Global Investment Holdings (“GIH”), a diversified conglomerate operating in more than 20 countries across 4 continents, announced its consolidated financial results for the three-month period ended 31 March 2026 and commented on recent developments.

Consolidated revenues (excluding IFRIC 12) increased by 42% to TRY 7 billion, while EBITDA rose by 60% to TRY 3 billion (without IAS29 inflation adjustment).

Global Investment Holdings reported consolidated net profit of TRY 709.6mn in Q1 2026, compared to a net profit of TRY 574.7mn in Q1 2025, indicating a 23% YoY increase. 

Global Investment Holdings’ Chairman & CEO, Mehmet Kutman, stated:

“Global Investment Holdings delivered a strong start to 2026 with broad-based growth across its core business segments and continued improvement in operational profitability. Despite ongoing macroeconomic uncertainty and inflationary pressures, our diversified portfolio structure, disciplined management approach and resilient business model enabled us to achieve strong financial and operational results in the first quarter of the year.

During Q1 2026, our consolidated revenues increased by 8% YoY (without IAS29 inflation adjustment: 42%), while EBITDA grew by 22% (without IAS29 inflation adjustment: 60%), supported mainly by the strong performance of our ports and gas businesses. EBITDA margin expanded by 490 basis points compared to the same period last year, reflecting our focus on operational efficiency and cost management.

In our Ports business, strong global cruise industry momentum continued throughout the quarter. Passenger movements across our consolidated ports increased by 18%, while occupancy levels were 105% in January and 106% in February 2026. We also continued to expand our global footprint with the addition of new ports, Sevilla and Acapulco cruise ports to our portfolio and the commencement of operations at new terminal investments at Las Palmas.

Within the Gas segment, Naturelgaz maintained its strong operational profitability through effective cost management and operational efficiency. We also took our first strategic step toward international growth through our investment in South Africa.

Although our Power segment was temporarily impacted by seasonal factors and weaker electricity prices in the first quarter, we continued advancing our long-term strategic investments, particularly our

Bahamas project, which will significantly strengthen our USD-based recurring revenue generation once operational.

As we move further into 2026, we remain focused on disciplined capital allocation, operational excellence and sustainable growth across all our business lines.”

Commenting on the results, the Chief Financial Officer of Global Investment Holdings, Ferdağ Ildır, stated:

“In Q1 2026, Global Investment Holdings achieved strong revenue and profitability growth despite continued inflationary pressures and global market volatility.

Consolidated revenues increased by 8% YoY (without IAS29 inflation adjustment: 42%), reaching TRY 7.4bn in Q1 2026, while consolidated EBITDA increased by 22% YoY (without IAS29 inflation adjustment: 60%) to TRY 3.2bn. EBITDA margin improved by 490 basis points compared to the same period last year.

In USD terms, consolidated revenues and EBITDA increased by 21% and 36% YoY, respectively, while consolidated net income increased by 37% YoY in Q1 2026.

These results reflect the strength of our operational performance, the resilience of our diversified portfolio and our disciplined financial management approach.

As of Q1 2026, consolidated gross debt stood at approximately USD 1.5bn. Importantly, 63% of our debt portfolio consists of long-term borrowings with maturities exceeding 15 years. Our financing structure continues to support financial flexibility and sustainable long-term growth.”

Ports segment:

The strong momentum in the global cruise industry continued throughout Q1 2026. Across GPH’s consolidated ports, total cruise calls increased by 12% YoY, while passenger movements increased by 18% YoY. At all GPH ports, total cruise calls exceeded 2,000, while total passenger movements reached 5.0 million passengers. Average occupancy ratios ranged between 105 – 106% levels in January and February 2026. 

Major cruise companies continued to report results above expectations during Q1 2026, while reservations indicate record occupancy levels for 2026–2028.

During the quarter, Seville Cruise Port and Acapulco Cruise Port were added to the portfolio under long-term concession agreements. In addition, the largest cruise passenger terminal in Europe, built at Las Palmas Cruise Port, commenced operations.

The Ports segment’s revenues increased by 18% YoY in USD terms during Q1 2026, while EBITDA increased by 22% YoY. EBITDA margin improved by 190 basis points during the same period.

Gas segment:

Naturelgaz maintained strong operational profitability in Q1 2026 through effective cost management and resilient operational performance.

City gas sales volume increased by 5% YoY, reaching 113mn Sm³ during the quarter. Despite warmer-than-seasonal weather conditions, total sales volume increased by 3% YoY.

Revenues from the Gas segment increased by 6% YoY during Q1 2026, reaching TRY 3.1 bn; while EBITDA increased by 23% YoY to TRY 1.0 bn.

According to standalone financials, gross profit increased by 19%, while net profit increased by 21% YoY and reached TRY 558.2 mn in Q1 2026. 

Naturelgaz also announced a gross dividend distribution of TRY 600mn in 2026.

During the quarter, Naturelgaz completed its first international investment through acquiring a stake in AfroJoule Energy Holdings in South Africa as part of its long-term global growth strategy.

Power segment:

The Power segment was temporarily impacted by seasonal factors during Q1 2026.

Higher-than-seasonal temperatures, lower electricity prices in the day-ahead market, inflation accounting effects and the absence of one-off solar plant sale income recorded in Q1 2025 negatively affected operational performance during the quarter.

Revenues decreased by 25% YoY in Q1 2026, while EBITDA decreased by 12% YoY. Total electricity generation declined by 3% YoY.

The Company continued progressing its strategic Bahamas project during the quarter. The project consists of a total investment of 110 MW capacity and is expected to commence operations in the first half of 2027.

During the quarter, USD 75 million long-term financing with a 20-year maturity and a 10-year principal grace period was secured for the project on a non-recourse basis.

Mining segment:

Supported by strong export demand, the Mining segment achieved significant volume growth during Q1 2026.

Total sales volume increased by 47% YoY, reaching 83,354 tons during the quarter. Export volumes increased by 48% YoY, primarily driven by demand from Spain, Italy and Egypt.

Despite strong volume growth, profitability remained under pressure due to inflation increasing at a faster pace than FX movements and continued weakness in demand for high value-added products.

Revenues decreased by 5% YoY in TRY terms during Q1 2026, while EBITDA decreased by 31% YoY. In EUR terms, revenues declined by 1% YoY, while EBITDA declined by 29% YoY.

Real Estate segment:

The Real Estate segment continued to provide stable EBITDA contribution and recurring cash flow generation during Q1 2026.

Segment EBITDA increased by 20% YoY during the quarter.

Van Shopping Mall maintained 100% occupancy and welcomed approximately 1.8 million visitors during Q1 2026.

Construction of the Rıhtım 51 Hotel Project has been completed and the hotel is expected to welcome its first guests during 2026 under the Hilton brand following the signing of a 25-year brand and management agreement.

Brokerage & asset management segment:

The brokerage and asset management segment continued to maintain its strong market position during Q1 2026 despite ongoing market volatility and uncertainty.

Global Securities generated TRY 417bn trading volume during the quarter.

Total assets under management by the Group exceeded TRY 142bn as of Q1 2026. Istanbul Asset Management maintained its position as Türkiye’s largest independent and locally owned portfolio management company.

Indebtedness:

Holding consolidated gross debt stood at approximately USD 1.5bn as of Q1 2026. Approximately 63% of total debt consists of borrowings with maturities exceeding 15 years.

Meanwhile, consolidated Net Debt/EBITDA stood at 4.4x as of Q1 2026. Excluding long-term borrowings with maturities longer than 15 years, Net Debt/EBITDA stood at 2.4x.

The long-term debt structure mainly consists of Nassau financing, long-term private placement bond issuances, San Juan project financing, St. Lucia financing, Liverpool financing and Consus Bahamas financing, all secured on a non-recourse basis.

For further information, please contact:

GIH Investor Relations
Tel: +90 212 244 60 00
E-mail: investor@global.com.tr

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