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Sabancı Holding (SAHOL) 3Q26 Financial Results

Tacirler Investment

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Sabancı Holding reported consolidated net income of TL4.3bn in 3Q26, up from TL881mn a year earlier. Improved non-bank performance, led by energy, lower monetary losses and reduced financing costs and tax expenses supported earnings. Banking’s TL1.1bn loss contribution partly offset the improvement. Excluding the TL243mn net loss on the CarrefourSA disposal, net income stood at TL4.5bn. We view the results as neutral, balancing the improvement in non-bank operations against weakness in banking and the non-operating factors supporting earnings growth. We leave our forecasts unchanged and maintain our target price of TL183.00 and BUY recommendation. SAHOL remains in our model portfolio, as we continue to find its valuation attractive. Our target price implies approximately 112% upside from yesterday’s close.

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