{"id":2558,"date":"2026-06-27T17:23:34","date_gmt":"2026-06-27T14:23:34","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2558"},"modified":"2026-06-27T17:26:25","modified_gmt":"2026-06-27T14:26:25","slug":"dohol-2026-03-faaliyet-raporu-analizi-doan-irketler-grubu-holding-a","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2558","title":{"rendered":"\ud83d\udd35 DOHOL 2026-03 Faaliyet Raporu Analizi | Do\u011fan \u015eirketler Grubu Holding A.\u015e."},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"DOHOL 1\u00c726 Finansal Sonu\u00e7lar: Madencilikte Rekor Gelir ve Sigortac\u0131l\u0131kta Pazar Pay\u0131 Art\u0131\u015f\u0131\" width=\"858\" height=\"644\" src=\"https:\/\/www.youtube.com\/embed\/axnFa4CYcbM?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h1>Do\u011fan Holding 2026 Y\u0131l\u0131 Birinci \u00c7eyrek Faaliyet ve Stratejik De\u011ferlendirme Raporu<\/h1>\n<p>Bu brifing belgesi, Do\u011fan \u015eirketler Grubu Holding A.\u015e.&#8217;nin (&#8220;Do\u011fan Holding&#8221;) 1 Ocak 2026 \u2013 31 Mart 2026 ara hesap d\u00f6nemine ait faaliyet raporu ve finansal tablolar\u0131ndan elde edilen temel verileri, stratejik geli\u015fmeleri ve y\u00f6netim \u00f6ng\u00f6r\u00fclerini kapsaml\u0131 bir \u015fekilde sentezlemektedir.<\/p>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Do\u011fan Holding, 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011fine (1\u00c726) artan jeopolitik risklere ve b\u00f6lgesel gerilimlere ra\u011fmen operasyonel a\u00e7\u0131dan g\u00fc\u00e7l\u00fc bir ba\u015flang\u0131\u00e7 yapm\u0131\u015ft\u0131r. Grubun bu d\u00f6nemdeki en dikkat \u00e7ekici ba\u015far\u0131s\u0131, verimlilik odakl\u0131 y\u00f6netim ve stratejik i\u015f kollar\u0131n\u0131n katk\u0131s\u0131yla <b>FAV\u00d6K (EBITDA) rakam\u0131n\u0131 ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %142 oran\u0131nda art\u0131rarak 2,6 milyar TL\u2019ye<\/b> \u00e7\u0131karmas\u0131d\u0131r. Net Aktif De\u011fer (NAD), \u00f6zellikle madencilik ve finansal hizmetler sekt\u00f6rlerindeki ba\u015far\u0131l\u0131 performans\u0131n etkisiyle 3,0 milyar ABD dolar\u0131 seviyesine ula\u015fm\u0131\u015ft\u0131r. Holding, 2030 y\u0131l\u0131 i\u00e7in belirledi\u011fi 4,5 milyar ABD dolar\u0131 NAD hedefine ba\u011fl\u0131l\u0131\u011f\u0131n\u0131 korurken, portf\u00f6y yap\u0131s\u0131n\u0131 daha dayan\u0131kl\u0131 ve k\u00e2rl\u0131 bir yap\u0131ya d\u00f6n\u00fc\u015ft\u00fcrme stratejisini s\u00fcrd\u00fcrmektedir.<\/p>\n<h2>Temel Finansal G\u00f6stergeler ve Performans Analizi<\/h2>\n<p>2026 y\u0131l\u0131n\u0131n ilk \u00fc\u00e7 ayl\u0131k d\u00f6neminde elde edilen finansal sonu\u00e7lar, grubun k\u00e2rl\u0131l\u0131k kalitesinin artt\u0131\u011f\u0131n\u0131 ve operasyonel dayan\u0131kl\u0131l\u0131\u011f\u0131n\u0131n g\u00fc\u00e7lendi\u011fini ortaya koymaktad\u0131r.<\/p>\n<h3>Gelir ve K\u00e2rl\u0131l\u0131k \u00d6zeti<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>G\u00f6sterge (mn TL)<\/td>\n<td>1\u00c725<\/td>\n<td>1\u00c726<\/td>\n<td>De\u011fi\u015fim (y\/y)<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Has\u0131lat<\/b><\/td>\n<td>24.379<\/td>\n<td>23.932<\/td>\n<td>-%2<\/td>\n<\/tr>\n<tr>\n<td><b>FAV\u00d6K (Finans Hari\u00e7)<\/b><\/td>\n<td>1.085<\/td>\n<td>2.626<\/td>\n<td>+%142<\/td>\n<\/tr>\n<tr>\n<td><b>FAV\u00d6K Marj\u0131<\/b><\/td>\n<td>%4,4<\/td>\n<td>%11,0<\/td>\n<td>+6,6 puan<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131<\/b><\/td>\n<td>-680<\/td>\n<td>334<\/td>\n<td>a.d.<\/td>\n<\/tr>\n<tr>\n<td><b>Solo Net Nakit (mn USD)<\/b><\/td>\n<td>646<\/td>\n<td>633<\/td>\n<td>-%2<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Finansal Durum Analizi<\/h3>\n<ul>\n<li><b>Net Aktif De\u011fer (NAD):<\/b> Mart 2026 sonu itibar\u0131yla y\u0131ll\u0131k bazda %20 art\u0131\u015f g\u00f6stererek 3.004 milyon ABD dolar\u0131na y\u00fckselmi\u015ftir. Bu b\u00fcy\u00fcmede Hepiyi Sigorta ve G\u00fcm\u00fc\u015fta\u015f Madencilik\u2019in katk\u0131lar\u0131 belirleyici olmu\u015ftur.<\/li>\n<li><b>Solo Net Nakit:<\/b> 633 milyon ABD dolar\u0131 ile g\u00fc\u00e7l\u00fc seviyesini korumaktad\u0131r. Nakit varl\u0131klar i\u00e7indeki TL a\u011f\u0131rl\u0131\u011f\u0131, 2025 sonundaki %20 seviyesinden %28\u2019e y\u00fckselmi\u015ftir.<\/li>\n<li><b>Hisse Performans\u0131:<\/b> Do\u011fan Holding paylar\u0131 (DOHOL), y\u0131l\u0131n ilk \u00e7eyre\u011finde %18 toplam getiri sa\u011flayarak BIST-100 endeksinin 4 puan \u00fczerinde performans sergilemi\u015ftir. Yabanc\u0131 yat\u0131r\u0131mc\u0131 pay\u0131 ise %20\u2019den %24\u2019e \u00e7\u0131km\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>Stratejik Odak Alanlar\u0131 ve Sekt\u00f6rel Geli\u015fmeler<\/h2>\n<p>Holding&#8217;in stratejik odak alanlar\u0131n\u0131n toplam NAD i\u00e7indeki pay\u0131, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki %44 seviyesinden %54\u2019e y\u00fckselmi\u015ftir.<\/p>\n<h3>1. Madencilik: G\u00fcm\u00fc\u015fta\u015f Madencilik<\/h3>\n<p>Grup performans\u0131n\u0131n en g\u00fc\u00e7l\u00fc itici g\u00fc\u00e7lerinden biri olan madencilik kolunda \u00f6nemli ba\u015far\u0131lar kaydedilmi\u015ftir:<\/p>\n<ul>\n<li><b>B\u00fcy\u00fcme:<\/b> Gelirler y\u0131ll\u0131k bazda %141 artarken, FAV\u00d6K marj\u0131 %58 gibi y\u00fcksek bir seviyede ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>Yat\u0131r\u0131m:<\/b> \u0130lk \u00e7eyrekte 10 milyon ABD dolar\u0131 yat\u0131r\u0131m yap\u0131lm\u0131\u015f; 2026 t\u00fcm y\u0131l yat\u0131r\u0131m beklentisi 70 milyon ABD dolar\u0131na y\u00fckseltilmi\u015ftir.<\/li>\n<li><b>UMREK Raporu:<\/b> Bolkar 1 ve 2 sahalar\u0131nda 12,7 milyon ton kaynak tespit edilmi\u015ftir. Ortalama \u00e7inko e\u015fde\u011fer ten\u00f6r\u00fc %23,0 ZnEq gibi y\u00fcksek bir seviyededir.<\/li>\n<\/ul>\n<h3>2. Finansal Hizmetler: Hepiyi Sigorta<\/h3>\n<ul>\n<li><b>Portf\u00f6y B\u00fcy\u00fckl\u00fc\u011f\u00fc:<\/b> Y\u00f6netilen Portf\u00f6y B\u00fcy\u00fckl\u00fc\u011f\u00fc (YPB) %50 art\u0131\u015fla 818 milyon ABD dolar\u0131na ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<li><b>Pazar Konumu:<\/b> Kasko segmentinde pazar pay\u0131 180 baz puan artm\u0131\u015f; \u015firket T\u00fcrkiye\u2019nin en b\u00fcy\u00fck 8. kasko ve 5. zorunlu trafik sigortac\u0131s\u0131 konumuna gelmi\u015ftir.<\/li>\n<\/ul>\n<h3>3. Yenilenebilir Enerji: Galata Wind<\/h3>\n<ul>\n<li><b>\u00dcretim Art\u0131\u015f\u0131:<\/b> Elektrik \u00fcretimi y\u0131ll\u0131k bazda %38 art\u0131\u015f g\u00f6stermi\u015ftir.<\/li>\n<li><b>Ciro Etkisi:<\/b> \u00dcretim art\u0131\u015f\u0131na ra\u011fmen, Piyasa Takas Fiyatlar\u0131ndaki (PTF) gerileme nedeniyle ciro y\u0131ll\u0131k bazda %5 daralm\u0131\u015ft\u0131r. Kurulu g\u00fc\u00e7 354 MW seviyesinde korunmaktad\u0131r.<\/li>\n<\/ul>\n<h3>4. Teknoloji ve Sanayi: Karel ve Daiichi<\/h3>\n<ul>\n<li><b>Karel Elektronik:<\/b> 1.750.000.000 TL tutar\u0131ndaki tahsisli sermaye art\u0131r\u0131m\u0131na i\u015ftirak karar\u0131 al\u0131nm\u0131\u015ft\u0131r. \u015eirket operasyonel d\u00f6n\u00fc\u015f\u00fcm\u00fcn\u00fc s\u00fcrd\u00fcrerek k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 art\u0131rm\u0131\u015ft\u0131r.<\/li>\n<li><b>Daiichi Elektronik:<\/b> Toplam %46,6 paya sahip olunan \u015firketin halka arz (IPO) s\u00fcreci i\u00e7in Esas S\u00f6zle\u015fme Tadili ba\u015fvurusu yap\u0131lmas\u0131na karar verilmi\u015ftir.<\/li>\n<\/ul>\n<h2>Kurumsal Y\u00f6netim ve Organizasyonel Yap\u0131<\/h2>\n<p>Do\u011fan Holding, kurumsal y\u00f6neti\u015fim ve \u015feffafl\u0131k standartlar\u0131n\u0131 g\u00fc\u00e7lendirmeye devam etmektedir.<\/p>\n<ul>\n<li><b>\u00dcst Y\u00f6netim Atamas\u0131:<\/b> Esra Beyzadeo\u011flu, 9 \u015eubat 2026 itibar\u0131yla \u0130nsan Kaynaklar\u0131 ve Teknolojiden Sorumlu \u0130cra Kurulu \u00dcyesi olarak atanm\u0131\u015ft\u0131r.<\/li>\n<li><b>\u00c7al\u0131\u015fan Say\u0131s\u0131:<\/b> 31 Mart 2026 itibar\u0131yla grubun toplam personel say\u0131s\u0131 7.116&#8217;d\u0131r.<\/li>\n<li><b>Kredi Notu:<\/b> JCR Eurasia Rating, Holding&#8217;in Uzun Vadeli Ulusal Notu&#8217;nu &#8220;AAA (tr)\/Stabil G\u00f6r\u00fcn\u00fcm&#8221; (en \u00fcst seviye) olarak teyit etmi\u015ftir.<\/li>\n<li><b>Kar Pay\u0131 Da\u011f\u0131t\u0131m\u0131:<\/b> 2025 y\u0131l\u0131 hesap d\u00f6nemine ili\u015fkin olarak, yasal kay\u0131tlardaki d\u00f6nem zarar\u0131 (Boyabat Elektrik paylar\u0131n\u0131n sat\u0131\u015f\u0131ndan kaynaklanan maliyet fark\u0131 etkisiyle) nedeniyle k\u00e2r da\u011f\u0131t\u0131m\u0131 yap\u0131lmamas\u0131 karar\u0131 Genel Kurul\u2019da kabul edilmi\u015ftir.<\/li>\n<\/ul>\n<h2>Risk Y\u00f6netimi ve Kontrol Mekanizmalar\u0131<\/h2>\n<p>Holding, riskleri d\u00f6rt ana kategoride proaktif olarak y\u00f6netmektedir:<\/p>\n<ol>\n<li><b>Stratejik Riskler:<\/b> Pazar ko\u015fullar\u0131, teknolojik geli\u015fmeler ve ekonomik fakt\u00f6rler stratejik planlama s\u00fcre\u00e7leriyle entegre y\u00f6netilmektedir.<\/li>\n<li><b>Finansal Riskler:<\/b> D\u00f6viz kuru, faiz ve emtia fiyat\u0131 oynakl\u0131klar\u0131 d\u00fczenli izlenmekte, gerekli durumlarda t\u00fcrev ara\u00e7lar kullan\u0131lmaktad\u0131r.<\/li>\n<li><b>Operasyonel Riskler:<\/b> Bilgi teknolojileri ve insan kaynaklar\u0131 s\u00fcre\u00e7leri standart yakla\u015f\u0131mlarla kontrol edilmektedir.<\/li>\n<li><b>Uyum Riskleri:<\/b> Mevzuat de\u011fi\u015fiklikleri yak\u0131ndan takip edilerek yasal y\u00fck\u00fcml\u00fcl\u00fcklerin tam yerine getirilmesi sa\u011flanmaktad\u0131r.<\/li>\n<\/ol>\n<h2>\u00d6nemli Al\u0131nt\u0131lar<\/h2>\n<p>&#8220;2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011fi itibar\u0131yla gelir ve FAV\u00d6K kompozisyonumuzun ge\u00e7mi\u015f d\u00f6nemlere k\u0131yasla \u00e7ok daha sa\u011fl\u0131kl\u0131, dengeli ve s\u00fcrd\u00fcr\u00fclebilir bir yap\u0131ya kavu\u015ftu\u011funu g\u00f6rmekten memnuniyet duyuyoruz.&#8221; \u2014 <b>\u00c7a\u011flar G\u00f6\u011f\u00fc\u015f, CEO<\/b><\/p>\n<p>&#8220;2030 y\u0131l\u0131 i\u00e7in belirledi\u011fimiz 4,5 milyar ABD dolar\u0131 Net Aktif De\u011fer hedefimize olan g\u00fc\u00e7l\u00fc ba\u011fl\u0131l\u0131\u011f\u0131m\u0131z\u0131 koruyor ve stratejimizi kararl\u0131l\u0131k ve h\u0131zla uygulamaya devam ediyoruz.&#8221; \u2014 <b>\u00c7a\u011flar G\u00f6\u011f\u00fc\u015f, CEO<\/b><\/p>\n<h2>Sonu\u00e7 ve Gelecek Beklentileri<\/h2>\n<p>Do\u011fan Holding\u2019in 2026 y\u0131l\u0131 ilk \u00e7eyrek sonu\u00e7lar\u0131, grubun madencilik ve finansal hizmetler gibi y\u00fcksek katma de\u011ferli alanlara odaklanma stratejisinin meyvelerini verdi\u011fini g\u00f6stermektedir. Gelir seviyesi yatay seyretmesine ra\u011fmen, FAV\u00d6K marj\u0131ndaki 7 puanl\u0131k s\u0131\u00e7rama operasyonel verimlili\u011fin bir kan\u0131t\u0131d\u0131r. 3 milyar ABD dolarl\u0131k NAD seviyesine ula\u015f\u0131lmas\u0131 ve stratejik i\u015f kollar\u0131n\u0131n portf\u00f6ydeki a\u011f\u0131rl\u0131\u011f\u0131n\u0131n artmas\u0131, grubun 2030 vizyonuna do\u011fru emin ad\u0131mlarla ilerledi\u011fini teyit etmektedir.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"2558\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Do\u011fan Holding 2026\u2019ya Rekorlarla Ba\u015flad\u0131: Stratejik D\u00f6n\u00fc\u015f\u00fcm\u00fcn G\u00fcc\u00fc<br \/>\nDo\u011fan Holding, 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde stratejik odak alanlar\u0131na yapt\u0131\u011f\u0131 yat\u0131r\u0131mlar\u0131n kar\u015f\u0131l\u0131\u011f\u0131n\u0131 g\u00fc\u00e7l\u00fc finansal sonu\u00e7larla al\u0131yor. Net Aktif De\u011ferini 3 milyar ABD dolar\u0131na ta\u015f\u0131yan Holding, \u00f6zellikle madencilik ve finansal hizmetler sekt\u00f6rlerindeki operasyonel ba\u015far\u0131s\u0131yla dikkat \u00e7ekiyor. FAV\u00d6K baz\u0131nda %142\u2019lik devasa bir b\u00fcy\u00fcme kaydeden Grup, verimlilik odakl\u0131 y\u00f6netim anlay\u0131\u015f\u0131yla k\u00e2rl\u0131l\u0131k kalitesini art\u0131rmaya devam ediyor. G\u00fcm\u00fc\u015fta\u015f Madencilik\u2019in \u00fcretim rekorlar\u0131 ve Hepiyi Sigorta\u2019n\u0131n pazar pay\u0131 kazan\u0131mlar\u0131yla \u015fekillenen bu ba\u015far\u0131l\u0131 d\u00f6nem, Holding&#8217;in 2030 vizyonu olan 4,5 milyar dolarl\u0131k NAD hedefi yolunda emin ad\u0131mlarla ilerledi\u011fini kan\u0131tl\u0131yor.<\/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":[281],"class_list":["post-2558","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-faaliyetraporuanalizi","tag-dohol"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2558","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=2558"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2558\/revisions"}],"predecessor-version":[{"id":2559,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2558\/revisions\/2559"}],"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=2558"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=2558"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=2558"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}