Sabancı Holding (SAHOL) 1Q26 Financial Results

Sabancı Holding reported consolidated net profit of TL 318mn in 1Q26. While the headline figure came in slightly below the TL 330mn market expectation, it marks a clear turnaround from the TL 3.8bn net loss recorded in the same period last year. Lower net financial expenses and a decline in monetary losses supported bottom-line profitability, although a higher tax expense year-on-year offset part of the improvement. We view the results as neutral. Accordingly, we maintain our 12-month target price of TL 162.00 and our BUY recommendation, and SAHOL remains in our model portfolio.