Haci Ömer Sabanci Holding (SAHOL) Q1 2025 earnings summary

Executive summary

• Leadership transition to a non-family chair marked a governance milestone, alongside organizational restructuring and discontinuation of the Mobility Solutions Group.

• Achieved 4% year-over-year topline growth in Q1 2025, with the highest first-quarter non-bank EBITDA margin (11%) in three years.

• Consolidated net loss narrowed to TL 2.9 billion from TL 7.4 billion, reflecting improved operational cash flow and lower financial expenses.

• Enerjisa Üretim revised its capacity target to at least 6,250 MW by 2028, securing 750 MW in new wind projects.

• Maintained a strong balance sheet with net debt/EBITDA at 1.6x and holding-only net cash at TL 18.4 billion pre-dividend.

Financial highlights

• Combined revenue reached TL 337 billion, up 4% year-over-year; non-bank revenue declined 5%.

• Non-bank EBITDA margin reached 11%, the highest in three years; combined EBITDA was TL 38 billion (11.3% margin).

• Operational cash flow surged to TL 5.7 billion from TL 330 million year-over-year.

• Consolidated net loss improved to TL 2.9 billion from TL 7.4 billion; banking segment net loss limited to TL 614 million.

• Net asset value decreased to USD 8.8 billion in April 2025 due to market volatility.

Outlook and guidance

• Medium-term strategy and guidance unchanged, with capex-to-sales target of 15%-20% over five years and non-bank capex/sales at 10% for the quarter.

• Enerjisa Üretim targets at least 6,250 MW installed capacity by 2028, with further wind power expansion.

• Focus on maintaining a healthy balance sheet, prudent financial discipline, and leveraging strong liquidity for higher shareholder returns.

• Initial analysis indicates limited exposure to potential U.S. tariff measures for core businesses.