T\u00fcrk Trakt\u00f6r\u2019\u00fcn faaliyet performans\u0131, talepteki daralma ve \u00fcretim\/sat\u0131\u015f adetlerindeki d\u00fc\u015f\u00fc\u015f<\/strong> nedeniyle zay\u0131f seyretmeye devam ediyor. 2025 1\u00c7\u2019de yurt i\u00e7inde 5.260 adet trakt\u00f6r<\/strong> sat\u0131ld\u0131; ge\u00e7en y\u0131l ayn\u0131 d\u00f6nemde bu rakam 9.239 adetti. Yurtd\u0131\u015f\u0131 trakt\u00f6r sat\u0131\u015f adedi 2025 1\u00c7\u2019de 2.446 iken, 2024 1\u00c7\u2019de 4.460 adet olarak ger\u00e7ekle\u015fmi\u015fti\u200b. Toplam trakt\u00f6r sat\u0131\u015f adedi b\u00f6ylece 13.699\u2019dan 7.706\u2019ya geriledi (yakla\u015f\u0131k %-44 d\u00fc\u015f\u00fc\u015f)<\/strong><\/p>\n\n\n\n Yurt i\u00e7i trakt\u00f6r sat\u0131\u015flar\u0131ndaki d\u00fc\u015f\u00fc\u015f\u00fcn bir k\u0131sm\u0131 genel pazar daralmas\u0131ndan kaynaklansa da T\u00fcrk Trakt\u00f6r\u2019\u00fcn pazardaki lider konumu g\u00f6z \u00f6n\u00fcne al\u0131nd\u0131\u011f\u0131nda, \u015firket sekt\u00f6rle paralel bir d\u00fc\u015f\u00fc\u015f ya\u015f\u0131yor. Nitekim 2023\u2019te %56 olan pazar pay\u0131n\u0131 2025 ilk \u00e7eyrek itibariyle %64\u2019e kadar \u00e7\u0131karmay\u0131 ba\u015farm\u0131\u015f durumda.<\/p>\n\n\n\n Bununla birlikte, \u015firket y\u00f6netimi talep daralmas\u0131n\u0131n ge\u00e7ici oldu\u011funu varsayarak \u00fcretim altyap\u0131s\u0131n\u0131 korumaya ve stratejik yat\u0131r\u0131mlara devam ediyor. Nitekim \u00fcretim tesislerini geli\u015ftirmeye y\u00f6nelik yat\u0131r\u0131mlar 2025\u2019te s\u00fcrmekte. Bu sayede talebin canlanaca\u011f\u0131 ileriki d\u00f6nemler i\u00e7in T\u00fcrk Trakt\u00f6r, operasyonel a\u00e7\u0131dan haz\u0131r bir konumda olacakt\u0131r. 2024\u2019te yapt\u0131\u011f\u0131 sat\u0131n almalar ve yapt\u0131\u011f\u0131 yat\u0131r\u0131m harcamalar\u0131 bunu g\u00f6steriyor. 2025 ilk \u00e7eyrekte 1.08 milyar TL yat\u0131r\u0131m harcamas\u0131 ger\u00e7ekle\u015ftirdi. Ayr\u0131ca Ar-Ge harcamalar\u0131 2025 1\u00c7\u2019de 157,7 milyon TL olarak ger\u00e7ekle\u015fti.\u00a0<\/p>\n\n\n\n T\u00fcrk Trakt\u00f6r, \u00e7ekirdek faaliyet alan\u0131n\u0131 destekleyen yeni teknolojilere de yat\u0131r\u0131m yapmaktad\u0131r. 2023 sonunda yap\u0131lan Agrovisio<\/strong> giri\u015fimi yat\u0131r\u0131m\u0131 bunun bir \u00f6rne\u011fi. Agrovisio, tar\u0131m sekt\u00f6r\u00fcnde yapay zek\u00e2 ve uydu g\u00f6r\u00fcnt\u00fcleri ile veri analiti\u011fi hizmeti sunan bir start-up olup, T\u00fcrk Trakt\u00f6r bu \u015firkete %6,6 oran\u0131nda ortak olmu\u015f durumda. Bu nispeten k\u00fc\u00e7\u00fck tutarl\u0131 yat\u0131r\u0131m, \u015firketin tar\u0131msal inovasyon ekosistemine dahil olma ve dijital tar\u0131m \u00e7\u00f6z\u00fcmlerini i\u015f modeline entegre etme vizyonunu yans\u0131tmakta oldu\u011funu d\u00fc\u015f\u00fcn\u00fcyorum.<\/p>\n\n\n\n Gelir Tablosu<\/strong><\/p>\n\n\n\n \u015eirket ilk \u00e7eyrekte konsens\u00fcs beklentisine paralel 12.7 milyar TL ciro elde etti. Fav\u00f6k ise medyan beklentilerin %17.7 \u00fczerinde 990 milyon TL oldu. Net kar ise beklentilerin alt\u0131nda kalarak 236 milyon TL olarak ger\u00e7ekle\u015fti. Marjlar taraf\u0131na bakt\u0131\u011f\u0131mda ise dip aray\u0131\u015f\u0131n\u0131n s\u00fcrd\u00fc\u011f\u00fcn\u00fc g\u00f6r\u00fcyorum<\/strong>. \u00c7eyreklik br\u00fct kar marj\u0131 ve fav\u00f6k marj\u0131 ge\u00e7ti\u011fimiz \u00e7eyre\u011fin \u00fczerinde seyrederken net kar marj\u0131 son 5 \u00e7eyre\u011fin en d\u00fc\u015f\u00fc\u011f\u00fc olan %2 seviyesinde.<\/p>\n\n\n\n K\u00e2rl\u0131l\u0131k d\u00fc\u015f\u00fc\u015f\u00fcn\u00fcn temel nedenleri<\/strong>;<\/p>\n\n\n\n Sat\u0131\u015f Hacmindeki Gerileme:<\/strong> 2025 1\u00c7\u2019de sat\u0131lan \u00fcr\u00fcn adedi ve ciro, y\u00fcksek faiz oranlar\u0131 ve zay\u0131flayan talep nedeniyle ciddi oranda d\u00fc\u015ft\u00fc. Sat\u0131\u015flar azal\u0131nca \u00f6l\u00e7ek ekonomileri etkisi zay\u0131flarken, birim ba\u015f\u0131na sabit maliyet y\u00fck\u00fc artt\u0131 ve br\u00fct k\u00e2r marj\u0131 darald\u0131.<\/p>\n\n\n\n Y\u00fcksek Girdiler ve Enflasyon:<\/strong> Ham madde, enerji ve i\u015f\u00e7ilik maliyetlerindeki art\u0131\u015flar br\u00fct k\u00e2r\u0131 bask\u0131lad\u0131.<\/p>\n\n\n\n Finansman Giderlerinin Artmas\u0131:<\/strong> Y\u00fcksek faiz oranlar\u0131 nedeniyle finansman maliyetleri \u00f6nemli \u00f6l\u00e7\u00fcde y\u00fckseldi. Artan finansman giderleri, faaliyet k\u00e2r\u0131n\u0131n b\u00fcy\u00fck b\u00f6l\u00fcm\u00fcn\u00fc g\u00f6t\u00fcrm\u00fc\u015f ve net k\u00e2r\u0131 s\u0131n\u0131rlam\u0131\u015ft\u0131r. 2024 1\u00c7\u2019de finansman taraf\u0131nda net gelir<\/strong> yazan \u015firket (faiz gelirlerinin y\u00fcksekli\u011fi sayesinde), 2025 1\u00c7\u2019de net finansman gideri<\/strong> pozisyonuna ge\u00e7mi\u015ftir.<\/p>\n\n\n\n Bilan\u00e7o ve Nakit Ak\u0131\u015flar\u0131<\/strong><\/p>\n\n\n\n Nakit ve nakit benzerleri \u00f6nemli \u00f6l\u00e7\u00fcde artarak 7.25 milyar TL’den 11 milyar TL’ye y\u00fckselmi\u015ftir. Stoklar 10.7 milyar TL’den 8.8 milyar TL’ye gerilemi\u015ftir. \u015eirketin zay\u0131f talep ortam\u0131nda \u00fcretimi k\u0131sarak stoklardan sat\u0131\u015f yapt\u0131\u011f\u0131n\u0131 g\u00f6r\u00fcyoruz. <\/p>\n\n\n\n Bor\u00e7luluk taraf\u0131na bakarsak toplam finansal bor\u00e7lar (k\u0131sa ve uzun vadeli) 10.8 milyar TL’den 14.6 milyar TL’ye y\u00fckselmi\u015ftir. Q1 2025 d\u00f6neminde 6.6 milyar TL yeni kredi kullan\u0131m\u0131 ger\u00e7ekle\u015fmi\u015f, toplam 1.8 milyar TL ve 6.1 milyon Avro kredi geri \u00f6demesi yap\u0131lm\u0131\u015ft\u0131r. K\u0131sa vadeli TL kredilerde a\u011f\u0131rl\u0131kl\u0131 ortalama faiz oran\u0131 %38,74, Avro kredilerde ise %6,94’t\u00fcr.<\/p>\n\n\n\n 2025 1\u00c7\u2019de i\u015fletme faaliyetlerinden 996 milyon TL<\/strong> net nakit ak\u0131\u015f\u0131 sa\u011flanm\u0131\u015ft\u0131r (operasyonel nakit ak\u0131m\u0131 pozitif) 2024 1\u00c7\u2019de bu -1.4 milyar TL idi. Ayr\u0131ca 2025 1\u00c7\u2019de pe\u015fin \u00f6denen vergi ve \u00e7al\u0131\u015fan \u00f6demeleri de g\u00f6rece d\u00fc\u015f\u00fck seviyede ger\u00e7ekle\u015fmi\u015ftir. Sonu\u00e7ta, net d\u00f6nem k\u00e2r\u0131ndaki d\u00fc\u015f\u00fc\u015fe ra\u011fmen amortisman<\/strong> gibi nakit \u00e7\u0131k\u0131\u015f\u0131 gerektirmeyen kalemlerin (612,7 milyon TL) ve parasal pozisyon kazanc\u0131n\u0131n (583,3 milyon TL) eklenmesiyle i\u015fletme faaliyetlerinden nakit yaratabilmi\u015ftir. Bu olumlu i\u015fletme nakit ak\u0131\u015f\u0131, \u015firketin likidite durumunu desteklemi\u015ftir.<\/p>\n\n\n\n Ayr\u0131ca bu \u00e7eyrekte 6.7 milyar TL civar\u0131nda yeni bor\u00e7lanma ger\u00e7ekle\u015ftirildi.\u00a0K\u0131sa vadeli bor\u00e7lar\u0131n a\u011f\u0131rl\u0131\u011f\u0131 devam etmekle birlikte, yeni uzun vadeli kredilerle vade yap\u0131s\u0131nda bir iyile\u015fme sa\u011flanm\u0131\u015f durumda. Faiz oranlar\u0131n\u0131n y\u00fcksek seyri, bor\u00e7 ta\u015f\u0131ma maliyetini art\u0131rm\u0131\u015f olsa da, \u00f6n\u00fcm\u00fczdeki d\u00f6nemde faizlerde d\u00fc\u015f\u00fc\u015f ya\u015fanmas\u0131 bor\u00e7 y\u00fck\u00fcn\u00fcn y\u00f6netilmesini kolayla\u015ft\u0131racakt\u0131r. \u015eirket, elde etti\u011fi yeni finansmanla hem yat\u0131r\u0131mlar\u0131n\u0131 finanse etmi\u015f hem de nakit rezervini g\u00fc\u00e7lendirmi\u015ftir.<\/p>\n\n\n\n Gelecek Beklentileri<\/strong><\/p>\n\n\n\n \u00d6ncelikle \u015firket beklentileriyle ba\u015flayal\u0131m. T\u00fcrk Trakt\u00f6r 2025 y\u0131l\u0131 pazar b\u00fcy\u00fckl\u00fc\u011f\u00fc ve sat\u0131\u015f beklentilerini a\u015fa\u011f\u0131 y\u00f6nl\u00fc revize etti. Pazar\u0131n 42-48 bin adet olmas\u0131n\u0131 beklerken \u015firket sat\u0131\u015flar\u0131n\u0131n i\u00e7 pazarda 20-24 bin adet, ihracat olarak ise 11-13 bin adet olaca\u011f\u0131n\u0131 \u00f6ng\u00f6r\u00fcyorlar. Para piyasas\u0131 ko\u015fullar\u0131 ve faizlerin beklenenden uzun s\u00fcre s\u0131k\u0131 kalaca\u011f\u0131n\u0131 s\u00f6ylemek m\u00fcmk\u00fcn. Bu ko\u015fullarda en az\u0131ndan 2025 ikinci \u00e7eyrek sonuna kadar sat\u0131\u015flarda bir toparlanma beklemek zor. 3. \u00c7eyrek itibariyle ticari faizlerin d\u00fc\u015fmeye ba\u015flamas\u0131yla talep canlanabilir. T\u00fcrk Trakt\u00f6r pazar\u0131n\u0131n neredeyse yar\u0131s\u0131n\u0131n 24 ya\u015f ve \u00fczerinde oldu\u011funu unutmamak gerekiyor. Bu a\u00e7\u0131dan i\u00e7 pazardaki daralmaya ge\u00e7ici olarak bakmak ve faizlerin y\u00fcksek olmas\u0131 nedeniyle ertelenen talebin bir noktada kar\u015f\u0131lanmas\u0131 gerekti\u011fini de s\u00f6ylemek m\u00fcmk\u00fcn.<\/strong><\/p>\n\n\n\n Faiz indirimleriyle birlikte trakt\u00f6r al\u0131mlar\u0131n\u0131n finansman\u0131 kolayla\u015facak, ertelenen talep devreye girecektir<\/strong>. 2024\u2019te y\u00fcksek faiz nedeniyle trakt\u00f6r al\u0131m\u0131n\u0131 \u00f6teleyen \u00e7ift\u00e7iler, 2025\u2019in ikinci yar\u0131s\u0131ndan itibaren daha d\u00fc\u015f\u00fck faizli kredi imkanlar\u0131yla pazara geri d\u00f6nebilir. Ayr\u0131ca makro iyile\u015fme senaryosunda tar\u0131msal \u00fcr\u00fcn fiyatlar\u0131n\u0131n istikrara kavu\u015fmas\u0131 ve \u00e7ift\u00e7ilerin gelir art\u0131\u015f\u0131, yat\u0131r\u0131m i\u015ftah\u0131n\u0131 art\u0131r\u0131r. \u00d6rne\u011fin, hububat veya meyve fiyatlar\u0131nda istikrar ve y\u00fcksek rekolte beklentisi olan bir \u00e7ift\u00e7i, yeni trakt\u00f6r al\u0131m\u0131na daha s\u0131cak bakacakt\u0131r. 2025\u2019in \u00f6zellikle \u00fc\u00e7\u00fcnc\u00fc \u00e7eyre\u011finde<\/strong> (hasat d\u00f6nemi) \u00e7ift\u00e7ilerin gelir elde etmesiyle birlikte, d\u00f6rd\u00fcnc\u00fc \u00e7eyrekte<\/strong> bu gelirin yat\u0131r\u0131ma d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fc bir talep art\u0131\u015f\u0131 g\u00f6rebiliriz.<\/p>\n\n\n\n Yurt D\u0131\u015f\u0131 Sat\u0131\u015flar:<\/strong> K\u00fcresel ekonomide toparlanma T\u00fcrk Trakt\u00f6r\u2019\u00fcn ihracat\u0131n\u0131 destekleyecektir. CNH Industrial\u2019\u0131n \u00fcretim \u00fcss\u00fc olarak \u015firket, yurt d\u0131\u015f\u0131na Case IH ve New Holland markal\u0131<\/strong> trakt\u00f6r ihracat\u0131 yap\u0131yor. ABD ve Avrupa\u2019da faiz indirim d\u00f6ng\u00fcleri ve tar\u0131m sekt\u00f6r\u00fcne te\u015fvikler ihracat talebini olumlu etkileyebilir. 2024\u2019te baz\u0131 yurtd\u0131\u015f\u0131 sipari\u015flerin duraklamas\u0131 s\u00f6z konusu olmu\u015fsa da, 2025\u2019te bu sipari\u015flerin geri gelmesi ve yeni pazar f\u0131rsatlar\u0131 (\u00f6rne\u011fin Orta Do\u011fu veya Afrika \u00fclkelerine sat\u0131\u015f) g\u00fcndeme gelebilir.<\/p>\n\n\n\n Okudu\u011funuz i\u00e7in te\u015fekk\u00fcr ederim.<\/p>\n\n\n\n Bay Tutumlu<\/p>\n","protected":false},"excerpt":{"rendered":" 2025 ilk \u00e7eyrekte takip etti\u011fim ve\/veya portf\u00f6y\u00fcmde olan \u015firketlerin bilan\u00e7olar\u0131n\u0131 f\u0131rsat bulduk\u00e7a analiz etmeye \u00e7al\u0131\u015faca\u011f\u0131m. T\u00fcrk Trakt\u00f6r ile ba\u015flayal\u0131m. Faaliyet Verileri T\u00fcrk Trakt\u00f6r\u2019\u00fcn faaliyet performans\u0131,…<\/p>\n","protected":false},"author":2,"featured_media":3279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[44,5,4],"tags":[45,26],"class_list":["post-3277","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilanco","category-borsa","category-hisse-senedi","tag-bilanco","tag-hisse-senedi","entry","double"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2025\/05\/Ekran-Resmi-2025-05-12-07.48.46.png?fit=1948%2C794&ssl=1","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/posts\/3277","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/comments?post=3277"}],"version-history":[{"count":1,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/posts\/3277\/revisions"}],"predecessor-version":[{"id":3278,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/posts\/3277\/revisions\/3278"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/media\/3279"}],"wp:attachment":[{"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/media?parent=3277"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/categories?post=3277"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/tags?post=3277"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"\/](\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXeDApCQa9kxxON8X3UMQahdBWS5edn4YCeHTx1Um2ctraZNiCIkZdTj-NWNtyM_Az3dXKgU2HtX0ixWx-F-VqzTcmXm8k7PcuNboPJIr5ec0ZVid-EmNcfUvrF1co5EqmmvYNBASw?key=FS-yod8VSz0EM4SqDhYmRhCd\")
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