Koç Holding (KCHOL) Investor presentation summary

Strategic positioning and portfolio

• Holds leading positions in energy, automotive, consumer durables, and finance, with clear competitive advantages and a sustainability-oriented business model focused on profitable growth.

• Generates ~8% of Turkey’s GDP in combined revenues and accounts for ~7% of total exports, with $16.5bn invested over the last five years.

• Maintains a balanced portfolio with defensive and growth assets, ensuring resilience and long-term value creation.

• Operates globally, exporting to over 155 countries, with 47% of revenues hard-currency based and more than 130 facilities abroad.

• Stable shareholding structure with significant family ownership and a history of prudent management and strong liquidity.

Financial performance and business update

• Q1 2026 consolidated revenues rose 5% year-on-year to TL 738bn, with operating profit up 33% and profit before tax up 150%.

• Portfolio diversification drove resilient results, with energy and finance segments showing strong profit growth, while consumer durables and automotive faced margin and demand pressures.

• Net cash position at $969mn and sustainable leverage with a 1.5x net financial debt/EBITDA ratio.

• Dividend income remains robust, with a 2025 payout of TL 33.4bn and a focus on companies with FX or FX-linked revenues.

• NAV discount remains highly correlated with market sentiment, averaging -15% since 2009.

Sector highlights and company performance

• Energy: Tüpraş delivered record refining margins and high capacity utilization; Aygaz maintained LPG market leadership; Opet is the second-largest distributor.

• Automotive: Ford Otosan and Tofaş maintained strong export volumes despite domestic headwinds; TürkTraktör and Otokar faced volume and margin pressures.

• Consumer durables: Arçelik sustained global leadership with 68% of revenues from international markets, though profitability was impacted by weaker demand.

• Finance: Yapı Kredi achieved strong core revenue and profitability, supported by effective spread management and prudent provisioning.

• Other businesses include leading positions in home improvement retail, IT, procurement, and healthcare.