{"id":65146,"date":"2026-04-13T09:29:25","date_gmt":"2026-04-13T09:29:25","guid":{"rendered":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2026\/04\/13\/sabanci-holding-sahol-bilanco-degerlendirmesi\/"},"modified":"2026-04-13T09:29:25","modified_gmt":"2026-04-13T09:29:25","slug":"sabanci-holding-sahol-bilanco-degerlendirmesi","status":"publish","type":"post","link":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2026\/04\/13\/sabanci-holding-sahol-bilanco-degerlendirmesi\/","title":{"rendered":"Sabanc\u0131 Holding (SAHOL) bilan\u00e7o de\u011ferlendirmesi"},"content":{"rendered":"

Hac\u0131 \u00d6mer Sabanc\u0131 Holding A.\u015e. (SAHOL) 2025 y\u0131l\u0131 4. \u00e7eyrek finansal sonu\u00e7lar\u0131 kamuya a\u00e7\u0131kland\u0131. Bilan\u00e7o<\/a> sonras\u0131nda \u015eirketin finansal tablolar\u0131 i\u00e7in de\u011ferlendirme, Gedik Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e.\u2019den geldi.<\/p>\n

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Hac\u0131 \u00d6mer Sabanc\u0131 Holding A.\u015e. hisse haberleri \u2013 SAHOL hisse yorumu<\/h2>\n

Gedik Yat\u0131r\u0131m de\u011ferlendirmesi \u015fu \u015fekilde; \u201c\u015eirketin net sat\u0131\u015flar\u0131 4. \u00e7eyrekte ge\u00e7en y\u0131l\u0131n ayn\u0131 \u00e7eyre\u011fine g\u00f6re %8,88 azal\u0131\u015fla 288.902 milyon TL olmu\u015ftur. 2025 y\u0131l\u0131nda bir \u00f6nceki y\u0131la g\u00f6re net sat\u0131\u015flar\u0131 %1,23 azal\u0131\u015fla 1.172.620 milyon TL seviyesinde ger\u00e7ekle\u015fmi\u015ftir. FAV\u00d6K\u2018\u00fc 4. \u00e7eyrekte ge\u00e7en y\u0131l\u0131n ayn\u0131 \u00e7eyre\u011fine g\u00f6re 3,20 art\u0131\u015fla 32.625 milyon TL olmu\u015ftur. 2025 y\u0131l\u0131nda bir \u00f6nceki y\u0131la g\u00f6re FAV\u00d6K\u2019\u00fc ,73 art\u0131\u015fla 97.417 milyon TL seviyesinde ger\u00e7ekle\u015fmi\u015ftir. FAV\u00d6K marj\u0131 4. \u00e7eyrekte ge\u00e7en y\u0131l\u0131n ayn\u0131 \u00e7eyre\u011fine g\u00f6re 647 baz puan art\u0131\u015fla ,3 olmu\u015ftur. 2025 y\u0131l\u0131nda bir \u00f6nceki y\u0131la g\u00f6re FAV\u00d6K marj\u0131 109 baz puan art\u0131\u015fla %8,3 olmu\u015ftur.
Ge\u00e7en y\u0131l\u0131n 4. \u00e7eyre\u011finde 4.775 milyon TL net zarar a\u00e7\u0131klayan \u015firket, bu y\u0131l\u0131n 4. \u00e7eyre\u011finde 4.616 milyon TL net kar a\u00e7\u0131klam\u0131\u015ft\u0131r. 2024 y\u0131l\u0131nda 20.255 milyon TL net zarar a\u00e7\u0131klayan \u015firket, 2025 y\u0131l\u0131nda 3.793 milyon TL net kar a\u00e7\u0131klam\u0131\u015ft\u0131r. \u0130ki y\u0131ll\u0131k ortalama ve tarihsel seviyelerde g\u00f6zlenen iskonto ile uyumlu olacak \u015fekilde toplam net aktif de\u011ferine (NAD) uygulad\u0131\u011f\u0131m\u0131z ima edilen iskontoyu revize ediyoruz. Buna g\u00f6re NAD\u2019a uygulad\u0131\u011f\u0131m\u0131z iskonto oran\u0131n\u0131 “\u2019den @\u2019a y\u00fckseltiyoruz. Konsolide net k\u00e2ra en g\u00fc\u00e7l\u00fc katk\u0131 Enerji ve Bankac\u0131l\u0131k segmentlerinden gelirken, Finansal Hizmetler ve Di\u011fer segmentler k\u00e2rl\u0131l\u0131\u011f\u0131 a\u015fa\u011f\u0131 \u00e7ekti. Enflasyon muhasebesine g\u00f6re d\u00fczeltilmi\u015f konsolide verilere g\u00f6re Bankac\u0131l\u0131k segmenti 4\u00c725\u2019te 3.76 mlr TL net k\u00e2r a\u00e7\u0131klad\u0131 (4\u00c724: -3.88 mlr TL). Bu performans b\u00fcy\u00fck \u00f6l\u00e7\u00fcde Akbank taraf\u0131nda iyile\u015fen \u00e7ekirdek marjlar, g\u00fc\u00e7l\u00fc \u00fccretkomisyon gelirleri ve disiplinli maliyet y\u00f6netimi ile desteklendi. K\u00e2rl\u0131l\u0131k belirgin \u015fekilde iyile\u015firken, \u00f6zkaynak k\u00e2rl\u0131l\u0131\u011f\u0131 \u00e7eyrekte % seviyesine y\u00fckseldi. Enerji segmenti 2.32 mlr TL net k\u00e2r a\u00e7\u0131klad\u0131 (4\u00c724: 862 mn TL). Performans a\u011f\u0131rl\u0131kl\u0131 olarak elektrik da\u011f\u0131t\u0131m\u0131ndaki k\u00e2rl\u0131l\u0131k ve \u00f6zellikle r\u00fczg\u00e2r taraf\u0131ndaki yeni kapasite devreye al\u0131mlar\u0131n\u0131n destekledi\u011fi yenilenebilir enerji b\u00fcy\u00fcmesinden kaynakland\u0131. \u00dcretim taraf\u0131ndaki k\u00e2rl\u0131l\u0131k; zay\u0131f hidroloji, d\u00fc\u015f\u00fck elektrik fiyatlar\u0131 ve \u00e7eyrek boyunca s\u0131n\u0131rl\u0131 ticaret gelirleri nedeniyle k\u0131smen bask\u0131 alt\u0131nda kald\u0131. Malzeme Teknolojileri segmenti 262 mn TL net k\u00e2r a\u00e7\u0131klad\u0131 (4\u00c724: -238 mn TL). \u0130yile\u015fme b\u00fcy\u00fck \u00f6l\u00e7\u00fcde \u00c7imsa\u2019daki g\u00fc\u00e7l\u00fc operasyonel performans ve Mannok katk\u0131s\u0131yla desteklenen uluslararas\u0131 \u00e7imento operasyonlar\u0131ndaki b\u00fcy\u00fcmedendir. Dijital segment 21 mn TL net k\u00e2r a\u00e7\u0131klad\u0131 (4\u00c724: -1.25 mlr TL). Bu sonu\u00e7, bulut ve y\u00f6netilen hizmetlerdeki b\u00fcy\u00fcmenin destekledi\u011fi operasyonel toparlanmay\u0131 yans\u0131tsa da finansal giderler ve enflasyon muhasebesi etkileri k\u00e2rl\u0131l\u0131\u011f\u0131 s\u0131n\u0131rlad\u0131. Finansal Hizmetler segmenti 643 mn TL net k\u00e2r a\u00e7\u0131klad\u0131 (4\u00c724: 2.09 mlr TL). Bu d\u00fc\u015f\u00fc\u015f b\u00fcy\u00fck \u00f6l\u00e7\u00fcde sigorta taraf\u0131ndaki daha se\u00e7ici risk yaz\u0131m\u0131 ve ge\u00e7en y\u0131lki y\u00fcksek baz\u0131n normalle\u015fmesinden kaynakland\u0131. \u00d6te yandan Di\u011fer segmentler 2.39 mlr TL net zarar a\u00e7\u0131klad\u0131 (4\u00c724: -2.36 mlr TL).\u201d<\/p>\n

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\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>4c25_finansal-degerlendirme_sahol_20260305<\/a>\u0130ndir<\/a><\/div>\n

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

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