Trive Yat\u0131r\u0131m’\u0131n ASELS 2\u00c72026 De\u011ferleme Analizi’nde, Aselsan’\u0131n net sat\u0131\u015flar\u0131n\u0131n ikinci \u00e7eyrekte 51,78 milyar TL ile ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re y\u00fczde 32,7, bir \u00f6nceki \u00e7eyre\u011fe g\u00f6re ise y\u00fczde 41,1 artt\u0131\u011f\u0131 belirtildi. FAV\u00d6K’\u00fcn 14,00 milyar TL ile y\u0131ll\u0131k y\u00fczde 32,2, ana ortakl\u0131k net kar\u0131n\u0131n ise 8,51 milyar TL ile y\u0131ll\u0131k y\u00fczde 61,4 b\u00fcy\u00fcd\u00fc\u011f\u00fc aktar\u0131ld\u0131.<\/p>\n
Raporda, FAV\u00d6K marj\u0131n\u0131n y\u00fczde 27,0 ile ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki seviyesini korudu\u011fu, net kar marj\u0131n\u0131n ise y\u00fczde 13,5’ten y\u00fczde 16,4’e y\u00fckselmesinin karl\u0131l\u0131k kalitesindeki iyile\u015fmeyi ortaya koydu\u011fu ifade edildi.<\/p>\n
Faaliyet kar\u0131ndaki y\u0131ll\u0131k b\u00fcy\u00fcmenin FAV\u00d6K ve br\u00fct kardaki b\u00fcy\u00fcmenin gerisinde kald\u0131\u011f\u0131 belirtilen raporda, bunun temel nedeninin 2025’in ikinci \u00e7eyre\u011finde esas faaliyetlerden di\u011fer gelirler kaleminde kur fark\u0131 kazan\u00e7lar\u0131ndan kaynaklanan y\u00fcksek baz etkisi oldu\u011fu, s\u00f6z konusu kalemin 2026’n\u0131n ikinci \u00e7eyre\u011finde normalle\u015fmesinin g\u00fc\u00e7l\u00fc operasyonel b\u00fcy\u00fcmenin faaliyet kar\u0131na tam yans\u0131mas\u0131n\u0131 s\u0131n\u0131rlad\u0131\u011f\u0131 kaydedildi. Raporda, b\u00fcy\u00fcmenin esas olarak has\u0131lat art\u0131\u015f\u0131 ve br\u00fct marj geni\u015flemesiyle desteklenen \u00e7ekirdek faaliyetlerden kaynakland\u0131\u011f\u0131, kur fark\u0131 kaynakl\u0131 dalgalanman\u0131n ise ikincil ve normalle\u015fen bir etken oldu\u011fu ifade edildi.<\/p>\n
\u0130lk alt\u0131 ayl\u0131k d\u00f6nemde net sat\u0131\u015flar\u0131n 70,96 milyar TL’den 88,49 milyar TL’ye y\u00fckselerek y\u00fczde 24,7 b\u00fcy\u00fcd\u00fc\u011f\u00fc, FAV\u00d6K’\u00fcn ise y\u00fczde 30,6 art\u0131\u015fla 23,23 milyar TL’ye ula\u015ft\u0131\u011f\u0131 belirtilen raporda, toplam varl\u0131klar\u0131n 383,5 milyar TL’den 549,7 milyar TL’ye, \u00f6zkaynaklar\u0131n ise 224,9 milyar TL’den 308,5 milyar TL’ye y\u00fckseldi\u011fi aktar\u0131ld\u0131.<\/p>\n
\u015eirketin bor\u00e7luluk seviyesinin d\u00fc\u015f\u00fck kalmaya devam etti\u011fi ve g\u00fc\u00e7l\u00fc nakit yarat\u0131m\u0131n\u0131n yat\u0131r\u0131m kapasitesini korudu\u011fu ifade edilen raporda, b\u00fcy\u00fcmenin arkas\u0131nda 2025 sonu itibar\u0131yla 20,4 milyar dolara ula\u015fan sipari\u015f bakiyesi ile y\u0131l i\u00e7inde imzalanan 9,6 milyar dolarl\u0131k yeni s\u00f6zle\u015fmelerin bulundu\u011fu belirtildi. Uluslararas\u0131 sat\u0131\u015f s\u00f6zle\u015fmelerindeki y\u0131ll\u0131k y\u00fczde 104’l\u00fck art\u0131\u015f\u0131n ise ihracat\u0131n b\u00fcy\u00fcmede giderek daha belirleyici bir unsur haline geldi\u011fine i\u015faret etti\u011fi kaydedildi.<\/p>\n
Raporda, ASELSANNEXT d\u00f6n\u00fc\u015f\u00fcm program\u0131 kapsam\u0131nda \u015firketin 2030 y\u0131l\u0131na kadar d\u00fcnyan\u0131n en b\u00fcy\u00fck 30 savunma sanayii \u015firketi aras\u0131na girme hedefinin orta ve uzun vadeli stratejik \u00e7er\u00e7eveyi olu\u015fturdu\u011fu, Ar-Ge harcamalar\u0131n\u0131n has\u0131lattan daha h\u0131zl\u0131 b\u00fcy\u00fcmeye devam etmesinin uzun vadeli teknolojik rekabet g\u00fcc\u00fcn\u00fc desteklerken k\u0131sa vadede marjlar \u00fczerinde hafif bask\u0131 olu\u015fturdu\u011fu ifade edildi.<\/p>\n
De\u011ferleme b\u00f6l\u00fcm\u00fcnde ise Aselsan’\u0131n FD\/FAV\u00d6K \u00e7arpan\u0131 baz\u0131nda 25,3x seviyesinde i\u015flem g\u00f6rd\u00fc\u011f\u00fc, k\u00fcresel savunma sanayii emsal grubunun medyan \u00e7arpan\u0131n\u0131n 27,4x oldu\u011fu belirtilirken, bunun \u015firket hisselerinin \u00e7arpan baz\u0131nda iskontolu fiyatland\u0131\u011f\u0131na i\u015faret etti\u011fi aktar\u0131ld\u0131.<\/p>\n
Raporda, 465 TL hedef fiyat\u0131n mevcut fiyata g\u00f6re y\u00fczde 33 y\u00fckseli\u015f potansiyeline i\u015faret etti\u011fi belirtilirken, istikrarl\u0131 marj yap\u0131s\u0131, geni\u015fleyen ihracat pay\u0131 ve g\u00fc\u00e7l\u00fc sipari\u015f bakiyesinin olumlu g\u00f6r\u00fcn\u00fcm\u00fc destekledi\u011fi, geli\u015fmekte olan piyasa risk primi, TL bazl\u0131 maliyet kalemlerindeki oynakl\u0131k ve savunma b\u00fct\u00e7esi d\u00f6ng\u00fcs\u00fcne ba\u011f\u0131ml\u0131l\u0131\u011f\u0131n ise de\u011ferlemede temkinli duru\u015fun ba\u015fl\u0131ca gerek\u00e7eleri aras\u0131nda yer ald\u0131\u011f\u0131 ifade edildi.<\/p>\n
<\/strong> \u0130stanbul, 5 A\u011fustos (Hibya) \u2013 Trive Yat\u0131r\u0131m, Aselsan’\u0131n 2026 y\u0131l\u0131 ikinci \u00e7eyrek finansal sonu\u00e7lar\u0131n\u0131n g\u00fc\u00e7l\u00fc operasyonel performansa i\u015faret etti\u011fini, \u015firketin net sat\u0131\u015f, FAV\u00d6K ve net kar\u0131nda y\u0131ll\u0131k bazda g\u00fc\u00e7l\u00fc b\u00fcy\u00fcme kaydetti\u011fini a\u00e7\u0131klad\u0131.<\/p>\n","protected":false},"author":1,"featured_media":127497,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"googlesitekit_rrm_CAow07ekDA:productID":"","footnotes":""},"categories":[12,4,1,9],"tags":[],"class_list":["post-127496","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-spor","category-dunya","category-ekonomi","category-manset"],"_links":{"self":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts\/127496","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/comments?post=127496"}],"version-history":[{"count":0,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts\/127496\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/media\/127497"}],"wp:attachment":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/media?parent=127496"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/categories?post=127496"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/tags?post=127496"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nEKONOM\u0130 GAZETES\u0130 <\/p>\n","protected":false},"excerpt":{"rendered":"