{"id":2217,"date":"2026-04-29T00:35:40","date_gmt":"2026-04-28T21:35:40","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2217"},"modified":"2026-04-29T00:36:22","modified_gmt":"2026-04-28T21:36:22","slug":"arfye-2026-03-bilano-analizi-arf-bio-yenilenebilir-enerji","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2217","title":{"rendered":"\ud83d\udd34 ARFYE 2026-03 Bilan\u00e7o Analizi | ARF Bio Yenilenebilir Enerji"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34 ARFYE 2026-03 Bilan\u00e7o Analizi | ARF Bio Yenilenebilir Enerji\" width=\"858\" height=\"644\" src=\"https:\/\/www.youtube.com\/embed\/clE6jKMI1bA?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>ARF Bio Yenilenebilir Enerji A.\u015e. Stratejik De\u011ferlendirme ve Finansal Brifing Raporu (31 Mart 2026)<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu rapor, ARF Bio Yenilenebilir Enerji A.\u015e.&#8217;nin 31 Mart 2026 itibar\u0131yla sona eren hesap d\u00f6nemine ait finansal tablolar\u0131n\u0131 ve operasyonel verilerini sentezlemektedir. \u015eirket, 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde hem operasyonel hem de finansal yap\u0131s\u0131nda \u00f6nemli bir d\u00f6n\u00fc\u015f\u00fcm ya\u015fam\u0131\u015ft\u0131r. En dikkat \u00e7ekici geli\u015fme, \u015firketin halka arz s\u00fcrecini tamamlayarak \u00f6zkaynak yap\u0131s\u0131n\u0131 yakla\u015f\u0131k <b>2,06 milyar TL<\/b> seviyesine \u00e7\u0131karmas\u0131 ve net d\u00f6nem kar\u0131 elde ederek \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki zarar pozisyonundan \u00e7\u0131kmas\u0131d\u0131r.<\/p>\n<p>\u015eirketin cirosu, \u00f6zellikle g\u00fcbre sat\u0131\u015flar\u0131ndaki dramatik art\u0131\u015f\u0131n etkisiyle ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re yakla\u015f\u0131k 14 kat artarak <b>211 milyon TL<\/b> seviyesine ula\u015fm\u0131\u015ft\u0131r. Fonksiyonel para birimini ABD Dolar\u0131 (USD) olarak belirleyen \u015firket, yenilenebilir enerji te\u015fvikleri (YEKDEM) ve karbon kredisi ticareti ile d\u00f6viz bazl\u0131 gelir yap\u0131s\u0131n\u0131 korumaktad\u0131r.<\/p>\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. Kurumsal Profil ve Faaliyet Kapsam\u0131<\/h2>\n<p>ARF Bio, 2016 y\u0131l\u0131nda Ankara merkezli olarak kurulmu\u015f, yenilenebilir enerji ve tar\u0131msal girdi sekt\u00f6rlerinde faaliyet g\u00f6steren bir kurulu\u015ftur.<\/p>\n<ul>\n<li><b>\u00dcretim Merkezi:<\/b> \u0130zmir\u2019in \u00d6demi\u015f il\u00e7esinde bulunan <b>4,8 MW<\/b> kurulu g\u00fcce sahip biyogaz tesisi.<\/li>\n<li><b>Temel Faaliyetler:<\/b> B\u00fcy\u00fckba\u015f hayvan at\u0131\u011f\u0131 ve bitkisel girdiler kullan\u0131larak elektrik \u00fcretimi; kat\u0131 ve s\u0131v\u0131 organomineral g\u00fcbre \u00fcretimi; karbon emisyon prim sertifikas\u0131 ticareti.<\/li>\n<li><b>Lisans ve Te\u015fvikler:<\/b> EPDK&#8217;dan al\u0131nan \u00fcretim lisans\u0131 2067 y\u0131l\u0131na kadar (49 y\u0131l) ge\u00e7erlidir. Elektrik sat\u0131\u015flar\u0131, 2028 y\u0131l\u0131na kadar <b>YEKDEM<\/b> kapsam\u0131nda dolar bazl\u0131 sabit fiyat garantisi ile ger\u00e7ekle\u015ftirilmektedir.<\/li>\n<li><b>\u0130nsan Kaynaklar\u0131:<\/b> 31 Mart 2026 itibar\u0131yla \u00e7al\u0131\u015fan say\u0131s\u0131 47\u2019ye y\u00fckselmi\u015ftir (2025 sonu: 41).<\/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>\u015eirketin 2026 y\u0131l\u0131 ilk \u00e7eyrek sonu\u00e7lar\u0131, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re radikal bir iyile\u015fme g\u00f6stermektedir.<\/p>\n<h3>Gelir ve Karl\u0131l\u0131k Kar\u015f\u0131la\u015ft\u0131rmas\u0131<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (TL)<\/td>\n<td>01.01.2026 &#8211; 31.03.2026<\/td>\n<td>01.01.2025 &#8211; 31.03.2025<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>211.080.076<\/td>\n<td>14.706.224<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Kar \/ (Zarar)<\/b><\/td>\n<td>45.608.885<\/td>\n<td>(6.732.946)<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet Kar\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td>7.568.091<\/td>\n<td>(24.558.916)<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem Kar\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td><b>8.309.193<\/b><\/td>\n<td><b>(67.035.968)<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Gelir Da\u011f\u0131l\u0131m\u0131 ve Operasyonel Giderler<\/h3>\n<ul>\n<li><b>G\u00fcbre Gelirleri:<\/b> Toplam has\u0131lat\u0131n en b\u00fcy\u00fck kalemi olup <b>203 milyon TL<\/b> seviyesine ula\u015fm\u0131\u015ft\u0131r. Ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6neminde bu rakam yaln\u0131zca 2,5 milyon TL idi.<\/li>\n<li><b>Elektrik Sat\u0131\u015flar\u0131:<\/b> 6,45 milyon TL gelir elde edilmi\u015ftir.<\/li>\n<li><b>Karbon Sertifikas\u0131:<\/b> 1,3 milyon TL yurt d\u0131\u015f\u0131 sat\u0131\u015f geliri kaydedilmi\u015ftir.<\/li>\n<li><b>Halka Arz Maliyetleri:<\/b> Faaliyet giderlerindeki art\u0131\u015f\u0131n \u00f6nemli bir k\u0131sm\u0131, halka arz s\u00fcrecine ili\u015fkin tek seferlik reklam, ilan ve dan\u0131\u015fmanl\u0131k giderlerinden kaynaklanmaktad\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<h2>3. Bilan\u00e7o Yap\u0131s\u0131 ve \u00d6zkaynak Geli\u015fimi<\/h2>\n<p>\u015eirketin varl\u0131k toplam\u0131 31 Aral\u0131k 2025&#8217;teki 2,09 milyar TL&#8217;den, 31 Mart 2026&#8217;da <b>2,68 milyar TL<\/b>&#8216;ye y\u00fckselmi\u015ftir.<\/p>\n<h3>Sermaye Yap\u0131s\u0131 ve Halka Arz<\/h3>\n<p>\u015eirketin ortakl\u0131k yap\u0131s\u0131nda rapor d\u00f6neminde k\u00f6kl\u00fc bir de\u011fi\u015fim ya\u015fanm\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li><b>\u00d6denmi\u015f Sermaye:<\/b> 182.837.401 TL.<\/li>\n<li><b>Halka Arz:<\/b> Paylar\u0131n <b>%25,71<\/b>&#8216;i halka arz edilmi\u015ftir.<\/li>\n<li><b>Hisse Senedi \u0130hra\u00e7 Primleri:<\/b> Halka arz neticesinde <b>630,1 milyon TL<\/b> tutar\u0131nda emisyon primi \u00f6zkaynaklara eklenmi\u015ftir.<\/li>\n<li><b>Ana Ortaklar:<\/b> Re-Pie Portf\u00f6y Y\u00f6netimi A.\u015e. ARF Giri\u015fim Sermayesi Yat\u0131r\u0131m Fonu (%70,28) ve Pardus GSYO A.\u015e. (%4,01).<\/li>\n<\/ul>\n<h3>Varl\u0131k ve Y\u00fck\u00fcml\u00fcl\u00fck Dengesi<\/h3>\n<ul>\n<li><b>Nakit ve Finansal Yat\u0131r\u0131mlar:<\/b> \u015eirketin likit varl\u0131klar\u0131 halka arz sonras\u0131 g\u00fc\u00e7lenmi\u015f; nakit ve benzerleri 256,4 milyon TL, k\u0131sa vadeli finansal yat\u0131r\u0131mlar ise 534,1 milyon TL olarak kaydedilmi\u015ftir.<\/li>\n<li><b>Maddi Duran Varl\u0131klar:<\/b> 1,25 milyar TL seviyesindedir. \u015eirket, arazi ve arsalar\u0131n\u0131 &#8220;ger\u00e7e\u011fe uygun de\u011fer&#8221; y\u00f6ntemiyle izlemektedir.<\/li>\n<li><b>Bor\u00e7luluk:<\/b> Toplam bor\u00e7lar 617,6 milyon TL&#8217;dir. Net Bor\u00e7 \/ Toplam Sermaye oran\u0131 <b>0,1490<\/b> olarak ger\u00e7ekle\u015fmi\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>4. \u00d6nemli Muhasebe Politikalar\u0131 ve Risk Y\u00f6netimi<\/h2>\n<ul>\n<li><b>Fonksiyonel Para Birimi:<\/b> \u015eirketin operasyonlar\u0131 a\u011f\u0131rl\u0131kl\u0131 olarak ABD Dolar\u0131 bazl\u0131 oldu\u011fu i\u00e7in TMS 21 uyar\u0131nca fonksiyonel para birimi <b>ABD Dolar\u0131<\/b> (USD) olarak belirlenmi\u015ftir. Finansal tablolar TL cinsinden sunulmaktad\u0131r.<\/li>\n<li><b>Enflasyon Muhasebesi (TMS 29):<\/b> Fonksiyonel para birimi USD oldu\u011fu i\u00e7in, SPK ve KGK&#8217;n\u0131n 31 Aral\u0131k 2023 sonras\u0131 i\u00e7in \u00f6ng\u00f6rd\u00fc\u011f\u00fc enflasyon d\u00fczeltmesi bu tablolarda uygulanmam\u0131\u015ft\u0131r.<\/li>\n<li><b>D\u00f6viz Pozisyonu:<\/b> \u015eirketin 320,7 milyon TL tutar\u0131nda net yabanc\u0131 para varl\u0131k pozisyonu bulunmaktad\u0131r. Bu durum, TL&#8217;nin de\u011fer kaybetti\u011fi senaryolarda finansal sonu\u00e7lara olumlu yans\u0131maktad\u0131r.<\/li>\n<li><b>Teminatlar ve \u0130potekler:<\/b> \u015eirket kendi t\u00fczel ki\u015fili\u011fi ad\u0131na toplam <b>3,81 milyar TL<\/b> tutar\u0131nda teminat, rehin ve ipotek (TR\u0130K) vermi\u015f olup bunun b\u00fcy\u00fck k\u0131sm\u0131 krediler i\u00e7in tesis edilen ipotek ve kefaletlerden olu\u015fmaktad\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<h2>5. Kritik Notlar ve Sonu\u00e7lar<\/h2>\n<ol>\n<li><b>D\u00f6n\u00fc\u015f\u00fcm Y\u0131l\u0131:<\/b> 2026 ilk \u00e7eyre\u011fi, \u015firketin hem halka a\u00e7\u0131ld\u0131\u011f\u0131 hem de operasyonel verimlilikle kara ge\u00e7ti\u011fi bir d\u00f6nemdir.<\/li>\n<li><b>Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller:<\/b> \u015eirketin elinde 92,8 milyon TL de\u011ferinde yat\u0131r\u0131m ama\u00e7l\u0131 arazi ve arsalar bulunmaktad\u0131r.<\/li>\n<li><b>Hisse Ba\u015f\u0131na Kazan\u00e7:<\/b> \u00d6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 0,4550 TL&#8217;lik zarara kar\u015f\u0131l\u0131k, 31 Mart 2026 itibar\u0131yla <b>0,0454 TL<\/b> hisse ba\u015f\u0131na kazan\u00e7 kaydedilmi\u015ftir.<\/li>\n<li><b>G\u00fcbre Segmenti B\u00fcy\u00fcmesi:<\/b> \u015eirketin has\u0131lat\u0131ndaki devasa b\u00fcy\u00fcmenin lokomotifi biyogazdan ziyade, kat\u0131-s\u0131v\u0131 organomineral g\u00fcbre \u00fcretimi ve ticareti olmu\u015ftur.<\/li>\n<\/ol>\n<p><i>Bu rapor, &#8220;ARF_Bio Dipnotlar 31.03.2026.pdf&#8221; kaynakl\u0131 verilerin analizi ile olu\u015fturulmu\u015f olup, \u015firketin finansal durumunun objektif bir \u00f6zetini sunmaktad\u0131r.<\/i><\/p>\n<button class=\"simplefavorite-button\" data-postid=\"2217\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>ARF Bio, 2026 Y\u0131l\u0131na G\u00fc\u00e7l\u00fc Bir Ba\u015flang\u0131\u00e7 Yapt\u0131: Zarardan Kara Ge\u00e7i\u015f ve Rekor Has\u0131lat!<br \/>\nYenilenebilir enerji ve s\u00fcrd\u00fcr\u00fclebilir tar\u0131m sekt\u00f6r\u00fcn\u00fcn parlayan y\u0131ld\u0131z\u0131 ARF Bio, 31 Mart 2026 d\u00f6nemine ait finansal sonu\u00e7lar\u0131n\u0131 kamuoyuyla payla\u015ft\u0131. Ge\u00e7ti\u011fimiz y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re has\u0131lat\u0131n\u0131 katlayarak art\u0131ran \u015firket, operasyonel verimlili\u011fi ve organomineral g\u00fcbre sat\u0131\u015flar\u0131ndaki ivmesiyle dikkat \u00e7ekiyor. \u0130zmir \u00d6demi\u015f\u2019teki biyogaz tesisinde at\u0131klar\u0131 enerjiye ve de\u011ferli g\u00fcbreye d\u00f6n\u00fc\u015ft\u00fcren ARF Bio, halka arz sonras\u0131 g\u00fc\u00e7lenen sermaye yap\u0131s\u0131yla b\u00fcy\u00fcme hedeflerine emin ad\u0131mlarla ilerliyor. \u015eirketin mali tablolar\u0131ndaki kritik de\u011fi\u015fimleri, YEKDEM avantajlar\u0131n\u0131 ve gelecek vizyonunu ele ald\u0131\u011f\u0131m\u0131z detayl\u0131 analizimiz yay\u0131nda.<\/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":[141],"class_list":["post-2217","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-arfye"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2217","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=2217"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2217\/revisions"}],"predecessor-version":[{"id":2218,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2217\/revisions\/2218"}],"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=2217"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=2217"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=2217"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}