{"id":63262,"date":"2026-01-01T13:40:19","date_gmt":"2026-01-01T13:40:19","guid":{"rendered":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2026\/01\/01\/tofas-otomobil-toaso-2025-3-ceyrek-bilanco-degerlendirmesi\/"},"modified":"2026-01-01T13:40:19","modified_gmt":"2026-01-01T13:40:19","slug":"tofas-otomobil-toaso-2025-3-ceyrek-bilanco-degerlendirmesi","status":"publish","type":"post","link":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2026\/01\/01\/tofas-otomobil-toaso-2025-3-ceyrek-bilanco-degerlendirmesi\/","title":{"rendered":"TOFA\u015e Otomobil (TOASO) 2025 3. \u00e7eyrek bilan\u00e7o de\u011ferlendirmesi"},"content":{"rendered":"<p>Tofa\u015f T\u00fcrk Otomobil Fabrikas\u0131 A.\u015e. (TOASO) 2025 y\u0131l\u0131 3. \u00e7eyrek finansal sonu\u00e7lar\u0131 kamuya a\u00e7\u0131kland\u0131. <a href=\"https:\/\/rotaborsa.com\/kategori\/haberler\/bilanco-haberleri\/\">Bilan\u00e7o<\/a> 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-full\"><img decoding=\"async\" loading=\"lazy\" width=\"1280\" height=\"720\" src=\"https:\/\/rotaborsa.com\/wp-content\/uploads\/2024\/09\/toaso.jpg\" alt=\"| Rota Borsa\" class=\"wp-image-207984\" 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\">Tofa\u015f T\u00fcrk Otomobil Fabrikas\u0131 A.\u015e. hisse haberleri \u2013 TOASO hisse yorumu<\/h2>\n<p>\u0130\u015f Yat\u0131r\u0131m de\u011ferlendirmesi \u015fu \u015fekilde; \u201c<em><strong>Ger\u00e7ekle\u015fen ve Tahminler<\/strong>:<\/em> Beklentilerin alt\u0131nda 3\u00c725 sonu\u00e7lar\u0131. Tofa\u015f Fabrika 3\u00c725\u2019de beklentilerin % alt\u0131nda ancak Stellantis T\u00fcrkiye operasyonlar\u0131n\u0131n t\u00fcm \u00e7eyre\u011fe tam katk\u0131s\u0131 sayesinde y\u0131ll\u0131k bazda neredeyse \u00fc\u00e7 kat art\u0131\u015fla 1,21 milyar TL net kar bildirdi. Beklentimizden daha zay\u0131f br\u00fct k\u00e2rl\u0131l\u0131k, tahminimizden y\u00fcksek vergi giderleri ve beklentimiz alt\u0131nda ger\u00e7ekle\u015fen parasal kazan\u00e7lar 3\u00c725 net k\u00e2r tahminimizdeki sapman\u0131n nedenlerini olu\u015fturdu. \u015eirket, 3\u00c725\u2019de beklentilerle uyumlu, y\u0131ll\u0131k bazda \u00fc\u00e7 kattan fazla art\u0131\u015fla 87,22 milyar TL net sat\u0131\u015f geliri elde etti. FAV\u00d6K 3\u00c725\u2019de beklentilerin ( alt\u0131nda ancak y\u0131ll\u0131k !0 art\u0131\u015fla 2,05 milyar TL olarak ger\u00e7ekle\u015fti.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"631\" src=\"https:\/\/rotaborsa.com\/wp-content\/uploads\/2025\/11\/411D0FE3-0333-4E59-8003-5D78F671FF14-1024x631.png\" alt=\"| Rota Borsa\" class=\"wp-image-381141\" title=\"| Rota Borsa\" \/><\/figure>\n<p><em><strong>Son \u00c7eyrekte \u00d6ne \u00c7\u0131kanlar<\/strong>:<\/em> Yurti\u00e7i sat\u0131\u015f gelirlerinde g\u00fc\u00e7l\u00fc b\u00fcy\u00fcme. 3\u00c725\u2019de yurt i\u00e7i sat\u0131\u015f gelirleri, Stellantis T\u00fcrkiye operasyonlar\u0131n\u0131n t\u00fcm \u00e7eyre\u011fe katk\u0131s\u0131yla sat\u0131\u015f hacmindeki 0 art\u0131\u015f\u0131n etkisiyle \u00fc\u00e7 kattan fazla artarak 77,42 milyar TL\u2019ye ula\u015ft\u0131. Tofa\u015f\u2019\u0131n yurt i\u00e7i hafif ara\u00e7 pazar pay\u0131, 9A25\u2019de y\u0131ll\u0131k bazda 14,1 y\u00fczde puan artarak &amp;,4\u2019e y\u00fckseldi. Stellantis-T\u00fcrkiye sat\u0131n al\u0131m\u0131 hari\u00e7 tutuldu\u011funda ise, Tofa\u015f\u2019\u0131n yurt i\u00e7i hafif ara\u00e7 pazar pay\u0131, 9A25\u2019de y\u0131ll\u0131k 3 y\u00fczde puan azalarak %9,3\u2019e geriledi. D\u00fc\u015f\u00fck baz y\u0131l\u0131 etkisi ve yeni hafif ticari ara\u00e7 K0 modelinin deste\u011fi sayesinde, 3\u00c725\u2019de ihracat gelirleri d\u00f6rt kattan fazla artarak 7,94 milyar TL\u2019ye ula\u015ft\u0131. 9A25\u2019de ay\u0131nda, Tofa\u015f\u2019\u0131n yurt i\u00e7i sat\u0131\u015flar\u0131 y\u0131ll\u0131k bazda w art\u0131\u015fla 1856 bin adete, ihracat sat\u0131\u015flar\u0131 ise y\u0131ll\u0131k bazda %5 d\u00fc\u015f\u00fc\u015fle 27 bin adete ula\u015ft\u0131. 9A25\u2019de, toplam \u00fcretim hacmi, esas olarak Fiorino \u00fcretiminin 1Y24 sonunda durdurulmas\u0131 ve eskiyen Agea modeli nedeniyle y\u0131ll\u0131k bazda $ d\u00fc\u015f\u00fc\u015fle 89 bin araca geriledi. 9A25\u2019de KKO yakla\u015f\u0131k 0 seviyesinde seyretti.<br \/>Zay\u0131f V\u00d6K marj\u0131. Br\u00fct marj, esas olarak i\u00e7 pazardaki yo\u011fun rekabet ve d\u00fc\u015f\u00fck KKO nedeniyle artan birim \u00fcretim maliyetleri nedeniyle, 3\u00c725\u2019de y\u0131ll\u0131k\u00a0 1,4 y\u00fczde puan d\u00fc\u015ferek %4,9\u2019a geriledi. Faaliyet giderleri\/sat\u0131\u015flar, 3\u00c724\u2019deki ,2\u2019den ve 2\u00c725\u2019deki %6,4\u2019ten 3\u00c725\u2019de %5,0\u2019ye d\u00fc\u015ft\u00fc. FAV\u00d6K marj\u0131, 3\u00c724\u2019deki %2,3\u2019ten 3\u00c725\u2019de %2,4\u2019e s\u0131n\u0131rl\u0131 artt\u0131. V\u00d6K marj\u0131, 3\u00c724\u2019deki %2,5\u2019ten 3\u00c725\u2019de %2,0\u2019ye gerilerken, 9A25 V\u00d6K marj\u0131 y\u0131ll\u0131k bazda 4,0 y\u00fczde puan azalarak %1,6\u2019ya geriledi.<br \/>Net bor\u00e7 pozisyonu, 4,9 milyar TL\u2019lik yat\u0131r\u0131m harcamas\u0131 12,6 milyar TL\u2019lik Stellantis T\u00fcrkiye sat\u0131n alma bedeli \u00f6demesi ve 6,8 milyar TL\u2019lik temett\u00fc \u00f6demesi nedeniyle 2024 sonundaki 10,16 milyar TL\u2019den 2025 sonunda 19,55 milyar TL\u2019ye y\u00fckseldi. Serbest nakit ak\u0131\u015f\u0131 i\u015fletme sermayesi ihtiyac\u0131ndaki art\u0131\u015f nedeniyle 9A24\u2019deki negatif 2,9 milyar TL\u2019den 9A25\u2019de 2,8 milyar TL\u2019ye y\u00fckseldi.<br \/><em><strong>De\u011ferleme \u00fczerindeki etki ve g\u00f6r\u00fcn\u00fcm<\/strong>:<\/em> \u0130hracat hacimlerinde ve V\u00d6K marj\u0131nda \u200b\u200ba\u015fa\u011f\u0131 y\u00f6nl\u00fc revizyon. Tofa\u015f, 2025 y\u0131l\u0131 yurt i\u00e7i hafif ticari ara\u00e7 pazar\u0131 beklentisini \u00f6nceki 1,10-1,20 milyon ara\u00e7tan 1,30-1,40 milyon araca (\u0130\u015f Yat\u0131r\u0131m: 1,32 milyon) ve yurt i\u00e7i perakende sat\u0131\u015f hacmi hedefini \u00f6nceki 300-330 bin ara\u00e7tan 350-370 bin araca (\u0130\u015f Yat\u0131r\u0131m: 362 bin) y\u00fckseltti (<em>i\u015flem Nisan ay\u0131 sonunda tamamlanm\u0131\u015f olmas\u0131na ra\u011fmen y\u0131ll\u0131kland\u0131r\u0131lm\u0131\u015f Stellantis T\u00fcrkiye sat\u0131\u015f hacmi dahildir<\/em>). \u00d6te yandan \u015eirket, ihracat hacmi hedefini \u00f6nceki 70-80 bin ara\u00e7tan 50-60 bin araca (\u0130\u015f Yat\u0131r\u0131m: 50 bin) ve \u00fcretim hacmi hedefini \u00f6nceki 150-160 bin ara\u00e7tan 130-150 bin araca d\u00fc\u015f\u00fcrd\u00fc. Yat\u0131r\u0131m harcamas\u0131 beklentisi \u00f6nceki 150 milyon avrodan 200 milyon avroya y\u00fckseltildi. 2025 y\u0131l\u0131 i\u00e7in V\u00d6K marj tahmini, \u00f6nceki yakla\u015f\u0131k %3 seviyesinden %2\u2019ye (\u0130\u015f Yat\u0131r\u0131m %1,7) d\u00fc\u015f\u00fcr\u00fcld\u00fc. 2028 y\u0131l\u0131 i\u00e7in ise %5-%7 seviyesindeki V\u00d6K\u00a0 marj tahmini ise korundu.<br \/><strong><em>Yorum: <\/em><\/strong>Piyasan\u0131n, 2025 y\u0131l\u0131 \u00fc\u00e7\u00fcnc\u00fc \u00e7eyrek finansallar\u0131n\u0131n beklenenden zay\u0131f olmas\u0131na ve 2025 y\u0131l\u0131 V\u00d6K marj\u0131ndaki a\u015fa\u011f\u0131 y\u00f6nl\u00fc revizyona tepkisi olumsuz olabilir.\u201d<\/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<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"756\" src=\"https:\/\/rotaborsa.com\/wp-content\/uploads\/2025\/11\/F8B950B0-B0B4-4DDA-B980-FEFF6B5938A6-1024x756.png\" alt=\"| Rota Borsa\" class=\"wp-image-381142\" title=\"| Rota Borsa\" \/><\/figure>\n<p>\u27a2 Raporun tamam\u0131n\u0131 PDF olarak g\u00f6r\u00fcnt\u00fclemek i\u00e7in a\u015fa\u011f\u0131daki dosyay\u0131 indirebilirsiniz.<\/p>\n<div data-wp-interactive=\"core\/file\" class=\"wp-block-file\"><object><\/object><a id=\"wp-block-file--media-72b68784-e363-4fe9-876d-c33159d67d87\" href=\"https:\/\/rotaborsa.com\/wp-content\/uploads\/2025\/11\/TOASO_3Q25_Kar-Analizi_041125.pdf\">TOASO_3Q25_Kar-Analizi_041125<\/a><a href=\"https:\/\/rotaborsa.com\/wp-content\/uploads\/2025\/11\/TOASO_3Q25_Kar-Analizi_041125.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-72b68784-e363-4fe9-876d-c33159d67d87\">\u0130ndir<\/a><\/div>\n<p><em><strong>Kaynak: <\/strong>\u0130\u015f Yat\u0131r\u0131m Ara\u015ft\u0131rma<\/em><\/p>\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=\"efVnXURcdF\"><p><a href=\"https:\/\/rotaborsa.com\/turk-hava-yollarindan-thy-4-temettu-oedemesi\/\">T\u00fcrk Hava Yollar\u0131\u2019ndan (THY) 4 temett\u00fc \u00f6demesi<\/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><\/p>\n<p>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<p><em><em><em><em><em><em><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><\/em><\/em><\/em><\/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>Tofa\u015f T\u00fcrk Otomobil Fabrikas\u0131 A.\u015e. (TOASO) 2025 y\u0131l\u0131 3. \u00e7eyrek finansal sonu\u00e7lar\u0131 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; Tofa\u015f T\u00fcrk Otomobil Fabrikas\u0131 A.\u015e. hisse haberleri \u2013 TOASO hisse yorumu \u0130\u015f Yat\u0131r\u0131m de\u011ferlendirmesi \u015fu \u015fekilde; \u201cGer\u00e7ekle\u015fen ve Tahminler: Beklentilerin alt\u0131nda 3\u00c725 sonu\u00e7lar\u0131. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":63263,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-63262","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\/63262","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=63262"}],"version-history":[{"count":0,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/posts\/63262\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/media\/63263"}],"wp:attachment":[{"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/media?parent=63262"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/categories?post=63262"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/tags?post=63262"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}