{"id":52124,"date":"2025-10-29T13:35:29","date_gmt":"2025-10-29T13:35:29","guid":{"rendered":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2025\/10\/29\/tav-havalimanlari-tavhl-2025-3-ceyrek-bilanco-yorumu\/"},"modified":"2025-10-29T13:35:29","modified_gmt":"2025-10-29T13:35:29","slug":"tav-havalimanlari-tavhl-2025-3-ceyrek-bilanco-yorumu","status":"publish","type":"post","link":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2025\/10\/29\/tav-havalimanlari-tavhl-2025-3-ceyrek-bilanco-yorumu\/","title":{"rendered":"Tav Havalimanlar\u0131 (TAVHL) 2025 3. \u00e7eyrek bilan\u00e7o yorumu"},"content":{"rendered":"<p>Tav Havalimanlar\u0131 Holding A.\u015e. (TAVHL) 2025 y\u0131l\u0131 3. \u00e7eyrek finansal sonu\u00e7lar\u0131 23 Ekim g\u00fcn\u00fc kamuya a\u00e7\u0131kland\u0131. Bilan\u00e7o sonras\u0131 \u015eirketin finansal tablolar\u0131 i\u00e7in de\u011ferlendirme, \u0130\u015f Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e.\u2019den geldi. Kurum de\u011ferlendirmesinde \u015fu ifadeleri kulland\u0131;<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"576\" src=\"https:\/\/rotaborsa.com\/wp-content\/uploads\/2025\/07\/tavhl-yeni-1024x576.jpg\" alt=\"| Rota Borsa\" class=\"wp-image-342446\" title=\"2 kurum Ford Otomotiv (FROTO) i\u00e7in hedef fiyatlar\u0131n\u0131 a\u00e7\u0131klad\u0131 6 HABERLER, G\u00fcndemdekiler, \u015eirket Haberleri Rota Borsa\" \/><\/figure>\n<h2 class=\"wp-block-heading\">Tav Havalimanlar\u0131 Holding A.\u015e. hisse haberleri \u2013 TAVHL hisse yorumu<\/h2>\n<p>\u0130\u015f Yat\u0131r\u0131m de\u011ferlendirmesi \u015fu \u015fekilde; \u201c<strong>Ger\u00e7ekle\u015fen ve Tahminler\u2026<\/strong> <em>Beklentilerin \u00fczerinde ba\u015far\u0131l\u0131 3\u00c725 sonu\u00e7lar\u0131.<\/em>\u00a0Beklentilerin \u00fczerinde (\u0130\u015f Yat\u0131r\u0131m: 100 milyon avro; Piyasa: 103 milyon avro) TAV Havalimanlar\u0131, 3\u00c725\u2019de y\u0131ll\u0131k ! art\u0131\u015fla 125 milyon avro net k\u00e2r bildirdi ve 9A25 net k\u00e2r rakam\u0131n\u0131 y\u0131ll\u0131k Y d\u00fc\u015f\u00fc\u015fle 75 milyon avroya ta\u015f\u0131d\u0131. Operasyonel performanstaki iyile\u015fme ve d\u00fc\u015f\u00fck vergi giderleri, 3\u00c725 net k\u00e2r art\u0131\u015f\u0131n\u0131n itici g\u00fc\u00e7leri oldu. \u00d6te yandan, tahminimizden d\u00fc\u015f\u00fck ger\u00e7ekle\u015fen vergi giderleri ve beklenenden iyi a\u00e7\u0131klanan i\u015ftirak gelirleri, net k\u00e2r tahminimizdeki sapman\u0131n arkas\u0131ndaki sebepleri olu\u015fturdu. Tahminlerle uyumlu olarak, TAV Havalimanlar\u0131\u00a0 3\u00c725\u2019de y\u0131ll\u0131k\u00a0  art\u0131\u015fla 566 milyon avro net sat\u0131\u015f geliri elde etti ve 9A25 net k\u00e2r rakam\u0131n\u0131 y\u0131ll\u0131k  art\u0131\u015fla 1,39 milyar avroya ta\u015f\u0131d\u0131. Bizim\u00a0240 milyon avroluk tahminimizle b\u00fcy\u00fck \u00f6l\u00e7\u00fcde uyumlu, ancak 218 milyon avroluk piyasa tahmininin \u00fczerinde FAV\u00d6K, 3\u00c725\u2019de y\u0131ll\u0131k  art\u0131\u015fla 231 milyon avro olarak ger\u00e7ekle\u015fti. 9A25 k\u00fcm\u00fclatif FAV\u00d6K rakam\u0131 ise y\u0131ll\u0131k  art\u0131\u015fla 467 milyon avroya ula\u015ft\u0131.<br \/><strong>Son \u00c7eyrekte \u00d6ne \u00c7\u0131kanlar\u2026 <\/strong><em>Yolcu trafik b\u00fcy\u00fcmesinin \u00fczerinde g\u00fc\u00e7l\u00fc net sat\u0131\u015f geliri art\u0131\u015f\u0131.<\/em>\u00a0TAV Havalimanlar\u0131, 3\u00c725\u2019de %7\u2019lik yolcu trafik b\u00fcy\u00fcmesinin \u00fczerinde y\u0131ll\u0131k  net sat\u0131\u015f gelir art\u0131\u015f\u0131 elde etti. Bu art\u0131\u015f\u0131n ba\u015fl\u0131ca nedenleri aras\u0131nda Antalya\u2019daki yeni BTA ikram hizmetleri operasyonlar\u0131, Ankara\u2019daki yeni imtiyaz, fiyat art\u0131\u015flar\u0131, Almat\u0131\u2019daki yeni ticari alanlar, yolcu ba\u015f\u0131na harcama gelirinde art\u0131\u015f, operasyonel hizmetlerde b\u00fcy\u00fcme ve Katar\u2019daki yeni TAV Tech projesi yer al\u0131yor. TAV\u2019\u0131n gelirlerine en \u00e7ok katk\u0131da bulunan\u00a0 ve toplamda s paya sahip\u200b\u00a0\u00fc\u00e7 i\u015f kolu; Havac\u0131l\u0131k gelirleri, Yer Hizmetleri gelirleri ve \u0130kram hizmetleri gelirleri s\u0131ras\u0131yla y\u0131ll\u0131k %8, %8 ve 6 b\u00fcy\u00fcme kaydetti. G\u00fcmr\u00fcks\u00fcz sat\u0131\u015flardan elde edilen komisyon gelirleri ise\u00a0 Almat\u0131 ve ATU Antalya operasyonlar\u0131n\u0131n ivmelenmesi nedeniyle 3\u00c725 trafik art\u0131\u015f\u0131n\u0131n alt\u0131nda kalarak %7 artt\u0131. Ki\u015fi ba\u015f\u0131na g\u00fcmr\u00fcks\u00fcz sat\u0131\u015f harcamalar\u0131, 3\u00c724\u2019deki 9,7 avrodan 3\u00c725\u2019de 7,6 avroya geriledi.<br \/><strong>Marjlarda iyile\u015fme.<\/strong>\u00a0Nakit i\u015fletme giderleri, Ankara (yeni imtiyaz nedeniyle), Almat\u0131, Makedonya, Hava\u015f ve BTA\u2019daki (yeni Antalya operasyonlar\u0131 nedeniyle) operasyonel kald\u0131ra\u00e7 sayesinde 3\u00c725\u2019de gelir art\u0131\u015f\u0131n\u0131n alt\u0131nda,\u00a0  art\u0131\u015fla 335 milyon avroya y\u00fckseldi. En y\u00fcksek art\u0131\u015flar, BTA nedeniyle ikram giderlerinde ( ) ve daha y\u00fcksek personel say\u0131s\u0131 ve TL \u00fccret enflasyonu nedeniyle personel giderlerinde ( ) ger\u00e7ekle\u015fti. Di\u011fer yandan, jet yak\u0131t\u0131 fiyatlar\u0131ndaki d\u00fc\u015f\u00fc\u015f, Almat\u0131 yak\u0131t i\u015findeki jet yak\u0131t\u0131 giderlerinde %4\u2019l\u00fck bir d\u00fc\u015f\u00fc\u015fe yol a\u00e7t\u0131. Sonu\u00e7 olarak, FAV\u00d6K marj\u0131 3\u00c724\u2019deki 9,2\u2019den 3\u00c725\u2019de @,7\u2019ye y\u00fckseldi.<br \/><strong>Net bor\u00e7 pozisyonu.<\/strong>\u00a09A25 sonunda net bor\u00e7 pozisyonu 9A24 sonuna benzer 1,64 milyar avro seviyesinde sabit kal\u0131rken, \u00e7eyreklik bazda %8 d\u00fc\u015f\u00fc\u015f g\u00f6sterdi. \u015eirket 3\u00c724\u2019deki 63 milyon avroya k\u0131yasla 3\u00c725\u2019de 53 milyon avro sermaye harcamas\u0131 ger\u00e7ekle\u015ftirdi. Finansal giderler, daha d\u00fc\u015f\u00fck kur fark\u0131 zararlar\u0131 nedeniyle 3\u00c724\u2019deki 51 milyon avrodan 3\u00c725\u2019de 46 milyon avroya hafif bir d\u00fc\u015f\u00fc\u015f g\u00f6sterdi.<br \/><strong>De\u011ferleme \u00fczerindeki etki ve g\u00f6r\u00fcn\u00fcm<\/strong>: \u015eirket, 2025 y\u0131l\u0131 i\u00e7in 110-120 milyon toplam yolcu, 1,75-1,85 milyar avro konsolide gelir ve 520-590 milyon avro FAV\u00d6K \u00f6ng\u00f6r\u00fcs\u00fcn\u00fc s\u00fcrd\u00fcr\u00fcyor. TAV, tamamlanan yat\u0131r\u0131mlardan kaynaklanan y\u00fcksek amortisman maliyetleri ve y\u00fcksek faiz giderleri, Ankara, BTA Antalya ve TAV OS yeni NY salonu kaynakl\u0131 y\u00fcksek kira amortisman\u0131 ve g\u00fc\u00e7l\u00fc TL\u2019nin TGS ve ATU\u2019nun net geliri \u00fczerindeki olumsuz etkisi nedeniyle, 2025 y\u0131l\u0131 net kar rakam\u0131n\u0131n 2024 y\u0131l\u0131n\u0131n alt\u0131nda kalmas\u0131n\u0131 bekliyor. \u015eirket, Almat\u0131 Havaliman\u0131 i\u00e7in 2025-2027 y\u0131llar\u0131 aras\u0131nda planlad\u0131\u011f\u0131 315 milyon avro ek yat\u0131r\u0131m da dahil olmak \u00fczere\u00a02025\u2019de\u00a0 220-240 milyon avro yat\u0131r\u0131m \u00f6ng\u00f6r\u00fcyor. Almat\u0131 2025 yat\u0131r\u0131m\u0131n\u0131n 70 milyon avro olmas\u0131 bekleniyor. 2025 y\u0131l\u0131 i\u00e7in \u00f6nceki Net Bor\u00e7\/FAV\u00d6K hedefi s\u0131ras\u0131yla 2,5x ve 3,0x olarak korundu.\u201d<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"753\" src=\"https:\/\/rotaborsa.com\/wp-content\/uploads\/2025\/10\/B18FFB0B-F854-4D96-8A83-79192F944B0C-1024x753.png\" alt=\"| Rota Borsa\" class=\"wp-image-371176\" title=\"| Rota Borsa\" \/><\/figure>\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-rota-borsa wp-block-embed-rota-borsa\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"6ZUSsV3ldv\"><p><a href=\"https:\/\/rotaborsa.com\/dogus-otomotiv-doas-temettu-tahmini\/\">Do\u011fu\u015f Otomotiv (DOAS) temett\u00fc tahmini<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<p>Bizi WhatsApp Kanal\u0131m\u0131z \u00fczerinden de takip edebilirsiniz. WhatsApp kanal\u0131 linki:\u00a0<a href=\"https:\/\/whatsapp.com\/channel\/0029Vb6J7JQ6GcG8uLrIR81x\" target=\"_blank\" rel=\"noreferrer noopener\"><mark><mark style=\"background-color:#ffffff;color:#01b673\" class=\"has-inline-color\">https:\/\/whatsapp.com\/channel\/0029Vb6J7JQ6GcG8uLrIR81x<\/mark><\/mark><\/a><br \/>Bizi Telegram \u00dczerinden de takip edebilirsiniz. Telegram kanal\u0131 linki:\u00a0<a href=\"https:\/\/t.me\/rotaborsa_halkaarz\" target=\"_blank\" rel=\"noreferrer noopener\"><mark><mark style=\"background-color:#ffffff\" class=\"has-inline-color has-vivid-red-color\">https:\/\/t.me\/rotaborsa_halkaarz<\/mark><\/mark><\/a><\/p>\n<div class=\"kanews-banner kanews-banner-single\">\n<div style=\"min-height:280px\" data-empower-zone=\"159899\" class=\"empower-ad\"><\/div>\n<\/div>\n<p><em><em><em><strong>\u0130\u015f Yat\u0131r\u0131m yasal uyar\u0131s\u0131:<\/strong> Burada yer alan bilgiler \u0130\u015f Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e. taraf\u0131ndan bilgilendirme amac\u0131 ile haz\u0131rlanm\u0131\u015ft\u0131r. Yat\u0131r\u0131m bilgi, yorum ve tavsiyeleri yat\u0131r\u0131m dan\u0131\u015fmanl\u0131\u011f\u0131 kapsam\u0131nda de\u011fildir. Yat\u0131r\u0131m dan\u0131\u015fmanl\u0131\u011f\u0131 hizmeti; arac\u0131 kurumlar, portf\u00f6y y\u00f6netim \u015firketleri, mevduat kabul etmeyen bankalar ile m\u00fc\u015fteri aras\u0131nda imzalanacak yat\u0131r\u0131m dan\u0131\u015fmanl\u0131\u011f\u0131 s\u00f6zle\u015fmesi \u00e7er\u00e7evesinde sunulmaktad\u0131r. Burada yer alan yorum ve tavsiyeler, yorum ve tavsiyede bulunanlar\u0131n ki\u015fisel g\u00f6r\u00fc\u015flerine dayanmaktad\u0131r. Herhangi bir yat\u0131r\u0131m arac\u0131n\u0131n al\u0131m-sat\u0131m \u00f6nerisi ya da getiri vaadi olarak yorumlanmamal\u0131d\u0131r. Bu g\u00f6r\u00fc\u015fler mali durumunuz ile risk ve getiri tercihlerinize uygun olmayabilir. Bu nedenle, sadece burada yer alan bilgilere dayanarak yat\u0131r\u0131m karar\u0131 verilmesi beklentilerinize uygun sonu\u00e7lar do\u011furmayabilir. Burada yer alan fiyatlar, veriler ve bilgilerin tam ve do\u011fru oldu\u011fu garanti edilemez; i\u00e7erik, haber verilmeksizin de\u011fi\u015ftirilebilir. T\u00fcm veriler, \u0130\u015f Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e. taraf\u0131ndan g\u00fcvenilir oldu\u011funa inan\u0131lan kaynaklardan al\u0131nm\u0131\u015ft\u0131r. Bu kaynaklar\u0131n kullan\u0131lmas\u0131 nedeni ile ortaya \u00e7\u0131kabilecek hatalardan \u0130\u015f Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e. sorumlu de\u011fildir.<\/em><\/em><\/em><br \/><em><strong>Rota Borsa yasal uyar\u0131s\u0131:<\/strong> Burada yer alan yat\u0131r\u0131m bilgi, yorum ve tavsiyeleri yat\u0131r\u0131m dan\u0131\u015fmanl\u0131\u011f\u0131 kapsam\u0131nda de\u011fildir. Yat\u0131r\u0131m dan\u0131\u015fmanl\u0131\u011f\u0131 hizmeti, arac\u0131 kurumlar, portf\u00f6y y\u00f6netim \u015firketleri, mevduat kabul etmeyen bankalar ile m\u00fc\u015fteri aras\u0131nda imzalanacak yat\u0131r\u0131m dan\u0131\u015fmanl\u0131\u011f\u0131 s\u00f6zle\u015fmesi \u00e7er\u00e7evesinde sunulmaktad\u0131r. Burada yer alan yorum ve tavsiyeler, yorum ve tavsiyede bulunanlar\u0131n ki\u015fisel g\u00f6r\u00fc\u015flerine dayanmaktad\u0131r. Bu g\u00f6r\u00fc\u015fler, mali durumunuz ile risk ve getiri tercihlerinize uygun olmayabilir. Bu nedenle sadece burada yer alan bilgilere dayan\u0131larak yat\u0131r\u0131m karar\u0131 verilmesi beklentilerinize uygun sonu\u00e7lar do\u011furmayabilir.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tav Havalimanlar\u0131 Holding A.\u015e. (TAVHL) 2025 y\u0131l\u0131 3. \u00e7eyrek finansal sonu\u00e7lar\u0131 23 Ekim g\u00fcn\u00fc kamuya a\u00e7\u0131kland\u0131. Bilan\u00e7o sonras\u0131 \u015eirketin finansal tablolar\u0131 i\u00e7in de\u011ferlendirme, \u0130\u015f Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e.\u2019den geldi. Kurum de\u011ferlendirmesinde \u015fu ifadeleri kulland\u0131; Tav Havalimanlar\u0131 Holding A.\u015e. hisse haberleri \u2013 TAVHL hisse yorumu \u0130\u015f Yat\u0131r\u0131m de\u011ferlendirmesi \u015fu \u015fekilde; \u201cGer\u00e7ekle\u015fen ve Tahminler\u2026 Beklentilerin \u00fczerinde ba\u015far\u0131l\u0131 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":52125,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-52124","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilanco-haberleri"],"_links":{"self":[{"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/posts\/52124","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/comments?post=52124"}],"version-history":[{"count":0,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/posts\/52124\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/media\/52125"}],"wp:attachment":[{"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/media?parent=52124"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/categories?post=52124"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/tags?post=52124"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}