Doğan Holding (DOHOL) 2Q26 Financial Results

Doğan Holding reported TL26.2bn in revenue, TL7.0bn in EBITDA and TL3.3bn in net profit in 2Q26. Revenue declined by 11% YoY in real terms. However, EBITDA increased by 18%, while the EBITDA margin improved to 27% from 20% a year ago. The strong increase in net profit was supported by better operating performance, higher investment income, lower financing expenses and TL1.6bn in deferred tax income. Following the results, management raised its annual AUM growth guidance for Hepiyi from USD100–130mn to USD200–250mn. Meanwhile, Galata Wind’s EBITDA margin guidance was revised down to c.60% from 65–70%. We view the improvement in operating profitability positively. Following updates to the book values of unlisted subsidiaries in our NAV table, we raise our 12-month target price for Doğan Holding to TL34.40 from TL32.50 and maintain our BUY recommendation. Our target price implies c.65% upside potential based on yesterday’s closing price.