2025 Q2 Earnings Presentation

E6rfiifigs Presefit6tiofi

Q2/H1 2025

August 14, 2025

Most Honored Company in Emerging EMEA Industrials

Extel 2025

Fifi6fici6l Highlights

Acceler6ted m6rgifis led to 6fi e6rfiifigs swifig drivefi by fifi6fici6l disciplifie

Fifi6fici6l Resiliefice (Q2'25 & H1'25)

๏ Combined Revenue Growth: 4% ificre6se yoy both in Q2'25 and H1'25

๏ EBITDA Margin(1): up by 325bps ifi Q2'25, up by 190bps ifi H1

๏ Consolidated Net Income: TL 1.8bfi ifi Q2'25 vs TL 2.4bn loss in Q2'24

Fifi6fici6l Flexibility (H1'25)

๏ Holding-only cash: TL 13.3bn, c6sh build up m6ifit6ified post dividefid p6ymefit

๏ OCF (2) : TL 29bn, >2x YoY, drivefi by m6rgifi g6ifis & workifig c6pit6l disciplifie

๏ Capex/Sales(1): 13%, ofi tr6ck to meet mid-term guid6fice

๏ Net debt/EBITDA(1): 1.7x, below of policy level 6t 2x

V6lue Cre6tiofi (July-Efid)

๏ NAV(3) : USD 9.8bn, reboufided 13% from its YTD lows

(1) Combined, non-bank (2) Excludes banking, net cash position of financial services (3) Please refer to Appendix for the details of our NAV 3

Combified Fifi6fici6ls

Q2/H1 2025 Results

01/03

350

Geopolitical Risk Index

300

250

200

150

100

50

0

5000

Trade Policy Risk Index

4500

4000

3500

3000

2500

2000

1500

1000

500

0

1985-2019

Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar

Jun

20

20

20

20

21

21

21

21

22

22

22

22

23

23

23

23

24

24

24

24

25

25

1985-2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Re-tightefiifig 6t home, with limited price spillover from glob6l risks

Bloomberg Commodity & Energy (BCOMEN Index)

90

80

70

60

50

40

30

20

10

0

5 year range

2024

2025

CPI & PPI in Türkiye vs. Change in FX Basket(1) (Avg)

168

149

139

CPI

PPI

Change in EUR&USD Basket (Avg)

5

Inflation vs Policy Rate (%)

65% 67% 69%

70%

75% 72%

62%

52%

45% 45%

50% 50% 50% 50% 50% 50% 50% 50% 50% 48% 48% 48%

49% 49% 47% 44%

43% 46% 46% 46% 43%

42% 39% 38% 38%

35% 35% 34%

Policy Rate %

CPI (Annual Change%)

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan 24

Feb 24

Mar 24

Apr 24

May 24

Jun 24

Jul 24

Aug 24

Sep 24

Oct 24

Nov 24

Dec 24

Jan 25

Feb 25

Mar 25

Apr 25

May 25

Jun 25

Jul 25

Dec 23

Jan 24

Feb 24

Mar 24

Apr 24

May 24

Jun 24

Jul 24

Aug 24

Sep 24

Oct 24

Nov 24

Dec 24

Jan 25

Feb 25

Mar 25

Apr 25

May 25

Jun 25

Source: Bloomberg, https://www.policyuncertainty.com, TUIK

(1) Basket (0.5USD+0.5EUR)

Portfolio resiliefice 6fid fifi6fici6l disciplifie, led to fiofi-b6fik m6rgifi exp6fisiofi & 6 strofig YoY swifig tow6rd profit6bility

Combined Revenue (TL bn)(1)

4%

Combined EBITDA (TL bn)

10.3%

13.5%

Consolidated Net Income/Loss (TL bn)

4%

344.5

357.0

34.7

4%

-22%

36.2

0.1

1.7

1.8

4%

36%

Q2 2024 Q2 2025

Q2 2024 Q2 2025

-2.4

Q2 2024 Q2 2025

Non-bank Bank

Non-bank Bank

Non-bank

EBITDA Margin

Non-bank Bank

6

(1) Combined Revenue excludes Holding dividend income. Bank revenue = Interest income + commission income + capital markets gains/losses + net derivative gains/losses

2025 tr6ckifig better th6fi l6st ye6r, with higher fiofi-b6fik cofitributiofi subst6fiti6lly reducifig bottom-lifie loss

Combined Revenue (TL bn)(1)

Combined EBITDA (TL bn)

Consolidated Net Income/Loss (TL bn)

688.2

4%

367.6

8%

-1%

714.1

397.0

10.3%

83.4

-8%

139

151.6 113

111.7

90.0

81.5

56.5 58.1 49.0

31.5

-25%

17%

12.2%

76.5

-0.6

-1.4

320.6

317.2

-10.3

EBITDA Margin

(1) Combined Revenue excludes Holding dividend income. Bank revenue = Interest income + commission income + capital markets gains/losses + net derivative gains/losses

7

OCF more th6fi doubled ofi EBITDA progress & workifig c6pit6l disciplifie...

Operational Cash Flow, Combined & Non-bank (TL bn)(1)

68.8

12.8

58.9

28.8

2023 2024

H1 2024 H1 2025

(1) Excludes Banking, and net cash position of financial services

Return on Equity

Bank

Non-Bank

Consolidated

7.0%

-5.1%

-2.8%

1.7%

-0.7%

-6.6%

-9.7%

2023

2024

H1 2025

8

...providifig str6tegic flexibility through 6 he6lthy b6l6fice sheet

Net Financial Debt to Non-Bank EBITDA(1) Holding Only - Net Cash (TL bn)

Policy:

≤ 2x

12.4

7.0

13.3

1.7x

1.4x

0.7x

2023 2024 H1 2025

2023 2024 H1 2025

(1) Excludes Banking and net cash position of financial services, combined

(2) Cash outflows in relation to purchases of tangible assets and Holding's equity and capital movements across subsidiaries

Non-Bank Capex/Sales (2)

13.5%

12.6%

11.4%

11.3%

2023

2024

H1 2024

H1 2025

9

Both NAV 6fid discoufit reboufided from YTD lows, m6ifit6ifiifig 6ttr6ctive discoufit

NAV (USD bn) & NAV Discount(1) July 2025

10.6

Dec 2024 Apr 2025* Jul 2025

NAV (USDbn) NAV Discount

Energy & Climate Technologies 34%

9.8

8.7

54.7%

49.4%

46.0%

Banking & Financial Services 40%

USD9.8bn

Material Technologies 16%

Digital 1%

Other 6%

Cash 3%

10

(1) Please refer to page 26 for the details of NAV

*NAV is adjusted post dividend payment

Segmefit Fifi6fici6ls

02/03

B6fik / Provefi resiliefice through shiftifig ecofiomic cofiditiofis

Active Customer Base (1)

(mn)

+73%

14.7

8.5

2021 Q2 2025

Provision Build & Coverage

32.7

28.0

57.9

2024 Q2 2025

Stage 2+3 Coverage (%) Provision Build (TL bn)

Net Fee Income Market Share (2)

(%)

17.0

13.5

2021 Q2 2025

Fee /Opex (%)

+38pp

96.0

58.0

2022 H1 2025

Q2 2025

Fee/Opex 100%

Currefit Assessmefit

๏ Robust solvency with 17.4% CAR(2) & 13.8% Tier 1(2) creates substantial competitive advantage for profitable growth

๏ Strength of flexible balance sheet management, aligned with regulations, is set to support margin enhancement starting from 3Q25

๏ Low TL LDR (82%) along with market share gain in widespread consumer only TL time deposits create room for NIM enhancement

๏ Timely positioning in TL fixed rate bonds to support book value growth

๏ Fee/opex ratio continued to improve, rising to 96%, while quarterly ratio reached a robust 100% delivered fully opex coverage

๏ Optimized loan portfolio supported by AI based loan decision models & healthy provision reserve build

F6ctors to W6tch

๏ Changes in Macroeconomic environment

๏ Regulatory changes

๏ Demographic Trends

12

(1) Based on MIS data (2) Based on bank only BRSA monthly data, among private banks

B6fik / Robust fee ificome supports core revefiue gefier6tiofi

13

Figures are based on consolidated BRSA financials as banks are exempt from inflation accounting for 2024 whereas bank's contribution to Holding's financial is based on inflation Figures in tables are based on consolidated BRSA financials as banks are exempt from inflation accounting for 2024. Whereas bank's contribution to Holding's financials are subject to inflation accounting adjustment.

(1) CIR calculation excludes FX gain from hedge position related with stage 1&2 provisions (2) w/o forbearances. Forbearance: Fixing MtM losses of securities & FX rate for RWA calculation to 2022YE FX rate for 2023, 26.06.2023 FX rate for 2024, 28.06.2024 FX rate for 2025

Fifi6fici6l Services / GWP growth ifi life cofitifiues, yet selective focus ofi profit6ble products prev6iled ifi fiofi-life

Currefit Assessmefit

Life, PA & Medisa GWP(1) (TL bn)

Pension AUM(2) (TL bn)

Life:

36%

14.3

255.1

10%

282.3

๏ Leadership in both Private Pension AuM and

Life & PA premium production among

Q2

Q1

10.5

47%

H1 2024 H1 2025

Non-life GWP (1) (TL bn)

H1 2024 H1 2025

Non-life AUM(3) (TL bn)

private companies

๏ Sustained AUM growth together with higher

premium generation

๏ Reclassification of deferred income reserve account & regulatory change on loan maturities supported EBITDA

Non-Life:

๏ Lower Premium production optimized to maximize profitability and CAR

36%

Q2

Q1

22.5

-28%

16.3

20.5

-13%

17.8

F6ctors to W6tch

๏ Changes in Macroeconomic environment

๏ Regulatory changes

๏ Demographic Trends

H1 2024 H1 2025 H1 2024 H1 2025

14

(1) Gross Written Premiums (2) Assets Under Management. excluding auto enrolment (3) Assets Under Management

Fifi6fici6l Services / Sh6rp improvemefit ifi fiet ificome 6s fiofi-life's cofitributiofi g6ified momefitum post restructurifig

Financial Services Segment Summary Financials(1)

15

(1) Before consolidation adjustments, combined

Efiergy / Solid pickup ifi gefier6tiofi volumes with higher fi6tur6l g6s cofitributiofi, distributiofi g6ifis from efficieficy & qu6lity

Generation volume (TWh) Spot Prices vs BOTAŞ Tariff

7.0

Currefit Assessmefit

Distribution & Retail & Customer Solutions:

๏ Opex outperformance together with higher

capacity reimbursements despite lower

27%

2.6

11%

35%

+30%

13%

3.4

5.5

+28%

46%

20%

11%

22%

3,750

3,000

2,250

1,500

750

0

Spot Prices (TL/MWh) BOTAŞ Tariff TL/sm3

20.0

15.0

10.0

5.0

Mar-23

Jun-23

Sep-23

Dec-23

Mar-24

Jun-24

Sep-24

Dec-24

Mar-25

Jun-25

0.0

financial income with easing inflation expectations were supportive on EBITDA improvement on distribution

๏ Higher EBITDA contribution from customer solutions primarily driven by energy efficiency projects

๏ Generation & Energy Trading:

33%

27%

Q2 2024 Q2 2025 H1 2024 H1 2025

Lignite Wind & Solar Hydro Natural gas

Generation's Net Debt (USD mn)

Operational Earnings Walk (TL bn) (Distribution & Retail & Customer Solutions)

๏ Higher generation volumes & capacity utilization together with increased capacity payments were among the contributors of EBITDA improvement

F6ctors to W6tch

Net Debt Net Debt/EBITDA

2.7x

11.0

1.8

-0.2

0.6 13.1

๏ Electricity demand, national tariff, spot

+159%

1,185

prices & global commodity prices

๏ Hydrology & wind regime

457

0.9x

๏ Inflation, FX & interest rates

H1 2024 H1 2025

Q2 2024

Distribution

Retail

Customer Solutions &

16

Other Q2 2025

Efiergy / M6jor improvemefit ifi segmefit's EBITDA with higher cofitributiofi from gefier6tiofi busifiess

Energy Segment Summary Financials(1)

Enerjisa Generation Summary Financials(1)

17

(1) Before consolidation adjustments, combined, bus operations are started to be reported under energy segment starting Q2 2025

M6teri6l Techfiologies / We6k domestic dem6fid compefis6ted by ifit'l cemefit & tire s6les, composites p6rtly offset we6k tire reififorcemefit

Currefit Assessmefit

3.4

Cement

Sales Volume (1) (mn ton)

0.5 4.0

0.1

Cement

Petcoke Prices (2)

Petcoke Prices (USD/ton)

65 68

Cement:

๏ Challenging market conditions persists with strong sales volume from earthquake-zone.

๏ International operations supportive in

mitigating domestic drag

Tire & Tire Centric Solutions:

Jan 24

Feb 24

Mar 24

Apr 24

May 24

Jun 24

Jul 24

Aug 24

Sep 24

Oct 24

Nov 24

Dec 24

Jan 25

Feb 25

Mar 25

Apr 25

May 25

Jun 25

๏ Premium-focused sales mix continued to be supportive despite pricing pressure together with subdued domestic demand

Q2 2024 Domestic International Q2 2025

Tire & Composite Reinforcement:

๏ Continued global competition put pressure

on tire reinforcement prices

Tire

Sales Volume (mn ton)

37%

46.7 46.6

34%

66%

63%

Q2 2024 Q2 2025

Domestic Tire Channel Breakdown

28%

72%

Replacement OE

Tire Reinforcement (Tire Rein.) & Composites EBITDA Walk (USD mn)

14.8

๏ Composite sales mix and efficiency projects limited contraction in EBITDA

F6ctors to W6tch

๏ Inflation & FX

๏ Global supply & demand conditions and commodity prices

๏ Sales mix, carbon footprint & fuel mix

optimization

Domestic International

Q2 2024 Competion

in Tire Reinf.

FX-CPI

mismatch

Flood at

Indonesia

Composites Q2 2025

๏ Potential change in U.S. trade policy

๏ Reconstruction in Syria

18

(1) Cement +Clinker + CAC, excl. Mannok (2)Petcoke market prices, Source: Çimsa

M6teri6l Techfiologies / Domestic m6rket b6ckdrop pressured top-lifie ofi cemefit & tire, higher fifi6ficifig cost further hit bottom-lifie

Material Technologies Summary Financials(1)

19

(1) Before consolidation adjustments, combined

Digit6l & Other / We6ker domestic 6ctivity took 6 t6ll ofi dem6fid, 6lterfi6tive & ofilifie ch6fifiel growth rem6ifis solid

Currefit Assessmefit

Panel Market Revenue Growth(1) (Real, Y-o-y%)

Retail Electronics Gross Margins

Digital:

12%

-5%

12.3%

+2.1pp

14.4%

๏ EBITDA improvement driven by contributions from cloud business Bulutistan and operational efficiency gains

Retail Electronics:

๏ Gross margin improvement in retail electronics driven by favourable product mix with high margin product focus & disciplined promotional

strategies & inventory management

H1 2024 H1 2025

Food Retail Alternative Channels Share in Revenue(2)

Q2 2024 Q2 2025

Food Retail Stores with Online

Sales (3)

Food Retail:

๏ Despite weakened consumer spending, alternative channels partially offset the decline in topline

9.6%

+2.3pp

11.9%

161%

79

206

F6ctors to W6tch

๏ Integration process of cloud business

๏ Consumer sentiment & changing

purchasing behaviour

๏ Changes in macroeconomic environment

H1 2024 H1 2025

Q2 2024 Q2 2025

20

(1) Source: GFK, YoY%, adjusted for inflation indexation (2) Including E-Commerce, Wholesale, Export, Corparate & Horeca sales (3) Including Yemeksepeti service locations

Digit6l & Other / EBITDA improvemefit ofi 6fi 6fifiu6l b6sis, yet fifi6fici6l expefises 6fid mofiet6ry loss pressured bottomlifie

Digital Segment Summary Financials(1)

Other Summary Financials(2)

21

(1) Before consolidation adjustments, combined (2) Before consolidation adjustments, combined, excludes Holding dividend income

Fifi6fici6l Highlights

Acceler6ted m6rgifis led to 6fi e6rfiifigs swifig drivefi by fifi6fici6l disciplifie

Fifi6fici6l Resiliefice (Q2'25 & H1'25)

๏ Combined Revenue Growth: 4% ificre6se yoy both in Q2'25 and H1'25

๏ EBITDA Margin(1): up by 325bps ifi Q2'25, up by 190bps ifi H1

๏ Consolidated Net Income: TL 1.8bfi ifi Q2'25 vs TL 2.4bn loss in Q2'24

Fifi6fici6l Flexibility (H1'25)

๏ Holding-only cash: TL 13.3bn, c6sh build up m6ifit6ified post dividefid p6ymefit

๏ OCF (2) : TL 29bn, >2x YoY, drivefi by m6rgifi g6ifis & workifig c6pit6l disciplifie

๏ Capex/Sales(1): 13%, ofi tr6ck to meet mid-term guid6fice

๏ Net debt/EBITDA(1): 1.7x, below of policy level 6t 2x

V6lue Cre6tiofi (July-Efid)

๏ NAV(3) : USD 9.8bn, reboufided 13% from its YTD lows

(1) Combined, non-bank (2) Excludes banking, net cash position of financial services (3) Please refer to Appendix for the details of our NAV 22

Appefidix

03/03

Dividefid Perform6fice

Dividefid Policy: 5% - 20% of distribut6ble cofisolid6ted fiet ificome

24

1. Dividends paid to 35.1 million shares representing share buyback as of March 30, 2022, 50.6 million shares representing share buyback as of March 30, 2023, 4.85 million shares representing share buyback as of May 2, 2024, and 4.85 million shares representing share buyback as of April 2, 2025.

Dividend received are stake adjusted gross amounts

Fifi6fici6ls ifi Det6il

Combined Revenue(1)Combined EBITDA Consolidated Net Income/Loss

25

1. Combined Revenue excludes Holding dividend income

   As of Q2'25, companies within each SBU are listed as follows: Banking & Financial Services: Akbank, Aksigorta, Agesa, Energy & Climate Technologies: Enerjisa Enerji, Enerjisa Üretim, Sabancı Climate Technologies, Temsa Ulaęım araçları (TUA), Material Technologies : Akçansa, Brisa, Çimsa, Kordsa, Digital: DXBV, Other: Carrefoursa, Teknosa, Temsa Motorlu Araçlar, Tursa, Holding

   S6b6ficı Holdifig NAV After Ifidepefidefit V6lu6tiofi Reports

   USD mfi					July 2025		December 2024
   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	8,664	3,531	36.1%	3,895	36.8%
   Enerjisa Enerji	20%	40%	Market value	1,888	755	7.7%	789	7.4%
   Aksigorta	28%	36%	Market value	289	104	1.1%	126	1.2%
   Agesa	20%	40%	Market value	773	309	3.2%	332	3.1%
   Akçansa	21%	40%	Market value	674	268	2.7%	388	3.7%
   Çimsa	45%	55%	Market value	1,208	659	6.7%	681	6.4%
   Brisa	10%	44%	Market value	584	255	2.6%	342	3.2%
   Kordsa	29%	71%	Market value	295	210	2.1%	281	2.7%
   Carrefoursa	11%	57%	Market value	278	159	1.6%	216	2.0%
   Teknosa	50%	50%	Market value	117	58	0.6%	114	1.1%
   Total Listed					6,307	64.5%	7,164	67.6%
   Enerjisa Üretim(1)		50%	10.0xEV/EBITDA	3,952	1,976	20.2%	1,976	18.7%
   Çimsa Building Solutions B.V. (2)		32%	Adjusted Net Asset Value	572	181	1.9%	92	0.9%
   Sabancı Climate Technologies(3)		100%	Adjusted Book value	463	463	4.7%	463	4.4%
   DxBV		100%	1xBook value	67	67	0.7%	78	0.7%
   TUA		50%	1xBook value	207	103	1.1%	98	0.9%
   Other(4)		100%	1xBook value	340	340	3.5%	370	3.5%
   Total Nofi-listed(5)					3,130	32.0%	3,077	29.0%
   Total					9,437	96.6%	10,241	96.7%
   Sabancı Holding Net Cash					335	3.4%	351	3.3%
   Sabancı Holding NAV					9,772	100.0%	10,592	100.0%
   Sabancı Holding Mcap					4,943		5,715
   Sabancı Holding Discount					-49.4%		-46.0%

   Numbers are based on IAS 29 (inflation accounting)

   All figures are adjusted with USD/TRY of related period-end (Jul'25 & Dec'24)

   
   
   

   Book values of non-listed companies are as of end of Jun'25 adjusted with July-end USD/TRY for Jul'25 figures. Book values of non-listed companies as of Dec adjusted with Dec-end USD/TRY for Dec'24 figures

   1. Enerjisa Üretim was valued using 25.82 USD/TRY based on the EY report published on 24.10.2023. Book value is USD 3,503 mn

      26

   2. Çimsa Building Solutions B.V. (CBS - formerly Sabancı Building Solutions) was valued using 1.1147 EUR/USD based on the EY report dated 26.09.2024, adjusted by adding the Mannok acquisition price (EUR 253.4 million at 1.1070 EUR/USD on 02.10.2024). Book value is USD 413 mn

   3. 40% of the project was valued at USD 185 mn during tax equity financing. Book value is USD 277 mn

   4. Other includes Tursa, TMA, and SabancıDx

*Jul-end USD/TRY 40.5128, Dec-end USD/TRY 35.2803

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