{"id":64410,"date":"2026-04-01T11:01:22","date_gmt":"2026-04-01T11:01:22","guid":{"rendered":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2026\/04\/01\/kardemir-krdmd-2025-4-ceyrek-bilanco-degerlendirmesi\/"},"modified":"2026-04-01T11:01:22","modified_gmt":"2026-04-01T11:01:22","slug":"kardemir-krdmd-2025-4-ceyrek-bilanco-degerlendirmesi","status":"publish","type":"post","link":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2026\/04\/01\/kardemir-krdmd-2025-4-ceyrek-bilanco-degerlendirmesi\/","title":{"rendered":"Kardemir (KRDMD) 2025 4. \u00e7eyrek bilan\u00e7o de\u011ferlendirmesi"},"content":{"rendered":"<p>Kardemir Karab\u00fck Demir \u00c7elik Sanayi ve Ticaret A.\u015e. (D) (KRDMD) 2025 y\u0131l\u0131 4. \u00e7eyrek finansal sonu\u00e7lar\u0131 kamuya a\u00e7\u0131kland\u0131. <a href=\"https:\/\/rotaborsa.com\/haberler\/bilanco-haberleri\/\">Bilan\u00e7o<\/a> sonras\u0131nda \u015eirketin finansal tablolar\u0131 i\u00e7in de\u011ferlendirme, Deniz Yat\u0131r\u0131m Menkul K\u0131ymetler A.\u015e.\u2019den geldi.<\/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\/2026\/02\/kardemir-krdmd2134.jpg\" alt=\"| Rota Borsa\" class=\"wp-image-416661\" 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\">Kardemir Karab\u00fck Demir \u00c7elik Sanayi ve Ticaret A.\u015e. (D) hisse haberleri \u2013 KRDMD hisse yorumu<\/h2>\n<p>Deniz Yat\u0131r\u0131m de\u011ferlendirmesi \u015fu \u015fekilde; \u201c<em><strong>De\u011ferlendirme:<\/strong> S\u0131n\u0131rl\u0131 Olumlu;<\/em> Kardemir 4\u00c725\u2019te 16.420 milyon TL gelir (Konsensus: 16.083 milyon TL \/ Deniz Yat\u0131r\u0131m: 16.093 milyon TL), 2.362 milyon TL FAV\u00d6K (Konsensus: 2.021 milyon TL \/ Deniz Yat\u0131r\u0131m: 2.040 milyon TL) ve 683 milyon TL net zarar (Konsensus: 175 milyon TL net kar \/ Deniz Yat\u0131r\u0131m: 141 milyon TL net zarar) a\u00e7\u0131klad\u0131. Enflasyon muhasebesi nedeniyle 4\u00c725 finansallar\u0131nda, parasal kazan\u00e7\/kay\u0131p kalemi alt\u0131nda 230 milyon TL\u2019lik olumlu etki olu\u015ftu.<br \/>\u25a0 Bilan\u00e7oda olumlu okudu\u011fumuz detaylar<br \/>\u2713 Sat\u0131\u015f hacminde y\u0131ll\u0131k art\u0131\u015f, karl\u0131l\u0131kta hem \u00e7eyreksel hem de y\u0131ll\u0131k bazda iyile\u015fme, i\u015fletme faaliyetlerinden nakit ak\u0131\u015f\u0131 ve net bor\u00e7 pozisyonunda azal\u0131\u015f.<br \/>\u25a0 Bilan\u00e7oda olumsuz okudu\u011fumuz detaylar<br \/>\u2713 Vergi \u00f6ncesinde kar kaydedilmesine kar\u015f\u0131l\u0131k artan vergi gideri nedeniyle ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6neminin aksine net zarar kaydedilmesi.<br \/>\u25a0 Bilan\u00e7oya dair k\u0131sa de\u011ferlendirmemiz<br \/>\u2192 4\u00c725 finansallar\u0131nda, artan vergi gideri nedeniyle bizim beklentimizle uyumlu, net kar olan piyasa beklentisinin aksine, ge\u00e7en \u00e7eyre\u011fe benzer \u015fekilde net zarar kaydedilirken, operasyonel karl\u0131l\u0131k \u00e7eyreksel ve y\u0131ll\u0131k bazda iyile\u015fti. Ayr\u0131ca, net bor\u00e7 pozisyonu da \u00e7eyreksel bazda $ azald\u0131. Bu \u00e7er\u00e7evede, a\u00e7\u0131klanan finansal sonu\u00e7lar\u0131n hisse performans\u0131 \u00fczerinde s\u0131n\u0131rl\u0131 olumlu etki yarataca\u011f\u0131 d\u00fc\u015f\u00fcncesindeyiz.<br \/>\u25a0 Kardemir\u2019in sat\u0131\u015f geliri 4\u00c725\u2019te y\u0131ll\u0131k %3 azalarak 16.420 milyon TL oldu. Kardemir 4\u00c725 d\u00f6neminde y\u0131ll\u0131k bazda  art\u0131\u015fla 622 bin ton sat\u0131\u015f ger\u00e7ekle\u015ftirdi.<br \/>\u25a0 4\u00c725\u2019te FAV\u00d6K y\u0131ll\u0131k v art\u0131\u015fla 2.362 milyon TL seviyesine y\u00fckselirken, FAV\u00d6K marj\u0131 6,4 puan art\u0131\u015fla ,4 seviyesinde ger\u00e7ekle\u015fti. 3\u00c725\u2019te 68 USD olan ton ba\u015f\u0131na FAV\u00d6K\u2019\u00fcn 4\u00c725\u2019te 1\u00c724\u2019ten bu yana en y\u00fcksek seviyesi olan 90 USD\u2019ye y\u00fckseldi\u011fini hesapl\u0131yoruz.<br \/>\u25a0 \u015eirket, 4\u00c725\u2019te 683 milyon TL net zarar a\u00e7\u0131klad\u0131 (4\u00c724: 154 milyon TL net zarar, 3\u00c725: 711 milyon TL net zarar). Faaliyet kar\u0131ndaki b\u00fcy\u00fcmeye kar\u015f\u0131l\u0131k net finansman gelirinin net finansman giderine d\u00f6n\u00fc\u015fmesi ve vergi giderinde art\u0131\u015f y\u0131ll\u0131k bazda net zarara ge\u00e7i\u015fte etkili oldu.<br \/>\u25a0 \u015eirket, 4\u00c725\u2019te 912 milyon TL seviyesinde net di\u011fer gider (4\u00c724: 553 milyon TL net gider), 674 milyon TL seviyesinde net finansman gideri (4\u00c724: 252 milyon TL net gelir) ve 857 milyon TL vergi gideri (4\u00c724: 438 milyon TL gider) kaydetti. Enflasyon muhasebesi nedeniyle parasal kazan\u00e7\/kay\u0131p kalemi alt\u0131nda 230 milyon TL\u2019lik olumlu etki olu\u015ftu.<br \/>\u25a0 2025 y\u0131l sonu itibariyle \u015eirket\u2019in 5.768 milyon TL net bor\u00e7 pozisyonu bulunmaktad\u0131r (Eyl\u00fcl 2025 sonu: 7.564 milyon TL net bor\u00e7). Net bor\u00e7\/FAV\u00d6K rasyosu ise Eyl\u00fcl 2025 sonunda 1,3x iken 2025 y\u0131l sonunda 0,8x oldu.<br \/>\u25a0<em> Genel De\u011ferlendirme:<\/em> Finansallar\u0131n ard\u0131ndan net bor\u00e7 pozisyonundaki iyile\u015fmeyi modelimize yans\u0131tmam\u0131z neticesinde Kardemir (D) i\u00e7in 12-ayl\u0131k hedef fiyat\u0131m\u0131z\u0131 y\u00fckseltirken, AL \u00f6nerimizi s\u00fcrd\u00fcr\u00fcyoruz. 2026 tahminlerimize g\u00f6re KRDMD hissesi 4,6x FD\/FAV\u00d6K \u00e7arpan\u0131 ile i\u015flem g\u00f6rmektedir. Devam eden yat\u0131r\u0131mlar\u0131, daha karl\u0131 \u00fcr\u00fcn miksi stratejisi ve yurt i\u00e7inde artan demiryolu yat\u0131r\u0131mlar\u0131n\u0131n Kardemir a\u00e7\u0131s\u0131ndan uzun vadeli olumlu unsurlar oldu\u011funu d\u00fc\u015f\u00fcn\u00fcyoruz. Hisse, y\u0131l ba\u015f\u0131ndan itibaren BIST 100 endeksinin %6 \u00fczerinde performans g\u00f6stermi\u015ftir. Geriye d\u00f6n\u00fck 12 ayl\u0131k verilere g\u00f6re hisse 6,1x FD\/FAV\u00d6K \u00e7arpan\u0131yla i\u015flem g\u00f6rmektedir.\u201d<br \/>\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-0261c496-048f-4e22-ba53-3530b481b296\" href=\"https:\/\/rotaborsa.com\/wp-content\/uploads\/2026\/03\/1773209757639_DenizYatrmStratejiveAratrmaKRDMD425BilanoDeerlendirme13218.pdf\">1773209757639_DenizYatrmStratejiveAratrmaKRDMD425BilanoDeerlendirme13218<\/a><a href=\"https:\/\/rotaborsa.com\/wp-content\/uploads\/2026\/03\/1773209757639_DenizYatrmStratejiveAratrmaKRDMD425BilanoDeerlendirme13218.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-0261c496-048f-4e22-ba53-3530b481b296\">\u0130ndir<\/a><\/div>\n<p><em><strong>Kaynak: <\/strong>Deniz Yat\u0131r\u0131m Ara\u015ft\u0131rma<\/em><\/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<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\" style=\"font-size:10px\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<ul class=\"wp-block-social-links aligncenter has-huge-icon-size has-visible-labels has-icon-color is-style-default is-horizontal is-content-justification-center is-layout-flex wp-container-core-social-links-is-layout-499968f5 wp-block-social-links-is-layout-flex\">\n<li style=\"color:#ffffff\" class=\"wp-social-link wp-social-link-whatsapp has-white-color wp-block-social-link\"><a rel=\"noopener nofollow\" target=\"_blank\" href=\"https:\/\/whatsapp.com\/channel\/0029Vb6J7JQ6GcG8uLrIR81x\" class=\"wp-block-social-link-anchor\"><span class=\"wp-block-social-link-label\">Rota Borsa WhatsApp kanal\u0131na kat\u0131l\u0131n!<\/span><\/a><\/li>\n<li style=\"color:#ffffff\" class=\"wp-social-link wp-social-link-telegram has-white-color wp-block-social-link\"><a rel=\"noopener nofollow\" target=\"_blank\" href=\"https:\/\/t.me\/rotaborsa_halkaarz\" class=\"wp-block-social-link-anchor\"><span class=\"wp-block-social-link-label\">Rota Borsa Telegram kanal\u0131na kat\u0131l\u0131n!<\/span><\/a><\/li>\n<li style=\"color:#ffffff\" class=\"wp-social-link wp-social-link-x has-white-color wp-block-social-link\"><a rel=\"noopener nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/rotaborsa\" class=\"wp-block-social-link-anchor\"><span class=\"wp-block-social-link-label\">Rota Borsa Twitter hesab\u0131n\u0131 takip edin!<\/span><\/a><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><em><em><em><em><em><em><em><em><em><em><em><em><em><em><em><strong>Deniz Yat\u0131r\u0131m yasal uyar\u0131s\u0131:<\/strong><\/em> <em>Bu rapor\/e-posta i\u00e7erisinde yer alan de\u011ferlendirmeler Deniz Yat\u0131r\u0131m Menkul K\u0131ymetler A.\u015e. taraf\u0131ndan, g\u00fcvenilir oldu\u011funa inan\u0131lan kaynaklardan elde edilen bilgi ve veriler kullan\u0131larak genel nitelikte haz\u0131rlanm\u0131\u015ft\u0131r. Raporda yer alan ifadeler, mali durumunuz ile risk ve getiri tercihlerinize uygun olmayabilir ve hi\u00e7bir \u015fekilde al\u0131\u015f veya sat\u0131\u015f yap\u0131lmas\u0131 y\u00f6n\u00fcnde y\u00f6nlendirme olarak de\u011ferlendirilmemelidir. Deniz Yat\u0131r\u0131m, bu bilgilerin do\u011fru, eksiksiz ve de\u011fi\u015fmez oldu\u011funu garanti etmemektedir. Bu sebeple, okuyucular\u0131n, bu raporlardan elde edilen bilgilere dayanarak hareket etmeden \u00f6nce, bilgilerin do\u011frulu\u011funu teyit etmeleri \u00f6nerilir ve bu bilgilere dayan\u0131larak ald\u0131klar\u0131 kararlarda sorumluluk okuyucular\u0131n kendilerine aittir. Bilgilerin eksikli\u011fi ve yanl\u0131\u015fl\u0131\u011f\u0131ndan Deniz Yat\u0131r\u0131m hi\u00e7bir \u015fekilde sorumlu tutulamaz. Ayr\u0131ca, Deniz Yat\u0131r\u0131m ve DenizBank Finansal Hizmetler Grubu \u00e7al\u0131\u015fanlar\u0131 ve dan\u0131\u015fmanlar\u0131n\u0131n, herhangi bir \u015fekilde bu rapor\/e-posta i\u00e7erisinde yer alan bilgiler dolay\u0131s\u0131yla ortaya \u00e7\u0131kabilecek, do\u011frudan veya dolayl\u0131 zararlarla ilgili herhangi bir sorumlulu\u011fu yoktur. Burada yer alan bilgiler sermaye piyasas\u0131 arac\u0131na y\u00f6nelik bir yat\u0131r\u0131m tavsiyesi, al\u0131m-sat\u0131m \u00f6nerisi ya da getiri vaadi de\u011fildir ve yat\u0131r\u0131m dan\u0131\u015fmanl\u0131\u011f\u0131 kapsam\u0131nda yer almamaktad\u0131r. Yat\u0131r\u0131m Dan\u0131\u015fmanl\u0131\u011f\u0131 hizmeti; yetkili kurulu\u015flar taraf\u0131ndan imzalanacak yat\u0131r\u0131m dan\u0131\u015fmanl\u0131\u011f\u0131 s\u00f6zle\u015fmesi \u00e7er\u00e7evesinde ki\u015filerin risk ve getiri tercihleri dikkate al\u0131narak ki\u015fiye \u00f6zel sunulmaktad\u0131r. Sadece burada yer alan bilgilere dayan\u0131larak yat\u0131r\u0131m karar\u0131 verilmesi beklentilerinize uygun sonu\u00e7lar do\u011furmayabilir.<\/em><\/em><\/em><\/em><\/em><\/em><\/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<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=\"D5fvf4plui\"><p><a href=\"https:\/\/rotaborsa.com\/tupras-tuprs-hisseleri-12-ay-icinde-bu-fiyati-gorebilir\/\">T\u00fcpra\u015f (TUPRS) hisseleri 12 ay i\u00e7inde bu fiyat\u0131 g\u00f6rebilir<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Kardemir Karab\u00fck Demir \u00c7elik Sanayi ve Ticaret A.\u015e. (D) (KRDMD) 2025 y\u0131l\u0131 4. \u00e7eyrek finansal sonu\u00e7lar\u0131 kamuya a\u00e7\u0131kland\u0131. Bilan\u00e7o sonras\u0131nda \u015eirketin finansal tablolar\u0131 i\u00e7in de\u011ferlendirme, Deniz Yat\u0131r\u0131m Menkul K\u0131ymetler A.\u015e.\u2019den geldi. Kardemir Karab\u00fck Demir \u00c7elik Sanayi ve Ticaret A.\u015e. (D) hisse haberleri \u2013 KRDMD hisse yorumu Deniz Yat\u0131r\u0131m de\u011ferlendirmesi \u015fu \u015fekilde; \u201cDe\u011ferlendirme: S\u0131n\u0131rl\u0131 Olumlu; Kardemir [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":64411,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-64410","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\/64410","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=64410"}],"version-history":[{"count":0,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/posts\/64410\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/media\/64411"}],"wp:attachment":[{"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/media?parent=64410"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/categories?post=64410"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/tags?post=64410"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}