Dogan Sirketler Grubu Holding A.s. · BIST:DOHOL

Dogan Sirketler Grubu Holding A.s — Investor Day (December 2025)

32 slides from Dogan Sirketler Grubu Holding A.s's investor day presentation, Dec 18, 2025

  1. Slide 1: Institutional Investor Day

    INSTITUTIONAL INVESTOR DAY Doğan Holding – December 18, 2025

  2. Slide 2: Disclaimer

    Disclaimer The information contained in this presentation has been obtained from sources deemed reliable by Doğan Şirketler Grubu Holding A.Ş. (“Doğan Holding”) and is provided solely for informational purposes. However, Doğan Holding makes no representations or warranties regarding the accuracy, co

  3. Slide 3: 9-Month Performance & Outlook

    9-Month Performance & Outlook 4

  4. Slide 4: 9M24 vs 9M25 Profit and Loss Statement

    9M24 vs 9M25 Profit and Loss Statement Key Drivers Impacting the P&L: 9M24 9M25 YoY ∆ mn TL Excluding Doğan Trend Automotive, which Revenue 78,821 67,019 -15% was affected by intense competitive conditions, our revenue increased by 9% Gross Profit 9,178 11,231 In financial services , we achieved ove

  5. Slide 5: 9-Month NAV Progression

    9-Month NAV Progression Key Operational Changes: 2024 • Growth in the book values ofHepiyi Insurance and D Investment Bank, along with the strong +64mn USD EBITDA improvement inGümüştaş, contributed a change total of243mn USD to the valuation 2,598 2,662 • 68.24% stake in Ditaş sold (−26mn USD marke

  6. Slide 6: Key Changes in DOHOL Share Performance

    Key Changes in DOHOL Share Performance Outperformance vs. BIST100 5pp Increase in Foreign Broker Coverage Expanded from by 9pp Ownership 3 to 10 • Over 11 months, DOHOL delivered a • Institutional investor ownership • Average target price: 24.0 TL/share stronger return comparedto BIST100 increased t

  7. Slide 7: 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) 671 617 890 175 193 656 Dynamic currency allocation policy based on yield prospects 2024YE 9M25 2024YE 9M25 2024YE 9M25 H

  8. Slide 8: Dividend payment was on September 1st, 2025

    Dividend payment was on September 1st, 2025 800mn TL gross dividend payment from 2024 Net Profit distributed 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% growth sustained 7%

  9. Slide 9: 2025 Guidance vs. 9M25 Actuals

    2025 Guidance vs. 9M25 Actuals Strategic Focus Areas Renewable Energy Mining Digital Financial Services (Galata Wind) (Gümüstas) (Hepiyi – DY Bank – Doruk Factoring) 50+ MW increase in installed >50% TL Revenue growth 250 - 300mn USD AUM* capacity addition at Hepiyi TL Revenue growth: ~CPI* 25 – 30%

  10. Slide 10: Business Segment Contributions Now More Balanced

    Business Segment Contributions Now More Balanced 2020 9M25 More Balanced and Resilient Cash Flows Revenue Revenue 0% 4% 5% 5% A more balanced revenue mix driven by 2% 0% 3% the exit from Petroleum Retail and the 12% 4% growth of the Finance & Investments 1% 2% 26% segment 3% 41% 72% Mining Petroleum

  11. Slide 11: Our Business Segments

    Our Business Segments 12

  12. Slide 12: 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

  13. Slide 13: Strategic Focus Areas

    Strategic Focus Areas 15

  14. Slide 14: 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 Revenue EBITDA & margin 2,242 2,232 72% 354.2 MW 70% 1,620 1,563 2026 -2027 2030 9M24 9M25 9M24

  15. Slide 15: Digital Financial Services: 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 674 212 7,332 resources), support

  16. Slide 16: Dynamic Focus Areas

    Dynamic Focus Areas 18

  17. Slide 17: 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 12,532 18% 11,815 7% Among the top 250 companies with the highest 17% R&D spending 777 4% • Long -term telco contracts restructured with pric

  18. Slide 18: Other Dynamic Focus Areas

    Other Dynamic Focus Areas Sesa Packaging Doğan Trend Internet & Entertainment MG Piaggeo Suzuki Vespa Türkiye’s leading niche, scalable, premium and Kymco Maxus recyclable flexible packaging company • Due to import taxes on China-origin vehicles, MG Kanal D Romania operates in a challenging competit

  19. Slide 19: Real Estate Investments: 260mn USD

    Real Estate Investments: 260mn USD Valuation Dogan (mn USD) * Stake Land/Location Size (m 2 ) Dogan (mn USD) Stake 9M25 D Yapı, Romania 55k 100% 23 23 Kandilli Gayrimenkul , Ist . 23k 50% 64 32 • Trump Tower: 95.5% occupancy rate Doğan Holding, Ist . 520 100% 8 8 • Milta Marina : 95.8% occupancy rat

  20. Slide 20: Strategy and Targets

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  21. Slide 21: 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 843mn TL Zingat Mining New Economy Profil (under 123mn USD Daiichi Packaging Group 40% share Hepsiemlak) 75% share 15mn USD

  22. Slide 22: 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 168mn 168 mn USD 38mn 38 mn EUR EUR 14.5mn USD 14.5 mn DMC Value Creation Halat 50% share 40% share 68% share USD 23.4 mn Potential thru IPOs 23.4mn USD 68% share USD 60% s

  23. Slide 23: 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

  24. Slide 24: 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 8 Acquisitions, 2 Greenfields: IPO Candidates: Exists: Galata Wind → IPOed Ditas Hepiyi Hepiyi Insurance Daiichi Boyabat HydroPowe

  25. Slide 25: Why Invest in Doğan Holding?

    Why Invest in Doğan Holding? 2.7bn USD NAV, mostly invested in sustainable & profitable assets, aligning macro trends 15% CAGR USD-based NAV growth realization 617mn USD strong solo cash position to invest in new business lines, contributing NAV Solid track record of good quality M&As, Greenfields a

  26. Slide 26: 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 29

  27. Slide 27: 30

    30

  28. Slide 28: Appendix

    Appendix 31

  29. Slide 29: 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

  30. Slide 30: 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

  31. Slide 31: 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

  32. Slide 32: Appendix / 9M25 Segmental Analysis

    Appendix / 9M25 Segmental Analysis Electricity Automotive Trade Financing Internet & Real Estate Industry & Trade Mining Eliminations Total mn TL Generation & Marketing & Investing Entertainment Investments Revenue 2,232 17,508 3,460 12,266 27,979 3,021 1,142 -588 67,019 Revenue Share 3% 26% 5% 18%

Doğan Şirketler Grubu Holding A.Ş. — Investor Day (December 2025) on 6ix