Doğan Holding (DOHOL) 2Q25 Financial Results

Doğan Holding reported 2Q25 revenue of TL 21.8bn, EBITDA of TL 2.1bn, and net profit of TL 75mn. Net Asset Value (NAV) rose to USD 2.6bn and standalone net cash to USD 662mn. Quarterly indicators point to strong profitability in renewables, mining, and digital financial services, while weak demand and regulatory headwinds weighed on automotive and some industrial lines. The gross margin improved by 3pp y/y, whereas the EBITDA margin eased from 11% to 10%. Excluding automotive, EBITDA grew 40% y/y, reaching a 12.3% margin. While the market value of listed subsidiaries declined slightly q/q, valuation improved at non-listed businesses on stronger operating performance and comparable-multiple support. Meanwhile, the Holding revised its consolidated (ex-Finance & Investment segment) guidance for TL revenue and EBITDA growth from “CPI +5–10pp / +6–10pp” to “CPI-like.” In line with the results and the USD’s appreciation, we update our FX assumption and raise our target price to TL 25.90 (from TL 23.10), maintaining our BUY rating.