Sabancı Holding (SAHOL) 4Q25 Financial Results

Sabancı Holding reported TL4.6bn consolidated net profit in 4Q25 (Consensus: TL412mn). Excluding the TL2.5bn net negative impact stemming from the suspension of inflation accounting in statutory (VUK) accounts—including the effect on asset revaluations—adjusted net profit amounted to TL7.2bn in 4Q. Results came in materially above market expectations. The easing of the net monetary loss position versus last year and a strong operational recovery in the banking segment supported net profit (4Q24: TL4.8bn net loss). The monetary position line improved to -TL8.4bn in 4Q25 from -TL15.5bn in 4Q24. On a full-year basis, consolidated net profit totaled TL3.8bn in 2025 (2024: TL20.3bn net loss), while adjusted annual net profit reached TL6.3bn. We reiterate our 12-month target price of TL162.00 and our BUY recommendation. SAHOL remains in our model portfolio.