Dogan Sirketler Grubu Holding A.s. · BIST:DOHOL
Dogan Sirketler Grubu Holding A.s — Investor Presentation (October 2026)
40 slides from Dogan Sirketler Grubu Holding A.s's investor presentation, October 2026
Slide 1: Investor Presentation
INVESTOR PRESENTATION Doğan Holding - 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: Doğan Holding NAV
Doğan Holding NAV NAV Breakdown NAV (mn USD) & Discount (%) 67% 63% 64% Electricity Generation 58% 59% Holding’s Solo Net Cash 6% 28% 33% Mining 20% 14% 3,211 2,829 2,598 2,354 3.2 BN 2,193 Other 13% USD 1,617 1,495 5% Internet & Entertainment 36% 6% Finance & Investment Electronics & Technology & I
Slide 4: Why Invest in Doğan Holding?
Why Invest in Doğan Holding? 3.2 bn USD NAV, mostly invested in sustainable & profitable assets, aligning macro trends 15% 5-yr CAGR USD-based NAV growth realization 649 mn USD strong solo cash position to invest in new business lines, contributing NAV Solid track record of good quality M&As, Greenf
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: 1H26 Highlights
1H26 Highlights Net cash position up by 2% ytd NAV improved by 14% ytd to Outperformed XHOLD Index to 649 mn USD 3.2 bn TL by 11pp in 1H26 Compared to YE25; • No capital injection for any subsidiary • Outperformed BISTin 1H26: in the 1H26 • Finance segment valuation based on book value growth and P/
Slide 7: Strategy & Targets
Strategy & Targets 7
Slide 8: Portfolio Mix Shift
Portfolio Mix Shift Repositioning the portfolio for higher returns FROM TO • Exited businesses generated the lowest 2019 –2025 2025 –2030 E Portfolio IRR Portfolio IRR returns across the portfolio with an IRR of 3% to 5% Acquired >20% Acquired >20% • Acquired business delivered the highest IRRs duri
Slide 9: 2030 Roadmap
2030 Roadmap NAV 14% CAGR NAV 10% CAGR NAV 1.5 BN 2.8 BN 4.5 BN USD USD USD 2020-2024 2025 2030 Value Journey Acquisition-heavy Simplification Value-Enhancement Exits: 8 Acquisitions, 2 Greenfields: Ditaş IPO Candidates: Galata Wind → IPOed Boyabat HydroPowerPlant Hepiyi Hepiyi Insurance Daiichi D I
Slide 10: >1 Billion $ until 2030 Value-Creating Steps
>1 Billion $ until 2030 VALUE-CREATING STEPS Our vision is to achieve >$1 billion valuation for each of our strategic business lines STRATEGIC FOCUS AREAS Renewable Energy Mining Financial Services Attractive IPO options to be monitored: Hepiyi Insurance Daiichi Sesa Packaging 10
Slide 11: 2026 Guidance Revised
2026 Guidance Revised* 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% TL Revenue Growth 200 -250 mn USD AUM** Electricity Generation addition at Hepiyi 40 - 50%
Slide 12: Dynamic Cash Management
Dynamic Cash Management Solo Net Cash Position Consolidated Net Cash Position Cash Management Policy (mn USD) (mn USD) 639 649 921 960 Dynamic currency allocation policy based on yield prospects 2025 1H26 2025 1H26 Holding -only Solo Cash Position Pound FX Breakdown Pound EUR Prudently managing asse
Slide 13: 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 843 mn TL Zingat Mining new economy Profil (under 123 mn USD Daiichi Packaging 40% share Hepsiemlak) 75% share Group 15 mn U
Slide 14: Successful Exit Performance with Strong Multiples
Successful Exit Performance with Strong Multiples Exits Exit Criteria 2020 2021 2022 2023 2024 2025 Aytemiz DMC Ditaş Ditas DMC Çelik Celik 168 mn USD 38 mn EUR 14.5 mn Halat 50% share 40% share Value creation USD 23.4 mn potential through IPOs 68% share USD 26 mn EUR Milpa DOBUR Boyabat 60% share 7
Slide 15: Regular Dividend Payments
Regular Dividend payments 800 mn TL gross dividend payment from 2024 Net Profit distributed in Sep’25 8.7% Dividend Yield Dividend Policy 2.4% 2.3% 3.2% 2.3% 1.9% 2.1% 0.3% 0.0% * Min 5% of Dividend Payout Ratio 81% net distributable profit 50% Ensure long -term NAV 15% 15% 16% growth sustained 7% 1
Slide 16: Strategic Focus Areas
Strategic Focus Areas , ee
Slide 17: Mining: Gümüştaş
Mining Gümüştaş – Türkiye’s 3rd largest metal miner in lead and zinc Summary Financials ( mn TL) Revenue Breakdown, 2025 Revenue EBITDA & margin 15% 1H 26 Highlights 23% 52% 3,854 • 54 % y/y increase in mining production 2,555 39% 2,008 Lead • 52% EBITDA margin in 1H 26 in line 33% Zinc 994 29% Pyri
Slide 18: 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 1.41% Lead Lead (Pb) 900 ~ 1,000 Zinc (Zn) ~ 800 ~ 4.38% Zinc Pyrite (Fe) 501 350 12.51% Pyrite 33 34 27 5 6 12 2024 2025 2026 2027
Slide 19: Financial Services: Hepiyi Insurance
Financial Services Hepiyi Insurance Türkiye’s first end-to-end digital insurer Operational Highlights AUM (mn USD) GWP Portfolio Breakdown, Jun’26 1H 26 Highlights 902 Other • Strong AUM growth of 44 % y/y MOD 13% 625 22% • 58 bps y/y increase in MTPL market share, reaching 6.7% • 4 th biggest MTPL
Slide 20: Hepiyi Insurance Financial Highlights
Financial Services Hepiyi Insurance Türkiye’s first end-to-end digital insurer Financial Highlights * • Growth at gross written premiums Gross Written Premium (mn TL) Technical Profit (mn TL) Net Profit (mn TL) continued with 19% y/y in 1H26 15,813 4,654 4,252 • Operational efficiency preserved, as
Slide 21: 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 • D Investment Bank was recognized as (Gross Operating Income) “Türkiye’s Best Investment Bank for 545 158 11,570 Financing Solutions" at the 382 10
Slide 22: Electricity Generation: Galata Wind
Electricity Generation Galata Wind 1H 26 Highlights Total Installed Capacity: 354.2 MW • Galata Wind's electricity generation increased by 13% y/y in 1H26, while Summary Financials ( mn TL) Power Plant s Capacity (MW) heavy rainfall boosting hydroelectric Mersin WPP 99.9 power plant (HEPP) generatio
Slide 23: Galata Wind – Generation Breakdown
Electricity Generation Galata Wind – Generation: 403 GWh in 1Y25, 455 GWh in 1Y26 Generation Breakdown , 1H26 Pricing Breakdown *, 1H26 COGS Breakdown , 1H26 SPP Variable 6% 15% 24 GWH YEKDEM 42.0% 58.0% Market Clearance Price 431 GWH 94% 85% WPP *As per capacities Fixed Net Debt/EBITDA (x) Capex (m
Slide 24: Dynamic Focus Areas
Dynamic Focus Areas 24
Slide 25: Electronics, Technology & Industry: Karel
Electronics, Technology & Industry Karel Summary Financials ( mn TL) Revenue EBITDA & margin Net Working Capital ( mn TL)* 1H 26 Highlights 10,443 8% 3,433 9,513 • The transformation program at Karel 3,263 3,232 5% 867 2,628 continued to deliver positive results. As a 2,174 result, Karel recorded re
Slide 26: Electronics, Technology & Industry: Sesa Packaging
Electronics, Technology & Industry Sesa Packaging Summary Financials ( mn TL) Share of Exports 56% Revenue EBITDA & margin 51% Türkiye’s leading niche, scalable, 14% premiumand recyclable flexible 2,776 2,710 12% packaging company 393 329 1H25 1H26 1H 26 Highlights 1H25 1H26 1H25 1H26 • Sesa benefit
Slide 27: Automotive & Mobility: Doğan Trend
Automotive & Mobility Doğan Trend Summary Financials ( mn TL) Sales Volumes (unit)* MG Revenue EBITDA Suzuki 5,355 Maxus 10,764 8,205 1H 26 Highlights -208 3,854 • MG sales increased 4% y/y in 1H26 thanks -434 2,786 to competitive pricingand the contribution 1H25 1H26 1H25 1H26 2,341 from newly laun
Slide 28: Internet & Entertainment: Kanal D Romania & Hepsiemlak
Internet & Entertainment Kanal D Romania & Hepsiemlak Kanal D Romania Summary Financials ( mn TL) Revenue EBITDA & margin Net Profit 1,550 1,466 41% 41% 266 Kanal D Romania 630 603 231 • Romania’s #2 TV channel • Strong EBITDA sustained • Regular dividends maintained 1H25 1H26 1H25 1H26 1H25 1H26 He
Slide 29: Real Estate Investments: 294 mn USD
Real Estate Investments*: 294 mn USD Valuation Dogan (mnUSD )* Stake Land/Location Size (m 2 ) Holding’s (mnUSD ) Stake 1H 26 D Yapı, Romania 55k 100% 24 24 Kandilli Gayrimenkul , Ist . 23k 50% 74 37 1H 26 Highlights • Trump Tower: 96% occupancy rate Doğan Holding, Ist . 520 100% 8 8 D Gayrimenkul ,
Slide 30: Sustainability Management
Sustainability Management 30
Slide 31: Sustainability Governance
Sustainability Governance Board of Directors The BOD has ultimate oversight of sustainability, covering climate-related risks and opportunities and allocates and directs the resources required to deliver the strategy and targets Sustainability Committee Early Detection of Risk Committee Co-chaired b
Slide 32: Sustainability Focus Areas and Targets
Sustainability Focus Areas and Targets Sustainability Focus Areas Investment Investment in an Investment In the Planet Inclusive Society In the Future • Achieve carbon neutrality by • Enhance employee engagement • Increase funding from 2030 across Do ğan Group sustainable finance instruments by 40%
Slide 33: Sustainability Commitments & Disclosures
Sustainability Commitments & Disclosures Listed on the BIST Sustainability Index since 2016 Global commitments : signatories of the United Nations Principles for Responsible Investment (UN PRI), the United Nations Global Compact (UNGC), and the Women’s Empowerment Principles (WEPs) Reporting & stand
Slide 34: Appendix
Appendix 34
Slide 35: Appendix / NAV & Shareholder Structure
Appendix / NAV & Shareholder Structure NAV Shareholder Structure DOHOL Valuation DOHOL stake 1H 26 Valuation Method Stake (mn USD) (mn USD) Electricity Production 207 Aslancık HEPP 33.33% 0 0 Galata Wind Market Cap 70.00% 295 207 Electronics . Technology & Industrials 186 Doğan Dış Ticaret Book Valu
Slide 36: Appendix / Financial Tables
Appendix / Financial Tables Profit & Loss Statement Balance Sheet (mn TL) 2Q25 2Q26 ∆ 1H25 1H26 ∆ (mn TL) 31.12.25 30.06.26 ∆ Sales 29,422 26,224 -11% 55,511 51,834 -7% Current Assets 134,291 138,288 3% COGS -24,731 -20,755 16% -46,691 -40,118 14% Non-Current Assets 83,089 82,055 -1% Gross Profit 4,
Slide 37: Appendix / Financial Tables
Appendix / Financial Tables Revenue Breakdown Net Cash / (Debt) Breakdown (mn TL) 2Q25 2Q26 1H25 1H26 (mn TL) 31/12/25 30/06/26 ∆ ∆ Electricity Generation 799 367 -54% 1,578 1,107 -30% Electricity Generation -1,757 -2,138 Industry & Trade -7,310 -7,242 Industry & Trade 7,473 7,085 -5% 14,737 13,732
Slide 38: Appendix / 1H26 Segmental Analysis
Appendix / 1H26 Segmental Analysis Electricity Automotive Trade Financing Internet & Real Estate Mining Industry & Trade Eliminations Total Generation & Marketing & Investing Entertainment Investments mn TL 1H26 Revenue 3,854 1,108 13,735 8,205 21,934 2,425 900 -327 51,834 Revenue Share 7% 2% 26% 16
Slide 39: Investor Relations Contact
Investor Relations Contact ir@doganholding.com.tr +90 216 556 94 00 39
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