Haci Ömer Sabanci Holding (SAHOL) Q2 2026 earnings summary

Executive summary

• Achieved a significant turnaround with consolidated net income of TL 14.5 billion in H1 2026, compared to a TL 1.8 billion loss in H1 2025, driven by operational discipline, portfolio simplification, and exits from Akçansa and CarrefourSA, boosting liquidity and financial flexibility.

• Energy and material technologies were the largest contributors to profitability, supported by diversified portfolios, regulatory returns, and international expansion.

• Banking profitability recovered year-over-year, aided by improved net interest margins and robust capital ratios.

• Focus remains on disciplined execution, capital allocation, and investing in areas with competitive advantage and sustainability, with ESG recognitions for three consecutive years.

• Interim consolidated financials for H1 2026 were reviewed and found compliant with Turkish Accounting Standards.

Financial highlights

• Consolidated net income reached TL 14.5 billion in H1 2026, reversing a loss from the prior year, with combined EBITDA rising 13% year-over-year and non-bank EBITDA margin improving to 13.5%.

• Combined revenue declined 9-10% year-over-year, mainly due to lower banking and non-bank contributions and TRY depreciation lagging inflation.

• Holding-only net cash reached a record high of TL 35.3 billion post-exits, with non-bank net debt/EBITDA at 1.7x.

• One-off gain from Akçansa exit was TL 8.9-10.1 billion; excluding this, consolidated net income more than doubled year-on-year.

• Equity attributable to the parent rose to TL 684.5 billion, with total assets at TL 4.65 trillion as of 30 June 2026.

Outlook and guidance

• Enerjisa Enerji raised full-year 2026 guidance, expecting operational earnings of TL 80-85 billion and underlying net income of TL 13-15 billion.

• Investments in energy and material technologies expected to remain elevated, supporting regulated asset base growth.

• The group expects no additional Global Minimum Corporate Tax payment for 2026 and 2027 due to safe harbor thresholds.

• Management continues to evaluate capital allocation alternatives, including share buybacks and dividends, but prioritizes improving portfolio returns.