\u015ft\u0131r\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li>U\u00e7ak park kapasitesi 138\u2019den 202\u2019ye, bini\u015f kap\u0131s\u0131 say\u0131s\u0131 48\u2019den 77\u2019ye y\u00fckseltilmi\u015ftir.<\/li>\n<li>4MW g\u00fcne\u015f enerjisi santrali kurulmu\u015f ve ticari alanlar %165 oran\u0131nda art\u0131r\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>Ankara Esenbo\u011fa Yat\u0131r\u0131mlar\u0131<\/h3>\n<p>May\u0131s 2025&#8217;te ba\u015flayan yeni imtiyaz d\u00f6nemiyle birlikte Ankara&#8217;da finansal performans\u0131n konsolide sonu\u00e7lara tam yans\u0131mas\u0131 beklenmektedir. Tamamlanan yat\u0131r\u0131mlar \u015funlard\u0131r:<\/p>\n<ul>\n<li>3.750 metre uzunlu\u011funda ikinci pist ve 27.000 m^2 taksi yolu.<\/li>\n<li>Yeni hava trafik kontrol kulesi ve 85.000 m^2 kargo apronu.<\/li>\n<li>Terminal kapasitesi 30 milyon yolcu seviyesine y\u00fckseltilmi\u015ftir.<\/li>\n<\/ul>\n<h3>G\u00fcrcistan ve Almat\u0131 Stratejisi<\/h3>\n<ul>\n<li><b>Tiflis Havaliman\u0131:<\/b> 15 Ocak 2026 tarihinde imzalanan s\u00f6zle\u015fme ile i\u015fletme imtiyaz s\u00fcresi uzat\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Almat\u0131 Havaliman\u0131:<\/b> 2026 y\u0131l\u0131 bir &#8220;ge\u00e7i\u015f y\u0131l\u0131&#8221; olarak tan\u0131mlanmaktad\u0131r. Jet yak\u0131t\u0131 arz politikas\u0131ndaki de\u011fi\u015fiklikler k\u0131sa vadede marjlar\u0131 etkilese de, Kazakistan&#8217;\u0131n b\u00f6lgesel lojistik merkezi olma hedefi orta vadeli b\u00fcy\u00fcme potansiyelini korumaktad\u0131r.<\/li>\n<\/ul>\n<h2>Kurumsal Y\u00f6netim ve Gelece\u011fe D\u00f6n\u00fck De\u011ferlendirmeler<\/h2>\n<h3>Ortakl\u0131k Yap\u0131s\u0131 ve Y\u00f6netim<\/h3>\n<p>TAV Havalimanlar\u0131 Holding&#8217;in ortakl\u0131k yap\u0131s\u0131 31 Mart 2026 itibar\u0131yla \u015fu \u015fekildedir:<\/p>\n<ul>\n<li><b>Groupe ADP:<\/b> %46,12<\/li>\n<li><b>Tepe \u0130n\u015faat Sanayi A.\u015e.:<\/b> %4,04<\/li>\n<li><b>Halka A\u00e7\u0131k Di\u011fer:<\/b> %49,84<\/li>\n<\/ul>\n<p>Y\u00f6netim Kurulu Ba\u015fkanl\u0131\u011f\u0131 g\u00f6revini Justine Coutard y\u00fcr\u00fct\u00fcrken, Serkan Kaptan \u0130cra Kurulu Ba\u015fkan\u0131 (CEO) olarak g\u00f6rev yapmaktad\u0131r.<\/p>\n<h3>2026 Y\u0131l\u0131 Beklentileri<\/h3>\n<p>\u015eirket y\u00f6netimi, normal i\u015f ko\u015fullar\u0131n\u0131n devam\u0131 varsay\u0131m\u0131 alt\u0131nda 2026 y\u0131l\u0131 i\u00e7in \u015fu hedefleri belirlemi\u015ftir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>G\u00f6sterge<\/td>\n<td>2025 Ger\u00e7ekle\u015fen<\/td>\n<td>2026 Beklenti<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Yolcu (m)<\/b><\/td>\n<td>113<\/td>\n<td>116 \u2013 123<\/td>\n<\/tr>\n<tr>\n<td><b>D\u0131\u015f Hat Yolcu (m)<\/b><\/td>\n<td>75<\/td>\n<td>78 \u2013 83<\/td>\n<\/tr>\n<tr>\n<td><b>Ciro (m\u20ac)<\/b><\/td>\n<td>1.823<\/td>\n<td>1.880 \u2013 1.980<\/td>\n<\/tr>\n<tr>\n<td><b>FAV\u00d6K (m\u20ac)<\/b><\/td>\n<td>560<\/td>\n<td>590 \u2013 650<\/td>\n<\/tr>\n<tr>\n<td><b>Yat\u0131r\u0131m Harcamalar\u0131 (m\u20ac)<\/b><\/td>\n<td>201<\/td>\n<td>330\u2019dan az<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Kredi Derecelendirme Notlar\u0131<\/h3>\n<p>TAV&#8217;\u0131n finansal sa\u011flaml\u0131\u011f\u0131 uluslararas\u0131 derecelendirme kurulu\u015flar\u0131 taraf\u0131ndan teyit edilmi\u015ftir:<\/p>\n<ul>\n<li><b>Fitch Ratings:<\/b> BB+ (Dura\u011fan G\u00f6r\u00fcn\u00fcm) &#8211; 19 \u015eubat 2026.<\/li>\n<li><b>S&amp;P Global:<\/b> BB (Dura\u011fan G\u00f6r\u00fcn\u00fcm) &#8211; 3 Nisan 2026.<\/li>\n<\/ul>\n<h2>Sonu\u00e7<\/h2>\n<p>TAV Havalimanlar\u0131, 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde operasyonel m\u00fckemmeliyete ve s\u00fcrd\u00fcr\u00fclebilir b\u00fcy\u00fcme stratejisine odaklanm\u0131\u015ft\u0131r. Antalya ve Ankara&#8217;daki b\u00fcy\u00fck \u00f6l\u00e7ekli yat\u0131r\u0131mlar\u0131n tamamlanmas\u0131, \u015firketin kapasite sorunlar\u0131n\u0131 \u00e7\u00f6zerek \u00f6n\u00fcm\u00fczdeki d\u00f6nemde artacak olan turizm ve seyahat talebini kar\u015f\u0131lamaya haz\u0131r oldu\u011funu g\u00f6stermektedir. \u015eirket, jeopolitik riskleri yak\u0131ndan takip ederken, be\u015f y\u0131ll\u0131k yeni stratejik planlama s\u00fcrecini de ba\u015flatm\u0131\u015f bulunmaktad\u0131r.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"2199\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>TAV Havalimanlar\u0131, 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011fini k\u00fcresel ve jeopolitik belirsizliklere ra\u011fmen yolcu trafi\u011finde %7\u2019lik bir b\u00fcy\u00fcme ile geride b\u0131rakt\u0131. Toplamda 19 milyon yolcuya hizmet veren \u015firket, Ankara ve Antalya&#8217;daki dev yat\u0131r\u0131mlar\u0131n\u0131 tamamlayarak operasyonel kapasitesini zirveye ta\u015f\u0131d\u0131. 1,3 milyar TL\u2019lik temett\u00fc karar\u0131 ile hissedarlar\u0131na s\u00fcrd\u00fcr\u00fclebilir getiri taahh\u00fcd\u00fcn\u00fc yineleyen TAV, Almat\u0131\u2019daki ge\u00e7i\u015f s\u00fcrecine ve b\u00f6lgesel risklere kar\u015f\u0131n 2026 hedeflerine kararl\u0131l\u0131kla ilerliyor. Havac\u0131l\u0131k sekt\u00f6r\u00fcndeki son verileri ve stratejik b\u00fcy\u00fcme planlar\u0131n\u0131 i\u00e7eren analizimizi ka\u00e7\u0131rmay\u0131n.<\/p>\n","protected":false},"author":11,"featured_media":1297,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[251],"tags":[31],"class_list":["post-2199","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-faaliyetraporuanalizi","tag-tavhl"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2199","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\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=2199"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2199\/revisions"}],"predecessor-version":[{"id":2200,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2199\/revisions\/2200"}],"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=2199"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=2199"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=2199"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}