Haci Ömer Sabanci Holding (SAHOL) Q1 2026 earnings summary

Executive summary

• Net income rebounded to TRY 318 million in Q1 2026 from a loss exceeding TRY 3.8 billion in Q1 2025, reflecting strong operational momentum and disciplined execution.

• Major portfolio optimization included agreements to sell 39.72% of Akçansa (USD 1.1 billion EV) and 57.12% of CarrefourSA (USD 325 million EV), focusing on scalable, core businesses and capital efficiency.

• Return on equity improved to 2.1% in Q1 2026, up over 600 basis points year-over-year.

• Robust financial flexibility maintained with holding-only net cash of TRY 13.5 billion and non-bank net debt/EBITDA at 1.7x, below policy ceiling.

• Portfolio optimization and strong balance sheet position the group for further improvement, especially if macro conditions stabilize in H2 2026.

Financial highlights

• Combined revenues declined 9% year-over-year, mainly due to banking segment contraction; non-bank revenues fell 2%.

• Combined EBITDA grew 6% year-over-year, with margin expanding by 180 basis points overall and 98 basis points in non-bank businesses.

• Operating cash flow moderated versus Q1 2025, mainly due to working capital changes.

• Holding-only net cash stood at TRY 13.5 billion at quarter-end.

• Non-bank net debt to EBITDA at 1.7x, below policy ceiling of 2x.

Outlook and guidance

• Portfolio optimization and capital reallocation are expected to enhance earnings quality, capital efficiency, and return metrics.

• Full-year guidance for energy segment maintained, with continued commitment to investment program despite higher financing costs.

• Management expects significant improvement potential in H2 2026 if macro conditions improve.

• Continued focus on cost efficiency, organizational flexibility, and maintaining a diversified sector and geographic mix to navigate macro and geopolitical uncertainties.

• Pro forma margin improvement of 100–150 basis points expected from portfolio moves.