Global Yatirim Holding A.s. · BIST:GLYHO
Global Yatirim Holding A.s — Global Investment Holdings — 9M 2025 Earnings Presentation
26 slides from Global Yatirim Holding A.s's earnings presentation, November 2025
Slide 1: Financial Presentation 9M 2025
GLOBAL INVESTMENT HOLDINGS Financial Presentation 9M 2025
Slide 2: Corporate Portfolio (30 September 2025)
Corporate Portfolio (30 September 2025) Ports Power Gas Mining Finance Real Esate GFS HOLDING A.Ş. 90.4% 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: 148bn TL (9M shopping centre independent cruise 62.4 MW instal
Slide 3: 9M 2025 Major Developments
9M 2025 Major Developments Ports Gas ▪ Cabo Verde (Mindelo Cruise Port): ▪ Commissioned an 18.4 MWp / 15 Share Buy-Back Program GPH signed a 3.5-year management agreement with MWe Solar Power Plant in Muş Launched on March 14, ENAPOR on January 28, 2025, with an additional 2-year (Bulanık), enabling
Slide 4: I – Financial Review
G GLOBAL INVESTMENT HOLDINGS |- FINANCIAL REVIEW
Slide 5: Financial Highlights (without IAS29)
Financial Highlights (without IAS29) Total Consolidated Revenues (mn TL) Total Consolidated EBITDA (mn TL) 15.651 6.831 %43 %51 10.910 4.528 9M 2024 9M 2025 9M 2024 9M 2025 5
Slide 6: Financial Highlights (in USD terms)
Financial Highlights (in USD terms) Consolidated Revenues* Consolidated EBITDA Consolidated Net Income (mn USD) (mn USD) (mn USD) 420,5 15% 22% 183,8 50.2 56% 366,6 151.0 32,3 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 *Excluding IFRIC12 The conversion was made using the period-end exchange rat
Slide 7: Financial Highlights
Financial Highlights as per IAS29 without IAS29 2 2 Net revenues (mn TL) Q1 25 Q2 25 Q3 25 9M 25 9M 24 Change% Q1 25 Q2 25 Q3 25 9M 25 9M 24 Change% Gas 2.497 1.423 1.373 5.292 4.871 9% 2.102 1.306 1.304 4.713 3.217 47% Power 506 393 335 1.234 1.309 -6% 425 358 325 1.108 864 28% Mining 161 211 135 5
Slide 8: 2025 Guidance (Without IAS29)
GIH Group Companies 2025 Guidance (Without IAS29) Port Infrastructure 2024 2025 Guidance 9M Realization 2 Revenue (mn TL) (exc. IFRIC 12, mn TL) 7.331,7 40-60% Growth Adjusted EBITDA (exc. IFRIC 12, mn TL) 4.605,0 40-60% Growth Gas (Naturelgaz) 2024 2025 Guidance Revenue (mn TL) 4.954,4 20-40% Growt
Slide 9: 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 2,881mn TL for 9M 2025 and 1,023mn TL for 9M 2024 as per IAS 29 EBITDA (mn TL) 9
Slide 10: Financial Highlights: Change in P&L
Financial Highlights: Change in P&L Record Net Income ▪ GIH reported a consolidated net profit of TL 2085.3mn in 9M 2025, compared to a net profit of TL1466.4mn in 9M 2024, indicating 42% increase yoy. The bottomline incorporated TL 2108.1mn of non-cash expense, of which 2365.6mn were depreciation a
Slide 11: Debt Structure 1 (as per IAS29)
Debt Structure 1 (as per IAS29) Interest Year of Amount Holding standalone debt (TL m) TL bond (*) Currency TL Rate Maturity fixed 2025 TL mn 0.0 US$ mn 0.0 Secured bank loans TL fixed 2026 40.0 1.0 Secured bank loans EUR fixed 2025 1,325.7 31.9 Secured bank loans USD fixed 2026 1,602.9 38.6 Gross d
Slide 12: Debt Structure 2 (as per IAS29)
Debt Structure 2 (as per IAS29) GIH Consolidated Gross Debt St Lucia Project Financing Ports (Other) 2% 12% GIH Consolidated Maturity Other GIH Consolidated Gross <15yr 22% Maturity ≥15 years Total Debt: Debt: 1.4mia USD 915.4mn USD San Juan Project Financing • GPH: Consolidated Gross Debt 13% Matur
Slide 13: Net Debt/EBITDA (as per IAS29)
Net Debt/EBITDA (as per IAS29) ➢ Net Debt/EBITDA as of 9M 2025: ➢ On a consolidated basis: 4.5x ➢ Excluding all port groups: 3.7x ➢ Excluding consolidated borrowings with maturities of 15 years or longer.: 2.1x 13
Slide 14: III – Financial & Operational Performance by Division
III – FINANCIAL & OPERATIONAL PERFORMANCE BY DIVISION
Slide 15: Ports Division: Global Ports Holding (GPH)
Ports Division: Global Ports Holding (GPH) Total Calls Cruise Occupancy Ratio 115% 113% 4.685 107% 107% 108% 106% 104% 109% 104% 100% 95% 95% 566 550 550 542 3.842 522 110% 114% 114% 504 498 495 489 489 107% 104% 477 476 106% 105% 106% 463 441 440 406 313 306 Jan Feb Mar Apr May Jun Jul Aug Sep Jan-
Slide 16: Ports Division: Global Ports Holding (GPH)
Ports Division: Global Ports Holding (GPH) Revenue (mn TL)1 Revenue (mn USD)1 ▪ The strong momentum in the cruise industry continued in the third 8.771 206 quarter as well. Leading cruise lines reported financial and 8.126 8% 167 23% operational results for the first 9M of 2025 that exceeded expecta
Slide 17: Gas Division: Naturelgaz
Gas Division: Naturelgaz Volume (mn sm3) ▪ Sales volume reached 249mn Sm3 in 9M 2025, representing an increase of 16% YoY, mainly driven by city gas 248 segment. 215 16% ➢ City gas sales volume increased by 47% YoY, reaching 147 million Sm³. ▪ Revenues from the gas segment reached TL 5,292 million i
Slide 18: Power Generation: Distributed Energy, Biomass and Solar
Power Generation: Distributed Energy, Biomass and Solar Total Generation (GW) ▪ Total electricity generation in 9m 2025 increased by 12% YoY, reaching 403 GWh. This growth was largely driven by the distributed energy segment, supported by an improved margin between electricity and natural gas prices
Slide 19: Mining Division: Straton
Mining Division: Straton Volume (tons) 226.792 191.513 18% ▪ Supported by the increase in feldspar demand from the international markets, the Company achieved a sales volume of 226,792 tons in 9M 2025, representing a 18% increase yoy. ▪ The Company’s main export markets continued to be Spain, Italy
Slide 20: Real Estate Division: Ardus
Real Estate Division: Ardus • The Real Estate division’s revenues include rent revenues and residential/commercial sales revenues. ➢ In 9m 2025 the Real Estate segment revenues and EBITDA increased by 8% and 3%, respectively. Revenues stood at TL 226.8 million and EBITDA was TL 106.9 million in 9M 2
Slide 21: 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 22: IV – Appendix
G GLOBAL INVESTMENT HOLDINGS IV — APPENDIX
Slide 23: Share Performance
Share Performance BIST100 Holding Index GLYHO Share Share Split / Bonus Issue 11.Feb.2025 9.883 8.544 5,62 Start of Share Buyback 14.Apr..2025 9.424 8.780 7,10 7.Nov.2025 10.925 11.664 11,46 Share split / Bonus Issue As of February 11 11% 37% 104% Start of Share Buyback As of April 14 16% 33% 61% 23
Slide 24: Balance Sheet
Balance Sheet (TL Million) 30 Sep 2025 31 Dec 2024 ASSETS Current assets 20.207,9 18.830,7 Cash and banks 11.922,0 9.950,7 Marketable securities 1.235,1 1.320,2 Trade receivables and receivables from operations in finance sector 3.808,7 4.260,6 Inventories 630,0 790,0 Other current assets (1) 2.612,
Slide 25: Income Statement
Income Statement (TL Million) 9M 2025 9M 2024 Total gross revenues 20.332,1 17.682,2 Cost of sales and services -11.873,2 -9.745,5 Gross profit 8.458,9 7.936,7 Operating expenses -3.582,3 -3.916,2 Other operating income/(loss), net 380,2 190,9 Equity pickup asset gains/(losses) 145,9 171,9 Gross ope
Slide 26: 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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