Haci Omer Sabanci Holding A.s. · BIST:SAHOL
Haci Omer Sabanci Holding A.s — Hacı Ömer Sabancı Holding A.Ş. — Q1 2026 Earnings Presentation
28 slides from Haci Omer Sabanci Holding A.s's earnings presentation, May 7, 2026
Slide 1: Earnings Presentation Q1 2026
Earnings Presentation Q1 2026 Most Honored Company in Emerging EMEA Industrials May 7, 2026 Extel 1 2025
Slide 2: Disclaimer
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, completeness or correctne
Slide 3: Strong start to 2026, as disciplined execution improves operational momentum
Strong start to 2026, as disciplined execution improves operational momentum Sabancı Holding Advances Portfolio …while Maintaining Disciplined Execution amid Heightened Optimization with Strategic Transactions… Uncertainty Transfer of entire stake in Akçansa Financial Resilience Financial Flexibilit
Slide 4: Combined Financials Q1 2026 Results
01 Combined Financials /03 Q1 2026 Results
Slide 5: Geopolitical uncertainty as a key backdrop
Geopolitical uncertainty as a key backdrop Geopolitical Risk Index Oil & Gas Price Dynamics (Jan’25 Indexed at 100) 350 160 300 140 250 120 200 100 150 80 100 50 60 0 40 Jul 25 Nov 25 Oct 25 Apr 25 Aug 25 Mar 25 May 25 Apr 26 Mar 26 May 26 Jan 25 Sep 25 Dec 25 Jan 26 Feb 25 Jun 25 Feb 26 Dec 23 Mar
Slide 6: Robust operational momentum driving continued operating profitability
Robust operational momentum driving continued operating profitability Combined Revenue (TL bn)(1) Combined EBITDA (TL bn) Consolidated Net Income/Loss (TL bn) 11.9% 11.0% -9% 0.3 6% 0.2 0.1 440.8 -14% 52.8 49.8 6% 403.3 -3.0 245.5 30.0 212.2 28.4 -2% 7% -0.8 195.3 191.1 21.4 22.8 -3.8 Q1 2025 Q1 202
Slide 7: ROE improving with moderating OCF
ROE improving Return on Equity with moderating OCF 2.8% 1.9% 2.1% 1.0% 1.8% 0.5% Operational Cash Flow, Combined & Non-bank (TL bn)(1) -2.3% -2.1% -4.1% 7.4 -5.1% 5.3 -7.8% -9.7% Q1 2025 Q1 2026 2024 Q1 2025 2025 Q1 2026 Bank Non-Bank Consolidated (1) Excludes Banking, and net cash position of finan
Slide 8: Sustained healthy and flexible balance sheet
Sustained healthy and Non-Bank Capex/Sales (3) flexible balance sheet 13.5% Net Financial Debt to Non-Bank EBITDA(1) Holding Only - Net Cash (TL bn)(2) 11.8% 12.3% 13.5 Policy: ≤ 2x 12.4 10.0% 1.7x 1.6x 1.4x 8.5 2024 2025 Q1 2026 2024 2025 20252 Q1 2026 Column1 2024 2025 Q1 2025 Q1 2026 (1) Excludes
Slide 9: Attractive discount amid geopolitical uncertainty
Attractive discount amid geopolitical uncertainty NAV (USD bn) & NAV Discount(1) April 2026 Material Technologies 10.4 Energy & Climate 16% Technologies 9.8 37% 58.0% Digital 57.2% 1% USD 10.4bn Other 6% Cash 2% Dec 2025 Apr 2025 Banking & NAV (USDbn) NAV Discount Financial Services 38% (1) Please r
Slide 10: Segment Financials
02 /03 Segment Financials
Slide 11: Bank / Core revenue growth underpinned by improved NIM momentum & solid fee income
Bank / Core revenue growth underpinned by improved NIM momentum & solid fee income Current Assessment Revenue (TL bn) Swap adj. NIM Evolution (%) ๏ Started the year with an RoE of 25.3% & RoA of 2.2%, as projected +42% 72 3.3 ๏ Disciplined funding & optimised loan portfolio 3.1 supported resilient N
Slide 12: Bank / Proven track record in navigating cycles
Bank / Proven track record in navigating cycles % Q1 2025 Q1 2026 Change Q4 2025 Q1 2026 Change Leverage 11.7x 12.0x 0.3x 11.5x 12.0x 0.5x CIR(1) 51.1% 50.6% -0.5 pp 46.3% 50.6% 4.3 pp CAR(2) 17.4% 16.1% -1.3 pp 16.8% 16.1% -0.7 pp Tier-1(2) 13.8% 13.1% -0.7 pp 13.6% 13.1% -0.5 pp % Q1 2025 Q1 2026
Slide 13: Financial Services / GWP & AUM growth sustained in life
Financial Services / GWP & AUM growth sustained in life, while the selective profitability-focused approach is maintained in non-life Current Assessment Life: Life, PA & Medisa GWP(1) (TL bn) Pension AUM(2) (TL bn) ๏ Leadership maintained in both Private Pension AUM and Life & PA premium production
Slide 14: Financial Services / Life driven EBITDA growth
Financial Services / Life driven EBITDA growth, with bottom-line performance shaped by monetary gains & losses Financial Services Segment Summary Financials(1) MILLION TL Q1 2025 Q1 2026 Change SALES 21,117 22,399 6% EBITDA 1,648 1,792 9% Life 1,457 1,950 34% Non-Life 191 -158 n.m. NET INCOME -458 -
Slide 15: Energy / Favorable generation mix, supportive regulatory framework
Energy / Favorable generation mix, supportive regulatory framework in distribution and incremental U.S. solar capacities drove strong operational performance Current Assessment Generation volume (TWh) Spot Prices vs BOTAŞ Tariff Distribution & Retail: ๏ Distribution continued to drive operational -5
Slide 16: Energy / Bottomline improvement on strong generation & SCT EBITDA
Energy / Bottomline improvement on the back of strong generation & SCT EBITDA, further supported by monetary gains in generation & lower tax and financial expense in distribution Energy Segment Summary Financials(1) MILLION TL Q1 2025 Q1 2026 Change SALES 88,426 85,743 -3% EBITDA 16,148 16,568 +3% E
Slide 17: Material Technologies / Higher international cement volumes, recovering tire demand
Material Technologies / Higher international cement volumes, recovering tire demand in replacement and favorable composite mix drove strong operational performance Current Assessment Building materials: ๏ Çimsa’s growing international footprint Total Cement Volumes (1) Cement Operations - Alternatif
Slide 18: Material Technologies / Strong EBITDA supported the bottom line
Material Technologies / Strong EBITDA supported the bottom line, while monetary gains and lower finance expenses provided additional support Material Technologies Summary Financials(1) MILLION TL Q1 2025 Q1 2026 Change SALES 39,992 39,033 -2% Building Materials 48% 47% Sales Contribution: Tire & Tir
Slide 19: Digital & Other / Proactive cost-saving and efficiency initiatives continued
Digital & Other / Proactive cost-saving and efficiency initiatives continued while challenging market conditions sustained Retail Electronics Current Assessment Online Sales Growth (Mn TL) Retail Electronics EBITDA Margins +24% 2,131 +20bps Digital: 2.9% 2.7% 1,722 ๏ EBITDA improved, supported by co
Slide 20: Digital & Other / Mixed operating performance with continued financing pressure
Digital & Other / Mixed operating performance with continued financing pressure Digital Segment Summary Financials(1) MILLION TL Q1 2025 Q1 2026 Change SALES 2,025 1,256 -38% EBITDA 6 50 730% EBITDA MARGIN 0% 4% 370bps NET INCOME -101 -163 -63% Other Summary Financials(2) MILLION TL Q1 2025 Q1 2026
Slide 21: Our sectoral mix provides operational flexibility and selective upside
Our sectoral mix provides operational flexibility and selective upside in a normalization scenario Portfolio optimization continues despite geopolitical noise Diversified Sector Mix Diversified Geographic Mix Diversified sector mix provides The existing geographic mix provided Reallocate capital fro
Slide 22: Appendix
03 /03 Appendix
Slide 23: Dividend Performance
Dividend Performance MILLION TL 2022 2023 2024 2025 2026 Akbank 494 3,666 4,063 2,589 4,666 Akçansa 36 99 457 477 143* Aksigorta - - - - - Agesa - 60 120 400 500 Brisa 270 479 452 283 - Carrefoursa - - - - - Çimsa 109 218 545 327 382 Kordsa 114 41 - - - Teknosa - - - - - Enerjisa Enerji 586 1,087 1,
Slide 24: Financials in Detail
Financials in Detail Combined Revenue(1) Combined EBITDA Consolidated Net Income/Loss MILLION TL Q1 2025 Q1 2026 Change Q1 2025 Q1 2026 Change Q1 2025 Q1 2026 Change TOTAL 440,815 403,318 -9% 49,758 52,778 6% -3,847 318 n.m. BANK 245,511 212,175 -14% 28,353 29,963 6% -804 206 n.m. NON-BANK 195,304 1
Slide 25: Segment Financials in Detail
Segment Financials in Detail Q1 2026 ( TL Mn) Banking Financial Services Energy Material Technologies Digital Other Total Combined revenue 212,175 22,399 85,743 39,033 1,256 52,418 413,024 Combined gross profit 65,291 1,216 21,289 6,253 162 16,845 111,056 Operating expenses (39,262) (4,843) (9,219)
Slide 26: Segment Financials in Detail
Segment Financials in Detail Q1 2025 ( TL Mn) Banking Financial Services Energy Material Technologies Digital Other Total Combined revenue 245,511 21,117 88,426 39,992 2,025 53,921 450,991 Combined gross profit 60,986 (1,397) 19,319 5,592 260 18,027 102,787 Operating expenses (36,586) (3,255) (8,345
Slide 27: Sabancı Holding NAV After Independent Valuation Reports
Sabancı Holding NAV After Independent Valuation Reports USD mn April 2026 December 2025 Companies Free Float Direct Stake Valuation Method Mcap Value to Sabancı Holding % of NAV Value to Sabancı Holding % of NAV Akbank 54% 41% Market value 8,464 3,449 33.0% 3,452 35.1% Enerjisa Enerji 20% 40% Market
Slide 28: Investor Relations
Meet SirA, Sabancı Holding's digital Investor Presentation - Earnings ir.sabanci.com Group Strategy Presentation investor relations assistant ! Türkiye’s First Investor Relations Dedicated Assistant ! SBU Presentation – Energy & Capital Markets 2024 Annual Climate Technologies Day 2024 Report Kerem
Hacı Ömer Sabancı Holding A.Ş. — Q1 2026 Earnings Presentation on 6ix