Slides
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1 Earnings Presentation Q3 / 9M 2026 November 5, 2026 Most Honored Company in Emerging EMEA Industrials Extel 2026
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Disclaimer The information and opinions contained in this document have been compiled by Hacı Ömer Sabancı Holding A.Ş. (“Holding”) from sources believed to be reliable and in good faith, but no representation or warranty, expressed or implied, is made as to their accuracy, completeness or correctness. No undue reliance may be placed for any purposes whatsoever on the information contained in this presentation or on its completeness, accuracy or fairness. This document contains forward-looking statements by using such words as "may", "will", "expect", "believe", "plan" and other similar terminology that reflect the Holding management’s current views, expectations, assumptions and forecasts with respect to certain future events. As the actual performance of the companies may be affected by risks and uncertainties, all opinions, information and estimates contained in this document constitute the Holding’s current judgement and are subject to change, update, amend, supplement or otherwise alter without notice. Although it is believed that the information and analysis are correct and expectations reflected in this document are reasonable, they may be affected by a variety of variables and changes in underlying assumptions that could cause actual results to differ materially. Holding does not undertake any obligation and disclaims any duty to update or revise any forward-looking statements, whether as a result of new information or future events. Neither this document nor the information contained within can construe any investment advice, invitation or an offer to buy or sell Holding and/or Its group companies’ shares. Holding cannot guarantee that the securities described in this document constitute a suitable investment for all investors and nothing shall be taken as an inducement to any person to invest in or otherwise deal with any shares of Holding and its group companies. The information contained in this document is published for the assistance of recipients but is not to be relied upon as authoritative or taken in substitution for the exercise of judgment by any recipient. You must not distribute the information in this document to, or cause it to be used by, any person or entity in a place where its distribution or use would be unlawful. Neither Holding, its board of directors, directors, managers, nor any of its employees shall have any liability whatsoever for any direct or consequential loss arising from any use of this document or its contents. 2
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Energy | Türkiye 4.7 GW 58% renewable • YEKA-2 turbines complete, nearing 1 GW Renewables | U.S. 790 MW Pepper and Lucky 7 under construction • Expected to be commissioned within Q3’27 Building materials ~200K tons Çimsa’s CAC production capacity Shareholder value TL 7bn Share buyback programme, up to 3 years 23 years of uninterrupted dividend payments Sabancı family, Chair, CEO and CFO bought shares • Enough to meet ~20% of global CAC demand outside China Strengthening resilience with conviction in long-term value creation F I N A N C I A L H I G H L I G H T S – Q3 Consolidated Net income* TL 4.5bn Non-bank net income (consolidated)* TL 5.6bn Non-bank EBITDA margin* 16.0% Holding-only net cash TL 31.9bn Below policy rate of 2x Return on equity Non-bank Net debt / EBITDA 318bps YoY 5.7% 1.6x ~4x YTD ~5x YoY 3x YoY *Excludes Carrefoursa transaction closing effect after Sabancı Holding’s exit from the company which was finalized on 31 July, 2026. ~6x YTD 3
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Combined Financials Q3/9M 2026 Results 01/03
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5 150 206 40 90 140 190 240 Jan 25 Feb 25 Mar 25 Apr 25 May 25 Jun 25 Jul 25 Aug 25 Sep 25 Oct 25 Nov 25 Dec 25 Jan 26 Feb 26 Mar 26 Apr 26 May 26 Jun 26 Jul 26 Aug 26 Sep 26 Oct 26 Oil & Gas Price Dynamics Brent TTF 146 0 50 100 150 200 250 300 350 1985-2019 Mar 20 Jun 20 Sep 20 Dec 20 Mar 21 Jun 21 Sep 21 Dec 21 Mar 22 Jun 22 Sep 22 Dec 22 Mar 23 Jun 23 Sep 23 Dec 23 Mar 24 Jun 24 Sep 24 Dec 24 Mar 25 Jun 25 Sep 25 Dec 25 Mar 26 Jun 26 Sep 26 Geopolitical Risk Index 36 30 16 0 10 20 30 40 50 60 Dec 24 Jan 25 Feb 25 Mar 25 Apr 25 May 25 Jun 25 Jul 25 Aug 25 Sep 25 Oct 25 Nov 25 Dec 25 Jan 26 Feb 26 Mar 26 Apr 26 May 26 Jun 26 Jul 26 Aug 26 Sep 26 Oct 26 Inflation vs Policy Rate vs Change in FX Basket(1) (Avg) (%) Policy Rate % CPI (Annual Change%) Change in FX Basket (Annual,Avg) 36 36 33 34 35 36 37 38 39 40 41 1 Jul 26 8 Jul 26 15 Jul 26 22 Jul 26 29 Jul 26 5 Aug 26 12 Aug 26 19 Aug 26 26 Aug 26 2 Sep 26 9 Sep 26 16 Sep 26 23 Sep 26 30 Sep 26 7 Oct 26 14 Oct 26 21 Oct 26 28 Oct 26 TLREF (%) TL Ref (%) Policy Rate (%) (Jan’25 Indexed at 100) Source: Rasyonet, www.policyuncertainty.com, TUIK (1) Basket (0.5USD+0.5EUR) Elevated geopolitical risk keeps cost pressures high, while TL funding costs started to ease
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(1) Combined Revenue excludes Holding dividend income. Bank revenue = Interest income + commission income + capital markets gains/losses + net derivative gains/losses *Excludes Carrefoursa transaction closing effect after Sabancı Holding’s exit from the company which was finalized on 31 July, 2026 Consolidated Net Income/Loss (TL bn) Resilient operations & improving profitability, with further upside from portfolio actions 6 Non-bank EBITDA Margin 31.0 33.3 20.7 13.6 51.8 46.9 Q3 2025 Q3 2026 Non-bank Bank 1.6 5.3 -0.7 -1.1 0.9 4.3 Q3 2025 Q3 2026 Non-bank Bank 242.2 207.8 268.3 232.7 510.5 440.5 Q3 2025 Q3 2026 Non-bank Bank +7% -34% -14% -14% -9%12.8% 16.0% -13% Combined Revenue (TL bn)(1) Combined EBITDA (TL bn) Consolidated net income (TL bn) 4.3 4.5 Reported Excl. Excl. Carrefoursa Closing effect*
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56.5 31.5 58.1 49.0 151.6 81.5 111.7 90.0 208 113 170 139 2022 2022 w/o IAS29 2023 2023 w/o IAS29 Non-bank Bank 684.5 628.7 822.0 717.2 1,506.5 1,345.9 9M 2025 9M 2026 Non-bank Bank Strong non-bank performance & stronger bank contribution, portfolio actions provided support 7 0.5 18.3 -1.5 1.3 -1.0 19.6 9M 2025 9M 2026 Non-bank Bank -11% -13% -8% Consolidated Net Income/Loss (TL bn) Combined Revenue (TL bn)(1) Combined EBITDA (TL bn) 85.2 90.1 73.2 73.5 158.4 163.6 9M 2025 9M 2026 Non-bank Bank 0.4% +3% 12.5% 14.3% Non-bank EBITDA Margin +6% (1) Combined Revenue excludes Holding dividend income. Bank revenue = Interest income + commission income + capital markets gains/losses + net derivative gains/losses *Excludes the transaction closing effects of Akçansa and Carrefoursa following Sabancı Holding’s exits, finalized on 18 June and 31 July 2026, respectively. Consolidated net income (TL bn) 19.6 10.2 Reported Excl. Excl. Akçansa & Carrefoursa Closing Effect*
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Operational Cash Flow, Combined & Non-bank (TL bn)(1) 8 Return on Equity (1) Excludes Banking, and net cash position of financial services 70.7 62.7 32.8 35.3 9M 2025 9M 2026 Q3 2025 Q3 2026 -9.7% -4.0% 1.9% 3.9% -2.3% -1.5% 0.5% 6.6% -5.1% -0.2% 1.0% 5.7% 2024 9M 2025 2025 9M 2026 Bank Non-Bank Consolidated Solid OCF with real ROE on an upward trajectory
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Record-high cash position & prudent leverage preserving financial flexibility Non-Bank Capex/Sales (3) Policy: ≤ 2x Net Financial Debt to Non-Bank EBITDA(1) Holding Only - Net Cash (TL bn)(2) (1) Excludes Banking and net cash position of financial services, combined (2) Holding-only cash as of the reporting date, without IAS 29 adjustments (3) Cash outflows in relation to purchases of tangible assets and Holding’s equity and capital movements across subsidiaries 9 1.4x 1.6x 1.6x 2024 2025 9M 2026 13.5% 12.3% 2024 2025 12.4 8.5 31.9 2024 2025 9M 2026 12.0% 14.4% 9M 2025 9M 2026
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NAV (USD bn) & NAV Discount(1) (1) Please refer to page 27 for the details of NAV 30 October 2026 10 9.8 8.5 58.0% 59.6% Dec 2025 Oct 2026 NAV (USD bn) NAV Discount Banking & Financial Services 35% Energy & Climate Technologies 43% Material Technologies 10% Digital 1% Other 4% Cash 8% Share buyback programme launched LAUNCHED 16 Oct 2026 SIZE TL 7bn Max. fund TERM 3 yrs Max. period AS OF 27 OCT 2026 876K shares repurchased 0.04% of share capital No shares purchased will be sold during the programme SHARES 42mn Max. amount Conviction in long-term value amid a significant NAV discount USD 8.5bn
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Segment Financials02/03
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Bank / Profitability set for recovery following its trough Current Assessment Factors to Watch Revenue (TL bn) 156 204 9M 2025 9M 2026 Provision Build & Coverage 70.7 85.7 2025 9M 2026 Provision Build (TL bn) ๏ Gradual shift towards lending along with security optimization, further reinvestment opportunities from upcoming redemptions ๏ Disciplined lending, balancing maturity, yield & asset quality, while selectively capturing growth opportunities ๏ Robust gross coverage of 3.7%, while proactive provisioning helps contain CoC pressures ๏ NPL market share(1) remains below loan market share across key segments, with further 210 bps improvement YTD, reflecting prudent risk management ๏ Strong fee generation & operational efficiency keep the bank on track for full coverage of operating expenses ๏ Strong solvency, with 16.7% CAR, 13.3% Tier 1 & 11.2% CET-1, underlines risk-return focus and active RWA optimization 12 ๏ Geopolitical risks ๏ Global & domestic inflation outlook ๏ Monetary & fiscal policy implementation ๏ Regulatory environment 31% Figures are based on consolidated BRSA financials as banks are exempt from inflation accounting. Whereas bank’s contribution to Holding’s financials are subject to inflation accounting adjustment (1) Market share data based on bank only BRSA weekly data as of 02.10.2026, among private banks Cumulative Swap Adj. NIM (%) 86.3 106.5 9M 2025 9M 2026 Net Fees & Commissions (TL bn) 23% 3.7 3.7 Gross Coverage 2.5 2.8 2025 9M 2026 + 30 bps
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Bank / Demonstrated resilience in an evolving environment 9M 2025 9M 2026 Change Q2 2026 Q3 2026 Change Leverage 11.6x 12.7x 1.1x 12.4x 12.7x 0.3x CIR(1) 52.4% 54.4% 2.0 pp 52.7% 60.5% 7.8 pp CAR(2) 17.2% 16.7% -0.5 pp 16.4% 16.7% 0.3 pp Tier-1(2) 13.6% 13.3% -0.3 pp 13.3% 13.3% - 13 9M 2025 9M 2026 Change Q2 2026 Q3 2026 Change ROE 20.4% 19.4% -1.0 pp 19.4% 14.1% -5.3 pp ROA 1.8% 1.6% -0.2 pp 1.6% 1.1% -0.5 pp NIM (swap adj.) 2.3% 2.8% 0.5 pp 3.0% 2.2% -0.8 pp Figures are based on consolidated BRSA financials as banks are exempt from inflation accounting. Whereas bank’s contribution to Holding’s financials are subject to inflation accounting adjustment (1) CIR (Cost Income Ratio) calculation excludes FX gain from hedge position related with stage 1&2 provisions (2) CAR (Capital Adequacy Ratio) w/o forbearances for 2025 figures. Forbearance: Fixing MtM losses of securities & FX rate for RWA calculation, 28.06.2024 FX rate for 2025. Lifted as of 1.1.2026
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Non-life GWP (1) (TL bn) 21.5 22.1 9M 2025 9M 2026 +3% Non-life AUM(3) (TL bn) Pension AUM(2) (TL bn)Life, PA & Medisa GWP(1) (TL bn) 34.8% 36.7% 31.2% 32.4% 34.0% 30.9% 30.2 32.0 9M 2025 9M 2026 Q3 Q2 Q1 +6% 14(1) Gross Written Premiums (2) Assets Under Management, excluding auto enrolment (3) Assets Under Management 336 462.0 9M 2025 9M 2026 +38% Financial Services / Growth momentum sustained in life & pension, while non-life maintaining disciplined portfolio focus Life: ๏ Leadership in private pension & life maintained ๏ Premium growth prevailed in Q3 ๏ Strong support from pension & core life products ๏ Solid technical profitability & operating leverage Non-Life: ๏ Selective, profitability-led premium generation ๏ Improving underwriting performance ๏ Temporary restructuring and reserve impacts ๏ Stronger capital position Current Assessment Figures are based on inflation-adjusted Sabancı Holding reporting. Standalone financials of financial services companies are not subject to IAS 29 and may differ from the figures presented here 39.7% 38.3% 27.7% 31.4% 32.6% 30.2% 33.6 35.3 9M 2025 9M 2026 Q3 Q2 Q1 +5% Factors to Watch ๏ Changes in macroeconomic environment ๏ Regulatory changes ๏ Demographic trends ๏ Climate-related risks
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Financial Services Segment Summary Financials(1) (1) Before consolidation adjustments, combined 15 MILLION TL Q3 2025 Q3 2026 Change 9M 2025 9M 2026 Change REVENUE 21,249 20,581 -3% 63,829 67,380 6% EBITDA 3,379 3,946 17% 8,956 9,678 8% Life 2,203 2,934 33% 6,049 7,704 27% Non-Life 1,176 1,012 -14% 2,908 1,975 -32% NET INCOME 1,199 2,122 77% 3,318 3,813 15% Life 982 1,969 101% 3,567 4,198 18% Non-Life 217 153 -30% -249 -386 -55% Financial Services / Life driven EBITDA growth,temporary non-life restructuring costs limit further net income upside Figures are based on inflation-adjusted Sabancı Holding reporting. Standalone financials of financial services companies are not subject to IAS 29 and may differ from the figures presented here
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Energy / Diversified generation mix, strong RAB in distribution & growing U.S. contribution Generation’s Net Debt (USD mn) 1,190 1,680 3.2x 3.6x 9M 2025 9M 2026 Net Debt Net Debt/EBITDA +41% ๏ Electricity demand, national tariff, spot prices & global commodity prices ๏ Hydrology & wind regime ๏ Inflation, FX & interest rates ๏ Impact of the Middle East conflict on market dynamics Distribution & Retail: ๏ Elevated investments supporting RAB growth ๏ More constructive outlook reflected in updated guidance ๏ Softer contribution from customer solutions and retail Generation & Energy Trading: ๏ Higher wind and hydro contribution in generation mix ๏ Dispatch support from portfolio flexibility ๏ Commodities trading gains amid volatility ๏ Installed capacity exceeding 4.7 GW, with 58% renewable share Climate Technologies: ๏ Scale benefits from full-quarter Oriana contribution ๏ Improving operating leverage and slightly higher U.S. pricing Generation volume (TWh) Spot Prices vs BOTAŞ Tariff Distribution & Retail 16 Factors to Watch 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 0 750 1,500 2,250 3,000 3,750 Jun 23 Sep 23 Dec 23 Mar 24 Jun 24 Sep 24 Dec 24 Mar 25 Jun 25 Sep 25 Dec 25 Mar 26 Jun 26 Sep 26 Spot Prices (TL/MWh) BOTAŞ Tariff TL/sm3 78 83 112 9M 2025 2025 9M 2026 Regulated Asset Base (bn TL) 53% 19% 49% 20% 9% 23% 16% 29% 18% 34% 14% 29% 20% 23% 21% 22% 4.1 3.5 11.1 9.9 Q3 2025 Q3 2026 9M 2025 9M 2026 Lignite Wind & Solar Hydro Natural gas -14% -11% Current Assessment
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Energy / EBITDA led bottom-line improvement, with further support from below EBITDA items (1) Before consolidation adjustments, combined. Bus operations have been reported under the energy segment since Q2 2025 Energy Segment Summary Financials(1) Enerjisa Üretim Summary Financials(1) 17 MILLION TL Q3 2025 Q3 2026 Change 9M 2025 9M 2026 Change REVENUE 118,954 113,343 -5% 321,072 302,301 -6% EBITDA 18,221 21,663 19% 56,067 60,467 8% EBITDA MARGIN 15% 19% 380bps 17% 20% 254bps NET INCOME 4,690 8,931 90% 10,069 21,418 113% MILLION TL Q3 2025 Q3 2026 Change 9M 2025 9M 2026 Change REVENUE 32,901 30,515 -7% 88,594 82,203 -7% EBITDA 5,013 6,186 23% 15,545 16,857 8% EBITDA MARGIN 15% 20% 504bps 18% 21% 296bps NET INCOME 3,886 4,480 15% 7,867 12,840 63%
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MaterialTechnologies/ International cement, commercial tires & composites led to strong operational performance (1) Cement + Clinker + CAC 18 Current Assessment 51% 45% 49% 55% 2.4 2.5 Q3'25 Q3'26 Çimsa Cement Volumes (1) Geographical Breakdown (mn ton) Domestic International +13% +1% Factors to Watch 67% 30% 17% 78% 30% 23% Çimsa-Mannok Çimsa-Bunol Çimsa-Türkiye Cement Operations - Alternative Fuel Usage (%) 9M 2026 9M 2025 25% 32% 75% 68% 198 207 Q3'25 Q3'26 Total Revenues Tire Reinforcement & Composites Breakdown (mnUSD) Composites Tire Reinforcement & Other +34% -5% +5% -11% Building materials: ๏ Strong int’l volumes offsetting softer domestic demand ๏ Domestic demand normalizing as earthquake- related demand winds down ๏ Higher alternative fuel usage limiting the impact of rising petcoke prices Tire & Tire Centric Solutions: ๏ Commercial-led growth in replacement, outperforming the market ๏ High-rim-diameter leadership & favourable product mix ๏ Lower OE volumes on project roll-offs Tire & Composite Reinforcement: ๏ Strong composites demand from AI & aviation ๏ Structural pressure in tire reinforcement ๏ Price pass-through, cost savings & recovery from flood ๏ Inflation & FX ๏ Global supply & demand conditions& commodity prices ๏ Sales mix, carbon footprint & fuel mix optimization ๏ Potential change in U.S. trade policy ๏ Impact of the Middle East conflict on market dynamics Average Market Petcoke Price (USD) 70 9M 2025 +17% y/y 82 9M 2026 65 3Q25 +19% y/y 77 3Q26 39% 43% 61% 57% 23.8 26.3 Q3 2025 Q3 2026 Brisa Tonnage (K Ton) (Replacement Channel) Commercial Consumer +11% +3% +23%
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Material Technologies / Strong EBITDA pass-through, with further support from higher monetary gains & lower finance expenses (1) Before consolidation adjustments, combined 19 Material Technologies Summary Financials(1) MILLION TL Q3 2025 Q3 2026 Change 9M 2025 9M 2026 Change REVENUE 47,720 39,304 -18% 140,701 126,305 -10% Revenue Contribution: Cement 53% 43% 51% 47% Tire & Tire Centric Solutions 29% 34% 27% 31% Tire & Composite Reinforcement 19% 22% 22% 23% EBITDA 7,209 6,375 -12% 17,096 17,736 4% EBITDA Margin: EBITDA MARGIN 15% 16% 111bps 12% 14% 189bps Cement 18% 17% 14% 15% Tire & Tire Centric Solutions 16% 18% 12% 15% Tire & Composite Reinforcement 6% 11% 7% 11% NET INCOME 2,599 3,257 25% 2,858 7,677 169% Net Income: Cement 2,728 2,511 -8% 5,167 5,846 13% Tire & Tire Centric Solutions 378 532 41% -1,192 807 n.m. Tire & Composite Reinforcement -507 214 n.m. -1,118 1,024 n.m.
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Retail Electronics: ๏ Online growth ahead of the market despite soft consumer demand ๏ Lowest opex-to-revenue ratio of the year, supporting EBITDA margin Why combined & consolidated divestment impacts differ: ๏ Combined: gain or loss is calculated against the Holding’s investment cost. ๏ Consolidated: gain or loss is calculated against the Holding’s share of the subsidiary’s net assets, which already reflects the company’s past results. In 9M26, the Carrefoursa divestment resulted in a TL 24.1bn loss on a combined basis versus a TL 243mn loss on a consolidated basis, while the Akçansa divestment generated a TL 7.7bn gain on a combined basis versus a TL 9.6bn gain on a consolidated basis. ๏ Development of cloud business ๏ Consumer sentiment & purchasing behaviour ๏ Interest rates and macroeconomic environment (1) Digital: before consolidation adjustments, combined (2) Other: before consolidation adjustments, combined, excludes Holding dividend income 20 Current Assessment Factors to Watch Techonline Market Revenue Growth (Real, YoY %, 9M 2026) vs. Teknosa E-Commerce Growth (YoY %, 8M 2026) Digital & Other / Cost discipline amid soft demand, Carrefoursaexit closing weighs on results Digital Segment Summary Financials(1) MILLION TL Q3 2025 Q3 2026 Change 9M 2025 9M 2026 Change REVENUE 1,284 1,336 4% 4,950 4,053 -18% EBITDA 66 -51 n.m. 42 111 164% EBITDA MARGIN 5% -4% n.m. 1% 3% 189bps NET INCOME -49 -262 -433% -529 -564 -7% Other Summary Financials(2) MILLION TL Q3 2025 Q3 2026 Change 9M 2025 9M 2026 Change REVENUE 52,983 33,218 -37% 153,962 128,669 -16% EBITDA 2,176 1,323 -39% 3,067 2,122 -31% EBITDA MARGIN 4% 4% -12bps 2% 2% -34bps NET INCOME -3,076 -25,865 -741% -10,901 -26,125 -140% NET INCOME, Adj. -3,076 -1,724 44% -10,901 -9,639 12% Carrefoursa Closing Impact -24,141 -24,141 Akçansa Closing Impact 0 +7,655 2% 5% Techonline Market Teknosa E-Commerce +3 pp outperformance vs. market 11.6% 11.2% 10.7% 11.4% 11.2% 1Q26 2Q26 3Q26 9M25 9M26 -0.5 ppts -0.2 ppts Opex Margin (Opex / Revenue, %)
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Energy | Türkiye 4.7 GW 58% renewable • YEKA-2 turbines complete, nearing 1 GW Renewables | U.S. 790 MW Pepper and Lucky 7 under construction • Expected to be commissioned within Q3’27 Building materials ~200K tons Çimsa’s CAC production capacity Shareholder value TL 7bn Share buyback programme, up to 3 years 23 years of uninterrupted dividend payments Sabancı family, Chair, CEO and CFO bought shares • Enough to meet ~20% of global CAC demand outside China Strengthening resilience with conviction in long-term value creation F I N A N C I A L H I G H L I G H T S – Q3 Consolidated Net income* TL 4.5bn Non-bank net income (consolidated)* TL 5.6bn Non-bank EBITDA margin* 16.0% Holding-only net cash TL 31.9bn Below policy rate of 2x Return on equity Non-bank Net debt / EBITDA 318bps YoY 5.7% 1.6x ~4x YTD ~5x YoY 3x YoY *Excludes Carrefoursa transaction closing effect after Sabancı Holding’s exit from the company which was finalized on 31 July, 2026. ~6x YTD 21
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Appendix03/03
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(1) Combined Revenue excludes Holding dividend income. Bank revenue = Interest income + commission income + capital markets gains/losses + net derivative gains/losses *Excludes Carrefoursa transaction closing effect after Sabancı Holding’s exit from the company which was finalized on 31 July, 2026 Consolidated Net Income/Loss (TL bn) Reported figures vs. underlying performance excluding divested companies 23 Non-bank EBITDA Margin 31.0 33.3 20.7 13.6 51.8 46.9 Q3 2025 Q3 2026 Non-bank Bank 1.6 5.3 -0.7 -1.1 0.9 4.3 Q3 2025 Q3 2026 Non-bank Bank 242.2 207.8 268.3 232.7 510.5 440.5 Q3 2025 Q3 2026 Non-bank Bank +7% -34% -14% -14% -9%12.8% 16.0% -13% Combined Revenue (TL bn)(1) Combined EBITDA (TL bn) Consolidated net income (TL bn) 4.3 4.5 Reported Excl. Excl. Carrefoursa Closing effect* Total Revenue would be Excl. Divested Companies’ Revenue from Both Years, YoY Change in: Non-Bank Revenue would be -9%, instead of -14% -4%, instead of -14% Total EBITDA would be Excl. Divested Companies’ EBITDA from Both Years, YoY Change in: Non-Bank EBITDA would be -6%, instead of -9% +15%, instead of +7%
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56.5 31.5 58.1 49.0 151.6 81.5 111.7 90.0 208 113 170 139 2022 2022 w/o IAS29 2023 2023 w/o IAS29 Non-bank Bank 684.5 628.7 822.0 717.2 1,506.5 1,345.9 9M 2025 9M 2026 Non-bank Bank Reported figures vs. underlying performance excluding divested companies 24 0.5 18.3 -1.5 1.3 -1.0 19.6 9M 2025 9M 2026 Non-bank Bank -11% -13% -8% Consolidated Net Income/Loss (TL bn)Combined Revenue (TL bn)(1) Combined EBITDA (TL bn) 85.2 90.1 73.2 73.5 158.4 163.6 9M 2025 9M 2026 Non-bank Bank 0.4% +3% 12.5% 14.3% Non-bank EBITDA Margin +6% (1) Combined Revenue excludes Holding dividend income. Bank revenue = Interest income + commission income + capital markets gains/losses + net derivative gains/losses *Excludes the transaction closing effects of Akçansa and Carrefoursa following Sabancı Holding’s exits, finalized on 18 June and 31 July 2026, respectively. Consolidated net income (TL bn) 19.6 10.2 Reported Excl. Excl. Akçansa & Carrefoursa Closing Effect* Total Revenue would be Excl. Divested Companies’ Revenue from Both Years, YoY Change in: Non-Bank Revenue would be -9%, instead of -11% -4%, instead of -8% Total EBITDA would be Excl. Divested Companies’ EBITDA from Both Years, YoY Change in: Non-Bank EBITDA would be +5%, instead of +3% +9%, instead of +6%
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(1) Dividends paid on shares held under the share buyback programme: 35.1 million shares as of March 30, 2022; 50.6 million shares as of March 30, 2023; and shares with a nominal value of TL 4.85 million as of May 2, 2024, April 2, 2025, and April 2, 2026. Dividends received are stake adjusted gross amounts. Dividends are presented based on payment dates and reflect the settlement of prior year earnings. MILLION TL 2022 2023 2024 2025 2026 Akbank 494 3,666 4,063 2,589 4,666 Akçansa 36 99 457 477 143 Aksigorta - - - - - Agesa - 60 120 400 500 Brisa 270 479 452 283 - Carrefoursa - - - - - Çimsa 109 218 545 327 382 Kordsa 114 41 - - - Teknosa - - - - - Enerjisa Enerji 586 1,087 1,318 1,356 2,400 Enerjisa Üretim 463 1,338 2,444 3,052 1,394 Sabancı Holding(1) 26 89 14 14 7 Unlisted Companies 16 - - - 729 Total dividends received 2,114 7,076 9,414 8,499 10,220 Total dividends paid out 1,530 3,571 6,181 6,300 2,969 Outflows/Inflows 72% 50% 66% 74% 29% Payout Ratio 12.7% 8.1% 40.1% - 78.3% Dividend Performance Dividend Policy: 5% - 20% of distributable consolidated net income 25
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Financials in Detail 26 (1) Combined Revenue excludes Holding dividend income As of Q2’25, companies within each SBU are listed as follows: Banking & Financial Services: Akbank, Aksigorta, Agesa, Energy & Climate Technologies: Enerjisa Enerji, Enerjisa Üretim, Sabancı Climate Technologies, Temsa Ulaşım Araçları (TUA), Material Technologies: Akçansa (5M financials included), Brisa, Çimsa, Kordsa, Digital: DxBV, Other: Carrefoursa, Teknosa, Temsa Motorlu Araçlar, Tursa, Holding Combined Revenue(1) Combined EBITDA Consolidated Net Income/Loss MILLION TL Q3 2025 Q3 2026 Change 9M 2025 9M 2026 Change Q3 2025 Q3 2026 Change 9M 2025 9M 2026 Change Q3 2025 Q3 2026 Change 9M 2025 9M 2026 Change TOTAL 510,498 440,494 -14% 1,506,466 1,345,939 -11% 51,760 46,901 -9% 158,438 163,607 3% 881 4,264 384% -1,023 19,572 n.m. BANK 268,307 232,711 -13% 821,951 717,232 -13% 20,711 13,645 -34% 73,209 73,493 0% -744 -1,062 -43% -1,540 1,315 n.m. NON-BANK 242,190 207,783 -14% 684,514 628,708 -8% 31,050 33,256 7% 85,229 90,114 6% 1,625 5,326 228% 517 18,257 3434% ENERGY 118,954 113,343 -5% 321,072 302,301 -6% 18,221 21,663 19% 56,067 60,467 8% 2,106 4,291 104% 5,469 10,465 91% MATERIAL TECHNOLOGIES 47,721 39,304 -18% 140,702 126,305 -10% 7,209 6,375 -12% 17,096 17,736 4% 1,317 1,742 32% 1,594 3,929 147% FINANCIAL SERVICES 21,249 20,581 -3% 63,829 67,380 6% 3,379 3,946 17% 8,956 9,678 8% 471 843 79% 1,337 1,540 15% DIGITAL 1,284 1,336 4% 4,950 4,053 -18% 66 -51 n.m. 42 111 164% -43 -241 -463% -491 -495 -1% OTHER 52,983 33,218 -37% 153,962 128,669 -16% 2,176 1,323 -39% 3,067 2,122 -31% -2,226 -1,308 41% -7,392 2,817 n.m.
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Sabancı Holding Current NAV & Cash Breakdown USD mn October 2026 Companies Free Float Direct Stake Valuation Method Mcap Value to Sabancı Holding % of NAV Akbank 53% 41% Market value 6,362 2,593 30.6% Enerjisa Enerji 20% 40% Market value 2,503 1,001 11.8% Aksigorta 28% 36% Market value 148 53 0.6% Agesa 18% 40% Market value 721 289 3.4% Çimsa 36% 55% Market value 740 404 4.8% Brisa 10% 44% Market value 401 175 2.1% Kordsa 28% 71% Market value 180 128 1.5% Teknosa 50% 50% Market value 43 21 0.3% Total Listed 4,664 55.1% Enerjisa Üretim 50% 1x Book value 4,130 2,065 24.4% Çimsa Building Solutions B.V. (1) 32% 1x Book value 431 137 1.6% Sabancı Climate Technologies(1) 100% 1x Book value 426 426 5.0% DxBV 100% 1x Book value 70 70 0.8% TUA 50% 1x Book value 248 124 1.5% Other(2) 100% 1x Book value, Latest Appraisal Value 329 329 3.9% Total Non-listed 3,151 37.2% Total 7,815 92.2% Sabancı Holding Net Cash 657 7.8% Sabancı Holding NAV 8,472 100.0% Sabancı Holding Mcap 3,422 Sabancı Holding Discount -59.6% 27 Numbers are based on IAS 29 (inflation accounting) All figures are adjusted with October-end USD/TRY Book values of non-listed companies are as of end of Sep’26 (1) Çimsa Building Solutions and Sabancı Climate Technologies are included at their September-end USD values. The book values of the remaining unlisted companies are calculated by dividing their September- end TRY values by the USD/TRY rate at the end of the relevant month. (2) "Other" includes Tursa, TMA and SabancıDX. The end-October USD/TRY rate is taken as 49.7747
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ir.sabanci.com Investor Presentation - Group Strategy SBU Presentation – Energy & Climate Technologies Earnings Presentation Kerem TEZCAN Investor Relations Director Meet SirA, Sabancı Holding's digital investor relations assistant! Türkiye’s First Investor Relations Dedicated Assistant! INVESTOR RELATIONS Sezgi ESER AYHAN Investor Relations Manager Emine DALAN Investor Relations Specialist 2025 Integrated Report Capital Markets Day 2024