{"id":380,"date":"2025-12-22T01:17:27","date_gmt":"2025-12-21T22:17:27","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=380"},"modified":"2025-12-22T01:17:27","modified_gmt":"2025-12-21T22:17:27","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-osmen-osmanli-yatirim-menkul-degerler-2025-9-bilanco-analizi-%f0%9f%a7%bf","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/380","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #OSMEN | Osmanl\u0131 Yat\u0131r\u0131m Menkul De\u011ferler 2025\/9 Bilan\u00e7o Analizi | \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #OSMEN | Osmanl\u0131 Yat\u0131r\u0131m Menkul De\u011ferler 2025\/9 Bilan\u00e7o Analizi | Devasa Sermaye Tavan\u0131 \ud83e\uddff\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/pMeBQgviUw4?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>Osmanl\u0131 Yat\u0131r\u0131m&#8217;\u0131n 2025 Raporundan \u00c7\u0131kan ve G\u00f6zden Ka\u00e7\u0131rmaman\u0131z Gereken 4 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<h3>Giri\u015f<\/h3>\n<p>Finansal raporlar, \u00e7o\u011fu zaman rakamlarla dolu, karma\u015f\u0131k ve anla\u015f\u0131lmas\u0131 zor belgeler olarak g\u00f6r\u00fcl\u00fcr. Ancak dikkatli bir g\u00f6zle incelendi\u011finde, bu rakamlar bir \u015firketin mevcut sa\u011fl\u0131\u011f\u0131 ve gelecekteki potansiyeli hakk\u0131nda paha bi\u00e7ilmez ipu\u00e7lar\u0131 bar\u0131nd\u0131r\u0131r. Biz de Osmanl\u0131 Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e.&#8217;nin 2025 y\u0131l\u0131 ilk dokuz ayl\u0131k finansal raporlar\u0131n\u0131 mercek alt\u0131na ald\u0131k ve man\u015fetlerin ard\u0131ndaki en \u015fa\u015f\u0131rt\u0131c\u0131 ve etkili d\u00f6rt \u00e7\u0131kar\u0131m\u0131 sizin i\u00e7in bir araya getirdik. Bu analiz, \u015firketin k\u0131sa vadeli ve enflasyonla bozulan k\u00e2r rakamlar\u0131ndan ziyade, uzun vadeli ve temel pazar hakimiyeti i\u00e7in nas\u0131l stratejik ad\u0131mlar att\u0131\u011f\u0131n\u0131 g\u00f6zler \u00f6n\u00fcne seriyor.<\/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>Net K\u00e2r Neden Yan\u0131lt\u0131c\u0131 Bir G\u00f6sterge Olabilir: Osmanl\u0131 Yat\u0131r\u0131m Paradoksu<\/h3>\n<p>Raporlar\u0131 incelerken ilk bak\u0131\u015fta en \u00e7ok dikkat \u00e7eken veri, net d\u00f6nem k\u00e2r\u0131ndaki dramatik d\u00fc\u015f\u00fc\u015ft\u00fcr. 1 Ocak &#8211; 30 Eyl\u00fcl 2025 d\u00f6neminde \u015firketin net d\u00f6nem k\u00e2r\u0131 <b>48.514.819 TL<\/b> olarak ger\u00e7ekle\u015fti. Kar\u015f\u0131la\u015ft\u0131rma yapmak gerekirse, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6neminde, yani 1 Ocak &#8211; 30 Eyl\u00fcl 2024&#8217;te, bu rakam <b>500.257.465 TL<\/b> idi.<\/p>\n<p>\u0130lk bak\u0131\u015fta alarm verici olan bu d\u00fc\u015f\u00fc\u015f, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde y\u00fcksek enflasyonist ortamda uygulanan muhasebe standartlar\u0131ndan (TMS 29) kaynaklanan parasal pozisyon kay\u0131plar\u0131 ve artan finansman giderleri gibi operasyonel olmayan veya d\u00f6nemsel fakt\u00f6rlerden etkilenmi\u015ftir. Bu durum, \u015firketin operasyonel sa\u011fl\u0131\u011f\u0131n\u0131n net k\u00e2r rakam\u0131n\u0131n \u00f6tesinde aranmas\u0131 gerekti\u011fini g\u00f6stermektedir ve bir &#8220;b\u00fcy\u00fcme paradoksu&#8221; yaratmaktad\u0131r. Bu paradoksun ard\u0131ndaki ger\u00e7e\u011fi, \u015firketin k\u00e2rl\u0131l\u0131ktan ziyade pazar pay\u0131 ve varl\u0131k b\u00fcy\u00fcmesine odakland\u0131\u011f\u0131n\u0131 g\u00f6steren di\u011fer temel metrikler ayd\u0131nlat\u0131yor.<\/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>Piyasa K\u00fc\u00e7\u00fcl\u00fcrken Yat\u0131r\u0131mc\u0131 Taban\u0131n\u0131 B\u00fcy\u00fctmek<\/h3>\n<p>Finansal piyasalar\u0131n darald\u0131\u011f\u0131 bir d\u00f6nemde, bir arac\u0131 kurumun yat\u0131r\u0131mc\u0131 taban\u0131n\u0131 geni\u015fletmesi, onun pazar g\u00fcc\u00fcn\u00fc ve m\u00fc\u015fteri \u00e7ekme kabiliyetini g\u00f6steren en \u00f6nemli i\u015faretlerden biridir. Osmanl\u0131 Yat\u0131r\u0131m, bu konuda piyasan\u0131n genel e\u011filiminin tam tersi bir performans sergiliyor. Piyasa genelinde hisse senedi yat\u0131r\u0131mc\u0131 say\u0131s\u0131 y\u0131l ba\u015f\u0131na g\u00f6re <b>%7,35&#8217;lik bir d\u00fc\u015f\u00fc\u015f<\/b> ya\u015farken, Osmanl\u0131 Yat\u0131r\u0131m ayn\u0131 d\u00f6nemde hisse senedi yat\u0131r\u0131mc\u0131 say\u0131s\u0131n\u0131 <b>%5,58 oran\u0131nda art\u0131rarak<\/b> piyasa pay\u0131n\u0131 <b>%0,422<\/b> seviyesine ta\u015f\u0131d\u0131. Bu veri, \u015firketin pazar daral\u0131rken bile proaktif bir \u015fekilde yeni m\u00fc\u015fteri kazanma ve uzun vadeli pazar konumland\u0131rmas\u0131n\u0131 g\u00fc\u00e7lendirme konusundaki ba\u015far\u0131s\u0131n\u0131 net bir \u015fekilde ortaya koyan g\u00fc\u00e7l\u00fc ve kar\u015f\u0131t bir g\u00f6stergedir.<\/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>Portf\u00f6y Y\u00f6netiminde Patlama: Y\u00f6netilen Varl\u0131klar U\u00e7u\u015fa Ge\u00e7ti<\/h3>\n<p>Osmanl\u0131 Yat\u0131r\u0131m&#8217;\u0131n ba\u015far\u0131s\u0131 sadece arac\u0131 kurum faaliyetleriyle s\u0131n\u0131rl\u0131 de\u011fil. \u015eirketin ba\u011fl\u0131 ortakl\u0131\u011f\u0131 olan Osmanl\u0131 Portf\u00f6y Y\u00f6netimi&#8217;nin kaydetti\u011fi ola\u011fan\u00fcst\u00fc b\u00fcy\u00fcme, grubun varl\u0131k y\u00f6netimi alan\u0131ndaki g\u00fcc\u00fcn\u00fc ve potansiyelini g\u00f6zler \u00f6n\u00fcne seriyor. Osmanl\u0131 Portf\u00f6y&#8217;\u00fcn y\u00f6netti\u011fi fon portf\u00f6y b\u00fcy\u00fckl\u00fc\u011f\u00fc Aral\u0131k 2024&#8217;te <b>3.706.621.116 TL<\/b> iken, Eyl\u00fcl 2025 itibar\u0131yla bu rakam dokuz ayl\u0131k bir s\u00fcrede yakla\u015f\u0131k %65&#8217;lik bir art\u0131\u015fla <b>6.119.166.482 TL<\/b>&#8216;ye ula\u015ft\u0131. Bu etkileyici b\u00fcy\u00fcme, \u015firketin sadece arac\u0131l\u0131k hizmetlerinde de\u011fil, ayn\u0131 zamanda varl\u0131k y\u00f6netimi gibi stratejik bir alanda da ne kadar iddial\u0131 ve ba\u015far\u0131l\u0131 bir konuma geldi\u011fini kan\u0131tl\u0131yor.<\/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>Gelece\u011fe Yat\u0131r\u0131m: Devasa Sermaye Tavan\u0131 ve Yeni Ufuklar<\/h3>\n<p>Bir \u015firketin gelece\u011fe y\u00f6nelik vizyonu, att\u0131\u011f\u0131 stratejik ad\u0131mlarda gizlidir. Osmanl\u0131 Yat\u0131r\u0131m, 2025 y\u0131l\u0131 i\u00e7inde att\u0131\u011f\u0131 iki \u00f6nemli ad\u0131mla gelecekteki b\u00fcy\u00fcme planlar\u0131 i\u00e7in ne kadar haz\u0131rl\u0131kl\u0131 oldu\u011funu g\u00f6sterdi. Bu iki hamle, birbiriyle entegre bir stratejinin par\u00e7alar\u0131d\u0131r. \u015eirket, kay\u0131tl\u0131 sermaye tavan\u0131n\u0131 <b>50 milyon TL&#8217;den 5 milyar TL&#8217;ye<\/b> \u00e7\u0131kararak 100 katl\u0131k rekor bir art\u0131\u015fa imza att\u0131. Bu hamle, gelecekteki potansiyel halka arzlar, birle\u015fme ve sat\u0131n almalar i\u00e7in finansal altyap\u0131y\u0131 haz\u0131rlarken; 26 Mart 2025&#8217;te kurulan <b>Osmanl\u0131 Varl\u0131k Kiralama A.\u015e.<\/b> adl\u0131 yeni ba\u011fl\u0131 ortakl\u0131k, sukuk gibi faizsiz finans \u00fcr\u00fcnleriyle yeni bir yat\u0131r\u0131mc\u0131 taban\u0131n\u0131 hedefleyerek \u015firketin gelir kanallar\u0131n\u0131 ve pazar eri\u015fimini proaktif olarak \u00e7e\u015fitlendirdi\u011fini ortaya koymaktad\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>Sonu\u00e7<\/h3>\n<p>Osmanl\u0131 Yat\u0131r\u0131m&#8217;\u0131n 2025 ilk dokuz ayl\u0131k raporu, ilk bak\u0131\u015fta g\u00f6r\u00fclen net k\u00e2r d\u00fc\u015f\u00fc\u015f\u00fcn\u00fcn ne kadar yan\u0131lt\u0131c\u0131 olabilece\u011fini g\u00f6steren m\u00fckemmel bir \u00f6rnek. Yat\u0131r\u0131mc\u0131 say\u0131s\u0131ndaki piyasa kar\u015f\u0131t\u0131 art\u0131\u015f, y\u00f6netilen varl\u0131k b\u00fcy\u00fckl\u00fc\u011f\u00fcndeki patlama ve gelece\u011fe y\u00f6nelik at\u0131lan stratejik sermaye hamleleri gibi temel g\u00f6stergeler, \u015firketin asl\u0131nda gelece\u011fe y\u00f6nelik g\u00fc\u00e7l\u00fc bir b\u00fcy\u00fcme momentumu yakalad\u0131\u011f\u0131n\u0131 g\u00f6steriyor.<\/p>\n<p>Peki, k\u0131sa vadeli k\u00e2rl\u0131l\u0131ktan feragat ederek pazar pay\u0131, y\u00f6netilen varl\u0131k ve stratejik esneklik gibi temel g\u00fc\u00e7lere odaklanan bu strateji, Osmanl\u0131 Yat\u0131r\u0131m&#8217;\u0131 sekt\u00f6rdeki bir sonraki konsolidasyon dalgas\u0131n\u0131n lideri yapabilir mi?<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Osmanl\u0131 Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e. ve Ba\u011fl\u0131 Ortakl\u0131klar\u0131: 30 Eyl\u00fcl 2025 Durum De\u011ferlendirmesi<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing belgesi, Osmanl\u0131 Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e. ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (&#8220;Grup&#8221;) 30 Eyl\u00fcl 2025 itibar\u0131yla finansal performans\u0131n\u0131, operasyonel faaliyetlerini ve stratejik konumunu, sunulan konsolide SPK raporu ve faaliyet raporu temelinde analiz etmektedir.<\/p>\n<p>2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda Grup, varl\u0131klar\u0131n\u0131 bir \u00f6nceki y\u0131l sonuna g\u00f6re art\u0131rarak <b>4,81 milyar TL<\/b>&#8216;ye \u00e7\u0131karm\u0131\u015ft\u0131r. Toplam y\u00fck\u00fcml\u00fcl\u00fckler 2,3 milyar TL seviyesinde ger\u00e7ekle\u015firken, \u00f6zkaynaklar 2,51 milyar TL olarak kaydedilmi\u015ftir. Grubun finansal yap\u0131s\u0131, toplam y\u00fck\u00fcml\u00fcl\u00fcklerin \u00f6zkaynaklara oran\u0131n\u0131n 0,92 olmas\u0131yla g\u00fc\u00e7l\u00fc bir sermaye taban\u0131na i\u015faret etmektedir.<\/p>\n<p>Bununla birlikte, Grubun 1 Ocak &#8211; 30 Eyl\u00fcl 2025 d\u00f6nemindeki net k\u00e2r\u0131, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine k\u0131yasla \u00f6nemli bir d\u00fc\u015f\u00fc\u015f g\u00f6stererek <b>48,5 milyon TL<\/b> olarak ger\u00e7ekle\u015fmi\u015ftir (30 Eyl\u00fcl 2024: 500,3 milyon TL). Bu d\u00fc\u015f\u00fc\u015f, \u00f6zellikle Net Parasal Pozisyon Kay\u0131plar\u0131 ve finans sekt\u00f6r\u00fc faaliyetlerindeki maliyet art\u0131\u015flar\u0131ndan kaynaklanmaktad\u0131r.<\/p>\n<p>Operasyonel olarak Grup, m\u00fc\u015fteri taban\u0131n\u0131 geni\u015fletmeye ve hizmet \u00e7e\u015fitlili\u011fini art\u0131rmaya devam etmi\u015ftir. 26 Mart 2025&#8217;te kira sertifikas\u0131 ihra\u00e7 etmek amac\u0131yla <b>Osmanl\u0131 Varl\u0131k Kiralama A.\u015e.<\/b> ad\u0131yla yeni bir ba\u011fl\u0131 ortakl\u0131k kurulmu\u015ftur. Ba\u011fl\u0131 ortakl\u0131k Osmanl\u0131 Portf\u00f6y Y\u00f6netimi A.\u015e. taraf\u0131ndan y\u00f6netilen fon b\u00fcy\u00fckl\u00fc\u011f\u00fc, 2024 sonundaki 3,7 milyar TL&#8217;den Eyl\u00fcl 2025 itibar\u0131yla <b>6,1 milyar TL<\/b>&#8216;ye y\u00fckselmi\u015ftir. Grup, teknoloji altyap\u0131s\u0131na, m\u00fc\u015fteri ili\u015fkileri y\u00f6netimine ve \u00e7al\u0131\u015fan e\u011fitimlerine yat\u0131r\u0131m yaparak rekabet g\u00fcc\u00fcn\u00fc art\u0131rma stratejisini s\u00fcrd\u00fcrmektedir.<\/p>\n<p>Ekonomik konjonkt\u00fcr, k\u00fcresel \u00f6l\u00e7ekte enflasyonla m\u00fccadele ve temkinli para politikalar\u0131 ile \u015fekillenirken, T\u00fcrkiye&#8217;de s\u0131k\u0131 para politikas\u0131 duru\u015fu ve enflasyondaki d\u00fc\u015f\u00fc\u015f e\u011filimi (Eyl\u00fcl 2025&#8217;te y\u0131ll\u0131k %28,50) \u00f6ne \u00e7\u0131kmaktad\u0131r. Grup, bu makroekonomik ortamda risk y\u00f6netimi politikalar\u0131n\u0131 etkin bir \u015fekilde uygulayarak ve sermaye yeterlili\u011fini koruyarak faaliyetlerini 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>1. Konsolide Finansal Performans Analizi (1 Ocak &#8211; 30 Eyl\u00fcl 2025)<\/h2>\n<h3>1.1. Finansal Durum Tablosu (Bilan\u00e7o)<\/h3>\n<p>Grup&#8217;un 30 Eyl\u00fcl 2025 tarihli konsolide finansal durumu, bir \u00f6nceki y\u0131l sonuna g\u00f6re varl\u0131klar\u0131nda art\u0131\u015f oldu\u011funu g\u00f6stermektedir. Varl\u0131klardaki art\u0131\u015f a\u011f\u0131rl\u0131kl\u0131 olarak d\u00f6nen varl\u0131klardaki finansal yat\u0131r\u0131mlar ve ticari alacaklardan kaynaklanm\u0131\u015ft\u0131r.<\/p>\n<p><b>\u00d6zet Konsolide Finansal Durum Tablosu (TL)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalemler<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nen Varl\u0131klar<\/b><\/td>\n<td>4.162.264.983<\/td>\n<td>3.955.100.457<\/td>\n<td>+%5,2<\/td>\n<\/tr>\n<tr>\n<td><i>Nakit ve Nakit Benzerleri<\/i><\/td>\n<td>1.347.049.211<\/td>\n<td>1.639.312.883<\/td>\n<td>-%17,8<\/td>\n<\/tr>\n<tr>\n<td><i>Finansal Yat\u0131r\u0131mlar<\/i><\/td>\n<td>1.465.544.104<\/td>\n<td>1.252.271.477<\/td>\n<td>+%17,0<\/td>\n<\/tr>\n<tr>\n<td><i>Ticari Alacaklar<\/i><\/td>\n<td>1.157.253.384<\/td>\n<td>878.098.728<\/td>\n<td>+%31,8<\/td>\n<\/tr>\n<tr>\n<td><b>Duran Varl\u0131klar<\/b><\/td>\n<td>647.896.961<\/td>\n<td>714.312.050<\/td>\n<td>-%9,3<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM VARLIKLAR<\/b><\/td>\n<td><b>4.810.161.945<\/b><\/td>\n<td><b>4.669.412.507<\/b><\/td>\n<td><b>+%3,0<\/b><\/td>\n<\/tr>\n<tr>\n<td>&nbsp;<\/td>\n<td>&nbsp;<\/td>\n<td>&nbsp;<\/td>\n<td>&nbsp;<\/td>\n<\/tr>\n<tr>\n<td><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>2.246.500.947<\/td>\n<td>2.105.397.451<\/td>\n<td>+%6,7<\/td>\n<\/tr>\n<tr>\n<td><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>52.972.017<\/td>\n<td>23.797.835<\/td>\n<td>+%122,6<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM Y\u00dcK\u00dcML\u00dcL\u00dcKLER<\/b><\/td>\n<td><b>2.299.472.964<\/b><\/td>\n<td><b>2.129.195.286<\/b><\/td>\n<td><b>+%8,0<\/b><\/td>\n<\/tr>\n<tr>\n<td>&nbsp;<\/td>\n<td>&nbsp;<\/td>\n<td>&nbsp;<\/td>\n<td>&nbsp;<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td>2.510.688.981<\/td>\n<td>2.540.217.220<\/td>\n<td>-%1,2<\/td>\n<\/tr>\n<tr>\n<td><i>\u00d6denmi\u015f Sermaye<\/i><\/td>\n<td>400.000.000<\/td>\n<td>400.000.000<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td><i>Ge\u00e7mi\u015f Y\u0131llar K\u00e2rlar\u0131<\/i><\/td>\n<td>1.523.146.751<\/td>\n<td>1.263.351.065<\/td>\n<td>+%20,6<\/td>\n<\/tr>\n<tr>\n<td><i>Net D\u00f6nem K\u00e2r\u0131<\/i><\/td>\n<td>48.514.819<\/td>\n<td>362.114.230<\/td>\n<td>-%86,6<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM KAYNAKLAR<\/b><\/td>\n<td><b>4.810.161.945<\/b><\/td>\n<td><b>4.669.412.506<\/b><\/td>\n<td><b>+%3,0<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Varl\u0131k Yap\u0131s\u0131:<\/b> Toplam varl\u0131klar %3 art\u0131\u015fla 4,81 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. Bu art\u0131\u015f, \u00f6zellikle kredili m\u00fc\u015fteri alacaklar\u0131ndaki y\u00fckseli\u015fle birlikte Ticari Alacaklar kalemindeki %31,8&#8217;lik ve Finansal Yat\u0131r\u0131mlar kalemindeki %17,0&#8217;lik b\u00fcy\u00fcmeden kaynaklanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Y\u00fck\u00fcml\u00fcl\u00fck Yap\u0131s\u0131:<\/b> Toplam y\u00fck\u00fcml\u00fcl\u00fckler %8 art\u0131\u015f g\u00f6stermi\u015ftir. Uzun vadeli y\u00fck\u00fcml\u00fcl\u00fcklerdeki %122,6&#8217;l\u0131k art\u0131\u015f, \u00f6zellikle \u00e7al\u0131\u015fanlara sa\u011flanan faydalara ili\u015fkin uzun vadeli kar\u015f\u0131l\u0131klardaki art\u0131\u015ftan kaynaklanmaktad\u0131r.<\/li>\n<li><b>\u00d6zkaynak Yap\u0131s\u0131:<\/b> Toplam \u00f6zkaynaklar, 2024 y\u0131l\u0131 sonuna g\u00f6re %1,2&#8217;lik s\u0131n\u0131rl\u0131 bir d\u00fc\u015f\u00fc\u015fle 2,51 milyar TL olarak ger\u00e7ekle\u015fmi\u015ftir. Net d\u00f6nem k\u00e2r\u0131ndaki d\u00fc\u015f\u00fc\u015f, bu durumu etkileyen ana fakt\u00f6rd\u00fcr.<\/li>\n<\/ul>\n<h3>1.2. K\u00e2r veya Zarar ve Di\u011fer Kapsaml\u0131 Gelir Tablosu<\/h3>\n<p>Grup, 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine k\u0131yasla \u00f6nemli \u00f6l\u00e7\u00fcde daha d\u00fc\u015f\u00fck bir net k\u00e2r a\u00e7\u0131klam\u0131\u015ft\u0131r.<\/p>\n<p><b>\u00d6zet Konsolide K\u00e2r veya Zarar Tablosu (TL)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalemler<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2025<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2024<\/td>\n<\/tr>\n<tr>\n<td>Finans Sekt\u00f6r\u00fc Faaliyetleri Has\u0131lat\u0131<\/td>\n<td>10.248.256.160<\/td>\n<td>5.591.608.056<\/td>\n<\/tr>\n<tr>\n<td>Finans Sekt\u00f6r\u00fc Faaliyetleri Maliyeti (-)<\/td>\n<td>(9.005.403.005)<\/td>\n<td>(4.302.473.961)<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td><b>1.242.853.155<\/b><\/td>\n<td><b>1.289.134.095<\/b><\/td>\n<\/tr>\n<tr>\n<td>Genel Y\u00f6netim Giderleri (-)<\/td>\n<td>(794.499.114)<\/td>\n<td>(772.618.736)<\/td>\n<\/tr>\n<tr>\n<td>Pazarlama Giderleri (-)<\/td>\n<td>(248.541.073)<\/td>\n<td>(249.253.557)<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131<\/b><\/td>\n<td><b>238.697.005<\/b><\/td>\n<td><b>334.454.838<\/b><\/td>\n<\/tr>\n<tr>\n<td>Net Parasal Pozisyon Kazan\u00e7lar\u0131\/(Kay\u0131plar\u0131)<\/td>\n<td>(434.620.357)<\/td>\n<td>(561.695.343)<\/td>\n<\/tr>\n<tr>\n<td>S\u00fcrd\u00fcr\u00fclen Faaliyetler Vergi \u00d6ncesi K\u00e2r\u0131<\/td>\n<td>111.190.791<\/td>\n<td>697.595.493<\/td>\n<\/tr>\n<tr>\n<td><b>S\u00fcrd\u00fcr\u00fclen Faaliyetler D\u00f6nem K\u00e2r\u0131<\/b><\/td>\n<td><b>48.514.819<\/b><\/td>\n<td><b>500.257.465<\/b><\/td>\n<\/tr>\n<tr>\n<td>Pay Ba\u015f\u0131na Kazan\u00e7<\/td>\n<td>0,12<\/td>\n<td>24,05<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Has\u0131lat ve K\u00e2rl\u0131l\u0131k:<\/b> Finans sekt\u00f6r\u00fc faaliyetlerinden elde edilen has\u0131lat ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re artm\u0131\u015f olsa da, maliyetlerdeki daha y\u00fcksek art\u0131\u015f nedeniyle br\u00fct k\u00e2rda hafif bir d\u00fc\u015f\u00fc\u015f ya\u015fanm\u0131\u015ft\u0131r. Esas faaliyet k\u00e2r\u0131 da ge\u00e7en y\u0131la g\u00f6re gerilemi\u015ftir.<\/li>\n<li><b>Net K\u00e2r:<\/b> D\u00f6nem net k\u00e2r\u0131 48,5 milyon TL&#8217;ye gerilemi\u015ftir. Bu d\u00fc\u015f\u00fc\u015fte, y\u00fcksek enflasyon ortam\u0131n\u0131n bir yans\u0131mas\u0131 olan ve 434,6 milyon TL olarak kaydedilen Net Parasal Pozisyon Kay\u0131plar\u0131 \u00f6nemli bir rol oynam\u0131\u015ft\u0131r.<\/li>\n<li><b>Pay Ba\u015f\u0131na Kazan\u00e7:<\/b> Net k\u00e2rdaki d\u00fc\u015f\u00fc\u015fe paralel olarak pay ba\u015f\u0131na kazan\u00e7 24,05 TL&#8217;den 0,12 TL&#8217;ye gerilemi\u015ftir.<\/li>\n<\/ul>\n<h3>1.3. Finansal Oranlar<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Oran<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<td>Yorum<\/td>\n<\/tr>\n<tr>\n<td>Cari Oran (D\u00f6nen Varl\u0131klar \/ KVY)<\/td>\n<td>1,85<\/td>\n<td>1,88<\/td>\n<td>K\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fckleri kar\u015f\u0131lama g\u00fcc\u00fc y\u00fcksek seviyede korunmaktad\u0131r.<\/td>\n<\/tr>\n<tr>\n<td>Kald\u0131ra\u00e7 Oran\u0131 (Toplam Y\u00fck\u00fcml\u00fcl\u00fckler \/ Toplam Varl\u0131klar)<\/td>\n<td>0,48<\/td>\n<td>0,46<\/td>\n<td>Varl\u0131klar\u0131n yakla\u015f\u0131k %48&#8217;i yabanc\u0131 kaynaklarla finanse edilmektedir.<\/td>\n<\/tr>\n<tr>\n<td>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler \/ Toplam \u00d6zkaynaklar<\/td>\n<td>0,92<\/td>\n<td>0,84<\/td>\n<td>\u00d6zkaynaklar, toplam y\u00fck\u00fcml\u00fcl\u00fcklerden daha fazlad\u0131r, bu da g\u00fc\u00e7l\u00fc bir sermaye yap\u0131s\u0131na i\u015faret eder.<\/td>\n<\/tr>\n<tr>\n<td>Aktif K\u00e2rl\u0131l\u0131\u011f\u0131 (Net K\u00e2r \/ Toplam Varl\u0131klar)<\/td>\n<td>%1,01<\/td>\n<td>%7,75<\/td>\n<td>K\u00e2rl\u0131l\u0131ktaki d\u00fc\u015f\u00fc\u015fe ba\u011fl\u0131 olarak varl\u0131klar\u0131n k\u00e2r yaratma verimlili\u011fi azalm\u0131\u015ft\u0131r.<\/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<h2>2. Kurumsal Yap\u0131 ve Operasyonel Faaliyetler<\/h2>\n<h3>2.1. Grup Yap\u0131s\u0131 ve Faaliyet Konusu<\/h3>\n<p>Osmanl\u0131 Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e. (&#8220;\u015eirket&#8221; veya &#8220;Ana Ortakl\u0131k&#8221;), ba\u011fl\u0131 ortakl\u0131klar\u0131 olan <b>Osmanl\u0131 Portf\u00f6y Y\u00f6netimi A.\u015e.<\/b> ve <b>Osmanl\u0131 Varl\u0131k Kiralama A.\u015e.<\/b> ile birlikte &#8220;Grup&#8221; olarak an\u0131lmaktad\u0131r.<\/p>\n<ul>\n<li><b>Osmanl\u0131 Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e.:<\/b> SPK&#8217;dan &#8220;Geni\u015f Yetkili Arac\u0131 Kurum&#8221; belgesine sahip olan \u015eirket; i\u015flem arac\u0131l\u0131\u011f\u0131, portf\u00f6y arac\u0131l\u0131\u011f\u0131, bireysel portf\u00f6y y\u00f6neticili\u011fi, yat\u0131r\u0131m dan\u0131\u015fmanl\u0131\u011f\u0131, halka arza arac\u0131l\u0131k ve s\u0131n\u0131rl\u0131 saklama hizmeti gibi geni\u015f bir yelpazede yat\u0131r\u0131m hizmetleri sunmaktad\u0131r.<\/li>\n<li><b>Osmanl\u0131 Portf\u00f6y Y\u00f6netimi A.\u015e.:<\/b> 11 Mart 2015&#8217;te kurulan bu ba\u011fl\u0131 ortakl\u0131k, yat\u0131r\u0131m fonlar\u0131n\u0131n kurulmas\u0131 ve y\u00f6netimi alan\u0131nda faaliyet g\u00f6stermektedir. 30 Eyl\u00fcl 2025 itibar\u0131yla 23 adet yat\u0131r\u0131m fonunun portf\u00f6y y\u00f6neticili\u011fini yapmaktad\u0131r.<\/li>\n<li><b>Osmanl\u0131 Varl\u0131k Kiralama A.\u015e.:<\/b> 26 Mart 2025&#8217;te kurulan yeni ba\u011fl\u0131 ortakl\u0131k, Sermaye Piyasas\u0131 Kanunu ve ilgili mevzuat h\u00fck\u00fcmlerine uygun olarak kira sertifikas\u0131 ihra\u00e7 etmek amac\u0131yla kurulmu\u015ftur.<\/li>\n<\/ul>\n<h3>2.2. Sermaye ve Ortakl\u0131k Yap\u0131s\u0131<\/h3>\n<ul>\n<li><b>Sermaye:<\/b> \u015eirket&#8217;in \u00e7\u0131kar\u0131lm\u0131\u015f ve \u00f6denmi\u015f sermayesi <b>400.000.000 TL<\/b>&#8216;dir. Kay\u0131tl\u0131 sermaye tavan\u0131 ise 2025 y\u0131l\u0131 i\u00e7inde yap\u0131lan esas s\u00f6zle\u015fme de\u011fi\u015fikli\u011fi ile 50 milyon TL&#8217;den <b>5 milyar TL<\/b>&#8216;ye y\u00fckseltilmi\u015ftir.<\/li>\n<li><b>Ortakl\u0131k Yap\u0131s\u0131:<\/b> 30 Eyl\u00fcl 2025 itibar\u0131yla ana hissedar, A ve B grubu paylar\u0131n toplam %58,74&#8217;\u00fcne sahip olan <b>\u00d6mer Z\u00fcht\u00fc Topba\u015f<\/b>&#8216;t\u0131r. \u015eirket sermayesinin <b>%31,16<\/b>&#8216;s\u0131 halka a\u00e7\u0131kt\u0131r. A grubu paylar, y\u00f6netim kurulu \u00fcyelerinin yar\u0131s\u0131n\u0131 aday g\u00f6sterme imtiyaz\u0131na sahiptir.<\/li>\n<\/ul>\n<h3>2.3. Y\u00f6netim ve Kurumsal Y\u00f6netim<\/h3>\n<ul>\n<li><b>Y\u00f6netim Kurulu:<\/b> Y\u00f6netim Kurulu Ba\u015fkan\u0131 \u00d6mer Z\u00fcht\u00fc Topba\u015f&#8217;t\u0131r. Kurulda Erdo\u011fan Y\u0131lmaz ve Ethem Kutucular ba\u011f\u0131ms\u0131z \u00fcye olarak g\u00f6rev yapmaktad\u0131r.<\/li>\n<li><b>Komiteler:<\/b> \u015eirket b\u00fcnyesinde Denetimden Sorumlu Komite, Kurumsal Y\u00f6netim Komitesi, Riskin Erken Saptanmas\u0131 Komitesi, Bilgi Teknolojileri Komitesi, Ki\u015fisel Verilerin Korunmas\u0131 Komitesi ve Bilgi G\u00fcvenli\u011fi ve Risk Y\u00f6netimi Komitesi gibi etkin \u00e7al\u0131\u015fan komiteler bulunmaktad\u0131r.<\/li>\n<li><b>Kurumsal Y\u00f6netim Uyum:<\/b> \u015eirket, SPK&#8217;n\u0131n Kurumsal Y\u00f6netim Tebli\u011fi ile zorunlu tutulan ilkelere uyum sa\u011flam\u0131\u015f olup, zorunlu olmayan ilkeler konusunda da \u00e7al\u0131\u015fmalar\u0131n\u0131 s\u00fcrd\u00fcrmektedir.<\/li>\n<\/ul>\n<h3>2.4. Operasyonel Performans ve \u0130\u015f Kollar\u0131<\/h3>\n<p>Grup, m\u00fc\u015fterilerini varl\u0131k b\u00fcy\u00fckl\u00fcklerine g\u00f6re segmentlere ay\u0131rarak hizmet sunmaktad\u0131r:<\/p>\n<ul>\n<li><b>Varl\u0131k Y\u00f6netimi:<\/b> Varl\u0131\u011f\u0131 50.000.000 TL \u00fczerindeki m\u00fc\u015fterilere, daha \u00e7ok d\u00fczenli gelire odaklanan ve az risk almak isteyenler i\u00e7in hizmet sunulmaktad\u0131r.<\/li>\n<li><b>Yat\u0131r\u0131m Dan\u0131\u015fmanl\u0131\u011f\u0131:<\/b> Varl\u0131\u011f\u0131 50.000.000 TL \u00fczerindeki m\u00fc\u015fterilere, \u00f6zellikle hisse ve t\u00fcrev \u00fcr\u00fcnler kapsam\u0131nda uzman dan\u0131\u015fmanlarla hizmet verilmektedir.<\/li>\n<li><b>Finansal Dan\u0131\u015fmanl\u0131k:<\/b> Varl\u0131\u011f\u0131 10.000.000 TL ile 50.000.000 TL aras\u0131ndaki m\u00fc\u015fterilere hizmet sunulmaktad\u0131r.<\/li>\n<li><b>Yat\u0131r\u0131m Hizmetleri:<\/b> Varl\u0131\u011f\u0131 1.000.000 TL ile 10.000.000 TL aras\u0131ndaki m\u00fc\u015fterilere odaklan\u0131lmaktad\u0131r.<\/li>\n<\/ul>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla 10.000 ABD Dolar\u0131 ve \u00fczeri varl\u0131\u011fa sahip m\u00fc\u015fteri say\u0131s\u0131 <b>17.595<\/b>, bu m\u00fc\u015fterilerin toplam varl\u0131k b\u00fcy\u00fckl\u00fc\u011f\u00fc ise <b>46,7 milyar TL<\/b>&#8216;dir.<\/p>\n<p><b>Sekt\u00f6r \u0130\u00e7indeki Konum (30.09.2025):<\/b><\/p>\n<ul>\n<li><b>Hisse Senedi Yat\u0131r\u0131mc\u0131s\u0131:<\/b> \u015eirket m\u00fc\u015fterileri aras\u0131nda hisse senedi bakiyesi bulunanlar\u0131n say\u0131s\u0131 <b>26.566<\/b> olup, pazar pay\u0131 binde 4,22&#8217;dir. Piyasadaki yat\u0131r\u0131mc\u0131 say\u0131s\u0131 y\u0131l ba\u015f\u0131na g\u00f6re azal\u0131rken, \u015eirket&#8217;in m\u00fc\u015fteri say\u0131s\u0131 %5,58 artm\u0131\u015ft\u0131r.<\/li>\n<li><b>Yat\u0131r\u0131m Fonu:<\/b> Osmanl\u0131 Portf\u00f6y Y\u00f6netimi&#8217;nin y\u00f6netti\u011fi fon portf\u00f6y b\u00fcy\u00fckl\u00fc\u011f\u00fc, 2024 y\u0131l sonuna g\u00f6re %65 artarak <b>6,12 milyar TL<\/b>&#8216;ye ula\u015fm\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>3. Ekonomik Konjonkt\u00fcr ve Sekt\u00f6r De\u011ferlendirmesi<\/h2>\n<h3>3.1. K\u00fcresel ve Yerel Ekonomik G\u00f6r\u00fcn\u00fcm<\/h3>\n<ul>\n<li><b>K\u00fcresel Ekonomi:<\/b> 2025&#8217;in ilk dokuz ay\u0131nda k\u00fcresel ekonomi, enflasyondaki d\u00fc\u015f\u00fc\u015f e\u011filimi ile karakterize olmu\u015ftur. Geli\u015fmi\u015f ekonomilerde enflasyonun %2,3 seviyesine gerilemesiyle birlikte FED, ECB ve BoE gibi merkez bankalar\u0131 temkinli faiz indirimlerine ba\u015flam\u0131\u015ft\u0131r. \u00c7in ekonomisi ise zay\u0131f i\u00e7 talep ve emlak sekt\u00f6r\u00fcndeki sorunlara ra\u011fmen geni\u015flemeci ad\u0131mlar atm\u0131\u015ft\u0131r.<\/li>\n<li><b>T\u00fcrkiye Ekonomisi:<\/b> T\u00fcrkiye&#8217;de s\u0131k\u0131 para politikas\u0131 duru\u015fu korunmu\u015f ve enflasyonda d\u00fc\u015f\u00fc\u015f e\u011filimi s\u00fcrm\u00fc\u015ft\u00fcr. T\u00dc\u0130K verilerine g\u00f6re Eyl\u00fcl 2025&#8217;te y\u0131ll\u0131k enflasyon <b>%28,50<\/b> ile Kas\u0131m 2021&#8217;den bu yana en d\u00fc\u015f\u00fck seviyesine gerilemi\u015ftir. D\u00f6viz kurunda dalgal\u0131 bir seyir izlenmi\u015f, TCMB&#8217;nin rezerv pozisyonunda iyile\u015fme g\u00f6zlenmi\u015ftir.<\/li>\n<\/ul>\n<h3>3.2. Sermaye Piyasalar\u0131 ve Sekt\u00f6r<\/h3>\n<p>Sermaye piyasalar\u0131nda bireysel yat\u0131r\u0131mc\u0131 taban\u0131 geni\u015flemesini s\u00fcrd\u00fcrm\u00fc\u015ft\u00fcr. Borsa \u0130stanbul&#8217;da d\u00f6nemsel oynakl\u0131k artarken, devlet i\u00e7 bor\u00e7lanma senetlerine talep g\u00fc\u00e7l\u00fc kalm\u0131\u015ft\u0131r. T\u00fcrev piyasalar\u0131nda i\u015flem hacimleri, riskten korunma ama\u00e7l\u0131 kullan\u0131m\u0131n artmas\u0131yla y\u00fckselmi\u015ftir. Bu d\u00f6nem, yat\u0131r\u0131mc\u0131lar ve \u015firketler i\u00e7in risk y\u00f6netimi ve portf\u00f6y \u00e7e\u015fitlili\u011finin \u00f6nem kazand\u0131\u011f\u0131 bir s\u00fcre\u00e7 olmu\u015ftur.<\/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>4. Risk Y\u00f6netimi ve Stratejik De\u011ferlendirme<\/h2>\n<h3>4.1. Risk Y\u00f6netimi Politikalar\u0131<\/h3>\n<p>Grup, faaliyetlerinden kaynaklanan finansal riskleri etkin bir \u015fekilde y\u00f6netmektedir.<\/p>\n<ul>\n<li><b>Kredi Riski:<\/b> Grubun kredi riski temel olarak ticari alacaklar\u0131ndan kaynaklanmaktad\u0131r. 30 Eyl\u00fcl 2025 itibar\u0131yla 1,09 milyar TL&#8217;lik kredili m\u00fc\u015fteri alaca\u011f\u0131na kar\u015f\u0131l\u0131k, piyasa de\u011feri 5,8 milyar TL olan hisse senedi teminat\u0131 bulunmaktad\u0131r.<\/li>\n<li><b>Likidite Riski:<\/b> Y\u00f6netim, yeterli nakit ve benzeri kaynaklar\u0131 bulundurarak fonlama y\u00fck\u00fcml\u00fcl\u00fcklerini kar\u015f\u0131lama riskini y\u00f6netmektedir.<\/li>\n<li><b>Piyasa Riski:<\/b>\n<ul>\n<li><b>Kur Riski:<\/b> 30 Eyl\u00fcl 2025 itibar\u0131yla Grubun net yabanc\u0131 para varl\u0131k pozisyonu 10,8 milyon TL&#8217;dir. Bu durum, kur dalgalanmalar\u0131na kar\u015f\u0131 \u00f6nemli bir risk ta\u015f\u0131mad\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/li>\n<li><b>Faiz Oran\u0131 Riski:<\/b> Grup, faize duyarl\u0131 varl\u0131k ve y\u00fck\u00fcml\u00fcl\u00fcklerini dengeleyerek faiz oran\u0131 riskine maruz kalmaktad\u0131r. Faiz oranlar\u0131ndaki 100 baz puanl\u0131k bir de\u011fi\u015fimin k\u00e2r \u00fczerindeki etkisinin 4,8 milyon TL olaca\u011f\u0131 \u00f6ng\u00f6r\u00fclmektedir.<\/li>\n<li><b>Fiyat Riski:<\/b> Grup, hisse senedi ve yat\u0131r\u0131m fonu pozisyonlar\u0131 nedeniyle fiyat riskine maruz kalmaktad\u0131r. BIST endeksindeki %10&#8217;luk bir de\u011fi\u015fimin net k\u00e2ra etkisinin 1,85 milyon TL, yat\u0131r\u0131m fonu piyasa de\u011ferlerindeki %10&#8217;luk de\u011fi\u015fimin ise 51 milyon TL olaca\u011f\u0131 hesaplanmaktad\u0131r.<\/li>\n<\/ul>\n<\/li>\n<li><b>Sermaye Yeterlili\u011fi:<\/b> Grup, SPK&#8217;n\u0131n ilgili tebli\u011flerine uymaktad\u0131r. Geni\u015f yetkili arac\u0131 kurum olmas\u0131 nedeniyle 30 Eyl\u00fcl 2025 itibar\u0131yla gerekli olan asgari \u00f6zsermaye tutar\u0131 300 milyon TL olup, Grubun 2,51 milyar TL&#8217;lik \u00f6zkayna\u011f\u0131 bu gereklili\u011fin olduk\u00e7a \u00fczerindedir.<\/li>\n<\/ul>\n<h3>4.2. Stratejik \u00d6ncelikler ve \u0130nsan Kaynaklar\u0131<\/h3>\n<ul>\n<li><b>Teknoloji ve Dijitalle\u015fme:<\/b> Bilgi i\u015flem altyap\u0131s\u0131, elektronik i\u015flem platformlar\u0131 ve internet siteleri m\u00fc\u015fteri ihtiya\u00e7lar\u0131 ve rekabet ko\u015fullar\u0131 do\u011frultusunda s\u00fcrekli geli\u015ftirilmektedir. M\u00fc\u015fteri ili\u015fkileri y\u00f6netimi (CRM) sistemi ve \u00e7a\u011fr\u0131 merkezi altyap\u0131s\u0131 olu\u015fturulmu\u015ftur.<\/li>\n<li><b>\u00c7al\u0131\u015fan Geli\u015fimi:<\/b> \u00c7al\u0131\u015fanlar\u0131n profesyonel ve ki\u015fisel geli\u015fimine \u00f6nem verilmektedir. Bu kapsamda Bah\u00e7e\u015fehir \u00dcniversitesi i\u015f birli\u011fi ile <b>Finansal Planlama ve Yat\u0131r\u0131m Dan\u0131\u015fmanl\u0131\u011f\u0131 Sertifika Programlar\u0131<\/b> y\u00fcr\u00fct\u00fclmektedir. \u015eirket i\u00e7i e\u011fitim portal\u0131 &#8220;Osmanl\u0131 Akademi&#8221; aktif olarak kullan\u0131lmaktad\u0131r.<\/li>\n<li><b>Personel Yap\u0131s\u0131:<\/b> 30 Eyl\u00fcl 2025 itibar\u0131yla Grubun toplam \u00e7al\u0131\u015fan say\u0131s\u0131 323 ki\u015fidir (31 Aral\u0131k 2024: 276). \u00c7al\u0131\u015fanlar\u0131n \u00e7o\u011funlu\u011fu (196 ki\u015fi) Sat\u0131\u015f ve Pazarlama alan\u0131nda g\u00f6rev yapmaktad\u0131r.<\/li>\n<li><b>Sosyal Sorumluluk:<\/b> 18 Nisan 2025 tarihinde T\u00fcrkiye E\u011fitim G\u00f6n\u00fcll\u00fcleri Vakf\u0131&#8217;na 360.000 TL ba\u011f\u0131\u015f yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"380\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Osmanl\u0131 Yat\u0131r\u0131m&#8217;\u0131n 2025 Raporundan \u00c7\u0131kan ve G\u00f6zden Ka\u00e7\u0131rmaman\u0131z Gereken 4 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek Giri\u015f Finansal raporlar, \u00e7o\u011fu zaman rakamlarla dolu, karma\u015f\u0131k ve anla\u015f\u0131lmas\u0131 zor belgeler olarak g\u00f6r\u00fcl\u00fcr. Ancak dikkatli bir g\u00f6zle incelendi\u011finde, bu rakamlar bir \u015firketin mevcut sa\u011fl\u0131\u011f\u0131 ve gelecekteki potansiyeli&#8230; <\/p>\n","protected":false},"author":1,"featured_media":381,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[76],"class_list":["post-380","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-osmen"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/380","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=380"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/380\/revisions"}],"predecessor-version":[{"id":382,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/380\/revisions\/382"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/381"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=380"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=380"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=380"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}