Dogan Sirketler Grubu Holding A.s. · BIST:DOHOL
Dogan Sirketler Grubu Holding A.s — Q3 2025 Earnings Presentation
28 slides from Dogan Sirketler Grubu Holding A.s's earnings presentation, Nov 7, 2025
Slide 1: 3Q 2025 Financial and Operational Results
3Q 2025 Financial and Operational Results November 7, 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: 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 4: 3Q25 Summary Financial Performance, Reported
3Q25 Summary Financial Performance, Reported (Million TRY) Revenue, mn TL EBITDA mn TL & margin Net Profit, mn TL 13% 28,595 21,848 2,824 1,365 -455 127 3Q24 3Q25 3Q24 3Q25 3Q24 3Q25 24% revenue decline in 3Q25, whileexcluding EBITDA margin is 16% in 3Q25, up by 10pp y/y Net financial expenses that
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: Strategic Focus Areas
KNOWS AND CREATES VALUE Strategic Focus Areas 6
Slide 7: Electricity Generation: Galata Wind
Electricity Generation Galata Wind Total Installed Capacity: 354.2 MW Summary Financials ( mn TL) 3Q25 Highlights Project s Capacity (MW) Mersin WPP 99.9 Revenue EBITDA & margin Şah WPP 105 • European expansion plans on Taşpınar WPP + Hybrid SPP 115.2 track with new solar and storage 947 71% 70% Çor
Slide 8: Mining: Gümüştaş
Mining Gümüştaş Summary Financials ( mn TL) Metals Industry Size Breakdown, Türkiye Among top 3 Lead & Zinc producers in Türkiye Other metals Revenue EBITDA & margin Gold & Silver 39% 3.4 bn USD 3Q25 Highlights 1,380 34% • 26 % y/y increase in mining production 538 45% for the nine months of year •
Slide 9: Digital Financial Services: Hepiyi Insurance
Digital Financial Services Hepiyi Insurance Türkiye’sfirst Türkiye’s firstend-to-end end-to-enddigital digitalinsurer insurer Operational Highlights AUM (mn USD) GWP Portfolio Breakdown, Sep’25 3Q25 Highlights Other • Strong AUM growth of 60 % y/y MOD 10.7% 20.5% 698 436 • 143bps y/y increase in MOD
Slide 10: Digital Financial Services: Hepiyi Insurance Financial Highlights
Digital Financial Services Hepiyi Insurance Türkiye’s first end-to-end digital insurer Financial Highlights * 3Q25 Highlights Gross Written Premium (mn TL) Technical Profit (mn TL) Net Profit (mn TL) • 19 % increase in Gross Written 7,156 1,509 1,200 Premium despite growth policies to 6,021 1,277 79
Slide 11: D Investment Bank & Doruk Factoring 3Q25 Highlights
Digital Financial Services D Investment Bank & Doruk Factoring 3Q25 Highlights D Investment Bank Summary Financials* ( mn TL) D Investment Bank • Paid-in capital increased by 30 million Revenue Net Profit Total Assets (Gross Operating Income) USD, supported growth and balance 292 107 7,332 sheet opt
Slide 12: Dynamic Focus Areas
KNOWS AND CREATES VALUE Dynamic Focus Areas 12
Slide 13: Electronics, Technology & Industry: Karel
Electronics, Technology & Industry Karel Summary Financials ( mn TL) Product Revenue Breakdown, 9M25 Revenue EBITDA & margin 7% 4,074 18% 3Q25 Highlights 3,771 10% 17% • Long -term telco contracts restructured 388 with price adjustments, effective as of April 4% 1st, thereby improving Corporate Proj
Slide 14: 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% premiumand recyclable flexible 1,228 1,160 6% packaging company 185 79 9M24 9M25 3Q25 Highlights 3Q24 3Q25 3Q24 3Q25 • Premium product
Slide 15: 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 3Q25 Highlights • Partial tax relief on Chinese car imports 3Q24 3Q25 -1,489 1.623 eased the market, but MG sales stayed 3Q24 3Q25
Slide 16: Internet & Entertainment: 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 17: 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 18: 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 19: Closing Remarks
KNOWS AND CREATES VALUE Closing Remarks 19
Slide 20: 2025 Guidance – No change
2025 Guidance – No change 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 additi
Slide 21: 2030 Roadmap on Track
2030 Roadmap on Track NAV 12% CAGR NAV 8% CAGR NAV 1.5 BN 2.7 BN 4.0 BN USD USD USD 2020-2024 Today 2030 Value Journey Acquisition-heavy Simplification Value-Enhancement Exists: 8 Acquisitions, 2 Greenfields: Ditas IPO Candidates: Galata Wind → IPOed Boyabat HydroPowerPlant Hepiyi Hepiyi Insurance D
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 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 24: 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 25: 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 26: 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 27: Investor Relations Contacts
Investor Relations Contacts KNOWS AND CREATES VALUE 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 27
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