{"id":2324,"date":"2026-05-02T12:47:07","date_gmt":"2026-05-02T09:47:07","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2324"},"modified":"2026-05-02T12:47:32","modified_gmt":"2026-05-02T09:47:32","slug":"asels-2026-03-bilano-analizi-aselsan-elektronik","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2324","title":{"rendered":"\ud83d\udd34 ASELS 2026-03 Bilan\u00e7o Analizi | Aselsan Elektronik"},"content":{"rendered":"<h1>ASELSAN 2026 Y\u0131l\u0131 Birinci \u00c7eyrek \u00d6zet Konsolide Finansal Brifingi<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing belgesi, ASELSAN Elektronik Sanayi ve Ticaret A.\u015e. ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (Grup) 31 Mart 2026 tarihi itibar\u0131yla sona eren \u00fc\u00e7 ayl\u0131k hesap d\u00f6nemine ait finansal durumunu ve faaliyet sonu\u00e7lar\u0131n\u0131 sentezlemektedir. Grubun mali tablolar\u0131, T\u00fcrkiye Muhasebe Standard\u0131 29 (TMS 29) uyar\u0131nca y\u00fcksek enflasyon d\u00fczeltmesine tabi tutulmu\u015ftur.<\/p>\n<p><b>Kritik Veriler:<\/b><\/p>\n<ul>\n<li><b>Toplam Varl\u0131klar:<\/b> 485.018.937 Bin TL<\/li>\n<li><b>D\u00f6nem Has\u0131lat\u0131:<\/b> 34.305.800 Bin TL<\/li>\n<li><b>D\u00f6nem Net K\u00e2r\u0131:<\/b> 5.549.453 Bin TL<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> 282.737.905 Bin TL<\/li>\n<li><b>Ortalama \u00c7al\u0131\u015fan Say\u0131s\u0131:<\/b> 16.243<\/li>\n<\/ul>\n<p>Raporlanan d\u00f6nemde Grup, has\u0131lat\u0131n\u0131 ve net k\u00e2r\u0131n\u0131 art\u0131r\u0131rken, savunma sanayindeki stratejik konumunu korumu\u015f ve geni\u015fletmi\u015ftir. T\u00fcrk Silahl\u0131 Kuvvetlerini G\u00fc\u00e7lendirme Vakf\u0131&#8217;n\u0131n (TSKGV) %74,20 oran\u0131ndaki ana ortakl\u0131\u011f\u0131yla faaliyetlerini s\u00fcrd\u00fcren kurum, hem yurt i\u00e7i hem de uluslararas\u0131 pazarlarda b\u00fcy\u00fcme e\u011filimini s\u00fcrd\u00fcrmektedir.<\/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>Kurumsal Organizasyon ve Faaliyet Alanlar\u0131<\/h2>\n<p>ASELSAN, 1975 y\u0131l\u0131nda TSKGV b\u00fcnyesinde kurulmu\u015f olup, kara, hava, deniz ve uzay uygulamalar\u0131 i\u00e7in \u00e7ok disiplinli teknolojik \u00e7\u00f6z\u00fcmler sunmaktad\u0131r.<\/p>\n<h3>Sekt\u00f6r Ba\u015fkanl\u0131klar\u0131<\/h3>\n<p>\u015eirketin operasyonel yap\u0131s\u0131 alt\u0131 ana sekt\u00f6r ba\u015fkanl\u0131\u011f\u0131 etraf\u0131nda \u015fekillenmi\u015ftir:<\/p>\n<ol>\n<li>Haberle\u015fme ve Bilgi Teknolojileri (HBT)<\/li>\n<li>Mikroelektronik ve Elektro-Optik Sistemler (MEOS)<\/li>\n<li>Aviyonik ve G\u00fcd\u00fcm Sistemleri (AGS)<\/li>\n<li>Savunma Sistem Teknolojileri (SST)<\/li>\n<li>Radar ve Elektronik Harp Sistemleri (REH\u0130S)<\/li>\n<li>Ula\u015f\u0131m, G\u00fcvenlik, Enerji, Otomasyon ve Sa\u011fl\u0131k Sistemleri (UGES)<\/li>\n<\/ol>\n<h3>Ba\u011fl\u0131 Ortakl\u0131klar ve \u0130\u015f Ortakl\u0131klar\u0131<\/h3>\n<p>Grup, T\u00fcrkiye&#8217;nin yan\u0131 s\u0131ra Azerbaycan, Malezya, Ukrayna, \u015eili ve BAE gibi pek \u00e7ok \u00fclkede ba\u011fl\u0131 ortakl\u0131klar ve \u015fubeler arac\u0131l\u0131\u011f\u0131yla faaliyet g\u00f6stermektedir. 31 Mart 2026 itibar\u0131yla konsolidasyona dahil edilen baz\u0131 kritik ba\u011fl\u0131 ortakl\u0131klar \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>ASELSANNET:<\/b> Haberle\u015fme ve g\u00fcvenlik sistemleri.<\/li>\n<li><b>ASELSAN Konya:<\/b> Silah ve silah sistemleri tasar\u0131m\u0131.<\/li>\n<li><b>B\u0130TES:<\/b> Yapay zeka ve sim\u00fclasyon yaz\u0131l\u0131mlar\u0131.<\/li>\n<li><b>EST Enerji:<\/b> Enerji ve otomasyon yat\u0131r\u0131mlar\u0131 (Yeni kat\u0131l\u0131m).<\/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>Finansal Performans Analizi<\/h2>\n<h3>Gelir ve K\u00e2rl\u0131l\u0131k (1 Ocak &#8211; 31 Mart 2026)<\/h3>\n<p>Grubun gelir tablosu, ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re belirgin bir b\u00fcy\u00fcme g\u00f6stermektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Finansal G\u00f6sterge (Bin TL)<\/td>\n<td>31 Mart 2026<\/td>\n<td>31 Mart 2025<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>34.305.800<\/td>\n<td>29.825.146<\/td>\n<\/tr>\n<tr>\n<td><b>Sat\u0131\u015flar\u0131n Maliyeti<\/b><\/td>\n<td>(23.768.573)<\/td>\n<td>(20.898.356)<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>10.537.227<\/td>\n<td>8.926.790<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131<\/b><\/td>\n<td>8.549.768<\/td>\n<td>9.692.489<\/td>\n<\/tr>\n<tr>\n<td><b>S\u00fcrd\u00fcr\u00fclen Faaliyetler D\u00f6nem K\u00e2r\u0131<\/b><\/td>\n<td>5.549.453<\/td>\n<td>2.791.993<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>\u00d6nemli Tespitler:<\/b><\/p>\n<ul>\n<li><b>Has\u0131lat Art\u0131\u015f\u0131:<\/b> Sat\u0131\u015f gelirleri yakla\u015f\u0131k %15 oran\u0131nda art\u0131\u015f g\u00f6stermi\u015ftir.<\/li>\n<li><b>K\u00e2rl\u0131l\u0131k Katlanmas\u0131:<\/b> D\u00f6nem k\u00e2r\u0131, 2025 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011fine oranla yakla\u015f\u0131k iki kat\u0131na \u00e7\u0131km\u0131\u015ft\u0131r.<\/li>\n<li><b>Operasyonel Giderler:<\/b> Genel y\u00f6netim, pazarlama ve Ar-Ge giderleri dengeli bir seyir izlemi\u015f, toplamda yakla\u015f\u0131k 3,8 Milyar TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<\/ul>\n<h3>Finansal Durum (Bilan\u00e7o)<\/h3>\n<p>Grubun varl\u0131k yap\u0131s\u0131, duran varl\u0131klar a\u011f\u0131rl\u0131kl\u0131 olup, \u00f6zkaynak yap\u0131s\u0131 olduk\u00e7a g\u00fc\u00e7l\u00fcd\u00fcr.<\/p>\n<ul>\n<li><b>Toplam Varl\u0131klar:<\/b> 485.018.937 Bin TL (31 Aral\u0131k 2025&#8217;e g\u00f6re hafif art\u0131\u015f).<\/li>\n<li><b>Stoklar:<\/b> 85.742.892 Bin TL seviyesindedir ve \u00fcretim faaliyetlerinin yo\u011funlu\u011funu yans\u0131tmaktad\u0131r.<\/li>\n<li><b>Nakit ve Nakit Benzerleri:<\/b> 31.005.730 Bin TL. Nakit pozisyonunda yat\u0131r\u0131m fonlar\u0131 (12,4 Milyar TL) ve vadeli mevduatlar \u00f6nemli pay tutmaktad\u0131r.<\/li>\n<li><b>Finansal Bor\u00e7lar:<\/b> K\u0131sa vadeli bor\u00e7lanmalar 26 Milyar TL seviyesine y\u00fckselmi\u015ftir (31 Aral\u0131k 2025: 14,4 Milyar TL).<\/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>Enflasyon Muhasebesi ve Raporlama Esaslar\u0131<\/h2>\n<p>Grubun finansal tablolar\u0131, T\u00fcrkiye&#8217;nin y\u00fcksek enflasyonist bir ekonomi olmas\u0131 nedeniyle TMS 29 standartlar\u0131na g\u00f6re d\u00fczenlenmi\u015ftir.<\/p>\n<ul>\n<li><b>K\u00fcm\u00fclatif Enflasyon:<\/b> 31 Mart 2026 itibar\u0131yla son \u00fc\u00e7 y\u0131ll\u0131k k\u00fcm\u00fclatif enflasyon oran\u0131 %205 olarak hesaplanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Net Parasal Pozisyon Kayb\u0131:<\/b> Y\u00fcksek enflasyonun etkisiyle 5.711.778 Bin TL tutar\u0131nda bir net parasal pozisyon kayb\u0131 kaydedilmi\u015ftir. Bu rakam \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6neminde 9,1 Milyar TL idi.<\/li>\n<li><b>D\u00fczeltme Katsay\u0131lar\u0131:<\/b> 31 Aral\u0131k 2025 d\u00f6nemine ait veriler 1,10040 katsay\u0131s\u0131 ile cari d\u00f6neme ta\u015f\u0131nm\u0131\u015ft\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>\u0130li\u015fkili Taraf \u0130\u015flemleri ve \u0130\u015f Ortakl\u0131klar\u0131<\/h2>\n<p>ASELSAN, T\u00fcrk savunma ekosisteminin merkezinde yer alarak kamu otoriteleri ve di\u011fer vak\u0131f \u015firketleriyle yo\u011fun ticari ili\u015fkiler i\u00e7erisindedir.<\/p>\n<h3>Ba\u015fl\u0131ca Sat\u0131\u015f \u0130\u015flemleri (Q1 2026):<\/h3>\n<ul>\n<li><b>Savunma Sanayi Ba\u015fkanl\u0131\u011f\u0131 (SSB):<\/b> 10.663.126 Bin TL<\/li>\n<li><b>TUSA\u015e:<\/b> 4.624.371 Bin TL<\/li>\n<li><b>SSTEK:<\/b> 4.583.447 Bin TL<\/li>\n<li><b>ROKETSAN:<\/b> 2.024.242 Bin TL<\/li>\n<\/ul>\n<p>Ticari alacaklar\u0131n b\u00fcy\u00fck bir k\u0131sm\u0131 SSB ve TUSA\u015e gibi stratejik ortaklardan kaynaklanmaktad\u0131r. 31 Mart 2026 itibar\u0131yla SSB&#8217;den olan uzun vadeli ticari alacaklar (s\u00f6zle\u015fme varl\u0131klar\u0131 dahil) 34,8 Milyar TL&#8217;yi a\u015fm\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>Risk Y\u00f6netimi ve Kar\u015f\u0131l\u0131klar<\/h2>\n<p>Grup, faaliyetlerinden kaynaklanabilecek riskler i\u00e7in ihtiyatl\u0131 bir kar\u015f\u0131l\u0131k politikas\u0131 izlemektedir.<\/p>\n<ul>\n<li><b>Garanti Gider Kar\u015f\u0131l\u0131klar\u0131:<\/b> Sat\u0131\u015f sonras\u0131 hizmetler i\u00e7in 6,5 Milyar TL k\u0131sa vadeli kar\u015f\u0131l\u0131k ayr\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Beklenen Zarar Kar\u015f\u0131l\u0131klar\u0131:<\/b> Uzun vadeli projeler kapsam\u0131nda 5,7 Milyar TL kar\u015f\u0131l\u0131k bulunmaktad\u0131r.<\/li>\n<li><b>Gecikme Cezalar\u0131:<\/b> S\u00f6zle\u015fme \u015fartlar\u0131ndan do\u011fabilecek riskler i\u00e7in toplamda yakla\u015f\u0131k 4,3 Milyar TL (k\u0131sa ve uzun vadeli) kar\u015f\u0131l\u0131k ayr\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Hukuki S\u00fcre\u00e7ler:<\/b> Grup aleyhine a\u00e7\u0131lan davalar i\u00e7in kar\u015f\u0131l\u0131k ayr\u0131lm\u0131\u015f olup, 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde kesinle\u015fen bir i\u015f kazas\u0131 davas\u0131 bulunmamaktad\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>Nakit Ak\u0131\u015f Analizi<\/h2>\n<p>Grup, d\u00f6nem boyunca yat\u0131r\u0131m ve finansman faaliyetlerinde aktif bir rol oynam\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetleri:<\/b> \u0130\u015fletme faaliyetlerinden 5,8 Milyar TL net nakit ak\u0131\u015f\u0131 sa\u011flanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetleri:<\/b> Maddi ve maddi olmayan duran varl\u0131k al\u0131mlar\u0131 i\u00e7in 13,5 Milyar TL nakit \u00e7\u0131k\u0131\u015f\u0131 ger\u00e7ekle\u015fmi\u015ftir. Bu durum, teknoloji ve \u00fcretim kapasitesine yap\u0131lan yat\u0131r\u0131mlar\u0131n s\u00fcrd\u00fc\u011f\u00fcn\u00fc g\u00f6stermektedir.<\/li>\n<li><b>Finansman Faaliyetleri:<\/b> Bor\u00e7lanmalardan 29,3 Milyar TL nakit giri\u015fi sa\u011flan\u0131rken, 20,2 Milyar TL bor\u00e7 \u00f6demesi yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<p><b>Sonu\u00e7:<\/b> ASELSAN, 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde y\u00fcksek enflasyonun getirdi\u011fi zorluklara ra\u011fmen k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 art\u0131rm\u0131\u015f, teknolojik yat\u0131r\u0131mlar\u0131na devam etmi\u015f ve savunma sanayindeki ana payda\u015flar\u0131yla olan ticari hacmini geni\u015fletmi\u015ftir.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"2324\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Savunma sanayiinin lideri ASELSAN, 2026 y\u0131l\u0131na g\u00fc\u00e7l\u00fc bir finansal tablo ile ba\u015flad\u0131. Y\u0131l\u0131n ilk \u00e7eyre\u011finde has\u0131lat\u0131n\u0131 34,3 milyar TL seviyesine ta\u015f\u0131yan teknoloji devi, 5,5 milyar TL net d\u00f6nem k\u00e2r\u0131 elde ederek b\u00fcy\u00fcmesini s\u00fcrd\u00fcrd\u00fc. Ar-Ge yat\u0131r\u0131mlar\u0131 ve artan istihdam\u0131yla dikkat \u00e7eken \u015firketin, bilan\u00e7o sonras\u0131 imzalad\u0131\u011f\u0131 143 milyon dolarl\u0131k yeni s\u00f6zle\u015fmeler gelece\u011fe dair beklentileri g\u00fc\u00e7lendiriyor. ASELSAN\u2019\u0131n 2026 Q1 finansal sonu\u00e7lar\u0131n\u0131n t\u00fcm detaylar\u0131 ve stratejik analizleri blog yaz\u0131m\u0131zda.<\/p>\n","protected":false},"author":11,"featured_media":1725,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[27],"class_list":["post-2324","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-asels"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2324","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=2324"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2324\/revisions"}],"predecessor-version":[{"id":2325,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2324\/revisions\/2325"}],"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=2324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=2324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=2324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}