Ahlatc\u0131 Yat\u0131r\u0131m taraf\u0131ndan yay\u0131mlanan de\u011ferlendirme raporunda, TAB G\u0131da’n\u0131n 2026 y\u0131l\u0131n\u0131n ikinci \u00e7eyre\u011finde beklentilerin \u00fczerinde ciro performans\u0131 sergiledi\u011fi, operasyonel g\u00f6stergelerde de b\u00fcy\u00fcmesini s\u00fcrd\u00fcrd\u00fc\u011f\u00fc ifade edildi.<\/p>\n
Raporda, enflasyon muhasebesi uygulanm\u0131\u015f verilere g\u00f6re \u015firketin has\u0131lat\u0131n\u0131n ikinci \u00e7eyrekte reel bazda y\u00fczde 10,6 art\u0131\u015fla 16,2 milyar TL’ye, y\u0131l\u0131n ilk yar\u0131s\u0131nda ise y\u00fczde 12,8 art\u0131\u015fla 30,3 milyar TL’ye y\u00fckseldi\u011fi aktar\u0131ld\u0131. FAV\u00d6K’\u00fcn ikinci \u00e7eyrekte y\u00fczde 9,9 art\u0131\u015fla 3,7 milyar TL’ye, ilk yar\u0131da ise y\u00fczde 12,3 art\u0131\u015fla 6 milyar TL’ye ula\u015ft\u0131\u011f\u0131, FAV\u00d6K marj\u0131n\u0131n ise s\u0131ras\u0131yla y\u00fczde 22,5 ve y\u00fczde 19,9 seviyelerinde yatay seyretti\u011fi belirtildi.<\/p>\n
De\u011ferlendirmede, fi\u015f say\u0131s\u0131n\u0131n ikinci \u00e7eyrekte y\u00fczde 10, ilk yar\u0131da ise y\u00fczde 12 artt\u0131\u011f\u0131, sistem genelindeki sat\u0131\u015flar\u0131n nominal bazda s\u0131ras\u0131yla y\u00fczde 42 ve y\u00fczde 45 y\u00fckseldi\u011fi kaydedildi. Br\u00fct k\u00e2r marj\u0131ndaki gerilemeye ra\u011fmen faaliyet giderlerindeki s\u0131n\u0131rl\u0131 art\u0131\u015f ve amortisman geri eklemelerinin FAV\u00d6K marj\u0131n\u0131 destekledi\u011fi, buna kar\u015f\u0131n marj geli\u015fiminin yak\u0131ndan izlenmesi gerekti\u011fi vurguland\u0131.<\/p>\n
Raporda, esas faaliyet k\u00e2r\u0131n\u0131n ilk yar\u0131da reel bazda y\u00fczde 7 geriledi\u011fi, vergi \u00f6ncesi k\u00e2r\u0131n \u00f6nemli b\u00f6l\u00fcm\u00fcn\u00fcn yat\u0131r\u0131m faaliyetlerinden elde edilen gelirlerden olu\u015fmas\u0131n\u0131n ise k\u00e2r kalitesi a\u00e7\u0131s\u0131ndan dikkat \u00e7ekti\u011fi ifade edildi. Ayr\u0131ca kiralama i\u015flemlerine ili\u015fkin amortisman uygulamas\u0131n\u0131n FAV\u00d6K \u00fczerindeki etkisinin g\u00f6z \u00f6n\u00fcnde bulundurulmas\u0131 gerekti\u011fi belirtildi.<\/p>\n
\u015eirket y\u00f6netiminin 2026 y\u0131l\u0131 i\u00e7in yakla\u015f\u0131k y\u00fczde 10 restoran a\u011f\u0131 b\u00fcy\u00fcmesi, y\u00fczde 8-10 reel has\u0131lat b\u00fcy\u00fcmesi ve yatay FAV\u00d6K marj\u0131 beklentisini korudu\u011fu aktar\u0131ld\u0131. Buna kar\u015f\u0131n ilk yar\u0131da reel has\u0131lat b\u00fcy\u00fcmesinin y\u00fczde 12,8 seviyesinde ger\u00e7ekle\u015fmesine ra\u011fmen hedeflerin yukar\u0131 y\u00f6nl\u00fc revize edilmemesinin, y\u0131l\u0131n ikinci yar\u0131s\u0131nda b\u00fcy\u00fcmenin yava\u015flayaca\u011f\u0131 beklentisine i\u015faret etti\u011fi de\u011ferlendirildi.<\/p>\n
Ahlatc\u0131 Yat\u0131r\u0131m, br\u00fct k\u00e2r marj\u0131n\u0131n ilk yar\u0131da y\u00fczde 16,3’ten y\u00fczde 15,2’ye geriledi\u011fini, bu bask\u0131n\u0131n enflasyon muhasebesinden de\u011fil, artan girdi maliyetlerinden kaynakland\u0131\u011f\u0131n\u0131 ifade etti. \u00d6zellikle baz\u0131 protein \u00fcr\u00fcnlerindeki maliyet art\u0131\u015flar\u0131n\u0131n temel risk unsuru olarak \u00f6ne \u00e7\u0131kt\u0131\u011f\u0131 belirtildi.<\/p>\n
Raporda, faaliyet giderlerinin ilk yar\u0131da yaln\u0131zca y\u00fczde 2 artt\u0131\u011f\u0131, gider disiplini ve amortisman geri eklemeleri sayesinde FAV\u00d6K marj\u0131n\u0131n y\u00fczde 19,9 seviyesinde korundu\u011fu aktar\u0131l\u0131rken, personel ve girdi maliyetlerinin marjlar \u00fczerindeki etkisinin takip edilmesi gerekti\u011fi kaydedildi.<\/p>\n
Kiralama muhasebesine de dikkat \u00e7ekilen de\u011ferlendirmede, ilk yar\u0131 FAV\u00d6K’\u00fcn\u00fcn yakla\u015f\u0131k 2,1 milyar TL’lik b\u00f6l\u00fcm\u00fcn\u00fcn kiralama i\u015flemlerine ili\u015fkin amortisman geri eklemelerinden olu\u015ftu\u011fu ve bunun toplam FAV\u00d6K’\u00fcn yakla\u015f\u0131k y\u00fczde 35’ine kar\u015f\u0131l\u0131k geldi\u011fi bildirildi. Bilan\u00e7oda toplam 7,6 milyar TL kiralama y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc bulundu\u011fu, kiralama d\u00fczeltmesi yap\u0131ld\u0131\u011f\u0131nda FAV\u00d6K’\u00fcn yakla\u015f\u0131k 3,9 milyar TL’ye, FAV\u00d6K marj\u0131n\u0131n ise y\u00fczde 13 seviyesine geriledi\u011fi aktar\u0131ld\u0131.<\/p>\n
Nakit pozisyonuna ili\u015fkin de\u011ferlendirmede ise \u015firketin 9,4 milyar TL finansal varl\u0131k a\u00e7\u0131klad\u0131\u011f\u0131, ancak bunun 3,5 milyar TL’sinin nakit ve nakit benzerleri, 2,2 milyar TL’sinin finansal yat\u0131r\u0131mlar, 3,6 milyar TL’sinin ise t\u00fcrev ara\u00e7lardan olu\u015ftu\u011fu ifade edildi. Kiralama y\u00fck\u00fcml\u00fcl\u00fckleri dikkate al\u0131nd\u0131\u011f\u0131nda \u015firketin kiralama sonras\u0131 net nakit pozisyonunun yakla\u015f\u0131k 1,8 milyar TL seviyesinde oldu\u011fu belirtildi.<\/p>\n
Raporda, yat\u0131r\u0131m faaliyetlerinden elde edilen gelirlerin vergi \u00f6ncesi k\u00e2r i\u00e7indeki pay\u0131n\u0131n artt\u0131\u011f\u0131na dikkat \u00e7ekilerek, ilk yar\u0131da yat\u0131r\u0131m gelirlerinin y\u00fczde 45 art\u0131\u015fla 1,7 milyar TL’ye ula\u015ft\u0131\u011f\u0131 ve vergi \u00f6ncesi k\u00e2r\u0131n yakla\u015f\u0131k y\u00fczde 66’s\u0131n\u0131 olu\u015fturdu\u011fu kaydedildi. Net k\u00e2r\u0131n reel bazda y\u00fczde 9 geriledi\u011fi, vergi etkisinden ar\u0131nd\u0131r\u0131lm\u0131\u015f d\u00fczeltilmi\u015f net k\u00e2r\u0131n ise y\u00fczde 16 artt\u0131\u011f\u0131 bilgisi payla\u015f\u0131ld\u0131.<\/p>\n
Operasyonel b\u00fcy\u00fcmenin \u00f6nemli \u00f6l\u00e7\u00fcde yeni restoran a\u00e7\u0131l\u0131\u015flar\u0131ndan kaynakland\u0131\u011f\u0131 belirtilen raporda, ilk yar\u0131da 78 yeni restoran a\u00e7\u0131lmas\u0131yla toplam restoran say\u0131s\u0131n\u0131n 2 bin 100’e y\u00fckseldi\u011fi, a\u00e7\u0131l\u0131\u015flar\u0131n yakla\u015f\u0131k yar\u0131s\u0131n\u0131n franchise modeliyle ger\u00e7ekle\u015ftirildi\u011fi ifade edildi. Benzer ma\u011faza performans\u0131n\u0131n ise uzun vadeli b\u00fcy\u00fcme a\u00e7\u0131s\u0131ndan izlenmesi gereken \u00f6nemli g\u00f6stergeler aras\u0131nda yer ald\u0131\u011f\u0131 aktar\u0131ld\u0131.<\/p>\n
Dijitalle\u015fmenin b\u00fcy\u00fcmeye katk\u0131s\u0131na da de\u011finilen de\u011ferlendirmede, dijital sat\u0131\u015flar\u0131n toplam sistem sat\u0131\u015flar\u0131 i\u00e7indeki pay\u0131n\u0131n y\u00fczde 46’dan y\u00fczde 56’ya, paket servis pay\u0131n\u0131n y\u00fczde 28’den y\u00fczde 31’e, kiosk sat\u0131\u015flar\u0131n\u0131n pay\u0131n\u0131n ise y\u00fczde 14’ten y\u00fczde 20’ye y\u00fckseldi\u011fi bildirildi. Y\u00f6netimin orta vadede dijital sat\u0131\u015flar\u0131n toplam sat\u0131\u015flar i\u00e7indeki pay\u0131n\u0131 y\u00fczde 75-80 seviyesine \u00e7\u0131karmay\u0131 hedefledi\u011fi ifade edildi.<\/p>\n
Ahlatc\u0131 Yat\u0131r\u0131m, genel de\u011ferlendirmesinde TAB G\u0131da’n\u0131n ikinci \u00e7eyrek sonu\u00e7lar\u0131n\u0131 operasyonel b\u00fcy\u00fcme a\u00e7\u0131s\u0131ndan olumlu, marjlar ve k\u00e2r kalitesi a\u00e7\u0131s\u0131ndan ise temkinli de\u011ferlendirdi. Raporda, y\u0131l\u0131n ikinci yar\u0131s\u0131nda restoran trafi\u011fi, yeni ma\u011faza katk\u0131s\u0131, girdi maliyetleri ve marjlar\u0131n s\u00fcrd\u00fcr\u00fclebilirli\u011finin temel takip ba\u015fl\u0131klar\u0131 olaca\u011f\u0131, \u00fc\u00e7\u00fcnc\u00fc \u00e7eyrek sonu\u00e7lar\u0131n\u0131n ise \u015firketin y\u0131l sonu hedeflerini koruyup koruyamayaca\u011f\u0131 a\u00e7\u0131s\u0131ndan kritik \u00f6nem ta\u015f\u0131d\u0131\u011f\u0131 aktar\u0131ld\u0131.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0 <\/strong> \u0130stanbul, 7 A\u011fustos (Hibya) – Ahlatc\u0131 Yat\u0131r\u0131m, TAB G\u0131da’n\u0131n 2026 y\u0131l\u0131 ikinci \u00e7eyrek finansal sonu\u00e7lar\u0131na ili\u015fkin de\u011ferlendirmesinde operasyonel b\u00fcy\u00fcmenin g\u00fc\u00e7l\u00fc seyrini korudu\u011funu, ancak marjlar\u0131n s\u00fcrd\u00fcr\u00fclebilirli\u011fi ve k\u00e2r kalitesinin yak\u0131ndan takip edilmesi gerekti\u011fini bildirdi.<\/p>\n","protected":false},"author":1,"featured_media":128763,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"googlesitekit_rrm_CAow07ekDA:productID":"","footnotes":""},"categories":[1,9],"tags":[],"class_list":["post-128762","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ekonomi","category-manset"],"_links":{"self":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts\/128762","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=128762"}],"version-history":[{"count":0,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts\/128762\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/media\/128763"}],"wp:attachment":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/media?parent=128762"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/categories?post=128762"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/tags?post=128762"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nEKONOM\u0130 GAZETES\u0130 <\/p>\n","protected":false},"excerpt":{"rendered":"