{"id":2278,"date":"2026-05-02T11:06:02","date_gmt":"2026-05-02T08:06:02","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2278"},"modified":"2026-05-02T11:06:46","modified_gmt":"2026-05-02T08:06:46","slug":"trhol-2026-03-faaliyet-raporu-analizi-tera-finansal-yatrmlar-holding","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2278","title":{"rendered":"\ud83d\udd35 TRHOL 2026-03 Faaliyet Raporu Analizi | Tera Finansal Yat\u0131r\u0131mlar Holding"},"content":{"rendered":"<h1>Tera Finansal Yat\u0131r\u0131mlar Holding A.\u015e. 2026 Birinci \u00c7eyrek Faaliyet Raporu Brifing Notu<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, Tera Finansal Yat\u0131r\u0131mlar Holding A.\u015e.&#8217;nin (TRHOL) 1 Ocak 2026 \u2013 31 Mart 2026 d\u00f6nemine ili\u015fkin faaliyet raporundan sentezlenen kritik i\u00e7g\u00f6r\u00fcleri sunmaktad\u0131r. 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011fi, \u015eirket i\u00e7in kurumsal kimlik d\u00f6n\u00fc\u015f\u00fcm\u00fcn\u00fcn tamamland\u0131\u011f\u0131, finansal tablolar\u0131n enflasyon d\u00fczeltmesine ra\u011fmen g\u00fc\u00e7l\u00fc bir b\u00fcy\u00fcme sergiledi\u011fi ve stratejik geni\u015fleme hamlelerinin ivme kazand\u0131\u011f\u0131 bir d\u00f6nem olmu\u015ftur.<\/p>\n<p>Holding, toplam varl\u0131klar\u0131n\u0131 2025 sonuna g\u00f6re %44,4 art\u0131rarak 604,8 milyon TL seviyesine \u00e7\u0131karm\u0131\u015ft\u0131r. \u00d6nceki y\u0131l\u0131n ayn\u0131 d\u00f6neminde zarar a\u00e7\u0131klayan \u015eirket, bu d\u00f6nemde 30,9 milyon TL net k\u00e2r elde ederek finansal performans\u0131nda belirgin bir iyile\u015fme kaydetmi\u015ftir. Stratejik a\u00e7\u0131dan Asya Pasifik b\u00f6lgesinde bir kat\u0131l\u0131m bankas\u0131 sat\u0131n al\u0131m\u0131na y\u00f6nelik ba\u011flay\u0131c\u0131 olmayan teklif verilmesi, grubun uluslararas\u0131 b\u00fcy\u00fcme vizyonunu ortaya koymaktad\u0131r. Ayn\u0131 d\u00f6nemde, PPR Holding (Papara) i\u015ftiraklerine y\u00f6nelik ihale s\u00fcreci titizlikle incelenmi\u015f, ancak mevcut finansal \u00f6ncelikler do\u011frultusunda teklif verilmemesi kararla\u015ft\u0131r\u0131larak disiplinli bir yat\u0131r\u0131m politikas\u0131 sergilenmi\u015ftir.<\/p>\n<h2>1. Kurumsal Profil ve Stratejik Vizyon<\/h2>\n<p>Tera Grup, finans temelinde y\u00fckselen ve teknolojiyle \u00f6l\u00e7eklenen yap\u0131s\u0131n\u0131 &#8220;b\u00fct\u00fcnle\u015fik bir yat\u0131r\u0131m ekosistemi&#8221; olarak tan\u0131mlamaktad\u0131r.<\/p>\n<ul>\n<li><b>Tarihsel D\u00f6n\u00fc\u015f\u00fcm:<\/b> \u015eirket, 22 A\u011fustos 1994\u2019te Ta\u00e7 Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e. ad\u0131yla kurulmu\u015f, 2012\u2019de holding stat\u00fcs\u00fcne ge\u00e7erek Dagi Yat\u0131r\u0131m Holding A.\u015e. unvan\u0131n\u0131 alm\u0131\u015ft\u0131r. 06.08.2025 tarihinde ise unvan\u0131 <b>Tera Finansal Yat\u0131r\u0131mlar Holding A.\u015e.<\/b> olarak tescil edilmi\u015ftir.<\/li>\n<li><b>Stratejik Odak Noktalar\u0131:<\/b> Grubun yat\u0131r\u0131m stratejisi d\u00f6rt ana eksen \u00fczerine kuruludur:\n<ul>\n<li>Yapay zeka ve dijitalle\u015fme.<\/li>\n<li>Yeni finansal mimariler.<\/li>\n<li>S\u00fcrd\u00fcr\u00fclebilirlik ekonomileri.<\/li>\n<li>Jeopolitik de\u011fi\u015fimler.<\/li>\n<\/ul>\n<\/li>\n<li><b>Grup Ekosistemi:<\/b> B\u00fcnyesinde Tera Bank, Tera Portf\u00f6y, Kointra, Barikat Siber G\u00fcvenlik ve Tatilsepeti gibi farkl\u0131 sekt\u00f6rlerde uzmanla\u015fm\u0131\u015f \u015firketler bulunmaktad\u0131r. Grubun sermaye piyasalar\u0131nda aktif d\u00f6rt halka a\u00e7\u0131k \u015firketi (TERA, TEHOL, TRHOL, PEKGY) mevcuttur.<\/li>\n<\/ul>\n<h2>2. Faaliyet D\u00f6nemindeki Kritik Geli\u015fmeler<\/h2>\n<p>2026&#8217;n\u0131n ilk \u00e7eyre\u011finde \u015eirket, hem b\u00fcy\u00fcme hem de portf\u00f6y optimizasyonu odakl\u0131 \u00f6nemli kararlar alm\u0131\u015ft\u0131r.<\/p>\n<h3>2.1. Uluslararas\u0131 Geni\u015fleme Hamlesi<\/h3>\n<p>\u015eirket, Asya Pasifik b\u00f6lgesinde kat\u0131l\u0131m finans ilkeleriyle \u00e7al\u0131\u015fan bir bankay\u0131 sat\u0131n almak amac\u0131yla <b>ba\u011flay\u0131c\u0131 olmayan bir teklif (Non-Binding Indicative Offer)<\/b> iletmi\u015ftir. Bu s\u00fcre\u00e7le ilgili detayl\u0131 inceleme (due diligence) ve m\u00fczakerelerin s\u00fcrd\u00fcr\u00fclmesi planlanmaktad\u0131r. \u0130\u015flemin tamamlanmas\u0131, ilgili \u00fclke otoritelerinin onay\u0131na ve ba\u011flay\u0131c\u0131 s\u00f6zle\u015fmelerin akdedilmesine ba\u011fl\u0131d\u0131r.<\/p>\n<h3>2.2. Yat\u0131r\u0131m Disiplini ve PPR Holding Karar\u0131<\/h3>\n<p>TMSF taraf\u0131ndan sat\u0131\u015fa \u00e7\u0131kar\u0131lan PPR Holding A.\u015e. ba\u011fl\u0131 ortakl\u0131klar\u0131 (Papara Elektronik Para, Papara Sigorta vb.) i\u00e7in ihale s\u00fcreci de\u011ferlendirilmi\u015f ve \u015fartname temin edilerek incelemelere ba\u015flanm\u0131\u015ft\u0131r. Ancak 04.03.2026 tarihinde yap\u0131lan stratejik de\u011ferlendirme neticesinde, mevcut finansal \u00f6ncelikler ve portf\u00f6y planlamas\u0131 do\u011frultusunda ihaleye <b>teklif verilmemesine<\/b> karar verilmi\u015ftir.<\/p>\n<h3>2.3. Sermaye Art\u0131r\u0131m\u0131 Ba\u015fvurusu<\/h3>\n<p>\u015eirket, 30.000.000 TL olan \u00e7\u0131kar\u0131lm\u0131\u015f sermayesini; 30 milyon TL&#8217;si i\u00e7 kaynaklardan, 90 milyon TL&#8217;si nakden kar\u015f\u0131lanmak \u00fczere <b>150.000.000 TL&#8217;ye<\/b> \u00e7\u0131karmak i\u00e7in Sermaye Piyasas\u0131 Kurulu&#8217;na (SPK) ba\u015fvuru yapm\u0131\u015ft\u0131r.<\/p>\n<h2>3. Finansal Durum Analizi<\/h2>\n<p>31 Mart 2026 itibar\u0131yla finansal tablolar, TMS 29 enflasyon d\u00fczeltmesi uygulanm\u0131\u015f olarak sunulmu\u015ftur.<\/p>\n<h3>3.1. \u00d6zet Bilan\u00e7o Verileri (Bin TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>31.12.2025<\/td>\n<td>31.03.2026<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td>418.948<\/td>\n<td>604.872<\/td>\n<td>%44,4<\/td>\n<\/tr>\n<tr>\n<td>Nakit ve Nakit Benzerleri<\/td>\n<td>446<\/td>\n<td>2.264<\/td>\n<td>%407,4<\/td>\n<\/tr>\n<tr>\n<td>Toplam D\u00f6nen Varl\u0131klar<\/td>\n<td>15.682<\/td>\n<td>205.727<\/td>\n<td>%1212<\/td>\n<\/tr>\n<tr>\n<td>Toplam K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>245.437<\/td>\n<td>400.372<\/td>\n<td>%63<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam \u00d6zkaynaklar<\/b><\/td>\n<td>173.511<\/td>\n<td>204.500<\/td>\n<td>%18<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>3.2. Gelir Tablosu ve K\u00e2rl\u0131l\u0131k Performans\u0131<\/h3>\n<ul>\n<li><b>D\u00f6nem Net K\u00e2r\u0131:<\/b> 2025 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde 21,4 milyon TL zarar a\u00e7\u0131klayan \u015eirket, 2026&#8217;n\u0131n ilk \u00e7eyre\u011finde <b>30,9 milyon TL net k\u00e2r<\/b> elde etmi\u015ftir.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetleri:<\/b> D\u00f6nem i\u00e7inde 40,9 milyon TL yat\u0131r\u0131m faaliyetlerinden gelir kaydedilmi\u015ftir.<\/li>\n<li><b>Net Parasal Pozisyon:<\/b> Enflasyon d\u00fczeltmesi kaynakl\u0131 olarak 21,4 milyon TL net parasal pozisyon kazanc\u0131 olu\u015fmu\u015ftur.<\/li>\n<\/ul>\n<h3>3.3. Kritik Finansal Oranlar<\/h3>\n<ul>\n<li><b>Cari Oran:<\/b> %6,39\u2019dan %51,38\u2019e y\u00fckselerek likidite durumunda iyile\u015fme g\u00f6stermi\u015ftir.<\/li>\n<li><b>Bor\u00e7luluk Oran\u0131 (Toplam Bor\u00e7 \/ Varl\u0131k):<\/b> %58,58\u2019den %66,19\u2019a y\u00fckselmi\u015ftir.<\/li>\n<li><b>\u00d6zkaynak Karl\u0131l\u0131\u011f\u0131 (ROE):<\/b> %15,15 olarak ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<\/ul>\n<h2>4. Ekonomik G\u00f6r\u00fcn\u00fcm ve Hisse Performans\u0131<\/h2>\n<h3>4.1. Makroekonomik Ba\u011flam<\/h3>\n<p>2026 y\u0131l\u0131na k\u00fcresel olarak yapay zeka yat\u0131r\u0131mlar\u0131yla g\u00fc\u00e7l\u00fc bir ba\u015flang\u0131\u00e7 yap\u0131lm\u0131\u015f olsa da, 28 \u015eubat 2026&#8217;da ba\u015flayan Orta Do\u011fu kaynakl\u0131 enerji \u015foku ve H\u00fcrm\u00fcz Bo\u011faz\u0131 kesintileri g\u00f6r\u00fcn\u00fcm\u00fc bozmu\u015ftur.<\/p>\n<ul>\n<li><b>T\u00fcrkiye:<\/b> Enerji \u015foku etkisiyle dolar\/TL kuru 44 seviyesini a\u015fm\u0131\u015f, enflasyon beklentileri y\u0131l sonu i\u00e7in %27,5\u2019e revize edilmi\u015ftir.<\/li>\n<li><b>Rezervler:<\/b> T\u00fcrkiye&#8217;nin 208 milyar dolarl\u0131k g\u00fc\u00e7l\u00fc rezerv birikimi d\u0131\u015f \u015foklara kar\u015f\u0131 \u00f6nemli bir tampon olu\u015fturmu\u015ftur.<\/li>\n<\/ul>\n<h3>4.2. TRHOL Hisse Senedi Performans\u0131<\/h3>\n<p>Hisse senedi 2026 y\u0131lba\u015f\u0131ndan itibaren belirgin bir y\u00fckseli\u015f trendine girmi\u015ftir.<\/p>\n<ul>\n<li><b>D\u00f6nem i\u00e7i en d\u00fc\u015f\u00fck:<\/b> 473,00 TL<\/li>\n<li><b>D\u00f6nem i\u00e7i en y\u00fcksek:<\/b> 1.030,00 TL<\/li>\n<li><b>D\u00f6nem sonu kapan\u0131\u015f (31.03.2026):<\/b> 980,00 TL<\/li>\n<li>Hisse, raporlama d\u00f6nemi boyunca yat\u0131r\u0131mc\u0131s\u0131na y\u00fcksek getiri sa\u011flayan bir performans sergilemi\u015ftir.<\/li>\n<\/ul>\n<h2>5. Kurumsal Y\u00f6netim ve \u0130nsan Kaynaklar\u0131<\/h2>\n<ul>\n<li><b>Y\u00f6netim Kurulu Yap\u0131s\u0131:<\/b> 22.04.2026 tarihinde tescil edilen kararla \u00fcye say\u0131s\u0131 6\u2019dan 5\u2019e d\u00fc\u015f\u00fcr\u00fclm\u00fc\u015ft\u00fcr. Y\u00f6netim Kurulu Ba\u015fkan\u0131 <b>Emre Tezmen<\/b>, Ba\u015fkan Vekili ise <b>Erkan Kilimci<\/b>&#8216;dir.<\/li>\n<li><b>Genel Kurul ve Temett\u00fc:<\/b> 16 Nisan 2026&#8217;da yap\u0131lan Ola\u011fan Genel Kurul&#8217;da, 2025 y\u0131l\u0131 mali sonu\u00e7lar\u0131na g\u00f6re (VUK kay\u0131tlar\u0131nda zarar olmas\u0131 nedeniyle) k\u00e2r da\u011f\u0131t\u0131m\u0131 yap\u0131lmamas\u0131na karar verilmi\u015ftir.<\/li>\n<li><b>Denetim:<\/b> 2026 y\u0131l\u0131 hesap d\u00f6nemi i\u00e7in &#8220;Ulusal Ba\u011f\u0131ms\u0131z Denetim ve Yeminli Mali M\u00fc\u015favirlik A.\u015e.&#8221; ba\u011f\u0131ms\u0131z denetim kurulu\u015fu olarak se\u00e7ilmi\u015ftir.<\/li>\n<li><b>\u0130nsan Kaynaklar\u0131:<\/b> \u015eirketin ortalama personel say\u0131s\u0131 6 ki\u015fidir. \u00dcst d\u00fczey y\u00f6neticilere sa\u011flanan br\u00fct mali haklar toplam\u0131 6,1 milyon TL seviyesindedir.<\/li>\n<\/ul>\n<h2>6. Gelecek Projeksiyonu ve Risk De\u011ferlendirmesi<\/h2>\n<p>\u015eirket raporu, enerji maliyetlerindeki kal\u0131c\u0131l\u0131\u011f\u0131n ve jeopolitik risklerin temel risk unsurlar\u0131 oldu\u011funu vurgulamaktad\u0131r. Bununla birlikte, Tera Grup&#8217;un teknoloji odakl\u0131 finansal ekosistemi ve uluslararas\u0131 pazarlara (\u00f6zellikle Asya Pasifik) a\u00e7\u0131lma stratejisi, gelecekteki b\u00fcy\u00fcme potansiyelinin ana motorlar\u0131 olarak konumland\u0131r\u0131lmaktad\u0131r. Kurumsal \u015feffafl\u0131k ve s\u00fcrd\u00fcr\u00fclebilirlik ilkelerine uyum \u00e7al\u0131\u015fmalar\u0131 sistematik olarak devam etmektedir.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"2278\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Tera Finansal Holding 2026\u2019ya G\u00fc\u00e7l\u00fc Ba\u015flad\u0131: Stratejik D\u00f6n\u00fc\u015f\u00fcm ve Rekor B\u00fcy\u00fcme<br \/>\nTera Finansal Yat\u0131r\u0131mlar Holding (TRHOL), 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde finansal yap\u0131s\u0131n\u0131 g\u00fc\u00e7lendirerek dijitalle\u015fme ve k\u00fcresel b\u00fcy\u00fcme odakl\u0131 vizyonunu s\u00fcrd\u00fcr\u00fcyor. Toplam varl\u0131klar\u0131n\u0131 %44 oran\u0131nda art\u0131ran \u015firket, yapay zeka ve yeni nesil finansal mimarileri merkeze alan yat\u0131r\u0131m stratejisiyle dikkat \u00e7ekiyor.<br \/>\nBu d\u00f6nemde \u00f6ne \u00e7\u0131kan ba\u015fl\u0131klar \u015funlard\u0131r:<br \/>\nK\u00fcresel A\u00e7\u0131l\u0131m: Asya Pasifik b\u00f6lgesinde kat\u0131l\u0131m bankac\u0131l\u0131\u011f\u0131 alan\u0131nda sat\u0131n alma f\u0131rsatlar\u0131 de\u011ferlendiriliyor.<br \/>\nFinansal Performans: Ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki kayb\u0131n ard\u0131ndan, 31 milyon TL&#8217;ye yak\u0131n net k\u00e2r ile g\u00fc\u00e7l\u00fc bir geri d\u00f6n\u00fc\u015f sa\u011fland\u0131.<br \/>\nBorsada De\u011fer Art\u0131\u015f\u0131: \u015eirket hisseleri, y\u0131l\u0131n ilk \u00fc\u00e7 ay\u0131nda yat\u0131r\u0131mc\u0131s\u0131na y\u00fcksek getiri sunarak 980 TL s\u0131n\u0131r\u0131na dayand\u0131.<br \/>\nSermaye G\u00fc\u00e7lendirme: 150 milyon TL&#8217;lik yeni sermaye tavan\u0131 hedefiyle gelece\u011fe y\u00f6nelik yat\u0131r\u0131mlar\u0131n finansman altyap\u0131s\u0131 haz\u0131rlan\u0131yor.<br \/>\nTera Grup&#8217;un siber g\u00fcvenlikten dijital bankac\u0131l\u0131\u011fa uzanan geni\u015f ekosistemi ve 2026 y\u0131l\u0131 ilk \u00e7eyrek raporuna dair t\u00fcm detaylar i\u00e7in yaz\u0131m\u0131z\u0131n devam\u0131na g\u00f6z atabilirsiniz.<\/p>\n","protected":false},"author":9,"featured_media":1297,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[251],"tags":[275],"class_list":["post-2278","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-faaliyetraporuanalizi","tag-trhol"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2278","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\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=2278"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2278\/revisions"}],"predecessor-version":[{"id":2279,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2278\/revisions\/2279"}],"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=2278"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=2278"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=2278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}