{"id":2407,"date":"2026-05-06T22:18:38","date_gmt":"2026-05-06T19:18:38","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2407"},"modified":"2026-05-06T22:19:38","modified_gmt":"2026-05-06T19:19:38","slug":"trk-telekom-2026-birinci-eyrek-ara-dnem-faaliyet-raporu","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2407","title":{"rendered":"T\u00fcrk Telekom 2026 Birinci \u00c7eyrek Ara D\u00f6nem Faaliyet Raporu"},"content":{"rendered":"<h1>T\u00fcrk Telekom Ara D\u00f6nem Faaliyet ve Strateji Bilgilendirme Raporu (Mart 2026)<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, T\u00fcrk Telekom\u00fcnikasyon A.\u015e.&#8217;nin 31 Mart 2026 tarihinde sona eren ara d\u00f6neme ili\u015fkin faaliyetlerini, finansal performans\u0131n\u0131 ve stratejik y\u00f6nelimlerini sentezlemektedir. 185 y\u0131l\u0131 a\u015fk\u0131n ge\u00e7mi\u015fiyle T\u00fcrkiye&#8217;nin ilk entegre telekom\u00fcnikasyon operat\u00f6r\u00fc olan T\u00fcrk Telekom, 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde g\u00fc\u00e7l\u00fc bir finansal b\u00fcy\u00fcme sergilemi\u015f; net k\u00e2r\u0131n\u0131 ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %55,6 art\u0131rarak 10,5 milyar TL&#8217;ye y\u00fckseltmi\u015ftir. \u015eirket, bu d\u00f6nemde \u00f6zellikle mobil abone say\u0131s\u0131nda %15,6&#8217;l\u0131k ve fiber abone say\u0131s\u0131nda %4&#8217;l\u00fck bir b\u00fcy\u00fcme kaydetmi\u015ftir. Stratejik olarak 5G haz\u0131rl\u0131klar\u0131, lisans uzat\u0131m s\u00f6zle\u015fmeleri ve s\u00fcrd\u00fcr\u00fclebilirlik odakl\u0131 finansman ara\u00e7lar\u0131na odaklanan kurum, 2025 y\u0131l\u0131 k\u00e2r\u0131n\u0131 operasyonel dayan\u0131kl\u0131l\u0131\u011f\u0131 art\u0131rmak ve yat\u0131r\u0131mlar\u0131 finanse etmek amac\u0131yla da\u011f\u0131tmama karar\u0131 alm\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>1. Kurumsal Yap\u0131 ve Y\u00f6netim<\/h2>\n<h3>1.1. Sermaye ve Ortakl\u0131k Yap\u0131s\u0131<\/h3>\n<p>T\u00fcrk Telekom&#8217;un toplam \u00f6denmi\u015f sermayesi 3.500.000.000 TL olup, ortakl\u0131k yap\u0131s\u0131 stratejik bir kamu-\u00f6zel dengesi \u00fczerine kuruludur:<\/p>\n<ul>\n<li><b>T\u00fcrkiye Varl\u0131k Fonu (TVF):<\/b> Toplam %61,68 pay ile en b\u00fcy\u00fck hissedard\u0131r (%55 do\u011frudan, %5 dolayl\u0131 ve %1,68 halka a\u00e7\u0131k k\u0131s\u0131mdan).<\/li>\n<li><b>T.C. Hazine ve Maliye Bakanl\u0131\u011f\u0131:<\/b> %25 paya ve stratejik kararlarda veto yetkisi sa\u011flayan **&#8221;C Grubu Alt\u0131n Hisse&#8221;**ye sahiptir.<\/li>\n<li><b>Halka A\u00e7\u0131k Paylar:<\/b> %15 oran\u0131ndad\u0131r.<\/li>\n<\/ul>\n<h3>1.2. \u00dcst Y\u00f6netim De\u011fi\u015fiklikleri<\/h3>\n<p>2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde y\u00f6netim kademesinde \u00f6nemli atamalar ger\u00e7ekle\u015ftirilmi\u015ftir:<\/p>\n<ul>\n<li><b>CEO \/ Genel M\u00fcd\u00fcr:<\/b> Ebubekir \u015eahin.<\/li>\n<li><b>Bireysel Sat\u0131\u015f:<\/b> Hakan Ahmet Deniz (Yeni atama).<\/li>\n<li><b>Kurumsal Sat\u0131\u015f:<\/b> Dr. Feyzullah Tecirli (Yeni atama).<\/li>\n<li><b>Hukuk ve Reg\u00fclasyon:<\/b> Dr. M\u00fccahit Ayd\u0131n (Yeni atama).<\/li>\n<li><b>Finans (CFO):<\/b> \u00d6mer Karademir.<\/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. Operasyonel Performans ve Abone Verileri<\/h2>\n<p>31 Mart 2026 itibar\u0131yla T\u00fcrk Telekom&#8217;un abone taban\u0131 ve birim getirileri (ARPU) a\u015fa\u011f\u0131daki tabloda \u00f6zetlenmi\u015ftir:<\/p>\n<h3>2.1. Abone Say\u0131lar\u0131 (Milyon)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Hizmet Grubu<\/td>\n<td>1\u00c7 2025<\/td>\n<td>1\u00c7 2026<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Mobil Abone<\/b><\/td>\n<td>27,9<\/td>\n<td>32,2<\/td>\n<td>%15,6<\/td>\n<\/tr>\n<tr>\n<td><b>Geni\u015fbant (Toplam)<\/b><\/td>\n<td>15,4<\/td>\n<td>15,4<\/td>\n<td>%0,0<\/td>\n<\/tr>\n<tr>\n<td><b>Fiber Abone<\/b><\/td>\n<td>13,9<\/td>\n<td>14,4<\/td>\n<td>%4,0<\/td>\n<\/tr>\n<tr>\n<td><b>Sabit Eri\u015fim Hatt\u0131<\/b><\/td>\n<td>17,4<\/td>\n<td>17,3<\/td>\n<td>%-0,8<\/td>\n<\/tr>\n<tr>\n<td><b>M2M (Makineden Makineye)<\/b><\/td>\n<td>2,8<\/td>\n<td>6,3<\/td>\n<td>%125,2<\/td>\n<\/tr>\n<tr>\n<td><b>TV Abone<\/b><\/td>\n<td>2,9<\/td>\n<td>2,9<\/td>\n<td>%-1,0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2.2. Birim Getiri (ARPU &#8211; TL)<\/h3>\n<ul>\n<li><b>Sabit Geni\u015fbant:<\/b> 456,2 TL (%17,7 art\u0131\u015f)<\/li>\n<li><b>Sabit Ses:<\/b> 117,0 TL (%10,5 art\u0131\u015f)<\/li>\n<li><b>Mobil Karma:<\/b> 265,0 TL (M2M etkisiyle %13,2 d\u00fc\u015f\u00fc\u015f; M2M hari\u00e7 324,9 TL)<\/li>\n<li><b>Ev TV:<\/b> 134,3 TL (%14,0 art\u0131\u015f)<\/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. Finansal Analiz ve Risk Y\u00f6netimi<\/h2>\n<h3>3.1. \u00d6zet Mali Sonu\u00e7lar (Milyon TL)<\/h3>\n<p>\u015eirket, 2026&#8217;n\u0131n ilk \u00e7eyre\u011finde operasyonel verimlili\u011fini art\u0131rm\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li><b>Sat\u0131\u015f Gelirleri:<\/b> 64.858 Milyon TL (%8,7 art\u0131\u015f).<\/li>\n<li><b>FAV\u00d6K (EBITDA):<\/b> 27.438 Milyon TL (%17,1 art\u0131\u015f).<\/li>\n<li><b>FAV\u00d6K Marj\u0131:<\/b> %42,3 (Ge\u00e7en y\u0131l %39,3).<\/li>\n<li><b>Net K\u00e2r:<\/b> 10.457 Milyon TL (%55,6 art\u0131\u015f).<\/li>\n<li><b>Yat\u0131r\u0131m Harcamalar\u0131 (Capex):<\/b> 17.047 Milyon TL (G\u00fcne\u015f enerjisi ve lisans bedelleri dahil edildi\u011finde 155,2 Milyar TL).<\/li>\n<\/ul>\n<h3>3.2. Finansal Risk Stratejisi<\/h3>\n<p>T\u00fcrk Telekom, kur ve likidite risklerine kar\u015f\u0131 aktif bir koruma politikas\u0131 y\u00fcr\u00fctmektedir:<\/p>\n<ul>\n<li><b>Koruma Pozisyonu:<\/b> 3.476 milyon ABD dolar\u0131 mukabili toplam koruma pozisyonu (nakit dahil).<\/li>\n<li><b>Net K\u0131sa Yabanc\u0131 Para Pozisyonu:<\/b> 2.548 milyon ABD dolar\u0131 mukabili.<\/li>\n<li><b>Finansman \u00c7e\u015fitlili\u011fi:<\/b> Amerika, Avrupa ve Asya gibi farkl\u0131 co\u011frafyalardan, ticari bankalar ve tahvil piyasalar\u0131 arac\u0131l\u0131\u011f\u0131yla uzun vadeli fonlama sa\u011flanmaktad\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>4. D\u00f6nem \u0130\u00e7i \u00d6nemli Geli\u015fmeler ve Kararlar<\/h2>\n<h3>4.1. K\u00e2r Pay\u0131 Da\u011f\u0131t\u0131m Karar\u0131<\/h3>\n<p>\u015eirket, 2025 y\u0131l\u0131 faaliyetlerinden elde edilen <b>22.980.532.000 TL<\/b> tutar\u0131ndaki net k\u00e2r\u0131n da\u011f\u0131t\u0131lmamas\u0131na ve &#8220;ola\u011fan\u00fcst\u00fc yedek ak\u00e7e&#8221; olarak ayr\u0131lmas\u0131na karar vermi\u015ftir. Bu karar\u0131n gerek\u00e7eleri \u015funlard\u0131r:<\/p>\n<ul>\n<li>5G lisans \u00f6demeleri i\u00e7in likidite ihtiyac\u0131.<\/li>\n<li>Elektronik Haberle\u015fme Hizmetleri Uzat\u0131m S\u00f6zle\u015fmesi bedeli \u00f6demeleri.<\/li>\n<li>Bilan\u00e7onun g\u00fc\u00e7lendirilmesi ve teknolojik yat\u0131r\u0131mlar\u0131n s\u00fcrd\u00fcr\u00fclebilirli\u011fi.<\/li>\n<\/ul>\n<h3>4.2. Finansman ve Kredi Notu<\/h3>\n<ul>\n<li><b>Bor\u00e7lanma Arac\u0131:<\/b> Yurt i\u00e7inde nitelikli yat\u0131r\u0131mc\u0131lara sat\u0131lmak \u00fczere 15 milyar TL tutar\u0131na kadar tahvil\/finansman bonosu ihrac\u0131 i\u00e7in SPK onay\u0131 al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<li><b>Fitch Ratings:<\/b> T\u00fcrkiye&#8217;nin \u00fclke g\u00f6r\u00fcn\u00fcm\u00fcndeki de\u011fi\u015fikli\u011fe paralel olarak, T\u00fcrk Telekom&#8217;un &#8220;BB-&#8221; olan kredi notunu sabit tutmu\u015f ancak g\u00f6r\u00fcn\u00fcm\u00fcn\u00fc Nisan 2026 itibar\u0131yla &#8220;Dura\u011fan&#8221; olarak revize etmi\u015ftir.<\/li>\n<li><b>S\u00fcrd\u00fcr\u00fclebilirlik:<\/b> May\u0131s 2024&#8217;te ihra\u00e7 edilen 500 milyon ABD dolar\u0131 tutar\u0131ndaki s\u00fcrd\u00fcr\u00fclebilir tahvile ili\u015fkin fon kullan\u0131m\u0131 ve etki raporu yay\u0131nlanm\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>5. 2026 Y\u0131l\u0131 \u00d6ng\u00f6r\u00fcleri ve Gelecek Projeksiyonu<\/h2>\n<p>\u015eirket y\u00f6netimi, 2026 y\u0131l\u0131 sonu i\u00e7in a\u015fa\u011f\u0131daki hedefleri belirlemi\u015ftir (Y\u0131l sonu enflasyon varsay\u0131m\u0131: %22):<\/p>\n<ul>\n<li><b>Sat\u0131\u015f Gelirleri B\u00fcy\u00fcmesi:<\/b> %8 &#8211; 9 (UFRYK 12 hari\u00e7).<\/li>\n<li><b>FAV\u00d6K Marj\u0131:<\/b> %41 &#8211; 42.<\/li>\n<li><b>Yat\u0131r\u0131m Harcamalar\u0131 \/ Sat\u0131\u015f Gelirleri Oran\u0131:<\/b> %33 &#8211; 34.<\/li>\n<\/ul>\n<p><i>Not: Yat\u0131r\u0131m harcamalar\u0131 \u00f6ng\u00f6r\u00fcs\u00fc g\u00fcne\u015f enerjisi yat\u0131r\u0131mlar\u0131, lisans bedelleri ve uzat\u0131m s\u00f6zle\u015fmesi harcamalar\u0131n\u0131 i\u00e7ermemektedir.<\/i><\/p>\n<h3>5.1. Stratejik Odak Noktalar\u0131<\/h3>\n<ul>\n<li><b>Altyap\u0131 D\u00f6n\u00fc\u015f\u00fcm\u00fc:<\/b> Fiber a\u011f\u0131n geni\u015fletilmesi ve eve\/binaya kadar fiber (FTTH\/B) aboneliklerinin art\u0131r\u0131lmas\u0131 (1\u00c7 2026&#8217;da %27,2 art\u0131\u015f).<\/li>\n<li><b>Ye\u015fil Enerji:<\/b> G\u00fcne\u015f enerjisi yat\u0131r\u0131mlar\u0131 ile enerji maliyetlerinin optimize edilmesi ve s\u00fcrd\u00fcr\u00fclebilirlik hedeflerine uyum.<\/li>\n<li><b>Denetim ve Uyum:<\/b> 2026 y\u0131l\u0131 i\u00e7in ba\u011f\u0131ms\u0131z denet\u00e7i olarak G\u00fcney Ba\u011f\u0131ms\u0131z Denetim (Ernst &amp; Young) se\u00e7ilmi\u015ftir; ayr\u0131ca T\u00fcrkiye S\u00fcrd\u00fcr\u00fclebilirlik Raporlama Standartlar\u0131 (TSRS) kapsam\u0131nda zorunlu g\u00fcvence denetimi s\u00fcre\u00e7leri ba\u015flat\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"2407\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>T\u00fcrk Telekom&#8217;un 2026 y\u0131l\u0131 ilk \u00e7eyrek finansal ve operasyonel karnesi a\u00e7\u0131kland\u0131; gelirlerdeki istikrarl\u0131 art\u0131\u015f, mobil abone say\u0131s\u0131ndaki rekor b\u00fcy\u00fcme ve \u015firketin 5G odakl\u0131 gelecek vizyonuna dair t\u00fcm kritik verilerle mali tablo analizini bu yaz\u0131m\u0131zda ke\u015ffedin<\/p>\n","protected":false},"author":4,"featured_media":1297,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[251],"tags":[184],"class_list":["post-2407","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-faaliyetraporuanalizi","tag-ttkom"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2407","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\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=2407"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2407\/revisions"}],"predecessor-version":[{"id":2408,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2407\/revisions\/2408"}],"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=2407"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=2407"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=2407"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}