Dogan Sirketler Grubu Holding A.s. · BIST:DOHOL
Dogan Sirketler Grubu Holding A.s — Q1 2026 Earnings Presentation
28 slides from Dogan Sirketler Grubu Holding A.s's earnings presentation, May 8, 2026
Slide 1: 1Q 2026 Financial and Operational Results
1Q 2026 Financial and Operational Results May 8, 2026
Slide 2: Disclaimer
Disclaimer The informationcontained in this presentationhas been obtainedfrom sources deemed reliable by Doğan ŞirketlerGrubu Holding A.Ş. (“Doğan Holding”) and is provided solely for informational purposes. However, Doğan Holding makes no representations or warranties regarding the accuracy, comple
Slide 3: 1Q26 Highlights
1Q26 Highlights Solid net cash position NAV improved by 20% y/y 4% Outperformance in 1Q26 maintained • 6% increase in value ytd: • No cash outflow or capital support • Outperformed BISTin 1Q26 ytd: was required for any subsidiary in the • Galata Wind market capitalization: +52mn USD o DOHOL: +18% vs
Slide 4: 1Q26 Summary Financial Performance, Reported
1Q26 Summary Financial Performance, Reported (Million TRY) Revenue, mn TL EBITDA, mn TL & margin Net Profit, mn TL 24,379 23,932 11% 4% 2,626 334 1,085 -680 1Q25 1Q26 1Q25 1Q26 1Q25 1Q26 Mining, Investment Banking and Factoring delivered EBITDA (excluding finance segment) delivered a Net income from
Slide 5: Strategic and Dynamic Focus Areas
Strategic Dynamic Focus Areas Focus Areas Higher NAV contribution– Regular Dividend Payments Dynamic Portfolio Management– Value-Accretive Corporate Actions Mining Financial Renewable Electronics, Automotive & Internet, Services Energy Technology & Mobility Entertainment, Industry Real Estates Gümüş
Slide 6: Strategic Focus Areas
KNOWS AND CREATES VALUE Strategic Focus Areas 6
Slide 7: Mining Gümüştaş – Türkiye’s 3rd largest metal miner in lead and zinc
Mining Gümüştaş – Türkiye’s 3rd largest metal miner in lead and zinc Summary Financials ( mn TL) Revenue Breakdown, 2025 Revenue EBITDA & margin %15 1Q26 Highlights %23 2,362 58% • 36 % y/y increase in mining production 55% 1,362 Lead • 58 % EBITDA margin in 1Q26 – 980 %33 Zinc Pyrite 536 %29 Other
Slide 8: Mining Gümüştaş – Target is to reach 1mn tonnes of production
Mining Gümüştaş – Target is to reach 1mn tonnes of production Expected Extractable Mineral Volume Tenor, 2025 Concentrates Produced (k tonnes ) (k tonnes ) 123 113 106 900 ~ 1.000 1.41% Lead Lead (Pb) Zinc (Zn) ~ 800 ~ Pyrite (Fe) 4.38% Zinc 501 350 33 34 12.51% Pyrite 27 5 6 12 2024 2025 2026 2027
Slide 9: Financial Services Hepiyi Insurance
Financial Services Hepiyi Insurance Türkiye’s first end-to-end digital insurer Operational Highlights AUM (mn USD) GWP Portfolio Breakdown, Mar’26 1Q26 Highlights Other 14% MOD • Strong AUM growth of 50% y/y 23% 818 544 • 180bps y/y increase in MOD 63% market share, reaching 3.9 % MTPL Mar’25 Mar’26
Slide 10: Financial Services Hepiyi Insurance
Financial Services Hepiyi Insurance Türkiye’s first end-to-end digital insurer Financial Highlights * • Gross written premiums grew by4% Gross Written Premium (mn TL) Technical Profit (mn TL) Net Profit (mn TL) in 1Q26, as we deliberately 6,375 6,657 2,171 1,938 maintained a selective and 1,336 disc
Slide 11: D Investment Bank & Doruk Factoring
Financial Services D Investment Bank & Doruk Factoring D Investment Bank Summary Financials* ( mn TL) D Investment Bank Revenue Net Profit Total Assets • 4 DCM issuances (bond and asset- (Gross Operating Income) backed securities) in 1Q26 268 76 10,168 • One of the most active investment 139 5,551 2
Slide 12: Electricity Generation Galata Wind
Electricity Generation Galata Wind Total Installed Capacity: 354.2 MW Summary Financials ( mn TL) 1Q26 Highlights Power Plant s Capacity (MW) Mersin WPP 99.9 Revenue EBITDA & margin Şah WPP 105 • While electricity generation across Taşpınar WPP + Hybrid SPP 115.2 Türkiye increased by 3% y/y , 728 69
Slide 13: Dynamic Focus Areas
KNOWS AND CREATES VALUE Dynamic Focus Areas 13
Slide 14: Electronics, Technology & Industry Karel
Electronics, Technology & Industry Karel Summary Financials ( mn TL) Revenue Breakdown, 1Q25 vs 1Q26 Revenue 9% 8% EBITDA & margin 20% 19% 14% 1Q26 Highlights 19% 4,747 7% 2% 4,286 • The transformation program at Karel 5% 4% 328 continued to deliver positive results, and 47% 57% Karel recorded 11 %
Slide 15: Electronics, Technology & Industry Sesa Packaging
Electronics, Technology & Industry Sesa Packaging Summary Financials ( mn TL) Share of Exports 56% Revenue EBITDA & margin 51% Türkiye’s leading niche, scalable, 10% premiumand recyclable flexible 1,269 1,176 8% packaging company 106 123 1Q25 1Q26 1Q26 Highlights 1Q25 1Q26 1Q25 1Q26 • Sales of p rem
Slide 16: Automotive & Mobility Doğan Trend
Automotive & Mobility Doğan Trend Summary Financials ( mn TL) Sales Volumes (unit)* MG Suzuki Revenue EBITDA Kymco 2,044 Piaggio 4,034 3,977 Vespa Maxus 1,573 -50 1Q26 Highlights 1,142 1,084 • MG sales increased by 8% y/y with the 1Q25 1Q26 -421 launch of two new tax-optimized models in 1Q25 1Q26 59
Slide 17: Internet & Entertainment Kanal D Romania & Hepsiemlak
Internet & Entertainment Kanal D Romania & Hepsiemlak Kanal D Romania Summary Financials ( mn TL) Revenue EBITDA & margin Net Profit 679 700 39% 38% 130 Kanal D Romania 262 265 113 • Romania’s #2 TV channel • Strong EBITDA sustained • Regular dividends maintained 1Q25 1Q26 1Q25 1Q26 1Q25 1Q26 Hepsie
Slide 18: Real Estate Investments: 264 mn USD
Real Estate Investments*: 264 mn USD Valuation Dogan (mn Stake Land/Location Size (m 2 ) Dogan USD) * (mn USD) Stake 1Q26 D Yapı, Romania 55k 100% 25 25 Kandilli Gayrimenkul , Ist . 23k 50% 67 34 1Q26 Highlights • Trump Tower: 96% occupancy rate Doğan Holding, Ist . 520 100% 8 8 • Milta Marina : 90%
Slide 19: Dynamic Cash Management
Dynamic Cash Management Solo Cash Position Consolidated Cash Position Consolidated Excld. Insurance Cash Management Policy (net, mn USD) (net, mn USD) Cash Position (net, mn USD) 639 633 921 932 157 123 Dynamic currency allocation policy based on yield prospects 2025 1Q26 2025 1Q26 2025 1Q26 Holding
Slide 20: Closing Remarks
KNOWS AND CREATES VALUE Closing Remarks 20
Slide 21: 2026 Guidance Maintained
2026 Guidance Maintained* Strategic Focus Areas Renewable Energy Mining Financial Services (Galata Wind) (Gümüştaş) (Hepiyi – DY Bank – Doruk Factoring) 2030 Net Asset Value Target: 4.5 bn USD 950 – 1000 GWh >40% Revenue Growth 100 – 130mn USD AUM** Electricity Generation addition at Hepiyi 40 - 50%
Slide 22: Appendix
KNOWS AND CREATES VALUE Appendix 22
Slide 23: Appendix / NAV & Shareholder Structure
Appendix / NAV & Shareholder Structure NAV Shareholder Structure DOHOL Valuation DOHOL stake 1Q26 Valuation Method Stake (mn USD) (mn USD) Electricity Production 249 Aslancık HEPP 33.33% 0 0 Galata Wind Market Cap 70.00% 355 249 Electronics, Technology & Industrials 166 Doğan Dış Ticaret Book Value
Slide 24: Appendix / Financial Tables
Appendix / Financial Tables Profit & Loss Statement Balance Sheet (mn TL) 1Q25 1Q26 ∆ (mn TL) 31.12.2025 31.03.202 6 Sales 24,379 23,932 -2% Current Assets 125,490 125,012 COGS -20,521 -18,094 -12% Non-Current Assets 77,643 76,293 Gross Profit 3,858 5,837 51% Total Assets 203,134 201,305 Gross Margi
Slide 25: Appendix / Financial Tables
Appendix / Financial Tables Revenue Breakdown Net Cash / (Debt) Breakdown (mn TL) 31.12.2025 31.03.202 6 (mn TL) 1Q25 1Q26 ∆ Electricity Generation -1,642 -1,594 Electricity Generation 728 692 -5% Industry & Trade -6,831 -6,123 Electricity Sales 728 692 -5% Karel Consolidated -6,038 -5,580 Industry
Slide 26: Appendix / 1Q26 Segmental Analysis
Appendix / 1Q26 Segmental Analysis Electricity Automotive Trade Financing Internet & Real Estate Industry & Trade Mining Eliminations Total mn TL Generation & Marketing & Investing Entertainment Investments Revenue 692 6,213 2,362 3,977 9,299 1,128 427 (165) 23,932 Revenue Share 3% 26% 10% 17% 39% 5
Slide 27: Investor Relations Contacts
Investor Relations Contacts KNOWS AND CREATES VALUE ir@doganholding.com.tr +90 216 556 94 00 27
Slide 28: 28
28
Doğan Şirketler Grubu Holding A.Ş. — Q1 2026 Earnings Presentation on 6ix