{"id":650,"date":"2025-12-28T02:55:29","date_gmt":"2025-12-27T23:55:29","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=650"},"modified":"2025-12-28T03:14:26","modified_gmt":"2025-12-28T00:14:26","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-tkfen-tekfen-holding-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/650","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #TKFEN | Tekfen Holding 2025\/9 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #TKFEN | Tekfen Holding 2025\/9 Bilan\u00e7o Analizi\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/kEjpWkxuCjo?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>Tekfen&#8217;in Bilan\u00e7osundan \u00c7\u0131kan 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek: Milyarl\u0131k Zarar\u0131n Perde Arkas\u0131<\/h1>\n<p>T\u00fcrkiye sanayisinin temel ta\u015flar\u0131ndan biri olan Tekfen Holding, m\u00fchendislikten tar\u0131ma uzanan geni\u015f faaliyet alan\u0131yla y\u0131llard\u0131r dev bir oyuncu konumunda. Ancak bu k\u00f6kl\u00fc devin 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131na ili\u015fkin a\u00e7\u0131klad\u0131\u011f\u0131 finansal sonu\u00e7lar, piyasalar i\u00e7in adeta bir \u015fok etkisi yaratt\u0131. Bir \u00f6nceki y\u0131l k\u00e2r a\u00e7\u0131klayan \u015firket, bu y\u0131l milyarlarca liral\u0131k devasa bir zarara s\u00fcr\u00fcklendi. Bu keskin d\u00fc\u015f\u00fc\u015f, basit bir ciro kayb\u0131n\u0131n \u00e7ok \u00f6tesinde, derin yap\u0131sal sorunlara ve perde arkas\u0131nda ya\u015fanan b\u00fcy\u00fck d\u00f6n\u00fc\u015f\u00fcmlere i\u015faret ediyor. Bu yaz\u0131da, Tekfen&#8217;in bilan\u00e7osunun derinliklerine inerek bu \u015fa\u015f\u0131rt\u0131c\u0131 tablonun ard\u0131ndaki nedenleri ve rakamlar\u0131n saklad\u0131\u011f\u0131 be\u015f \u00e7arp\u0131c\u0131 ger\u00e7e\u011fi mercek alt\u0131na al\u0131yoruz.<\/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\u00e2rdan Milyarlarca Liral\u0131k Dev Zarara: \u015eok Edici D\u00f6n\u00fc\u015f\u00fcm<\/h3>\n<p>Tekfen&#8217;in finansal tablolar\u0131ndaki en \u00e7arp\u0131c\u0131 ger\u00e7ek, k\u00e2rl\u0131l\u0131ktaki dramatik U d\u00f6n\u00fc\u015f\u00fc oldu. \u015eirket, 2024&#8217;\u00fcn ilk dokuz ay\u0131nda 65,1 milyon TL net k\u00e2r elde ederken, 2025&#8217;in ayn\u0131 d\u00f6neminde tam 3,36 milyar TL net zarara u\u011frad\u0131. Ana ortakl\u0131\u011fa d\u00fc\u015fen zarar pay\u0131 ise 3,337 milyar TL olarak ger\u00e7ekle\u015fti. Bu rakamlar, T\u00fcrkiye&#8217;nin en b\u00fcy\u00fck holdinglerinden biri i\u00e7in sars\u0131c\u0131 bir de\u011fi\u015fimi g\u00f6zler \u00f6n\u00fcne seriyor.<\/p>\n<p>Bu tablonun arkas\u0131nda sadece cirodaki d\u00fc\u015f\u00fc\u015f (56,8 milyar TL&#8217;den 38,8 milyar TL&#8217;ye) yatm\u0131yor. As\u0131l alarm zilleri, \u00e7ok daha sert bir d\u00fc\u015f\u00fc\u015f g\u00f6steren Br\u00fct K\u00e2r rakamlar\u0131nda \u00e7al\u0131yor. Bir \u00f6nceki y\u0131l 6,2 milyar TL olan br\u00fct k\u00e2r, bu y\u0131l sadece 796 milyon TL&#8217;ye geriledi. Bu durum, \u015firketin sadece daha az sat\u0131\u015f yapmad\u0131\u011f\u0131n\u0131, ayn\u0131 zamanda yapt\u0131\u011f\u0131 i\u015flerden de eskisi gibi k\u00e2r edemedi\u011fini g\u00f6steriyor ve basit bir ciro kayb\u0131ndan \u00f6te, derin bir k\u00e2rl\u0131l\u0131k krizine i\u015faret ediyor.<\/p>\n<h3>2. \u0130ki Ayr\u0131 D\u00fcnya: Kan Kaybeden \u0130n\u015faat, Ayakta Kalan Tar\u0131m<\/h3>\n<p>Bilan\u00e7onun detaylar\u0131na inildi\u011finde, holdingin iki ana faaliyet kolunun tamamen farkl\u0131 d\u00fcnyalarda ya\u015fad\u0131\u011f\u0131 g\u00f6r\u00fcl\u00fcyor. Milyarlarca liral\u0131k zarar\u0131n ana kayna\u011f\u0131, \u015firketin amiral gemisi olarak bilinen <b>M\u00fchendislik ve Taahh\u00fct Grubu<\/b>. Bu segment, ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6neminde 2,38 milyar TL br\u00fct k\u00e2r elde ederken, bu y\u0131l 2,02 milyar TL br\u00fct zarara ge\u00e7ti. B\u00f6l\u00fcm\u00fcn esas faaliyet zarar\u0131 ise tek ba\u015f\u0131na 3 milyar TL&#8217;yi a\u015ft\u0131. Bu rakam, holdingin 3,45 milyar TL&#8217;lik konsolide faaliyet zarar\u0131n\u0131n neredeyse tamam\u0131n\u0131 tek ba\u015f\u0131na olu\u015fturarak, krizin merkez \u00fcss\u00fcn\u00fcn taahh\u00fct kolu oldu\u011funu \u015f\u00fcpheye yer b\u0131rakmayacak \u015fekilde g\u00f6stermektedir.<\/p>\n<p>Buna kar\u015f\u0131l\u0131k, <b>Tar\u0131msal Sanayi Grubu<\/b> (Toros Tar\u0131m), kendi zorluklar\u0131na ra\u011fmen k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 koruyarak \u015firketi daha b\u00fcy\u00fck bir finansal \u00e7\u00f6k\u00fc\u015ften kurtaran bir denge unsuru oldu. Bu grubun br\u00fct k\u00e2r\u0131 3,6 milyar TL&#8217;den 2,6 milyar TL&#8217;ye d\u00fc\u015fse de pozitifte kalmay\u0131 ba\u015fard\u0131. Bu durum, tar\u0131m segmentinin holding i\u00e7in ne kadar kritik bir rol oynad\u0131\u011f\u0131n\u0131 ve in\u015faat kolundaki f\u0131rt\u0131naya kar\u015f\u0131 bir kalkan g\u00f6revi g\u00f6rd\u00fc\u011f\u00fcn\u00fc kan\u0131tl\u0131yor.<\/p>\n<h3>3. Tar\u0131mda \u00c7ifte K\u0131ska\u00e7: D\u00fc\u015fen Sat\u0131\u015flara Ra\u011fmen Artan G\u00fcbre Fiyatlar\u0131<\/h3>\n<p>Tar\u0131m segmenti her ne kadar \u015firketi ayakta tutsa da kendi i\u00e7inde \u015fa\u015f\u0131rt\u0131c\u0131 bir \u00e7eli\u015fki bar\u0131nd\u0131r\u0131yor. Toros Tar\u0131m&#8217;\u0131n Ceyhan ve Mersin&#8217;deki \u00fcretim tesislerinde 21 May\u0131s &#8211; 5 Eyl\u00fcl 2025 tarihleri aras\u0131nda ya\u015fanan grev, \u00fcretimi ve sat\u0131\u015flar\u0131 olumsuz etkiledi. Nitekim \u015firketin toplam g\u00fcbre sat\u0131\u015f hacmi, 2025&#8217;in ilk dokuz ay\u0131nda bir \u00f6nceki y\u0131la k\u0131yasla %37 gibi ciddi bir oranda azald\u0131.<\/p>\n<p>Ancak tablonun en \u015fa\u015f\u0131rt\u0131c\u0131 yan\u0131 burada ortaya \u00e7\u0131k\u0131yor: Sat\u0131\u015f hacmindeki bu devasa d\u00fc\u015f\u00fc\u015fe ra\u011fmen, yurt i\u00e7i ortalama g\u00fcbre sat\u0131\u015f fiyatlar\u0131 ayn\u0131 d\u00f6nemde dolar baz\u0131nda %15 artt\u0131. Bu durum, k\u00fcresel hammadde piyasalar\u0131ndaki bask\u0131lar ve artan maliyetlerin, azalan talebe ra\u011fmen fiyatlar\u0131 yukar\u0131 itti\u011fini g\u00f6steriyor. Bu tablo, bir yanda k\u00fcresel piyasa dinamikleri, di\u011fer yanda al\u0131m g\u00fcc\u00fc d\u00fc\u015fen yerel \u00e7ift\u00e7i aras\u0131na s\u0131k\u0131\u015fan tar\u0131m sekt\u00f6r\u00fcn\u00fcn karma\u015f\u0131k yap\u0131s\u0131n\u0131 g\u00f6zler \u00f6n\u00fcne seriyor.<\/p>\n<h3>4. F\u0131rt\u0131nadaki Liman: G\u00f6zden Ka\u00e7an Terminal Ba\u015far\u0131s\u0131<\/h3>\n<p>Genel olumsuz havan\u0131n ve milyarl\u0131k zarar\u0131n g\u00f6lgesinde kalan, ancak dikkat \u00e7ekici bir ba\u015far\u0131 hikayesi de mevcut. Tar\u0131msal Sanayi Grubu alt\u0131nda faaliyet g\u00f6steren <b>Terminal (Torosport) \u0130\u015f Kolu<\/b>, f\u0131rt\u0131nal\u0131 bir denizde sakin bir liman gibi parl\u0131yor.<\/p>\n<p>Genel tablonun aksine, Terminal i\u015f kolu etkileyici bir b\u00fcy\u00fcme sergiledi. 2025&#8217;in ilk dokuz ay\u0131nda elle\u00e7lenen y\u00fck miktar\u0131 (tank terminali \u00fcr\u00fcnleri hari\u00e7), bir \u00f6nceki y\u0131la k\u0131yasla %42&#8217;lik muazzam bir art\u0131\u015fla <b>3.656 bin tona<\/b> ula\u015ft\u0131. Buna ek olarak, petrol \u00fcr\u00fcnleri depolama kapasite kullan\u0131m oran\u0131 da %79,6&#8217;dan %86,1&#8217;e y\u00fckseldi. Bu performans, grubun di\u011fer i\u015f kollar\u0131 zor bir d\u00f6nemden ge\u00e7erken terminal hizmetlerinin ne denli istikrarl\u0131 ve b\u00fcy\u00fcyen bir gelir kap\u0131s\u0131 oldu\u011funu kan\u0131tl\u0131yor.<\/p>\n<h3>5. Perde Arkas\u0131ndaki G\u00fc\u00e7 Sava\u015flar\u0131: TMSF&#8217;nin Y\u00fckseli\u015fi ve Y\u00f6netim De\u011fi\u015fiklikleri<\/h3>\n<p>Rakamlar\u0131n \u00f6tesinde, Tekfen&#8217;in bilan\u00e7osunu as\u0131l \u015fekillendiren olaylar, \u015firketin ortakl\u0131k yap\u0131s\u0131nda ve y\u00f6netiminde ya\u015fanan k\u00f6kl\u00fc de\u011fi\u015fimler oldu. 2025 y\u0131l\u0131, ARY Holding&#8217;in hisse al\u0131mlar\u0131yla ba\u015flayan hareketli bir ortakl\u0131k yap\u0131s\u0131na sahne oldu. Ancak en kritik geli\u015fme, 11 Eyl\u00fcl 2025&#8217;te ya\u015fand\u0131. K\u00fc\u00e7\u00fck\u00e7ekmece 4. Sulh Ceza H\u00e2kimli\u011fi&#8217;nin karar\u0131yla, \u015firketin \u00f6nemli ortaklar\u0131ndan <b>Can Grubu<\/b>&#8216;nun sahip oldu\u011fu %17,56&#8217;l\u0131k hisselere <b>Tasarruf Mevduat\u0131 Sigorta Fonu (TMSF)<\/b> kayy\u0131m olarak atand\u0131.<\/p>\n<p>Bu olay, Tekfen i\u00e7in yeni bir d\u00f6nemin ba\u015flang\u0131c\u0131 oldu. Raporlama d\u00f6neminden hemen sonra, 3 Ekim 2025&#8217;te, TMSF y\u00f6netimindeki Can Grubu, Berker Ailesi&#8217;nin %25,23&#8217;l\u00fck pay\u0131n\u0131 da devrald\u0131. Bu i\u015flemle birlikte TMSF kontrol\u00fcndeki pay oran\u0131 %42,80&#8217;e y\u00fckseldi ve fon, Tekfen Holding&#8217;in en b\u00fcy\u00fck hissedar\u0131 konumuna geldi.<\/p>\n<p>Bu devir teslimin hemen ard\u0131ndan, 9 Ekim 2025&#8217;te Grup \u015eirketler Ba\u015fkan\u0131 (CEO) Hakan Sad\u0131k G\u00f6ral g\u00f6revinden ayr\u0131ld\u0131 ve yerine TMSF taraf\u0131ndan Nam\u0131k \u00dclke atand\u0131. K\u0131sa bir s\u00fcre sonra, 14 Ekim 2025&#8217;te, Mali \u0130\u015fler Ba\u015fkan Yard\u0131mc\u0131l\u0131\u011f\u0131 (CFO) g\u00f6revine <b>Kenan Alpd\u00fcndar<\/b> atand\u0131. Bu geli\u015fmeler, \u015firkette sadece bir hissedar de\u011fi\u015fikli\u011fi de\u011fil, ayn\u0131 zamanda tam bir y\u00f6netimsel deprem ya\u015fand\u0131\u011f\u0131n\u0131n en net g\u00f6stergesi oldu.<\/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>Tekfen Holding, 2025 y\u0131l\u0131nda tarihinin en zorlu d\u00f6nemlerinden birinden ge\u00e7iyor. Bir yanda amiral gemisi olan in\u015faat segmentindeki derin k\u00e2rl\u0131l\u0131k krizi, di\u011fer yanda ise \u015firketin kontrol\u00fcn\u00fc tamamen de\u011fi\u015ftiren b\u00fcy\u00fck bir kurumsal d\u00f6n\u00fc\u015f\u00fcm&#8230; Finansal sonu\u00e7lar, bu iki b\u00fcy\u00fck f\u0131rt\u0131nan\u0131n birle\u015ferek yaratt\u0131\u011f\u0131 sars\u0131nt\u0131y\u0131 net bir \u015fekilde yans\u0131t\u0131yor. \u015eimdi ak\u0131llardaki en b\u00fcy\u00fck soru \u015fu: TMSF&#8217;nin en b\u00fcy\u00fck hissedar oldu\u011fu yeni bir yap\u0131 ve tamamen de\u011fi\u015fen \u00fcst y\u00f6netim ile Tekfen, bu zorlu f\u0131rt\u0131nay\u0131 atlat\u0131p eski parlak g\u00fcnlerine d\u00f6nebilecek mi, yoksa T\u00fcrkiye&#8217;nin bu sanayi devinin k\u00f6kl\u00fc bir kimlik de\u011fi\u015fimine mi tan\u0131kl\u0131k ediyoruz? \u00d6n\u00fcm\u00fczdeki d\u00f6nem, bu sorunun cevab\u0131n\u0131 verecek.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Tekfen Holding A.\u015e. 9 Ayl\u0131k Durum De\u011ferlendirmesi (30 Eyl\u00fcl 2025)<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing, Tekfen Holding A.\u015e. ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (Grup) 30 Eyl\u00fcl 2025&#8217;te sona eren dokuz ayl\u0131k ara d\u00f6neme ait konsolide finansal sonu\u00e7lar\u0131n\u0131 ve operasyonel faaliyetlerini \u00f6zetlemektedir. Raporlama d\u00f6nemi, Grup i\u00e7in \u00f6nemli finansal zorluklar, operasyonel aksakl\u0131klar ve k\u00f6kl\u00fc kurumsal y\u00f6netim de\u011fi\u015fiklikleri ile karakterize edilmektedir.<\/p>\n<p><b>Temel Bulgular:<\/b><\/p>\n<ul>\n<li><b>Finansal Performans:<\/b> Grup, 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda 3,36 milyar TL net zarar a\u00e7\u0131klam\u0131\u015ft\u0131r. Bu sonu\u00e7, ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6neminde elde edilen 65,1 milyon TL&#8217;lik kar ile keskin bir tezat olu\u015fturmaktad\u0131r. Has\u0131lat, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %31,7 azalarak 56,9 milyar TL&#8217;den 38,8 milyar TL&#8217;ye gerilemi\u015ftir. Karl\u0131l\u0131ktaki bu d\u00fc\u015f\u00fc\u015f, \u00f6zellikle M\u00fchendislik ve Taahh\u00fct segmentindeki proje zararlar\u0131ndan ve Tar\u0131msal Sanayi segmentindeki sat\u0131\u015f hacmi daralmas\u0131ndan kaynaklanmaktad\u0131r.<\/li>\n<li><b>Operasyonel Zorluklar:<\/b>\n<ul>\n<li><b>M\u00fchendislik ve Taahh\u00fct Grubu:<\/b> Katar&#8217;daki North Field East projesi ba\u015fta olmak \u00fczere b\u00fcy\u00fck \u00f6l\u00e7ekli projelerde ya\u015fanan gecikmeler ve maliyet a\u015f\u0131mlar\u0131 nedeniyle segment \u00f6nemli bir faaliyet zarar\u0131 kaydetmi\u015ftir. Grup, bu zararlar\u0131 telafi etmek i\u00e7in i\u015fveren idarelerle hak talebi m\u00fczakereleri y\u00fcr\u00fctmektedir.<\/li>\n<li><b>Tar\u0131msal Sanayi Grubu (Toros Tar\u0131m):<\/b> Toros Tar\u0131m&#8217;\u0131n Ceyhan ve Mersin tesislerinde 21 May\u0131s &#8211; 5 Eyl\u00fcl 2025 tarihleri aras\u0131nda ya\u015fanan grev, \u00fcretim ve sat\u0131\u015f hacimlerini ciddi \u015fekilde etkilemi\u015ftir. 9 ayl\u0131k d\u00f6nemde toplam g\u00fcbre sat\u0131\u015f\u0131 bir \u00f6nceki y\u0131la g\u00f6re %37, \u00fcretim ise %27 oran\u0131nda azalm\u0131\u015ft\u0131r. Pazardaki daralma ve \u00e7ift\u00e7inin al\u0131m g\u00fcc\u00fcndeki d\u00fc\u015f\u00fc\u015f de segment performans\u0131n\u0131 olumsuz etkilemi\u015ftir.<\/li>\n<\/ul>\n<\/li>\n<li><b>Hissedarl\u0131k ve Y\u00f6netim Yap\u0131s\u0131ndaki De\u011fi\u015fimler:<\/b> Y\u0131l i\u00e7inde hissedarl\u0131k yap\u0131s\u0131nda \u00f6nemli hareketlilik ya\u015fanm\u0131\u015ft\u0131r. Raporlama d\u00f6nemi sonras\u0131 3 Ekim 2025&#8217;te Can Grubu&#8217;nun, Berker Ailesi&#8217;ne ait hisseleri devralarak \u015firketteki pay\u0131n\u0131 %17,56&#8217;dan %42,80&#8217;e \u00e7\u0131karmas\u0131yla kontrol yap\u0131s\u0131 de\u011fi\u015fmi\u015ftir. Bu geli\u015fme, Grup \u015eirketler Ba\u015fkan\u0131 ve Mali \u0130\u015fler Ba\u015fkan Yard\u0131mc\u0131s\u0131 da dahil olmak \u00fczere \u00fcst y\u00f6netimde ve Y\u00f6netim Kurulu&#8217;nda kapsaml\u0131 de\u011fi\u015fiklikleri beraberinde getirmi\u015ftir.<\/li>\n<li><b>Finansal Durum ve \u0130\u015fletmenin S\u00fcreklili\u011fi:<\/b> Grubun d\u00f6nen varl\u0131klar\u0131, k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerini 8,2 milyar TL a\u015fm\u0131\u015ft\u0131r (net \u00e7al\u0131\u015fma sermayesi a\u00e7\u0131\u011f\u0131). Ortakl\u0131k yap\u0131s\u0131ndaki de\u011fi\u015fim, baz\u0131 banka kredi s\u00f6zle\u015fmelerindeki temerr\u00fct h\u00fck\u00fcmlerini tetiklemi\u015f ve uzun vadeli kredilerin bir k\u0131sm\u0131n\u0131n k\u0131sa vadeli olarak yeniden s\u0131n\u0131fland\u0131r\u0131lmas\u0131na neden olmu\u015ftur. Y\u00f6netim, bankalarla m\u00fczakereler y\u00fcr\u00fcterek ve operasyonel verimlili\u011fi art\u0131rarak i\u015fletmenin s\u00fcreklili\u011fini temin etmeye y\u00f6nelik bir aksiyon plan\u0131 uygulamaktad\u0131r.<\/li>\n<li><b>Hukuki ve D\u00fczenleyici S\u00fcre\u00e7ler:<\/b> K\u00fc\u00e7\u00fck\u00e7ekmece 4. Sulh Ceza H\u00e2kimli\u011fi karar\u0131yla Can Grubu&#8217;nun %17,56&#8217;l\u0131k hissesine el konulmu\u015f ve bu paylara kayy\u0131m olarak Tasarruf Mevduat\u0131 Sigorta Fonu (TMSF) atanm\u0131\u015ft\u0131r. Ayr\u0131ca, ARY Holding A.\u015e. taraf\u0131ndan 7 May\u0131s 2025 tarihli Ola\u011fan Genel Kurul toplant\u0131s\u0131nda al\u0131nan kararlar\u0131n iptali talebiyle a\u00e7\u0131lm\u0131\u015f bir dava s\u00fcrmektedir.<\/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. Finansal Performans Analizi (01.01.2025 &#8211; 30.09.2025)<\/h2>\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 zay\u0131f bir finansal performans sergilemi\u015ftir. Has\u0131lat ve karl\u0131l\u0131ktaki d\u00fc\u015f\u00fc\u015f, bilan\u00e7odaki bozulma ile birle\u015ferek zorlu bir d\u00f6neme i\u015faret etmektedir.<\/p>\n<h3>1.1. Konsolide Gelir Tablosu<\/h3>\n<p>A\u015fa\u011f\u0131daki tablo, Grubun 9 ayl\u0131k d\u00f6nemler itibar\u0131yla kar\u015f\u0131la\u015ft\u0131rmal\u0131 gelir tablosu \u00f6zetini sunmaktad\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>(Bin TL)<\/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>38.846.639<\/td>\n<td>56.863.803<\/td>\n<td>-%31,7<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Kar \/ (Zarar)<\/b><\/td>\n<td>796.461<\/td>\n<td>6.247.590<\/td>\n<td>-%87,3<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet Kar\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td>(3.448.911)<\/td>\n<td>191.980<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td><b>Vergi \u00d6ncesi Kar \/ (Zarar)<\/b><\/td>\n<td>(3.473.657)<\/td>\n<td>464.405<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem Kar\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td>(3.362.099)<\/td>\n<td>65.145<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td><b>Ana Ortakl\u0131k Paylar\u0131<\/b><\/td>\n<td>(3.337.425)<\/td>\n<td>30.767<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Has\u0131latta g\u00f6r\u00fclen %31,7&#8217;lik d\u00fc\u015f\u00fc\u015f, her iki ana faaliyet segmentindeki zay\u0131fl\u0131ktan kaynaklanmaktad\u0131r. Br\u00fct kar marj\u0131 %10,99&#8217;dan %2,05&#8217;e gerilerken, \u015firket esas faaliyet zarar\u0131 a\u00e7\u0131klam\u0131\u015ft\u0131r.<\/p>\n<h3>1.2. Konsolide Bilan\u00e7o<\/h3>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla bilan\u00e7oda varl\u0131klar\u0131n azald\u0131\u011f\u0131, k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerin g\u00f6receli olarak artt\u0131\u011f\u0131 ve \u00f6zkaynaklar\u0131n eridi\u011fi g\u00f6r\u00fclmektedir. En dikkat \u00e7ekici geli\u015fme, net \u00e7al\u0131\u015fma sermayesinin pozitife d\u00f6nmesidir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>(Bin TL)<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nen Varl\u0131klar<\/td>\n<td>23.977.170<\/td>\n<td>36.661.513<\/td>\n<\/tr>\n<tr>\n<td>Duran Varl\u0131klar<\/td>\n<td>45.620.003<\/td>\n<td>45.963.996<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>69.597.173<\/b><\/td>\n<td><b>82.625.509<\/b><\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>32.204.284<\/td>\n<td>34.035.828<\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>3.424.669<\/td>\n<td>9.855.198<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>35.628.953<\/b><\/td>\n<td><b>43.891.026<\/b><\/td>\n<\/tr>\n<tr>\n<td>Ana Ortakl\u0131\u011fa Ait \u00d6zkaynaklar<\/td>\n<td>33.595.247<\/td>\n<td>38.213.351<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Kaynaklar<\/b><\/td>\n<td><b>69.597.173<\/b><\/td>\n<td><b>82.625.509<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Net \u00c7al\u0131\u015fma Sermayesi<\/b><\/td>\n<td><b>(8.227.114)<\/b><\/td>\n<td><b>2.625.685<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>1.3. Finansal Oranlar<\/h3>\n<p>Finansal oranlar, \u015firketin likidite ve karl\u0131l\u0131k pozisyonundaki bozulmay\u0131 teyit etmektedir.<\/p>\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<\/tr>\n<tr>\n<td>Cari Oran<\/td>\n<td>0,74<\/td>\n<td>1,08<\/td>\n<\/tr>\n<tr>\n<td>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler \/ Ana Ortakl\u0131\u011fa Ait \u00d6zkaynaklar<\/td>\n<td>%106<\/td>\n<td>%115<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Karl\u0131l\u0131k Oranlar\u0131<\/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>Br\u00fct Kar Marj\u0131<\/td>\n<td>%2,05<\/td>\n<td>%10,99<\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nem Kar (Zarar) Marj\u0131<\/td>\n<td>%(8,65)<\/td>\n<td>%0,11<\/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. Segment Baz\u0131nda Operasyonel Durum<\/h2>\n<h3>2.1. M\u00fchendislik ve Taahh\u00fct Grubu<\/h3>\n<p>Bu segment, Grubun genel performans\u0131n\u0131 en olumsuz etkileyen b\u00f6l\u00fcm olmu\u015ftur.<\/p>\n<ul>\n<li><b>Finansal Sonu\u00e7lar:<\/b> Segment, 2025&#8217;in ilk dokuz ay\u0131nda 14,6 milyar TL has\u0131lata kar\u015f\u0131l\u0131k 2,0 milyar TL br\u00fct zarar ve 3,0 milyar TL esas faaliyet zarar\u0131 kaydetmi\u015ftir.<\/li>\n<li><b>Proje Portf\u00f6y\u00fc:<\/b> 30 Eyl\u00fcl 2025 itibar\u0131yla devam eden projelerde kalan i\u015flerin parasal toplam\u0131 yakla\u015f\u0131k <b>686 milyon ABD dolar\u0131d\u0131r<\/b>. Bu portf\u00f6y\u00fcn co\u011frafi ve sekt\u00f6rel da\u011f\u0131l\u0131m\u0131 a\u015fa\u011f\u0131daki gibidir:\n<ul>\n<li><b>Co\u011frafi Da\u011f\u0131l\u0131m:<\/b> Orta Do\u011fu (%68), Hazar B\u00f6lgesi (%25), T\u00fcrkiye (%7)<\/li>\n<li><b>Proje T\u00fcr\u00fc Da\u011f\u0131l\u0131m\u0131:<\/b> End\u00fcstriyel Tesisler (%66), Boru Hatt\u0131 (%28), Ula\u015ft\u0131rma (%4), Bina (%2)<\/li>\n<\/ul>\n<\/li>\n<li><b>\u00d6nemli Projelerdeki Zorluklar:<\/b>\n<ul>\n<li><b>North Field East (Katar):<\/b> Projenin finansal tamamlanma oran\u0131 %83,98&#8217;dir. Mobilizasyon a\u015famas\u0131ndaki gecikmeler maliyet art\u0131\u015flar\u0131na ve zarara yol a\u00e7m\u0131\u015ft\u0131r. Proje sonu zarar\u0131n\u0131n azalt\u0131lmas\u0131 i\u00e7in idare ile m\u00fczakereler ve verimlilik \u00e7al\u0131\u015fmalar\u0131 devam etmektedir.<\/li>\n<li><b>Phosphate 3 Phase 1 (Suudi Arabistan):<\/b> 234 milyon ABD dolar\u0131 bedelli projenin finansal tamamlanma oran\u0131 %28,69&#8217;dur. \u0130\u015fveren kaynakl\u0131 gecikmeler ve kapsam de\u011fi\u015fiklikleri nedeniyle maliyet art\u0131\u015f\u0131 ve s\u00fcre uzat\u0131m\u0131 hak talepleri i\u015fverene iletilmi\u015ftir.<\/li>\n<li><b>Package-16 MGSE III Boru Hatt\u0131 (Suudi Arabistan):<\/b> 212 milyon ABD dolar\u0131 bedelli projenin finansal tamamlanma oran\u0131 %14,19&#8217;dur.<\/li>\n<\/ul>\n<\/li>\n<li><b>Yeni \u0130\u015fler:<\/b> Grubun %40 i\u015ftiraki olan Azfen MMC, BP ile Azerbaycan&#8217;da yakla\u015f\u0131k 321 milyon ABD dolar\u0131 de\u011ferinde bir offshore platformu projesi imzalam\u0131\u015ft\u0131r. Bu projede Tekfen \u0130n\u015faat&#8217;\u0131n pay\u0131 yakla\u015f\u0131k 128 milyon ABD dolar\u0131d\u0131r.<\/li>\n<\/ul>\n<h3>2.2. Tar\u0131msal Sanayi Grubu (Toros Tar\u0131m)<\/h3>\n<p>Segment, grev ve pazar ko\u015fullar\u0131n\u0131n etkisiyle zorlu bir d\u00f6nem ge\u00e7irmi\u015ftir.<\/p>\n<ul>\n<li><b>Finansal Sonu\u00e7lar:<\/b> Segment, 9 ayl\u0131k d\u00f6nemde 23,5 milyar TL has\u0131lat, 2,6 milyar TL br\u00fct kar ancak 122 milyon TL esas faaliyet zarar\u0131 a\u00e7\u0131klam\u0131\u015ft\u0131r.<\/li>\n<li><b>G\u00fcbre \u0130\u015f Kolu:<\/b>\n<ul>\n<li><b>\u00dcretim ve Sat\u0131\u015flar:<\/b> Grev, zay\u0131f talep ve \u00e7ift\u00e7inin al\u0131m g\u00fcc\u00fcndeki d\u00fc\u015f\u00fc\u015f nedeniyle sat\u0131\u015f ve \u00fcretim hacimleri \u00f6nemli \u00f6l\u00e7\u00fcde gerilemi\u015ftir. Kapasite kullan\u0131m oran\u0131 9 ayl\u0131k d\u00f6nemde %81&#8217;den %58&#8217;e d\u00fc\u015fm\u00fc\u015ft\u00fcr.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>G\u00fcbre Sat\u0131\u015flar\u0131 (Bin Ton)<\/td>\n<td>2024\/9<\/td>\n<td>2025\/9<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Sat\u0131\u015f<\/b><\/td>\n<td><b>1.695<\/b><\/td>\n<td><b>1.075<\/b><\/td>\n<td><b>-%37<\/b><\/td>\n<\/tr>\n<tr>\n<td>Yurt \u0130\u00e7i Sat\u0131\u015f<\/td>\n<td>1.438<\/td>\n<td>966<\/td>\n<td>-%33<\/td>\n<\/tr>\n<tr>\n<td>\u0130hracat<\/td>\n<td>257<\/td>\n<td>109<\/td>\n<td>-%58<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>G\u00fcbre \u00dcretimi (Bin Ton)<\/td>\n<td>2024\/9<\/td>\n<td>2025\/9<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam \u00dcretim<\/b><\/td>\n<td><b>1.177<\/b><\/td>\n<td><b>857<\/b><\/td>\n<td><b>-%27<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<pre><code class=\"\">*   **Piyasa Ko\u015fullar\u0131:** K\u00fcresel jeopolitik gerilimler, \u00c7in'in ihracat k\u0131s\u0131tlamalar\u0131 ve Rusya'ya y\u00f6nelik yapt\u0131r\u0131mlar hammadde arz\u0131n\u0131 daraltarak fiyatlar\u0131 yukar\u0131 y\u00f6nl\u00fc bask\u0131lam\u0131\u015ft\u0131r. Yurt i\u00e7i g\u00fcbre fiyatlar\u0131 9 ayl\u0131k d\u00f6nemde ABD dolar\u0131 baz\u0131nda %15 artm\u0131\u015ft\u0131r.\r\n<\/code><\/pre>\n<ul>\n<li><b>Terminal \u0130\u015f Kolu (Torosport):<\/b> Bu i\u015f kolu pozitif bir performans sergilemi\u015ftir. D\u00f6kme kat\u0131\/s\u0131v\u0131 ve genel kargo elle\u00e7leme miktar\u0131 ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %42 artarak 3,66 milyon tona ula\u015fm\u0131\u015ft\u0131r. Petrol \u00fcr\u00fcnleri depolama tanklar\u0131nda doluluk oran\u0131 %86,1 olarak ger\u00e7ekle\u015fmi\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>3. Kurumsal Y\u00f6netim ve Hukuki Geli\u015fmeler<\/h2>\n<p>2025 y\u0131l\u0131, Tekfen Holding i\u00e7in kurumsal yap\u0131y\u0131 temelden etkileyen geli\u015fmelerin ya\u015fand\u0131\u011f\u0131 bir d\u00f6nem olmu\u015ftur.<\/p>\n<h3>3.1. Ortakl\u0131k Yap\u0131s\u0131ndaki De\u011fi\u015fiklikler ve TMSF S\u00fcreci<\/h3>\n<ul>\n<li><b>Hisse Devirleri:<\/b> Y\u0131l i\u00e7inde ARY Holding A.\u015e. \u00f6nemli bir hissedar konumuna gelmi\u015f, Cansevil Ak\u00e7a\u011fl\u0131lar ise hisselerini Can K\u00fclt\u00fcr&#8217;e devretmi\u015ftir.<\/li>\n<li><b>TMSF&#8217;nin Kayy\u0131m Atanmas\u0131:<\/b> 11 Eyl\u00fcl 2025&#8217;te, K\u00fc\u00e7\u00fck\u00e7ekmece 4. Sulh Ceza H\u00e2kimli\u011fi karar\u0131yla Can Grubu&#8217;nun \u015eirket sermayesindeki %17,56&#8217;l\u0131k pay\u0131na el konulmu\u015f ve kayy\u0131m olarak TMSF g\u00f6revlendirilmi\u015ftir.<\/li>\n<li><b>Raporlama Sonras\u0131 Pay Devri:<\/b> 3 Ekim 2025&#8217;te, TMSF y\u00f6netimindeki Can Grubu, Berker Ailesi&#8217;ne ait %25,23&#8217;l\u00fck hisseyi devralm\u0131\u015ft\u0131r. Bu i\u015flemle Can Grubu&#8217;nun Tekfen Holding&#8217;deki pay\u0131 <b>%42,80&#8217;e y\u00fckselmi\u015ftir<\/b>.<\/li>\n<\/ul>\n<h3>3.2. Y\u00f6netimdeki De\u011fi\u015fiklikler<\/h3>\n<ul>\n<li><b>Y\u00f6netim Kurulu:<\/b> Raporlama d\u00f6nemi ve sonras\u0131nda Y\u00f6netim Kurulu&#8217;nda istifalar ya\u015fanm\u0131\u015f ve TMSF Fon Kurulu&#8217;nun \u00f6nerisiyle yeni atamalar yap\u0131lm\u0131\u015ft\u0131r. Nevzat Avun\u00e7, Taner Yal\u00e7\u0131n ve Erdem \u015eair bu d\u00f6nemde atanan \u00fcyeler aras\u0131ndad\u0131r.<\/li>\n<li><b>\u00dcst Y\u00f6netim:<\/b> Raporlama d\u00f6nemi sonras\u0131nda \u00fcst y\u00f6netimde \u00f6nemli de\u011fi\u015fiklikler olmu\u015ftur:\n<ul>\n<li><b>Grup \u015eirketler Ba\u015fkan\u0131:<\/b> Hakan Sad\u0131k G\u00f6ral 9 Ekim 2025&#8217;te istifa etmi\u015f, yerine <b>Nam\u0131k \u00dclke<\/b> atanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Mali \u0130\u015fler Ba\u015fkan Yard\u0131mc\u0131s\u0131:<\/b> Hakan D\u00fcndar&#8217;\u0131n Haziran&#8217;daki istifas\u0131 sonras\u0131 g\u00f6reve 14 Ekim 2025&#8217;te <b>Kenan Alpd\u00fcndar<\/b> atanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>3.3. Hukuki S\u00fcre\u00e7ler<\/h3>\n<ul>\n<li><b>ARY Holding Davas\u0131:<\/b> ARY Holding, 7 May\u0131s 2025 tarihli Genel Kurul&#8217;da al\u0131nan y\u00f6netim kurulu \u00fcye se\u00e7imlerine ili\u015fkin kararlar\u0131n iptali talebiyle dava a\u00e7m\u0131\u015ft\u0131r. 20 Kas\u0131m 2025&#8217;teki duru\u015fmada davan\u0131n tahkikat a\u015famas\u0131na ge\u00e7ilmesine karar verilmi\u015f ve bir sonraki duru\u015fma 7 May\u0131s 2026 tarihine ertelenmi\u015ftir.<\/li>\n<li><b>Libya Tahkim Davas\u0131:<\/b> Libya&#8217;daki B\u00fcy\u00fck Nehir Projesi alacaklar\u0131na ili\u015fkin \u0130\u015fveren MMRA ile var\u0131lan uzla\u015fma kapsam\u0131nda tahsilatlar devam etmektedir. Hen\u00fcz tahsil edilmemi\u015f 17,73 milyon ABD dolar\u0131 i\u00e7in \u00f6deme takvimi yeniden yap\u0131land\u0131r\u0131lm\u0131\u015f olup, \u00f6demelerin 2025 sonundan 2027 ortas\u0131na kadar taksitler halinde yap\u0131lmas\u0131 kararla\u015ft\u0131r\u0131lm\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>4. \u0130\u015fletmenin S\u00fcreklili\u011fine \u0130li\u015fkin De\u011ferlendirme<\/h2>\n<p>Finansal tablolar, Grubun i\u015fletme s\u00fcreklili\u011fini tehdit edebilecek \u00f6nemli belirsizliklere i\u015faret etmektedir.<\/p>\n<ul>\n<li><b>Mevcut Riskler:<\/b>\n<ul>\n<li><b>Net \u00c7al\u0131\u015fma Sermayesi A\u00e7\u0131\u011f\u0131:<\/b> 30 Eyl\u00fcl 2025 itibar\u0131yla 8,2 milyar TL&#8217;lik net \u00e7al\u0131\u015fma sermayesi a\u00e7\u0131\u011f\u0131 bulunmaktad\u0131r.<\/li>\n<li><b>D\u00f6nem Zarar\u0131:<\/b> 9 ayl\u0131k d\u00f6nemde 3,3 milyar TL ana ortakl\u0131k pay\u0131na d\u00fc\u015fen zarar kaydedilmi\u015ftir.<\/li>\n<li><b>Kredi S\u00f6zle\u015fmelerinin \u0130hlali:<\/b> Ortakl\u0131k yap\u0131s\u0131ndaki de\u011fi\u015fiklikler, baz\u0131 genel kredi s\u00f6zle\u015fmelerindeki bildirim y\u00fck\u00fcml\u00fcl\u00fckleri kapsam\u0131nda bankalar\u0131n kredileri geri \u00e7a\u011f\u0131rma hakk\u0131n\u0131 do\u011furmu\u015ftur. Bu nedenle, 3,6 milyar TL tutar\u0131ndaki uzun vadeli kredi k\u0131sa vadeli olarak s\u0131n\u0131fland\u0131r\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<\/li>\n<li><b>Y\u00f6netimin Aksiyon Plan\u0131:<\/b> Y\u00f6netim, bu riskleri y\u00f6netmek amac\u0131yla a\u015fa\u011f\u0131daki ad\u0131mlar\u0131 atmaktad\u0131r:\n<ul>\n<li>Bankalarla m\u00fczakereler y\u00fcr\u00fcterek s\u00f6zle\u015fme h\u00fck\u00fcmlerinden feragat teyitleri almak ve mevcut kredi limitlerini yenilemek\/uzatmak.<\/li>\n<li>Tahsilat s\u00fcre\u00e7lerini h\u0131zland\u0131rarak ve \u00f6deme vadelerini optimize ederek nakit ak\u0131\u015f\u0131n\u0131 dengelemek.<\/li>\n<li>Operasyonel verimlili\u011fi art\u0131rmak ve gider disiplini sa\u011flamak.<\/li>\n<li>Stok ve alacaklar\u0131n devir h\u0131z\u0131n\u0131 y\u00fckselterek varl\u0131k etkinli\u011fini art\u0131rmak.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>Y\u00f6netim, bu planlar do\u011frultusunda Grubun \u00f6ng\u00f6r\u00fclebilir gelecekte faaliyetlerini s\u00fcrd\u00fcrmek i\u00e7in yeterli finansal kayna\u011fa eri\u015fim sa\u011flayabilece\u011fi kanaatindedir. Finansal tablolar, i\u015fletmenin s\u00fcreklili\u011fi esas\u0131na g\u00f6re haz\u0131rlanm\u0131\u015ft\u0131r.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"650\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Sunulan belgeler, **Tekfen Holding** ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n **30 Eyl\u00fcl 2025** tarihi itibar\u0131yla haz\u0131rlanan **dokuz ayl\u0131k ara d\u00f6nem \u00f6zet konsolide finansal raporlar\u0131n\u0131** i\u00e7ermektedir. Bu raporlar kapsam\u0131nda grubun **finansal durum tablosu**, k\u00e2r veya zarar tablosu, nakit ak\u0131\u015flar\u0131 ve \u00f6zkaynak de\u011fi\u015fimleri **y\u00fcksek enflasyon d\u00fczeltmesine** (TMS 29) tabi tutularak sunulmu\u015ftur. Kaynaklar, \u015firketin **m\u00fchendislik ve taahh\u00fct**, **tar\u0131msal sanayi** ve **yat\u0131r\u0131m** kollar\u0131ndaki performans\u0131n\u0131 detayland\u0131r\u0131rken, Katar ve Suudi Arabistan gibi b\u00f6lgelerdeki b\u00fcy\u00fck \u00e7apl\u0131 **in\u015faat projelerinin** g\u00fcncel durumuna dair veriler sa\u011flamaktad\u0131r. Ayr\u0131ca, d\u00f6nem i\u00e7inde ger\u00e7ekle\u015fen **ortakl\u0131k yap\u0131s\u0131 de\u011fi\u015fiklikleri**, y\u00f6netim kuruluna yap\u0131lan **TMSF atamalar\u0131** ve bankalarla y\u00fcr\u00fct\u00fclen kredi m\u00fczakereleri gibi kritik idari geli\u015fmeler de metinde yer almaktad\u0131r. Belgede son olarak, grubun **i\u015fletmenin s\u00fcreklili\u011fi** ilkesi \u00e7er\u00e7evesinde ald\u0131\u011f\u0131 aksiyon planlar\u0131 ve kar\u015f\u0131la\u015ft\u0131\u011f\u0131 hukuki s\u00fcre\u00e7ler \u00f6zetlenmektedir.<\/p>\n","protected":false},"author":1,"featured_media":654,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[148],"class_list":["post-650","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-tkfen"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/650","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=650"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/650\/revisions"}],"predecessor-version":[{"id":655,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/650\/revisions\/655"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/654"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=650"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=650"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=650"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}