Haci Omer Sabanci Holding A.s. · BIST:SAHOL
Haci Omer Sabanci Holding A.s — Hacı Ömer Sabancı Holding A.Ş. — Q2 2026 Earnings Presentation
29 slides from Haci Omer Sabanci Holding A.s's earnings presentation, Aug 13, 2026
Slide 1: Earnings Presentation Q2 / H1 2026
Earnings Presentation Q2 / H1 2026 Most Honored Company in Emerging EMEA Industrials August 13, 2026 Extel 1 2026
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: Simplifying the portfolio, enhancing the optionality
Simplifying the portfolio, enhancing the optionality PORTFOLIO SIMPLIFICATION Full exits from: Translates to(2): Strategic Focus: +120 bps higher non-bank Akçansa Carrefoursa EBITDA margin (local cement company) A portfolio rebalanced for $1.1bn EV(1) with (food retail company) +90 bps higher ROE su
Slide 4: Disciplined execution expanding financial flexibility
Disciplined execution expanding financial flexibility TL 14.5 bn in H1 4.9% in H1 5x Consolidated net income (vs TL 1.8bn loss) Return on equity (vs 2025 YE 1.0%) +126 bps in H1 14.6% in H1 Non-bank EBITDA margin, YoY Capex / sales — flexibility retained TL 35.3 bn in H1 1.7x in H1 Holding-only net
Slide 5: Combined Financials Q2/H1 2026 Results
01 Combined Financials /03 Q2/H1 2026 Results
Slide 6: Geopolitical uncertainty as a key backdrop
10% 20% 30% 60% 0% 40% 50% 100 150 200 250 300 350 0 50 1985-2019 Dec 24 Mar 20 Jan 25 Jun 20 Feb 25 Sep 20 (1) Basket (0.5USD+0.5EUR) Policy Rate % Dec 20 Mar 25 Mar 21 Apr 25 Jun 21 May 25 Sep 21 Jun 25 Dec 21 Mar 22 Jul 25 Jun 22 Source: Bloomberg, www.policyuncertainty.com, TUIK Aug 25 Sep 22 Se
Slide 7: Operational discipline and portfolio actions supporting profitability
Operational discipline and portfolio actions supporting profitability Combined Revenue (TL bn)(1) Combined EBITDA (TL bn) Consolidated Net Income/Loss (TL bn) 15.2% -10% 13.5% 13% 471.7 -11% 54.1 426.1 27% 47.8 261.7 24.6 231.9 19.4 14.2 4% 2.0 -8% 28.4 29.4 12.1 210.0 194.2 2.3 0.1 2.2 Q2 2025 Q2 2
Slide 8: Improving operating performance supporting a significant turnaround in bottom-line
Improving operating performance supporting a significant turnaround in bottom-line Combined Revenue (TL bn)(1) Combined EBITDA (TL bn) Consolidated Net Income/Loss (TL bn) -9% 13.5% 12.3% 943.4 -13% 9% 857.7 208 110.5 14% 101.0 170 524.4 14.5 459.0 56.7 49.7 139 2.3 151.6 113 -5% 5% 111.7 90.0 12.2
Slide 9: Five-fold recovery in ROE with OCF moderated by working capital changes
Five-fold recovery in ROE Return on Equity with OCF moderated by working capital changes 4.9% 4.1% Operational Cash Flow, Combined & Non-bank (TL bn)(1) 1.9% 5.4% 1.0% 0.5% -0.7% -2.3% -2.8% 35.9 -5.1% 26.0 -6.6% -9.7% H1 2025 H1 2026 2024 H1 2025 2025 H1 2026 Bank Non-Bank Consolidated (1) Excludes
Slide 10: Record-high cash position and prudent leverage preserving financial flexibility
Record-high cash position and Non-Bank prudent leverage preserving Capex/Sales (3) financial flexibility 14.6% Net Financial Debt to Non-Bank EBITDA(1) Holding Only - Net Cash (TL bn)(2) 13.5% 12.6% 12.3% Policy: 35.3 ≤ 2x 1.7x 1.6x 1.4x 12.4 8.5 2024 2025 H1 2026 2024 2025 H1 2026 2024 2025 H1 2025
Slide 11: Attractive discount amid geopolitical uncertainty
Attractive discount amid geopolitical uncertainty NAV (USD bn) & NAV Discount(1) July 2026 Energy & Climate Technologies 39% Material Technologies 9.8 12% 9.2 59.4% Digital 58.0% USD 9.2bn 1% Other 4% Cash 8% Dec 2025 Jul 2026 Banking & Financial Services NAV (USDbn) NAV Discount 36% (1) Please refe
Slide 12: Segment Financials
02 /03 Segment Financials
Slide 13: Bank / Agile balance sheet management, resilient core revenues
Bank / Agile balance sheet management, resilient core revenues Current Assessment ๏ Higher for longer funding costs continue to Revenue (TL bn) weigh on profitability, delaying real ROE Swap adj. Quarterly NIM Evolution (%) recovery 3.3 ๏ Asset mix shifting towards higher-yielding 140 3.1 assets, wh
Slide 14: Bank / Preserving capital strength while navigating an evolving environment
Bank / Preserving capital strength while navigating an evolving environment H1 2025 H1 2026 Change Q1 2026 Q2 2026 Change Leverage 11.5x 12.4x +0.9x 12.0x 12.4x +0.4x CIR(1) 54.5% 51.6% -2.9 pp 50.6% 52.7% +2.1 pp CAR(2) 17.4% 16.4% -1.0 pp 16.1% 16.4% +0.3 pp Tier-1(2) 13.8% 13.3% -0.5 pp 13.1% 13.
Slide 15: Financial Services / Growth momentum sustained in life & pension
Financial Services / Growth momentum sustained in life & pension, while non-life maintaining disciplined portfolio focus 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 among private
Slide 16: Financial Services / EBITDA supported by life, net income under pressure
Financial Services / EBITDA supported by life, while net income remained under pressure with monetary losses in life Financial Services Segment Summary Financials(1) MILLION TL Q2 2025 Q2 2026 Change H1 2025 H1 2026 Change SALES 17,735 20,359 15% 40,333 44,329 10% EBITDA 3,520 3,513 0% 5,283 5,429 3
Slide 17: Energy / Diversified generation mix, revised up distribution guidance
Energy / Diversified generation mix, revised up distribution guidance and higher U.S. capacity supported performance Current Assessment Generation volume (TWh) Spot Prices vs BOTAŞ Tariff Distribution & Retail: ๏ Higher RAB and financial income remained key earnings drivers -9% ๏ Retail performance
Slide 18: Energy / Bottom-line reflects EBITDA growth led by Distribution
Energy / Bottom-line reflects EBITDA growth led by Distribution and further support from items below-EBITDA in Generation Energy Segment Summary Financials(1) MILLION TL Q2 2025 Q2 2026 Change H1 2025 H1 2026 Change SALES 96,826 87,231 -10% 191,454 178,988 -7% EBITDA 18,568 19,026 2% 35,849 36,756 3
Slide 19: Material Technologies / Higher int'l contribution in cement, strong tire volumes
Material Technologies / Higher int’l contribution in cement, strong volumes in tire & favorable composite mix drove performance Current Assessment Building materials: ๏ Çimsa’s growing international footprint Çimsa Cement Volumes (1) supported volume growth Geographical Break (mn ton) Cement Operati
Slide 20: Material Technologies / Strong EBITDA supported the bottom line
Material Technologies / Strong EBITDA supported the bottom line, with further support from monetary gains & lower finance expenses Material Technologies Summary Financials(1) MILLION TL Q2 2025 Q2 2026 Change H1 2025 H1 2026 Change SALES 45.277 40,640 -10% 88,075 82,410 -6% Cement 54% 50% 51% 48% Ti
Slide 21: Digital & Other / Cost discipline continued amid soft demand
Digital & Other / Cost discipline continued amid soft demand & challenging market conditions Current Assessment Techonline Market Revenue Growth(1) Retail Electronics (Real, Yoy %) Online Sales Growth (Mn TL) Digital: +6% +13% 4,961 ๏ EBITDA improved, supported by cost discipline 5% and operational
Slide 22: 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 Q2 2025 Q2 2026 Change H1 2025 H1 2026 Change SALES 1,306 1,230 -6% 3,472 2,574 -26% EBITDA -29 100 n.m. -22 154 n.m. EBITDA MARGIN -2% 8% n.m. -1% 6% n.m. NET INCOME -347
Slide 23: Simplifying the portfolio, enhancing the optionality
Simplifying the portfolio, enhancing the optionality PORTFOLIO SIMPLIFICATION Full exits from: Translates to(2): Strategic Focus: +120 bps higher non-bank Akçansa Carrefoursa EBITDA margin (local cement company) A portfolio rebalanced for $1.1bn EV(1) with (food retail company) +90 bps higher ROE su
Slide 24: Appendix
03 /03 Appendix
Slide 25: 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 1,3
Slide 26: Financials in Detail
Financials in Detail Combined Revenue(1) Combined EBITDA Consolidated Net Income/Loss MILLION TL Q2 2025 Q2 2026 Change H1 2025 H1 2026 Change Q2 2025 Q2 2026 Change H1 2025 H1 2026 Change Q2 2025 Q2 2026 Change H1 2025 H1 2026 Change TOTAL 471,686 426,066 -10% 943,419 857,673 -9% 47,801 54,069 13%
Slide 27: Sabancı Holding NAV After Independent Valuation Reports (July 2026)
Sabancı Holding NAV After Independent Valuation Reports USD mn July 2026 Companies Free Float Direct Stake Valuation Method Mcap Value to Sabancı Holding % of NAV Akbank 54% 41% Market value 6,768 2,838 30.7% Enerjisa Enerji 20% 40% Market value 2,733 1,087 11.8% Aksigorta 28% 36% Market value 230 8
Slide 28: Sabancı Holding NAV After Independent Valuation Reports (December 2025)
Sabancı Holding NAV After Independent Valuation Reports USD mn December 2025 Companies Free Float Direct Stake Valuation Method Mcap Value to Sabancı Holding % of NAV Akbank 54% 41% Market value 8,597 3,452 35.1% Enerjisa Enerji 20% 40% Market value 2,597 996 10.1% Aksigorta 28% 36% Market value 245
Slide 29: Investor Relations
Meet SirA, Sabancı Holding's digital Earnings Investor Presentation - ir.sabanci.com investor relations assistant ! Presentation Group Strategy Türkiye’s First Investor Relations Dedicated Assistant ! SBU Presentation – Energy & Capital Markets 2025 Integrated Climate Technologies Day 2024 Report Ke
Hacı Ömer Sabancı Holding A.Ş. — Q2 2026 Earnings Presentation on 6ix