Haci Omer Sabanci Holding A.s. · BIST:SAHOL
Haci Omer Sabanci Holding A.s — Hacı Ömer Sabancı Holding A.Ş. — Investor Presentation (March 2024)
70 slides from Haci Omer Sabanci Holding A.s's investor presentation, March 2024
Slide 1: Investor Presentation March 2024
MARCH 2024 INVESTOR PRESENTATION
Slide 2: Disclaimer
INVESTOR PRESENTATION Disclaimer The information and opinions contained in this document have been compiled by Hacı Ömer Sabancı Holding A.Ş. (“Holding”) from sources believed to be reliable and in good faith, but no representation or warranty, expressed or implied, is made as to their accuracy, com
Slide 3: Capital Allocation
01 /08 Capital Allocation
Slide 4: Doubling CAPEX to accelerate both organic and inorganic growth
CAPITAL ALLOCATION Doubling CAPEX to accelerate both organic and inorganic growth… DOUBLING CAPEX | 25/75 SPLIT BETWEEN CORE & NEW INVESTMENTS Invest in New Platforms Grow and Protect the Core Increasing share of new economy in nonbank CT INV combined revenue : T E ES Strengthen our market leading p
Slide 5: …with a coherent strategic plan on core and new platforms
CAPITAL ALLOCATION …with a coherent strategic plan on core and new platforms We unite Türkiye and the World Purpose for a sustainable life with leading enterprises Strategic Agile global / local footprint Future-ready Digital & AI transformation Innovation for growth Sustainability for a better life
Slide 6: Continuing to deliver on our strategic initiatives: 77% of investments to new economy
CAPITAL ALLOCATION Continuing to deliver on our strategic initiatives: 77% of investments to new economy Dynamic Portfolio Management Turkey’s 1st Green Hydrogen: Digital Investment: Climate Tech & Renewable Energy in the USA: R&D Project for Turkey's first hydrogen Start of Operations of Sabancı Gl
Slide 7: Recent Acquisitions
02 /08 Recent Acquisitions
Slide 8: Investing in new economy for a major transformation in Sabancı Group
RECENT ACQUISITIONS Investing in new economy for a major transformation in Sabancı Group Energy & Climate Technologies Advanced Material Technologies Digital Technologies Renewables Electrification Sustainable Telematics Chemicals loT 4.0 Cybersecurity Digital Marketing E-mobility Digitalization Lig
Slide 9: Diversified energy portfolio throughout the value chain
RECENT ACQUISITIONS Diversified energy portfolio throughout the value chain 50% 50% Sabancı Holding E.ON Distribution & Retail Generation & Trade 40% 40% 20% Sabancı Holding E.ON Free Float 26 5 3.8 GW Power Plants Technologies Installed Capacity (5 GW in 2026) 14 6 Cities Metropoles 14.6 TWh 45.5%
Slide 10: A significant step towards +5,000 MW installed capacity target
RECENT ACQUISITIONS A significant step towards +5,000 MW installed capacity target has been taken Installed Generation Capacity Mix(1) 1000 MW YEKA-2 Wind Power Plant Investment (USD 1.2 bn) ÇANAKKALE Currently 2026 250 MW BALIKESİR 45% 60% 250 MW Renewables Renewables AYDIN 1,000MW Total Wind Power
Slide 11: Leverage core capabilities in the Energy SBU & expand the business
RECENT ACQUISITIONS It is time to leverage core capabilities in the Energy SBU & expand the business to create higher value for all stakeholders We lead energy and climate transition by bridging the gap between emerging and developed markets Sabancı Climate Technologies, wholly owned subsidiary of S
Slide 12: US came to the fore as 2nd largest renewable energy market
RECENT ACQUISITIONS US came to the fore with the attraction of being world’s 2nd largest renewable energy market & the largest corporate venture ecosystem Facts on Renewable Energy Investments US is the 2nd largest renewable energy market following China. Solar Resource Potential Wind Resource Poten
Slide 13: Oriana and Cutlass II solar projects in the US
RECENT ACQUISITIONS Sabancı Group’s generation capacity to reach 500 MW in the US once the 2nd project “Oriana Solar Power Plant” completed… Oriana Cutlass II 232 MW 272 MW Solar Power Plant Project Solar Power Plant Project With 60 MW Project Acquisition: October’22 Battery Storage EPC Agreement wi
Slide 14: A region offering a variety of opportunities for future growth
RECENT ACQUISITIONS …in a region that is offering a variety of opportunities for the future growth Market potential for proxy businesses in Texas West Close to the major load centers of Houston and Corpus Christi, anticipated centers of future green fuel investment, as well as the increasing LNG rel
Slide 15: Sabancı Climate Ventures will create extended innovation ecosystem
RECENT ACQUISITIONS Sabancı Climate Ventures will create extended innovation ecosystem & enable early access to disrupting technologies… Sabancı Climate Ventures is a necessity to Value Proposition to Start-Ups position for the future and not competing with Acceleration, piloting, and commercializat
Slide 16: Investments in climate technologies fund & start-up companies
ENERGY & CLIMATE TECHNOLOGIES: SABANCI CLIMATE TECHNOLOGIES ….via the investments in climate technologies fund & investments directly to start-up companies Coming out of MIT and Founded in San Francisco Founded as an MIT spinout reached a valuation of over in 2021 in 2022 100 million USD in June 202
Slide 17: Global Players in Mobility Market
RECENT ACQUISITIONS Global Players in Mobility Market Expansion in Composites Growth in New Mobility Solutions Microtex: Arvento: CT INV T E ES O PLA T PR ORE T Acquired by Kordsa Acquired by Brisa IN RMS TH & FO EC W NE GRO Deal Size: EUR24.6mn Deal Size: ~EUR22mn (1) W Product and geographic diver
Slide 18: Creation of a global digital business with acquisitions
RECENT ACQUISITIONS Creation of a global digital business with acquisitions Dx Technology Services and BV (DxBV), a wholly owned subsidiary of Sabancı Holding and established in the Netherlands, will undertake Investment Sabancı Group’s investments in digital businesses. Cyber Security Digital Marke
Slide 19: Sustainability
03 /08 Sustainability
Slide 20: Prioritizing ESG to transform our portfolio for the future
SUSTAINABILITY Prioritizing ESG to transform our portfolio for the future… 11% 12% Foster Sustainable Act on Climate Emergency 9% Business Models Reduction in Scope 1 and 2 GHG Reduction in energy Reduction in water emissions(1) consumption(1) consumption(1) USD 5 Billion SDG-related operational spe
Slide 21: ...while improving our ESG performance further
SUSTAINABILITY ...while improving our ESG performance further MSCI Rating AA 2023 2023 2023 MSCI 14.1 A Bloomberg GEI Sustainalytics BBB 4 notches increase in First and Only Low ESG Risk 4 years BB Conglomerate from Low Risk B In Diversified Financials Category Türkiye to be included twice in a row
Slide 22: Improving Corporate Governance Framework
SUSTAINABILITY Improving Corporate Governance Framework 9 BoD members (3 Independent) Shareholder Structure Board Members 44% non-family, 44% women Sabancı Family 48.7% Early Detection of Risk Assumes some of the roles of the Portfolio Committee Corporate Management Committee, terminated in Governan
Slide 23: Sustainability Roadmap
SUSTAINABILITY Sustainability Roadmap Act on Climate Emergency 01 Maximize Positive Impact 02 Foster Sustainable Business Models 03 Become 'Net Zero Emissions’ and 'Zero Waste' by 2050 at the latest Create shared value for all stakeholders, Develop innovative products, services with social programs
Slide 24: Adapting to the Future of Work
SUSTAINABILITY Adapting to the Future of Work Smart Mental & New Talent TL 200 MN Flexible & High Work Physical Health Performance Workforce & Skill Paradigm Planned Investment Within 2 years Leadership Purpose Driven Digital & Agile 1,500+ Planned Actions for 2021-2023 Organization and Culture Orga
Slide 25: Operational & Financial Performance
Operational & & : Financial Performance 04 /08
Slide 26: Sabancı Group continues to grow with its solid global footprint
OPERATIONAL FINANCIAL PERFORMANCE Sabancı Group continues to grow with its solid global footprint, thousands of employees and prominent global business partners UK Germany Hungary Türkiye 6 Business Partners Netherlands Spain 14 USA Countries Cyprus France 60K+ Thailand Malta Brazil Italy Indonesia
Slide 27: Complementary business units with increasing share of non-bank
OPERATIONAL FINANCIAL PERFORMANCE Complementary business units with increasing share of non-bank NAV(1) Breakdown Bank Bank Digital ROE: ROE: 1% 13.6% 35% 41.2% Retail 44% 4% Energy 14% Consolidated ROE: Bank Consolidated 37.8% 41% ROE: Listed NAV: 13.7% Building USD 6.4 bn Materials 20% Non-Bank No
Slide 28: Well-diversified portfolio continued to support earnings quality
OPERATIONAL FINANCIAL PERFORMANCE Our well-diversified portfolio continued to support earning earnings quality … Combined Revenue(1) (TL Bn) Combined EBITDA(1) (TL Bn) Consolidated Net Income(1) (TL Bn) Non-bank Bank Non-bank Bank Non-bank Bank CAGR: Y/Y: CAGR: Y/Y: CAGR: Y/Y: 47% 63% 65% 43% 74% 46
Slide 29: Resilient non-bank ROE and operational cash flow
OPERATIONAL FINANCIAL PERFORMANCE …that lead to a resilient non-bank ROE performance with cash flow exceeding 2022 full year figure… Return on Equity (ROE) (1) Operational Cash Flow, Combined for Non-Bank (2) (TL bn) Bank ROE Consolidated ROE Non-Bank ROE 116% 13.7% 13.1% 17.1% 23.9% 31.1% 26.6% 27.
Slide 30: Further deleveraging, supported by strong cash at holding level
OPERATIONAL FINANCIAL PERFORMANCE …resulting further deleveraging, supported by strong cash at the holding level Holding Only - Net cash position (TL bn) Combined Net Financial Debt to Non-Bank EBITDA (1) 2.3x 2.2x 5.9 Midterm Guidance: ≤ 2x 4.4 1.5x 1.2x 3.1 2.6 2.5 0.7x 1.7 1.1 0.4x 0.4x 2018 2019
Slide 31: Sustainable dividend growth and effective capital allocation
OPERATIONAL FINANCIAL PERFORMANCE Sustainable dividend growth and effective capital allocation DPS (TL) Total Funds Allocated for Share Buyback (TL bn) Non-bank Capex/Sales Dividend Yield (%) (1) 4.41 4.27 4.42 3.82 3.79 +86% 2.87 ~14.0% 1.75 >2x 3.25 10.3% 10.3% +42% 7.0% 6.6% 0.75 1.75 0.33 0.35 0
Slide 32: NAV & Stock Performance
05 /08 NAV & Stock Performance
Slide 33: Attractive discount amid NAV growth
NAV & STOCK PERFORMANCE Attractive discount amid NAV growth NAV (USD mn)(1) & NAV(1) Discount NAV(1) Bridge 13% 7,621 6,703 6,757 6,703 3,809 Dec 2021 Dec 2022 Dec 2023 Feb 2024 -26.6% -29.7% -38.0% -46.9% 8 pp Dec 2022 NAV Average NAV Discount: Last 3- Year Last 5-Year Last 10-Year NAV Shares: 41%
Slide 34: Shifting towards a more balanced portfolio with higher weight of new economy
NAV & STOCK PERFORMANCE Shifting towards a more balanced portfolio with higher weight of new economy NAV(1) Breakdown Based on Book Value for Unlisted Assets NAV(1) Breakdown Based on Independent Valuation for Unlisted Assets Cash Cash Other(2) 2% Other(2) 3% Digital 5% 7% Technologies Digital 3% Te
Slide 35: SAHOL shares trade at a discount to historical P/E averages
NAV & STOCK PERFORMANCE SAHOL shares continue to trade at a material discount to its historical P/E averages Stock Relative-Performance (USD basis) Earnings Per Share vs. Price/Earnings(1) EPS P/E 140 SAHOL BIST 30 SAHOL NAV 130 129 5.1 4.9 4.0 120 114 2.2 2.1 2.3 110 100 102 26.1 90 21.5 80 70 Jun-
Slide 36: Strategic Business Units
06 /08 Strategic Business Units
Slide 37: Banking: Upside potential to 2023 profitability guidance
BANKING Upside potential to 2023 profitability guidance 2023 Guidance 9M23 TL Loan Growth ~ 40% 42.0% 01 04 Retail driven growth with Taking advantage of sustainable profitability & healthy advanced analytics & FX Loan Growth (in USD) Low-single digit -3.8% market share gains in focus cutting-edge t
Slide 38: Banking: Financial Performance
BANKING Financial Performance Capital Adequacy Ratio(1) & Tier 1 Ratio(1) Combined Net Income (2) & Reported ROE Total Asset & Reported ROA (TL bn, %) (TL bn, %) 9M 2023 9M 2023 CAGR: Y/Y: CAGR: Y/Y: Excess Capital(1): Excess Tier 1(1): 81% 36% 34% 61% TL 75.3 bn TL 64.3 bn 54.7% 6.2% 17.9% 16.1% 5.
Slide 39: Energy SBU: Strong profitability in both businesses
ENERGY SBU Strong profitability prevailed in both businesses despite natural gas plant stoppages & lower spot prices AYEDAŞ Distribution 14 12.1 mn 22 mn & Retail BAŞKENT Cities Connections Population Ankara (Başkent) 10.7 mn 39.2 TWh 323,421 km Customers 2022 Sales Volume Network Adana 4 HEPP Gazia
Slide 40: Energy SBU: Financial Performance
ENERGY SBU Financial Performance Combined Revenue (TL Bn) Combined EBITDA(1) (TL Bn) & EBITDA(1) Margin Combined Net Income(1) (TL Bn) CAGR: Y/Y: CAGR: Y/Y: CAGR: Y/Y: 56% 23% 38% 46% 67% 116% 23% 23% 22% 16% 18% 14% 14% 140.5 126.4 20.3 19.5 16.1 102.8 13.9 11.0 47.0 8.7 7.4 6.8 31.1 5.9 26.0 5.3 4
Slide 41: Building Materials: Türkiye's Leading Exporter
BUILDING MATERIALS SBU Leading Turkish Cement Player Targeting Product and Geographic Diversification for Sustainable Growth Germany Netherlands Türkiye’s Leading 3 4 2 Exporter Integrated Ports Spain Domestic Terminals plants USA Türkiye 9.2 mn ton 25 88% Cement capacity RMC plants Capacity Utiliza
Slide 42: Building Materials: Financial Performance
BUILDING MATERIALS SBU Financial Performance Combined Revenue (TL Bn) Combined EBITDA(1) (TL Bn) & EBITDA(1) Margin Combined Net Income(1) (TL Bn) CAGR: Y/Y: CAGR: Y/Y: CAGR: Y/Y: 59% 62% 43% 139% 63% 218% 23% 21% 18% 15% 15% 14% 13% 5,504 4,356 24.3 21.6 15.0 3,016 1,736 2,299 1,370 7.9 522 4.2 1,0
Slide 43: Industrial SBU: Tire & Composites Reinforcer
INDUSTRIAL SBU Weakness in tire reinforcement business driven by global recessionary environment offset by strong demand in tire business Germany Tire & Mobility Solutions 1/3 CDP A- 35% of every Passenger Climate Change International Car Tire in Türkiye Category Revenue 112 13.5 Mn 7,300 USA Otopra
Slide 44: Industrial SBU: Financial Performance
INDUSTRIAL SBU Financial Performance Combined Revenue (TL Bn) Combined EBITDA(1) (TL Bn) & EBITDA(1) Margin Combined Net Income(1) (TL Bn) CAGR: Y/Y: CAGR: Y/Y: CAGR: Y/Y: 39% 43% 39% 24% 61% -2% 21% 19% 19% 17% 16% 15% 15% 32.5 33.4 5.2 3,322 4.9 2,765 2,710 23.3 4.0 3.1 2,023 14.6 9.7 1.6 1.6 8.8
Slide 45: Financial Services SBU: Non-Life Insurance
FINANCIAL SERVICES SBU Well Positioned in Both Non-Life and Life Insurance Markets Aksigorta Gross Written Premiums Trend (bn TL) CAGR: Y/Y: 41% 108% 3,500+ 6.5% Non-Life Insurance # of Agencies Market Share Leader in 17.8 13.6 4.5 5.3 7.0 8.6 TL 17.8 bn TL 8.9 bn 3.4 AuM(3) GWP(2) 2018 2019 2020 20
Slide 46: Financial Services SBU: Financial Performance
FINANCIAL SERVICES SBU Financial Performance Combined Revenue (TL Bn) Combined EBITDA(1) (TL Bn) & EBITDA(1) Margin Combined Net Income(1) (TL Bn) CAGR: Y/Y: CAGR: Y/Y: CAGR: Y/Y: 44% 108% 13% 179% 24% 159% 23.0 2,067 2,072 17.3 1,194 11.0 999 989 934 9.0 845 799 697 742 734 6.6 569 5.5 510 414 4.0
Slide 47: Digital SBU: Technology Retail
DIGITAL SBU Strong demand in electronics retail led to solid top-line growth Technology Retail 64 187(2) 104k sqm Cities Stores Sales Area 47 mn (1) 2,781 Annual Visitors Employees Panel & Techonline Market Growth(TL bn) Teknosa E –Commerce Sales Teknosa GMV (TL mn) (TL mn) Panel Techonline 129% YOY
Slide 48: Digital SBU: Financial Performance
DIGITAL SBU Financial Performance Combined Revenue (TL Bn) Combined EBITDA(1) (TL Bn) Combined Net Income(1) (TL Bn) +124% +102% 5% 26,181 1,801 313 300 11,671 893 9M 2022 9M 2023 9M 2022 9M 2023 9M 2022 9M 2023 (1) Excludes non-operational and non-recurring one off items
Slide 49: Retail SBU: Food & Non-Food Retail
RETAIL SBU Solid top-line growth exceeding inflation Food & Non-Food Retail 54 981 548k sqm Cities Stores Sales Area 48 mn (1) 10,423 Annual Visitors Employees Customer (mn) Alternative Channels Share Sales Area (3)(km2) Number of Stores (4) in Revenue(2) 931 47.6 9.1% 4.8% 11.4% 548 8.8% 523 836 5.
Slide 50: Retail SBU: Financial Performance
RETAIL SBU Financial Performance Combined Revenue (TL Bn) Combined EBITDA(1) (TL Bn) Combined Net Income(1) (TL Bn) +93% +76% 24,831 1,588 12,870 903 -214 -195 9M 2022 9M 2023 9M 2022 9M 2023 9M 2022 9M 2023 (1) Excludes non-operational and non-recurring one off items
Slide 51: Holding Value Add
07 /08
Slide 52: Innovation & Corporate Venture Capital
HOLDING VALUE ADD Innovation & Corporate Venture Capital 3 years, 750 alumni, 90 days agile business development Launched in Sep’22, 1st batch 14 startups Investments in 9 companies (5 in 15 Ideathon projects, & collaboration platform. Over 500 accepted 8 of them got investment. 2nd 2022) and deploy
Slide 53: Investing in Tech-based Start-ups via Sabancı Ventures
HOLDING VALUE ADD Investing in Tech-based Start-ups via Sabancı Ventures 2022 & 2023 Performance 2022 & 2023 Investments # of Companies #1 local public and private cloud services company in Türkiye USD30Mn Initial Fund Size Preliminary Leading AI-powered virtual assistants for e- commerce and on dem
Slide 54: Corporate Venture Capital Investments and Timeline
HOLDING VALUE ADD Corporate Venture Capital Investments Through Subsidiaries and Timeline Establishment of Invested in Invested in Invested in Sabancı Climate Tech Invested in Safar Partnership Invested in Segmentify Invested in Fernhay Sabancı Ventures Lumnion Zack.ai Albert Health Partners, CFS an
Slide 55: Leveraging Synergies Within Sabancı Ecosystem: Eşarj
HOLDING VALUE ADD Leveraging Synergies Within Sabancı Ecosystem Eşarj Stations Solar Power Plants The first, fastest within the Group in and largest (in DC) Cooperation with E-mobility station Enerjisa Enerji network in Türkiye 75K m2 6,226 kWp 10,400 Türkiye’s With Ground Area Solar Production Capa
Slide 56: Leveraging Synergies Within Sabancı Ecosystem: Bancassurance
HOLDING VALUE ADD Leveraging Synergies Within Sabancı Ecosystem Strong Exclusive bancassurance agreement with Akbank Presence in all physical and digital channels Kordsa & collaboration in Cement Companies Bancassurance Joint vision in Effective Cooperation digital with Akbank governance model Banca
Slide 57: Total Income Package
HOLDING VALUE ADD Management Incentives Recognition, Appreciation Flexible Working Sabancı Group provides a range of and Supportive Practices Career Development Training Support benefits, recognition, appreciation, and Goldan Collar Awards supportive practices to employees that Recognition & Appreci
Slide 58: Management Incentives
HOLDING VALUE ADD Management Incentives Total Cash Distribution Model (%) Sample for a company general manager Short Term Net Sales Net Financial Debt (1-Year) Financial KPIs* EBITDA Working Capital Free Cash Flow Market Share Long Term (maximum) 125 Short Term , (1-Year) Non- Action against the cli
Slide 59: Mid-Term Guidance
08 /08 Mid-Term Guidance
Slide 60: Mid-Term Guidance Maintained
MIDTERM GUIDANCE Mid-Term Guidance Maintained Growth Capital Return Sustainability Mid-term targets(1) Dividend USD 5 Billion CPI + 8% 30%+ policy 5% - 20% SDG-related operational spending & Revenue growth FX revenue as % of of net income investment pledge by 2027 combined revenue (3) Up to 5% of pa
Slide 61: Appendix
APPENDIX
Slide 62: Portfolio in Continuous Evolution
APPENDIX Portfolio in Continuous Evolution 1940s - 1960s 1970s - 2000s 2000s - 2010s Present and Future Early Growth Phase - Proliferation of Global Refocus Portfolio Growth and Transformation Initial Diversification Partnerships-Conglomeration
Slide 63: Executive Leadership
APPENDIX Executive Leadership Cenk AlperBoard Member and CEO Joined Sabancı Group in 1996. 5 years of international experience in the US and Europe with N.V. Bekaert. Led Kordsa‘s transformation and SPO as CEO. After managing Industrials SBU between 2017 and 2019, appointed as the CEO of Sabancı Hol
Slide 64: Overview of Corporate Structure
APPENDIX Overview of Corporate Structure BANKING & FINANCIAL ENERGY RETAIL BUILDING MATERIALS INDUSTRIALS DIGITAL SERVICES SAHOL: 40.0% SAHOL: 57.1% SAHOL: 39.7% SAHOL: 40.7% SAHOL: 71.1% SAHOL: 49.0% E.ON: 40.0% Carrefour: 32.2% Heidelberg Materials: 39.7% Other: 8.4% Free Float: 28.9% DxBV: 51.0%
Slide 65: Reporting
APPENDIX Reporting Combined Net Sales EBITDA Net income Subsidiaries line by line line by line line by line Joint Ventures line by line line by line line by line Consolidated Net Sales EBITDA Net income Subsidiaries line by line line by line line by line Joint Ventures Not included Proportion of own
Slide 66: Dividend Performance
APPENDIX Dividend Performance TLmn 2019 2020 2021 2022 2023 Akbank - - 255 494 3,666 Akçansa 61 18 42 36 99 Aksigorta 73 73 110 - - Agesa 40 64 64 - 60 Brisa - 12 107 270 479 Carrefoursa - - - - - Çimsa - - - 109 218 Kordsa 48 35 - 114 41 Teknosa - - - - - Yünsa 3 - - - - Enerjisa Enerji 189 283 454
Slide 67: Financials in detail
APPENDIX Financials in detail Combined Revenue(1) Combined EBITDA(2) Consolidated Net Income(3) MILLION TL Q3 2022 Q3 2023 Change 9M 2022 9M 2023 Change Q3 2022 Q3 2023 Change 9M 2022 9M 2023 Change Q3 2022 Q3 2023 Change 9M 2022 9M 2023 Change TOTAL 112,496 191,154 70% 275,363 449,717 63% 31,465 45
Slide 68: Sabancı Holding Current NAV & Cash Breakdown
APPENDIX Sabancı Holding Current NAV & Cash Breakdown USDmn February 2024 December 2023 NAV Discount Free Direct Valuation Value to Sabancı Value to Sabancı Companies Float Stake Method Mcap Holding % of NAV Holding % of NAV February 2024 December 2023 February 2023 Akbank 52% 41% Market value 6,939
Slide 69: Sabancı Holding NAV After Independent Valuation Reports
APPENDIX Sabancı Holding NAV After Independent Valuation Reports USDmn February 2024 Companies Free Float Direct Stake Valuation Method Mcap Value to Sabancı Holding % of NAV Akbank 41% 41% Market value 6,939 2,828 29.5% Enerjisa Enerji 40% 40% Market value 2,365 946 9.9% Aksigorta 36% 36% Market va
Slide 70: For Further Details ir.sabanci.com
INVESTOR RELATIONS CONTACTS Kerem TEZCAN Investor Relations Director Meet SirA, Sabancı Holding's digital Şule GENÇTÜRK KARDIÇALIOĞLU Investor Relations Manager investor relations assistant ! Emine DALAN Turkey’s First Investor Relations Investor Relations Specialist Dedicated Assistant ! Hamza SÜME
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