{"id":2328,"date":"2026-05-02T12:59:12","date_gmt":"2026-05-02T09:59:12","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2328"},"modified":"2026-05-02T12:59:40","modified_gmt":"2026-05-02T09:59:40","slug":"eregl-2026-03-bilano-analizi-ereli-demir-ve-elik","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2328","title":{"rendered":"\ud83d\udd34 EREGL 2026-03 Bilan\u00e7o Analizi | Ere\u011fli Demir ve \u00c7elik"},"content":{"rendered":"

ERE\u011eL\u0130 DEM\u0130R VE \u00c7EL\u0130K FABR\u0130KALARI T.A.\u015e. 2026 B\u0130R\u0130NC\u0130 \u00c7EYREK F\u0130NANSAL BR\u0130F\u0130NG\u0130<\/h1>\n

Y\u00f6netici \u00d6zeti<\/h2>\n

Bu belge, Ere\u011fli Demir ve \u00c7elik Fabrikalar\u0131 T.A.\u015e. (Erdemir) ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n 1 Ocak \u2013 31 Mart 2026 ara hesap d\u00f6nemine ait \u00f6zet konsolide finansal sonu\u00e7lar\u0131n\u0131 ve operasyonel verilerini sentezlemektedir.<\/p>\n

2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011fi itibar\u0131yla Grup, 59,7 milyar TL<\/b> has\u0131lat elde etmi\u015f ve 405,8 milyon TL<\/b> net d\u00f6nem kar\u0131 a\u00e7\u0131klam\u0131\u015ft\u0131r. \u015eirketin toplam varl\u0131klar\u0131 31 Aral\u0131k 2025’teki 558,5 milyar TL seviyesinden 576,7 milyar TL<\/b> seviyesine y\u00fckselmi\u015ftir. Grubun nihai ana orta\u011f\u0131 Ordu Yard\u0131mla\u015fma Kurumu (OYAK) olup, Mart 2026 itibar\u0131yla toplam personel say\u0131s\u0131 12.833<\/b> ki\u015fidir. Finansal tablolar, \u015eirket ve ana i\u015ftiraklerinin fonksiyonel para birimi olan ABD Dolar\u0131 temelinde haz\u0131rlanm\u0131\u015f, ancak raporlama gere\u011fi T\u00fcrk Liras\u0131\u2019na \u00e7evrilmi\u015ftir. D\u00f6nem i\u00e7inde 2025 y\u0131l\u0131 karlar\u0131ndan 3,85 milyar TL<\/b> nakit temett\u00fc da\u011f\u0131t\u0131lmas\u0131 kararla\u015ft\u0131r\u0131lm\u0131\u015ft\u0131r.<\/p>\n

——————————————————————————–<\/p>\n

1. Kurumsal Yap\u0131 ve Operasyonel Kapsam<\/h2>\n

Grup Organizasyonu<\/h3>\n

Erdemir Grubu, T\u00fcrkiye’nin en b\u00fcy\u00fck entegre demir ve \u00e7elik \u00fcreticilerinden biri olarak OYAK b\u00fcnyesinde faaliyet g\u00f6stermektedir. Ana ortak ATAER Holding A.\u015e. arac\u0131l\u0131\u011f\u0131yla OYAK’a ba\u011fl\u0131 olan Grup, geni\u015f bir i\u015ftirak yap\u0131s\u0131na sahiptir.<\/p>\n

Temel Ba\u011fl\u0131 Ortakl\u0131klar ve Ortakl\u0131k Oranlar\u0131:<\/b> | \u015eirket \u0130smi | Faaliyet Alan\u0131 | Etkin Ortakl\u0131k Oran\u0131 (%) | | :— | :— | :—: | | \u0130skenderun Demir ve \u00c7elik A.\u015e. (\u0130sdemir) | Entegre Demir ve \u00c7elik \u00dcretimi | 94,87 | | Erdemir Madencilik San. ve Tic. A.\u015e. | Demir Cevheri, Pelet | 90,00 | | Erdemir \u00c7elik Servis Merkezi San. ve Tic. A.\u015e. | \u00c7elik Servis Merkezi | 100,00 | | K\u00fcma\u015f Manyezit Sanayi A.\u015e. | Manyezit Cevheri, Refrakter | 100,00 | | Erdemir Romania S.R.L. | Elektrik \u00c7eli\u011fi \u00dcretimi | 100,00 | | Erdemir Enerji \u00dcretim A.\u015e. | Yenilenebilir Enerji \u00dcretimi | 100,00 |<\/p>\n

\u0130nsan Kaynaklar\u0131<\/h3>\n

31 Mart 2026 tarihi itibar\u0131yla Grup b\u00fcnyesinde \u00e7al\u0131\u015fanlar\u0131n da\u011f\u0131l\u0131m\u0131 \u015fu \u015fekildedir:<\/p>\n

    \n
  • Saat \u00dccretli Personel:<\/b> 8.911<\/li>\n
  • Ayl\u0131k \u00dccretli Personel:<\/b> 3.922<\/li>\n
  • Toplam:<\/b> 12.833 (2025 sonuna g\u00f6re 9 ki\u015filik bir art\u0131\u015f ger\u00e7ekle\u015fmi\u015ftir).<\/li>\n<\/ul>\n

    ——————————————————————————–<\/p>\n

    2. Finansal Performans Analizi<\/h2>\n

    Kar veya Zarar Tablosu \u00d6zeti (1 Ocak – 31 Mart)<\/h3>\n

    Grup, ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re has\u0131lat\u0131n\u0131 art\u0131rm\u0131\u015f olsa da net karda bir miktar daralma g\u00f6zlenmi\u015ftir.<\/p>\n\n\n\n\n\n\n\n\n\n\n
    Finansal Kalem (Bin TL)<\/td>\n2026 1\u00c7<\/td>\n2025 1\u00c7<\/td>\n<\/tr>\n
    Has\u0131lat<\/b><\/td>\n59.684.847<\/td>\n53.544.627<\/td>\n<\/tr>\n
    Sat\u0131\u015flar\u0131n Maliyeti<\/b><\/td>\n(54.879.228)<\/td>\n(49.743.369)<\/td>\n<\/tr>\n
    Br\u00fct Kar<\/b><\/td>\n4.805.619<\/td>\n3.801.258<\/td>\n<\/tr>\n
    Esas Faaliyet Kar\u0131<\/b><\/td>\n2.427.230<\/td>\n1.897.402<\/td>\n<\/tr>\n
    Finansman Giderleri (Net)<\/b><\/td>\n(2.329.251)<\/td>\n(2.279.436)<\/td>\n<\/tr>\n
    Net Parasal Pozisyon Kazanc\u0131<\/b><\/td>\n726.982<\/td>\n261.880<\/td>\n<\/tr>\n
    D\u00f6nem Kar\u0131<\/b><\/td>\n405.786<\/td>\n447.904<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
      \n
    • Br\u00fct Kar Marj\u0131:<\/b> %8,05 olarak ger\u00e7ekle\u015fmi\u015ftir (2025 1\u00c7: %7,10).<\/li>\n
    • Net Parasal Pozisyon:<\/b> Y\u00fcksek enflasyon muhasebesi (TMS 29) uygulamalar\u0131 \u00e7er\u00e7evesinde, fonksiyonel para birimi TL olan i\u015ftiraklerden kaynakl\u0131 olarak 727 milyon TL kazan\u00e7 kaydedilmi\u015ftir.<\/li>\n<\/ul>\n

      Finansal Durum (Bilan\u00e7o) \u00d6zeti<\/h3>\n
        \n
      • D\u00f6nen Varl\u0131klar:<\/b> 257,1 milyar TL (Nakit ve nakit benzerleri 123,9 milyar TL ile en b\u00fcy\u00fck kalemdir).<\/li>\n
      • Duran Varl\u0131klar:<\/b> 319,7 milyar TL (Maddi duran varl\u0131klar 291,7 milyar TL’dir).<\/li>\n
      • K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 126,6 milyar TL.<\/li>\n
      • Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 145,3 milyar TL.<\/li>\n
      • Toplam \u00d6zkaynaklar:<\/b> 304,8 milyar TL.<\/li>\n<\/ul>\n

        ——————————————————————————–<\/p>\n

        3. Bor\u00e7lanma Yap\u0131s\u0131 ve Tahvil \u0130hra\u00e7lar\u0131<\/h2>\n

        Grup’un bor\u00e7lanma portf\u00f6y\u00fc banka kredileri, \u00e7\u0131kar\u0131lm\u0131\u015f tahviller ve kiralama i\u015flemlerinden olu\u015fmaktad\u0131r.<\/p>\n

        Tahvil \u0130hra\u00e7 Detaylar\u0131<\/h3>\n

        Grup’un yurt d\u0131\u015f\u0131nda ihra\u00e7 edilmi\u015f iki ana tahvili bulunmaktad\u0131r:<\/p>\n

          \n
        1. 750 Milyon USD:<\/b> 23 Temmuz 2029 vadeli, y\u0131ll\u0131k %8,375 kupon oranl\u0131.<\/li>\n
        2. 200 Milyon USD:<\/b> 23 Temmuz 2029 vadeli, y\u0131ll\u0131k %8,375 kupon oranl\u0131. Grup, raporlama tarihi itibar\u0131yla bu tahvillere ili\u015fkin finansal rasyo y\u00fck\u00fcml\u00fcl\u00fcklerini yerine getirmi\u015ftir.<\/i><\/li>\n<\/ol>\n

          Bor\u00e7 Vade Yap\u0131s\u0131 (31 Mart 2026 itibar\u0131yla)<\/h3>\n\n\n\n\n\n\n\n\n\n
          Vade Aral\u0131\u011f\u0131<\/td>\nToplam Bor\u00e7lanma (Bin TL)<\/td>\n<\/tr>\n
          1 Y\u0131l \u0130\u00e7inde<\/td>\n38.031.629<\/td>\n<\/tr>\n
          1 \u2013 2 Y\u0131l Aras\u0131<\/td>\n58.269.890<\/td>\n<\/tr>\n
          2 \u2013 3 Y\u0131l Aras\u0131<\/td>\n16.711.805<\/td>\n<\/tr>\n
          3 \u2013 4 Y\u0131l Aras\u0131<\/td>\n36.989.168<\/td>\n<\/tr>\n
          4 Y\u0131l ve \u00dczeri<\/td>\n5.624.564<\/td>\n<\/tr>\n
          Genel Toplam<\/b><\/td>\n155.627.056<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

          ——————————————————————————–<\/p>\n

          4. \u00d6nemli Yat\u0131r\u0131mlar ve Varl\u0131k Hareketleri<\/h2>\n

          Maddi ve Maddi Olmayan Duran Varl\u0131klar<\/h3>\n
            \n
          • 2026 y\u0131l\u0131n\u0131n ilk \u00fc\u00e7 ay\u0131nda maddi duran varl\u0131klara yap\u0131lan giri\u015fler 6,7 milyar TL<\/b> olarak kaydedilmi\u015ftir.<\/li>\n
          • Bu d\u00f6nemde aktifle\u015ftirilen bor\u00e7lanma maliyeti 268,7 milyon TL<\/b>‘dir (2025 1\u00c7: 35,7 milyon TL).<\/li>\n
          • Amortisman Giderleri:<\/b> Toplam 3,76 milyar TL amortisman ve itfa gideri ger\u00e7ekle\u015fmi\u015f, bunun 3,46 milyar TL’si \u00fcretim maliyetleriyle ili\u015fkilendirilmi\u015ftir.<\/li>\n<\/ul>\n

            \u00d6zkaynak Y\u00f6ntemiyle De\u011ferlenen Yat\u0131r\u0131mlar<\/h3>\n

            \u0130sdemir Linde Gaz Ortakl\u0131\u011f\u0131 A.\u015e. (%50 ortakl\u0131k), Grubun bu y\u00f6ntemle takip etti\u011fi temel yat\u0131r\u0131md\u0131r. Bu yat\u0131r\u0131mdan elde edilen kar pay\u0131 2026’n\u0131n ilk \u00e7eyre\u011finde 62,6 milyon TL<\/b> olmu\u015ftur.<\/p>\n

            ——————————————————————————–<\/p>\n

            5. Hukuki S\u00fcre\u00e7ler ve Kar\u015f\u0131l\u0131klar<\/h2>\n

            Grup, \u00e7e\u015fitli hukuki uyu\u015fmazl\u0131klar i\u00e7in toplam 1.482.141 bin TL<\/b> k\u0131sa vadeli kar\u015f\u0131l\u0131k ay\u0131rm\u0131\u015ft\u0131r. Bu kar\u015f\u0131l\u0131klar\u0131n 1,2 milyar TL’sini dava kar\u015f\u0131l\u0131klar\u0131 olu\u015fturmaktad\u0131r.<\/p>\n

            Kritik Hukuki Geli\u015fmeler:<\/h3>\n
              \n
            • Elektrik ve Havagaz\u0131 T\u00fcketim Vergisi:<\/b> \u015eirket lehine m\u00fclkiyet hakk\u0131 ihlali kararlar\u0131 verilmi\u015f, 69 adet dava kesinle\u015fmi\u015ftir. 3 adet ba\u015fvuru Anayasa Mahkemesi nezdinde beklemektedir.<\/li>\n
            • Kdz. Ere\u011fli Belediyesi \u0130htilaflar\u0131:<\/b>\n
                \n
              • Emlak Vergisi:<\/b> 2019 y\u0131l\u0131nda kesilen 1.924 adet vergi cezas\u0131 ihbarnamesine kar\u015f\u0131 a\u00e7\u0131lan davalar \u015eirket lehine kesinle\u015fmi\u015ftir.<\/li>\n
              • Yap\u0131 Tatil Zapt\u0131 ve \u0130mar Cezalar\u0131:<\/b> Belediye taraf\u0131ndan kesilen 258,7 milyon TL’lik idari para cezalar\u0131na kar\u015f\u0131 a\u00e7\u0131lan 15 davan\u0131n \u00e7o\u011funda iptal kararlar\u0131 verilmi\u015ftir. S\u00fcre\u00e7lerin bir k\u0131sm\u0131 Dan\u0131\u015ftay ve B\u00f6lge \u0130dare Mahkemeleri nezdinde devam etmektedir.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n

                ——————————————————————————–<\/p>\n

                6. Muhasebe \u0130lkeleri ve Finansal Raporlama Esaslar\u0131<\/h2>\n

                Fonksiyonel Para Birimi ve Enflasyon Muhasebesi<\/h3>\n
                  \n
                • Fonksiyonel Para Birimi:<\/b> Erdemir, \u0130sdemir, Ersem ve K\u00fcma\u015f i\u00e7in ABD Dolar\u0131<\/b>‘d\u0131r. Ermaden ve di\u011fer baz\u0131 i\u015ftirakler i\u00e7in ise T\u00fcrk Liras\u0131<\/b>‘d\u0131r.<\/li>\n
                • TMS 29 Uygulamas\u0131:<\/b> Fonksiyonel para birimi TL olan i\u015ftiraklerin finansal tablolar\u0131nda enflasyon d\u00fczeltmesi yap\u0131lm\u0131\u015ft\u0131r. Fonksiyonel para birimi ABD Dolar\u0131 olan \u015firketlerde ise enflasyon d\u00fczeltmesine gerek duyulmam\u0131\u015ft\u0131r.<\/li>\n
                • \u00c7evrim Esaslar\u0131:<\/b> Bilan\u00e7o kalemleri d\u00f6nem sonu kurlar\u0131ndan (1 USD = 44,3961 TL al\u0131\u015f), gelir tablosu ise \u00fc\u00e7 ayl\u0131k ortalama kurdan (1 USD = 43,5906 TL) \u00e7evrilmi\u015ftir.<\/li>\n<\/ul>\n

                  Kar Da\u011f\u0131t\u0131m\u0131 (Temett\u00fc)<\/h3>\n

                  26 Mart 2026 tarihli Ola\u011fan Genel Kurul’da, 2025 y\u0131l\u0131 karlar\u0131ndan br\u00fct hisse ba\u015f\u0131na 0,55 TL<\/b> (toplam 3.850.000 bin TL) nakit temett\u00fc da\u011f\u0131t\u0131lmas\u0131 kararla\u015ft\u0131r\u0131lm\u0131\u015ft\u0131r. \u00d6demelerin 3 Haziran 2026 tarihinde ba\u015flamas\u0131 planlanmaktad\u0131r.<\/p>\n