{"id":2316,"date":"2026-05-02T12:42:08","date_gmt":"2026-05-02T09:42:08","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2316"},"modified":"2026-05-02T12:42:36","modified_gmt":"2026-05-02T09:42:36","slug":"isdmr-2026-03-bilano-analizi-iskenderun-demir-ve-elik","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2316","title":{"rendered":"\ud83d\udd34 ISDMR 2026-03 Bilan\u00e7o Analizi | \u0130skenderun Demir ve \u00c7elik"},"content":{"rendered":"<h1>\u0130skenderun Demir ve \u00c7elik A.\u015e. (\u0130sdemir) 2026 Birinci \u00c7eyrek Finansal Brifing Raporu<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing belgesi, \u0130skenderun Demir ve \u00c7elik A.\u015e.&#8217;nin (\u0130sdemir) 1 Ocak \u2013 31 Mart 2026 ara hesap d\u00f6nemine ait finansal verilerini ve operasyonel sonu\u00e7lar\u0131n\u0131 analiz etmektedir. \u015eirket, 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re hem has\u0131lat hem de net d\u00f6nem k\u00e2r\u0131nda belirgin bir art\u0131\u015f kaydetmi\u015ftir.<\/p>\n<p><b>Kritik \u00c7\u0131kar\u0131mlar:<\/b><\/p>\n<ul>\n<li><b>K\u00e2rl\u0131l\u0131k Art\u0131\u015f\u0131:<\/b> \u015eirketin has\u0131lat\u0131 bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re 26,9 milyar TL&#8217;den 31,7 milyar TL&#8217;ye y\u00fckselirken, net d\u00f6nem k\u00e2r\u0131 1,03 milyar TL&#8217;den 1,50 milyar TL&#8217;ye \u00e7\u0131km\u0131\u015ft\u0131r.<\/li>\n<li><b>Temett\u00fc Karar\u0131:<\/b> 26 Mart 2026 tarihli Ola\u011fan Genel Kurul&#8217;da, 2025 y\u0131l\u0131 k\u00e2r\u0131ndan 13,05 milyar TL tutar\u0131nda (hisse ba\u015f\u0131na 4,50 TL) nakit temett\u00fc da\u011f\u0131t\u0131lmas\u0131 kararla\u015ft\u0131r\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Para Birimi Esaslar\u0131:<\/b> \u015eirketin ge\u00e7erli para birimi ABD Dolar\u0131 (USD) olup, raporlama para birimi T\u00fcrk Liras\u0131&#8217;d\u0131r (TL). Fonksiyonel para biriminin USD olmas\u0131 sebebiyle finansal tablolar enflasyon d\u00fczeltmesine (TMS 29) tabi tutulmam\u0131\u015ft\u0131r.<\/li>\n<li><b>G\u00fc\u00e7l\u00fc Nakit Pozisyonu:<\/b> 31 Mart 2026 itibar\u0131yla \u015firketin nakit ve nakit benzerleri 51,8 milyar TL seviyesindedir.<\/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>1. Kurumsal Profil ve Operasyonel Yap\u0131<\/h2>\n<p>\u0130skenderun Demir ve \u00c7elik A.\u015e., T\u00fcrkiye&#8217;nin g\u00fcneyinde yass\u0131 ve uzun demir \u00e7elik mamulleri \u00fcretimi ger\u00e7ekle\u015ftiren en b\u00fcy\u00fck sanayi kurulu\u015flar\u0131ndan biridir.<\/p>\n<ul>\n<li><b>Ana \u00dcr\u00fcnler:<\/b> K\u00fct\u00fck, slab, rulo, levha ve kangal.<\/li>\n<li><b>Yan \u00dcr\u00fcnler:<\/b> Kok, katran, benzol, amonyum s\u00fclfat ve c\u00fcruf.<\/li>\n<li><b>Sermaye Yap\u0131s\u0131:<\/b> \u015eirketin %94,87&#8217;si Ere\u011fli Demir ve \u00c7elik Fabrikalar\u0131 T.A.\u015e.&#8217;ye (Erdemir) aittir. Nihai ana ortak Ordu Yard\u0131mla\u015fma Kurumu&#8217;dur (OYAK).<\/li>\n<li><b>\u0130stihdam:<\/b> 31 Mart 2026 itibar\u0131yla 3.597 saat \u00fccretli ve 1.362 ayl\u0131k \u00fccretli olmak \u00fczere toplam 4.959 personel g\u00f6rev yapmaktad\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>2. Finansal Durum Analizi<\/h2>\n<p>\u015eirketin varl\u0131k yap\u0131s\u0131 ve kaynak da\u011f\u0131l\u0131m\u0131, b\u00fcy\u00fcme trendini korurken y\u00fcksek nakit rezervleri ve stratejik bor\u00e7 y\u00f6netimi ile dikkat \u00e7ekmektedir.<\/p>\n<h3>2.1. Varl\u0131k ve Kaynak \u00d6zeti (Bin TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>31 Mart 2026<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td>244.029.799<\/td>\n<td>237.243.956<\/td>\n<td>%2,8<\/td>\n<\/tr>\n<tr>\n<td>&#8211; D\u00f6nen Varl\u0131klar<\/td>\n<td>103.966.217<\/td>\n<td>102.108.960<\/td>\n<td>%1,8<\/td>\n<\/tr>\n<tr>\n<td>&#8211; Duran Varl\u0131klar<\/td>\n<td>140.063.582<\/td>\n<td>135.134.996<\/td>\n<td>%3,6<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Kaynaklar<\/b><\/td>\n<td>244.029.799<\/td>\n<td>237.243.956<\/td>\n<td>%2,8<\/td>\n<\/tr>\n<tr>\n<td>&#8211; K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>57.445.399<\/td>\n<td>45.445.629<\/td>\n<td>%26,4<\/td>\n<\/tr>\n<tr>\n<td>&#8211; Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>45.227.486<\/td>\n<td>44.221.501<\/td>\n<td>%2,3<\/td>\n<\/tr>\n<tr>\n<td>&#8211; \u00d6zkaynaklar<\/td>\n<td>141.356.914<\/td>\n<td>147.576.826<\/td>\n<td>-%4,2<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>\u00d6zkaynaklardaki Azal\u0131\u015f:<\/b> \u00d6zkaynaklardaki d\u00fc\u015f\u00fc\u015f\u00fcn temel nedeni, Mart 2026&#8217;da al\u0131nan 13,05 milyar TL&#8217;lik temett\u00fc da\u011f\u0131t\u0131m karar\u0131d\u0131r. Bu tutar k\u0131sa vadeli &#8220;Di\u011fer Bor\u00e7lar&#8221; kaleminde muhasebele\u015ftirilmi\u015ftir.<\/p>\n<h3>2.2. Stok Y\u00f6netimi<\/h3>\n<p>Stoklar, 31 Mart 2026 itibar\u0131yla 39,9 milyar TL de\u011ferindedir. Stok kompozisyonunun en b\u00fcy\u00fck par\u00e7alar\u0131n\u0131 ilk madde ve malzeme (9,7 milyar TL) ile yar\u0131 mamuller (9,4 milyar TL) olu\u015fturmaktad\u0131r. \u015eirket, 931,8 milyon TL tutar\u0131nda stok de\u011fer d\u00fc\u015f\u00fc\u015f kar\u015f\u0131l\u0131\u011f\u0131 ay\u0131rm\u0131\u015ft\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>3. Gelir ve K\u00e2rl\u0131l\u0131k Performans\u0131<\/h2>\n<p>2026 y\u0131l\u0131n\u0131n ilk \u00fc\u00e7 ay\u0131nda operasyonel verimlilik ve sat\u0131\u015f hacmi, finansal sonu\u00e7lara olumlu yans\u0131m\u0131\u015ft\u0131r.<\/p>\n<h3>3.1. K\u00e2r veya Zarar Tablosu \u00d6zeti (Bin TL)<\/h3>\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<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>31.667.568<\/td>\n<td>26.906.457<\/td>\n<\/tr>\n<tr>\n<td><b>Sat\u0131\u015flar\u0131n Maliyeti<\/b><\/td>\n<td>(29.001.646)<\/td>\n<td>(25.037.728)<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>2.665.922<\/td>\n<td>1.868.729<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131<\/b><\/td>\n<td>1.860.177<\/td>\n<td>1.187.191<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131<\/b><\/td>\n<td>1.502.626<\/td>\n<td>1.027.021<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>3.2. Sat\u0131\u015f ve Maliyet Detaylar\u0131<\/h3>\n<ul>\n<li><b>Has\u0131lat Da\u011f\u0131l\u0131m\u0131:<\/b> Yurt i\u00e7i sat\u0131\u015flar 25,5 milyar TL ile ana gelir kayna\u011f\u0131d\u0131r. Yurt d\u0131\u015f\u0131 sat\u0131\u015f gelirleri ise 5,5 milyar TL seviyesindedir.<\/li>\n<li><b>Maliyet Yap\u0131s\u0131:<\/b> Sat\u0131\u015flar\u0131n maliyetinde en b\u00fcy\u00fck pay\u0131 21,7 milyar TL ile ilk madde ve malzeme giderleri almaktad\u0131r. Bunu 2,3 milyar TL ile personel giderleri ve 1,2 milyar TL ile enerji giderleri izlemektedir.<\/li>\n<li><b>Amortisman:<\/b> \u00dcretim, y\u00f6netim ve pazarlama birimlerinde toplam 1,56 milyar TL amortisman ve itfa gideri kaydedilmi\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. Bor\u00e7lanma ve Risk Y\u00f6netimi<\/h2>\n<h3>4.1. Finansal Bor\u00e7lar<\/h3>\n<p>\u015eirketin toplam banka kredileri 36,9 milyar TL&#8217;dir.<\/p>\n<ul>\n<li><b>D\u00f6viz Kompozisyonu:<\/b> Kredilerin b\u00fcy\u00fck \u00e7o\u011funlu\u011fu ABD Dolar\u0131 cinsindendir. ABD Dolar\u0131 kredilerin a\u011f\u0131rl\u0131kl\u0131 ortalama faiz oran\u0131 sabitlerde %7,53, de\u011fi\u015fkenlerde ise TERM SOFR+%2,83&#8217;t\u00fcr.<\/li>\n<li><b>Vade Yap\u0131s\u0131:<\/b> Bor\u00e7lanmalar\u0131n 6,9 milyar TL&#8217;si bir y\u0131l i\u00e7inde, 25,2 milyar TL&#8217;si ise 1-2 y\u0131l i\u00e7inde \u00f6denecek vadelerdedir.<\/li>\n<\/ul>\n<h3>4.2. Kur Riski Pozisyonu<\/h3>\n<p>\u015eirketin net yabanc\u0131 para varl\u0131k\/y\u00fck\u00fcml\u00fcl\u00fck pozisyonu 31 Mart 2026 itibar\u0131yla -18,17 milyar TL&#8217;dir (net y\u00fck\u00fcml\u00fcl\u00fck).<\/p>\n<ul>\n<li><b>Hassasiyet:<\/b> T\u00fcrk Liras\u0131&#8217;n\u0131n ABD Dolar\u0131 kar\u015f\u0131s\u0131nda %10 de\u011fer kazanmas\u0131 veya kaybetmesinin vergi \u00f6ncesi k\u00e2r \u00fczerindeki net etkisi yakla\u015f\u0131k 1,6 milyar TL olarak hesaplanmaktad\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. \u00d6nemli Hukuki ve Vergi Geli\u015fmeleri<\/h2>\n<h3>5.1. Belediye Vergisi Davalar\u0131 (Elektrik ve Havagaz\u0131)<\/h3>\n<p>\u015eirket, tesislerinde \u00fcretti\u011fi enerjiden al\u0131nan vergilerin iadesi i\u00e7in belediyeye kar\u015f\u0131 a\u00e7t\u0131\u011f\u0131 80 adet davan\u0131n 77&#8217;sini lehine kesinle\u015ftirmi\u015ftir. Anayasa Mahkemesi (AYM), m\u00fclkiyet hakk\u0131n\u0131n ihlal edildi\u011fine karar vererek yeniden yarg\u0131lama yolunu a\u00e7m\u0131\u015f, bu s\u00fcre\u00e7 \u015firketin lehine sonu\u00e7lanm\u0131\u015ft\u0131r.<\/p>\n<h3>5.2. Vergi Te\u015fvikleri<\/h3>\n<ul>\n<li><b>Stratejik Yat\u0131r\u0131m Te\u015fvik Belgesi:<\/b> \u015eirket, ilgili te\u015fvik kapsam\u0131nda cari d\u00f6nemde 636,9 milyon TL indirimli kurumlar vergisi avantaj\u0131 kullanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Yat\u0131r\u0131m \u0130ndirimi:<\/b> \u0130sdemir Linde Gaz Ortakl\u0131\u011f\u0131 A.\u015e. \u00fczerinden sa\u011flanan haklarla birlikte ertelenmi\u015f vergi varl\u0131klar\u0131 muhasebele\u015ftirilmi\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>6. \u00d6nemli Notlar ve Gelecek Projeksiyonu<\/h2>\n<ul>\n<li><b>Temett\u00fc \u00d6demesi:<\/b> 13,05 milyar TL tutar\u0131ndaki nakit temett\u00fc \u00f6demelerine 3 Haziran 2026 tarihinde ba\u015flanacakt\u0131r.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetleri:<\/b> Q1 2026 d\u00f6neminde maddi ve maddi olmayan duran varl\u0131k al\u0131m\u0131 i\u00e7in 1,31 milyar TL nakit \u00e7\u0131k\u0131\u015f\u0131 ger\u00e7ekle\u015fmi\u015ftir. D\u00f6nem i\u00e7inde 83,3 milyon TL bor\u00e7lanma maliyeti sabit k\u0131ymetler \u00fczerinde aktifle\u015ftirilmi\u015ftir.<\/li>\n<li><b>\u0130li\u015fkili Taraflar:<\/b> Sat\u0131\u015flar\u0131n \u00f6nemli bir k\u0131sm\u0131 (20 milyar TL) ana ortak Erdemir&#8217;e yap\u0131lmaktad\u0131r. Al\u0131mlarda ise Erdemir Madencilik ve Amsterdam Scrap Terminal \u00f6ne \u00e7\u0131kan payda\u015flard\u0131r.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"2316\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>\u0130sdemir 2026\u2019ya G\u00fc\u00e7l\u00fc Ba\u015flad\u0131: Net Kar ve Temett\u00fcde Dikkat \u00c7eken Rakamlar<br \/>\n\u0130skenderun Demir ve \u00c7elik A.\u015e. (\u0130sdemir), 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011fine ait finansal sonu\u00e7lar\u0131n\u0131 payla\u015ft\u0131. \u015eirket, net d\u00f6nem kar\u0131n\u0131 bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re yakla\u015f\u0131k %46 oran\u0131nda art\u0131rarak 1,5 milyar TL seviyesine ta\u015f\u0131d\u0131. Toplam varl\u0131klar\u0131n\u0131 244 milyar TL\u2019ye \u00e7\u0131karan demir \u00e7elik devi, yat\u0131r\u0131mc\u0131lar\u0131n\u0131 sevindirecek m\u00fcjdeli haberi de duyurdu: Haziran ay\u0131nda ba\u015flayacak \u00f6demelerle hisse ba\u015f\u0131na tam 4,50 TL nakit temett\u00fc da\u011f\u0131t\u0131lacak. Has\u0131lat performans\u0131ndan personel verilerine, devasa yat\u0131r\u0131m kalemlerinden bor\u00e7lanma yap\u0131s\u0131na kadar \u0130sdemir\u2019in 2026 y\u0131l\u0131 ilk \u00e7eyrek karnesine dair t\u00fcm detaylar analizimizde.<\/p>\n","protected":false},"author":8,"featured_media":1725,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[330],"class_list":["post-2316","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-isdmr"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2316","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\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=2316"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2316\/revisions"}],"predecessor-version":[{"id":2317,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2316\/revisions\/2317"}],"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=2316"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=2316"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=2316"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}