Dogan Holding

Doğan Holding
Doğan Şirketler Grubu Holding A.Ş.
Corporate identity
Type	Public — diversified holding company
Traded as	Borsa İstanbul DOHOL
Founded	September 22, 1980 (1980-09-22)
Headquarters	Burhaniye Mahallesi, Kısıklı Caddesi No: 65, Üsküdar, Istanbul
Domicile	Turkey
Major shareholders	Doğan family (64.1%) Free float (35.9%)
Key people	Hanzade V. Doğan, Chairwoman Çağlar Göğüş, CEO Bora Yalınay, CFO Vedat Mungan, Executive Committee member Eren Sarıçoğlu, Executive Committee member A. Doğan Yalçındağ, Executive Committee member
Number of employees	7,160 consolidated (31 December 2025)
Business & markets
Lines of business	Electricity generation Mining Financial services Automotive trade and marketing Internet, entertainment, and real estate Electronics, technology, and industry
Business segments	Electricity generation Industry and trade Automotive trade and marketing Finance and investment Internet and entertainment Real estate investments Mining
Geographic markets	Turkey Romania Netherlands
Key financials (FY2025)
Market cap	USD 1,035.3 million (31 December 2025, closing price)
Revenue	TRY 93.68 billion
Operating income	TRY 11.56 billion
Net income	TRY 1.79 billion (attributable to equity holders)
Total assets	TRY 184.60 billion
Net debt	TRY 27.20 billion (net financial liabilities)
Equity	TRY 97.37 billion (TRY 83.72 billion attributable to owners)
Last known valuation	USD 2,829 million NAV (FY2025)
All financial figures presented under TAS 29 hyperinflation accounting in the purchasing power of 31 December 2025.

🏛️ Doğan Holding (BIST: DOHOL) is a publicly listed Turkish diversified holding company established on 22 September 1980 and quoted on Borsa İstanbul since 1993. Controlled by the Doğan family with a 64.1% stake, the group operates seven reportable segments: electricity generation (Galata Wind, 354.2 MW installed), mining (Gümüştaş, Doku Mining), financial services (Hepiyi Insurance, Doğan Yatırım Bankası, Doruk Factoring), automotive (Doğan Trend), internet/entertainment/real estate (Kanal D Romania, Hepsiemlak), and electronics/technology/industry (Karel Elektronik, Sesa Packaging). The group employs 7,160 people and has geographic presence in Turkey, Romania, and the Netherlands.

💰 Financial profile. FY2025 consolidated revenue was TRY 93.7 billion (down from TRY 104.9 billion in FY2024), while operating profit improved to TRY 11.6 billion from TRY 8.0 billion, supported by mining outperformance and a Karel turnaround. Net income attributable to equity holders declined sharply to TRY 1.8 billion from TRY 5.7 billion, driven by a TRY 5.4 billion TAS 29 monetary loss, large finance expenses, and volatile investment-activity items. Total assets stood at TRY 184.6 billion with total equity of TRY 97.4 billion, though net financial liabilities rose to TRY 27.2 billion from TRY 6.1 billion a year earlier.

⚠️ Key risks and strategic direction. Financial results exhibit high sensitivity to TAS 29 hyperinflation accounting mechanics, FX exposures across TRY/USD/EUR-denominated borrowings, and the dominance of the finance and investment segment in consolidated assets. The group targets USD 1 billion in value per business line by 2030 and has made a strategic entry into mining through a 75% Gümüştaş acquisition, while executing symbolic-consideration disposals (Boyabat Elektrik, 360 Sağlık) that warrant subsidiary-level scrutiny. The company reports a NAV of USD 2,829 million against a persistent 63% market discount and maintains a solo net cash position of USD 639 million.

The following sections provide further details.

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Company profile

🏛️ Legal identity. Doğan Şirketler Grubu Holding A.Ş. is a publicly listed holding company whose shares have been quoted on Borsa İstanbul since 21 June 1993 under the ticker DOHOL. The group has no privileged shares per its corporate governance disclosures. The holding company was established on 22 September 1980, and its corporate headquarters are located at Burhaniye Mahallesi, Kısıklı Caddesi No: 65, Üsküdar, Istanbul.

🏗️ Foundational history. The group traces its origins to Aydın Doğan, who began his career in 1959 and established his first company in the automotive field in 1961. The group's main activity is investing across sectors via associates and providing necessary support to subsidiaries and joint ventures to develop their activities.

👥 Ownership and governance. The FY2025 annual report states that the Doğan family holds 64.1% of equity, with free float at 35.9%. A separate depository-based disclosure records free float at 35.66% as of 31 December 2025, indicating minor rounding or timing differences. In 2025, the board underwent a chair transition: Y. Begümhan Doğan Faralyalı, who had led the board for 13 years, passed the role to her sister Hanzade V. Doğan.

📊 Executive leadership and scale. Senior management includes Çağlar Göğüş (CEO), Bora Yalınay (CFO), and executive committee members Vedat Mungan, Eren Sarıçoğlu, and A. Doğan Yalçındağ. The group reported 7,160 consolidated employees at 31 December 2025 (of which 6,810 domestic), down from 7,659 at the end of FY2024.

💱 FX context. For contextual USD conversion at 31 December 2025, the U.S. Treasury's reporting rates of exchange list the Turkish Lira at 42.9510 per USD.

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Business model

🔌 Segment structure. Segment reporting in FY2025 identifies seven reportable business lines, consistent with the group's diversified holding model: electricity generation, industry and trade, automotive trade and marketing, finance and investment, internet and entertainment, real estate investments, and mining.

🏭 Portfolio composition. The group organizes its principal business lines as electricity generation (including Galata Wind Enerji A.Ş. and hydropower assets at Aslancık and Boyabat), mining (Gümüştaş Madencilik A.Ş. and Doku Mining), financial services (Hepiyi Sigorta A.Ş., Doğan Yatırım Bankası A.Ş., and Doruk Factoring), automotive (Doğan Trend Automotive), internet/entertainment/real estate (Kanal D Romania, Hepsiemlak, publishing, and D Real Estate), and electronics/technology/industry (Karel Elektronik Sanayi ve Ticaret A.Ş., Sesa Packaging, and related industrial entities).

🌍 Geographic footprint. The financial statements identify subsidiaries in Turkey and group entities incorporated outside Turkey, including a Dutch entity within the electricity generation structure. Romania is explicitly part of the group's internet/entertainment/real estate business line through Kanal D Romania.

📝 Revenue recognition. The FY2024 financial statements describe revenue recognition principles consistent with TFRS presentation, based on transfer of control and performance obligations.

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Performance drivers and operating KPIs

🎯 Strategic targets. The FY2025 annual report frames the group's strategy as maintaining qualified growth in three main strategic areas and targeting a value scale of USD 1 billion per business line by 2030. The 4Q25 earnings presentation emphasizes dynamic portfolio management and value-accretive corporate actions, explicitly linking EBITDA improvement to mining performance and a turnaround at Karel.

⚡ Electricity generation signals. The 4Q25 presentation discloses current installed capacity of 354.2 MW for Galata Wind and discusses capacity expansion and European solar/storage development targets. Adverse climatic conditions caused a 10% year-over-year decrease in generation in 4Q, and market clearing price dynamics are also referenced.

⛏️ Mining signals. Gümüştaş is described as Turkey's third-largest metal miner in lead and zinc. A 47% year-over-year increase in 4Q production is reported alongside a 53% EBITDA margin in 4Q25, supported by commodity pricing and product mix. Disclosed capital expenditure amounted to USD 36 million in 2025, with company guidance of over USD 70 million in 2026.

🚗 Automotive and insurance signals. Doğan Trend's passenger car sales declined 18% and revenues declined 22% amid campaign-driven pricing and promotional pressure. In insurance, Hepiyi reported 54% year-over-year gross written premium growth and 58% AUM growth, while management highlighted TAS 29 monetary-impact mechanics tied to outstanding claims.

📊 Doğan Holding — selected operating KPIs, FY2024–FY2025

KPI	FY2024	FY2025	Notes
Installed electricity capacity (MW)	—	354.2	Galata Wind installed capacity.
Group headcount	7,659	7,160	Consolidated employee count at year-end.
Net Asset Value (USD mn)	2,598	2,829	Company KPI.
NAV discount (%)	59%	63%	Company KPI.

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Consolidated P&L trends and earnings quality

📈 Headline income statement. FY2025 consolidated results, expressed in the purchasing power of 31 December 2025, show total revenue of TRY 93.68 billion (versus TRY 104.89 billion in FY2024), gross profit of TRY 16.98 billion (versus TRY 13.41 billion), operating profit of TRY 11.56 billion (versus TRY 7.95 billion), and profit attributable to equity holders of TRY 1.79 billion (versus TRY 5.65 billion). Basic EPS attributable to equity holders was TRY 0.6964 (versus TRY 2.1594).

🔍 Earnings composition. FY2025 operating profit includes very large other income from operating activities (TRY 10.77 billion) relative to gross profit, indicating meaningful non-core operating items — likely disposals, fair value movements, or reversals — are embedded within operating income lines. Below operating profit, FY2025 reports net income from investment activities of TRY 10.37 billion, net finance expenses of TRY 11.35 billion, and a net monetary loss under TAS 29 of TRY 5.38 billion (versus a net monetary gain in FY2024).

📉 Segment revenue signals. FY2025 note disclosures reveal major revenue mix shifts: automotive sales and related income declined materially year-over-year, mining revenue increased sharply, and finance and insurance-related income lines expanded.

💰 Doğan Holding — consolidated income statement summary, FY2022–FY2025, TRY million

Metric	FY2022	FY2023	FY2024	FY2025	Basis and notes
Total revenue	29,606	52,565	104,887	93,680	FY2022–FY2023 in 31 Dec 2023 purchasing power; FY2024–FY2025 in 31 Dec 2025 purchasing power.
Gross profit	4,913	9,584	13,407	16,980
Operating profit	5,458	11,505	7,951	11,561
Net profit attributable to parent	232	297	5,651	1,792	FY2022–FY2023 per FY2023 statements; FY2024–FY2025 per FY2025 statements.
EPS (TRY)	0.0896	0.1145	2.1594	0.6964
TAS 29 monetary gain/(loss)	(5,463)	(12,468)	1,813	(5,383)	Monetary gain or loss presented as an explicit line item in the consolidated P&L.

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Balance sheet, capital structure, and NAV

🏦 Consolidated balance sheet. At 31 December 2025, total assets stood at TRY 184.60 billion (versus TRY 182.81 billion restated at 31 December 2024). Total equity was TRY 97.37 billion, comprising TRY 83.72 billion attributable to owners and TRY 13.65 billion in non-controlling interests. Short-term liabilities were TRY 72.45 billion and long-term liabilities TRY 14.77 billion.

💳 Debt profile and currency mix. Short-term bank borrowings and bonds totaled TRY 27.64 billion, with long-term bank borrowings at TRY 5.54 billion and lease liabilities (short and long term) totaling TRY 1.35 billion. Borrowings include TRY-, USD-, and EUR-denominated instruments with disclosed interest rate ranges. The group's net financial liabilities measure was TRY 27.20 billion at 31 December 2025, up from TRY 6.11 billion a year earlier, indicating materially higher leverage on a cash-net-of-debt basis.

🔄 Functional currency change. Certain group companies changed their functional currency from TRY to USD effective 1 January 2025, with consolidated presentation remaining in TRY. This change is material for due diligence because it alters where FX remeasurement effects appear and affects comparability of segment-level margins across years.

📐 Sum-of-the-parts and NAV. The FY2025 annual report discloses a net asset value of USD 2,829 million (up 9% year-over-year) and a NAV discount of 63% (versus 59% in the prior year). Market values at 31 December 2025 for listed group companies were: DOHOL at USD 1,035.3 million, GWIND at USD 281.6 million, and KAREL at USD 158.0 million. These figures imply a persistent market discount to stated NAV, consistent with holding-company structures and market views on conglomerate complexity and cash upstreaming reliability.

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Cash flow, liquidity, and capital allocation

💵 Operating cash flow. In FY2025, net cash from operating activities was TRY 23.06 billion, down from TRY 36.69 billion in FY2024. The cash flow statement shows large interest received (TRY 8.54 billion) embedded in operating cash flow components, underscoring that reported operating cash flow materially reflects treasury and financial-services economics.

📤 Investing and financing. FY2025 investing cash flow was a TRY 36.73 billion outflow, driven primarily by large purchases of shares and debt instruments offset by sales proceeds, plus capital expenditure on property, plant, equipment, and intangibles. FY2025 financing cash flow was a TRY 8.38 billion outflow. Within FY2024 cash flows, dividends paid and cash outflows from purchases of the company's own shares are explicitly shown, indicating an active distribution and buyback framework.

🏧 Holding-company liquidity. The FY2025 annual report reports a solo net cash position of USD 639 million (down from USD 671 million), positioned as a holding-level liquidity KPI distinct from consolidated cash. The 4Q25 earnings presentation attributes holding-level net cash durability to dividends received, dividend payout, Ditaş exit proceeds, capital injections into subsidiaries, and a disclosed buyback amount of USD 1.3 million, indicating active capital allocation across portfolio entities.

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Governance, ESG, and compliance

🏛️ Governance structure. The FY2025 annual report discloses the board structure including independent directors and identifies committees including an Audit Committee, Early Detection of Risk Committee, and Sustainability Committee, with named members and meeting activity disclosures.

📊 Market indices. The company is included in the BIST Sustainability Index, the BIST Dividend Index, the BIST Buyback Index, and the BIST Corporate Governance Index.

🌱 ESG and social initiatives. The annual report includes corporate social responsibility content related to the Aydın Doğan Foundation and competition-based programs, including a Young Communicators Competition and a cartoon competition.

📜 Regulatory touchpoints. Hepiyi Insurance received its license from the Insurance and Private Pension Regulation and Supervision Authority. A Competition Authority approval is referenced in the context of a cross-platform listing transfer integration in the real estate listings platform.

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Risk and red-flag assessment

⚠️ Macro, inflation, and reporting volatility. The consolidated P&L reports TAS 29 monetary gain or loss as an explicit line item, with FY2025 showing a net monetary loss of TRY 5.38 billion versus a net monetary gain in the prior year. Management commentary attributes quarterly monetary swings to TAS 29 application effects on insurance outstanding claims. Prior-year audit reports identified TAS 29 application as a key audit matter due to complexity, estimation judgment, and control risks in readjustment procedures.

🏦 Financial services concentration. Segment assets show the finance and investment segment as the dominant reported segment asset base at 31 December 2025, with large segment eliminations and adjustments required to reconcile to consolidated totals. This pattern is consistent with banking and insurance consolidation driving the group's asset scale and risk profile.

💱 FX and interest rate exposure. Borrowings include USD- and EUR-denominated facilities and bonds with disclosed interest rate ranges and maturity profiles. Net financial liabilities increased materially year-over-year, indicating higher leverage on a cash-net-of-debt basis at end-FY2025.

⚖️ Legal contingencies. FY2023 consolidated notes disclose provisions recognized for ongoing lawsuits and similar matters at TRY 22,293 thousand as of 31 December 2023, against total lawsuits filed against the group of TRY 105,355 thousand.

🔴 Symbolic-consideration disposals. The group executed several transactions at symbolic consideration: a 33% interest in Boyabat Elektrik was disposed of on 30 June 2025 for TRY 1, and 360 Sağlık shares (98.50% interest) were transferred on 25 September 2025 for TRY 1. These transactions warrant subsidiary-level due diligence regarding closing conditions, contingent liabilities, retained guarantees, and related-party status.

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Key timeline

📅 Doğan Holding — key corporate timeline with primary-source verification

Date	Event
1959	Aydın Doğan started his business life.
1961	First company established in the automotive field.
22 September 1980	Doğan Şirketler Grubu Holding A.Ş. established.
21 June 1993	Public offering and quotation on Borsa İstanbul.
18 September 2024	Completion of sale and transfer of DOBUR (Doğan Burda) shares.
2025	Strategic entry into mining through acquisition of a 75% stake in Gümüştaş and Doku Mining.
30 June 2025	Transfer of 33% shareholding in Boyabat Elektrik completed for TRY 1.
16 July 2025	Transfer of 68.24% stake in Ditaş Doğan Yedek Parça İmalat ve Teknik A.Ş. to BDY Group İnşaat A.Ş.
25 September 2025	Transfer of all shares of 360 Sağlık ve Turizm Hizmetleri A.Ş. for total consideration of TRY 1.
FY2025	Board chair transition from Y. Begümhan Doğan Faralyalı to Hanzade V. Doğan after 13 years of prior chairmanship.

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