2025 Q3 Earnings Presentation

E6rfiifigs Presefit6tiofi

Q3/9M 2025

November 5, 2025

Most Honored Company in Emerging EMEA Industrials

Extel 2025

Str6tegic Highlights

Cofitifiued str6tegic progress through disciplified executiofi

Key Developments (H2'25)

๏ Acquisition in U.S. - 156 MW Pepper & 130 MW Lucky 7 Solar Farms in

Texas, made by Sabancı Climate Technologies in the U.S.

๏ Holding's capital contribution to Sabancı Climate Technologies -

reaching USD 362mn

๏ Reaffirming our confidence in Kordsa - ~USD 70mn rights issue &

our ~USD 50mn advance payment in October

๏ Surpassing 4.2 GW capacity in energy generation business in Türkiye - 414 MW new capacity has been added under YEKA-2 project since 2023, 330 MW capacity added alone YTD

๏ Commissioning of U.S. Grey Cement Grinding Plant - 600 kt annual

capacity facility in Houston

๏ Bulutistan expanded its presence in Europe and Central Asia - new operations in the U.K. and Uzbekistan, reinforcing its position in the global cloud market

(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 Q3/9M 2025 Results 01/03

Policy e6sifig with me6sured steps 6t home, 6mid persistefit glob6l risks

350

300

250

200

150

100

50

Sep 24

Oct 24

Nov 24

Dec 24

Jan 25

Feb 25

Mar 25

Apr 25

May 25

Jun 25

Jul 25

Aug 25

Sep 25

Oct 25

Sep 24

Oct 24

Nov 24

Dec 24

Jan 25

Feb 25

Mar 25

Apr 25

May 25

Jun 25

Jul 25

Aug 25

Sep 25

Oct 25

Sep 24

Oct 24

Nov 24

Dec 24

Jan 25

Feb 25

Mar 25

Apr 25

May 25

Jun 25

Jul 25

Aug 25

Sep 25

Oct 25

0

Geopolitical Risk Index

4500

4000

3500

3000

2500

2000

1500

1000

500

1985-2019

Mar 20

Jun 20

Sep 20

Dec 20

Mar 21

Jun 21

Sep 21

Dec 21

Mar 22

Jun 22

Sep 22

Dec 22

Mar 23

Jun 23

Sep 23

Dec 23

Mar 24

Jun 24

Sep 24

Dec 24

Mar 25

Jun 25

Sep 25

1985-2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

0

Trade Policy Risk Index

Inflation vs Policy Rate (%)

CBRT Funding vs One week Repo(%)

55%

55%

CPI & PPI in Türkiye vs. Change in FX

Basket(1) (Avg)

50% 140

50%

45%

130

137

128

126

40%

39.5%

45%

120

35%

42.5%

39.5%

110

32.9%

40%

30%

100

35%

25%

90

20%

30%

80

Policy Rate %

CPI (Annual Change%)

CBRT Funding %

One week repo %

CPI

PPI

Change in EUR&USD Basket (Avg)

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

(1) Basket (0.5USD+0.5EUR)

5

Effective fifi6fici6l m6fi6gemefit

led to subst6fiti6l bottom-lifie swifig

Combined Revenue (TL bn)(1)

-3%

Combined EBITDA (TL bn)

12.5%

12.8%

Consolidated Net Income/Loss (TL bn)

-4%

210.5

393.5

405.4

-2%

33.5

39.9

19%

74%

-2%

0.7

0.0

-3.8

Q3 2024 Q3 2025

Q3 2024 Q3 2025

Q3 2024 Q3 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

Strofig fiofi-b6fik oper6tiofi6l executiofi & disciplified cost m6fi6gemefit led to sigfiific6fit m6rgifi g6ifi

Combined Revenue (TL bn)(1)

Combined EBITDA (TL bn)

12.5%

Consolidated Net Income/Loss (TL bn)

1%

605.7

633.6

5%

-2%

11.1%

-1%

139

151.6 113

111.7

90.0

81.5

56.5 58.1 49.0

31.5

-11%

10%

0.4

539.6

527.6

-14.8

9M 2024 9M 2025

9M 2024 9M 2025

9M 2024 9M 2025

Non-bank Bank

Non-bank Bank

Non-bank

EBITDA Margin

Non-bank Bank

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

7

OCF m6ifit6ified with solid EBITDA & disciplified c6sh flow m6fi6gemefit…

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

74.0

63.3

52.6

53.0

2023 2024 9M 2024 9M 2025

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

Return on Equity

Bank

Non-Bank

Consolidated

7.0%

-1.5%

-5.1%

1.7%

-0.2%

-4.0%

-9.7%

2023

2024

9M 2025

8

...providifig 6 he6lthy b6l6fice sheet for flexible str6tegic executiofi

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

Policy:

≤ 2x

12.4

12.0

7.0

1.7x

1.4x

0.7x

2023 2024 9M 2025

2023 2024 9M 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%

12.0%

11.4%

2023

2024

9M 2024

9M 2025

9

Attr6ctive discoufit 6mid m6cro he6dwifids

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

8.7

54.7%

9.4

56.6%

46.0%

10.6

Dec 2024 Apr 2025* Oct 2025

NAV (USDbn) NAV Discount

Energy & Climate Technologies 37%

Banking & Financial Services 37%

USD9.4bn

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 / Strefigthefied sust6ifi6ble revefiue stre6ms

Net Fee Income Market Share(1) (%)

17.8

16.4

86.0

Fee /Opex (%)

+18pp

104.0

Currefit Assessmefit

๏ While growing preserved robust solvency with 17.2% CAR(2) & 13.6% Tier 1(2) which enables sustainable and profitable growth

๏ Achieved strong loan growth with across-the-board market share gains supported by solid deposit mix

๏ Strong fee generation and renewed NII momentum; funding flexibility and focused growth secure further improvement in core revenues

๏ Cumulative fee/opex ratio reached 104%,

reflecting operational strength and

2024 9M 2025

Provision Build & Coverage

34.3

2024 9M 2025

efficiency

๏ Growth underpinned by prudent risk management and strengthened provisions with Stage 2+3 coverage ratio reaching 34.3%

F6ctors to W6tch

28.0

67.9

Stage 2+3 Coverage (%)

Provision Build (TL bn)

14.8mn

active customers(2)

(+76% since 21YE)

๏ Global & domestic inflation outlook

๏ Monetary and fiscal policy implementation

๏ Regulatory environment

2024 9M 2025

12

(1) Based on bank only BRSA monthly data, among private banks (2) Based on MIS data, as of 9M 2025

B6fik / Net ifiterest ificome provides support to core revefiues

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 (Cost Income Ratio) calculation excludes FX gain from hedge position related with stage 1&2 provisions (2) CAR (Capital Adequacy Ratio) w/o forbearances. Forbearance: Fixing MtM losses of securities & FX rate for RWA calculation to 26.06.2023 FX rate for 2024, 28.06.2024 FX rate for 2025. NIM: Net Interest Income

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:

Q3 15.3

52%

23.3

279

20%

336.0

๏ Leadership in both Private Pension AuM and Life & PA premium production among private companies

๏

Sustained AUM growth together with higher

Q2

Q1

premium generation

๏ Reclassification of deferred income reserve

account & regulatory change on loan maturities supported EBITDA

34%

9M 2024 9M 2025

Non-life GWP (1) (TL bn)

9M 2024 9M 2025

Non-life AUM(3) (TL bn)

Non-Life:

๏ Lower Premium production optimized to maximize profitability and CAR

Q3

Q2

Q1

37.7

36%

-31%

25.9

18.2

-16%

15.2

F6ctors to W6tch

๏ Changes in Macroeconomic environment

๏ Regulatory changes

๏ Demographic Trends

9M 2024 9M 2025 9M 2024 9M 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 / Higher gefier6tiofi volumes with 6dditiofi6l wifid c6p6cities, distributiofi g6ifis from efficieficy & qu6lity

Currefit Assessmefit

Generation volume (TWh)

9.4

+18%

11.1

Spot Prices vs BOTAŞ Tariff

21%

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

Distribution & Retail:

๏ Distribution continued to drive operational earnings, while retail contribution remained

3.9

+5%

4.1

3,750

3,000

2,250

1,500

16.0

14.0

12.0

10.0

8.0

soft

๏ Efficiency and quality gains and higher capex reimbursements despite lower

financial income were the key growth drivers

9%

Q3 2024 Q3 2025 9M 2024 9M 2025

Lignite Wind & Solar Hydro Natural gas

Generation's Net Debt (USD mn)

750

Mar-23

Jun-23

Sep-23

Dec-23

Mar-24

Jun-24

Sep-24

Dec-24

Mar-25

0

Distribution & Retail

Underlying Net Income Walk (TL bn)

1.1

6.0

4.0

2.0

Jun-25

Sep-25

0.0

7.5

๏ Higher investments made in Q3, benefitting

from lower financing costs

Generation & Energy Trading:

๏ Additional wind capacity commissioned in 2025 more than offset lower generation volume due to weak hydrology

๏ Lower electricity prices, combined with weaker trading contribution, continued to

weigh on EBITDA

๏ Higher monetary gains and tax income were

supportive on bottom line

Net Debt Net Debt/EBITDA

2.8x

1,233

+163%

0.9x

470

9M 2024 9M 2025

4.2

9M 2024

0.7

2.3

Operational Earnings

Mon. Loss

Tax

-2.7

Fin. Exp.

5.7

9M 2025

16

Guidance Revision

F6ctors to W6tch

๏ Electricity demand, national tariff, spot

๏ Hydrology & wind regime

๏ prices & global commodity prices

๏

Inflation, FX & interest rates

5th Regulatory Period (2026-2030)

Efiergy / Distributiofi drove EBITDA growth, while gefier6tiofi further strefigthefied both toplifie 6fid bottom-lifie

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 / Tire m6rgifis 6fid composites' cofitributiofi

up ofi s6les mix; domestic reboufid supports buildifig m6teri6ls

Currefit Assessmefit

Building materialst:

๏ Akçansa gained domestic momentum QoQ,

Total Cement Volumes (1)

Geographical Break (mn ton)

4.3

Domestic Cement Volumes (mn ton)

2.6

Total Cement Volumes

Product Mix (mn ton)

4.3

while Çimsa's international operations remained supportive despite FX-inflation mismatch

๏ Lower cost base and mitigation efforts could

3.8

+13%

40%

1.8

48%

2.2

3.8

+13%

not catch up with last year's strong margins

Tire & Tire Centric Solutions:

๏ Year-on-year growth in domestic sales was

driven by consumer market through

51%

Q3'24 Q3'25

Domestic International

Q1'25 Q2'25 Q3'25

Çimsa Akçansa Total

13%

Q3'24 Q3'25

Grey Cement+Clinker High Margin

replacement channel

๏ Premium-focused mix and cost discipline

drove margin gains despite price hikes which lagged inflation and subdued demand

Tire & Composite Reinforcement:

๏ High price competition due to China despite

Domestic Tire

Replacement Channel

Tire Reinforcement (Tire Reinf.) & Composites

๏ stagnant demand

Sales Volume (kton)

+4%

29.2 30.3

Consumer Market (HRD Market Share)

19.4%

17.9

-5.2

EBITDA Walk (USD mn)

-4.1

7.3 11.6

Composite sales mix and cost control limited contraction in EBITDA

๏

Impact of flood disaster in Indonesia continued to weigh on results

76%

24%

78%

22%

16.8%

Competion in Tire Reinf.

-11.3

Flood at Indonesia

7.1

Other (MFG FC,

F6ctors to W6tch

๏ Inflation & FX

๏ Global supply & demand conditions and

commodity prices

๏ Sales mix, carbon footprint & fuel mix

Q3 2024 Q3 2025

Replacement OE

8M'24 8M'25

Q3 2024

FX-CPI

mismatch

Composites FPDE, Opex

& Other)

Q3 2025

optimization

๏ Potential change in U.S. trade policy

18

๏ Reconstruction in Syria

(1) Cement +Clinker + CAC, excl. Mannok, volume growth would be 20% yoy inc. Mannok

M6teri6l Techfiologies / M6rgifi cofitr6ctiofi p6rticul6rly ifi buildifig m6teri6ls due to l6st ye6r's high b6se, higher mofiet6ry g6ifis & lower t6x expefises supported bottom-lifie

Material Technologies Summary Financials(1)

19

(1) Before consolidation adjustments, combined

Digit6l & Other / We6k cofisumer dem6fid weighed ofi results, while 6lterfi6tive & ofilifie ch6fifiels p6rti6lly offset the imp6ct

Currefit Assessmefit

Retail Electronics Gross Margin

+1.3pp 13.7%

12.1%

Retail Electronics EBITDA Margin

6.3%

+2.0pp

4.3%

Digital:

๏ EBITDA improvement driven by contributions

from cloud business Bulutistan and operational

efficiency gains

Retail Electronics:

๏ Gross margin improvement driven by

favourable product mix with high-margin category focus, disciplined pricing and effective

9M 2024 9M 2025

Food Retail Alternative Channels Share in Revenue(1)

Q3 2024 Q3 2025

Food Retail Stores with Online

Sales (2)

inventory management

๏ EBITDA margin expansion supported by

disciplined cost management, enhanced operating efficiency and optimization across all cost items, marking the highest level of the year

Food Retail:

๏ Ongoing softness in consumer demand was

partially offset by the contribution from

10.0%

+2.6pp

12.6%

112

113%

239

alternative channels

F6ctors to W6tch

๏ Integration process of cloud business

๏ Consumer sentiment & changing purchasing behaviour

9M 2024 9M 2025

Q3 2024 Q3 2025

๏ Changes in macroeconomic environment

20

(1) Including E-Commerce, Wholesale, Export, Corporate & Horeca sales (2) Including Yemeksepeti service locations

Digit6l & Other / Mixed oper6tifig perform6fice coupled with ofigoifig pressure from fifi6fici6l expefises

Digital Segment Summary Financials(1)

Other Summary Financials(2)

21

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

Str6tegic Highlights

Cofitifiued str6tegic progress through disciplified executiofi

Key Developments (H2'25)

๏ Acquisition in U.S. - 156 MW Pepper & 130 MW Lucky 7 Solar Farms in

Texas, made by Sabancı Climate Technologies in the U.S.

๏ Holding's capital contribution to Sabancı Climate Technologies -

reaching USD 362mn

๏ Reaffirming our confidence in Kordsa - ~USD 70mn rights issue &

our ~USD 50mn advance payment in October

๏ Surpassing 4.2 GW capacity in energy generation business in Türkiye - 414 MW new capacity has been added under YEKA-2 project since 2023, 330 MW capacity added alone YTD

๏ Commissioning of U.S. Grey Cement Grinding Plant - 600 kt annual

capacity facility in Houston

๏ Bulutistan expanded its presence in Europe and Central Asia - new operations in the U.K. and Uzbekistan, reinforcing its position in the global cloud market

(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					October 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	7,547	3,075	32.6%	3,895	36.8%
   Enerjisa Enerji	20%	40%	Market value	2,326	930	9.9%	789	7.4%
   Aksigorta	28%	36%	Market value	269	97	1.0%	126	1.2%
   Agesa	20%	40%	Market value	902	361	3.8%	332	3.1%
   Akçansa	21%	40%	Market value	610	242	2.6%	388	3.7%
   Çimsa	45%	55%	Market value	1,073	585	6.2%	681	6.4%
   Brisa	10%	44%	Market value	644	281	3.0%	342	3.2%
   Kordsa	29%	71%	Market value	260	185	2.0%	281	2.7%
   Carrefoursa	11%	57%	Market value	332	190	2.0%	216	2.0%
   Teknosa	50%	50%	Market value	120	60	0.6%	114	1.1%
   Total Listed					6,007	63.7%	7,164	67.6%
   Enerjisa Üretim(1)		50%	10.0xEV/EBITDA	3,952	1,976	21.0%	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	4.9%	463	4.4%
   DxBV		100%	1xBook value	68	68	0.7%	78	0.7%
   TUA		50%	1xBook value	218	109	1.2%	98	0.9%
   Other(4)		100%	1xBook value	333	333	3.5%	370	3.5%
   Total Nofi-listed(5)					3,130	33.2%	3,077	29.0%
   Total					9,137	96.9%	10,241	96.7%
   Sabancı Holding Net Cash					290	3.1%	351	3.3%
   Sabancı Holding NAV					9,427	100.0%	10,592	100.0%
   Sabancı Holding Mcap					4,089		5,715
   Sabancı Holding Discount					-56.6%		-46.0%

   Numbers are based on IAS 29 (inflation accounting)

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

   
   
   

   Book values of non-listed companies are as of end of Sep'25 adjusted with Oct-end USD/TRY for Oct'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 3,704 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 430 mn

   3. 40% of the project was valued at USD 185 mn during tax equity financing. Book value is USD 318 mn

   4. Other includes Tursa, TMA, and SabancıDx

*Oct-end USD/TRY 41.8922, Dec-end USD/TRY 35.2803

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