{"id":360,"date":"2025-12-21T18:51:18","date_gmt":"2025-12-21T15:51:18","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=360"},"modified":"2025-12-21T18:51:18","modified_gmt":"2025-12-21T15:51:18","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-glrmk-gulermak-agir-sanayi-insaat-2025-9-bilanco-analizi-%f0%9f%a7%bf","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/360","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #GLRMK | G\u00fclermak A\u011f\u0131r Sanayi \u0130n\u015faat 2025\/9 Bilan\u00e7o Analizi | \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #GLRMK | G\u00fclermak A\u011f\u0131r Sanayi \u0130n\u015faat 2025\/9 Bilan\u00e7o Analizi | Finansal ve Operasyonel Sonu\u00e7lar \ud83e\uddff\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/POqAzMndLjA?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>G\u00fclermak&#8217;\u0131n Finansallar\u0131 Ortaya \u00c7\u0131kt\u0131: \u0130n\u015faat Devinin Son Raporundan 4 \u015ea\u015f\u0131rt\u0131c\u0131 Bilgi<\/h1>\n<h3>Giri\u015f<\/h3>\n<p>G\u00fclermak&#8217;\u0131n Ocak 2025&#8217;teki ilk halka arz\u0131 (\u0130PO), bu in\u015faat devinin i\u00e7 i\u015fleyi\u015fine kamuoyunun ilk kez kapsaml\u0131 bir \u015fekilde bakmas\u0131n\u0131 sa\u011flad\u0131. Bu blog yaz\u0131s\u0131n\u0131n amac\u0131, y\u00fczeydeki rakamlar\u0131n \u00f6tesine ge\u00e7erek \u015firketin en son dokuz ayl\u0131k finansal ve operasyonel raporlar\u0131ndan elde edilen en \u015fa\u015f\u0131rt\u0131c\u0131 ve etkili bulgular\u0131 ortaya \u00e7\u0131karmakt\u0131r. Bu makale, k\u00fcresel bir devi ger\u00e7ekte neyin y\u00f6nlendirdi\u011fine dair bir analiz sunmaktad\u0131r.<\/p>\n<p><b>1. Yerli Bir Dev, Ancak As\u0131l G\u00fcc\u00fc S\u0131n\u0131rlar\u0131n \u00d6tesinde<\/b><\/p>\n<p>\u0130lk \u00f6nemli bulgu, G\u00fclermak&#8217;\u0131n ne kadar derin bir uluslararas\u0131 varl\u0131\u011fa sahip oldu\u011fudur. 2025&#8217;in ilk dokuz ay\u0131nda, Grup&#8217;un toplam gelirlerinin yakla\u015f\u0131k %76&#8217;s\u0131 uluslararas\u0131 operasyonlardan elde edildi. Bu oran, \u015firketin k\u00fcresel pazarlardaki g\u00fcc\u00fcn\u00fc net bir \u015fekilde ortaya koymaktad\u0131r.<\/p>\n<p>Bu uluslararas\u0131 tabloda en dikkat \u00e7ekici \u00fclke ise Polonya&#8217;d\u0131r. Tek ba\u015f\u0131na Polonya, ayn\u0131 d\u00f6nemde toplam gelirlerin %53,8&#8217;ini olu\u015fturarak \u015firketin en \u00f6nemli pazar\u0131 konumuna gelmi\u015ftir. \u015eirketin k\u00fcresel \u00f6l\u00e7ekteki ba\u015far\u0131s\u0131, sekt\u00f6r s\u0131ralamalar\u0131na da yans\u0131maktad\u0131r. 2023 ENR (Engineering News Record) listesine g\u00f6re G\u00fclermak, &#8220;Toplu Ula\u015f\u0131m ve Rayl\u0131 Sistemler&#8221; kategorisinde d\u00fcnyan\u0131n en b\u00fcy\u00fck 13. firmas\u0131d\u0131r. Bu k\u00fcresel odaklanma, \u015firketi tek bir ulusal ekonominin dinamiklerinin \u00f6tesinde konumland\u0131rmaktad\u0131r.<\/p>\n<p><b>2. Gelece\u011fin Garantisi: 229 Milyar TL&#8217;lik Devasa \u0130\u015f Portf\u00f6y\u00fc (Backlog)<\/b><\/p>\n<p>\u0130\u015f d\u00fcnyas\u0131 i\u00e7in &#8220;backlog&#8221; terimi, bir \u015firketin gelecekteki gelir ak\u0131\u015f\u0131n\u0131n en \u00f6nemli g\u00f6stergelerinden biridir. Basit\u00e7e ifade etmek gerekirse, imzalanm\u0131\u015f ancak hen\u00fcz tamamlan\u0131p faturaland\u0131r\u0131lmam\u0131\u015f i\u015flerin toplam s\u00f6zle\u015fme de\u011ferini temsil eder.<\/p>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla G\u00fclermak&#8217;\u0131n toplam i\u015f portf\u00f6y\u00fc <b>229.034.427.015 TL<\/b> gibi devasa bir rakama ula\u015fm\u0131\u015ft\u0131r. Bu rakam, \u015firketin gelecekteki gelir ak\u0131\u015f\u0131n\u0131n ve uzun vadeli istikrar\u0131n\u0131n ne kadar g\u00fcvence alt\u0131nda oldu\u011funun g\u00fc\u00e7l\u00fc bir kan\u0131t\u0131d\u0131r. Bu portf\u00f6y\u00fcn co\u011frafi da\u011f\u0131l\u0131m\u0131 da \u015firketin stratejik y\u00f6nelimini g\u00f6stermektedir. Toplam gelecekteki i\u015flerin %46,1&#8217;ini tek ba\u015f\u0131na Romanya olu\u015fturmaktad\u0131r, bu da \u015firketin Do\u011fu Avrupa&#8217;da ne kadar g\u00fc\u00e7l\u00fc bir boru hatt\u0131na sahip oldu\u011funu kan\u0131tlamaktad\u0131r. Polonya&#8217;n\u0131n mevcut gelirlerdeki %53,8&#8217;lik pay\u0131 bug\u00fcn\u00fcn g\u00fcc\u00fcn\u00fc temsil ederken, Romanya&#8217;n\u0131n gelecekteki i\u015f portf\u00f6y\u00fcndeki %46,1&#8217;lik ezici a\u011f\u0131rl\u0131\u011f\u0131, \u015firketin b\u00fcy\u00fcme motorunun Do\u011fu Avrupa&#8217;ya do\u011fru stratejik olarak kayd\u0131\u011f\u0131n\u0131n alt\u0131n\u0131 \u00e7izmektedir.<\/p>\n<p><b>3. T\u00fcnellerden Daha Fazlas\u0131: Ye\u015fil Enerji ve Madencili\u011fe Stratejik D\u00f6n\u00fc\u015f<\/b><\/p>\n<p>G\u00fclermak, devasa altyap\u0131 projeleriyle tan\u0131nsa da, son faaliyetleri \u015firketin \u015fa\u015f\u0131rt\u0131c\u0131 derecede net bir \u00e7e\u015fitlendirme stratejisi izledi\u011fini ortaya koymaktad\u0131r. \u015eirket, geleneksel in\u015faat faaliyetlerinin \u00f6tesine ge\u00e7erek gelece\u011fin sekt\u00f6rlerine stratejik bir d\u00f6n\u00fc\u015f yapmaktad\u0131r. Bu d\u00f6n\u00fc\u015f\u00fcn kan\u0131tlar\u0131 \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>Yenilenebilir Enerji:<\/b> \u015eirket, yenilenebilir enerji yat\u0131r\u0131mlar\u0131n\u0131 300 MW&#8217;l\u0131k bir hedefe \u00e7\u0131karma karar\u0131 ald\u0131. Bu do\u011frultuda, \u0130ngiltere&#8217;de &#8220;Hanningfield 1 Limited&#8221; \u015firketini sat\u0131n alarak lisansl\u0131 g\u00fcne\u015f enerjisi g\u00fcc\u00fcn\u00fc 104,4 MW&#8217;a \u00e7\u0131kard\u0131.<\/li>\n<li><b>Madencilik:<\/b> Madencilik sekt\u00f6r\u00fcnde faaliyet g\u00f6stermek \u00fczere, tamam\u0131 kendisine ait &#8220;Anka Teknik Maden A.\u015e.&#8221; ad\u0131nda yeni bir i\u015ftirak kurdu\u011funu duyurdu.<\/li>\n<\/ul>\n<p>Bu hamleler, \u015firketin ana faaliyet alan\u0131 olan in\u015faat\u0131n \u00f6tesinde, gelece\u011fi g\u00fcvence alt\u0131na alan sekt\u00f6rlere yat\u0131r\u0131m yaparak ileriye d\u00f6n\u00fck bir strateji izledi\u011finin net bir kan\u0131t\u0131d\u0131r.<\/p>\n<p><b>4. K\u00e2rl\u0131l\u0131k Paradoksu: Ciro D\u00fc\u015ferken K\u00e2r Marj\u0131 Nas\u0131l Y\u00fckseldi?<\/b><\/p>\n<p>Finansal tablolardaki en \u015fa\u015f\u0131rt\u0131c\u0131 bulgulardan biri, ilk bak\u0131\u015fta \u00e7eli\u015fkili g\u00f6r\u00fcnen bir durumdur. 2025&#8217;in ilk dokuz ay\u0131n\u0131n 2024&#8217;\u00fcn ayn\u0131 d\u00f6nemiyle kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda ortaya \u00e7\u0131kan veriler dikkat \u00e7ekicidir.<\/p>\n<p>\u015eirketin Net Sat\u0131\u015flar\u0131, 28,2 milyar TL&#8217;den 26,2 milyar TL&#8217;ye d\u00fc\u015ferek %7&#8217;lik bir azalma g\u00f6sterdi. Ancak bu d\u00fc\u015f\u00fc\u015fe ra\u011fmen, \u015firketin k\u00e2rl\u0131l\u0131\u011f\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde artt\u0131. Br\u00fct K\u00e2r Marj\u0131 <b>%12,8<\/b>&#8216;den <b>%17,0<\/b>&#8216;a y\u00fckselirken, Net K\u00e2r Marj\u0131 <b>%12,6<\/b>&#8216;dan <b>%14,3<\/b>&#8216;e \u00e7\u0131kt\u0131.<\/p>\n<p>Bu durum, cirodaki d\u00fc\u015f\u00fc\u015f\u00fcn her zaman olumsuz bir i\u015faret olmad\u0131\u011f\u0131n\u0131 g\u00f6stermektedir. Aksine, marjlardaki bu g\u00fc\u00e7l\u00fc art\u0131\u015f, \u015firketin daha k\u00e2rl\u0131 projelere odaklanarak operasyonel verimlili\u011fi ve maliyet disiplinini \u00f6nceliklendirdi\u011finin net bir g\u00f6stergesidir.<\/p>\n<h3>Sonu\u00e7<\/h3>\n<p>G\u00fclermak&#8217;\u0131n finansal raporlar\u0131, sadece man\u015fet rakamlar\u0131n \u00f6tesinde bir hikaye anlat\u0131yor. Bu raporlar; k\u00fcresel olarak bask\u0131n, finansal olarak disiplinli ve gelecek i\u00e7in stratejik olarak \u00e7e\u015fitlenen bir \u015firketin resmini \u00e7iziyor. \u015eirket, sadece t\u00fcneller ve metrolar de\u011fil, ayn\u0131 zamanda gelece\u011fin end\u00fcstrilerinde de sa\u011flam bir temel in\u015fa ediyor.<\/p>\n<p>B\u00fcy\u00fck \u00f6l\u00e7ekli in\u015faattaki sa\u011flam temeli ve enerji ile madencilikteki cesur yeni giri\u015fimleriyle, G\u00fclermak i\u00e7in bir sonraki s\u0131n\u0131r ne olabilir?<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">G\u00fclermak Holding: 30 Eyl\u00fcl 2025 Finansal ve Operasyonel Durum Raporu<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>G\u00fclermak A\u011f\u0131r Sanayi \u0130n\u015faat ve Taahh\u00fct A.\u015e. (&#8220;Grup&#8221;), 30 Eyl\u00fcl 2025 itibar\u0131yla sona eren dokuz ayl\u0131k d\u00f6nemde, k\u00fcresel bir M\u00fchendislik, Tedarik ve \u0130n\u015faat (EPC) y\u00fcklenicisi olarak g\u00fc\u00e7l\u00fc konumunu peki\u015ftirmi\u015ftir. Grup, bu d\u00f6nemde 26,2 milyar TL has\u0131lat elde etmi\u015f ve net d\u00f6nem k\u00e2r\u0131n\u0131 bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re art\u0131rarak 3,8 milyar TL&#8217;ye \u00e7\u0131karm\u0131\u015ft\u0131r. Has\u0131latta g\u00f6zlemlenen %7&#8217;lik d\u00fc\u015f\u00fc\u015fe ra\u011fmen, br\u00fct ve net k\u00e2r marjlar\u0131ndaki belirgin iyile\u015fme, operasyonel verimlili\u011fin ve k\u00e2rl\u0131l\u0131\u011f\u0131n artt\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/p>\n<p>\u015eirketin finansal yap\u0131s\u0131, ba\u015far\u0131l\u0131 halka arz\u0131n da etkisiyle \u00f6nemli \u00f6l\u00e7\u00fcde g\u00fc\u00e7lenmi\u015ftir. Toplam varl\u0131klar 56,7 milyar TL&#8217;ye, toplam \u00f6zkaynaklar ise 16,4 milyar TL&#8217;ye y\u00fckselmi\u015ftir. Likidite ve kald\u0131ra\u00e7 oranlar\u0131ndaki iyile\u015fmeler, sa\u011fl\u0131kl\u0131 bir bilan\u00e7o y\u00f6netimine i\u015faret etmektedir.<\/p>\n<p>Gelecekteki gelir ak\u0131\u015flar\u0131n\u0131n g\u00fcvencesi niteli\u011findeki proje stoku (backlog), 229 milyar TL gibi rekor bir seviyeye ula\u015fm\u0131\u015ft\u0131r. Bu stokun %64,7&#8217;sinin ve has\u0131lat\u0131n %76&#8217;s\u0131n\u0131n uluslararas\u0131 operasyonlardan kaynaklanmas\u0131, Grubun k\u00fcresel pazardaki etkinli\u011fini ve co\u011frafi \u00e7e\u015fitlili\u011fini teyit etmektedir. 2025 y\u0131l\u0131 i\u00e7erisinde T\u00fcrkiye, Polonya ve S\u0131rbistan&#8217;da kazan\u0131lan b\u00fcy\u00fck \u00f6l\u00e7ekli yeni ihaleler, bu b\u00fcy\u00fcme ivmesini desteklemektedir. Stratejik olarak, Grup ana faaliyet alan\u0131 olan altyap\u0131 projelerinin yan\u0131 s\u0131ra, \u0130ngiltere&#8217;de ger\u00e7ekle\u015ftirdi\u011fi sat\u0131n almalarla yenilenebilir enerji (g\u00fcne\u015f ve enerji depolama) ve yeni kurdu\u011fu \u015firketle madencilik sekt\u00f6rlerine girerek faaliyet alanlar\u0131n\u0131 \u00e7e\u015fitlendirme yolunda \u00f6nemli ad\u0131mlar atm\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<h3>I. Finansal Performans Analizi<\/h3>\n<h4>A. Kapsaml\u0131 Gelir Tablosu Analizi<\/h4>\n<p>Grup, 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda has\u0131lat\u0131nda bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %7&#8217;lik bir d\u00fc\u015f\u00fc\u015fle 26,23 milyar TL gelir elde etmi\u015ftir. Bununla birlikte, maliyet y\u00f6netimindeki ba\u015far\u0131 sayesinde br\u00fct k\u00e2r %23,7 art\u0131\u015fla 4,46 milyar TL&#8217;ye y\u00fckselmi\u015f, br\u00fct k\u00e2r marj\u0131 %12,8&#8217;den %17,0&#8217;a \u00e7\u0131km\u0131\u015ft\u0131r. Net d\u00f6nem k\u00e2r\u0131 ise %5,9 art\u0131\u015fla 3,76 milyar TL olarak ger\u00e7ekle\u015fmi\u015f ve net k\u00e2r marj\u0131 %12,6&#8217;dan %14,3&#8217;e y\u00fckselmi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td><b>Kalem (milyar TL)<\/b><\/td>\n<td><b>1 Ocak &#8211; 30 Eyl\u00fcl 2025<\/b><\/td>\n<td><b>1 Ocak &#8211; 30 Eyl\u00fcl 2024<\/b><\/td>\n<td><b>De\u011fi\u015fim (%)<\/b><\/td>\n<\/tr>\n<tr>\n<td>Has\u0131lat<\/td>\n<td>26,23<\/td>\n<td>28,23<\/td>\n<td>-7,1%<\/td>\n<\/tr>\n<tr>\n<td>Br\u00fct Kar<\/td>\n<td>4,46<\/td>\n<td>3,61<\/td>\n<td>+23,7%<\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet Kar\u0131<\/td>\n<td>3,70<\/td>\n<td>3,50<\/td>\n<td>+5,7%<\/td>\n<\/tr>\n<tr>\n<td>Net D\u00f6nem Kar\u0131<\/td>\n<td>3,76<\/td>\n<td>3,55<\/td>\n<td>+5,9%<\/td>\n<\/tr>\n<tr>\n<td>Toplam Kapsaml\u0131 Gelir<\/td>\n<td>2,61<\/td>\n<td>2,61<\/td>\n<td>+0,3%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4>B. Bilan\u00e7o Analizi<\/h4>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla Grubun toplam varl\u0131klar\u0131, 2024 y\u0131l sonuna g\u00f6re %8,4 artarak 56,7 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. Ayn\u0131 d\u00f6nemde, ba\u015far\u0131l\u0131 halka arz ve d\u00f6nem k\u00e2r\u0131n\u0131n etkisiyle toplam \u00f6zkaynaklar %58,8 gibi g\u00fc\u00e7l\u00fc bir art\u0131\u015fla 10,3 milyar TL&#8217;den 16,4 milyar TL&#8217;ye y\u00fckselmi\u015ftir. Bu d\u00f6nemde k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fckler azal\u0131rken, uzun vadeli y\u00fck\u00fcml\u00fcl\u00fcklerdeki art\u0131\u015f, bor\u00e7 yap\u0131s\u0131n\u0131n daha sa\u011fl\u0131kl\u0131 bir vadeye yay\u0131ld\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td><b>Kalem (milyar TL)<\/b><\/td>\n<td><b>30 Eyl\u00fcl 2025<\/b><\/td>\n<td><b>31 Aral\u0131k 2024<\/b><\/td>\n<td><b>De\u011fi\u015fim (%)<\/b><\/td>\n<\/tr>\n<tr>\n<td>Toplam Varl\u0131klar<\/td>\n<td>56,73<\/td>\n<td>52,32<\/td>\n<td>+8,4%<\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nen Varl\u0131klar<\/td>\n<td>50,31<\/td>\n<td>46,33<\/td>\n<td>+8,6%<\/td>\n<\/tr>\n<tr>\n<td>Nakit ve Nakit Benzerleri<\/td>\n<td>10,14<\/td>\n<td>10,35<\/td>\n<td>-2,0%<\/td>\n<\/tr>\n<tr>\n<td>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>40,33<\/td>\n<td>41,99<\/td>\n<td>-3,9%<\/td>\n<\/tr>\n<tr>\n<td>Toplam \u00d6zkaynaklar<\/td>\n<td>16,40<\/td>\n<td>10,33<\/td>\n<td>+58,8%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4>C. Finansal Oranlar<\/h4>\n<p>Grubun finansal oranlar\u0131, 2025&#8217;in ilk dokuz ay\u0131nda genel bir iyile\u015fme g\u00f6stermi\u015ftir. Likiditeyi \u00f6l\u00e7en cari oran 1,76&#8217;dan 2,33&#8217;e y\u00fckselerek \u015firketin k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerini kar\u015f\u0131lama kapasitesinin artt\u0131\u011f\u0131n\u0131 ortaya koymu\u015ftur. Mali b\u00fcnye oranlar\u0131, bor\u00e7lulu\u011fun azald\u0131\u011f\u0131n\u0131 ve \u00f6zkaynak yap\u0131s\u0131n\u0131n g\u00fc\u00e7lendi\u011fini g\u00f6stermektedir. K\u00e2rl\u0131l\u0131k marjlar\u0131ndaki art\u0131\u015f ise operasyonel verimlili\u011fin bir yans\u0131mas\u0131d\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td><b>Oran<\/b><\/td>\n<td><b>30.09.2025<\/b><\/td>\n<td><b>31.12.2024<\/b><\/td>\n<td><b>Yorum<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Likidite Oranlar\u0131<\/b><\/td>\n<td>&nbsp;<\/td>\n<td>&nbsp;<\/td>\n<td>&nbsp;<\/td>\n<\/tr>\n<tr>\n<td>Cari Oran<\/td>\n<td>2,33<\/td>\n<td>1,76<\/td>\n<td>G\u00fc\u00e7l\u00fc \u0130yile\u015fme<\/td>\n<\/tr>\n<tr>\n<td>Asit Test Oran\u0131<\/td>\n<td>2,31<\/td>\n<td>1,75<\/td>\n<td>G\u00fc\u00e7l\u00fc \u0130yile\u015fme<\/td>\n<\/tr>\n<tr>\n<td><b>Mali B\u00fcnye Oranlar\u0131<\/b><\/td>\n<td>&nbsp;<\/td>\n<td>&nbsp;<\/td>\n<td>&nbsp;<\/td>\n<\/tr>\n<tr>\n<td>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler \/ Toplam Aktifler<\/td>\n<td>0,71<\/td>\n<td>0,80<\/td>\n<td>\u0130yile\u015fme<\/td>\n<\/tr>\n<tr>\n<td>\u00d6z Sermaye \/ Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>0,41<\/td>\n<td>0,25<\/td>\n<td>G\u00fc\u00e7l\u00fc \u0130yile\u015fme<\/td>\n<\/tr>\n<tr>\n<td><b>K\u00e2rl\u0131l\u0131k Oranlar\u0131 (D\u00f6nemsel)<\/b><\/td>\n<td><b>01.01 &#8211; 30.09.2025<\/b><\/td>\n<td><b>01.01 &#8211; 30.09.2024<\/b><\/td>\n<td>&nbsp;<\/td>\n<\/tr>\n<tr>\n<td>Br\u00fct Kar Marj\u0131<\/td>\n<td>%17,0<\/td>\n<td>%12,8<\/td>\n<td>Art\u0131\u015f<\/td>\n<\/tr>\n<tr>\n<td>FAV\u00d6K Marj\u0131<\/td>\n<td>%17,3<\/td>\n<td>%13,0<\/td>\n<td>Art\u0131\u015f<\/td>\n<\/tr>\n<tr>\n<td>Net Kar Marj\u0131<\/td>\n<td>%14,3<\/td>\n<td>%12,6<\/td>\n<td>Art\u0131\u015f<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\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<h3>II. Operasyonel Faaliyetler ve Stratejik Geli\u015fmeler<\/h3>\n<h4>A. \u015eirket Profili ve Faaliyet Alanlar\u0131<\/h4>\n<p>Temelleri 1958&#8217;de at\u0131lan G\u00fclermak, metro, demiryolu, t\u00fcnel ve k\u00f6pr\u00fc gibi b\u00fcy\u00fck \u00f6l\u00e7ekli ve karma\u015f\u0131k altyap\u0131 projelerinde uzmanla\u015fm\u0131\u015f, \u00f6nde gelen uluslararas\u0131 EPC y\u00fcklenicilerinden biridir. \u015eirket, bug\u00fcne kadar d\u00fcnya \u00e7ap\u0131nda 300 kilometrenin \u00fczerinde t\u00fcnel ve 120 yeralt\u0131 metro istasyonu in\u015fa etmi\u015ftir. Engineering News Record (ENR) 2023 listesine g\u00f6re &#8220;Toplu Ula\u015f\u0131m ve Rayl\u0131 Sistemler&#8221; alan\u0131nda d\u00fcnyan\u0131n 13. firmas\u0131 konumundad\u0131r. Faaliyetlerini T\u00fcrkiye&#8217;nin yan\u0131 s\u0131ra Polonya, Romanya, Hindistan, B.A.E. ve Filipinler gibi geni\u015f bir co\u011frafyada s\u00fcrd\u00fcrmektedir.<\/p>\n<h4>B. Has\u0131lat ve Proje Portf\u00f6y\u00fc Da\u011f\u0131l\u0131m\u0131<\/h4>\n<p>Grup gelirlerinin b\u00fcy\u00fck bir b\u00f6l\u00fcm\u00fcn\u00fc ana uzmanl\u0131k alan\u0131 olan ula\u015f\u0131m ve altyap\u0131 projeleri olu\u015fturmaktad\u0131r. Co\u011frafi olarak ise gelirlerin %76&#8217;s\u0131 uluslararas\u0131 operasyonlardan elde edilmektedir.<\/p>\n<p><b>Has\u0131lat\u0131n Proje T\u00fcr\u00fcne G\u00f6re Da\u011f\u0131l\u0131m\u0131 (1 Ocak &#8211; 30 Eyl\u00fcl 2025)<\/b> | Proje T\u00fcr\u00fc | Has\u0131lat (TL) | Oran (%) | | :&#8212; | :&#8212; | :&#8212; | | Metro, Hafif Rayl\u0131 Sistemler ve Tramvay | 15.822.588.193 | 60,3% | | Demiryolu | 5.024.147.681 | 19,2% | | Otoyol | 4.919.747.938 | 18,8% | | Di\u011fer | 460.921.869 | 1,8% | | <b>Toplam<\/b> | <b>26.227.405.681<\/b> | <b>100,0%<\/b> |<\/p>\n<p><b>Has\u0131lat\u0131n Co\u011frafi Da\u011f\u0131l\u0131m\u0131 (1 Ocak &#8211; 30 Eyl\u00fcl 2025)<\/b> | B\u00f6lge \/ \u00dclke | Has\u0131lat (TL) | Oran (%) | | :&#8212; | :&#8212; | :&#8212; | | Bat\u0131 (Polonya) | 14.113.716.812 | 53,8% | | Do\u011fu (Romanya, Hindistan, vb.) | 5.934.211.609 | 22,6% | | T\u00fcrkiye | 6.179.477.260 | 23,6% | | <b>Toplam<\/b> | <b>26.227.405.681<\/b> | <b>100,0%<\/b> |<\/p>\n<h4>C. Proje Stoku (Backlog) Analizi<\/h4>\n<p>Backlog, imzalanm\u0131\u015f s\u00f6zle\u015fmelerden hen\u00fcz has\u0131lata d\u00f6n\u00fc\u015fmemi\u015f gelirleri ifade eden ve Grubun gelecekteki gelir potansiyelini g\u00f6steren kritik bir performans g\u00f6stergesidir. 30 Eyl\u00fcl 2025 itibar\u0131yla Grubun toplam backlogu 229 milyar TL&#8217;dir. Bu stokun %76,7&#8217;sini metro ve rayl\u0131 sistem projeleri olu\u015ftururken, co\u011frafi da\u011f\u0131l\u0131mda Romanya&#8217;n\u0131n ba\u015f\u0131 \u00e7ekti\u011fi Do\u011fu operasyonlar\u0131 (%51,4) ve T\u00fcrkiye (%35,3) \u00f6ne \u00e7\u0131kmaktad\u0131r.<\/p>\n<p><b>Backlog&#8217;un Proje T\u00fcr\u00fcne G\u00f6re Da\u011f\u0131l\u0131m\u0131 (30 Eyl\u00fcl 2025)<\/b> | Proje T\u00fcr\u00fc | Backlog (TL) | Oran (%) | | :&#8212; | :&#8212; | :&#8212; | | Metro, Hafif Rayl\u0131 Sistemler ve Tramvay | 175.576.580.389 | 76,7% | | Demiryolu | 34.125.663.384 | 14,9% | | Otoyol | 11.816.702.414 | 5,2% | | Di\u011fer | 7.515.480.828 | 3,3% | | <b>Toplam<\/b> | <b>229.034.427.015<\/b> | <b>100,0%<\/b> |<\/p>\n<p><b>Backlog&#8217;un Co\u011frafi Da\u011f\u0131l\u0131m\u0131 (30 Eyl\u00fcl 2025)<\/b> | B\u00f6lge \/ \u00dclke | Backlog (TL) | Oran (%) | | :&#8212; | :&#8212; | :&#8212; | | Do\u011fu | 117.801.066.807 | 51,4% | | T\u00fcrkiye | 80.737.744.921 | 35,3% | | Bat\u0131 (Polonya) | 30.495.615.287 | 13,3% | | <b>Toplam<\/b> | <b>229.034.427.015<\/b> | <b>100,0%<\/b> |<\/p>\n<h4>D. 2025 Y\u0131l\u0131 \u00d6nemli Geli\u015fmeleri<\/h4>\n<ul>\n<li><b>Halka Arz:<\/b> \u015eirket paylar\u0131 17 Ocak 2025&#8217;ten itibaren Borsa \u0130stanbul Y\u0131ld\u0131z Pazar&#8217;da &#8220;GLRMK&#8221; koduyla i\u015flem g\u00f6rmeye ba\u015flam\u0131\u015ft\u0131r. Halka arz sonras\u0131 \u00e7\u0131kar\u0131lm\u0131\u015f sermaye 300 milyon TL&#8217;den 322,6 milyon TL&#8217;ye y\u00fckseltilmi\u015ftir.<\/li>\n<li><b>Yeni Projeler ve \u0130haleler:<\/b>\n<ul>\n<li><b>Ankara Natoyolu-Dikimevi Hatt\u0131 Metrosu:<\/b> May\u0131s 2025&#8217;te Ankara B\u00fcy\u00fck\u015fehir Belediyesi ile 14,08 milyar TL bedelli s\u00f6zle\u015fme imzaland\u0131.<\/li>\n<li><b>S\u0131rbistan Belgrad-Nis Demiryolu:<\/b> G\u00fclermak-YSE ortak giri\u015fimi, 348,9 milyon EUR bedelli ihaleyi kazand\u0131.<\/li>\n<li><b>Gebze-K\u00f6sek\u00f6y Demiryolu Sistemleri:<\/b> Temmuz 2025&#8217;te TCDD ile 1,875 milyar TL bedelli s\u00f6zle\u015fme imzaland\u0131.<\/li>\n<li><b>Polonya Szczyrzyc-Tymbark Demiryolu:<\/b> Ekim 2025&#8217;te Budimex-G\u00fclermak konsorsiyumu ile 2,08 milyar PLN bedelli s\u00f6zle\u015fme imzaland\u0131.<\/li>\n<\/ul>\n<\/li>\n<li><b>Stratejik Yat\u0131r\u0131mlar ve \u00c7e\u015fitlendirme:<\/b>\n<ul>\n<li><b>Yenilenebilir Enerji:<\/b> Yenilenebilir enerji yat\u0131r\u0131mlar\u0131n\u0131n 300 MW kurulu g\u00fcce \u00e7\u0131kar\u0131lmas\u0131na karar verildi. Bu kapsamda, %100 ba\u011fl\u0131 ortakl\u0131k G\u00fclermak Renewables Ltd. arac\u0131l\u0131\u011f\u0131yla \u0130ngiltere&#8217;de;\n<ul>\n<li><b>Hanningfield 1 Limited:<\/b> Paylar\u0131n\u0131n %100&#8217;\u00fc 2,5 milyon GBP bedelle sat\u0131n al\u0131narak g\u00fcne\u015f enerjisi lisans haklar\u0131 104,4 MW&#8217;a ula\u015ft\u0131r\u0131ld\u0131.<\/li>\n<li><b>Corshellach Energy Storage Ltd.:<\/b> Paylar\u0131n\u0131n %100&#8217;\u00fc 3,49 milyon GBP bedelle sat\u0131n al\u0131nd\u0131. \u015eirketin 49,9 MW g\u00fcc\u00fcnde elektrik depolama tesisi kurma izni bulunmaktad\u0131r.<\/li>\n<\/ul>\n<\/li>\n<li><b>Maden Sekt\u00f6r\u00fc:<\/b> Madencilik alan\u0131nda faaliyet g\u00f6stermek \u00fczere 2,5 milyon TL sermayeli <b>Anka Teknik Maden A.\u015e.<\/b>&#8216;nin kurulmas\u0131na ve \u015firkete %100 i\u015ftirak edilmesine karar verildi.<\/li>\n<\/ul>\n<\/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<h3>III. Kurumsal Yap\u0131<\/h3>\n<h4>A. Ortakl\u0131k ve Sermaye Yap\u0131s\u0131<\/h4>\n<p>\u015eirket&#8217;in 400.000.000 TL kay\u0131tl\u0131 sermaye tavan\u0131 i\u00e7inde, 322.600.000 TL \u00f6denmi\u015f sermayesi bulunmaktad\u0131r. Sermaye, oyda ve y\u00f6netim kurulu \u00fcyesi aday g\u00f6stermede imtiyazl\u0131 olan (A) Grubu nama yaz\u0131l\u0131 paylar ile imtiyaz\u0131 bulunmayan (B) Grubu hamiline yaz\u0131l\u0131 paylardan olu\u015fmaktad\u0131r.<\/p>\n<p><b>Ortakl\u0131k Yap\u0131s\u0131 (30 Eyl\u00fcl 2025)<\/b> | <b>Orta\u011f\u0131n Ad\u0131 \/ Ticaret Unvan\u0131<\/b> | <b>Sermayedeki Pay\u0131 (TL)<\/b> | <b>Oran (%)<\/b> | | :&#8212; | :&#8212; | :&#8212; | | G\u00fclermak Emlak Yap\u0131 \u0130n\u015faat Yat\u0131r\u0131m A.\u015e. | 193.011.200 | 59,83 | | G\u00fclermak Turizm \u0130\u015fletme Yat\u0131r\u0131m\u0131 A.\u015e. | 90.828.800 | 28,16 | | Di\u011fer (Halka A\u00e7\u0131k) | 38.760.000 | 12,01 | | <b>Toplam<\/b> | <b>322.600.000<\/b> | <b>100,00<\/b> |<\/p>\n<h4>B. Y\u00f6netim ve Personel<\/h4>\n<p>Y\u00f6netim Kurulu, ikisi ba\u011f\u0131ms\u0131z olmak \u00fczere alt\u0131 \u00fcyeden olu\u015fmaktad\u0131r. Kemal Tahir G\u00fclery\u00fcz Y\u00f6netim Kurulu Ba\u015fkan\u0131, Necdet Demir ise Ba\u015fkan Vekili olarak g\u00f6rev yapmaktad\u0131r. 30 Eyl\u00fcl 2025 itibar\u0131yla Grup b\u00fcnyesinde 3.076 ki\u015fi istihdam edilmektedir (31 Aral\u0131k 2024: 3.847 ki\u015fi).<\/p>\n<h4>C. K\u00e2r Da\u011f\u0131t\u0131m Politikas\u0131<\/h4>\n<p>\u015eirket&#8217;in 11 Nisan 2025 tarihli Ola\u011fan Genel Kurul toplant\u0131s\u0131nda, Vergi Usul Kanunu (VUK) h\u00fck\u00fcmlerine g\u00f6re haz\u0131rlanan mali tablolarda da\u011f\u0131t\u0131labilir d\u00f6nem k\u00e2r\u0131 bulunmamas\u0131 nedeniyle 2024 y\u0131l\u0131 i\u00e7in k\u00e2r da\u011f\u0131t\u0131m\u0131 yap\u0131lmamas\u0131na karar verilmi\u015ftir. Bu karar, TFRS&#8217;ye g\u00f6re haz\u0131rlanan tablolarda 3,57 milyar TL k\u00e2r olmas\u0131na ra\u011fmen al\u0131nm\u0131\u015ft\u0131r.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"360\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>G\u00fclermak&#8217;\u0131n Finansallar\u0131 Ortaya \u00c7\u0131kt\u0131: \u0130n\u015faat Devinin Son Raporundan 4 \u015ea\u015f\u0131rt\u0131c\u0131 Bilgi Giri\u015f G\u00fclermak&#8217;\u0131n Ocak 2025&#8217;teki ilk halka arz\u0131 (\u0130PO), bu in\u015faat devinin i\u00e7 i\u015fleyi\u015fine kamuoyunun ilk kez kapsaml\u0131 bir \u015fekilde bakmas\u0131n\u0131 sa\u011flad\u0131. Bu blog yaz\u0131s\u0131n\u0131n amac\u0131, y\u00fczeydeki rakamlar\u0131n \u00f6tesine ge\u00e7erek&#8230; <\/p>\n","protected":false},"author":1,"featured_media":361,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[70],"class_list":["post-360","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-glrmk"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/360","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=360"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/360\/revisions"}],"predecessor-version":[{"id":362,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/360\/revisions\/362"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/361"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=360"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=360"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=360"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}