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Haci Ömer Sabanci Holding (SAHOL) investor relations material
Haci Ömer Sabanci Holding Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Achieved a strong turnaround in Q3 2025 with TL 679 million net income, reversing a TL 3.8 billion net loss in Q3 2024, driven by improved margins in energy and financial services, higher banking net interest margin, and fee income.
Strategic milestones included U.S. solar farm acquisitions, expansion in cloud services in the U.K. and Uzbekistan, and commissioning of a cement plant in Houston.
Non-bank EBITDA margin improved by 35bps year-over-year in Q3 and by 134bps for the nine-month period, supported by cost control and efficiency initiatives.
Maintained a healthy balance sheet and strong operating cash flow, enabling ongoing investments aligned with strategic targets.
Non-bank net income reached TL 1.3 billion in Q3 2025, up from TL 22 million in Q3 2024, with consolidated ROE improving to -1.5% from -5.1% at end-2024.
Financial highlights
Combined revenue was TL 394 billion in Q3 2025, down 3% year-over-year, mainly due to a 4% decline in non-bank revenues, while combined EBITDA increased.
EBITDA margin increased by 134bps year-over-year in 9M'25 and by 35bps in Q3'25.
Consolidated net income swung to TL 0.7bn in Q3'25 from a TL 3.8bn loss in Q3'24; non-bank net income at TL 0.4bn for 9M'25 vs. TL 4.5bn loss in 9M'24.
Operational cash flow remained strong at TL 53bn for 9M'25.
Net asset value stands at $9.4 billion, slightly above the lowest point in 2025.
Outlook and guidance
Strategic flexibility in capital allocation maintained, with continued focus on cash flow discipline and prudent financial management amid global and domestic volatility.
U.S. renewable energy portfolio expanded to 790 MW, with total capital commitment to U.S. business reaching USD 395 million by end-2025.
Enerjisa Üretim targets at least 6,250 MW generation capacity by end-2028, with new power plants planned for commissioning by year-end.
Capex/sales ratio at 12%, on track with mid-term guidance.
IPO for Enerjisa Üretim will be timed to capitalize on optimal market conditions, with no definitive deadline.
US renewables & Çimsa Houston: hard currency impact?
Enerjisa Üretim: EBITDA vs. Net Income divergence?
Non-bank capex below target: future investment plans?
Is current strategy sufficient to reduce NAV discount?
Kordsa restructuring: expected margin impact?
Impact of EUAs contract on generation EBITDA?
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Next Haci Ömer Sabanci Holding earnings date
Q4 20253 Mar, 2026
Next Haci Ömer Sabanci Holding earnings date
Q4 20253 Mar, 2026
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Frequently asked questions
Hacı Ömer Sabancı Holding A.Ş. is a Turkey-based diversified conglomerate with operations across multiple industries, including banking, energy, industrials, cement, and retail. The company operates through its subsidiaries and joint ventures, serving both domestic and international markets. Its financial services segment includes banking and insurance, while its energy division focuses on power generation and distribution. Sabancı Holding is also involved in manufacturing, construction materials, and digital technologies. The company is headquartered in Istanbul, Turkey, and its shares are listed on the BIST.
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