Dogan Sirketler Grubu Holding A.s. · BIST:DOHOL
Dogan Sirketler Grubu Holding A.s — Q4 2025 Earnings Presentation
29 slides from Dogan Sirketler Grubu Holding A.s's earnings presentation, Mar 4, 2026
Slide 1: 4Q 2025 Financial and Operational Results
4Q 2025 Financial and Operational Results March 4, 2026
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: 2025 Highlights
2025 Highlights Solid net cash position NAV improved by 9% y/y 4% Outperformance in 2025 maintained despite net outflows • Daiichi 25% stake:-15mn USD • Ditaş: 68.24% stake sold; portfolio • Outperformed BISTin 2025: • Karel: advance payment for restricted streamlined–26mn USD y/y exit from o DOHOL:
Slide 4: 4Q25 Summary Financial Performance, Reported
4Q25 Summary Financial Performance, Reported (Million TRY) Revenue, mn TL EBITDA, mn TL & margin Net Profit, mn TL 14.1% 22,634 23,742 5.5% 3,357 2,193 1,410 1,236 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 5% revenueincrease in 4Q25, thanks to successful Robust EBITDA margin productionwith14%vs 5%a Net income f
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) 4Q25 Highlights Power Plant s Capacity (MW) Mersin WPP 99.9 Revenue EBITDA & margin Şah WPP 105 • European investment projects Taşpınar WPP + Hybrid SPP 115.2 continued with the acquisition of 755 62% Ç
Slide 8: Mining: Gümüştaş – Türkiye's 3rd largest metal miner in lead and zinc
Mining Gümüştaş – Türkiye’s 3rd largest metal miner in lead and zinc Summary Financials ( mn TL) Revenue Breakdown, 2025 Revenue EBITDA & margin %15 4Q25 Highlights %23 2,047 53% • 47% y/y increase in mining production 1,130 25% 1,079 Lead in 4Q25 %33 Zinc 284 %29 Pyrite Other • 53% EBITDA margin in
Slide 9: Mining: Gümüştaş – Target is to reach 1mn tonnes of production
Mining Gümüştaş – Target is to reach 1mn tonnes of production Expected Extractable Mineral Volume Tenor, 2025 Concentrates Produced (k tonnes ) (k tonnes ) 123 113 106 900 ~ 1.000 1.41% Lead Lead (Pb) Zinc (Zn) ~ 800 ~ Pyrite (Fe) 4.38% Zinc 501 350 33 34 12.51% Pyrite 27 5 6 12 2024 2025 2026 2027
Slide 10: Financial Services: Hepiyi Insurance
Financial Services Hepiyi Insurance Türkiye’sfirst Türkiye’s firstend-to-end end-to-enddigital digitalinsurer insurer Operational Highlights AUM (mn USD) GWP Portfolio Breakdown, Dec’25 4Q25 Highlights Other • Strong AUM growth of 58 % y/y MOD 11% 23% 764 484 • 110bps y/y increase in MOD market shar
Slide 11: Financial Services: Hepiyi Insurance
Financial Services Hepiyi Insurance Türkiye’s first end-to-end digital insurer Financial Highlights * • 54% increase in Gross Written Gross Written Premium (mn TL) Technical Profit (mn TL) Net Profit (mn TL) Premium despite growth policies to 6,781 1,204 991 preserve capital adequacy 963 4,393 659 •
Slide 12: D Investment Bank & Doruk Factoring
Financial Services D Investment Bank & Doruk Factoring D Investment Bank Summary Financials* ( mn TL) D Investment Bank Revenue Net Profit Total Assets • 31 DCM issuances (bond and asset- (Gross Operating Income) backed securities) in 2025 299 91 9,538 • One of the most active investment 123 4,118 1
Slide 13: Dynamic Focus Areas
KNOWS AND CREATES VALUE Dynamic Focus Areas 13
Slide 14: Electronics, Technology & Industry: Karel
Electronics, Technology & Industry Karel Summary Financials ( mn TL) Revenue Breakdown, 2020 vs 2025 Revenue EBITDA & margin 10% 16% 9% 35% 17% 4Q25 Highlights 5,672 8% 5,019 35% 4% • Long -term telco contracts restructured 435 with price adjustments, effective as of April 20% 54% 1st, thereby impro
Slide 15: Electronics, Technology & Industry: Sesa Packaging
Electronics, Technology & Industry Sesa Packaging Summary Financials ( mn TL) Share of Exports , 2025 56% 54% Revenue EBITDA & margin Türkiye’s leading niche, scalable, 23% premiumand recyclable flexible 1,256 1,219 12% packaging company 291 143 2024 2025 4Q25 Highlights 4Q24 4Q25 4Q24 4Q25 • Sales
Slide 16: Automotive & Mobility: Doğan Trend
Automotive & Mobility Doğan Trend Summary Financials ( mn TL) Sales Volumes (unit)* MG Suzuki Revenue EBITDA & margin Kymco 7,049 Piaggeo 4,511 16% Vespa 3,523 700 Maxus 4Q25 Highlights • MG sales slowed to 616 units due to intense 4Q24 4Q25 -21 competition; however, a trend reversal is 4Q24 4Q25 1,
Slide 17: Internet & Entertainment: Kanal D Romania & Hepsiemlak
Internet & Entertainment Kanal D Romania & Hepsiemlak Kanal D Romania Summary Financials ( mn TL) Revenue EBITDA & margin Net Profit 4Q25 Highlights 795 51% 46% 755 240 385 368 195 Kanal D Romania • Romania’s #2 TV channel • Strong EBITDA sustained • Regular dividends maintained 4Q24 4Q25 4Q24 4Q25
Slide 18: Real Estate Investments: 274 mn USD
Real Estate Investments*: 274 mn USD Valuation Dogan (mn Stake Land/Location Size (m 2 ) Dogan USD) * (mn USD) Stake 20 25 D Yapı, Romania 55k 100% 26 26 Kandilli Gayrimenkul , Ist . 23k 50% 70 35 4Q25 Highlights • Trump Tower: 92% occupancy rate Doğan Holding, Ist . 520 100% 8 8 • Milta Marina : 91
Slide 19: 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) 671 639 921 175 157 656 Dynamic currency allocation policy based on yield prospects 2024 2025 2024 2025 2024 2025 Holding
Slide 20: Closing Remarks
KNOWS AND CREATES VALUE Closing Remarks 20
Slide 21: 2026 Guidance
2026 Guidance* Strategic Focus Areas Renewable Energy Mining Financial Services (Galata Wind) (Gümüştaş) (Hepiyi – DY Bank – Doruk Factoring) 2030 Net Asset Value Target: 4.5 bn USD 950 – 1000 GWh >40% Revenue Growth 100 – 130mn USD AUM** Electricity Generation addition at Hepiyi 40 - 50% EBITDA 65
Slide 22: 2030 Roadmap on Track
2030 Roadmap on Track NAV NAV NAV 1.5 BN 14% CAGR 2.8 BN 10% CAGR 4.5 BN USD USD USD 2020-2024 Today 2030 Value Journey Acquisition-heavy Simplification Value-Enhancement Exists: 8 Acquisitions, 2 Greenfields: Ditaş IPO Candidates: Galata Wind → IPOed Boyabat HydroPowerPlant Hepiyi Hepiyi Insurance
Slide 23: Appendix
KNOWS AND CREATES VALUE Appendix 23
Slide 24: Appendix / NAV & Shareholder Structure
Appendix / NAV & Shareholder Structure NAV Shareholder Structure DOHOL Valuation DOHOL stake 2025FY Valuation Method Stake (mn USD) (mn USD) Electricity Production 197 Aslancık HEPP 33.33% 0 0 Galata Wind Market Cap 70.00% 282 197 Electronics, Technology & Industrials 169 Doğan Dış Ticaret Book Valu
Slide 25: Appendix / Financial Tables
Appendix / Financial Tables Profit & Loss Statement Balance Sheet (mn TL) 4Q24 4Q25 ∆ 2024 2025 ∆ (mn TL) 31.12.2024 31.12.2025 Sales 22,634 23,742 5% 104,887 93,680 -11% Current Assets 108,927 114,038 COGS -18,805 -18,483 -2% -91,481 -76,700 -16% Non-Current Assets 73,888 70,558 Gross Profit 3,829
Slide 26: Appendix / Financial Tables
Appendix / Financial Tables Revenue Breakdown Net Cash / (Debt) Breakdown (mn TL) 31.12.2024 31.12.2025 (mn TL) 4Q24 4Q25 ∆ 2024 2025 ∆ Electricity Generation -1,275 -1,492 Electricity Generation 755 611 -19% 3,095 2,940 -5% Industry & Trade -8,447 -6,208 Electricity Sales 755 611 -19% 3,095 2,940 -
Slide 27: Appendix / 4Q25 Segmental Analysis
Appendix / 4Q25 Segmental Analysis Electricity Automotive Trade Financing Internet & Real Estate Industry & Trade Mining Eliminations Total mn TL Generation & Marketing & Investing Entertainment Investments Revenue 611 7,065 2,047 3,523 9,013 1,272 383 -171 23,742 Revenue Share 3% 30% 9% 15% 38% 5%
Slide 28: 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 28
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