{"id":164,"date":"2026-02-07T12:12:52","date_gmt":"2026-02-07T12:12:52","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisken\/?p=164"},"modified":"2026-05-07T11:03:26","modified_gmt":"2026-05-07T11:03:26","slug":"%f0%9f%94%b5%f0%9f%87%ba%f0%9f%87%b8-lydye-lydia-green-energy-2025-12-earnings-analysis","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisken\/164","title":{"rendered":"\ud83d\udd35\ud83c\uddfa\ud83c\uddf8 #LYDYE | Lydia Green Energy 2025\/12 Earnings Analysis"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/creators.spotify.com\/pod\/profile\/market-risk\/embed\/episodes\/LYDYE--Lydia-Green-Energy-202512-Earnings-Analysis-e3eovs2\/a-acf81h3\" height=\"102px\" width=\"400px\" frameborder=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<h1>The Great Pivot: How a Food Company Transformed into a 4.6 Billion Lira Green Energy Powerhouse<\/h1>\n<p>In 2009, the company now known as <b>Lydia Ye\u015fil Enerji Kaynaklar\u0131 A.\u015e.<\/b> was a modest venture named Taze Kuru, focused on the sun-dried fruit market. By 2021, it had transitioned into Tetamat G\u0131da, a food investment vehicle. But to understand the Lydia of late 2025, one must look past the agricultural roots and into the machinery\u2014both literal and financial\u2014behind a radical, multi-billion lira metamorphosis.<\/p>\n<p>This is not a simple rebranding; it is a total structural rebirth. Finalized through a &#8220;simplified merger&#8221; (<i>kolayla\u015ft\u0131r\u0131lm\u0131\u015f usulde birle\u015fme<\/i>) in June 2025, the company absorbed its subsidiaries, Birinci Enerji and Taze Kuru Net, consolidating its solar assets and emerging as a lean, high-stakes hybrid of an energy producer and an investment holding.<\/p>\n<p>Here are the five essential takeaways from Lydia\u2019s 2025 performance.<\/p>\n<h2>1. The Zero-Employee &#8220;Plug-and-Play&#8221; Model<\/h2>\n<p>Perhaps the most disruptive aspect of Lydia\u2019s operational strategy is its headcount. Despite managing a balance sheet exceeding 4.6 billion TL, the company ended 2025 with <b>zero direct employees<\/b>.<\/p>\n<p>Lydia operates as a &#8220;plug-and-play&#8221; corporate machine. Instead of maintaining a costly internal workforce, the company outsources its entire technical, regulatory, and operational infrastructure to Lydia Holding A.\u015e.<\/p>\n<p>The company\u2019s 2025 Activity Report confirms that all personnel requirements are provided via &#8220;<b>d\u0131\u015f hizmet al\u0131m\u0131<\/b>&#8221; (external service procurement).<\/p>\n<p>From a strategy perspective, this model allows for extreme scalability and lean overhead. However, it also creates a unique corporate &#8220;interdependency&#8221;\u2014Lydia Ye\u015fil Enerji exists as a high-value asset shell that relies entirely on the parent holding\u2019s expertise to function.<\/p>\n<h2>2. The \u00c7ank\u0131r\u0131 Solar Bedrock<\/h2>\n<p>If the corporate structure is virtual, the assets are very much physical. Lydia\u2019s energy division is anchored by the &#8220;Y\u00f6r\u00fck&#8221; solar power plant cluster in the Central District of \u00c7ank\u0131r\u0131.<\/p>\n<p>As of the December 31, 2025 report, the footprint includes:<\/p>\n<ul>\n<li><b>Assets:<\/b> Five distinct solar plants (Y\u00f6r\u00fck 1 through Y\u00f6r\u00fck 5).<\/li>\n<li><b>Capacity:<\/b> A total installed capacity of <b>6,290.60 kWp<\/b>.<\/li>\n<li><b>Strategy:<\/b> The plants operate as &#8220;unlicensed&#8221; (<i>lisanss\u0131z<\/i>) production units under EPDK (Energy Market Regulatory Authority) regulations.<\/li>\n<\/ul>\n<p>This is a defensive masterstroke. By operating under these specific renewable regulations, Lydia secures a revenue stream that is largely price-protected or inflation-indexed. This provides the stable, &#8220;green&#8221; bedrock necessary to support its more aggressive financial maneuvers.<\/p>\n<h2>3. The 4-Billion-Lira Portfolio Pivot<\/h2>\n<p>The most significant financial shift between 2024 and 2025 wasn&#8217;t just growth\u2014it was a massive reclassification and revaluation of assets. At first glance, the jump in non-current financial investments from 0 TL to <b>4.09 billion TL<\/b> looks like a miracle. In reality, it reflects the company\u2019s strategic stake in <b>Ufuk Yat\u0131r\u0131m Y\u00f6netim ve Gayrimenkul A.\u015e.<\/b><\/p>\n<ul>\n<li><b>2024 Context:<\/b> The company held 1.78 billion TL in <i>current<\/i> financial investments.<\/li>\n<li><b>2025 Transformation:<\/b> These holdings\u2014specifically 2,319,000 nominal shares of Ufuk Yat\u0131r\u0131m\u2014were revalued and shifted to the <i>non-current<\/i> portfolio, reaching a valuation of <b>4,099,992,000 TL<\/b>.<\/li>\n<li><b>Total Asset Growth:<\/b> Lydia\u2019s total assets surged from 2.51 billion TL to <b>4.61 billion TL<\/b>, representing an 84% expansion in a single year.<\/li>\n<\/ul>\n<h2>4. Profitability and the &#8220;TMS 29&#8221; Factor<\/h2>\n<p>Lydia reported an eye-watering <b>Net Period Profit of 2,055,155,995 TL<\/b> for 2025. While the company\u2019s investment activity income (2.34 billion TL) was the primary engine, a savvy analyst must look at the impact of high-inflation accounting (<i>TMS 29<\/i>).<\/p>\n<p>In an economy defined by rapid price shifts, Lydia\u2019s bottom line was bolstered by a <b>313,020,625 TL &#8220;Net Parasal Pozisyon Kazanc\u0131&#8221;<\/b> (Net Monetary Position Gain). This figure represents the gain in purchasing power achieved by managing monetary liabilities against non-monetary assets. Essentially, Lydia isn\u2019t just winning on energy production; it is winning the battle against inflation through sophisticated balance sheet management.<\/p>\n<h2>5. Regulatory De-risking: The Powerhouse Board<\/h2>\n<p>Lydia\u2019s Board of Directors signals a move toward &#8220;Regulatory De-risking.&#8221; In the complex, state-regulated world of Turkish energy and capital markets, who you have at the table is as important as what you have in the ground.<\/p>\n<p>The board features a blend of government veterans and financial heavyweights:<\/p>\n<ul>\n<li><b>Enver \u00c7evik (Chairman):<\/b> The visionary architect behind the Lydia Holding ecosystem.<\/li>\n<li><b>Dr. Semra Demircio\u011flu (CEO):<\/b> A PhD economist and market commentator with a background in fintech and risk management.<\/li>\n<li><b>Osman Dereli (Independent Member):<\/b> The former President of <b>MASAK<\/b> (Financial Crimes Investigation Board), providing unparalleled insight into regulatory compliance.<\/li>\n<li><b>Ergin \u0130\u00e7enli (Independent Member):<\/b> Former General Manager of Turkey Sugar Factories, bringing deep experience in state-run industrial sectors.<\/li>\n<\/ul>\n<p>The board&#8217;s <b>Ba\u011f\u0131ms\u0131zl\u0131k Beyan\u0131<\/b> (Independence Declaration) emphasizes their commitment to &#8220;strong ethical standards, professional reputation, and experience.&#8221;<\/p>\n<p>By placing a former MASAK head and a state-industry veteran on the board, Lydia has effectively built a &#8220;regulatory moat,&#8221; ensuring the company can navigate the intersection of government policy and private investment with high-level institutional credibility.<\/p>\n<h2>The Future of Lydia<\/h2>\n<p>By the close of 2025, Lydia Ye\u015fil Enerji has successfully navigated its transition from a sun-dried fruit processor to a 4.6 billion TL green energy and investment powerhouse. Through the simplified merger, it has streamlined its operations, leaving behind the &#8220;Tetamat G\u0131da&#8221; era for a future defined by solar kilowatts and high-value equity stakes.<\/p>\n<p>The question for the market remains: Is this outsourced, hyper-lean model\u2014managing billions with zero direct staff\u2014the blueprint for the next generation of Turkish energy holdings, or is Lydia a unique outlier that only works because of the weight of its elite board?<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Lydia Ye\u015fil Enerji Kaynaklar\u0131 A.\u015e. 2025 Briefing Document<\/span><\/h1>\n<h2>Executive Summary<\/h2>\n<p>Lydia Ye\u015fil Enerji Kaynaklar\u0131 A.\u015e. (&#8220;the Company&#8221;) has successfully transitioned from a food-focused investment entity (formerly Tetamat G\u0131da Yat\u0131r\u0131mlar\u0131 A.\u015e.) into a specialized renewable energy producer. The fiscal year ending December 31, 2025, marks a period of significant structural consolidation and exceptional financial growth, primarily driven by investment valuations and a strategic pivot to solar energy.<\/p>\n<p>The Company reported a net profit of <b>2.055 billion TL<\/b> for 2025, a substantial increase despite a decrease in operational revenue compared to the previous year. This performance was largely underpinned by investment activity gains of <b>2.34 billion TL<\/b>, notably the value appreciation of shares in Ufuk Yat\u0131r\u0131m Y\u00f6netim ve Gayrimenkul A.\u015e. Structurally, the Company achieved a simplified corporate architecture by merging its 100% subsidiaries\u2014Birinci Enerji \u00dcretim A.\u015e. and Taze Kuru Net G\u0131da Pazarlama A.\u015e.\u2014into its own legal entity on June 30, 2025.<\/p>\n<p>Currently, the Company operates five Solar Power Plants (GES) in \u00c7ank\u0131r\u0131 with a total installed capacity of <b>6,290.60 kWp<\/b>. Its equity stands at <b>3.548 billion TL<\/b>, reflecting a robust capital position as it continues to align its operations with the Energy Market Legislation.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>1. Corporate Profile and Strategic Transformation<\/h2>\n<h3>1.1 Evolution and Sector Pivot<\/h3>\n<p>The Company has undergone a multi-stage transformation to arrive at its current structure:<\/p>\n<ul>\n<li><b>2009:<\/b> Established as Taze Kuru, a Limited Company.<\/li>\n<li><b>2012:<\/b> Converted to an Anonymous Company (A.\u015e.) and held its IPO on the BIST Emerging Companies Market.<\/li>\n<li><b>2021:<\/b> Renamed to Tetamat G\u0131da Yat\u0131r\u0131mlar\u0131 A.\u015e.<\/li>\n<li><b>August 27, 2024:<\/b> Shareholders approved a fundamental change in the Company&#8217;s purpose to energy production and renamed the entity to <b>Lydia Ye\u015fil Enerji Kaynaklar\u0131 A.\u015e.<\/b><\/li>\n<\/ul>\n<h3>1.2 Core Business Objectives<\/h3>\n<p>The Company&#8217;s primary mission includes:<\/p>\n<ul>\n<li>Producing electricity and heat energy from renewable sources (solar, hydrogen, wind, hydro, etc.) under Energy Market Regulatory Authority (EPDK) licenses.<\/li>\n<li>Wholesale and retail sale of produced energy to licensed legal entities and free consumers.<\/li>\n<li>Manufacturing, trading, and installing energy plant components (turbines, generators, solar panels).<\/li>\n<li>Developing biological and chemical treatment waste recovery units.<\/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>2. Operational Assets and Solar Energy Portfolio<\/h2>\n<p>The Company\u2019s operational footprint is centered in \u00c7ank\u0131r\u0131, where it generates electricity for sale to distribution organizations under renewable energy regulations.<\/p>\n<h3>2.1 Lydia Yenilenebilir Enerji GES Details<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Santral Ad\u0131<\/td>\n<td>Location<\/td>\n<td>Installed Power (kWp)<\/td>\n<\/tr>\n<tr>\n<td>Y\u00f6r\u00fck 1<\/td>\n<td>\u00c7ank\u0131r\u0131, Merkez<\/td>\n<td>1,263.16<\/td>\n<\/tr>\n<tr>\n<td>Y\u00f6r\u00fck 2<\/td>\n<td>\u00c7ank\u0131r\u0131, Merkez<\/td>\n<td>1,286.78<\/td>\n<\/tr>\n<tr>\n<td>Y\u00f6r\u00fck 3<\/td>\n<td>\u00c7ank\u0131r\u0131, Merkez<\/td>\n<td>1,268.82<\/td>\n<\/tr>\n<tr>\n<td>Y\u00f6r\u00fck 4<\/td>\n<td>\u00c7ank\u0131r\u0131, Merkez<\/td>\n<td>1,280.79<\/td>\n<\/tr>\n<tr>\n<td>Y\u00f6r\u00fck 5<\/td>\n<td>\u00c7ank\u0131r\u0131, Merkez<\/td>\n<td>1,191.05<\/td>\n<\/tr>\n<tr>\n<td><b>Total<\/b><\/td>\n<td>&nbsp;<\/td>\n<td><b>6,290.60<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The Company holds a $5,000,000 insurance policy covering its facility, machinery, and equipment as of the end of 2025.<\/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>3. Structural Consolidation and Mergers<\/h2>\n<p>In 2025, the Company executed a &#8220;simplified merger&#8221; (kolayla\u015ft\u0131r\u0131lm\u0131\u015f usulde birle\u015fme) to reduce operational overhead and align with its structural transformation.<\/p>\n<ul>\n<li><b>Entities Absorbed:<\/b> Birinci Enerji \u00dcretim A.\u015e. and Taze Kuru Net G\u0131da Pazarlama A.\u015e.<\/li>\n<li><b>Rationale:<\/b> To decrease operational costs and administrative burden following the pivot away from food investments.<\/li>\n<li><b>Completion:<\/b> The merger was approved by the SPK on May 30, 2025, and registered on June 30, 2025.<\/li>\n<li><b>Outcome:<\/b> As the Company held 100% of the shares in both subsidiaries, no capital increase was required. Following the merger, the Company transitioned from preparing consolidated financial statements to non-consolidated statements as of June 30, 2025.<\/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. Financial Performance Analysis<\/h2>\n<p>All financial data for 2025 is presented in accordance with TMS 29, reflecting the purchasing power as of December 31, 2025.<\/p>\n<h3>4.1 Income Statement Summary<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Metric<\/td>\n<td>2025 (TL)<\/td>\n<td>2024 (TL)<\/td>\n<\/tr>\n<tr>\n<td>Revenue (Has\u0131lat)<\/td>\n<td>53,229,195<\/td>\n<td>71,532,332<\/td>\n<\/tr>\n<tr>\n<td>Cost of Sales<\/td>\n<td>(34,002,465)<\/td>\n<td>(48,369,738)<\/td>\n<\/tr>\n<tr>\n<td><b>Gross Profit<\/b><\/td>\n<td><b>19,226,730<\/b><\/td>\n<td><b>23,162,594<\/b><\/td>\n<\/tr>\n<tr>\n<td>General Administrative Expenses<\/td>\n<td>(20,557,197)<\/td>\n<td>(34,702,736)<\/td>\n<\/tr>\n<tr>\n<td>Investment Activity Income<\/td>\n<td>2,340,981,702<\/td>\n<td>1,775,531,196<\/td>\n<\/tr>\n<tr>\n<td>Net Period Profit<\/td>\n<td><b>2,055,155,995<\/b><\/td>\n<td><b>1,257,108,259<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>4.2 Key Financial Insights<\/h3>\n<ul>\n<li><b>Investment Gains:<\/b> The primary driver of profit was a <b>2.34 billion TL<\/b> gain from investment activities. This was largely due to the &#8220;Seviye 1&#8221; valuation of 2,319,000 nominal shares held in Ufuk Yat\u0131r\u0131m Y\u00f6netim ve Gayrimenkul A.\u015e.<\/li>\n<li><b>Operational Revenue:<\/b> Revenue decreased from 71.5 million TL in 2024 to 53.2 million TL in 2025, following the transition in business focus.<\/li>\n<li><b>Asset Growth:<\/b> Total assets grew to <b>4.613 billion TL<\/b>, up from 2.509 billion TL in 2024.<\/li>\n<li><b>Equity Strength:<\/b> Total equity increased significantly to <b>3.548 billion TL<\/b>, compared to 1.911 billion TL in the previous year.<\/li>\n<\/ul>\n<h3>4.3 Capital Structure<\/h3>\n<p>The Company&#8217;s paid-in capital is <b>1,891,069.68 TL<\/b>, divided into Group (A) and Group (B) shares.<\/p>\n<ul>\n<li><b>Group (A) Shares:<\/b> Nama yaz\u0131l\u0131; each share holds 15 voting rights.<\/li>\n<li><b>Group (B) Shares:<\/b> Hamiline yaz\u0131l\u0131; each share holds 1 voting right.<\/li>\n<li><b>Major Shareholder:<\/b> Lydia Holding A.\u015e. (64.89% ownership).<\/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>5. Corporate Governance and Human Resources<\/h2>\n<h3>5.1 Board of Directors (As of Dec 31, 2025)<\/h3>\n<ul>\n<li><b>Enver \u00c7evik:<\/b> Chairman<\/li>\n<li><b>Kemal Akkaya:<\/b> Vice Chairman<\/li>\n<li><b>Dr. Semra Demircio\u011flu:<\/b> Member (Appointed July 2025)<\/li>\n<li><b>Osman Dereli:<\/b> Independent Member<\/li>\n<li><b>Ergin \u0130\u00e7enli:<\/b> Independent Member<\/li>\n<\/ul>\n<p>The Board met 29 times during the period with an attendance rate of 83.44%.<\/p>\n<h3>5.2 Board Committees<\/h3>\n<p>The Board maintains three active committees to ensure oversight and compliance:<\/p>\n<ol>\n<li><b>Audit Committee:<\/b> Oversees accounting, reporting, and internal control systems.<\/li>\n<li><b>Early Detection of Risk Committee:<\/b> Focuses on strategic, operational, and financial risks.<\/li>\n<li><b>Corporate Governance Committee:<\/b> Manages compliance with governance principles and assumes the duties of the Nomination and Remuneration Committees.<\/li>\n<\/ol>\n<h3>5.3 Human Resources Model<\/h3>\n<p>As of December 31, 2025, the Company has no direct employees. All operational, technical, and regulatory personnel requirements are fulfilled via <b>outsourcing and service procurement<\/b>, primarily through the parent company, Lydia Holding A.\u015e.<\/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>6. Risk Management Framework<\/h2>\n<p>The Company identifies several key risk categories that are monitored by the Early Detection of Risk Committee:<\/p>\n<ul>\n<li><b>Operational Risk:<\/b> Risks related to energy production and facility management.<\/li>\n<li><b>Market Risk:<\/b> Fluctuations in energy prices and investment valuations.<\/li>\n<li><b>Credit Risk:<\/b> Primarily related to trade receivables and bank deposits.<\/li>\n<li><b>Liquidity Risk:<\/b> Managed by maintaining sufficient cash reserves to meet obligations.<\/li>\n<\/ul>\n<p><b>Key Financial Risk Note:<\/b> As of December 31, 2025, the Company holds no foreign currency balance, mitigating direct exchange rate risk for that specific date. However, its energy facility assets (GES) are valued using income approach methods (Level 3 inputs) which are subject to future cash flow projections and market assumptions.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>English Excerpt: Lydia Ye\u015fil Enerji closed 2025 with a major transformation and a net profit exceeding 2 billion TRY! Discover the company&#8217;s new vision focused on renewable energy, its SPP investments in \u00c7ank\u0131r\u0131, and the details of the strategic merger operation in our 2025 annual report. Explore the giant steps taken toward financial strength and sustainable energy production.<\/p>\n","protected":false},"author":1,"featured_media":150,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[41],"tags":[36],"class_list":["post-164","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-lydye"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/posts\/164","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/comments?post=164"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/posts\/164\/revisions"}],"predecessor-version":[{"id":165,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/posts\/164\/revisions\/165"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/media\/150"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/media?parent=164"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/categories?post=164"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/tags?post=164"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}