Haci Ömer Sabanci Holding (SAHOL) Q3 2025 earnings summary

Executive summary

• Achieved a strong turnaround in Q3 2025 with TL 679 million net income, reversing a TL 3.8 billion net loss in Q3 2024, driven by improved margins in energy and financial services, higher banking net interest margin, and strategic investments in renewables and international expansion.

• Revenue for the nine months ended 30 September 2025 was TRY 846.8 billion, up from TRY 833.8 billion year-over-year, with banking and energy segments as key contributors.

• Non-bank EBITDA margin improved by 35bps year-over-year in Q3 and by 134bps for the nine-month period, supported by cost control and efficiency initiatives.

• Consolidated ROE improved to -1.5% in Q3 2025 from -5.1% at end-2024, with non-bank net income reaching TL 1.3 billion in Q3 2025.

• Earnings per share for the period were negative at TRY 0.38, a significant improvement from negative TRY 7.16 in the prior year.

Financial highlights

• Combined revenue was TL 394 billion in Q3 2025, down 3% year-over-year, while nine-month revenue grew 1% year-over-year to TRY 846.8 billion.

• Combined EBITDA reached TL 40 billion with a margin of 10.1%, up 188bps year-over-year, and operational cash flow remained strong at TL 53 billion for 9M'25.

• Non-bank net debt/EBITDA at 1.7x, below the 2.0x policy threshold; holding-only net cash at TL 12 billion.

• Consolidated net loss attributable to equity holders was TRY 788.7 million for the period, a significant improvement from TRY 14.8 billion loss in the prior year.

• Gross margin for the period was 20.8%, slightly lower than the prior year.

Outlook and guidance

• Strategic flexibility in capital allocation maintained, with continued focus on cash flow discipline and prudent financial management amid global and domestic volatility.

• Enerjisa Üretim targets at least 6,250 MW generation capacity by end-2028, with new power plants planned for commissioning by year-end.

• U.S. renewable energy portfolio expanded to 790 MW, with total capital commitment to U.S. business reaching USD 395 million by end-2025.

• Capex to sales ratio for non-bank at 12%, within the mid-term target range.

• IPO for Enerjisa Üretim will be timed to capitalize on optimal market conditions, with no definitive deadline.