Doğan Holding (DOHOL) 3Q25 Financial Results

We view Doğan Holding’s (DOHOL) 3Q25 results as neutral. Operating momentum remained strong in energy, mining and digital financial services, while regulation-driven pressure in automotive and a selective inventory policy limited consolidated growth. A modest increase in NAV and continued cost discipline across the portfolio balanced the picture. We maintain our 12-month target price at TL25.90 and reiterate our Buy rating. We will monitor the near-term impact from automotive, while expecting profitability contributions led by renewables and mining to continue in the medium term.