{"id":65082,"date":"2026-04-14T13:11:46","date_gmt":"2026-04-14T13:11:46","guid":{"rendered":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2026\/04\/14\/galata-wind-enerji-gwind-bilanco-degerlendirmesi\/"},"modified":"2026-04-14T13:11:46","modified_gmt":"2026-04-14T13:11:46","slug":"galata-wind-enerji-gwind-bilanco-degerlendirmesi","status":"publish","type":"post","link":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2026\/04\/14\/galata-wind-enerji-gwind-bilanco-degerlendirmesi\/","title":{"rendered":"Galata Wind Enerji (GWIND) bilan\u00e7o de\u011ferlendirmesi"},"content":{"rendered":"

Galata Wind Enerji A.\u015e. (GWIND) 2025 y\u0131l\u0131 4. \u00e7eyrek finansal sonu\u00e7lar\u0131 26 \u015eubat g\u00fcn\u00fc kamuya a\u00e7\u0131kland\u0131. Bilan\u00e7o<\/a> sonras\u0131nda \u015eirketin finansal tablolar\u0131 i\u00e7in de\u011ferlendirme, \u0130\u015f Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e.\u2019den geldi.<\/p>\n

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Galata Wind Enerji A.\u015e. hisse haberleri \u2013 GWIND hisse yorumu<\/h2>\n

\u0130\u015f Yat\u0131r\u0131m de\u011ferlendirmesi \u015fu \u015fekilde; \u201cGer\u00e7ekle\u015fen ve Tahminler<\/strong>:<\/em> GWIND, 4\u00c725\u2019te TL 78 mn net k\u00e2r a\u00e7\u0131klad\u0131 (\u0130\u015f Yat\u0131r\u0131m: TL 210 mn, Piyasa: TL 188 mn). A\u00e7\u0131klanan net kar y\u0131ll\u0131k i, \u00e7eyreklik ise t oran\u0131nda sert bir daralmay\u0131 ifade ediyor. Net sat\u0131\u015flar TL 611 mn seviyesinde ger\u00e7ekle\u015ferek piyasa beklentisine paralel gelse de \u0130\u015f Yat\u0131r\u0131m beklentisinin alt\u0131nda kald\u0131 (\u0130\u015f Yat\u0131r\u0131m: TL 719 mn, Piyasa: TL 601 mn) ve y\u0131ll\u0131k bazda ) darald\u0131. FAV\u00d6K ise TL 380 mn seviyesinde ger\u00e7ekle\u015ferek piyasa beklentisine olduk\u00e7a yak\u0131n bir g\u00f6r\u00fcn\u00fcm sergiledi (\u0130\u015f Yat\u0131r\u0131m: TL 519 mn, Piyasa: TL 397 mn).
Son \u00c7eyrekte \u00d6ne \u00c7\u0131kanlar<\/strong>: D\u00fc\u015fen \u00fcretim hacmi ve gerileyen elektrik fiyatlar\u0131 net sat\u0131\u015flar\u0131 bask\u0131lad\u0131;<\/em>\u00a0<\/strong>Elektrik \u00fcretimi 4\u00c725\u2019te 189 GWh seviyesinde ger\u00e7ekle\u015ferek, hem ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 211 GWh\u2019e g\u00f6re yakla\u015f\u0131k , hem de bir \u00f6nceki \u00e7eyrekteki (3\u00c725) 288 GWh\u2019e g\u00f6re 4 oran\u0131nda belirgin bir d\u00fc\u015f\u00fc\u015f kaydetti. D\u00fc\u015f\u00fck \u00fcretim hacmine, PTF\u2019deki reel daralman\u0131n da e\u015flik etmesiyle birlikte net sat\u0131\u015flar reel olarak y\u0131ll\u0131k bazda ), \u00e7eyreklik bazda ise 8 daralma g\u00f6sterdi.
D\u00fc\u015f\u00fck \u00fcretim br\u00fct marj\u0131 zay\u0131flat\u0131rken, FAV\u00d6K marj\u0131 y\u0131ll\u0131k bazda diren\u00e7li kald\u0131. <\/em>Zay\u0131f hacim ve fiyatlama ortam\u0131n\u0131n etkisiyle br\u00fct kar marj\u0131 y\u0131ll\u0131k 490 baz puan daralarak 6.3\u2019e geriledi (\u00e7eyreklik daralma: 14.8 puan). Operasyonel giderlerin ciroya oran\u0131ndaki art\u0131\u015fa ra\u011fmen (4\u00c724\u2019teki %7.8\u2019den .9\u2019a y\u00fckseli\u015f), FAV\u00d6K rakam\u0131 di\u011fer faaliyet gelirleri sayesinde y\u0131ll\u0131k \u2019l\u0131k s\u0131n\u0131rl\u0131 bir d\u00fc\u015f\u00fc\u015fle TL 380 mn seviyesinde ger\u00e7ekle\u015fti. FAV\u00d6K marj\u0131 ise y\u0131ll\u0131k bazda 980 baz puanl\u0131k bir s\u0131\u00e7rama ile b.2 seviyesinde ger\u00e7ekle\u015fti, \u00e7eyreklik bazda ise 790 baz puan daralma g\u00f6zlendi.
Parasal kazan\u00e7ta baz etkisiyle \u00e7eyreklik normalle\u015fme g\u00f6zlendi.\u00a0<\/em>3\u00c725\u2019te kapasite art\u0131\u015f\u0131n\u0131n duran varl\u0131klara yans\u0131mas\u0131yla belirgin bir s\u0131\u00e7rama yapan parasal kazan\u00e7 kalemi, 4\u00c725\u2019te baz etkisinin zay\u0131flamas\u0131yla \u00e7eyreklik bazda 7 oran\u0131nda d\u00fc\u015ferek TL 81 mn seviyesinde ger\u00e7ekle\u015fti, 4\u00c724\u2019e g\u00f6re artan yat\u0131r\u0131mlar sebebiyle 1 art\u0131\u015f g\u00f6zlendi.
VUK taraf\u0131ndaki enflasyon muhasebesinin kalkmas\u0131, vergi taraf\u0131nda beklenen hasar\u0131 yaratmad\u0131.<\/em>\u00a0<\/strong>Vergi gideri 4\u00c725\u2019te TL 50 mn olarak ger\u00e7ekle\u015fti. VUK taraf\u0131nda enflasyon muhasebesi uygulamas\u0131n\u0131n kalkmas\u0131na ra\u011fmen g\u00f6zle g\u00f6r\u00fcl\u00fcr dramatik bir vergi etkisi olu\u015fmamas\u0131 dikkat \u00e7ekti. Bunun temel sebebi olarak, \u015firketin VUK taraf\u0131nda sabit k\u0131ymet yeniden de\u011ferlemesi yapm\u0131\u015f olmas\u0131 ve bu hamlenin olu\u015fabilecek vergi y\u00fck\u00fcn\u00fc dengeledi\u011fini d\u00fc\u015f\u00fcn\u00fcyoruz. Artan finansman giderleri (y\u0131ll\u0131k “8 art\u0131\u015fla -151 mn TL) ve daralan faaliyet kar\u0131 sonucunda net kar marj\u0131 y\u0131ll\u0131k 16.3 puan daralarak .8 seviyesinde kald\u0131.
Net bor\u00e7:<\/em>\u00a0<\/strong>9A25\u2019te TL 973 mn olan net bor\u00e7 y\u0131l\u0131 TL 2,145 mn seviyesinde kapatt\u0131.<\/p>\n

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Yorum:\u00a0<\/em><\/strong>\u00dcretim hacimlerindeki mevsimsel ve y\u0131ll\u0131k daralman\u0131n yan\u0131 s\u0131ra, net kar\u0131n piyasa beklentilerinin olduk\u00e7a alt\u0131nda kalmas\u0131 nedeniyle piyasan\u0131n sonu\u00e7lara ilk tepkisinin negatif olmas\u0131n\u0131 bekliyoruz.\u201d
\u27a2 Raporun tamam\u0131n\u0131 PDF olarak g\u00f6r\u00fcnt\u00fclemek i\u00e7in a\u015fa\u011f\u0131daki dosyay\u0131 indirebilirsiniz.<\/p>\n

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<\/div>\n<\/div>\n
<\/object>GWIND_3C25_Kar-Analizi_051152-2<\/a>\u0130ndir<\/a><\/div>\n

Kaynak: <\/strong>\u0130\u015f Yat\u0131r\u0131m Ara\u015ft\u0131rma<\/em><\/p>\n

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