Doğan Holding (DOHOL) 1Q26 Financial Results

Doğan Holding reported 1Q26 net sales of TL23.9bn, EBITDA of TL2.6bn and net income of TL334mn, compared to a net loss of TL680mn in 1Q25. The YoY increase in investment income and the decline in financial expenses supported the recovery in net income, while the widening monetary loss, from TL988mn to TL3.3bn, limited the bottom line. On the operational side, Mining, the turnaround at Karel and the recovery in automotive lifted the EBITDA margin by 6.5pp YoY to 11.0%. Supported by operational momentum and the recovery in net income, we assess the results as slightly positive. We maintain our BUY recommendation for Doğan Holding with a 12-month target price of TL29.35/share.