Haci Ömer Sabanci Holding (SAHOL) investor relations material

Executive summary

• Achieved 4% year-over-year revenue growth in Q2 and H1 2025, with a significant swing to TL 1.8b net income from a prior year loss, driven by margin expansion and financial discipline.

• Major strategic moves included the acquisition of a 156 MW solar farm in Texas, expanding US renewables capacity to nearly 600 MW, and surpassing 4 GW energy generation in Türkiye.

• Leadership changes included a new non-family Chair and CEO, with organizational restructuring and streamlining of business units for strategic alignment.

• Strong financial discipline and cost management led to robust cash generation and improved working capital.

• Net asset value rebounded to $9.8 billion by July 2025, with an attractive NAV discount.

Financial highlights

• Q2 2025 combined revenues grew 4% year-over-year to TL 357b, with both banking and non-bank segments contributing.

• Nonbank EBITDA margin expanded by over 300 basis points in Q2 and nearly 200 basis points in H1, reaching 13.5% in Q2 2025.

• Net income rebounded to TL 1.8b in Q2 2025, reversing a TL 2.4b loss in Q2 2024.

• Operating cash flow more than doubled in H1 2025, reaching TL 29b.

• Net debt to EBITDA at 1.7x, below the 2x policy threshold; holding-only cash at TL 13.3b post-dividend.

Outlook and guidance

• Cautiously optimistic for H2 as disinflation progresses and conditions normalize; no significant change in strategic direction under new leadership.

• Capex/sales ratio at 12.6–13%, on track to meet mid-term guidance.

• US renewables business expected to remain EBITDA positive, with capacity to reach 660 MW by 2027 and continued focus on portfolio returns.

• Strategic focus on digital business scaling and sustainability objectives.

• Turkish power prices expected to remain stable for the rest of the year.