Sabancı Holding (SAHOL) 2Q26 Financial Results

Sabancı Holding reported TL14.2bn in consolidated net profit in 2Q26. This marked a significant improvement from TL2.3bn in the same period last year. The largest contributor to the increase was the TL8.9bn gain recorded from the disposal of the company’s stake in Akçansa. The decline in monetary losses to TL7.4bn from TL12.7bn also supported net profit, while higher tax expenses limited the improvement. Excluding the Akçansa disposal gain, net profit reached TL5.3bn. Despite the strong contribution from this one-off item, we view the results positively, supported by the increase in adjusted net profit, improving operating margins and a stronger balance sheet. Following the results, we make no changes to our model and maintain our 12-month target price of TL183.00 and BUY recommendation for Sabancı Holding. SAHOL remains in our model portfolio. Our target price implies c.107% upside potential based on yesterday’s closing price.