Dogan Sirketler Grubu Holding A.S. · BIST:DOHOL
Dogan Sirketler Grubu Holding A.S — Q3 2026 Earnings Presentation
27 slides from Dogan Sirketler Grubu Holding A.S's earnings presentation, Nov 5, 2026
Slide 1: 3Q26 Financial and Operational Results
3Q 202 6 Financial and Operational Results November 5 , 2026 1
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: 3Q26 Summary Financial Performance, Reported
3Q26 Summary Financial Performance, Reported (Million TRY) Revenue, mn TL EBITDA , mn TL & margin Net Profit , mn TL +6 % y/y 20% 13% 1,951 28,343 30,036 5,997 3,667 165 3Q25 3Q26 3Q25 3Q26 3Q25 3Q26 Robust growth atHepiyi’s Gross Written Premium Gümüştaş’s EBITDA margin increased by 18pps y/y Hepiy
Slide 4: 3Q26 Highlights
3Q26 Highlights Solid net cash position NAV improved by 13% ytd Outperformed XHOLD Index increased by 5% y/y by 26 pp in 9M26 • No capital injection for any subsidiary • Finance segment valuation based on • Outperformed XHOLDin 9M26 ytd: in the third quarter of 2026 book value growth and P/Bpeer o D
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 Mining Financial Renewable Electronics, Automotive & Internet, Services Energy Technology & Mobility Entertainment, Industry Real Estates Gümüş
Slide 6: Strategic Focus Areas
KNOWS AND CREATES VALUE Strategic Focus Areas 6
Slide 7: Mining: Gümüştaş – Türkiye's 3rd largest metal miner in lead and zinc
Mining Gümüştaş – Türkiye’s 3 rd largest metal miner in lead and zinc Summary Financials ( mn TL) Revenue Breakdown, 2025 3Q26 Highlights • 46% y/y increase in mining Revenue EBITDA & margin 15% production in 9M26, reaching 520k 23% 57% 3,257 tones 39% 1,791 1,855 Lead • EBITDA margin reached 57% in
Slide 8: Financial Services: Hepiyi Insurance – Operational Highlights
Financial Services Hepiyi Insurance Türkiye’s first end-to-end digital insurer Operational Highlights AUM (mn USD) GWP Portfolio Breakdown , Sep ’26 3Q26 Highlights Other • Strong AUM growth of 41% y/y MOD 13% 22% 985 698 • 109 bps y/y increase in MTPL market share, reaching 7.1%** 65% MTPL • 3 rd b
Slide 9: Financial Services: Hepiyi Insurance – Financial Highlights
Financial Services Hepiyi Insurance Türkiye’s first end-to-end digital insurer Financial Highlights * • Robust growth at gross written Gross Written Premium ( mn TL) Technical Profit ( mn TL) Net Profit ( mn TL) premiums continued with 45% y/y 10,404 2,738 2,551 in 3Q26 7,156 • Operational efficienc
Slide 10: Financial Services: 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 • 8 DCM issuances (bond and asset- (Gross Operating Income) backed securities) in 3Q26. (9M26: 17 320 107 105 13,382 292 issuances ) 7,332 • Total a
Slide 11: Electricity Generation: Galata Wind
Electricity Generation Galata Wind Total Installed Capacity: 354.2 MW 3Q26 Highlights Summary Financials ( mn TL) Power Plant s Capacity (MW) • Galata Wind's electricity generation Mersin WPP 99.9 declined by 5% y/y in 3Q26 , while Revenue EBITDA & margin Şah WPP 105 Türkiye's total generation rose
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) Revenue EBITDA & margin 3Q26 Highlights 5,285 5,478 20% • The transformation program at Karel 10% 1,082 continued to deliver positive results. As a result, Karel recorded real growth of4% 503 y/y in the third quarter • Karel’s EBIT
Slide 14: Electronics, Technology & Industry: Sesa Packaging
Electronics, Technology & Industry Sesa Packaging Summary Financials ( mn TL) Share of Exports 53 % 49% Revenue EBITDA & margin Türkiye’s leading niche, scalable, 15% premiumand recyclable flexible 1,652 1,777 13% packaging company 254 227 3Q25 3Q26 3Q26 Highlights 3Q25 3Q26 3Q25 3Q26 • Q3 was relat
Slide 15: Automotive & Mobility: Doğan Trend
Automotive & Mobility Doğan Trend Summary Financials ( mn TL) Sales Volumes (unit)* MG Revenue EBITDA 3,581 Suzuki 4,550 Maxus 3,612 3Q26 Highlights • MG sales increased 178% y/y in 3Q26 -123 thanks to competitive pricing and the -129 1,623 contribution from newly launched models in 3Q25 3Q26 3Q25 3
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 722 43% 127 Kanal D Romania 574 36 % 310 • Romania’s #2 TV channel 205 78 • Strong EBITDA sustained • Regular dividends maintained 3Q25 3Q26 3Q25 3Q26 3Q25 3Q26 He
Slide 17: Real Estate Investments: 280 mn USD
Real Estate Investments *: 280 mn USD Valuation Dogan (mnUSD )* Stake Land/Location Size (m 2 ) Dogan (mnUSD ) Stake 3Q26 D Yapı, Romania 55k 100% 23 23 Kandilli Gayrimenkul , Ist . 23k 50% 71 35 3Q26 Highlights • Trump Tower: 98% occupancy rate Doğan Holding, Ist . 520 100% 7 7 D Gayrimenkul , Ist
Slide 18: Dynamic Cash Management
Dynamic Cash Management Solo Net Cash Position Consolidated Net Cash Position Cash Management Policy (mn USD) (mn USD) 617 645 890 1,008 Dynamic currency allocation policy based on yield prospects 9M25 9M26 9M25 9M26 Holding -only Solo Cash Position Pound FX Breakdown Pound Prudently managing asset
Slide 19: Closing Remarks
KNOWS AND CREATES VALUE Closing Remarks 19
Slide 20: 2026 Guidance revised: Strategic Focus Areas
2026 Guidance revised: Galata Wind annual generation guidance updated 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 900 – 950 GWh >40% TL Revenue 200 – 250mn USD AUM* Electricity
Slide 21: Appendix
KNOWS AND CREATES VALUE Appendix 21
Slide 22: Appendix / NAV & Shareholder Structure
Appendix / NAV & Shareholder Structure NAV Shareholder Structure DOHOL Valuation DOHOL stake 3Q26 Valuation Method Stake (mn USD) (mn USD) Electricity Production 153 Aslancık HEPP 33.33% 0 0 Galata Wind Market Cap 70.00% 218 153 Electronics, Technology & Industrials 159 Doğan Dış Ticaret Book Value
Slide 23: Appendix / Financial Tables
Appendix / Financial Tables Profit & Loss Statement Balance Sheet (mn TL) 3Q25 3Q26 ∆ 9M25 9M26 ∆ (mn TL) 31.12.25 30.09.26 ∆ Sales 28,343 30,036 6% 86,945 84,758 -3% Current Assets 141,769 151,133 7% COGS -23,083 -22,409 3% -72,374 -64,762 11% Non-Current Assets 87,716 86,930 -1% Gross Profit 5,260
Slide 24: Appendix / Financial Tables
Appendix / Financial Tables Revenue Breakdown Net Cash / (Debt) Breakdown (mn TL) 3Q25 3Q26 9M25 9M26 (mn TL) 31/12/25 30/0 9/26 ∆ ∆ Electricity Generation 1,229 869 -29% 2,895 2,038 -30% Electricity Generation -1,855 -2,597 Industry & Trade -7,717 -8,523 Industry & Trade 7,139 7,275 2% 22,696 21,77
Slide 25: Appendix / 3Q26 Segmental Analysis
Appendix / 3Q26 Segmental Analysis Electricity Automotive Trade Financing Internet & Real Estate Mining Industry & Trade Eliminations Total Generation & Marketing & Investing Entertainment Investments mn TL 3Q26 Revenue 3,257 869 7,277 3,612 13,651 1,035 505 -169 30,036 Revenue Share 11% 3% 24% 12%
Slide 26: Investor Relations Contact
Investor Relations Contact KNOWS AND CREATES VALUE ir@doganholding.com.tr +90 216 556 94 00 26
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