Global Yatirim Holding A.s. · BIST:GLYHO
Global Yatirim Holding A.s — Global Investment Holdings — FY2025 Earnings Presentation
25 slides from Global Yatirim Holding A.s's earnings presentation, March 2026
Slide 1: Financial Presentation FY 2025
GLOBAL INVESTMENT HOLDINGS Financial Presentation FY 2025
Slide 2: Corporate Portfolio (2025)
Corporate Portfolio (2025) Ports Power Gas Mining Finance Real Esate GFS HOLDING A.Ş. 90.5% 51.0% 60.0% 97.7% 66.6% 100% ▪ Van's first ▪ The world's largest ▪ Co/Tri generation: ▪ Turkey’s & Europe’s ▪ One of Turkey’s ▪ AUM: 127.8bn TL shopping centre independent cruise 65.5 MW installed leading non
Slide 3: I – Financial Review
G GLOBAL mmm INVESTMENT HOLDINGS |- FINANCIAL REVIEW
Slide 4: Financial Highlights (without IAS29)
Financial Highlights (without IAS29) Total Consolidated Revenues (mn TL) Total Consolidated EBITDA (mn TL) 9,463 22,029 %43 %40 15,753 6,608 2024 2025 2024 2025 4
Slide 5: Financial Highlights (in USD terms)
Financial Highlights (in USD terms) Consolidated Net Income Before Tax (mn USD) Consolidated Revenues* Consolidated EBITDA 129.1 (mn USD) (mn USD) 43% 89.9 575.5 12% 14% 248.2 515.3 217.4. 2024 2025 Consolidated Net Income (mn USD) 118.7 94,0 26% 2024 2025 2024 2025 *Excluding IFRIC12 2024 2025 The
Slide 6: Financial Highlights
Financial Highlights as per IAS29 without IAS29 2024 Net revenues (mn TL) 2025 2024 % Change Reported % Change 2025 2024 % Change Gas 7,926 7,477 6% 5,712 39% 7,076 4,954 43% Power 1,642 1,772 -7% 1,353 21% 1,453 1,184 23% Mining 648 667 -3% 509 27% 580 441 32% Ports1 12,167 11,097 10% 8,478 44% 10,
Slide 7: 2026 Guidance (Without IAS29)
GIH Group Companies 2026 Guidance (Without IAS29) Port Infrastructure 2025 2026 Guidance 2 Revenue (mn TL) (exc. IFRIC 12, mn TL) 10.889,0 35-50% Growth Adjusted EBITDA (mn TL) 7.071,2 35-50% Growth Gas (Naturelgaz) 2025 2026 Guidance Revenue (mn TL) 7.075,9 15-30% Growth Operating EBITDA (mn TL) 1.
Slide 8: Financial Highlights (as per IAS29): Change in Revenue & EBITDA
Financial Highlights (as per IAS29) Change in Revenue & EBITDA Revenue (mn TL)1 1Revenues exclude the impact of IFRIC 12 on Cruise Ports amounting to 3,570mn TL for 2025 and 3,530mn TL for 2024 as per IAS 29 EBITDA (mn TL) 8
Slide 9: Financial Highlights: Change in P&L
Financial Highlights: Change in P&L ▪ GIH reported a consolidated net profit of TL 5,089mn in FY 2025, compared to a net profit of TL 4,339mn in FY 2024, indicating a 17% YoY increase. - 9
Slide 10: Debt Structure (as per IAS29)
Debt Structure 2 (as per IAS29) GIH Consolidated Gross Debt St Lucia Project Financing Ports (Other) 2% 14% GIH Consolidated Maturity Other GIH Consolidated Gross <15yr 23% Maturity ≥15 years Total Debt: Debt: 1.5mia USD 919.4mn USD San Juan Project Financing • GPH: Consolidated Gross Debt 13% Matur
Slide 11: Net Debt/EBITDA (as per IAS29)
Net Debt/EBITDA (as per IAS29) ➢ Net Debt/EBITDA at the end of 2025: ➢ On a consolidated basis: 4.6x ➢ Excluding all port groups: 4.3x ➢ Excluding consolidated borrowings with maturities of 15 years or longer: 2.3x 11
Slide 12: III – Financial & Operational Performance by Division
III – FINANCIAL & OPERATIONAL PERFORMANCE BY DIVISION
Slide 13: Ports Division: Global Ports Holding (GPH)
Ports Division: Global Ports Holding (GPH) Total Calls* Cruise Occupancy Ratio** 7,328 665 106% 114% 106% 596 6,391 115% 107% 95% FY2024 FY2025 Jan25 Jan26 Jan Feb Mar April May June July Aug Sep Oct Nov Dec 2024 2025 Total Pax (000)* ➢ Number of calls at GPH`s all ports in Jan-Dec 2025 was 15% high
Slide 14: Ports Division: Global Ports Holding (GPH)
Ports Division: Global Ports Holding (GPH) Strong momentum in the cruise industry continued throughout 2025: Revenue (mn TL)1 Revenue (mn USD)1 12,167 • Global passenger capacity increased by 6%, reaching 36 million in 2025* 11,097 284 240 • Record booking volumes were achieved for 2026 and 2027. 10
Slide 15: Gas Division: Naturelgaz
Gas Division: Naturelgaz Volume (mn sm3) ▪ Sales volume reached 359mn Sm3 in 2025, representing an increase of 11% YoY, mainly driven by city gas segment. 359 324 ➢ City gas sales volume increased by 27% YoY, reaching 226 million Sm³. 11% ▪ Revenues from the gas segment reached TL 7,926 million in 2
Slide 16: Power Generation: Distributed Energy, Biomass and Solar
Power Generation: Distributed Energy, Biomass and Solar Total Generation (GW) ▪ Total electricity generation increased by 12% YoY in 2025, reaching 539 GWh. This increase was largely driven by distributed 539 energy segment. 480 12% ▪ Revenues decreased by 7% YoY in 2025, standing at TRY 1,642 milli
Slide 17: Mining Division: Straton
Mining Division: Straton Volume (tons) 276,371 244,230 ▪ Supported by the increase in feldspar demand from the international markets, the Company achieved a sales volume of 276,371 tons in 13% 2025, representing a 13% increase yoy. ▪ While exporting 253,326 tons of feldspar—primarily to Spain, Italy
Slide 18: Real Estate Division: Ardus
Real Estate Division: Ardus • The Real Estate division’s revenues include rent revenues and residential/commercial sales revenues. ➢ In 2025 the Real Estate segment revenues and EBITDA increased by 8% and 21%, respectively. Revenues stood at 314.1million and EBITDA was TL 174.6 million in 2025. • Sü
Slide 19: Asset Management & Brokerage Division
Asset Management & Brokerage Division: Istanbul Asset Management & Global Securities & Global MD ▪ Revenues of the brokerage and asset management division consists of securities brokerage commissions, interest revenues on margin lending transactions, portfolio management fees, proprietary trading re
Slide 20: IV – Appendix
G GLOBAL mmm INVESTMENT HOLDINGS IV — APPENDIX
Slide 21: Share Performance
Share Performance 200% BIST100, BISTHOLD, GLYHO 150% 100% 50% 0% -50% 02.01.2025 02.02.2025 02.03.2025 02.04.2025 02.05.2025 02.06.2025 02.07.2025 02.08.2025 02.09.2025 02.10.2025 02.11.2025 02.12.2025 02.01.2026 02.02.2026 02.03.2026 BIST100 BISTHOLD GLYHO BIST 100 BIST HOLD GLYHO Bonus Issue (11th
Slide 22: Balance Sheet
Balance Sheet (TL Million) 31 Dec 2025 31 Dec 2024 ASSETS Current assets 22,113.5 19,651.0 Cash and banks 12,542.1 10,384.1 Marketable securities 1,202.7 1,377.7 Trade receivables and receivables from operations in finance sector 4,582.7 4,446.3 Inventories 776.9 824.4 Other current assets (1) 3,009
Slide 23: Income Statement
Income Statement (TL Million) FY 2025 FY 2024 Total gross revenues 28.237,9 27.325,6 Cost of sales and services -16.404,9 -15.760,0 Gross profit 11.833,0 11.565,6 Operating expenses -5.202,3 -5.566,0 Other operating income/(loss), net 299,9 563,9 Equity pickup asset gains/(losses) 228,2 272,3 Gross
Slide 24: 2025 Major Developments
2025 Major Developments Ports Gas ▪ Cabo Verde (Mindelo Cruise Port): GPH signed a 3.5- ▪ Commissioned an 18.4 MWp / 15 Share Buy-Back Program year management agreement with ENAPOR on January MWe Solar Power Plant in Muş Launched on March 14, 28, 2025, with an additional 2-year extension option. (Bu
Slide 25: Disclaimer
Disclaimer The information contained in this document has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this docum
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