{"id":53,"date":"2025-12-17T14:30:59","date_gmt":"2025-12-17T11:30:59","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=53"},"modified":"2025-12-17T15:14:10","modified_gmt":"2025-12-17T12:14:10","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-adgyo-adra-gayrimenkul-yatirim-ortakligi-2025-9-bilanco-analizi-karlilikta-sert-dusus-%f0%9f%a7%bf","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/53","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #ADGYO | Adra Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 2025\/9 Bilan\u00e7o Analizi | K\u00e2rl\u0131l\u0131kta Sert D\u00fc\u015f\u00fc\u015f \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #ADGYO | Adra Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 2025\/9 Bilan\u00e7o Analizi | K\u00e2rl\u0131l\u0131kta Sert D\u00fc\u015f\u00fc\u015f \ud83e\uddff\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/A_Tq0Me6pr0?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>ADRA GYO&#8217;nun Finansal Raporundan \u00c7\u0131kan ve Ezber Bozan 5 Ger\u00e7ek<\/h1>\n<h3>Giri\u015f: Rakamlar\u0131n Aras\u0131ndaki Hikaye<\/h3>\n<p>Kurumsal faaliyet raporlar\u0131 genellikle rakamlar\u0131n, tablolar\u0131n ve teknik jargonun aras\u0131nda kayboldu\u011fumuz yo\u011fun dok\u00fcmanlard\u0131r. Ancak dikkatli bir g\u00f6zle incelendi\u011finde, bu raporlar bir \u015firketin mevcut sa\u011fl\u0131\u011f\u0131 ve gelecekteki potansiyeli hakk\u0131nda paha bi\u00e7ilmez ipu\u00e7lar\u0131 bar\u0131nd\u0131r\u0131r. \u0130\u015fte bu merakla, ADRA Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131&#8217;n\u0131n (GYO) 2025 y\u0131l\u0131 dokuz ayl\u0131k finansal raporunu inceledim ve ilk bak\u0131\u015fta g\u00f6r\u00fcnenin \u00e7ok daha \u00f6tesinde, \u015firketin stratejisine ve gelece\u011fine dair ezber bozan ger\u00e7eklerle kar\u015f\u0131la\u015ft\u0131m. Peki, rakamlar\u0131n ard\u0131ndaki as\u0131l hikaye ne?<\/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>1. K\u00e2rl\u0131l\u0131kta Sert D\u00fc\u015f\u00fc\u015f: Varl\u0131klar B\u00fcy\u00fcrken K\u00e2r Neden Azald\u0131?<\/h3>\n<p>ADRA GYO&#8217;nun 9 ayl\u0131k net d\u00f6nem k\u00e2r\u0131, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re 722,6 milyon TL&#8217;den 193,8 milyon TL&#8217;ye geriledi. Bu keskin d\u00fc\u015f\u00fc\u015f, ilk bak\u0131\u015fta endi\u015fe verici g\u00f6r\u00fcnebilir. Daha da ilginci, bu durum \u015firketin toplam varl\u0131klar\u0131n\u0131n 9,58 milyar TL&#8217;den 9,77 milyar TL&#8217;ye y\u00fckseldi\u011fi bir d\u00f6nemde ya\u015fand\u0131. Bu \u00e7eli\u015fki, k\u00e2rl\u0131l\u0131ktaki d\u00fc\u015f\u00fc\u015f\u00fcn operasyonel bir sorundan ziyade ba\u015fka bir nedenden kaynakland\u0131\u011f\u0131n\u0131 d\u00fc\u015f\u00fcnd\u00fcr\u00fcyor.<\/p>\n<p>Raporun derinliklerine indi\u011fimizde cevap ortaya \u00e7\u0131k\u0131yor: D\u00fc\u015f\u00fc\u015f\u00fcn kayna\u011f\u0131 \u015firketin ana faaliyetleri de\u011fil, finansal gelirleri. Konsolide gelir tablosundaki &#8220;Yat\u0131r\u0131m Faaliyetlerinden Gelirler&#8221; kalemi, 2024&#8217;\u00fcn ilk dokuz ay\u0131nda 1,39 milyar TL iken, 2025&#8217;in ayn\u0131 d\u00f6neminde 416 milyon TL&#8217;ye d\u00fc\u015fm\u00fc\u015f. Bu gerilemenin ana sebebi ise 2024&#8217;te kaydedilen ve bu y\u0131l tekrarlanmayan yakla\u015f\u0131k 490 milyon TL&#8217;lik &#8220;Ba\u011fl\u0131 Ortakl\u0131klardan Temett\u00fc Gelirleri&#8221; kalemi. K\u0131sacas\u0131, k\u00e2rl\u0131l\u0131ktaki d\u00fc\u015f\u00fc\u015f, operasyonel bir zay\u0131fl\u0131ktan \u00e7ok, ge\u00e7en y\u0131lki tek seferlik y\u00fcksek bir gelirin yaratt\u0131\u011f\u0131 baz etkisinden kaynaklan\u0131yor. Hatta \u015firketin ana i\u015fi olan gayrimenkul geli\u015ftirme ve sat\u0131\u015f faaliyetleri zay\u0131flamak bir yana, g\u00fc\u00e7lenmi\u015f durumda: \u015eirketin has\u0131lat\u0131 ayn\u0131 d\u00f6nemde 490,9 milyon TL&#8217;den 613 milyon TL&#8217;ye y\u00fckselmi\u015f.<\/p>\n<h3>2. Bor\u00e7suz Bir Dev: Emlak Sekt\u00f6r\u00fcnde Nadir G\u00f6r\u00fclen Finansal G\u00fc\u00e7<\/h3>\n<p>Gayrimenkul gibi sermaye yo\u011fun bir sekt\u00f6rde, \u015firketlerin b\u00fcy\u00fcme ve projelerini finanse etmek i\u00e7in genellikle y\u00fcksek bor\u00e7lulukla \u00e7al\u0131\u015ft\u0131\u011f\u0131 d\u00fc\u015f\u00fcn\u00fcl\u00fcr. ADRA GYO, bu yayg\u0131n kan\u0131y\u0131 tamamen y\u0131k\u0131yor. \u015eirketin finansal tablolar\u0131na g\u00f6re <b>net borcu negatif 108 milyon TL<\/b>.<\/p>\n<p>Peki, negatif net bor\u00e7 ne anlama geliyor? En basit haliyle, \u015firketin bankalardaki nakit ve benzeri varl\u0131klar\u0131n\u0131n toplam finansal bor\u00e7lar\u0131ndan daha fazla oldu\u011funu g\u00f6steriyor. Ba\u015fka bir deyi\u015fle, ADRA GYO sadece t\u00fcm banka bor\u00e7lar\u0131n\u0131 kapatacak nakde sahip de\u011fil, bunu yapt\u0131ktan sonra bile kasas\u0131nda 108 milyon TL fazladan paras\u0131 kal\u0131yor. Bu, hem evinizin hem de araban\u0131z\u0131n kredisini tamamen \u00f6dedikten sonra banka hesab\u0131n\u0131zda hala alt\u0131 haneli bir rakam olmas\u0131 gibidir. Sekt\u00f6rde bor\u00e7luluk kural iken, ADRA GYO bu kural\u0131 y\u0131kmakla kalm\u0131yor, adeta oyunu farkl\u0131 bir seviyede oynuyor. Negatif net bor\u00e7, sadece bir defansif g\u00fc\u00e7 de\u011fil, ayn\u0131 zamanda piyasa sars\u0131ld\u0131\u011f\u0131nda ba\u015fkalar\u0131 k\u00fc\u00e7\u00fcl\u00fcrken ADRA&#8217;n\u0131n agresif b\u00fcy\u00fcme hamleleri yapabilmesi i\u00e7in bir taarruz silah\u0131d\u0131r.<\/p>\n<h3>3. Sadece Kiralam\u0131yor, \u0130n\u015fa Edip Sat\u0131yor: Bir GYO&#8217;dan Fazlas\u0131<\/h3>\n<p>Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131klar\u0131 (GYO) denince akla genellikle m\u00fclk sahibi olan ve ana gelirini kiradan elde eden \u015firketler gelir. Ancak ADRA GYO&#8217;nun gelir tablosu, bu geleneksel GYO modelinden \u00e7ok farkl\u0131 bir stratejiye i\u015faret ediyor. 2025&#8217;in ilk dokuz ay\u0131nda \u015firket, <b>600,2 milyon TL &#8220;Bina Sat\u0131\u015f Geliri&#8221;<\/b> elde ederken, <b>&#8220;Kira Gelirleri&#8221; sadece 12,7 milyon TL<\/b> seviyesinde kalm\u0131\u015f.<\/p>\n<p>Bu, bina sat\u0131\u015f gelirlerinin kira gelirlerinden <b>neredeyse 47 kat daha fazla<\/b> oldu\u011fu anlam\u0131na geliyor. ADRA GYO, klasik bir &#8216;kirala ve bekle&#8217; GYO&#8217;su de\u011fil, adeta bir proje \u00fcretim ve sat\u0131\u015f makinesi gibi \u00e7al\u0131\u015f\u0131yor. Faaliyet raporunun &#8220;Stoklar&#8221; b\u00f6l\u00fcm\u00fc bu stratejiyi destekler nitelikte. Manisa \u015eehzadeler&#8217;de de\u011feri 4 milyar TL&#8217;yi a\u015fan ve Turgutlu&#8217;da 2,19 milyar TL potansiyel de\u011fere sahip devasa projeler, \u015firketin sadece mevcut portf\u00f6y\u00fcn\u00fc y\u00f6netmekle kalmay\u0131p, ayn\u0131 zamanda b\u00fcy\u00fck \u00f6l\u00e7ekli yeni projelerle gelece\u011fe yat\u0131r\u0131m yapt\u0131\u011f\u0131n\u0131n en somut kan\u0131t\u0131.<\/p>\n<h3>4. Hisse Fiyat\u0131na G\u00fcven Tam: Agresif Geri Al\u0131m Program\u0131n\u0131n Mesaj\u0131<\/h3>\n<p>Bir \u015firketin y\u00f6netimi, kendi hisselerinin de\u011ferine en \u00e7ok inanan taraf olmal\u0131d\u0131r. ADRA GYO, bu inanc\u0131n\u0131 somut bir ad\u0131mla ortaya koymu\u015f. \u015eirket, 17 \u015eubat 2025&#8217;te ba\u015flatt\u0131\u011f\u0131 ve Haziran 2025&#8217;te sonland\u0131rd\u0131\u011f\u0131 hisse geri al\u0131m program\u0131 kapsam\u0131nda, \u00f6denmi\u015f sermayesinin <b>%8,17&#8217;sine denk gelen 24 milyon TL nominal de\u011ferli pay\u0131<\/b> piyasadan geri ald\u0131.<\/p>\n<p>Bu hamle, y\u00f6netimin kendi \u015firket hisselerinin piyasa fiyat\u0131n\u0131n, \u015firketin ger\u00e7ek finansal performans\u0131n\u0131 yans\u0131tmad\u0131\u011f\u0131na inand\u0131\u011f\u0131n\u0131n g\u00fc\u00e7l\u00fc bir g\u00f6stergesidir. Raporun kendisinde yer alan gerek\u00e7e de bu durumu a\u00e7\u0131k\u00e7a ifade ediyor:<\/p>\n<p>&#8220;&#8230;hisse senedinde fiyat hareketlerinin \u015eirket\u2019in finansal performans\u0131n\u0131 do\u011fru yans\u0131tmamas\u0131 ve fiyat tutars\u0131zl\u0131klar\u0131n\u0131n giderilmesi, pay piyasas\u0131nda sa\u011fl\u0131kl\u0131 fiyat olu\u015fumunu desteklemek amac\u0131yla&#8230;&#8221;<\/p>\n<p>Bu eylem, yat\u0131r\u0131mc\u0131lara net bir mesaj veriyor: &#8220;Hisselerimiz ucuz ve biz buna inan\u0131yoruz.&#8221; Bu, \u015firketin kendine ve gelece\u011fine olan g\u00fcvenini ortaya koyan \u00f6nemli bir ad\u0131md\u0131r.<\/p>\n<h3>5. Ufuktaki Sinyal: Ana Ortak Borsada Sat\u0131\u015f \u0130\u00e7in Haz\u0131rlan\u0131yor mu?<\/h3>\n<p>Finansal raporlar\u0131n en kritik b\u00f6l\u00fcmlerinden biri, genellikle sona saklanan &#8220;Bilan\u00e7o Tarihi Sonras\u0131 Ger\u00e7ekle\u015fen Olaylar&#8221; k\u0131sm\u0131d\u0131r. ADRA GYO&#8217;nun raporunda da dikkat \u00e7ekici bir detay bulunuyor. Ana ortak Adra Holding A.\u015e., sahip oldu\u011fu <b>45.000.000 TL nominal de\u011ferli B grubu pay\u0131n borsada i\u015flem g\u00f6ren niteli\u011fe d\u00f6n\u00fc\u015ft\u00fcr\u00fclmesi<\/b> i\u00e7in 15 Ekim 2025&#8217;te Sermaye Piyasas\u0131 Kurulu&#8217;na (SPK) ba\u015fvurmu\u015f.<\/p>\n<p>Bu teknik detay, yat\u0131r\u0131mc\u0131lar i\u00e7in ne anlama geliyor? Adra Holding, \u015firketin %68,10&#8217;una denk gelen 200 milyon TL nominal de\u011ferli pay\u0131n sahibi. SPK&#8217;ya yap\u0131lan ba\u015fvuru, bu holdingin sahip oldu\u011fu paylar\u0131n neredeyse d\u00f6rtte birini kaps\u0131yor. Bu d\u00f6n\u00fc\u015f\u00fcm talebi, ana orta\u011f\u0131n gelecekte bu paylar\u0131 borsada satabilmesi i\u00e7in yapt\u0131\u011f\u0131 bir \u00f6n haz\u0131rl\u0131k olabilir. B\u00f6yle bir sat\u0131\u015f, hisse senedi \u00fczerinde gelecekte bir arz bask\u0131s\u0131 yaratma potansiyeli ta\u015f\u0131r. Ancak di\u011fer yandan, \u015firketin halka a\u00e7\u0131kl\u0131k oran\u0131n\u0131 art\u0131rarak hisse derinli\u011fine olumlu katk\u0131 sa\u011flama ihtimali de bulunur. Bu geli\u015fme, \u015firketin gelecekteki ortakl\u0131k yap\u0131s\u0131n\u0131 ve hisse performans\u0131n\u0131 etkileyebilece\u011fi i\u00e7in yak\u0131ndan izlenmesi gereken stratejik bir hamledir.<\/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: Bir Sonraki Ad\u0131m Ne Olacak?<\/h3>\n<p>ADRA GYO&#8217;nun 9 ayl\u0131k finansal raporu, y\u00fczeydeki rakamlar\u0131n \u00f6tesinde karma\u015f\u0131k ve ilgi \u00e7ekici bir tablo sunuyor. K\u00e2rl\u0131l\u0131ktaki d\u00fc\u015f\u00fc\u015fe ra\u011fmen; negatif net borcuyla ve kasas\u0131ndaki nakit fazlas\u0131yla, pasif kirac\u0131 kimli\u011finden s\u0131yr\u0131l\u0131p aktif bir geli\u015ftiriciye d\u00f6n\u00fc\u015fmesiyle ve hisse geri al\u0131m\u0131yla kendine olan g\u00fcvenini kan\u0131tlamas\u0131yla finansal olarak olduk\u00e7a g\u00fc\u00e7l\u00fc bir \u015firket profili \u00e7iziyor.<\/p>\n<p>Finansal g\u00fcc\u00fc ve ana orta\u011f\u0131n stratejik hamleleri g\u00f6z \u00f6n\u00fcne al\u0131nd\u0131\u011f\u0131nda, sizce ADRA GYO&#8217;nun 2026&#8217;daki en b\u00fcy\u00fck s\u00fcrprizi ne olabilir?<\/p>\n<p>&nbsp;<\/p>\n<p><!--more--><\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">ADRA GYO 2025 Dokuz Ayl\u0131k Faaliyet Raporu ve Finansal Durum De\u011ferlendirmesi<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing, Adra Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.&#8217;nin (ADRA GYO) 30 Eyl\u00fcl 2025 itibar\u0131yla sona eren dokuz ayl\u0131k d\u00f6neme ait faaliyetlerini ve konsolide finansal sonu\u00e7lar\u0131n\u0131 \u00f6zetlemektedir. Raporlar, \u015firketin g\u00fc\u00e7l\u00fc finansal yap\u0131s\u0131n\u0131, geni\u015f gayrimenkul portf\u00f6y\u00fcn\u00fc ve d\u00f6nem i\u00e7inde ger\u00e7ekle\u015ftirdi\u011fi stratejik ad\u0131mlar\u0131 ortaya koymaktad\u0131r. En kritik bulgular \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>G\u00fc\u00e7l\u00fc Finansal Yap\u0131 ve D\u00fc\u015f\u00fck Risk Profili:<\/b> \u015eirket, 9,78 milyar TL&#8217;lik toplam varl\u0131\u011fa kar\u015f\u0131l\u0131k yaln\u0131zca 768,7 milyon TL toplam bor\u00e7 ile olduk\u00e7a d\u00fc\u015f\u00fck bir bor\u00e7luluk oran\u0131na sahiptir. Negatif net bor\u00e7 pozisyonunda olan (net nakit fazlas\u0131 bulunan) ADRA GYO, 71,27&#8217;lik cari oran\u0131yla y\u00fcksek likiditeye ve finansal sa\u011flaml\u0131\u011fa sahiptir. \u015eirketin yabanc\u0131 para cinsinden varl\u0131k veya y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc bulunmad\u0131\u011f\u0131ndan kur riski ta\u015f\u0131mamaktad\u0131r.<\/li>\n<li><b>Geni\u015f ve De\u011ferli Varl\u0131k Portf\u00f6y\u00fc:<\/b> \u015eirketin ana varl\u0131klar\u0131, yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkuller ve sat\u0131lmak \u00fczere tutulan stoklardan olu\u015fmaktad\u0131r. 30 Haziran 2025 tarihli de\u011ferleme raporlar\u0131na g\u00f6re, kira geliri elde edilen yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkullerin (AVM&#8217;ler, i\u015f yerleri) KDV hari\u00e7 toplam de\u011feri <b>5,75 milyar TL<\/b>&#8216;dir. Sat\u0131\u015f ve proje geli\u015ftirme ama\u00e7l\u0131 stoklar\u0131n (arsalar ve tamamlanm\u0131\u015f konutlar) de\u011feri ise \u00e7ok daha b\u00fcy\u00fck bir potansiyele i\u015faret etmektedir; arsalar\u0131n toplam proje de\u011feri <b>8 milyar TL<\/b>&#8216;yi a\u015fmaktad\u0131r.<\/li>\n<li><b>D\u00f6nem Performans\u0131 ve K\u00e2rl\u0131l\u0131k:<\/b> 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda ADRA GYO, a\u011f\u0131rl\u0131kl\u0131 olarak bina sat\u0131\u015flar\u0131ndan <b>613 milyon TL<\/b> has\u0131lat elde etmi\u015f ve <b>193,9 milyon TL<\/b> net d\u00f6nem k\u00e2r\u0131 a\u00e7\u0131klam\u0131\u015ft\u0131r. Pay ba\u015f\u0131na kazan\u00e7 0,66 TL olarak ger\u00e7ekle\u015fmi\u015ftir. T\u00fcm finansal veriler, TMS 29 standard\u0131 uyar\u0131nca y\u00fcksek enflasyon etkisine g\u00f6re d\u00fczeltilmi\u015ftir.<\/li>\n<li><b>Stratejik Kurumsal Aksiyonlar:<\/b> D\u00f6nem i\u00e7inde iki \u00f6nemli stratejik hamle \u00f6ne \u00e7\u0131kmaktad\u0131r. Birincisi, \u015firket hisse fiyat\u0131n\u0131n performans\u0131 yans\u0131tmad\u0131\u011f\u0131 gerek\u00e7esiyle uygulanan ve \u015firketin \u00f6denmi\u015f sermayesinin <b>%8,17&#8217;sine<\/b> denk gelen <b>24 milyon TL<\/b> nominal de\u011ferli pay\u0131n geri al\u0131nd\u0131\u011f\u0131 pay geri al\u0131m program\u0131d\u0131r. \u0130kincisi, bilan\u00e7o d\u00f6nemi sonras\u0131 ana ortak Adra Holding A.\u015e.&#8217;nin, borsada i\u015flem g\u00f6ren niteli\u011fe d\u00f6n\u00fc\u015ft\u00fcrmek amac\u0131yla <b>45 milyon TL<\/b> nominal de\u011ferli pay i\u00e7in Sermaye Piyasas\u0131 Kurulu&#8217;na ba\u015fvurmas\u0131d\u0131r.<\/li>\n<li><b>Ba\u011fl\u0131 Ortakl\u0131k ve B\u00fcy\u00fcme Alan\u0131:<\/b> \u015eirket, 10 Ocak 2024&#8217;te turizm ve otelcilik alan\u0131nda faaliyet g\u00f6steren Ak\u00e7ay Otelcilik Turizm ve \u0130\u015fletme A.\u015e.&#8217;yi %100 ba\u011fl\u0131 ortakl\u0131\u011f\u0131 olarak sat\u0131n alm\u0131\u015ft\u0131r. Bu ba\u011fl\u0131 ortakl\u0131\u011f\u0131n portf\u00f6y\u00fcnde bulunan ve de\u011feri <b>3,95 milyar TL<\/b> olan Edremit&#8217;teki &#8220;Tatil K\u00f6y\u00fc&#8221; vas\u0131fl\u0131 ta\u015f\u0131nmazlar, \u015firketin turizm sekt\u00f6r\u00fcne y\u00f6nelik b\u00fcy\u00fcme stratejisinin bir g\u00f6stergesidir.<\/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>1. \u015eirket Profili ve Kurumsal Yap\u0131<\/h2>\n<h3>Genel Bilgiler<\/h3>\n<p>ADRA GYO, Torbal\u0131\/\u0130ZM\u0130R merkezli bir gayrimenkul yat\u0131r\u0131m ortakl\u0131\u011f\u0131d\u0131r. \u015eirketin temel kimlik bilgileri a\u015fa\u011f\u0131daki gibidir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Bilgi<\/td>\n<td>Detay<\/td>\n<\/tr>\n<tr>\n<td><b>Ticaret Unvan\u0131<\/b><\/td>\n<td>ADRA GAYR\u0130MENKUL YATIRIM ORTAKLI\u011eI A.\u015e.<\/td>\n<\/tr>\n<tr>\n<td><b>Kay\u0131tl\u0131 Sermaye Tavan\u0131<\/b><\/td>\n<td>1.100.000.000 TL<\/td>\n<\/tr>\n<tr>\n<td><b>\u00c7\u0131kar\u0131lm\u0131\u015f Sermaye<\/b><\/td>\n<td>293.700.000 TL<\/td>\n<\/tr>\n<tr>\n<td><b>Ticaret Sicil No<\/b><\/td>\n<td>7569 (Torbal\u0131)<\/td>\n<\/tr>\n<tr>\n<td><b>Tescil Tarihi<\/b><\/td>\n<td>09.11.2020<\/td>\n<\/tr>\n<tr>\n<td><b>Halka Arz Tarihi<\/b><\/td>\n<td>Eyl\u00fcl 2023<\/td>\n<\/tr>\n<tr>\n<td><b>\u0130\u015flem Sembol\u00fc<\/b><\/td>\n<td>ADGYO (Borsa \u0130stanbul)<\/td>\n<\/tr>\n<tr>\n<td><b>\u0130nternet Adresi<\/b><\/td>\n<td>www.adragyo.com.tr<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Tarih\u00e7e ve Faaliyet Alan\u0131<\/h3>\n<p>\u015eirket, 9 Kas\u0131m 2020&#8217;de Okullu \u0130n\u015faat Anonim \u015eirketi ad\u0131yla kurulmu\u015f ve 29 Aral\u0131k 2022&#8217;de gayrimenkul yat\u0131r\u0131m ortakl\u0131\u011f\u0131na d\u00f6n\u00fc\u015ferek mevcut unvan\u0131n\u0131 alm\u0131\u015ft\u0131r. Ana faaliyet konusu; gayrimenkuller, gayrimenkul projeleri ve gayrimenkule dayal\u0131 haklardan olu\u015fan bir portf\u00f6y\u00fc i\u015fletmektir.<\/p>\n<h3>Y\u00f6netim Kurulu ve Komiteler<\/h3>\n<p>\u015eirket y\u00f6netim kurulu, ikisi ba\u011f\u0131ms\u0131z olmak \u00fczere be\u015f \u00fcyeden olu\u015fmaktad\u0131r. Y\u00f6netim kurulu \u00fcyeleri, g\u00f6rev s\u00fcreleri ve icra durumlar\u0131 a\u015fa\u011f\u0131daki gibidir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ad\u0131 ve Soyad\u0131<\/td>\n<td>Unvan\u0131<\/td>\n<td>\u0130cra Durumu<\/td>\n<td>G\u00f6rev S\u00fcresi Ba\u015flang\u0131c\u0131<\/td>\n<\/tr>\n<tr>\n<td>Cem OKULLU<\/td>\n<td>Y\u00f6netim Kurulu Ba\u015fkan\u0131<\/td>\n<td>\u0130crada G\u00f6revli<\/td>\n<td>14.03.2025 (3 Y\u0131l)<\/td>\n<\/tr>\n<tr>\n<td>Cengiz OKULLU<\/td>\n<td>Y\u00f6netim Kurulu Ba\u015fkan Vekili<\/td>\n<td>\u0130crada G\u00f6revli<\/td>\n<td>14.03.2025 (3 Y\u0131l)<\/td>\n<\/tr>\n<tr>\n<td>Nurhan EBREN<\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<td>\u0130crada G\u00f6revli De\u011fil<\/td>\n<td>14.03.2025 (3 Y\u0131l)<\/td>\n<\/tr>\n<tr>\n<td>G\u00fcl SA\u011eIR AYDIN<\/td>\n<td>Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<td>\u0130crada G\u00f6revli De\u011fil<\/td>\n<td>14.03.2025 (1 Y\u0131l)<\/td>\n<\/tr>\n<tr>\n<td>I\u015f\u0131l D\u0130N\u00c7ER<\/td>\n<td>Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<td>\u0130crada G\u00f6revli De\u011fil<\/td>\n<td>14.03.2025 (1 Y\u0131l)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Ayr\u0131ca, Y\u00f6netim Kurulu&#8217;na ba\u011fl\u0131 olarak faaliyet g\u00f6steren <b>Denetimden Sorumlu Komite<\/b>, <b>Kurumsal Y\u00f6netim Komitesi<\/b> ve <b>Riskin Erken Saptanmas\u0131 Komitesi<\/b> bulunmaktad\u0131r. Bu komitelerde ba\u011f\u0131ms\u0131z y\u00f6netim kurulu \u00fcyeleri aktif rol almaktad\u0131r.<\/p>\n<h3>Sermaye ve Ortakl\u0131k Yap\u0131s\u0131<\/h3>\n<p>\u015eirketin 293.700.000 TL&#8217;lik \u00e7\u0131kar\u0131lm\u0131\u015f sermayesinin ortaklara g\u00f6re da\u011f\u0131l\u0131m\u0131 \u015f\u00f6yledir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ortak Ad\u0131<\/td>\n<td>Pay Tutar\u0131 (TL)<\/td>\n<td>Sermaye Oran\u0131 (%)<\/td>\n<\/tr>\n<tr>\n<td>ADRA HOLD\u0130NG A.\u015e.<\/td>\n<td>200.000.000<\/td>\n<td>68,10<\/td>\n<\/tr>\n<tr>\n<td>CEM OKULLU<\/td>\n<td>11.200.000<\/td>\n<td>3,81<\/td>\n<\/tr>\n<tr>\n<td>HALKA A\u00c7IK H\u0130SSELER<\/td>\n<td>82.500.000<\/td>\n<td>28,09<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM<\/b><\/td>\n<td><b>293.700.000<\/b><\/td>\n<td><b>100<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i>Not: 30 Eyl\u00fcl 2025 itibar\u0131yla \u015firket, geri al\u0131m program\u0131 kapsam\u0131nda halka a\u00e7\u0131k hisselerin bir b\u00f6l\u00fcm\u00fcne (sermayenin %8,17&#8217;si) sahiptir.<\/i><\/p>\n<p>Sermaye, A Grubu (nama yaz\u0131l\u0131) ve B Grubu (hamiline yaz\u0131l\u0131) paylardan olu\u015fmaktad\u0131r. <b>A Grubu paylar, y\u00f6netim kurulu \u00fcye se\u00e7iminde aday g\u00f6sterme imtiyaz\u0131na sahiptir.<\/b><\/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>2. Portf\u00f6y De\u011ferlemesi: Varl\u0131klar ve Projeler<\/h2>\n<p>ADRA GYO&#8217;nun portf\u00f6y\u00fc, kira geliri sa\u011flayan m\u00fclkler ile sat\u0131\u015f ve proje geli\u015ftirme ama\u00e7l\u0131 arsa ve konutlardan olu\u015fmaktad\u0131r. T\u00fcm de\u011ferlemeler \u0130nvest Gayrimenkul De\u011ferleme ve Dan\u0131\u015fmanl\u0131k A.\u015e. taraf\u0131ndan 30 Haziran 2025 pazar de\u011ferleri baz al\u0131narak yap\u0131lm\u0131\u015ft\u0131r.<\/p>\n<h3>Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller<\/h3>\n<p>Bu kategori, \u015firketin d\u00fczenli kira geliri elde etti\u011fi varl\u0131klar\u0131 i\u00e7ermektedir. Toplam de\u011ferleri <b>5.745.695.000 TL<\/b>&#8216;dir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Gayrimenkul<\/td>\n<td>Kullan\u0131m Amac\u0131<\/td>\n<td>De\u011ferleme De\u011feri (KDV Hari\u00e7)<\/td>\n<\/tr>\n<tr>\n<td>Torbal\u0131 Al\u0131\u015fveri\u015f Merkezi<\/td>\n<td>Kira Geliri<\/td>\n<td>625.000.000 TL<\/td>\n<\/tr>\n<tr>\n<td>Bal\u0131kesir Al\u0131\u015fveri\u015f Merkezi<\/td>\n<td>Kira Geliri<\/td>\n<td>1.100.000.000 TL<\/td>\n<\/tr>\n<tr>\n<td>Edremit 677 Ada 16 Parsel (\u0130\u015f yeri)<\/td>\n<td>Kira Geliri<\/td>\n<td>70.695.000 TL<\/td>\n<\/tr>\n<tr>\n<td>Edremit 1812 Ada 1-2-3 Parsel<\/td>\n<td>Kira Geliri<\/td>\n<td>3.950.000.000 TL<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM<\/b><\/td>\n<td><\/td>\n<td><b>5.745.695.000 TL<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Edremit 1812 Ada Parselleri:<\/b> Bu varl\u0131k, \u015firketin %100 ba\u011fl\u0131 ortakl\u0131\u011f\u0131 olan Ak\u00e7ay Otelcilik Turizm ve \u0130\u015fletme A.\u015e.&#8217;ye aittir ve &#8220;Maa M\u00fc\u015ftemilat Tatil K\u00f6y\u00fc&#8221; ve arsalar\u0131ndan olu\u015fmaktad\u0131r.<\/li>\n<\/ul>\n<h3>Stoklar<\/h3>\n<p>Stoklar, geli\u015ftirilip sat\u0131lmas\u0131 planlanan arsalar\u0131 ve tamamlanm\u0131\u015f konut projelerindeki sat\u0131lmam\u0131\u015f ba\u011f\u0131ms\u0131z b\u00f6l\u00fcmleri kapsar.<\/p>\n<h4>Arsa ve Geli\u015ftirme Projeleri<\/h4>\n<p>Bu arsalar, gelecekteki konut ve ticari projeler i\u00e7in \u00f6nemli bir potansiyel ta\u015f\u0131maktad\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Proje \/ Arsa<\/td>\n<td>Arsa De\u011feri (KDV Hari\u00e7)<\/td>\n<td>Proje De\u011feri (KDV Hari\u00e7)<\/td>\n<\/tr>\n<tr>\n<td>\u015eehzadeler 931 Ada 13 Parsel<\/td>\n<td>1.512.500.000 TL<\/td>\n<td>4.059.000.000 TL<\/td>\n<\/tr>\n<tr>\n<td>Turgutlu 1323 Ada 41 Parsel<\/td>\n<td>680.000.000 TL<\/td>\n<td>2.190.000.000 TL<\/td>\n<\/tr>\n<tr>\n<td>Yunusemre 2057 Ada 3 Parsel<\/td>\n<td>550.000.000 TL<\/td>\n<td>1.080.000.000 TL<\/td>\n<\/tr>\n<tr>\n<td>\u015eehzadeler 933 Ada 8 Parsel<\/td>\n<td>253.176.000 TL<\/td>\n<td>473.000.000 TL<\/td>\n<\/tr>\n<tr>\n<td>Narl\u0131 B\u00f6lgesindeki Arsalar<\/td>\n<td>1.150.000.000 TL<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td>Yol\u00f6ren 1835 Parsel Arsas\u0131<\/td>\n<td>270.000.000 TL<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td>Torbal\u0131 234 Ada 2 Parsel Arsas\u0131<\/td>\n<td>82.000.000 TL<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4>Tamamlanan Konut Projeleri<\/h4>\n<p>Bu projeler, \u015firketin k\u0131sa ve orta vadeli nakit ak\u0131\u015f\u0131 i\u00e7in \u00f6nemli bir kaynak olu\u015fturmaktad\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Proje<\/td>\n<td>Kalan Ba\u011f\u0131ms\u0131z B\u00f6l\u00fcm De\u011feri (TL)<\/td>\n<td>Kalan Ba\u011f\u0131ms\u0131z B\u00f6l\u00fcm Say\u0131s\u0131<\/td>\n<\/tr>\n<tr>\n<td>Alt\u0131noluk 799 Ada 1 Parsel<\/td>\n<td>617.774.000 TL<\/td>\n<td>66 adet<\/td>\n<\/tr>\n<tr>\n<td>Alt\u0131noluk 800 Ada 1 Parsel<\/td>\n<td>566.609.000 TL<\/td>\n<td>26 adet<\/td>\n<\/tr>\n<tr>\n<td>Edremit 677 Ada 16 Parsel<\/td>\n<td>276.985.000 TL<\/td>\n<td>31 adet<\/td>\n<\/tr>\n<tr>\n<td>Alt\u0131noluk 798 Ada 5 Parsel<\/td>\n<td>114.750.000 TL<\/td>\n<td>16 adet<\/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>3. Finansal Performans Analizi (01.01.2025 &#8211; 30.09.2025)<\/h2>\n<p><i>Not: T\u00fcm finansal veriler, TMS 29 kapsam\u0131nda enflasyon muhasebesi uygulanarak raporlanm\u0131\u015ft\u0131r.<\/i><\/p>\n<h3>Temel Finansal Tablolar<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>30.09.2025 (TL)<\/td>\n<td>31.12.2024 (TL)<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>9.777.477.602<\/b><\/td>\n<td><b>9.585.378.811<\/b><\/td>\n<\/tr>\n<tr>\n<td>Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller<\/td>\n<td>6.176.873.899<\/td>\n<td>5.963.957.399<\/td>\n<\/tr>\n<tr>\n<td>Stoklar<\/td>\n<td>2.167.679.368<\/td>\n<td>2.365.330.373<\/td>\n<\/tr>\n<tr>\n<td>Nakit ve Nakit Benzerleri<\/td>\n<td>876.723.866<\/td>\n<td>947.011.868<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>768.666.816<\/b><\/td>\n<td><b>572.616.321<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td><b>9.008.810.786<\/b><\/td>\n<td><b>9.012.762.490<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat (9 Ayl\u0131k)<\/b><\/td>\n<td><b>612.987.787<\/b><\/td>\n<td>490.891.499 (2024 9 Ayl\u0131k)<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r (9 Ayl\u0131k)<\/b><\/td>\n<td><b>377.636.142<\/b><\/td>\n<td>342.209.039 (2024 9 Ayl\u0131k)<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131 (9 Ayl\u0131k)<\/b><\/td>\n<td><b>193.874.069<\/b><\/td>\n<td>722.674.136 (2024 9 Ayl\u0131k)<\/td>\n<\/tr>\n<tr>\n<td><b>Pay Ba\u015f\u0131na Kazan\u00e7 (9 Ayl\u0131k)<\/b><\/td>\n<td><b>0,66<\/b><\/td>\n<td>2,46 (2024 9 Ayl\u0131k)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Finansal Sa\u011flaml\u0131k ve Risk Y\u00f6netimi<\/h3>\n<ul>\n<li><b>Sermaye Yap\u0131s\u0131:<\/b> \u015eirket, toplam varl\u0131klar\u0131n\u0131n b\u00fcy\u00fck bir k\u0131sm\u0131n\u0131 \u00f6zkaynaklar\u0131 ile finanse etmektedir. Net bor\u00e7\/toplam sermaye oran\u0131 <b>-0,01<\/b>&#8216;dir, bu da \u015firketin net nakit pozisyonunda oldu\u011funu ve finansal borcu bulunmad\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/li>\n<li><b>Likidite:<\/b> Cari oran (d\u00f6nen varl\u0131klar \/ k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fckler) <b>71,27<\/b> gibi olduk\u00e7a y\u00fcksek bir seviyededir. Bu, \u015firketin k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerini kar\u015f\u0131lama kapasitesinin \u00e7ok g\u00fc\u00e7l\u00fc oldu\u011funu teyit etmektedir.<\/li>\n<li><b>Piyasa Riski:<\/b> \u015eirketin d\u00f6viz cinsinden varl\u0131k veya y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc bulunmad\u0131\u011f\u0131 i\u00e7in yabanc\u0131 para riskine maruz de\u011fildir.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>4. \u00d6nemli Kurumsal Geli\u015fmeler ve Stratejik Aksiyonlar<\/h2>\n<h3>Pay Geri Al\u0131m Program\u0131<\/h3>\n<p>\u015eirket Y\u00f6netim Kurulu&#8217;nun 17 \u015eubat 2025 tarihli karar\u0131yla, hisse fiyat\u0131nda sa\u011fl\u0131kl\u0131 fiyat olu\u015fumunu desteklemek amac\u0131yla bir pay geri al\u0131m program\u0131 ba\u015flat\u0131lm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>Ger\u00e7ekle\u015fme Tarihleri:<\/b> 19 Mart 2025 &#8211; 23 Haziran 2025<\/li>\n<li><b>Geri Al\u0131nan Pay Tutar\u0131:<\/b> 24.000.000 TL nominal de\u011fer<\/li>\n<li><b>Geri Al\u0131nan Paylar\u0131n Sermayeye Oran\u0131:<\/b> %8,1716<\/li>\n<li><b>Ortalama Al\u0131m Fiyat\u0131:<\/b> 30,4551 TL<\/li>\n<li>Program bu al\u0131mlarla sonland\u0131r\u0131lm\u0131\u015ft\u0131r ve geri al\u0131nan paylar \u00f6zkaynaklar alt\u0131nda raporlanmaktad\u0131r.<\/li>\n<\/ul>\n<h3>GYO Vergi Mevzuat\u0131 ve K\u00e2r Da\u011f\u0131t\u0131m Politikas\u0131<\/h3>\n<p>7524 say\u0131l\u0131 Kanun ile GYO&#8217;lara tan\u0131nan kurumlar vergisi istisnas\u0131, ta\u015f\u0131nmazlardan elde edilen kazan\u00e7lar\u0131n en az <b>%50&#8217;sinin k\u00e2r pay\u0131 olarak da\u011f\u0131t\u0131lmas\u0131<\/b> \u015fart\u0131na ba\u011flanm\u0131\u015ft\u0131r. Bu do\u011frultuda, \u015eirket Y\u00f6netim Kurulu 15 A\u011fustos 2025 tarihinde bu \u015fart\u0131 yerine getirecek \u015fekilde bir k\u00e2r da\u011f\u0131t\u0131m politikas\u0131 benimseme ve Genel Kurul onay\u0131na sunma karar\u0131 alm\u0131\u015ft\u0131r. Bu politika de\u011fi\u015fikli\u011fi, gelecekteki ertelenmi\u015f vergi y\u00fck\u00fcml\u00fcl\u00fcklerini ve hissedarlara yap\u0131lacak temett\u00fc \u00f6demelerini do\u011frudan etkileyecektir.<\/p>\n<h3>Bilan\u00e7o Tarihi Sonras\u0131 \u00d6nemli Geli\u015fme<\/h3>\n<p>\u015eirketin ana orta\u011f\u0131 <b>Adra Holding A.\u015e.<\/b>, 15 Ekim 2025 tarihinde Sermaye Piyasas\u0131 Kurulu&#8217;na ba\u015fvurarak, sahip oldu\u011fu <b>45.000.000 TL nominal de\u011ferli B grubu pay\u0131n<\/b> borsada i\u015flem g\u00f6ren niteli\u011fe d\u00f6n\u00fc\u015ft\u00fcr\u00fclmesi i\u00e7in &#8220;Pay Sat\u0131\u015f Bilgi Formu&#8221;nun onaylanmas\u0131n\u0131 talep etmi\u015ftir. Bu geli\u015fme, \u015firketin halka a\u00e7\u0131kl\u0131k oran\u0131n\u0131 ve piyasadaki likiditesini art\u0131rma potansiyeli ta\u015f\u0131maktad\u0131r.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"53\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>ADRA GYO&#8217;nun Finansal Raporundan \u00c7\u0131kan ve Ezber Bozan 5 Ger\u00e7ek Giri\u015f: Rakamlar\u0131n Aras\u0131ndaki Hikaye Kurumsal faaliyet raporlar\u0131 genellikle rakamlar\u0131n, tablolar\u0131n ve teknik jargonun aras\u0131nda kayboldu\u011fumuz yo\u011fun dok\u00fcmanlard\u0131r. Ancak dikkatli bir g\u00f6zle incelendi\u011finde, bu raporlar bir \u015firketin mevcut sa\u011fl\u0131\u011f\u0131 ve gelecekteki&#8230; <\/p>\n","protected":false},"author":1,"featured_media":54,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[6,5],"class_list":["post-53","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-2025-09","tag-adgyo"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/53","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=53"}],"version-history":[{"count":6,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/53\/revisions"}],"predecessor-version":[{"id":77,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/53\/revisions\/77"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/54"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=53"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=53"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=53"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}