Haci Omer Sabanci Holding A.s.BIST: SAHOL

2025 Q4 Earnings Presentation

· Issued by Haci Omer Sabanci Holding A.s.
E6rfiifigs Presefit6tiofi

Q4/2025YE

M6rch 5, 2026

Most Honored Company in Emerging EMEA Industrials

1

Extel 2025



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 across executive leadership.

Total Türkiye capacity

Energy & Climate Technologies

5 GW

Total global generation capacity

4.5GW

504MW

Total U.S. capacity

  • Türkiye : Reached over 1GW wind, additional 750MW wind project via YEKA-2024 tender

  • US: 286MW added. Revenue streams secured largely through PPAs

  • Strong bottomline contribution from fully operational Cutlass II & Oriana's Q3 commissioning

Financing secured. ~ 90% of YEKA-2 from intl. institutions in 2.5 years, inc. $200mn EBRD loan received in 2025, with 8-year maturity

13.49% (after tax)

WACC for 2026-2030 regulatory period, maintaining a 10-year capex recovery framework

~$1.5bn

Material Technologies

600kt

U.S Grey cement grinding plant commissioned,

strengthening market presence in the U.S. and hard

currency revenue base

€68mn(2024: €60mn)

EBITDA contribution from Mannok

after a successful integration process, extending Çimsa's local expertise across international operations

$200mn

€50mn

Long-term financing secured by Kordsa, restructuring balance sheet by extending short-term debt to 5-yr maturity incl. 1-yr grace period

Banking & Financial Services

+50%

year on year increase in core banking revenue

through disciplined balance sheet management, superior fee momentum, and selective market share gains in banking operations

Unified Group structure across Akbank, Agesa and Aksigorta, leveraging bancassurance, digitalization and operational excellence synergies

Holding

$1.1bn

A binding offer received from an unrelated third party

for Sabancı Holding's 39.72% stake in Akçansa,

based on a total company value of $1.1bn on a cash free and debt free basis

TL2.97bn

Dividend Distribution Proposal, (TL1.41 DPS), 24 years of uninterrupted dividend distribution

Digital

3 New Countries

Bulutistan expanded into (Germany, UK and Uzbekistan), strengthens its global presence

LSEG

Ranked 1st out of 100+ investment holding companies, with a score of 85 (A note)

MSCI

Maintained AA note in ESG Ratings

BIST

Among the Top 10 Components In the BIST25 Sustainability Index

CDP

9 Sabancı Group companies on CDP's Global A List (Global Leaders)

S&P

Inclusion in the

S&P Global Sustainability Yearbook



3

Leadership model focused on portfolio-wide value creation, agility and execution speed

Portfolio-Centric Leadership



Disciplified C6pit6l Alloc6tiofi, Portfolio-Cefitric Executiofi

Manage the Value

Cash generative assets with strict capital discipline and capital efficiency (ROE focus)

Protect & Invest to Grow

High Return platforms with scalable economics and clear governance

Agile, Disciplined

Active Portfolio

Ownership

Strategic Review

Capital reallocation candidates subject to pre-defined return and timing criteria

Transform to Unlock Value

Assets under strategic

& operational transformation with defined milestones

Return Performance / Potential

High

Low

Low High



Strategic Alignment 4

2025 Fifi6fici6l Perform6fice : Oper6tiofi6l Disciplifie

Drives S6vifigs through M6rgifi G6ifis 6fid Returfi to Profit6bility

Operational Discipline

Combined Revenue | TL 1,624bn in 2025 Almost flat yoy.

Non-Bank EBITDA Margin | 12.4% in 2025 Up by +87bps yoy.

"Cost discipline contributed around TL 10 billion to EBITDA over the full year"

Turnaround

+TL 24bn

Consolidated Net Income

-TL 20.3bn

in 2024

Consolidated ROE

TL 3.8bn

in 2025

+620bps

+1.0%

in 2025

Financial Health

Non-Bank

Net Debt /EBITDA(1)

1.6x

Non-Bank OCF (1)

TL89.3bn

Non-Bank Capex/sales (1)

12.3%

Holding Only Cash

TL8.5bn

-5.1%

in 2024



(1) Combined 5

01/03 Combified Fifi6fici6ls Q4/2025YE Results

2025 Highlights

2026 Macro Outlook

Financial conditions at peak tightness

Elevated geopolitical risks

Firmly positive real rates

Impact of potentially higher oil prices

Diverging global growth dynamics

Risk to rate cut calendarization

Heightened geopolitical uncertainty

Higher uncertainty at the start of the year

Emergifig Geopolitic6l Risks Weigh ofi the Currefit Outlook

10%

38%

150 30%

37%

100

20%

36%

36.7%

50

35%

0

0%

34%

Policy Rate %

CPI (Annual Change%)

Change in FX Basket (Annual,Avg)

40%

200

38.4%

39%

50%

250

39.8%

40%

40.4%

60%

300

TLREF (%)

41%

Inflation vs Policy Rate vs Change in FX

Basket(1) (Avg) (%)

350

Geopolitical Risk Index



1985-2019

Apr 20

Aug 20

Dec 20

Apr 21

Aug 21

Dec 21

Apr 22

Aug 22

Dec 22

Apr 23

Aug 23

Dec 23

Apr 24

Aug 24

Dec 24

Apr 25

Aug 25

Dec 25

Dec 24

Jan 25

Feb 25

Mar 25

Apr 25

May 25

Jun 25

Jul 25

Aug 25

Sep 25

Oct 25

Nov 25

Dec 25

Jan 26

Feb 26

Oct'25

Nov'25

Dec'25

Jan'26

Feb'26

Mar'26

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



(1) Basket (0.5USD+0.5EUR) 7

Strofig e6rfiifigs recovery ifi 2025, with Q4 momefitum reflectifig b6l6ficed portfolio executiofi

Combined Revenue (TL bn)(1)

Combined EBITDA (TL bn)

12.6%

Consolidated Net Income/Loss (TL bn)

-5%

432.5

-10%

412.1

35%

95%

12.1%

54.3

0.9

3.8

4.6

29.9

7.2

40.3

234.0

2%

-2%

198.5

24.4

-4.8

201.8

210.3

25.0

15.4

-3.9

-0.9

Q4 2024 Q4 2025

Q4 2024 Q4 2025

Q4 2024 Q4 2025 Q4 2025

Non-bank Bank

Non-bank Bank

Non-bank

EBITDA Margin

Non-bank Bank

(Adj)*

Bottomlifie swifig supported by b6fikifig strefigth 6fid improved fiofi-b6fik executiofi

Combined Revenue (TL bn)(1)

0%

752.4

871.5

761.6

866.1

1,623.9

1,627.7

1%

Combined EBITDA (TL bn)

11.5% 12.4%

8%

181.7

168.8

9%

Consolidated Net Income/Loss (TL bn)

6.3

1.3

2.5

3.8

87.5

81.3

93.0

88.8

-14.7

-5.6

-1% 6%

-20.3

2024 2025

2024 2025

2024 2025 2025 (Adj)*

Non-bank Bank

Non-bank Bank

Non-bank

EBITDA Margin

Non-bank Bank

Bottomlifie b6ck ofi tr6ck:

ROE turfis positive, OCF Strefigthefis

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

89.3

77.2

66.1

2023 2024 2025

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

Return on Equity

Bank

Non-Bank

Consolidated

7.0%

1.0%

-5.1%

1.7%

1.9%

0.5%

-9.7%

2023

2024

2025

10

-2.3%

11.2%



… while b6l6fice sheet flexibility sust6ified for str6tegic executiofi

Net Financial Debt to Non-Bank EBITDA(1) Holding Only - Net Cash (TL bn)(2)

Policy:

≤ 2x

7.0

Capital contribution 3.8

8.5

12.4

1.6x

1.4x

0.7x

2023 2024 2025

2023 2024

2025

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

  2. Holding-only cash as of the reporting date, without IAS 29 adjustments

  3. Cash outflows in relation to purchases of tangible assets and Holding's equity and capital movements across subsidiaries

Non-Bank Capex/Sales (3)

13.5%

12.3%

11.4%

2023

2024

2025

11



YTD NAV Recovery, Elev6ted Discoufit

NAV (USD bn) & NAV Discount(1) February 2026

10.6

46.0%

9.8

58.0%

11.0

56.2%

Energy & Climate Technologies 34%

USD 11bn

Material Technologies 14%

Digital 1%

Other 6%

Cash

1%

Dec 2024 Dec 2025 Feb 2025

NAV (USDbn) NAV Discount

Banking & Financial Services 44%



  1. Please refer to page 27 for the details of NAV

12

02/03 Segmefit Fifi6fici6ls

B6fik / Well-positiofied to deliver sust6ifi6ble & profit6ble growth

Revenue (TL bn)

Fee /Opex (%)

Currefit Assessmefit

๏ Solid solvency (16.8% CAR & 13.6% Tier 1)(2)

creates competitive advantage for long-term

+50%

222

+20pp

86

106

profitable growth

๏ Exceeded loan growth guidance in both TL & FX loans while preserving robust solvency, reflecting strong risk-reward discipline

148

2024 2025

Provision Build & Coverage

70.7

28.0 28.1

46.3

2024 2025

Stage 2+3 Coverage (%)

Provision Build (TL bn)

2024 2025

15.2 mn

active customers(1)

(+80% since 21YE)

๏ Low TL LDR (3) of 92% offers room for funding

cost optimization and strong loan growth

๏ Strong fee income generation & NII recovery, building momentum since 3Q25; funding flexibility & focused growth secure further improvement in core revenues

๏ Cumulative fee/opex ratio reached 106% (+48pp in the last 3 yrs), solidifies operational resilience & efficiency

๏ Growth underpinned by prudent risk management & strengthened provisions, with Stage 2+3 ratio contained at 10.8% & gross coverage remaining strong at 3.7%

F6ctors to W6tch

๏ Global & domestic inflation outlook

๏ Monetary & fiscal policy implementation

๏ Regulatory environment

Figures are based on consolidated BRSA financials as banks are exempt from inflation accounting. Whereas bank's contribution to Holding's financials are subject to inflation accounting adjustment.

B6fik / Refiewed NII support & strofig fee ificome reififorced core revefiues

% 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

%

Q3 2025

Q4 2025

Change

2024

2025

Change

ROE

21.0%

24.9%

+3.9 pp

19.0%

21.5%

+2.5 pp

ROA

1.8%

2.2%

+0.4 pp

1.9%

1.9%

-

NIM (swap adj.)

2.7%

3.1%

+0.4 pp

2.2%

2.5%

+0.3 pp

*Note: Suspension of inflation accounting in statutory accounts together with asset revaluation impact pressurized bottom-line

Figures are based on consolidated BRSA financials as banks are exempt from inflation accounting. Whereas bank's contribution to Holding's financials are subject to inflation accounting adjustment.

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

Life:

Currefit Assessmefit

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

Pension AUM(2) (TL bn)

๏ Leadership in both Private Pension AuM & Life

& PA premium production among private

25.0

36%

18%

24%

21%

Q4

Q3

Q2

Q1

32%

33.0

25%

22%

27%

26%

286.0

36%

390.0

companies

๏ EBITDA supported by strong growth in

credit-linked life products & Medisa's

maturing operations, with higher

sales-related expenses partially moderating

the improvement

๏ Net income increased on the back of EBITDA

uplift, while higher monetary loss & tax expenses limited the full impact

2024 2025

Non-life GWP (1) (TL bn)

2024 2025

Non-life AUM(3) (TL bn)

Non-Life:

๏ Lower premium production driven by a

deliberate shift away from high-risk,

low-margin segments to enhance technical

52.4

Q4 25%

Q3 27%

Q2

Q1 17%

31%

-26%

30%

23%

19%

28%

38.6

17.1

6% 18.1

profitability & sustainable capital adequacy

F6ctors to W6tch

๏ Changes in Macroeconomic environment

๏ Regulatory changes

๏ Demographic Trends

2024 2025

2024 2025

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

Fifi6fici6l Services / Life-led EBITDA growth & resiliefit Nofi-Life profit6bility, bottom-lifie fiorm6lized from 6 high b6se* 6mid mofiet6ry 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

2,900

-29%

7,987

10,104

27%

Life

3,303

2,490

-25%

5,141

7,356

43%

Non-Life

753

410

-46%

2,846

2,748

-3%

NET INCOME

5,456

1,634

-70%

4,690

4,303

-8%

Life

3,259

1,358

-58%

3,317

4,228

27%

Non-Life

2,197

276

-87%

1,373

75

-95%

*Note: The one-off reclassification of Deferred Income Reserve (DIR) in Q4 2024 created a higher base, impacting the year-on-year comparison

(1) Before consolidation adjustments, combined

Efiergy / Higher wifid c6p6city drives revefiue momefitum, while profit6bility is led by distributiofi 6fid clim6te techfiologies

Generation volume (TWh) Spot Prices vs BOTAŞ Tariff

+8%

Currefit Assessmefit

Distribution & Retail:

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

13.1

15.0

21%

14%

14%

51%

3,750

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

16.0

๏ Efficiency & quality gains, higher capex reimbursements and financial income were

+4%

3.8 3.9

3,000

2,250

1,500

14.0

12.0

10.0

8.0

the key growth drivers

๏ Investments accelerated in Q4, overcompensating capex reimbursements

14%

21%

23%

9%

12%

56%

7%

57%

Q4 2024 Q4 2025

12M 2024 12M 2025

750

0

6.0

4.0

2.0

Mar-25

Jun-25

Sep-25

Dec-25

0.0

๏ Entered 5th regulatory period with a 13.49% after tax WACC and maintained a 10-year capex recovery framework

Generation & Energy Trading:

Jun-23

Sep-23

Dec-23

Mar-24

Jun-24

Sep-24

Dec-24

24%

9%

21%

46%

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

Lignite Wind & Solar Hydro Natural gas

Generation's Net Debt (USD mn)

Net Debt Net Debt/EBITDA

3.2x

5.5

Distribution & Retail

Underlying Net Income Walk (TL bn)

1.7

-0.2

9.5

๏ Lower electricity prices, combined with weaker

trading contribution, continued to weigh on EBITDA

Climate Technologies:

๏ Positive EBITDA contribution following fully

operational Cutlass II and commissioning of the Oriana project

2.1x

+81%

1,188

1.1

3.7

-0.3 0.0

-2.1

๏ Positive tax impact due to step-up gain

F6ctors to W6tch

๏ Electricity demand, national tariff, spot

657

12M 2024 12M 2025

prices & global commodity prices

๏ Hydrology & wind regime

๏ Inflation, FX & interest rates



Efiergy / Bottom-lifie befiefitted from strofig EBITDA 6fid f6vor6ble t6x effects ifi distributiofi & SCT, & improved further by mofiet6ry g6ifis ifi gefier6tiofi

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

14,282

-1%

53,652

59,381

15%

EBITDA MARGIN

16%

15%

-123bps

15%

17%

118bps

NET INCOME

1,147

4,128

260%

-76

12,228

n.m.

Enerjisa Generation Summary Financials(1)

MILLION TL

Q4 2024

Q4 2025

Change

2024

2025

Change

SALES

20,770

27,406

32%

73,395

98,670

35%

EBITDA

5,275

3,555

-33%

14,345

16,059

12%

EBITDA MARGIN

25%

13%

20%

16%

NET INCOME

1,330

172

-87%

5,924

6,500

10%

*Note: Suspension of inflation accounting in statutory accounts together with asset revaluation impact pressurized generation's bottom-line



(1) Before consolidation adjustments, combined.

M6teri6l Techfiologies / Solid ifiterfi6tiofi6l cemefit & composites'

perform6fice outweighed softfiess ifi tire & tire reififorcemefit

Currefit Assessmefit

Total Cement Volumes (1)

Geographical Break (mn ton)

Mannok's Performance (EUR mn)

Alternative Fuel Usage in Mannok

Building materials:

3.8

+17%

4.4

+17%

24%

68%

๏ Çimsa's growing international footprint

supported its FX-linked revenue mix,

61%

39%

56%

44%

20%

68

60

51%

alongside a favorable product mix

๏ Mannok's successful integration drove YoY

outperformance, supporting profitability and shifting the portfolio beyond cement

๏ Akçansa's EBITDA benefited from cost

discipline & better domestic operations

Q4'24 Q4'25

Domestic International

2024 2025

Mannok EBITDA (EUR) EBITDA Margin

Tire & Tire Centric Solutions:

๏ Premium-focused mix and cost discipline mitigated margin pressure amid softer

Domestic Tire Sales Volume (kton)

Replacement Channel Consumer Market

Tire Reinforcement (Tire Reinf.) & Composites

EBITDA Walk (USD mn)

commercial and consumer demand

34.5

-5%

32.8

(HRD Market Share)

81%

19%

26.8%

55.6

15.0

15.5

Tire & Composite Reinforcement:

๏ Composite sales mix & cost control was

79%

21%

21.1%

-27.0

-22.0

37.1

supportive on EBITDA

๏ Headwinds from subdued demand,

intensified Asian competition and flood-related impacts persisted

Q4 2024 Q4 2025

Replacement OE

2024 2025

2024

Composite

Flood, net impact

Cost Discipline

Tire Competition inc. Macro Imp.

2025

(1) Cement +Clinker + CAC, excl. Mannok, volume growth would be 15% yoy inc. Mannok

M6teri6l Techfiologies / Buildifig m6teri6ls' strofig EBITDA supported the bottom lifie,

while ofie-off items weighed ofi tire & tire reififorcemefit

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

47%

54%

45%

51%

Sales Contribution:

Tire & Tire Centric Solutions

31%

29%

29%

28%

Tire & Composite Reinforcement

22%

17%

26%

21%

EBITDA

4,322

5,215

21%

21,408

18,967

-11%

EBITDA MARGIN

11%

14%

264bps

15% 13% 13bps

Building Materials

13%

18%

17% 15%

EBITDA Margin:

Tire & Tire Centric Solutions

18%

16%

16% 13%

Tire & Composite Reinforcement

-2%

-3%

6% 5%

Net Income:

NET INCOME 392 700 79% 6,002 2,999 -50%

Building Materials 165 1,434 1,150% 5,142 5,590 9%

Tire & Tire Centric Solutions 1,274 -141 n.m. 1,980 -1,100 n.m.

Tire & Composite Reinforcement -1,047 -593 43% -1,120 -1,492 -33%

*Note: Suspension of inflation accounting in statutory accounts together with asset revaluation impact pressurized bottom-line

The one-off impacts on tire-reinforcement: business interruption due to flood disaster, workforce optimization, fixed cost optimization | tire: ongoing competition authority investigation

(1) Before consolidation adjustments, combined

Digit6l & Other / We6k cofisumer dem6fid drivefi we6kfiess p6rti6lly offset by 6lterfi6tive & ofilifie ch6fifiels

Retail Electronics

Q4 Margin Performance

Retail Electronics

Full-Year Margin Performance

Digital:

Currefit Assessmefit

14.8%

6.9%

-188bps

-114bps

12.9%

12.8%

62bps

85bps

13.5%

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

Retail Electronics:

๏ Gross margin was pressured in Q4 by seasonal

5.7%

Q4 2024 Q4 2025

Gross Profit Margin EBITDA Margin

4.2% 5.0%

2024 2025

Gross Profit Margin EBITDA Margin

promotions, while full-year margin improved yoy, supported by disciplined pricing & product mix

๏ EBITDA margin was pressured in Q4 but expanded on a full-year basis, supported by disciplined cost management & efficiency measures.

Food Retail

Alternative Channels Share & Franchise in Revenue

(1)

Food Retail Stores with Online Sales

(2)

Food Retail:

๏ Continued pressure on consumer purchasing

power was partially offset by the growing

10.6%

9.6%

20.2%

+3pp

23.6%

11.7%

11.9%

191

+18pp

226

contribution of alternative channels & franchise

operations

F6ctors to W6tch

๏ Development of cloud business

๏ Consumer sentiment & changing purchasing behaviour

๏ Changes in macroeconomic environment

Q4 2024 Q4 2025

Alternative Channels Franchise

Q4 2024 Q4 2025

Digit6l & Other / Mixed oper6tifig perform6fice coupled with ofigoifig pressure from high ifidebtedfiess

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.

NET INCOME

-1,294

-12

99%

-2,017

-437

78%

Other Summary Financials(2)

MILLION TL

Q4 2024

Q4 2025

Change

2024

2025

Change

SALES

47,256

44,114

-7%

177,857

167,960

-6%

EBITDA

2,187

1,832

-16%

4,908

4,299

-12%

EBITDA MARGIN

5%

4%

-41bps

3%

3%

-26bps

NET INCOME

-2,041

-3,561

-75%

-9,942

-12,329

-24%

*Note: Suspension of inflation accounting in statutory accounts together with asset revaluation impact pressurized Teknosa's bottom-line

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

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 across executive leadership.

Energy & Climate Technologies

4.5GW

Total Türkiye capacity

504MW

Total U.S. capacity

  • Türkiye : Reached over 1GW wind, additional 750MW wind project via YEKA-2024 tender

  • US: 286MW added. Revenue streams secured largely through PPAs

  • Strong bottomline contribution from fully operational Cutlass II & Oriana's Q3 commissioning

Financing secured. ~ 90% of YEKA-2 from intl. institutions in 2.5 years, inc. $200mn EBRD loan received in 2025, with 8-year maturity

13.49% (after tax)

WACC for 2026-2030 regulatory period, maintaining a 10-year capex recovery framework

~$1.5bn

Material Technologies

600kt

U.S Grey cement grinding plant commissioned,

strengthening market presence in the U.S. and hard

currency revenue base

€68mn(2024: €60mn)

EBITDA contribution from Mannok

after a successful integration process, extending Çimsa's local expertise across international operations

$200mn

€50mn

Long-term financing secured by Kordsa, restructuring balance sheet by extending short-term debt to 5-yr maturity incl. 1-yr grace period

Banking & Financial Services

+50%

year on year increase in core banking revenue

through disciplined balance sheet management, superior fee momentum, and selective market share gains in banking operations

Unified Group structure across Akbank, Agesa and Aksigorta, leveraging bancassurance, digitalization and operational excellence synergies

Holding

$1.1bn

A binding offer received from an unrelated third party

for Sabancı Holding's 39.72% stake in Akçansa,

based on a total company value of $1.1bn on a cash free and debt free basis

TL2.97bn

Dividend Distribution Proposal, (TL1.41 DPS), 24 years of uninterrupted dividend distribution

Digital

3 New Countries

Bulutistan expanded into (Germany, UK and Uzbekistan), strengthens its global presence

LSEG

Ranked 1st out of 100+ investment holding companies, with a score of 85 (A note)

MSCI

Maintained AA note in ESG Ratings

BIST

Among the Top 10 Components In the BIST25 Sustainability Index

CDP

9 Sabancı Group companies on CDP's Global A List (Global Leaders)

S&P

Inclusion in the

S&P Global Sustainability Yearbook

03/03 Appefidix

Dividefid Perform6fice

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

1,318

1,356

Sabancı Holding(1)

-

26

89

14

14

Unlisted Companies

530

479

1,338

2,444

3,052

Total dividends received

1,562

2,114

7,076

9,414

8,499

Total dividends paid out

714

1,530

3,571

6,181

6,300

Outflows/Inflows

46%

72%

50%

66%

74%

Payout Ratio

15.0%

12.7%

8.1%

40.1%

-

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

26

  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.

Fifi6fici6ls ifi Det6il

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

8%

-4,775

4,616

n.m.

-20,255

3,793

n.m.

BANK

233,984

210,346

-10%

866,088

871,515

1%

15,352

29,870

95%

81,289

88,759

-9%

-3,881

3,763

n.m.

-14,671

2,525

n.m.

NON-BANK

198,532

201,797

2%

761,580

752,413

-1%

24,960

24,432

-2%

87,528

92,989

6%

-894

853

n.m.

-5,584

1,269

n.m.

ENERGY

91,088

98,042

8%

346,472

356,309

3%

14,392

14,282

-1%

53,652

59,382

11%

862

2,323

170%

618

6,722

987%

MATERIAL TECHNOLOGIES

38,170

37,337

-2%

154,855

150,515

-3%

4,322

5,215

21%

21,408

18,967

-11%

-238

262

n.m.

2,272

1,544

-32%

FINANCIAL SERVICES

19,955

20,251

2%

77,382

71,600

-8%

4,056

2,900

-29%

7,987

10,104

27%

2,091

643

-70%

1,821

1,718

-6%

DIGITAL

2,062

2,053

0%

5,014

6,035

20%

3

204

8,006%

-427

238

n.m.

-1,248

21

n.m.

-1,873

-374

80%

OTHER

47,256

44,114

-7%

177,857

167,959

-6%

2,187

1,832

-16%

4,908

4,299

-12%

-2,361

-2,395

-1%

-8,423

-8,341

1%

27

  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,

    S6b6ficı Holdifig NAV After Ifidepefidefit V6lu6tiofi Reports

    USD mfi

    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%

    Market value

    2,896

    1,158

    10.5%

    996

    10.1%

    Aksigorta

    28%

    36%

    Market value

    277

    100

    0.9%

    92

    0.9%

    Agesa

    20%

    40%

    Market value

    928

    371

    3.4%

    372

    3.8%

    Akçansa

    21%

    40%

    Market value

    919

    365

    3.3%

    294

    3.0%

    Çimsa

    45%

    55%

    Market value

    1,105

    603

    5.5%

    560

    5.7%

    Brisa

    10%

    44%

    Market value

    631

    276

    2.5%

    267

    2.7%

    Kordsa

    29%

    71%

    Market value

    232

    165

    1.5%

    156

    1.6%

    Carrefoursa

    11%

    57%

    Market value

    383

    219

    2.0%

    197

    2.0%

    Teknosa

    50%

    50%

    Market value

    104

    52

    0.5%

    51

    0.5%

    Total Listed

    7,669

    69.5%

    6,437

    65.5%

    Enerjisa Üretim(1)

    50%

    10.0xEV/EBITDA

    3,952

    1,976

    17.9%

    1,976

    20.1%

    Çimsa Building Solutions B.V. (2)

    32%

    Adjusted Net Asset Value

    572

    181

    1.6%

    181

    1.8%

    Sabancı Climate Technologies(3)

    100%

    Adjusted Book value

    463

    463

    4.2%

    463

    4.7%

    DxBV

    100%

    1xBook value

    75

    75

    0.7%

    76

    0.8%

    TUA

    50%

    1xBook value

    222

    111

    1.0%

    114

    1.2%

    Other(4)

    100%

    1xBook value

    370

    370

    3.3%

    378

    3.8%

    Total Nofi-listed

    3,176

    28.8%

    3,188

    32.5%

    Total

    10,845

    98.2%

    9,625

    98.0%

    Sabancı Holding Net Cash

    198

    1.8%

    198

    2.0%

    Sabancı Holding NAV

    11,043

    100.0%

    9,823

    100.0%

    Sabancı Holding Mcap

    4,834

    4,130

    Sabancı Holding Discount

    -56.2%

    -58.0%

    Numbers are based on IAS 29 (inflation accounting)

    All figures are adjusted with USD/TRY of related period-end (Dec'25 & Feb'26)

    Book values of non-listed companies are as of end of Dec'25 adjusted with Feb-end USD/TRY for Feb'26 figures. Book values of non-listed companies as of Dec'25 adjusted with Dec-end USD/TRY for Dec'25 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 3,685 mn



      28

    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 439 mn

    3. 40% of the project was valued at USD 185 mn during tax equity financing. Book value is USD 382 mn

    4. Other includes Tursa, TMA, and SabancıDx

*Feb-end USD/TRY 43.8000, Dec-end USD/TRY 42.8457





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