Haci Ömer Sabanci Holding (SAHOL) Q1 2025 earnings summary

Executive summary

• Leadership transition to a non-family chair marked a governance milestone, accompanied by major organizational restructuring and the discontinuation of the Mobility Solutions Group.

• Achieved highest first-quarter non-bank EBITDA margin in three years, with resilient performance in banking and energy segments.

• Consolidated net loss narrowed to TL 2.9 billion in Q1 2025 from TL 7.4 billion in Q1 2024, reflecting improved operational cash flow and lower financial expenses.

• Major acquisitions included 75.5% of Bulutistan and 94.7% of Mannok, expanding digital and building materials segments.

• Maintained strong balance sheet with net debt/EBITDA at 1.6x, below policy threshold, and holding-only net cash at TL 18.4 billion.

Financial highlights

• Combined revenue reached TL 337 billion in Q1 2025, up 4% year-over-year; banking revenue up 13%, non-bank revenue down 5%.

• Combined EBITDA was TL 38 billion (11.3% margin); non-bank EBITDA margin at 11%, highest in three years.

• Consolidated net loss improved to TL 2.9 billion from TL 7.4 billion year-over-year; banking segment net loss limited to TL 614 million.

• Operational cash flow surged to TL 5.7 billion from TL 330 million year-over-year.

• Cash and cash equivalents increased to TL 182.9 billion from TL 123.0 billion at year-end 2024.

Outlook and guidance

• Capex-to-sales expected to remain on track with mid-term guidance of 15%-20% over five years; non-bank Capex/Sales at 10% for the quarter.

• Enerjisa Üretim targets at least 6,250 MW installed capacity by 2028, with 750 MW secured in YEKA Wind 2024 tender.

• Focus on maintaining a healthy balance sheet, prudent financial discipline, and leveraging strong liquidity for higher shareholder returns.

• No additional Global Minimum Corporate Tax payment expected for 2024–2026 due to safe harbor thresholds.