Haci Ömer Sabanci Holding (SAHOL) Q2 2026 earnings summary

Executive summary

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

• Energy remained the largest contributor to profitability, supported by a diversified and flexible generation portfolio, regulatory returns, and new U.S. capacity.

• Material technologies segment benefited from international cement volumes, recovering tire demand, and favorable composite mix.

• Banking profitability recovered year-over-year, aided by improved net interest margins.

• Strategic focus on sustainable, profitable returns with increased investments in material and energy technologies.

Financial highlights

• Combined revenue declined 9% year-over-year to TL 857.7bn in H1 2026, with Q2 revenue at TL 426bn, down 10% year-over-year.

• Combined EBITDA rose 13% year-over-year to TL 54bn in Q2 and 9% to TL 110.5bn in H1, with non-bank EBITDA margin improving to 13.5%.

• Consolidated net income reached TL 14.5bn in H1 2026, a sharp recovery from a loss in the prior year, including a TL 8.9bn gain from the Akçansa exit.

• Record-high holding-only net cash position of TL 35.3bn after Akçansa exit and dividend income.

• Non-bank operating cash flow remained strong at TL 20bn, with year-over-year decline due to working capital and timing effects.

Outlook and guidance

• Enerjisa Enerji raised 2026 operational earnings guidance to TL 80-85bn and underlying net income to TL 13-15bn.

• Investments for Enerjisa Enerji projected at TL 30-35bn, with a regulated asset base of TL 110-120bn.

• Distribution and retail energy outlook improved, reflecting higher RAB and financial income.

• Focus remains on businesses with proven capabilities and higher returns, with a simpler, more agile portfolio.