Haci Ömer Sabanci Holding (SAHOL) Q4 2025 earnings summary

Executive summary

• Achieved a return to profitability in 2025, with consolidated net income reaching TL 3.8 billion, driven by strong Q4 momentum, balanced portfolio execution, and disciplined capital allocation.

• Introduced a portfolio-driven governance model, aligning capital allocation with strategic priorities and enhancing recurring earnings visibility.

• Maintained robust dividend distribution, proposing TL 2.97 billion (TL 1.41 DPS) for 2025, marking 24 consecutive years.

• Received a binding offer for a 39.72% stake in Akçansa, valuing the company at $1.1 billion.

• Maintained strong external ESG recognition, including AA MSCI rating and record representation on the CDP Global A List.

Financial highlights

• Consolidated net income swung to TL 3.8 billion in 2025 from a significant loss in 2024; Q4 net income reached TL 4.6 billion.

• Combined revenue was TL 1,624 billion in 2025, nearly flat year-over-year; revenue mix was 51% bank/49% non-bank.

• Non-bank EBITDA margin rose to 12.4%, up 87 bps year-over-year; combined EBITDA was TL 54 billion with a 13% margin.

• Non-bank operational cash flow increased 16% to TL 89.3 billion.

• Net debt/EBITDA for non-bank operations at 1.6x, within policy limits.

Outlook and guidance

• Anticipates gradual net interest margin expansion in banking, supported by strong capital adequacy and disciplined risk management.

• Focused on portfolio agility, capital efficiency, and strategic transformation to unlock value.

• Further expansion in global electricity generation capacity planned, targeting at least 6.25 GW by 2028 with over 60% renewable share.

• Early 2026 rainfall regime expected to support hydrology and generation operations.

• Elevated geopolitical risks and tight financial conditions expected to persist into 2026.