Haci Omer Sabanci Holding A.s. · BIST:SAHOL
Haci Omer Sabanci Holding A.s — Hacı Ömer Sabancı Holding A.Ş. — Q4 2025 Earnings Presentation
28 slides from Haci Omer Sabanci Holding A.s's earnings presentation, Mar 5, 2026
Slide 1: Earnings Presentation Q4/2025YE
Earnings Presentation Q4/2025YE Most Honored Company in Emerging EMEA Industrials March 5, 2026 Extel 1 2025
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: 2025 Highlights
2025 Highlights A New Era in Leadership Approach : Portfolio driven governance model Portfolio-level ownership beyond business silos aligns capital allocation with strategic priorities, enhances recurring earnings visibility, streamlines the portfolio structure, and reinforces shared accountability
Slide 4: Disciplined Capital Allocation, Portfolio-Centric Execution
Disciplined Capital Allocation, Portfolio-Centric Execution Leadership model focused on portfolio-wide value creation, agility and execution speed Manage the Value Protect & Invest to Grow Cash generative assets with strict High Return platforms fice f Return Performance / Potential O capital discip
Slide 5: 2025 Financial Performance: Operational Discipline Drives Savings and Return to Profitability
2025 Financial Performance : Operational Discipline Drives Savings through Margin Gains and Return to Profitability Operational Discipline Turnaround Financial Health Consolidated Net Income Combined Revenue | TL 1,624bn in 2025 TL 3.8bn Non-Bank Non-Bank OCF (1) Almost flat yoy. +TL 24bn in 2025 Ne
Slide 6: Combined Financials Q4/2025YE Results
01 Combined Financials /03 Q4/2025YE Results
Slide 7: Emerging Geopolitical Risks Weigh on the 2026 Macro Outlook
Emerging 2025 Highlights 2026 Macro Outlook Geopolitical Risks Financial conditions at peak tightness Elevated geopolitical risks Weigh on the Firmly positive real rates Impact of potentially higher oil prices Current Outlook Diverging global growth dynamics Risk to rate cut calendarization Heighten
Slide 8: Strong earnings recovery in 2025, with Q4 momentum reflecting balanced portfolio execution
Strong earnings recovery in 2025, with Q4 momentum reflecting balanced portfolio execution Combined Revenue (TL bn)(1) Combined EBITDA (TL bn) Consolidated Net Income/Loss (TL bn) 12.6% 12.1% -5% 35% 7.2 -10% 54.3 432.5 95% 412.1 4.6 40.3 29.9 3.8 234.0 210.3 15.4 -2% 0.9 2% -0.9 -3.9 198.5 201.8 25
Slide 9: Bottomline swing supported by banking strength and improved non-bank execution
Bottomline swing supported by banking strength and improved non-bank execution Combined Revenue (TL bn)(1) Combined EBITDA (TL bn) Consolidated Net Income/Loss (TL bn) 12.4% 11.5% 0% 8% 6.3 3.8 1,627.7 1,623.9 9% 181.7 1% 168.8 2.5 1.3 88.8 -5.6 866.1 871.5 81.3 6% -1% -14.7 87.5 93.0 761.6 752.4 -2
Slide 10: Bottomline back on track: ROE turns positive, OCF Strengthens
Bottomline back on track: Return on Equity ROE turns positive, OCF Strengthens Bank Non-Bank Consolidated 7.0% Operational Cash Flow, Combined & Non-bank (TL bn)(1) 1.0% -5.1% 11.2% 89.3 77.2 1.7% 1.9% 66.1 -2.3% 0.5% -9.7% 2023 2023 2023 20242024 2024 2025 20252025 Bank Non- Bank Non- Bank Non- ban
Slide 11: Balance sheet flexibility sustained for strategic execution
… while balance sheet flexibility Non-Bank Capex/Sales (3) sustained for strategic execution 13.5% Net Financial Debt to Non-Bank EBITDA(1) Holding Only - Net Cash (TL bn)(2) 12.3% 11.4% Policy: ≤ 2x 12.4 1.6x Capital contribution 1.4x 3.8 7.0 0.7x 8.5 2023 2024 2025 2023 2024 2025 2023 2024 2025 20
Slide 12: YTD NAV Recovery, Elevated Discount
YTD NAV Recovery, Elevated Discount NAV (USD bn) & NAV Discount(1) February 2026 11.0 Energy & Climate 10.6 Technologies Material Technologies 34% 14% 9.8 58.0% 56.2% Digital 1% USD 11bn Other 46.0% 6% Cash 1% Dec 2024 Dec 2025 Feb 2025 Banking & NAV (USDbn) NAV Discount Financial Services 44% (1) P
Slide 13: Segment Financials
02 /03 Segment Financials
Slide 14: Bank / Well-positioned to deliver sustainable & profitable growth
Bank / Well-positioned to deliver sustainable & profitable growth Current Assessment Revenue (TL bn) Fee /Opex (%) ๏ Solid solvency (16.8% CAR & 13.6% Tier 1)(2) creates competitive advantage for long-term 106 profitable growth +20pp +50% 222 ๏ Exceeded loan growth guidance in both TL & FX 86 loans
Slide 15: Bank / Renewed NII support & strong fee income reinforced core revenues
Bank / Renewed NII support & strong fee income reinforced core revenues % Q3 2025 Q4 2025 Change 2024 2025 Change Leverage 11.6x 11.5x -0.1x 11.0x 11.5x +0.5x CIR(1) 58.2% 46.3% -11.9 pp 56.1% 50.6% -5.5 pp CAR(2) 17.2% 16.8% -0.4 pp 17.8% 16.8% -1.0 pp Tier-1(2) 13.6% 13.6% - 15.1% 13.6% -1.5 pp %
Slide 16: Financial Services / GWP growth in life continues, selective focus in non-life
Financial Services / GWP growth in life continues, yet selective focus on profitable products prevailed in non-life Current Assessment Life: Life, PA & Medisa GWP(1) (TL bn) Pension AUM(2) (TL bn) ๏ Leadership in both Private Pension AuM & Life & PA premium production among private 33.0 companies 32
Slide 17: Financial Services / Life-led EBITDA growth & resilient Non-Life profitability
Financial Services / Life-led EBITDA growth & resilient Non-Life profitability, bottom-line normalized from a high base* amid monetary losses Financial Services Segment Summary Financials(1) MILLION TL Q4 2024 Q4 2025 Change 2024 2025 Change SALES 19,955 20,251 2% 77,382 71,593 -8% EBITDA 4,056 2,90
Slide 18: Energy / Higher wind capacity drives revenue momentum
Energy / Higher wind capacity drives revenue momentum, while profitability is led by distribution and climate technologies Current Assessment Distribution & Retail: Generation volume (TWh) ๏ Distribution continued to drive operational Spot Prices vs BOTAŞ Tariff earnings, retail contribution remaine
Slide 19: Energy / Bottom-line benefitted from strong EBITDA and favorable tax effects
Energy / Bottom-line benefitted from strong EBITDA and favorable tax effects in distribution & SCT, & improved further by monetary gains in generation Energy Segment Summary Financials(1) MILLION TL Q4 2024 Q4 2025 Change 2024 2025 Change SALES 91,089 98,042 8% 346,472 356,309 3% EBITDA 14,392 14,28
Slide 20: Material Technologies / Solid international cement & composites' performance
Material Technologies / Solid international cement & composites’ performance outweighed softness in tire & tire reinforcement Current Assessment Building materials: Total Cement Volumes (1) Mannok’s Performance (EUR mn) Alternative Fuel Usage Geographical Break (mn ton) in Mannok ๏ Çimsa’s growing i
Slide 21: Material Technologies / Building materials' strong EBITDA supported the bottom line
Material Technologies / Building materials’ strong EBITDA supported the bottom line, while one-off items weighed on tire & tire reinforcement Material Technologies Summary Financials(1) MILLION TL Q4 2024 Q4 2025 Change 2024 2025 Change SALES 38,171 37,337 -2% 154,855 150,515 -3% Building Materials
Slide 22: Digital & Other / Weak consumer demand partially offset by alternative & online channels
Digital & Other / Weak consumer demand driven weakness partially offset by alternative & online channels Retail Electronics Retail Electronics Current Assessment Q4 Margin Performance Full-Year Margin Performance Digital: ๏ EBITDA improvement driven by contributions 14.8% -188bps 62bps 13.5% from cl
Slide 23: Digital & Other / Mixed operating performance amid high indebtedness
Digital & Other / Mixed operating performance coupled with ongoing pressure from high indebtedness Digital Segment Summary Financials(1) MILLION TL Q4 2024 Q4 2025 Change 2024 2025 Change SALES 2,062 2,053 0% 5,014 6,035 20% EBITDA 3 204 8,006% -427 238 n.m. EBITDA MARGIN 0% 10% 981bps -9% 4% n.m. N
Slide 24: Appendix
03 /03 Appendix
Slide 25: Dividend Performance
Dividend Performance MILLION TL 2021 2022 2023 2024 2025 Akbank 255 494 3,666 4,063 2,589 Akçansa 42 36 99 457 477 Aksigorta 110 - - - - Agesa 64 - 60 120 400 Brisa 107 270 479 452 283 Carrefoursa - - - - - Çimsa - 109 218 545 327 Kordsa - 114 41 - - Teknosa - - - - - Enerjisa Enerji 454 586 1,087 1
Slide 26: Financials in Detail
Financials in Detail Combined Revenue(1) Combined EBITDA Consolidated Net Income/Loss MILLION TL Q4 2024 Q4 2025 Change 2024 2025 Change Q4 2024 Q4 2025 Change 2024 2025 Change Q4 2024 Q4 2025 Change 2024 2025 Change TOTAL 432,515 412,142 -5% 1,627,669 1,623,927 0% 40,311 54,302 35% 168,817 181,748
Slide 27: Sabancı Holding NAV After Independent Valuation Reports
Sabancı Holding NAV After Independent Valuation Reports USD mn February 2026 December 2025 Companies Free Float Direct Stake Valuation Method Mcap Value to Sabancı Holding % of NAV Value to Sabancı Holding % of NAV Akbank 54% 41% Market value 10,703 4,361 39.5% 3,452 35.1% Enerjisa Enerji 20% 40% Ma
Slide 28: Investor Relations
Meet SirA, Sabancı Holding's digital Investor Presentation - Earnings ir.sabanci.com Group Strategy Presentation investor relations assistant ! Türkiye’s First Investor Relations Dedicated Assistant ! SBU Presentation – Energy & Capital Markets 2024 Annual Climate Technologies Day 2024 Report Kerem
Hacı Ömer Sabancı Holding A.Ş. — Q4 2025 Earnings Presentation on 6ix