{"id":98,"date":"2026-01-30T19:19:54","date_gmt":"2026-01-30T19:19:54","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisken\/?p=98"},"modified":"2026-05-07T11:04:16","modified_gmt":"2026-05-07T11:04:16","slug":"%f0%9f%94%b5%f0%9f%87%ba%f0%9f%87%b8-arclk-arcelik-as-2025-9-earnings-analysis","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisken\/98","title":{"rendered":"\ud83d\udd35\ud83c\uddfa\ud83c\uddf8 #ARCLK | Ar\u00e7elik AS 2025\/12 Earnings Analysis"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd35\ud83c\uddfa\ud83c\uddf8 #ARCLK | Ar\u00e7elik AS 2025\/12 Earnings Analysis\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/2L-5IXRySHA?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>The Inflation Paradox: 5 Impactful Truths Hidden in Ar\u00e7elik\u2019s 2025 Financials<\/h1>\n<h2>1. Introduction: The Art of Measuring a Moving Target<\/h2>\n<p>Assessing the financial health of a global industrial powerhouse like Ar\u00e7elik requires more than a cursory glance at the top line\u2014it requires a mastery of accounting physics. As of the December 31, 2025, audit conducted by <b>G\u00fcney Ba\u011f\u0131ms\u0131z Denetim (EY)<\/b>, the Group finds itself at the center of a historical reporting transition. While Ar\u00e7elik remains a massive global conglomerate with 38 factories spanning 13 countries\u2014including strategic hubs in Egypt, Bangladesh, and Italy\u2014its financial narrative is now fundamentally dictated by the reality of hyperinflation.<\/p>\n<p>For sophisticated investors, the 2025 financials represent a &#8220;signal-over-noise&#8221; challenge. When the reporting currency\u2019s purchasing power is in constant flux, traditional metrics of growth become &#8220;moving targets.&#8221; To find the truth, one must look toward the mechanics of inflation adjustment and the structural hedges hidden within a truly global manufacturing map.<\/p>\n<h2>2. The &#8220;Real&#8221; Growth Gap: Why End-of-Year Totals Can Be Deceiving<\/h2>\n<p>Under the mandate of <b>TMS 29 (Hyperinflation Accounting)<\/b>, Ar\u00e7elik&#8217;s 2025 financials have been restated to reflect the purchasing power of the Turkish Lira (TL) as of year-end. This is not merely a cosmetic change; it is a rigorous recalculation based on the <b>Consumer Price Index (T\u00dcFE)<\/b>. To appreciate the scale of this adjustment, one must look at the &#8220;correction coefficients&#8221; applied by the auditors: a factor of <b>1.00000<\/b> for 2025 against <b>1.30892<\/b> for 2024.<\/p>\n<p>When viewed through this lens, a startling &#8220;growth gap&#8221; emerges. Nominal totals suggest a titan in motion, yet the consolidated revenue for 2025 actually stood at <b>523,933,321 bin TL<\/b>, representing a contraction compared to the 2024 restated revenue of <b>560,936,754 bin TL<\/b>. This highlights the core paradox: in a hyperinflationary environment, &#8220;more&#8221; money often masks a decrease in real value. As the Independent Auditor\u2019s Report notes:<\/p>\n<p>&#8220;Given the significant impact of TMS 29 on the Group\u2019s reported results and financial position, high inflation accounting has been considered a key audit matter.&#8221;<\/p>\n<h2>3. The Multi-Billion Dollar Invisible Engine: Brand and Goodwill<\/h2>\n<p>The most sensitive components of Ar\u00e7elik\u2019s balance sheet are not its physical assembly lines, but its intangible assets\u2014the &#8220;invisible engine&#8221; of the Group\u2019s valuation. The 2025 report records a staggering <b>15,230,900 bin TL<\/b> for brand value and <b>10,671,568 bin TL<\/b> in goodwill.<\/p>\n<p>However, the &#8220;signal&#8221; for analysts lies in the methodology. These valuations are derived using the <b>&#8220;Royalty Relief Method&#8221; (\u0130sim hakk\u0131ndan kurtulma y\u00f6ntemi)<\/b>. These figures are not static; they are highly dependent on <b>Royalty Rates<\/b>, EBITDA growth expectations, and discount rates. Because these intangibles rely on &#8220;significant estimates and assumptions&#8221; about future market conditions, they are the first to signal distress if market sentiment or consumer loyalty shifts. They represent a multi-billion dollar bet on the enduring power of Ar\u00e7elik&#8217;s global brand portfolio.<\/p>\n<h2>4. A Truly Global Footprint: The Manufacturing Map as a Natural Hedge<\/h2>\n<p>While the bottom line is reported in TL, Ar\u00e7elik\u2019s operational risk is physically diversified across 38 factories in 13 countries. This manufacturing map serves as a structural &#8220;natural hedge&#8221; against local volatility:<\/p>\n<ul>\n<li><b>Europe:<\/b> Turkey, Romania, Poland, Slovakia, Italy.<\/li>\n<li><b>Asia &amp; Middle East:<\/b> Russia, China, India, Pakistan, Bangladesh, Thailand, Egypt.<\/li>\n<li><b>Africa:<\/b> South Africa.<\/li>\n<\/ul>\n<p>By maintaining massive production hubs in markets like <b>Egypt and Bangladesh<\/b>, the Group creates a cost-basis diversification that nominal financials often obscure. While the reporting currency suffers from devaluation, the physical cost of production is spread across various global currencies, providing a buffer that allows the Group to maintain its competitive edge in the durable consumer goods sector regardless of the macro-instability in its home market.<\/p>\n<h2>5. The Auditor\u2019s &#8220;Radar&#8221;: Revenue Recognition as a High-Stakes Game<\/h2>\n<p>With consolidated revenue exceeding <b>523 billion bin TL<\/b>, the timing of revenue recognition is a high-stakes game. Under <b>TFRS 15<\/b>, Ar\u00e7elik recognizes revenue only when &#8220;performance obligations&#8221; are met\u2014meaning control of the goods has officially passed to the customer.<\/p>\n<p>Given the sheer volume of transactions across different jurisdictions, EY\u2019s auditors employed a rigorous verification &#8220;radar.&#8221; This included the use of <b>&#8220;Direct Confirmation Letters&#8221; (do\u011frulama mektuplar\u0131)<\/b>, where auditors verify account balances directly with third-party customers. For a company of this scale, even a minor delay in recognizing a shipment in Poland or a sale in Pakistan can shift billions of bin TL between reporting periods. The &#8220;unqualified opinion&#8221; from the auditors suggests that despite these complexities, the Group\u2019s internal controls remain robust.<\/p>\n<h2>6. The Bottom Line: Navigating a Net Loss via Note 31<\/h2>\n<p>The 2025 headline figure shows a net loss of <b>(9,799,313) bin TL<\/b>, a deepening from the <b>(2,889,171) bin TL<\/b> loss in 2024. While high financing costs (Note 30) are a primary culprit, the &#8220;Truth Hidden in the Financials&#8221; is found in <b>Note 31: Net Parasal Pozisyon Kazan\u00e7lar\u0131 (Net Monetary Position Gains)<\/b>.<\/p>\n<p>Ar\u00e7elik recorded a massive &#8220;accounting gain&#8221; of <b>14,976,834 bin TL<\/b> in 2025 due to the effects of hyperinflation on its monetary assets and liabilities. This is the ultimate paradox of the report: <b>without this 14.9 billion bin TL paper gain, the company&#8217;s net loss would have been significantly more catastrophic.<\/b> Investors must distinguish between this non-cash accounting benefit and the actual operational cash flow to understand the Group&#8217;s true profitability.<\/p>\n<h2>7. Conclusion: The Future of Confidence<\/h2>\n<p>Despite the complexities of TMS 29 and the reported net loss, the auditors have issued an &#8220;unqualified opinion,&#8221; confirming that the statements &#8220;fairly present&#8221; Ar\u00e7elik\u2019s financial position.<\/p>\n<p>The sophisticated investor is left with a compelling choice: do you focus on the short-term pain of the <b>9.7 billion bin TL net loss<\/b>, or do you look at the <b>330 billion bin TL in current assets<\/b> and the massive global infrastructure that remains intact? The 2025 financials suggest that Ar\u00e7elik is not just surviving hyperinflation; it is using its global footprint to bridge the gap between reporting volatility and long-term industrial strength. The question remains: how much of a premium is the market willing to pay for a company that has successfully learned to navigate the storm?<\/p>\n<p>&nbsp;<\/p>\n<h1>Ar\u00e7elik A.\u015e. 2025 Consolidated Financial Performance and Audit Briefing<\/h1>\n<h2>Executive Summary<\/h2>\n<p>This briefing document provides a comprehensive analysis of the consolidated financial statements and independent auditor\u2019s report for Ar\u00e7elik A.\u015e. (the &#8220;Group&#8221;) for the fiscal year ending December 31, 2025.<\/p>\n<p>The Group&#8217;s financial results for 2025 reflect a period of significant structural and macroeconomic adjustment. While the Group continues to maintain a massive global footprint with 38 factories and a diverse product portfolio, the 2025 fiscal year resulted in a <b>net period loss of 9.8 billion TL<\/b>, a substantial increase from the 2.9 billion TL loss recorded in 2024. Total revenue decreased from 560.9 billion TL in 2024 to 523.9 billion TL in 2025.<\/p>\n<p>A critical factor in this reporting cycle is the continued application of <b>TMS 29 (Financial Reporting in Hyperinflationary Economies)<\/b>. Due to Turkey&#8217;s high-inflation environment, all financial figures\u2014including 2024 comparative data\u2014have been adjusted to the purchasing power of the Turkish Lira as of December 31, 2025. This adjustment is central to understanding the Group\u2019s reported performance, asset valuations, and equity changes.<\/p>\n<p>The independent auditor, G\u00fcney Ba\u011f\u0131ms\u0131z Denetim ve SMMM A.\u015e. (a member firm of Ernst &amp; Young), has issued an <b>unqualified opinion<\/b>, stating that the financial statements present a fair and accurate view of the Group\u2019s financial position in accordance with Turkey Financial Reporting Standards (TFRS).<\/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. Independent Audit Results and Opinion<\/h2>\n<p>The independent audit was conducted in accordance with the standards issued by the Capital Markets Board of Turkey (SPK) and the Public Oversight, Accounting and Auditing Standards Authority (KGK).<\/p>\n<ul>\n<li><b>Audit Opinion:<\/b> The auditor concluded that the consolidated financial statements fairly present, in all material respects, the financial position of Ar\u00e7elik A.\u015e. as of December 31, 2025.<\/li>\n<li><b>Independence and Ethics:<\/b> The auditors declared independence from the Group, adhering to the Ethical Code for Independent Auditors and relevant SPK legislation.<\/li>\n<li><b>Audit Responsibility:<\/b> The audit aimed to obtain reasonable assurance that the statements are free from material misstatement, whether due to fraud or error.<\/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. Key Audit Matters (KAMs)<\/h2>\n<p>The auditor identified three primary areas of focus that required significant professional judgment during the 2025 audit.<\/p>\n<h3>2.1 Application of Inflation Accounting (TMS 29)<\/h3>\n<p>Due to the Turkish Lira being classified as a currency of a high-inflation economy, the Group applied TMS 29 to reflect changes in the general purchasing power of the TL.<\/p>\n<ul>\n<li><b>Context:<\/b> Financial statements were restated using the consumer price index (T\u00dcFE). As of December 31, 2025, the three-year composite inflation rate was calculated at <b>211%<\/b>.<\/li>\n<li><b>Audit Procedure:<\/b> The auditor verified the models used for inflation adjustment, tested the accuracy of indices, and ensured that non-monetary items were correctly restated to reporting-date purchasing power.<\/li>\n<\/ul>\n<h3>2.2 Revenue Recognition (TFRS 15)<\/h3>\n<p>Revenue remains the Group&#8217;s most critical performance indicator and the primary metric for evaluating strategy results.<\/p>\n<ul>\n<li><b>Context:<\/b> Revenue is recognized when performance obligations are met, typically at the point of delivery for durable consumer goods.<\/li>\n<li><b>Audit Procedure:<\/b> Procedures included testing the effectiveness of sales process controls, performing analytical reviews to see if revenue met expected levels, and matching sales invoices with shipping documents (sevk irsaliyeleri) to ensure completeness.<\/li>\n<\/ul>\n<h3>2.3 Brand and Goodwill Impairment<\/h3>\n<p>As of year-end 2025, the Group carried significant intangible assets: <b>15.2 billion TL in Brands<\/b> and <b>10.7 billion TL in Goodwill<\/b>.<\/p>\n<ul>\n<li><b>Context:<\/b> These assets have indefinite useful lives and must undergo annual impairment testing. Management uses complex estimates, including EBITDA growth expectations, long-term growth rates, and discount rates.<\/li>\n<li><b>Audit Procedure:<\/b> The auditor utilized valuation experts to evaluate management\u2019s assumptions against macroeconomic data and industry standards in the consumer electronics and durable goods sectors.<\/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. Financial Position Analysis<\/h2>\n<p>The following table summarizes the Group\u2019s financial standing, adjusted for inflation to 31 December 2025 purchasing power.<\/p>\n<h3>Summary of Financial Position (in Thousands of TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Metric<\/td>\n<td>31 December 2025<\/td>\n<td>31 December 2024<\/td>\n<\/tr>\n<tr>\n<td><b>Total Assets<\/b><\/td>\n<td><b>543,531,612<\/b><\/td>\n<td><b>520,592,827<\/b><\/td>\n<\/tr>\n<tr>\n<td>&#8211; Current Assets<\/td>\n<td>330,746,728<\/td>\n<td>300,353,563<\/td>\n<\/tr>\n<tr>\n<td>&#8211; Non-Current Assets<\/td>\n<td>212,784,884<\/td>\n<td>220,239,264<\/td>\n<\/tr>\n<tr>\n<td><b>Total Liabilities<\/b><\/td>\n<td><b>467,626,459<\/b><\/td>\n<td><b>422,340,360<\/b><\/td>\n<\/tr>\n<tr>\n<td>&#8211; Short-Term Liabilities<\/td>\n<td>340,655,670<\/td>\n<td>289,582,799<\/td>\n<\/tr>\n<tr>\n<td>&#8211; Long-Term Liabilities<\/td>\n<td>126,970,789<\/td>\n<td>132,757,561<\/td>\n<\/tr>\n<tr>\n<td><b>Total Equity<\/b><\/td>\n<td><b>75,905,153<\/b><\/td>\n<td><b>98,252,467<\/b><\/td>\n<\/tr>\n<tr>\n<td>&#8211; Parent Company Equity<\/td>\n<td>70,390,640<\/td>\n<td>87,921,437<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Key Observations:<\/b><\/p>\n<ul>\n<li><b>Asset Growth:<\/b> Total assets increased slightly by approximately 4.4%, driven by a rise in current assets (notably cash and cash equivalents).<\/li>\n<li><b>Liquidity:<\/b> Cash and cash equivalents rose to <b>97.8 billion TL<\/b>, up from 66.5 billion TL in 2024.<\/li>\n<li><b>Equity Erosion:<\/b> Total equity saw a marked decline of nearly 23%, dropping from 98.3 billion TL to 75.9 billion TL, largely impacted by the net loss and treasury share transactions.<\/li>\n<li><b>Liability Profile:<\/b> Short-term borrowings increased significantly (from 67.3 billion TL to 115 billion TL), indicating a shift toward shorter-term debt financing.<\/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. Operational Performance and Segments<\/h2>\n<h3>4.1 Income Statement Summary (in Thousands of TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Metric<\/td>\n<td>2025<\/td>\n<td>2024<\/td>\n<\/tr>\n<tr>\n<td><b>Revenue (Has\u0131lat)<\/b><\/td>\n<td><b>523,933,321<\/b><\/td>\n<td><b>560,936,754<\/b><\/td>\n<\/tr>\n<tr>\n<td>Cost of Sales<\/td>\n<td>(373,140,054)<\/td>\n<td>(406,350,247)<\/td>\n<\/tr>\n<tr>\n<td><b>Gross Profit<\/b><\/td>\n<td><b>150,793,267<\/b><\/td>\n<td><b>154,586,507<\/b><\/td>\n<\/tr>\n<tr>\n<td>Operating Profit<\/td>\n<td>10,494,106<\/td>\n<td>9,322,710<\/td>\n<\/tr>\n<tr>\n<td>Financial Income<\/td>\n<td>17,617,137<\/td>\n<td>28,862,416<\/td>\n<\/tr>\n<tr>\n<td>Financial Expenses<\/td>\n<td>(47,635,992)<\/td>\n<td>(61,910,541)<\/td>\n<\/tr>\n<tr>\n<td>Net Monetary Position Gain<\/td>\n<td>14,976,834<\/td>\n<td>20,694,239<\/td>\n<\/tr>\n<tr>\n<td><b>Net Period Loss<\/b><\/td>\n<td><b>(9,799,313)<\/b><\/td>\n<td><b>(2,889,171)<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>4.2 Segment Performance (2025)<\/h3>\n<p>The Group operates through three primary segments:<\/p>\n<ul>\n<li><b>White Goods:<\/b> This remains the core business, generating <b>401 billion TL<\/b> in revenue with a gross profit of 112.5 billion TL. It includes refrigerators, washing machines, dishwashers, and ovens.<\/li>\n<li><b>Consumer Electronics:<\/b> Generated <b>25.2 billion TL<\/b> in revenue. This segment focuses primarily on televisions (flat screens) and computers.<\/li>\n<li><b>Other:<\/b> Includes air conditioners, small household appliances, and after-sales services, contributing <b>97.7 billion TL<\/b> in revenue.<\/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. Debt and Financing<\/h2>\n<p>The Group manages a complex debt portfolio consisting of bank loans and issued bonds.<\/p>\n<ul>\n<li><b>Short-term Borrowings:<\/b> Totaled <b>115.0 billion TL<\/b>. The largest portions are denominated in EUR (approx. 50.3 billion TL equivalent) and TL (30.9 billion TL).<\/li>\n<li><b>Long-term Borrowings:<\/b> Totaled <b>87.9 billion TL<\/b>, down from 99.2 billion TL in 2024.<\/li>\n<li><b>Bond Issuances:<\/b> In May 2025, the Group issued a <b>2.5 billion TL nominal value bond<\/b> due in 2026. This adds to existing USD-denominated bonds (500 million USD total) and a EUR-denominated Green Bond (350 million EUR) maturing in 2026.<\/li>\n<li><b>Interest Sensitivity:<\/b> Over 144 billion TL of the debt is subject to repricing within the next 12 months.<\/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>6. Organizational and Workforce Overview<\/h2>\n<p>Ar\u00e7elik A.\u015e. is a global industrial power controlled by Ko\u00e7 Holding A.\u015e. and the Ko\u00e7 Family.<\/p>\n<ul>\n<li><b>Production Capacity:<\/b> The Group operates <b>38 factories<\/b> across 13 countries, including Turkey, Romania, Russia, China, South Africa, Poland, Italy, and Pakistan.<\/li>\n<li><b>Workforce:<\/b> As of 2025, the Group employed an average of <b>48,784 personnel<\/b> (12,653 monthly salaried and 36,131 hourly paid). This represents a decrease from 51,443 employees in 2024.<\/li>\n<li><b>Ownership:<\/b> The Company is listed on Borsa \u0130stanbul (B\u0130ST) with a free float of <b>17.86%<\/b> as of year-end 2025 (adjusted for treasury shares).<\/li>\n<li><b>Subsidiary Developments:<\/b> Notable structural changes in 2025 included the rebranding of Indesit Company International Business S.A. to <b>Beko International S.A.<\/b> and several subsidiary mergers under Beko Europe B.V. and Beko Balkans.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>**Ar\u00e7elik Announces 2025 Financial Results: Impacts of Inflation Accounting and Strategic Transformation**<\/p>\n<p>Ar\u00e7elik\u2019s 2025 consolidated financial report signals a strategic transition period, reporting **523.9 billion TL in revenue** and a **9.8 billion TL net loss**. Prepared under TAS 29 inflation accounting, the report highlights operational optimization steps such as **factory closures in Thailand and Poland**, alongside continued market leadership in the white goods segment. Our detailed analysis of the company&#8217;s evolving financial structure and future projections is now live.<\/p>\n","protected":false},"author":1,"featured_media":99,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[41],"tags":[17],"class_list":["post-98","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-arclk"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/posts\/98","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=98"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/posts\/98\/revisions"}],"predecessor-version":[{"id":101,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/posts\/98\/revisions\/101"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/media\/99"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/media?parent=98"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/categories?post=98"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/tags?post=98"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}