Dogan Sirketler Grubu Holding A.s. · BIST:DOHOL
Dogan Sirketler Grubu Holding A.s — Q2 2025 Earnings Presentation
28 slides from Dogan Sirketler Grubu Holding A.s's earnings presentation, Aug 13, 2025
Slide 1: 2Q 2025 Financial and Operational Results
2Q 2025 Financial and Operational Results August 13, 2025
Slide 2: Disclaimer
The information contained in this presentation has been obtained from sources deemed reliable by Dogan Sirketler Grubu Holding A.S. (“Dogan Holding”) and is provided solely for informational purposes. However, Dogan Holding makes no representations or warranties regarding the accuracy, completeness,
Slide 3: 2Q25 Highlights
2Q25 Highlights Solid net cash position NAV improved by 5% q/q 6% Outperformance in 1H25 • • ş • • o • • • • o • • Solo Net Cash Position (mn USD) Net Asset Value (mn USD) 1H25 Returns (%) 2,494 2,608 7% 646 662 1% 1Q25 2Q25 1Q25 2Q25 BIST 100 DOHOL 3
Slide 4: 2Q25 Summary Financial Performance, Reported
2Q25 Summary Financial Performance, Reported (Million TRY) Revenue, mn TL EBITDA mn TL & margin Net Profit, mn TL 20,908 21,835 11% 10% 2,249 2,105 1,120 75 2Q24 2Q25 2Q24 2Q25 2Q24 2Q25 ğ ğ 4
Slide 5: Strategic and Dynamic Focus Areas
Strategic Dynamic Focus Areas Focus Areas Renewable Mining Financial Electronics, Automotive & Internet, Energy Services Technology & Mobility Entertainment, Industry Real Estates Galata Wind Gumustas Hepiyi Insurance Karel Dogan Trend Hepsiemlak D Investment Bank Sesa Kanal D Romania Doruk Factorin
Slide 6: Strategic Focus Areas
KNOWS AND CREATES VALUE Strategic Focus Areas 6
Slide 7: Electricity Generation: Galata Wind
Electricity Generation Galata Wind Revenue EBITDA & margin Ş • ş 610 605 69% 69% 422 415 • 2Q24 2Q25 2Q24 2Q25 Ş • • • Net Profit • 257 270 Early Permit Stage RTB (Ready-to-Build): Investment-ready 2Q24 2Q25 Projection Stage 7 Pre-licensed
Slide 8: Mining: Gümüştaş
Mining Gümüştaş Among top 3 Lead & Zinc producers in Türkiye Other metals Revenue EBITDA & margin Gold & Silver 3.4 bn USD 1,141 28% 34% • 318 45% • 15% 6% 2Q25 2Q25 Copper Lead & Zinc 1.5 bn USD 0.6 bn USD Net Profit ş ş • 12m ton reserves 203 80 research license Lead & Zinc at Niğde 2Q25 Copper at
Slide 9: Digital Financial Services: Hepiyi Insurance
Digital Financial Services Hepiyi Insurance Türkiye’s first end-to-end digital insurer Gross Written Premium (mn TL) AUM (mn USD) • 6,923 621 • 4,654 315 • 2Q24 2Q25 Jun’24 Jun’25 • Net Profit MOD Market Share %** 1,135 4,1 • 2,3 133 2Q24 2Q25 Jun’24 Jun’25 9
Slide 10: Digital Financial Services: D Investment Bank & Doruk Factoring
Digital Financial Services D Investment Bank & Doruk Factoring Revenue Net Profit Total Assets • 243 82 6,346 122 3,206 25 2Q24 2Q25 2Q24 2Q25 2Q24 2Q25 • Revenue Net Profit Total Assets 225 1,019 6,866 • 659 106 4,424 • 2Q24 2Q25 2Q24 2Q25 2Q24 2Q25 10
Slide 11: Dynamic Focus Areas
KNOWS AND CREATES VALUE Dynamic Focus Areas 11
Slide 12: Electronics, Technology & Industry: Karel
Electronics, Technology & Industry Karel Revenue EBITDA & margin 7% 3,586 3,729 19% 9% 16% 5% • 333 4% 179 • 2Q24 2Q25 2Q24 2Q25 54% Net Loss • • -364 -492 2Q24 2Q25 • 12
Slide 13: Electronics, Technology & Industry: Sesa Packaging
Electronics, Technology & Industry Sesa Packaging 53% 56% Revenue EBITDA & margin 20% 1,146 1,073 10% 212 115 2Q24 2Q25 2Q24 2Q25 2Q24 2Q25 • Net Profit/Loss • 54 • -77 2Q24 2Q25 13
Slide 14: Electronics, Technology & Industry: Ditaş
Electronics, Technology & Industry Ditaş Revenue EBITDA 490 509 -38 -70 • 2Q24 2Q25 2Q24 2Q25 • Net Loss • -5 ş -157 2Q24 2Q25 14
Slide 15: Automotive & Mobility: Doğan Trend
Automotive & Mobility Doğan Trend Revenue EBITDA & margin 5.100 5,223 4,880 14% 756 0.3% 3.571 3.311 13 • 2Q24 2Q25 2Q24 2Q25 2.100 1.644 766 Net Loss • MG Suzuki Motorcycle 2Q24 2Q25 -774 -655 2Q24 2Q25 • 15
Slide 16: Internet & Entertainment: Kanal D Romania & Hepsiemlak
Internet & Entertainment Kanal D Romania & Hepsiemlak Revenue EBITDA & margin Net Profit 623 42% 600 95 32% 265 190 62 • • • 2Q24 2Q25 2Q24 2Q25 2Q24 2Q25 • Revenue EBITDA Net Loss 122 135 • -1 -35 • -50 -71 2Q24 2Q25 2Q24 2Q25 2Q24 2Q25 16
Slide 17: Real Estate Investments: 262 mn USD
Real Estate Investments: 262 mn USD • ğ • 17
Slide 18: Dynamic Cash Management
Dynamic Cash Management 646 662 652 750 121 126 1Q25 2Q25 1Q25 2Q25 1Q25 2Q25 18
Slide 19: Closing Remarks
KNOWS AND CREATES VALUE Closing Remarks 19
Slide 20: 2025 Guidance: 2 revisions
2025 Guidance: 2 revisions Strategic Focus Areas (guidance unchanged) Renewable Energy Mining Digital Financial Services From To (Galata Wind) (Gümüstas) (Hepiyi – DY Bank – Doruk Factoring) TL Revenue growth: CPI* + 5 to 8 pp ~CPI* 50+ MW increase in >50% TL Revenue 250 - 300mn USD AUM* TL EBITDA**
Slide 21: Dividend payment is on September 1st, 2025
Dividend payment is on September 1st, 2025 8,7% 2,4% 2,3% 3,2% 2,3% 1,9% 2,1% 0,3% mn USD 2018 2019 2020 2021 2022 2023 O 2023 S 2024 Dividend income 4 4 31 43 19 29 24 Dividend paid-out 45 15 22 20 25 4 21 20 21
Slide 22: Appendix
KNOWS AND CREATES VALUE Appendix 22
Slide 23: Appendix / NAV & Shareholder Structure
Appendix / NAV & Shareholder Structure NAV 2Q25 Valuation Method DOHOL Valuation DOHOL stake Shareholder Structure Stake (mn US$) (mn USD) Electricity Production 215 Aslancık HEPP 33.33% 0 0 Galata Wind Market Cap 70.00% 307 215 Electronics, Technology & Industrials 226 Ditas Market Cap 68.24% 48 32
Slide 24: Appendix / Financial Tables
Appendix / Financial Tables Profit & Loss Statement Balance Sheet ∆ ∆ 24
Slide 25: Appendix / Financial Tables
Appendix / Financial Tables Revenue Breakdown Net Cash / (Debt) Breakdown ∆ ∆ ş ş ş ş ş 25
Slide 26: Appendix / 2Q25 Segmental Analysis
Appendix / 2Q25 Segmental Analysis ş ş ş ğ ğ ğ ş ş Ş ş ş 26
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 28
Slide 28: Thank you
KNOWS AND CREATES VALUE Thank you 29
Dogan Sirketler Grubu Holding A.S. — Q2 2025 Earnings Presentation on 6ix