{"id":439,"date":"2025-12-24T01:56:59","date_gmt":"2025-12-23T22:56:59","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=439"},"modified":"2025-12-24T02:11:58","modified_gmt":"2025-12-23T23:11:58","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-tezol-europap-tezol-kagit-sanayi-2025-9-bilanco-analizi-%f0%9f%a7%bf","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/439","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #TEZOL | Europap Tezol Ka\u011f\u0131t Sanayi 2025\/9 Bilan\u00e7o Analizi |  \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #TEZOL | Europap Tezol Ka\u011f\u0131t Sanayi 2025\/9 Bilan\u00e7o Analizi |  \ud83e\uddff\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/i9cyaHPXfZg?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>Europap Tezol&#8217;un Rakamlar\u0131 Neden Beklenenden Farkl\u0131 Konu\u015fuyor?<\/h1>\n<p>Finansal raporlar\u0131 incelerken ilk bak\u0131\u015fta dikkat \u00e7eken d\u00fc\u015fen ciro ve k\u00e2r rakamlar\u0131, genellikle olumsuz bir tabloya i\u015faret eder. Ancak Europap Tezol Ka\u011f\u0131t&#8217;\u0131n 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131na ait finansal sonu\u00e7lar\u0131, bu genel kan\u0131n\u0131n aksine, daha incelikli ve \u015fa\u015f\u0131rt\u0131c\u0131 derecede diren\u00e7li bir hikaye anlat\u0131yor. Y\u00fcksek enflasyon ortam\u0131nda TMS 29 standard\u0131na g\u00f6re haz\u0131rlanan bu rakamlar, y\u00fczeyin alt\u0131na inildi\u011finde \u015firketin operasyonel ve finansal g\u00fcc\u00fcn\u00fc ortaya koyan \u00f6nemli sinyaller bar\u0131nd\u0131r\u0131yor. Bu analizde, ilk bak\u0131\u015fta g\u00f6zden ka\u00e7abilecek d\u00f6rt temel noktay\u0131 mercek alt\u0131na alarak rakamlar\u0131n ard\u0131ndaki stratejik hamleleri ke\u015ffedece\u011fiz.<\/p>\n<h3>K\u00e2r D\u00fc\u015ferken Kasa Nas\u0131l Doldu Ta\u015ft\u0131?<\/h3>\n<p>En \u015fa\u015f\u0131rt\u0131c\u0131 geli\u015fmelerden biri, \u015firketin nakit pozisyonunda ya\u015fand\u0131. \u00d6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re net k\u00e2rda bir d\u00fc\u015f\u00fc\u015f ya\u015fanmas\u0131na ra\u011fmen, \u015firketin kasas\u0131ndaki nakit ve nakit benzerleri iki kattan fazla artt\u0131.<\/p>\n<ul>\n<li><b>Nakit ve Nakit Benzerleri:<\/b> 31 Aral\u0131k 2024&#8217;te <b>647.487 bin TL<\/b> iken, 30 Eyl\u00fcl 2025&#8217;te <b>1.365.165 bin TL<\/b>&#8216;ye y\u00fckseldi.<\/li>\n<li><b>Net D\u00f6nem Kar\u0131:<\/b> 2024&#8217;\u00fcn ilk dokuz ay\u0131nda <b>428.337 bin TL<\/b> iken, 2025&#8217;in ayn\u0131 d\u00f6neminde <b>221.729 bin TL<\/b> olarak ger\u00e7ekle\u015fti.<\/li>\n<\/ul>\n<p>Bu durum bir sihir de\u011fil, g\u00fc\u00e7l\u00fc finansal ve operasyonel y\u00f6netimin bir g\u00f6stergesidir. Nakit ak\u0131\u015f tablosuna bak\u0131ld\u0131\u011f\u0131nda, &#8220;\u0130\u015fletme Faaliyetlerinden Kaynaklanan Nakit Ak\u0131\u015flar\u0131&#8221; kaleminin bir \u00f6nceki y\u0131lki -291.975 bin TL&#8217;lik negatif seviyeden, bu d\u00f6nemde +302.618 bin TL&#8217;lik pozitif bir seviyeye ula\u015ft\u0131\u011f\u0131 g\u00f6r\u00fcl\u00fcyor. Bu g\u00fc\u00e7l\u00fc d\u00f6n\u00fc\u015f\u00fcm\u00fcn ard\u0131ndaki as\u0131l kahraman ise etkin i\u015fletme sermayesi y\u00f6netimidir. \u00d6zellikle &#8220;Ticari Alacaklardaki Azal\u0131\u015f&#8221; kalemi, ge\u00e7en y\u0131l kasadan <b>745.430 bin TL<\/b> \u00e7\u0131k\u0131\u015fa neden olurken, bu y\u0131l kasaya <b>44.310 bin TL<\/b>&#8216;lik bir giri\u015f sa\u011flam\u0131\u015ft\u0131r. Sadece bu kalemdeki yakla\u015f\u0131k 800 milyon TL&#8217;lik pozitif de\u011fi\u015fim, \u015firketin alacaklar\u0131n\u0131 ne kadar verimli bir \u015fekilde tahsil etti\u011fini ve ana faaliyetlerinden ne kadar etkin nakit \u00fcretebildi\u011fini kan\u0131tl\u0131yor.<\/p>\n<h3>Finansal Diyete Giren Bilan\u00e7o: Bor\u00e7lar \u00d6nemli \u00d6l\u00e7\u00fcde Azald\u0131<\/h3>\n<p>\u015eirket, bilan\u00e7osunu adeta bir finansal kaleye d\u00f6n\u00fc\u015ft\u00fcrmek i\u00e7in proaktif bir ad\u0131m atarak bor\u00e7 y\u00fck\u00fcn\u00fc omuzlar\u0131ndan att\u0131. Toplam y\u00fck\u00fcml\u00fcl\u00fcklerdeki ciddi d\u00fc\u015f\u00fc\u015f, bu stratejinin ba\u015far\u0131s\u0131n\u0131 ortaya koyuyor.<\/p>\n<ul>\n<li><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 2024 sonunda <b>1.621.655 bin TL<\/b> iken, 30 Eyl\u00fcl 2025&#8217;te <b>1.223.526 bin TL<\/b>&#8216;ye geriledi.<\/li>\n<li><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> Bir y\u0131ldan k\u0131sa vadeli bor\u00e7lar <b>1.170.065 bin TL<\/b>&#8216;den <b>851.350 bin TL<\/b>&#8216;ye d\u00fc\u015ft\u00fc.<\/li>\n<\/ul>\n<p>Bu bor\u00e7 azaltma hamlesinin en dikkat \u00e7ekici noktas\u0131, &#8220;Uzun Vadeli Bor\u00e7lanmalar\u0131n K\u0131sa Vadeli K\u0131s\u0131mlar\u0131&#8221;n\u0131n <b>536.052 bin TL<\/b>&#8216;den <b>120.592 bin TL<\/b>&#8216;ye inmesidir. Bu, \u015firketin en acil uzun vadeli y\u00fck\u00fcml\u00fcl\u00fcklerini agresif bir \u015fekilde \u00f6dedi\u011fini g\u00f6steren g\u00fc\u00e7l\u00fc bir de-risk ad\u0131m\u0131d\u0131r. Zorlu ekonomik ko\u015fullarda bor\u00e7lulu\u011fun bu \u015fekilde azalt\u0131lmas\u0131, \u015firketin finansal esnekli\u011fini art\u0131rarak potansiyel risklere kar\u015f\u0131 daha dayan\u0131kl\u0131 hale gelmesini sa\u011fl\u0131yor.<\/p>\n<h3>\u015eirketten Kendine G\u00fcven Oyu: Kendi Hisselerini Geri Al\u0131yor<\/h3>\n<p>Y\u00f6netimin \u015firketin gelece\u011fine olan inanc\u0131n\u0131 g\u00f6steren en somut ad\u0131mlardan biri, hisse geri al\u0131m program\u0131d\u0131r. Europap Tezol, 26 Mart 2025&#8217;te ba\u015flatt\u0131\u011f\u0131 programla kendi hisselerini piyasadan toplamaya ba\u015flad\u0131.<\/p>\n<ul>\n<li><b>Geri Al\u0131nan Pay Adedi:<\/b> Rapor tarihine kadar toplam <b>1.500.114 adet<\/b> hisse geri al\u0131nd\u0131.<\/li>\n<li><b>Al\u0131m Maliyeti:<\/b> Bu al\u0131mlar i\u00e7in hisse ba\u015f\u0131na ortalama <b>16,5555 TL<\/b> \u00f6denerek toplam <b>24.835.149 TL<\/b>&#8216;lik bir kaynak kullan\u0131ld\u0131.<\/li>\n<li><b>Sermayeye Oran\u0131:<\/b> Geri al\u0131nan bu paylar, \u015firket sermayesinin <b>%0,3<\/b>&#8216;\u00fcne tekab\u00fcl etmektedir.<\/li>\n<\/ul>\n<p>Bir \u015firketin kendi hisselerini geri almas\u0131, genellikle y\u00f6netimin hisse fiyat\u0131n\u0131n \u015firketin ger\u00e7ek de\u011ferini yans\u0131tmad\u0131\u011f\u0131na inand\u0131\u011f\u0131n\u0131n g\u00fc\u00e7l\u00fc bir sinyali olarak yorumlan\u0131r. Bu, \u015firketin gelecekteki performans\u0131na y\u00f6nelik bir g\u00fcven oyu niteli\u011fi ta\u015f\u0131r.<\/p>\n<h3>Gelirdeki D\u00fc\u015f\u00fc\u015f\u00fcn Perde Arkas\u0131: \u0130\u00e7 Pazar G\u00fc\u00e7leniyor<\/h3>\n<p>\u0130lk bak\u0131\u015fta net sat\u0131\u015flardaki d\u00fc\u015f\u00fc\u015f endi\u015fe verici g\u00f6r\u00fcnebilir. 2024&#8217;\u00fcn ilk dokuz ay\u0131nda 4.680.710 bin TL olan net sat\u0131\u015flar, 2025&#8217;in ayn\u0131 d\u00f6neminde 4.178.420 bin TL&#8217;ye geriledi. Ancak bu rakam\u0131 yurti\u00e7i ve yurtd\u0131\u015f\u0131 olarak ay\u0131rd\u0131\u011f\u0131m\u0131zda bamba\u015fka bir tablo ortaya \u00e7\u0131k\u0131yor.<\/p>\n<ul>\n<li><b>Yurtd\u0131\u015f\u0131 Sat\u0131\u015flar:<\/b> <b>2.922.175 bin TL<\/b>&#8216;den <b>2.267.461 bin TL<\/b>&#8216;ye d\u00fc\u015ferek toplam has\u0131lat\u0131 a\u015fa\u011f\u0131 \u00e7ekti.<\/li>\n<li><b>Yurti\u00e7i Sat\u0131\u015flar:<\/b> Buna kar\u015f\u0131l\u0131k, yurti\u00e7i sat\u0131\u015flar <b>1.886.410 bin TL<\/b>&#8216;den <b>2.084.416 bin TL<\/b>&#8216;ye <i>y\u00fckseldi<\/i>.<\/li>\n<\/ul>\n<p>Bu ayr\u0131\u015fma, \u015firketin ihracat pazarlar\u0131ndaki daralmaya ra\u011fmen i\u00e7 pazardaki konumunu g\u00fc\u00e7lendirdi\u011fini ve burada bir b\u00fcy\u00fcme ivmesi yakalad\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Bu stratejik pivot, \u015firketin zay\u0131flayan uluslararas\u0131 talebi veya kur dalgalanmalar\u0131n\u0131, diren\u00e7li ve b\u00fcy\u00fcyen i\u00e7 pazara odaklanarak ba\u015far\u0131yla y\u00f6netti\u011fini d\u00fc\u015f\u00fcnd\u00fcr\u00fcyor. \u015eirketin de\u011fi\u015fen pazar ko\u015fullar\u0131na adapte olma yetene\u011fi, stratejik esnekli\u011finin \u00f6nemli bir kan\u0131t\u0131d\u0131r.<\/p>\n<h3>Sonu\u00e7: Rakamlar\u0131n Dili<\/h3>\n<p>Europap Tezol&#8217;un 2025 ilk dokuz ayl\u0131k finansal tablosu, man\u015fet rakamlar\u0131n \u00f6tesine bakman\u0131n \u00f6nemini bir kez daha g\u00f6steriyor. D\u00fc\u015fen k\u00e2ra ra\u011fmen devasa bir nakit ak\u0131\u015f\u0131 yaratan, bor\u00e7lar\u0131n\u0131 azaltarak bilan\u00e7osunu sa\u011flamla\u015ft\u0131ran, hisse geri al\u0131m\u0131yla kendine g\u00fcvendi\u011fini g\u00f6steren ve ihracattaki d\u00fc\u015f\u00fc\u015fe ra\u011fmen i\u00e7 pazarda b\u00fcy\u00fcyen bir \u015firket profiliyle kar\u015f\u0131 kar\u015f\u0131yay\u0131z. Bu d\u00f6rt sinyal, \u015firketin zorlu ko\u015fullar alt\u0131nda bile ne kadar diren\u00e7li ve stratejik hareket etti\u011fini a\u00e7\u0131k\u00e7a ortaya koyuyor.<\/p>\n<p>Peki, bir \u015firketin ger\u00e7ek sa\u011fl\u0131\u011f\u0131n\u0131 ve stratejik y\u00f6n\u00fcn\u00fc anlamak i\u00e7in finansal tablolar\u0131n y\u00fczeyinin ne kadar derinine inmek gerekir?<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Europap Tezol Ka\u011f\u0131t San. ve Tic. A.\u015e. 1 Ocak &#8211; 30 Eyl\u00fcl 2025 D\u00f6nemi Durum Raporu<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Europap Tezol Ka\u011f\u0131t Sanayi ve Ticaret A.\u015e.&#8217;nin (Grup) 1 Ocak &#8211; 30 Eyl\u00fcl 2025 d\u00f6nemini kapsayan finansal ve operasyonel sonu\u00e7lar\u0131, k\u00e2rl\u0131l\u0131kta bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re belirgin bir d\u00fc\u015f\u00fc\u015f ya\u015fand\u0131\u011f\u0131n\u0131, ancak \u015firketin bilan\u00e7o yap\u0131s\u0131n\u0131 ve nakit pozisyonunu \u00f6nemli \u00f6l\u00e7\u00fcde g\u00fc\u00e7lendirdi\u011fini g\u00f6stermektedir. D\u00f6nem net k\u00e2r\u0131 221,7 milyon TL olarak ger\u00e7ekle\u015fmi\u015f, bu rakam bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 428,3 milyon TL&#8217;lik k\u00e2r\u0131n gerisinde kalm\u0131\u015ft\u0131r. Benzer \u015fekilde, net sat\u0131\u015flar %10,7&#8217;lik bir d\u00fc\u015f\u00fc\u015fle 4,68 milyar TL&#8217;den 4,18 milyar TL&#8217;ye, br\u00fct k\u00e2r ise %39,2&#8217;lik bir azal\u0131\u015fla 1,02 milyar TL&#8217;den 613 milyon TL&#8217;ye gerilemi\u015ftir.<\/p>\n<p>Bu k\u00e2rl\u0131l\u0131k d\u00fc\u015f\u00fc\u015f\u00fcne ra\u011fmen, Grup&#8217;un finansal sa\u011fl\u0131\u011f\u0131 g\u00fc\u00e7l\u00fc kalm\u0131\u015ft\u0131r. Toplam y\u00fck\u00fcml\u00fcl\u00fckler 1,62 milyar TL&#8217;den 1,22 milyar TL&#8217;ye d\u00fc\u015f\u00fcr\u00fclerek bor\u00e7luluk azalt\u0131lm\u0131\u015ft\u0131r. En dikkat \u00e7ekici geli\u015fme ise nakit ve nakit benzerlerinin 647,5 milyon TL&#8217;den 1,37 milyar TL&#8217;ye \u00e7\u0131karak iki kat\u0131ndan fazla artmas\u0131d\u0131r. Bu durum, i\u015fletme ve yat\u0131r\u0131m faaliyetlerinden elde edilen pozitif nakit ak\u0131\u015flar\u0131 sayesinde etkin bir nakit y\u00f6netimi sergilendi\u011fini ortaya koymaktad\u0131r.<\/p>\n<p>Operasyonel ve stratejik alanda \u00f6nemli ad\u0131mlar at\u0131lm\u0131\u015ft\u0131r. \u015eirket, hissedar de\u011ferini art\u0131rmak amac\u0131yla bir pay geri al\u0131m program\u0131 ba\u015flatm\u0131\u015f ve rapor tarihi itibar\u0131yla 1,5 milyon lot hisseyi geri alm\u0131\u015ft\u0131r. JCR-ER taraf\u0131ndan &#8220;Yat\u0131r\u0131m Yap\u0131labilir&#8221; seviyede (AA (tr) ulusal, BB uluslararas\u0131) kredi notu ile derecelendirilmi\u015ftir. S\u00fcrd\u00fcr\u00fclebilirlik hedefleri do\u011frultusunda \u00c7ank\u0131r\u0131&#8217;da 7 MWp g\u00fcc\u00fcnde bir G\u00fcne\u015f Enerjisi Santrali (GES) yat\u0131r\u0131m\u0131na karar verilmi\u015f ve PwC denetiminden ge\u00e7en T\u00fcrkiye S\u00fcrd\u00fcr\u00fclebilirlik Raporlama Standartlar\u0131&#8217;na (TSRS) uyumlu raporu yay\u0131mlanm\u0131\u015ft\u0131r. Temmuz 2025&#8217;te meydana gelen ve 2000 ton ham madde kayb\u0131na yol a\u00e7an yang\u0131n hadisesinin \u00fcretim faaliyetlerini etkilememesi, operasyonel dayan\u0131kl\u0131l\u0131\u011f\u0131n bir g\u00f6stergesidir.<\/p>\n<p>Sonu\u00e7 olarak, 2025&#8217;in ilk dokuz ay\u0131nda Europap Tezol, piyasa ko\u015fullar\u0131n\u0131n getirdi\u011fi zorluklarla k\u00e2rl\u0131l\u0131kta bir gerileme ya\u015fasa da, finansal yap\u0131s\u0131n\u0131 sa\u011flamla\u015ft\u0131rm\u0131\u015f, nakit varl\u0131\u011f\u0131n\u0131 rekor seviyeye \u00e7\u0131karm\u0131\u015f ve uzun vadeli stratejik hedefleri do\u011frultusunda kararl\u0131 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<h2>I. Finansal Performans Analizi (1 Ocak &#8211; 30 Eyl\u00fcl 2025)<\/h2>\n<p>Grup&#8217;un 30 Eyl\u00fcl 2025 itibar\u0131yla sona eren dokuz ayl\u0131k d\u00f6neme ait konsolide finansal tablolar\u0131, Kamu G\u00f6zetimi Muhasebe ve Denetim Standartlar\u0131 Kurumu (KGK) d\u00fczenlemeleri uyar\u0131nca T\u00fcrkiye Muhasebe Standard\u0131 29 (TMS 29) &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131 uygulanarak haz\u0131rlanm\u0131\u015ft\u0131r. T\u00fcm tutarlar, 30 Eyl\u00fcl 2025 tarihi itibar\u0131yla T\u00fcrk Liras\u0131&#8217;n\u0131n sat\u0131n alma g\u00fcc\u00fc esas al\u0131narak bin TL olarak ifade edilmi\u015ftir.<\/p>\n<h3>A. Gelir Tablosu De\u011ferlendirmesi<\/h3>\n<p>Grup&#8217;un 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131ndaki performans\u0131, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine k\u0131yasla sat\u0131\u015f gelirlerinde ve k\u00e2rl\u0131l\u0131kta d\u00fc\u015f\u00fc\u015f g\u00f6stermi\u015ftir. Net sat\u0131\u015flar %10,7 azalarak 4,18 milyar TL&#8217;ye gerilerken, sat\u0131\u015flar\u0131n maliyetindeki d\u00fc\u015f\u00fc\u015f\u00fcn daha s\u0131n\u0131rl\u0131 kalmas\u0131 br\u00fct k\u00e2r marj\u0131n\u0131 olumsuz etkilemi\u015ftir. Br\u00fct k\u00e2r %39,2, esas faaliyet k\u00e2r\u0131 ise %62,5 oran\u0131nda azalm\u0131\u015ft\u0131r.<\/p>\n<p><b>\u00d6zet Konsolide Kar veya Zarar Tablosu (bin TL)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2025<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>4.178.420<\/td>\n<td>4.680.710<\/td>\n<td>-10,7%<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015flar\u0131n Maliyeti (-)<\/td>\n<td>(3.565.442)<\/td>\n<td>(3.656.548)<\/td>\n<td>-2,5%<\/td>\n<\/tr>\n<tr>\n<td><b>BR\u00dcT KAR<\/b><\/td>\n<td><b>612.978<\/b><\/td>\n<td><b>1.024.162<\/b><\/td>\n<td><b>-40,1%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Genel Y\u00f6netim Giderleri (-)<\/td>\n<td>(152.259)<\/td>\n<td>(172.213)<\/td>\n<td>-11,6%<\/td>\n<\/tr>\n<tr>\n<td>Pazarlama Giderleri (-)<\/td>\n<td>(188.810)<\/td>\n<td>(133.142)<\/td>\n<td>+41,8%<\/td>\n<\/tr>\n<tr>\n<td><b>ESAS FAAL\u0130YET KARI<\/b><\/td>\n<td><b>326.901<\/b><\/td>\n<td><b>870.655<\/b><\/td>\n<td><b>-62,5%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Vergi \u00d6ncesi Kar<\/td>\n<td>364.900<\/td>\n<td>638.535<\/td>\n<td>-42,8%<\/td>\n<\/tr>\n<tr>\n<td><b>NET D\u00d6NEM KARI<\/b><\/td>\n<td><b>221.729<\/b><\/td>\n<td><b>428.337<\/b><\/td>\n<td><b>-48,2%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Pay Ba\u015f\u0131na Kazan\u00e7 (TL)<\/td>\n<td>0,4435<\/td>\n<td>0,9735<\/td>\n<td>-54,4%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Sat\u0131\u015flar:<\/b> Yurti\u00e7i sat\u0131\u015flar 1,89 milyar TL&#8217;den 2,08 milyar TL&#8217;ye y\u00fckselirken, yurtd\u0131\u015f\u0131 sat\u0131\u015flar 2,92 milyar TL&#8217;den 2,27 milyar TL&#8217;ye gerilemi\u015ftir.<\/li>\n<li><b>Giderler:<\/b> Pazarlama giderlerindeki %41,8&#8217;lik art\u0131\u015f, \u00f6zellikle 125,7 milyon TL&#8217;ye ula\u015fan nakliye giderlerinden kaynaklanmaktad\u0131r.<\/li>\n<\/ul>\n<h3>B. Bilan\u00e7o Analizi<\/h3>\n<p>Grup&#8217;un 30 Eyl\u00fcl 2025 tarihli bilan\u00e7osu, 31 Aral\u0131k 2024 tarihine g\u00f6re varl\u0131k yap\u0131s\u0131nda hafif bir daralma, ancak y\u00fck\u00fcml\u00fcl\u00fcklerde belirgin bir azalma ve g\u00fc\u00e7l\u00fc bir nakit pozisyonu sergilemektedir.<\/p>\n<p><b>\u00d6zet Konsolide Finansal Durum Tablosu (bin TL)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/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><b>3.480.581<\/b><\/td>\n<td><b>3.446.552<\/b><\/td>\n<td><b>+1,0%<\/b><\/td>\n<\/tr>\n<tr>\n<td><i>Nakit ve Nakit Benzerleri<\/i><\/td>\n<td>1.365.165<\/td>\n<td>647.487<\/td>\n<td>+110,8%<\/td>\n<\/tr>\n<tr>\n<td><i>Ticari Alacaklar<\/i><\/td>\n<td>1.012.174<\/td>\n<td>1.313.080<\/td>\n<td>-22,9%<\/td>\n<\/tr>\n<tr>\n<td><i>Stoklar<\/i><\/td>\n<td>921.103<\/td>\n<td>879.950<\/td>\n<td>+4,7%<\/td>\n<\/tr>\n<tr>\n<td><b>Duran Varl\u0131klar<\/b><\/td>\n<td><b>3.590.675<\/b><\/td>\n<td><b>3.902.004<\/b><\/td>\n<td><b>-7,9%<\/b><\/td>\n<\/tr>\n<tr>\n<td><i>Maddi Duran Varl\u0131klar<\/i><\/td>\n<td>3.474.615<\/td>\n<td>3.621.572<\/td>\n<td>-4,1%<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM VARLIKLAR<\/b><\/td>\n<td><b>7.071.256<\/b><\/td>\n<td><b>7.348.556<\/b><\/td>\n<td><b>-3,8%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>851.350<\/b><\/td>\n<td><b>1.170.065<\/b><\/td>\n<td><b>-27,2%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>372.176<\/b><\/td>\n<td><b>451.590<\/b><\/td>\n<td><b>-17,6%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM Y\u00dcK\u00dcML\u00dcL\u00dcKLER<\/b><\/td>\n<td><b>1.223.526<\/b><\/td>\n<td><b>1.621.655<\/b><\/td>\n<td><b>-24,5%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6ZKAYNAKLAR<\/b><\/td>\n<td><b>5.847.730<\/b><\/td>\n<td><b>5.726.901<\/b><\/td>\n<td><b>+2,1%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM KAYNAKLAR<\/b><\/td>\n<td><b>7.071.256<\/b><\/td>\n<td><b>7.348.556<\/b><\/td>\n<td><b>-3,8%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Nakit Pozisyonu:<\/b> Nakit ve nakit benzerlerindeki 717,7 milyon TL&#8217;lik art\u0131\u015f, d\u00f6nemin en dikkat \u00e7ekici finansal ba\u015far\u0131s\u0131d\u0131r.<\/li>\n<li><b>Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> Toplam bor\u00e7luluk 398,1 milyon TL azalm\u0131\u015ft\u0131r. Bu d\u00fc\u015f\u00fc\u015fte, uzun vadeli bor\u00e7lanmalar\u0131n k\u0131sa vadeli k\u0131s\u0131mlar\u0131n\u0131n 536 milyon TL&#8217;den 120,6 milyon TL&#8217;ye ve ticari bor\u00e7lar\u0131n 550 milyon TL&#8217;den 185 milyon TL&#8217;ye gerilemesi etkili olmu\u015ftur.<\/li>\n<\/ul>\n<h3>C. Nakit Ak\u0131\u015f Analizi<\/h3>\n<p>Grup, 2025&#8217;in ilk dokuz ay\u0131nda t\u00fcm ana faaliyet kategorilerinde pozitif nakit ak\u0131\u015f\u0131 yaratmay\u0131 ba\u015farm\u0131\u015ft\u0131r. Bu durum, azalan k\u00e2rl\u0131l\u0131\u011fa ra\u011fmen operasyonel verimlili\u011fin ve varl\u0131k y\u00f6netiminin g\u00fc\u00e7l\u00fc oldu\u011funu g\u00f6stermektedir.<\/p>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> Bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 292 milyon TL&#8217;lik negatif ak\u0131\u015fa kar\u015f\u0131l\u0131k, bu d\u00f6nemde 302,6 milyon TL&#8217;lik pozitif nakit ak\u0131\u015f\u0131 sa\u011flanm\u0131\u015ft\u0131r. Bu iyile\u015fmede, ticari alacaklardaki azalma ve i\u015fletme sermayesi y\u00f6netimindeki etkinlik rol oynam\u0131\u015ft\u0131r.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> 2024&#8217;teki 265,9 milyon TL&#8217;lik net nakit \u00e7\u0131k\u0131\u015f\u0131n\u0131n aksine, 2025&#8217;te 530,4 milyon TL&#8217;lik net nakit giri\u015fi kaydedilmi\u015ftir. Bu durum, finansal ara\u00e7lardan elde edilen 331 milyon TL&#8217;lik nakit giri\u015fi ve maddi duran varl\u0131k al\u0131mlar\u0131ndaki (54,6 milyon TL) yava\u015flamadan kaynaklanmaktad\u0131r.<\/li>\n<li><b>Finansman Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> Net nakit ak\u0131\u015f\u0131, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde kredi geri \u00f6demeleri (410 milyon TL) nedeniyle 7,1 milyon TL gibi d\u00fc\u015f\u00fck bir seviyede ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>Net Sonu\u00e7:<\/b> T\u00fcm faaliyetler ve kur fark\u0131 etkileri sonucunda d\u00f6nem ba\u015f\u0131 647,5 milyon TL olan nakit ve nakit benzerleri, d\u00f6nem sonunda 1,37 milyar TL&#8217;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>II. Operasyonel ve Stratejik Geli\u015fmeler<\/h2>\n<h3>A. \u00dcretim Kapasitesi ve Tesisler<\/h3>\n<p>Europap Tezol, temizlik ka\u011f\u0131tlar\u0131 ve bobin ka\u011f\u0131t \u00fcretimi alan\u0131nda tam entegre bir \u00fcreticidir. \u015eirket, hem sel\u00fcloz hem de geri d\u00f6n\u00fc\u015ft\u00fcr\u00fclm\u00fc\u015f ka\u011f\u0131t kullanarak \u00fcretim yapabilme esnekli\u011fine sahip tesisleriyle \u00f6ne \u00e7\u0131kmaktad\u0131r.<\/p>\n<ul>\n<li><b>Toplam Kapasite:<\/b> 01.12.2023&#8217;te Mersin&#8217;de devreye al\u0131nan d\u00f6rd\u00fcnc\u00fc ka\u011f\u0131t \u00fcretim tesisi (PM4) ile birlikte, \u015firketin toplam y\u0131ll\u0131k ka\u011f\u0131t bobin \u00fcretim kapasitesi <b>142.172 tona<\/b> ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<li><b>\u00dcretim Tesisleri:<\/b>\n<ul>\n<li><b>PM1 (\u0130zmir Torbal\u0131):<\/b> 24.505 ton\/y\u0131l kapasiteli, sel\u00fcloz ve geri d\u00f6n\u00fc\u015f\u00fcml\u00fck ka\u011f\u0131t kullanabilen tesis.<\/li>\n<li><b>PM2 (\u0130zmir Torbal\u0131):<\/b> 30.181 ton\/y\u0131l kapasiteli, sadece sel\u00fclozdan \u00fcretim yapan tesis.<\/li>\n<li><b>PM3 (Mersin Tarsus):<\/b> Kapasitesi 38.508 ton\/y\u0131la y\u00fckseltilmi\u015f, sel\u00fcloz ve geri d\u00f6n\u00fc\u015f\u00fcml\u00fck ka\u011f\u0131t kullanabilen tesis.<\/li>\n<li><b>PM4 (Mersin Tarsus):<\/b> 48.978 ton\/y\u0131l kapasiteli yeni tesis.<\/li>\n<\/ul>\n<\/li>\n<li><b>Konverting Kapasitesi:<\/b> \u015eirketin, ka\u011f\u0131t bobinleri bitmi\u015f \u00fcr\u00fcne (tuvalet ka\u011f\u0131d\u0131, ka\u011f\u0131t havlu vb.) d\u00f6n\u00fc\u015ft\u00fcren 22 adet konverting hatt\u0131 bulunmaktad\u0131r. Bu hatlar\u0131n raporlanm\u0131\u015f kapasitesi 42.288 ton\/y\u0131l olmakla birlikte, fiili olarak 24 saat \u00e7al\u0131\u015fabildiklerinden dolay\u0131 ger\u00e7ek kapasitelerinin bunun yakla\u015f\u0131k \u00fc\u00e7 kat\u0131 oldu\u011fu belirtilmektedir.<\/li>\n<\/ul>\n<h3>B. D\u00f6nem \u0130\u00e7indeki \u00d6nemli Faaliyetler<\/h3>\n<ul>\n<li><b>Pay Geri Al\u0131m Program\u0131:<\/b> Y\u00f6netim Kurulu&#8217;nun 26.03.2025 tarihli karar\u0131yla, pay sahiplerini korumak ve sa\u011fl\u0131kl\u0131 fiyat olu\u015fumuna katk\u0131da bulunmak amac\u0131yla bir pay geri al\u0131m program\u0131 ba\u015flat\u0131lm\u0131\u015ft\u0131r.\n<ul>\n<li><b>Azami Pay Say\u0131s\u0131:<\/b> 5.000.000 adet<\/li>\n<li><b>Azami Fon Tutar\u0131:<\/b> 100.000.000 TL<\/li>\n<li><b>Ger\u00e7ekle\u015fen Al\u0131m (Rapor Tarihi \u0130tibar\u0131yla):<\/b> 1.500.114 lot hisse, ortalama 16,5555 TL fiyattan toplam 24.835.149 TL maliyetle geri al\u0131nm\u0131\u015ft\u0131r. Bu, sermayenin %0,3&#8217;\u00fcne denk gelmektedir.<\/li>\n<\/ul>\n<\/li>\n<li><b>Kredi Derecelendirmesi:<\/b> JCR-Eurasia Rating, 30 Haziran 2025&#8217;te \u015firketi &#8220;Yat\u0131r\u0131m Yap\u0131labilir&#8221; seviyede de\u011ferlendirmi\u015ftir.\n<ul>\n<li><b>Uzun Vadeli Ulusal Not:<\/b> AA (tr) \/ Stabil G\u00f6r\u00fcn\u00fcm<\/li>\n<li><b>K\u0131sa Vadeli Ulusal Not:<\/b> J1+ (tr) \/ Stabil G\u00f6r\u00fcn\u00fcm<\/li>\n<li><b>Uluslararas\u0131 Not (Yabanc\u0131 ve Yerel Para):<\/b> BB \/ Stabil G\u00f6r\u00fcn\u00fcm<\/li>\n<\/ul>\n<\/li>\n<li><b>G\u00fcne\u015f Enerjisi Santrali (GES) Yat\u0131r\u0131m\u0131:<\/b> \u015eirket, s\u00fcrd\u00fcr\u00fclebilirlik stratejisi kapsam\u0131nda enerji maliyetlerini d\u00fc\u015f\u00fcrmek ve karbon ayak izini azaltmak amac\u0131yla \u00c7ank\u0131r\u0131&#8217;daki arazisi \u00fczerine <b>7 MWp<\/b> kurulu g\u00fcce sahip bir GES kurmak i\u00e7in s\u00f6zle\u015fme imzalam\u0131\u015ft\u0131r.<\/li>\n<li><b>S\u00fcrd\u00fcr\u00fclebilirlik Raporlamas\u0131 (TSRS):<\/b> \u015eirketin KGK d\u00fczenlemelerine uygun olarak haz\u0131rlanan 2024 TSRS Uyumlu S\u00fcrd\u00fcr\u00fclebilirlik Raporu, PwC taraf\u0131ndan denetlenmi\u015f ve 31.10.2025 tarihinde kamuoyuna a\u00e7\u0131klanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Yang\u0131n Hadisesi:<\/b> 21.07.2025 tarihinde \u0130zmir-Torbal\u0131&#8217;daki tesislerin d\u0131\u015f\u0131nda, geri d\u00f6n\u00fc\u015f\u00fcml\u00fck ka\u011f\u0131t stoklar\u0131n\u0131n bulundu\u011fu a\u00e7\u0131k alanda bir yang\u0131n \u00e7\u0131km\u0131\u015ft\u0131r. Hasar tespit \u00e7al\u0131\u015fmalar\u0131 sonucunda <b>2000 ton<\/b> geri d\u00f6n\u00fc\u015f\u00fcml\u00fck ka\u011f\u0131d\u0131n kullan\u0131lamaz hale geldi\u011fi belirlenmi\u015ftir. Yang\u0131n fabrika alan\u0131na s\u0131\u00e7ramam\u0131\u015f ve \u00fcretim faaliyetlerinde herhangi bir aksakl\u0131\u011fa neden olmam\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>III. Kurumsal Y\u00f6netim ve Ortakl\u0131k Yap\u0131s\u0131<\/h2>\n<h3>A. Sermaye ve Ortakl\u0131k Yap\u0131s\u0131<\/h3>\n<p>\u015eirket, kay\u0131tl\u0131 sermaye sistemine tabi olup g\u00fcncel kay\u0131tl\u0131 sermaye tavan\u0131 5.000.000.000 TL&#8217;dir. \u00c7\u0131kar\u0131lm\u0131\u015f sermayesi ise her biri 1 TL nominal de\u011ferli 500.000.000 adet paydan olu\u015fmaktad\u0131r.<\/p>\n<p><b>Ortakl\u0131k Yap\u0131s\u0131 (30.09.2025)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Grubu<\/td>\n<td>Ortak Ad\u0131<\/td>\n<td>Sermaye Tutar\u0131 (TL)<\/td>\n<td>Sermaye Oran\u0131 (%)<\/td>\n<\/tr>\n<tr>\n<td>A<\/td>\n<td>\u015e\u00fckr\u00fc Erhan Tezol<\/td>\n<td>74.999.998<\/td>\n<td>15,00<\/td>\n<\/tr>\n<tr>\n<td>B<\/td>\n<td>\u015e\u00fckr\u00fc Erhan Tezol<\/td>\n<td>71.716.907<\/td>\n<td>14,34<\/td>\n<\/tr>\n<tr>\n<td>A<\/td>\n<td>Mehmet Ersin Tezol<\/td>\n<td>74.999.998<\/td>\n<td>15,00<\/td>\n<\/tr>\n<tr>\n<td>B<\/td>\n<td>Mehmet Ersin Tezol<\/td>\n<td>71.383.452<\/td>\n<td>14,28<\/td>\n<\/tr>\n<tr>\n<td>B<\/td>\n<td>Mine Makbule Ku\u015fcu<\/td>\n<td>31.653.999<\/td>\n<td>6,33<\/td>\n<\/tr>\n<tr>\n<td>B<\/td>\n<td>M\u00fcge Ku\u015fcu<\/td>\n<td>31.653.999<\/td>\n<td>6,33<\/td>\n<\/tr>\n<tr>\n<td>B<\/td>\n<td>Di\u011fer (Halka A\u00e7\u0131k)<\/td>\n<td>143.591.647<\/td>\n<td>28,72<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><\/td>\n<td><b>500.000.000<\/b><\/td>\n<td><b>100,00<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>\u0130mtiyazl\u0131 Paylar:<\/b> A Grubu nama yaz\u0131l\u0131 paylar (toplam 150 milyon adet), y\u00f6netim kuruluna aday g\u00f6sterme ve genel kurulda oy imtiyaz\u0131na sahiptir. Genel Kurul&#8217;da her bir A Grubu pay 5 oy hakk\u0131na, her bir B Grubu pay ise 1 oy hakk\u0131na sahiptir.<\/li>\n<li><b>Halka Arz:<\/b> \u015eirket paylar\u0131 15.09.2021 tarihinden itibaren Borsa \u0130stanbul&#8217;da TEZOL koduyla i\u015flem g\u00f6rmektedir. Fiili dola\u015f\u0131mdaki pay oran\u0131 30.09.2025 itibar\u0131yla %24,96&#8217;d\u0131r.<\/li>\n<\/ul>\n<h3>B. 2024 Y\u0131l\u0131 Ola\u011fan Genel Kurul Toplant\u0131s\u0131<\/h3>\n<p>\u015eirketin 2024 y\u0131l\u0131 Ola\u011fan Genel Kurul Toplant\u0131s\u0131 06.05.2025 tarihinde \u0130zmir-Torbal\u0131&#8217;daki merkez adresinde ger\u00e7ekle\u015ftirilmi\u015ftir. Toplant\u0131da al\u0131nan ba\u015fl\u0131ca kararlar \u015funlard\u0131r:<\/p>\n<ul>\n<li>2024 y\u0131l\u0131 finansal tablolar\u0131 ve faaliyet raporu onaylanm\u0131\u015ft\u0131r.<\/li>\n<li>Y\u00f6netim Kurulu&#8217;nun 2024 y\u0131l\u0131 k\u00e2r\u0131ndan <b>50.000.000 TL br\u00fct nakit k\u00e2r pay\u0131<\/b> da\u011f\u0131t\u0131lmas\u0131 teklifi kabul edilmi\u015ftir. K\u00e2r pay\u0131 da\u011f\u0131t\u0131m\u0131 13.05.2025 tarihinde tamamlanm\u0131\u015ft\u0131r.<\/li>\n<li><b>PwC Ba\u011f\u0131ms\u0131z Denetim ve Serbest Muhasebeci Mali M\u00fc\u015favirlik A.\u015e.<\/b>, 2025 y\u0131l\u0131 finansal tablolar\u0131n\u0131n denetimi ve 2024-2025 y\u0131llar\u0131 s\u00fcrd\u00fcr\u00fclebilirlik raporlar\u0131n\u0131n g\u00fcvence denetimi i\u00e7in ba\u011f\u0131ms\u0131z denet\u00e7i olarak se\u00e7ilmi\u015ftir.<\/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>IV. Risk De\u011ferlendirmesi<\/h2>\n<h3>D\u00f6viz Kuru Riski<\/h3>\n<p>Grup, \u00f6zellikle ihracat gelirleri ve ithal ham madde maliyetleri nedeniyle d\u00f6viz kuru riskine maruz kalmaktad\u0131r. \u015eirket, bu riski y\u00f6netmek i\u00e7in d\u00f6viz pozisyonunu s\u00fcrekli olarak takip etmektedir.<\/p>\n<ul>\n<li><b>Net Yabanc\u0131 Para Pozisyonu:<\/b> 30 Eyl\u00fcl 2025 itibar\u0131yla Grup, <b>777.369.000 TL<\/b> tutar\u0131nda net yabanc\u0131 para <b>varl\u0131k<\/b> pozisyonuna sahiptir. Bu pozisyon, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde ABD Dolar\u0131 cinsinden varl\u0131klardan kaynaklanmaktad\u0131r. Bu durum, TL&#8217;nin yabanc\u0131 para birimleri kar\u015f\u0131s\u0131nda de\u011fer kaybetmesi durumunda Grup&#8217;un k\u00e2r, de\u011fer kazanmas\u0131 durumunda ise zarar edece\u011fi anlam\u0131na gelmektedir.<\/li>\n<li><b>Duyarl\u0131l\u0131k Analizi:<\/b> Yap\u0131lan analize g\u00f6re, di\u011fer t\u00fcm de\u011fi\u015fkenler sabitken TL&#8217;nin ABD Dolar\u0131, Avro ve \u0130ngiliz Sterlini kar\u015f\u0131s\u0131nda %10 de\u011fer kazanmas\u0131 veya kaybetmesi durumunda, Grubun vergi \u00f6ncesi k\u00e2r\/zarar\u0131 <b>72.890.000 TL<\/b> tutar\u0131nda etkilenecektir.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"439\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Europap Tezol&#8217;un Rakamlar\u0131 Neden Beklenenden Farkl\u0131 Konu\u015fuyor? Finansal raporlar\u0131 incelerken ilk bak\u0131\u015fta dikkat \u00e7eken d\u00fc\u015fen ciro ve k\u00e2r rakamlar\u0131, genellikle olumsuz bir tabloya i\u015faret eder. Ancak Europap Tezol Ka\u011f\u0131t&#8217;\u0131n 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131na ait finansal sonu\u00e7lar\u0131, bu genel kan\u0131n\u0131n&#8230; <\/p>\n","protected":false},"author":1,"featured_media":446,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[91],"class_list":["post-439","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-tezol"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/439","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=439"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/439\/revisions"}],"predecessor-version":[{"id":447,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/439\/revisions\/447"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/446"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=439"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=439"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=439"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}