Haci Ömer Sabanci Holding (SAHOL) investor relations material

Executive summary

• Consolidated net income reached TL 318 million in Q1 2026, reversing a TL 3.8 billion loss in Q1 2025, reflecting strong operational momentum and disciplined execution.

• Portfolio optimization advanced with the sale of entire stakes in Akçansa (USD 1.1 billion enterprise value) and Carrefoursa (USD 325 million enterprise value), focusing on scalable, global platforms and exiting non-core sectors.

• Return on equity improved by over 600 basis points year-over-year to 2.1%, driven by operating profitability and margin expansion.

• Maintained robust financial flexibility with holding-only net cash of TL 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 to TL 403 billion, mainly due to banking segment contraction; non-bank revenues fell 2%.

• Combined EBITDA grew 6% year-over-year to TL 53 billion, 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; non-bank operating cash flow declined to TL 5.3 billion.

• Holding-only net cash stood at TL 13.5 billion at quarter-end and remained stable post-dividend flows.

• 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.