Haci Ömer Sabanci Holding (SAHOL) Q2 2025 earnings summary

Executive summary

• Leadership changes included a new non-family Chair and CEO, marking a shift in board composition and management structure.

• Achieved TL 1.8b net income in Q2 2025, reversing a TL 2.4b net loss in Q2 2024, with strong financial discipline and cost management.

• Strategic progress included the acquisition of a 156 MW Pepper Solar Farm in Texas, expanding U.S. renewable capacity and targeting 660 MW by 2027.

• Net asset value rebounded to $9.8 billion by July 2025, up 13% from YTD lows, maintaining an attractive NAV discount.

• Organizational restructuring and streamlining of business units supported growth in digital and core business lines.

Financial highlights

• Combined revenue grew 4% year-over-year in Q2 and H1 2025, reaching TL 357b in Q2, with both bank and non-bank segments contributing.

• Non-bank EBITDA margin expanded to 13.5% in Q2 2025, with non-bank EBITDA up 36% year-over-year.

• Operating cash flow more than doubled in H1 2025, reaching TL 29b.

• Net debt/EBITDA at 1.7x, below the 2x policy threshold; holding-only cash at TL 13.3b post-dividend.

• Q2 2025 consolidated net income reached TL 1.8b, reversing a TL 2.4b loss in Q2 2024.

Outlook and guidance

• Cautiously optimistic outlook for 2025, expecting improved performance as macro conditions normalize.

• On track to reach at least 6,250 MW total generation capacity by end-2028, with U.S. renewables to reach 660 MW by 2027.

• Energy segment targets 2025 CapEx of TRY 21–24b, a 45% increase over last year, aiming for the upper end of net income guidance (TRY 5–6b).

• Capex/sales ratio at 13%, within mid-term guidance.

• Strategic focus on digital scaling, sustainability, and annual strategic planning to finalize in Q4 2025.