Doğan Holding (DOHOL) 4Q25 Financial Results

Doğan Holding reported TL2.2bn net profit in 4Q25 (4Q24: TL1.4bn). Results were supported by stronger contribution from the Mining and Financing & Investment segments and a recovery in investment income, while the monetary position swung to a TL485mn loss in 4Q25 versus a TL416mn monetary gain in 4Q24. Full-year 2025 net profit came in at TL1.8bn (2024: TL5.7bn). Following the results, we raise our 12-month target price for Doğan Holding to TL29.35 from TL27.45 and reiterate our BUY recommendation.