Dogan Sirketler Grubu Holding A.s. · BIST:DOHOL
Dogan Sirketler Grubu Holding A.s — Investor Presentation (December 2025)
37 slides from Dogan Sirketler Grubu Holding A.s's investor presentation, December 2025
Slide 1: Investor Presentation
INVESTOR PRESENTATION Doğan Holding - 2025
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: Doğan Holding NAV
Doğan Holding NAV NAV Breakdown NAV (mn USD) & Discount (%) 67% Electricity Generation 58% 59% Holding’s Solo Net Cash 8% 28% 33% Mining 23% 8% 2.598 2.354 2.193 2.7B 1.617 1.495 USD 32% 22% Finance & Investment Other 7% 2020 2021 2022 2023 2024 Electronics & Technology & Industry Share of listed as
Slide 4: Why Invest in Doğan Holding?
Why Invest in Doğan Holding? 2.7 bn USD NAV, mostly invested in sustainable & profitable assets, aligning macro trends 15% CAGR USD-based NAV growth realization 617 mn USD strong solo cash position to invest in new business lines, contributing NAV Solid track record of good quality M&As, Greenfields
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 Renewable Mining Financial Electronics, Automotive & Internet, Energy Services Technology & Mobility Entertainment, Industry Real Estates Galat
Slide 6: 3Q25 Highlights
3Q25 Highlights Solid net cash position NAV improved by 2% q/q 7% Outperformance in 9M25 • Solo net cash position at 617mn USD • Ditaş: 68.24% stake sold; portfolio • Outperformed BISTin 9M25: • +9mn USD from Ditas sale (remaining streamlined o DOHOL: +20% vs BIST 100: +12% 5.5mn USD to be collected
Slide 7: Strategy & Targets
Strategy & Targets 7
Slide 8: 2030 Roadmap
2030 Roadmap NAV NAV NAV 2.6 BN 3.0 BN 4.0 BN USD USD USD 2024 2026 2030 Entered into Mining sector Value-Accretive Simplification to Continue 1-2 IPO Strategic segment NAV share: ~45% Strategic segment NAV share: ~55% Strategic segment NAV share: ~70% Simpler portfolio structure c. 15% NAV CAGR in
Slide 9: >1 Billion $ until 2030 Value-Creating Steps
>1 Billion $ until 2030 VALUE-CREATING STEPS Our vision is to achieve >$1 billion valuation for each of our strategic business lines STRATEGIC FOCUS AREAS Renewable Energy Mining Digital Financial Services Attractive IPO options to be monitored: Hepiyi Daiichi Sesa 9
Slide 10: 2025 Guidance Strategic Focus Areas
2025 Guidance Strategic Focus Areas Renewable Energy Mining Digital Financial Services (Galata Wind) (Gümüstas) (Hepiyi – DY Bank – Doruk Factoring) TL Revenue growth: ~CPI* 50+ MW increase in >50% TL Revenue 250 - 300mn USD AUM* TL EBITDA** growth: ~CPI* installed capacity growth addition at Hepiyi
Slide 11: 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) 662 617 890 193 750 126 Dynamic currency allocation policy based on yield prospects 2Q25 3Q25 2Q25 3Q25 2Q25 3Q25 Holding
Slide 12: Proven Value-Accretion thanks to Selective M&A Strategy
Proven Value-Accretion thanks to Selective M&A Strategy Acquisitions M&A / Greenfield Criteria 2020 2021 2022 2023 2024 202 5 Alignment with Karel Gümüştaş Macro Trends & Sesa 843 mn TL Zingat Mining New Economy Profil (under 123 mn USD Daiichi Packaging Group 40% share Hepsiemlak) 75% share 15 mn U
Slide 13: Successful Exit Performance with Strong Multiples
Successful Exit Performance with Strong Multiples Exits Exit Criteria 2020 2021 2022 2023 2024 2025 Aytemiz DMC Ditas DMC Celik 168 mn USD 38 mn EUR 14.5 mn Halat 50% share 40% share Value Creation USD 23.4 mn Potential thru IPOs 68% share USD 26 mn EUR Milpa DOBUR Boyabat 60% share 70% share 71 mn
Slide 14: Dividend payment is on September 1st, 2025
Dividend payment is on September 1st, 2025 800 mn TL gross dividend payment from 2024 Net Profit approved at General Assembly 8,7% Dividend Yield* Dividend Policy 2,4% 2,3% 3,2% 2,3% 1,9% 2,1% 0,3% Min 5% of Dividend Payout Ratio 81% net distributable profit 50% Ensure Long -Term NAV 15% 15% 16% gro
Slide 15: Strategic Focus Areas
Strategic Focus Areas 15
Slide 16: Electricity Generation Galata Wind
Electricity Generation Total Installed Capacity (Present) Galata Wind Mersin WPP 99.9 MW Şah WPP 105 MW Taşpınar WPP + Hybrid SPP 115.2 MW Summary Financials ( mn TL) Çorum SPP 9.4 MW Erzurum SPP 24.7 MW EBITDA & margin 947 71% 354.2 MW 70% 823 584 664 2026 -2027 2030 3Q24 3Q25 3Q24 3Q25 Alapınar WP
Slide 17: Mining Gümüştaş
Mining Gümüştaş Summary Financials ( mn TL) Metals Industry Size Breakdown, Türkiye Among top 3 Lead & Zinc producers in Türkiye Revenue EBITDA & margin Other metals Mining Industry Size: Gold & Silver 3.4 bn USD 1,380 39% • $1.5 Trillion in the World 34% 538 45% • $10 Billion in Türkiye • $5.3 Bill
Slide 18: Digital Financial Services Hepiyi Insurance
Digital Financial Services Hepiyi Insurance Türkiye’s first end-to-end digital insurer Operational Highlights AUM (mn USD) GWP Portfolio Breakdown, Sep’25 Customers Other MOD 2.1 mn 10,7% 20,5% 698 436 68,7% Reach MTPL Sep’24 Sep’25 87% of daily policies produced MTPL Market Share %* MOD Market Shar
Slide 19: Hepiyi Insurance Financial Highlights
Digital Financial Services Hepiyi Insurance Türkiye’s first end-to-end digital insurer Financial Highlights * • Growth: 1.2x industry rate** Gross Written Premium (mn TL) Technical Profit (mn TL) Net Profit (mn TL) 7,156 1,509 1,200 • Efficiency : Lowest opex-to-revenue 6,021 1,277 796 ratio 2.9% vs
Slide 20: D Investment Bank & Doruk Factoring
Digital Financial Services D Investment Bank & Doruk Factoring D Investment Bank Summary Financials* ( mn TL) D Investment Bank • Paid-in capital increased by 30 mn USD (c. Revenue Net Profit Total Assets (Gross Operating Income) 20mn from cash, c.10mn from internal 292 107 7,332 resources), support
Slide 21: Dynamic Focus Areas
Dynamic Focus Areas 21
Slide 22: Electronics, Technology & Industry Karel
Electronics, Technology & Industry Karel Summary Financials ( mn TL) Product Revenue Breakdown 9M25 Revenue EBITDA & margin 7% Ranked in Fortune 500 Türkiye 4,074 18% 3,771 10% Among the top 250 companies with the highest 17% R&D spending 388 4% • Long -term telco contracts restructured with price a
Slide 23: Electronics, Technology & Industry Sesa Packaging
Electronics, Technology & Industry Sesa Packaging Summary Financials ( mn TL) Share of Exports 56% 55% Revenue EBITDA & margin Türkiye’s leading niche, scalable, 16% 1,228 1,160 premiumand recyclable flexible 6% 185 packaging company 79 9M24 9M25 3Q24 3Q25 3Q24 3Q25 Leader in Innovation : Share of E
Slide 24: Automotive & Mobility Doğan Trend
Automotive & Mobility Doğan Trend Summary Financials ( mn TL) Sales Volumes (unit)* MG Suzuki Revenue EBITDA Kymco 4.904 10,328 Piaggeo 4.318 Vespa Maxus 3.700 3,507 -95 • Partial tax relief on Chinese car imports eased the market, but MG sales stayed 3Q24 3Q25 -1,489 weak as min-stock policy constr
Slide 25: Kanal D Romania & Hepsiemlak
Internet & Entertainment Kanal D Romania & Hepsiemlak Kanal D Romania Summary Financials ( mn TL) Revenue EBITDA & margin Net Profit 3Q25 Highlights 557 43% 43% 511 98 239 84 Kanal D Romania 219 • Romania’s #2 TV channel • Strong EBITDA sustained • Regular dividends maintained 3Q24 3Q25 3Q24 3Q25 3Q
Slide 26: Real Estate Investments: 260 mn USD
Real Estate Investments: 260 mn USD Valuation Dogan (mn Stake Land/Location Size (m 2 ) Dogan USD) * (mn USD) Stake 3Q25 D Yapı, Romania 55k 100% 23 23 Kandilli Gayrımenkul , Ist . 23k 50% 64 32 3Q25 Highlights • Trump Tower: 95.5% occupancy rate Doğan Holding, Ist . 520 100% 8 8 • Milta Marina : 95
Slide 27: Sustainability Management
Sustainability Management 27
Slide 28: Sustainability Governance
Sustainability Governance Board of Directors The BOD has ultimate oversight of sustainability—covering climate-related risks and opportunities—and allocates and directs the resources required to deliver the strategy and targets Sustainability Committee Early Detection of Risk Committee Co-chaired by
Slide 29: Sustainability Focus Areas and Targets
Sustainability Focus Areas and Targets Sustainability Focus Areas Investment Investment in an Investment In the Planet Inclusive Society In the Future • Achieve carbon neutrality by • Enhance employee engagement • Increase funding from 2030 across Do ğan Group sustainable finance instruments by 40%
Slide 30: Sustainability Commitments & Disclosures
Sustainability Commitments & Disclosures Listed on the BIST Sustainability Index since 2016 Global commitments : signatories of the United Nations Principles for Responsible Investment (UN PRI), the United Nations Global Compact (UNGC), and the Women’s Empowerment Principles (WEPs) Final Score ESG S
Slide 31: Appendix
Appendix 31
Slide 32: Appendix / NAV & Shareholder Structure
Appendix / NAV & Shareholder Structure NAV Shareholder Structure DOHOL Valuation DOHOL stake 3Q25 Valuation Method Stake (mn USD) (mn USD) Electricity Production 222 Aslancık HEPP 33.33% 0 0 Galata Wind Market Cap 70.00% 317 222 Electronics, Technology & 195 Industrials Doğan Dış Ticaret Book Value
Slide 33: Appendix / Financial Tables
Appendix / Financial Tables Profit & Loss Statement Balance Sheet (mn TL) 3Q24 3Q25 ∆ 9M24 9M25 ∆ (mn TL) 31.12.2024 30.09.2025 Sales 28,595 21,848 -24% 78,821 67,019 -15% Current Assets 104,381 102,561 COGS -26,247 -17,793 -32% -69,642 -55,788 -20% Non-Current Assets 70,804 67,185 Gross Profit 2,34
Slide 34: Appendix / Financial Tables
Appendix / Financial Tables Revenue Breakdown Net Cash / (Debt) Breakdown (mn TL) 31.12.2024 30.09.2025 (mn TL) 3Q24 3Q25 ∆ 9M24 9M25 ∆ Electricity Generation -1,222 -973 Electricity Generation 834 947 14% 2,253 2,232 -1% Industry & Trade -8,094 -6,587 Electricity Sales 834 947 14% 2,253 2,232 -1% K
Slide 35: Appendix / 3Q25 Segmental Analysis
Appendix / 3Q25 Segmental Analysis Electricity Automotive Trade Financing Internet & Real Estate Industry & Trade Mining Eliminations Total mn TL Generation & Marketing & Investing Entertainment Investments Revenue 947 5,504 1,380 3,507 9,379 1,006 401 -277 21,848 Revenue Share 4% 25% 6% 16% 42% 5%
Slide 36: Investor Relations Contacts
Investor Relations Contacts ir@doganholding.com.tr +90 216 556 94 00 Melda Öztoprak Investor Relations Director meldao@doganholding.com.tr Özge Atay Investor Relations Manager ozgea@doganholding.com.tr 36
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