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 fee income.

• Strategic milestones included U.S. solar farm acquisitions, expansion in cloud services in the U.K. and Uzbekistan, and commissioning of a cement plant in Houston.

• 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.

• Maintained a healthy balance sheet and strong operating cash flow, enabling ongoing investments aligned with strategic targets.

• Non-bank net income reached TL 1.3 billion in Q3 2025, up from TL 22 million in Q3 2024, with consolidated ROE improving to -1.5% from -5.1% at end-2024.

Financial highlights

• Combined revenue was TL 394 billion in Q3 2025, down 3% year-over-year, mainly due to a 4% decline in non-bank revenues, while combined EBITDA increased.

• EBITDA margin increased by 134bps year-over-year in 9M'25 and by 35bps in Q3'25.

• Consolidated net income swung to TL 0.7bn in Q3'25 from a TL 3.8bn loss in Q3'24; non-bank net income at TL 0.4bn for 9M'25 vs. TL 4.5bn loss in 9M'24.

• Operational cash flow remained strong at TL 53bn for 9M'25.

• Net asset value stands at $9.4 billion, slightly above the lowest point in 2025.

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.

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

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

• Capex/sales ratio at 12%, on track with mid-term guidance.

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