Message from the CEO

Dear Stakeholders,

The year 2025 was characterized by rising uncertainty in the global business environment, driven by geopolitical developments, hardening trade policies, and persisting inflationary pressures. The entrenchment of strategic competition between the United States and China, the rise in protectionism and the ongoing restructuring of global supply chains all left their mark on the international investment landscape.

Against this backdrop, the Turkish economy continued its quest for stability through the ongoing disinflation process, tight monetary policy and economic rebalancing measures. Newly introduced U.S. tariff policies also presented an important framework for external trade balances, prompting exporting sectors to reassess their competitiveness and cost structures.

Despite these challenges, global economic growth remained modest yet resilient. As central banks cautiously initiated rate cuts, a controlled easing cycle began to take shape, with Türkiye benefiting from these trends, albeit with some lag. As economic activity gained momentum in the first half of the year, international institutions revised their expectations for Türkiye upward with the OECD raising its growth forecast to 3.5%, while the IMF projected that Türkiye would become the world’s 16th largest economy in 2025. These developments pointed to the continuation of the economic recovery.

For businesses, 2025 was a year that required dynamic adaptation, particularly amid global economic uncertainty and the widening gap between inflation and exchange rate dynamics. Doğan Holding adapted effectively to these conditions, supported by our flexible and balanced portfolio. Despite a challenging macroeconomic and regulatory backdrop, we maintained our operational strength in our areas of strategic focus, continued to deepen our investments in these segments and stably maintained our growth and profitability momentum.

Doğan Holding reached a market capitalization of USD 1.0 billion, while the share of foreign investors in our free float stood at 24.4%, an increase of 6.1 percentage points compared with the end of 2024, while there was an increase of 2.3 percentage points in institutional investor participation.

Our consolidated revenues declined by 11% year-on-year, while net profit recorded as TL 1.8 billion in 2025. With the exclusion of Doğan Trend Automotive, which was affected by regulatory impacts related to import duties on vehicles originating from China, Doğan Holding’s consolidated revenue marked 10% growth compared to same period of the previous year. Our Net Asset Value increased by 9% from USD 2.6 billion at the end of 2024 to USD 2.8 billion by the end of 2025 while our share price rose by 18.9% in Turkish lira terms during the year, outperforming the BIST 100 Index by four percentage points. By the end of 2025, Doğan Holding reached a market capitalization of USD 1.0 billion, while the share of foreign investors in our free float stood at 24.4%, an increase of 6.1 percentage points compared with the end of 2024, while there was an increase of 2.3 percentage points in institutional investor participation.

Doğan Group delivered a strong operational performance in 2025 despite macroeconomic conditions and regulatory developments, supported by our strategy centered on sustainable value creation and growth.

We have built a healthy portfolio with strong growth potential, aligned with macroeconomic conditions and both local and global trends. We see significant growth opportunities across all our business lines-mining, renewable energy, financial services, electronics/technology, mobility, and industry-and we continue to invest in these areas. During this period, we also largely maintained our strong cash position.

In our financial services and investment segment, an area of strategic focus for Doğan Holding, Hepiyi Sigorta maintained its steady expansion in terms of portfolio size under management. Supported by strong premium production, Hepiyi Sigorta increased its market share in motor insurance to become Türkiye’s 6th largest provider of motor third party liability insurance and the 9th largest provider of motor own damage insurance.

Galata Wind, one of our strategic assets in electricity generation, initiated investments in Germany and Italy in line with our strategy to increase the share of foreign currency-denominated revenues in our portfolio and advance our international growth strategy. A contract was signed for the acquisition of a 63 MW solar power plant project to be established in southern Germany, while the acquisition of two ready-to-build PV solar projects with a total installed capacity of 9 MW in Italy was completed. We expect these investments to significantly support our vision of becoming a global renewable energy player by the end of 2027.

Our mining company, Gümüştaş expanded both underground ore production and the production of concentrate through investments drawing on the latest technologies and advanced mining practices. Supported by the efficiency enhancement program launched at the beginning of the year and a favorable trend in metal prices, the company’s financial performance strengthened, leading to an upward revision of its three-year investment plan. As part of its USD 70 million investment plan for 2026, the Company will continue capacity expansion at the ore processing plant as well as its exploration activities.

At Doğan Group, we continue our investments with a clear recognition that technology has evolved beyond an economic driver to become a strategic force.

At Doğan Group, we are fully aware that technology has evolved from being merely an economic driver into a strategic force. In this respect, Karel, our company operating in electronic and communication technologies, continued to move forward with steady strides in its transformation program. With the restructuring costs largely behind it, we have started to see a normalization in margins, supported by disciplined working capital management and capital support at the parent level. We expect 2026 to mark a significant turning point in terms of profitability and balance sheet strength.

At Doğan Group, we place tremendous importance on the digital transformation of financial services, industry, and communication in our country, and remain committed to maintaining our pioneering position in this transformation. We view our Group’s deeply rooted expertise in financial services and technology not only as a strategic lever for our investments but also as a unique opportunity to strengthen Türkiye’s global competitiveness. In the coming period, we will continue to leverage AI and advanced data analytics solutions throughout the companies in our portfolio.

The Outlook for 2026...

We approach the year realistically, with an expectation that the ongoing economic program in Türkiye will begin to deliver tangible results. We are confident in our country’s prospects and believe that the continued adherence to the current program will yield stronger outcomes in the near term. Despite geopolitical and economic uncertainties, we believe that Türkiye will become an increasingly attractive investment destination from 2026. Supported by our diversified portfolio and robust corporate structure, we will press ahead in our sustainable growth journey while preserving our resilience.

Working Towards Sustainable Human Capital

We believe one of our greatest competitive advantages at Doğan Group is our people, and our long-established corporate culture. While preserving our institutional culture, we continuously analyze employee needs and rapidly implement the appropriate actions to maintain the highest level of employee satisfaction.

With the vision of becoming a learning organization, we regularly listen to our employees, systematically evaluate their feedback and focus on continuous improvement. Every two years, we assess how deeply our employees have adopted the organization’s existing values, their own values and the values they expect from the institution, ensuring that their voices are heard. We utilize the entropy tool to accurately analyze employee needs and manage expectations effectively. Through these efforts, we have reduced our Corporate Entropy rate by approximately 25%, while significantly improving our culture score.

Guided by our principle of “Recognizing Value, Creating Value,” we at Doğan Group are fully aware of the value of our planet, our future and our society.

Designing a Portfolio Aligned with the Future and the Planet

In today’s global business environment, capital increasingly flows not only toward financial returns but also toward transparency, strong governance, sustainable impact, innovation capacity and climate sensitivity. We place this transformation at the heart of our strategy. While maintaining our principle of avoiding investments in sectors with a high environmental impact, we continue to build a portfolio that generates economic value with low climate impact and aligns with the needs of the planet while offering long-term resilience.

In line with this vision, we have strengthened our sustainability priorities and targets while enhancing our reporting approach with a more integrated structure. Through our first reports and regular disclosures aligned with the United Nations Principles for Responsible Investment (UN PRI) and the Türkiye Sustainability Reporting Standards (TSRS), we demonstrated a performance that not only meets international standards in terms of transparency and accountability but, in many areas, goes beyond them. Our strong commitment to Corporate Governance Principles was once again recognized in 2025, with a rating of 9.67, representing an improvement when compared to the previous year.

Dear Stakeholders,

Guided by our principle of “Recognizing Value, Creating Value,” we at Doğan Group are fully aware of the value of our planet, our future and our society. For more than 65 years, we have been working to contribute to our country, our people and our shared future. I would like to extend my sincere thanks to all of our stakeholders who have supported us on this journey.

Sincerely,

Çağlar GÖĞÜŞ
Chief Executive Officer