Record H1 Profit: Driven by Strategic Focus and Operational Discipline
07 August 2025
Global Investment Holdings (“GIH”), a diversified conglomerate operating in 21 different countries across 4 continents, announced its first half year consolidated results which ended 30 June 2025, and commented on recent developments.
Global Investment Holdings reported Consolidated Net Profit of 1.3bn TL in H1 2025, compared to a net profit of 935.2mn TL in H1 2024. Consolidated Net Revenues (excluding IFRIC 12 Construction Revenue) is 10.7bn TL; while Consolidated Operating EBITDA is 4.5bn TL.
Global Investment Holdings’ Chairman & CEO, Mehmet Kutman, stated:
“As we navigated through the first half of 2025, global markets remained shaped by a combination of economic headwinds and geopolitical tensions. Persistent inflationary pressures, coupled with the prolonged period of elevated interest rates, continued to weigh on global growth, prompting businesses and investors alike to adopt a more selective and disciplined approach to capital allocation. Nonetheless, we have also begun to observe early signs of rebalancing across certain emerging markets, as macroeconomic stabilization efforts and tighter monetary policy frameworks start to take hold. In Türkiye, the ongoing disinflationary program and a clear commitment to fiscal and monetary discipline are helping to lay the groundwork for long-term investor confidence.
On the geopolitical front, rising tensions in the Middle East continue to disrupt supply chains and contribute to volatility in energy markets. These dynamics once again highlight the strategic importance of resilient, well-diversified business models—particularly in sectors like infrastructure, energy, and logistics.
In this complex and fast-evolving landscape, our focus remains on striking the right balance between risk management and value creation. Across our businesses, we are staying agile, making prudent decisions, and advancing our long-term strategy with discipline and clarity. We firmly believe that sustainable growth, operational excellence, and robust capital stewardship will continue to serve as the foundation for our resilience and long-term success.”
I am pleased to report that our first-half performance was very strong across key business lines, with the ports and gas businesses continuing to serve as the primary engines of growth. While our mining and asset management segments were adversely affected by market volatility and broader macroeconomic headwinds, the resilient performance of our core ports and gas operations more than offset these challenges. Our consolidated revenues and EBITDA grew by 7% (without IAS 29: 49%) and 14% (without IAS 29: 60%) YoY, reaching TL10.7bn and TL 4.5bn, respectively, in H1 2025. Thanks to the superior performance of our core businesses, namely ports and gas, as well as our increased stake in GPH to 90.4% after its delisting in August 2024, our consolidated net income soared by 43% in H1 2025 YoY, exceeding TL 1.3bn.
The strong momentum in the cruise industry continued in both quarters. Leading cruise lines reported financial and operational results for the first half of 2025 that exceeded expectations and accordingly revised their full-year guidance upwards. The robust demand observed in the first half of the year reaffirms growth expectations across the industry. According to the 2025 Cruise Industry Annual Report, global cruise capacity is expected to increase by 25% by 2030. With a growing fleet and continuing strong passenger demand, 2025 is shaping up to be a defining year for the industry and we are well positioned to capture the opportunities ahead.
The Chairman continued: “Major developments for the port business in H1 2025 were:
The Chairman continued: “Naturelgaz continued its exceptional performance in the first half of 2025, driven by record sales volumes, improved operational efficiency, and strategic investments in renewable energy. Total sales volume grew by 25% YoY, mainly driven by City Gas segment and reaching 195.2 million Sm³ in H1 2025, which in turn translated into 16% revenue increase and 41% EBITDA increase in H1 2025 YoY based on IAS 29 financials.
The Chairman continued: “I am also happy to state that Naturelgaz strengthened its environmental and cost efficiency strategies by expanding its renewable energy infrastructure. In addition to its existing solar power plant in Konya, the Company successfully commissioned its new 15MW solar energy investment in Muş recently. With both plants now operational, Naturelgaz supplies a significant share of its electricity consumption from renewable sources, directly reducing energy costs and improving sustainability metrics.
The Chairman continued: “I am happy to state that we have taken an important step towards progressing with our 100MW power generation project in Bahamas. To finance this investment, we have secured a 75 million long-term private placement. The facility is non-recourse, features a 10-year principal grace period, and matures in 2045. The investment phase is expected to be completed in 2026, with the plants becoming operational thereafter.”
“In the first half of 2025, Turkey’s asset management industry operated within a framework shaped by ongoing monetary tightening and evolving investor preferences. Elevated interest rates drove strong demand for fixed-income products, particularly Turkish lira-denominated instruments, as investors sought safety and predictability amid macroeconomic recalibration. In this landscape, İstanbul Asset Management increased its AUM substantially to 142bn TL as of H1 2025. Meanwhile, total AUM managed by our group’s asset management companies has increased by 44% compared to H1 2024, reaching 144.7 billion TL by the end of H1 2025. “
Commenting on the results, the Chief Financial Officer of Global Investment Holdings, Ferdağ Ildır, stated:
“In the first half of 2025, we continued to navigate a complex macroeconomic and geopolitical landscape. Nevertheless, our diversified portfolio and disciplined financial management enabled us to deliver solid operational profitability. The robust performance of our ports and gas businesses helped offset headwinds in other segments, underlining the resilience of our core operations. We maintained a healthy balance sheet and strong liquidity position, which allows us to remain agile in capital allocation decisions. As always, we are focused on driving long-term value creation for our shareholders and will continue to assess dividend distribution and reinvestment opportunities in line with our performance and strategic priorities.”
Consolidated revenue grew by 7% YoY (without IAS29 inflation adjustment: 49%), reaching TL 10.7 billion H1 2025, up from TL 10.0 billion in H1 2024. Consolidated EBITDA increased by 14% (without IAS29 inflation adjustment: %60), rising from TL 3.9 billion in H1 2024 to TL 4.5 billion in H1 2025.
GIH reported a consolidated net profit of 1.3bn TL in H1 2025, compared to a net profit of 935mn TL in H1 2024, indicating 43% increase YoY. The bottomline incorporated TL 1,253.1mn of non-cash expense, of which TL 1,482.5mn were depreciation and amortization, TL 304.8 mn net foreign exchange gain and 75.4mn TL monetary loss due to the application of IAS 29.
On a divisional basis:
On the ports side,
Number of calls at GPH`s ports in Jan-Jun 2025 was 29% higher than Jan-Jun 2024 level, while passenger movements at GPH ports in the same period was 17% higher YoY.
Average occupancy rates of the cruise ships visiting GPH`s consolidated ports between Jun-May 2025 were 104%-107%.
The strong momentum in the cruise industry continued in both quarters. Leading cruise lines reported financial and operational results for the first half of 2025 that exceeded expectations and accordingly revised their full-year guidance upwards. The robust demand observed in the first half of the year reaffirms growth expectations across the industry. According to the 2025 Cruise Industry Annual Report, global cruise capacity is expected to increase by 25% by 2030.
Port operations recorded a year-on-year revenue growth of 7% to TRY 4.9 billion in 6M 2025, while EBITDA rose by 14% to TRY 3.1 billion during the same period.
Naturelgaz, Sales volume reached 195.2mn Sm3 in 6M 2025, representing an increase of 25% YoY, mainly driven by city gas segment. Citygas sales volume increased by 50% YoY, reaching 139.1 million Sm³.
Revenues from the gas segment reached TL 3,646 million in 6M 2025, marking a 16% increase compared to the same period last year. Supported by strong operational leverage and effective cost management, the Company delivered sustainable profitability growth, with EBITDA rising by 41% YoY to TL 893mn.
Driven by effective cost management and improvements in business processes, gross profit increased by 32% according to the Company’s standalone financials, reaching TL 1,027mn.
According to the Company’s standalone financials, profit before tax rose by 303% YoY, increasing from TL 182mn in 6M 2024 to TL 735mn in 6M 2025.
Naturelgaz distributed a gross dividend of TL 400 million to shareholders on April 28, 2025.
In addition to its existing solar power plant in Konya, Naturelgaz has commissioned its new Muş solar power plant with 15 MW capacity, further advancing its investment in renewable energy. As a result, the Company has begun sourcing the majority of its operational energy needs from renewable resources. This investment not only supports significant cost optimization but also reinforces the Company’s sustainability goals.
The power division,
Total electricity generation in H1 2025 increased by 16% YoY, reaching 274 GWh. This growth was largely driven by the distributed energy segment, supported by an improved margin between electricity and natural gas prices.
Revenues remained flat YoY in H1 2025, amounting to TRY 837 million. EBITDA increased by 2% in the same period, reaching TRY 235 million. The improvement in the electricity–natural gas price margin, along with strict cost controls, had a positive impact on EBITDA.
According to the Company’s standalone financials, net profit reached TRY 72.3 million in the first half of 2025, representing a 147% YoY increase.
The mining division, Supported by the increase in feldspar demand from the international markets, the Company achieved a sales volume of 174,760 tons in H12025, representing a 48% increase yoy.
The Company’s main export markets continued to be Spain, Italy and Egypt. Export related sales volume was 165,189tons (6M 2024 88,931) while domestic sales volume was realized at 9,572 tons (6M 2024 29,360) for the period.
In H1 2025 the Mining segment’s revenues increased by 6% to TL 346.3million, and EBITDA decreased by 54% to TL 38.7 million YoY.
The decline in EBITDA was mainly attributable to contracting operating margins as a result of higher inflation rates compared to fx rate hikes. The lower volume of demand for high value-add products during the first tula of 2025 was the other main factor affecting EBITDA negatively, which is expected to start recovering in the following quarters.
The Company continues its product and market diversification efforts by pursuing opportunities in new export markets, focusing on processed and high-quality products. In this context, the Company prioritizes exports and aims to position itself as a strong brand in high-value-add product ranges in the markets where it operates. In 6M 2025, the Company has continued to focus on activities involving marketing and distribution agreements to increase its recognition, particularly in the Italian market, which is known as the hub for ceramics industry.
After signing a contract with an affiliated entity of the Group for the installation and operation of a solar power plant (SPP) in 2024, the power plant with a 3.1 MWp capacity was commissioned in the second quarter of 2025. Through this investment, the Company aims to achieve greater energy efficiency by reducing energy costs and strengthening its sustainability metrics.
The real estate In H12025 the Real Estate segment revenues and EBITDA increased by 9% and 11%, respectively. Revenues stood at TL 141.7 million and EBITDA was TL 65.5 million in H1 2025.
The structural construction of our property in Karaköy has been completed. A 25-year brand and management agreement has been signed with Hilton for the hotel. The hotel is expected to commence operations and welcome its first guests by the end of 2025.
The brokerage & asset management revenues declined by 13% to TL 843.5 million, while EBITDA decreased by 27% YoY, to TL 189.7 million. This contraction was driven by the uncertain environment and market volatility observed during the first half.
Indebtedness:
Holding consolidated net debt stood at 1.1bn USD (42.6bn TL) as of H1 2025. Meanwhile, consolidated gross debt stood at 1.4bn USD. (Ports division: 1.0bn USD, of which 836.3mn USD is long term financing with a maturity of 15+ years). Meanwhile, Holding’s consolidated long-term debt with maturity longer than 15 years was 911.3mn USD as of H1 2025.
Looking into the breakdown of Long-term Debt (Maturity ≥15 years):
Consolidated Net Debt/EBITDA multiplier is 4.6x at H1 2025. However, when entire ports business is excluded, Net Debt/EBITDA multiplier stands at 3.4x at H1 2025. Futhermore, such multiplier stands at 2.2x, excluding consolidated borrowings with maturities of 15 years or longer.
For further information, please contact:
GIH Investor Relations
Tel: +90 212 244 60 00
E-mail: investor@global.com.tr
