This article first appeared on GuruFocus .
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Combined Revenue:Decreased by approximately 3% in Q3 2025.
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Non-Bank EBITDA Margin:Increased by 34 basis points.
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Net Asset Value:Stands at $9.4 billion.
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Net Debt/EBITDA Ratio:1.7 times at the end of Q3 2025.
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Bank Net Interest Margin:Expanded by 7 percentage points to 2.7% quarter on quarter.
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Bank Capital Adequacy Ratio:17.2%, with a Tier 1 ratio of 13.6%.
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Life Gross Written Premiums:Over 23 billion TL in the first nine months of 2025, up 52% year on year.
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Energy Generation Capacity:Reached 4.2 gigawatts.
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Energy Segment Top-Line:Declined by 5% year on year in Q3.
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Material Technology Segment Top-Line:Grew by 6% year on year in Q3.
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Retail Electronics Gross Margin:Increased by 1.3 percentage points to 13.7%.
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Food Retail Alternative Channels Revenue Share:Increased by 2.6 percentage points to 12.6%.
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Warning! GuruFocus has detected 4 Warning Signs with IST:SAHOL.
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Release Date: November 05, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Haci Omer Sabanci Holding AS ( IST:SAHOL ) reported substantial positive momentum in their business for the third quarter of 2025.
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The company demonstrated significant cost discipline, particularly in non-bank sectors, leading to an uplift in EBITDA margins.
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The company has a healthy balance sheet and substantial cash flow generation, enabling continued investment in strategic targets.
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Expansion in the US market with new solar projects under Sabanja Climate Technologies, increasing their capital commitments to $362 million.
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Akbank's strong adaptability and robust market share gains contributed to its profitability, with a solid capital adequacy ratio of 17.2%.
Negative Points
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Despite positive momentum, the company's bottom line is not yet positive, though close to breakeven.
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The geopolitical and trade policy risk indices remain high, posing potential challenges.
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High interest rates and inflation in Turkey are impacting the bottom line performance of many businesses.
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Combined revenues declined by about 3% in the third quarter of 2025.
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Material technologies business underperformed, with a contraction in EBITDA margin by more than 200 basis points.
Q & A Highlights
Q: Can you share your future plans regarding Technosa and Carfusa for better synergy or operational performance? A: N. Orhun Kostem, CFO: We have not taken any action on Technosa or Carfusa. Technosa launched a marketplace in 2022 and is growing it to enhance commercial activities. Carfusa, a food retailer, and Technosa will continue to deliver the best they can within our portfolio. For Akcansa Cement, there are no current plans for changes; it remains a joint venture with HeidelbergCement, benefiting from its global systems.
Q: What steps are planned over the next 12 months to reduce the NAV discount? A: N. Orhun Kostem, CFO: There is no definitive timeline for an IPO. We aim to capitalize on favorable market conditions for a public offering. Historically, reducing the NAV discount involved strategic divestments and reinvestments, such as expanding renewable capacity in the US. We plan to continue executing our strategic roadmap to reduce the discount.
Q: What is the potential timeline for an IPO? A: N. Orhun Kostem, CFO: There is no definitive deadline for an IPO. We are focused on growing the business's potential value and aligning with our joint venture partner to capitalize on the best market conditions for a public offering.
Q: How did you manage to achieve margin expansion in non-bank businesses? A: N. Orhun Kostem, CFO: Margin expansion was achieved through significant cost discipline, especially in non-bank businesses, which generated the majority of the EBITDA margin uplift. This indicates that our businesses are responding well to prevailing microeconomic conditions.
Q: What are the key contributors to Akbank's profitability in the third quarter? A: K?vanc Zaimler, CEO: Akbank's profitability was driven by agile balance sheet management, strong adaptability to regulatory changes, debt interest income momentum, and resilient fee performance. The bank also achieved healthy loan growth and market share gains, supported by a disciplined lending strategy and strong funding base.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
