Financial Performance & Outlook

Tight financial conditions, elevated funding costs, and inflation-related pressures shaped operating assumptions throughout most of 2025. Despite almost flat consolidated revenue performance, operational resilience was maintained and earnings quality improved.

Non-bank combined EBITDA margin reached 12.4%, up by 87 bps year on year, supporting full-year EBITDA growth of 8%. Margin expansion, combined with disciplined cost management and portfolio balance, translated into a visible improvement in underlying profitability and return metrics. Return on equity turned positive to 1% in 2025 from -5% in 2024.

Monetary conditions eased toward year-end, leading to a significant increase in banking contribution, particularly in the second half. This supported a bottom-line swing, with the Group closing the year at TL 3.8 billion consolidated net income. Non-bank businesses accounted for a meaningful share of this recovery, underlining the benefits of a diversified earnings base.

Despite a TL 2.5 billion negative impact stemming from the suspension of inflation accounting in statutory accounts and its effect on asset revaluation, underlying earnings momentum remained strong in 2025. Non-bank operational cash flow improved to TL 77.2 billion in 2025 from TL 89.3 billion in 2024, reflecting stronger EBITDA conversion and disciplined working capital management. At the Holding level, liquidity remained solid with TL 8.5 billion in net cash. Non-bank Net Debt to combined EBITDA stood at 1.6x, well below the Group’s policy threshold, underscoring balance sheet strength.

The non-bank combined Capex/Sales ratio was 12.3%, reflecting continued investment in priority growth platforms while preserving financial flexibility. The share of FX-denominated revenues increased to 19.7%, enhancing portfolio resilience against macro volatility.

Segmentally, banking benefited from recovering net interest margins and strong fee income generation, particularly in the second half. In Energy, new wind capacity additions to the electricity generation portfolio supported segment performance, alongside the strong profitability contribution from electricity distribution. In Material Technologies, cement and composite operations offset softer trends in tire and tire reinforcement related businesses. Financial Services sustained margin strength. Digital increased its contribution driven by cloud and managed services growth. Retail continued to operate in a challenging consumer environment while maintaining cost and channel optimization discipline.

Overall, the combination of improving ROE, stronger operating cash flow generation, disciplined leverage, and diversified earnings contribution reflects not only resilience, but increasing structural strength across the portfolio.

Looking ahead, in a more fragmented global environment, Sabancı’s export capabilities, partnership structures, and international footprint provide resilience and flexibility under tightening regulatory and compliance frameworks, including the Inflation Reduction Act (IRA) in the United States and the Carbon Border Adjustment Mechanism (CBAM) in Europe.

 

1 Combined Revenue excludes Holding dividend income. Bank revenue = Interest income + commission income + capital markets gains/losses + net derivative gains/losses
2 Adjusted Net Income excludes TL 2.5 bn negative impact due to suspension of inflation accounting in statutory accounts
3 Excludes Banking, and net cash position of financial services, combined
4 Cash outflows in relation to purchases of tangible assets and Holding’s equity and capital movements across subsidiaries, combined.

 

Performance & Outlook by Strategic Business Units

Energy and Climate Technologies

Enerjisa Enerji | Enerjisa Üretim
| Sabancı Climate Technologies | Temsa

Energy and Climate Technologies continues to be one of Sabancı’s core growth platforms by bringing together critical infrastructure investments, a diversified power generation portfolio, customer solutions, and selective global expansion under an integrated structure.

Material Technologies

Akçansa | Çimsa | Kordsa | Brisa

Material Technologies plays a central role in Sabancı Holding’s value creation agenda with its diversified and technology-driven portfolio connecting sustainable construction, advanced materials, and mobility.

Digital Technologies

SabancıDx | Bulutistan | DxBV

Digital Technologies is positioned as Sabancı Holding’s sustainable, digital, and scalable growth platform, with a focus on cloud and managed services, digital transformation products, and an expanding ecosystem of technology business partnerships.

Banking and Financial Services

Akbank | Agesa | Aksigorta

Banking & Financial Services continues to demonstrate its role as a stable and resilient contributor to Sabancı Holding’s portfolio, combining recurring revenue generation with long-term value creation through disciplined execution, strong capital adequacy, and technology-enabled service models.

Other

Teknosa | Carrefoursa

Teknosa operates in the technology retail market with a digital-first and omnichannel structure, integrating sustainability priorities and artificial intelligence capabilities within its operating model.

Carrefoursa operates in the modern food retail sector with its franchise network, e-commerce platform, and broad product portfolio, developing its operating model with a disciplined growth approach and sustainability focus.

Read More

 

Sustainability Performance & Outlook

In 2025, Sabancı Holding strengthened the institutional foundations of its sustainability governance by deepening climate and nature related risk management while enhancing forward looking analytical capabilities. The Holding published its first TSRS compliant sustainability report, integrating climate related financial disclosures with Türkiye’s new reporting standards and embedding them into enterprise risk processes across the Group. At the same time, Sabancı advanced its capacity in climate risk measurement, scenario analysis, and portfolio level data integration, supported by big data and advanced analytics. Complementing these efforts, Sabancı conducted a Group wide ESG maturity and future readiness assessment, which directly shaped the Holding’s 2026 sustainability and business action plans, ensuring that each company aligns its roadmap with the Group’s long term strategic direction.

These strengthened systems further supported Sabancı’s readiness for evolving global climate regulations and changing stakeholder expectations. Companies operating in sectors with higher emission exposure continued advancing their preparedness for CBAM and similar cross border climate mechanisms through efficiency initiatives, emission reduction programs, low carbon product development, and improved sustainability data governance. During the year, Sabancı also carefully analyzed shifting global ESG priorities and the increasing public debate around ESG (often referred to as “ESG backlash”). Because Sabancı’s programs have long focused on core business fundamentals, value creation, and risk mitigation, rather than thematic or symbolic initiatives, these global debates did not alter the Holding’s strategic direction; a direction grounded in business relevance and long term competitiveness. In line with its commitment to transparency, the Group’s independent assurance of 2025 sustainability KPIs is ongoing, with verified figures to be published in early Q3 2026 on Sabancı Holding’s Investor Relations website.

This disciplined, forward looking approach continued to deliver strong external recognition. Sabancı Holding maintained its AA rating in MSCI ESG, achieved an A (Excellent) score in LSEG ESG Ratings, and was once again included in the S&P Global Sustainability Yearbook. In Türkiye’s capital markets, the Holding remained part of the BIST Sustainability 25 Index. Nature related performance reached a milestone as the Group entered the CDP Global A List with nine companies, marking its highest representation to date and demonstrating leadership in climate and water stewardship.

Together, these outcomes create a natural transition to Sabancı Holding’s long-term commitments and its medium-term Strategy 2029, illustrating how strengthened governance, clearer targets, and structured maturity assessments translate into internationally recognized results, while establishing a robust foundation for the Holding’s 2026 execution agenda.

 

Our Stellar ESG Performance Was Recognized Globally

Disclamer: The use by Sabancı Holding of any MCSI ESG research LLC or its affiliates (“MSCI”) data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of Sabancı Holding 3 by MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided ‘as-is’ and without warranty. MSCI names and logos are trademarks or service marks of MSCI.
Note: The rankings are based upon the assessment of Sabancı Holding’s peer analysis conducted among the Investor Relations Peer Group.

 

Download 2025 Performance & Future Outlook Section

2025 Performance & Future Outlook

• Financial Performance & Outlook
• Performance & Outlook by Strategic Business Units
• Sustainability Performance & Outlook