Global Investment Holdings reported Consolidated Net Profit of 5.1bn TL in FY 2025, compared to a net profit of 4.3bn TL in FY 2024. Consolidated Net Revenues (excluding IFRIC 12 Construction Revenue) is 24.7bn TL; while Consolidated Operating EBITDA is 10.6bn TL.

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

“2025 was marked by a gradually stabilizing macroeconomic environment, underpinned by easing inflationary pressures and a more balanced global monetary outlook. Despite continued geopolitical developments and market volatility, demand across our core sectors remained resilient, providing a constructive operating environment for our businesses. Across the Group, we delivered a strong performance that either exceeded or was in line with our 2025 targets. This achievement reflects our disciplined management approach, diversified asset portfolio, prudent capital allocation and unwavering focus on operational excellence. Our ability to navigate uncertainty while maintaining strategic focus once again demonstrates the resilience and adaptability of our business model.

From a macroeconomic perspective, we expect the disinflationary trend in Türkiye to continue throughout 2026, accompanied by a gradual easing of interest rates and a controlled currency depreciation scenario. Our planning assumptions are built on this framework, enabling us to take disciplined operational and financial decisions while preserving flexibility in a dynamic environment. As we enter 2026, we do so with clear strategic priorities, ambitious yet achievable targets, and a strong and experienced management team across all our business lines.

In our Port Operations segment, our priorities remain focused on increasing passenger traffic, enhancing service quality, expanding ancillary revenue streams, and selectively evaluating new port opportunities to further strengthen and diversify our global portfolio. The structural growth dynamics of the cruise industry continue to support our long-term value creation strategy.

Within our Electricity and Gas segments, we aim to advance the international projects we have recently initiated, further expanding our geographic footprint and creating new avenues for sustainable and diversified growth.

In Real Estate, 2026 will represent an important year, as we expect our hotel project to become operational and begin contributing to revenues, thereby enhancing recurring income generation within the portfolio.

In our Mining and other business lines, we remain committed to improving operational efficiency, maintaining the highest standards of safety and compliance, and sustaining their contribution to the Group’s overall financial performance.

Sustainability continues to be at the core of our long-term vision. Across Global Investment Holdings and its subsidiaries, we remain committed to upholding high standards of environmental, social and governance (ESG) practices. We view sustainability not only as a responsibility toward our stakeholders and communities, but also as a strategic imperative in a global economy that is steadily transitioning toward cleaner, more efficient and more resilient models. 

The Chairman continued: “Major developments for the port business in 2025 were:

• Commencement of operations at Bremerhaven Cruise Port.
• Contract signed for the operation of Mindelo Cruise Port in Cabo Verde.
• Extension for Lisbon Cruise Port’s concession until January 19, 2056.
• 50-year agreement signed for Greenock Cruise Port.
• 8-year extension (plus a 2-year extension option,) fort the operation period of Marina Bay Cruise Centre Singapore, potentially extending the concession from 2027 to 2037.
• 5-year concession agreement signed for Casablanca Cruise Port
• Global Ports Holding (GPH)’s joint venture “Global Ports and OPM Sevilla” established with Ocean Platform Marinas (“OPM”) was selected as the preferred bidder for the 25-year operating concession of the Seville Cruise Port in Spain, and operations have been recently taken over.
• GPH, has been selected as the preferred bidder for the 30-year operating concession of the Ferrol Cruise Port in Spain.

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

“In FY2025, Global Investment Holdings delivered another year of strong and balanced performance across its core divisions. Despite persistent inflationary pressures, elevated interest rates and global macroeconomic uncertainty, we achieved solid growth in revenues and profitability, supported by our diversified portfolio structure and disciplined financial management. 

Consolidated revenue grew by 4% YoY (without IAS29 inflation adjustment: 40%), reaching TL 24.7 billion in FY 2025, up from TL 23.8 billion in FY 2024. Consolidated EBITDA increased by 6% (without IAS29 inflation adjustment: %43), rising from TL 10.0 billion in FY 2024 to TL 10.6 billion in FY 2025.

GIH reported a consolidated net profit of 5.1bn TL in FY 2025, compared to a net profit of 4.3bn TL in FY 2024, indicating 17% increase YoY. The bottom-line incorporated TL 3,251mn depreciation and amortization which is a non-cash expense. In USD terms, total consolidated revenues and EBITDA registered 12% and 14% YoY increases, respectively, in FY 2025. Consolidated Net income Before Tax surged by 43% in USD terms in FY 2025 YoY, while Consolidated Net Income was up by 26% YoY in the same period.  

These results reflect the structural strength of our earnings base and our ability to maintain margin discipline under challenging macroeconomic conditions.”

Commenting further on capital allocation and shareholder returns, the Chief Financial Officer of Global Investment Holdings, Ferdağ Ildır, stated: “In 2025, we continued to take concrete steps to enhance shareholder value through a balanced combination of dividends, share buybacks and capital strengthening measures: 

• We had launched a share buyback program in April 2025 where maximum number of shares subject to repurchase was set at 195,000,000 shares, with a maximum fund allocation of TRY 2,500,000,000. As of December 31, 2025, our Company held 21,714,798 GLYHO shares under the buyback program.

• We also executed a 200% bonus issue of GIH, all covered by internal resources, increasing issued capital from 650,000,000 TL to 1,950,000,000 TL.

• We distributed a total of TRY 125,000,000 in cash dividends from distributable net period profit. This reflects our commitment to maintaining a sustainable dividend policy while preserving financial flexibility.”

Ports segment: 

In 2025, GPH continued to successfully expand its cruise port network and increase the number of passengers it welcomed across its network. Across all GPH ports (including equity pick-up ports), total cruise calls increased by 15% to 7,328, and passenger movements rose 8% to 20.9 million, reflecting continued global cruise deployment and the contribution of ports added during 2024 and 2025. Meanwhile, average occupancy rates of the cruise ships visiting GPH`s consolidated throughout 2025 were in the range of 100%-114%.

Strong momentum in the cruise industry continued throughout 2025:

• Global passenger capacity increased by 6%, reaching 36 million in 2025*(Cruise Industry News Annual Report 2025)
• Record booking volumes were achieved for 2026 and 2027.
• Major cruise companies delivered results above expectations.
• Bookings indicate record occupancy levels for 2026 and 2027.

The Ports segment’s revenues increased by 10% in 2025, reaching TRY 12.2 billion; EBITDA increased by 13% to TRY 7.9 billion. On USD basis, revenues increased by 18% to USD 284 million, while EBITDA increased by 22% to USD 184 million.

Gas segment:

Sales volume of Naturelgaz reached 359mn Sm3 in 2025, representing an increase of 11% YoY, mainly driven by city gas segment. City gas sales volume increased by 27% YoY, reaching 226 million Sm³.

Revenues from the gas segment reached TL 7,926 million in 2025, marking a 6% YoY increase. Supported by strong operational leverage and effective cost management, the Company delivered sustainable profitability growth, with EBITDA rising by 15% YoY to TL 1,737mn.

Driven by effective cost management and improvements in business processes, gross profit increased by 12% according to the Company’s standalone financials, reaching TL 2,174mn.

According to the Company’s standalone financials, net profit surged by 88% YoY, reaching TL 901mn in 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 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.

Power segment: 

Total electricity generation increased by 12% YoY in 2025, reaching 539 GWh. This increase was largely driven by distributed energy segment.

Revenues decreased by 7% YoY in 2025, standing at TRY 1,642 million. The increase in inflation exceeding the increase in foreign exchange rates and the indexation made in accordance with inflation accounting practices were also effective in the decline in revenues. EBITDA increased by 4% in the same period, reaching TRY 524 million.

Mining segment: 

Supported by the increase in feldspar demand from the international markets, the Company achieved a sales volume of 276,371 tons in 2025, representing a 13% increase YoY.

While exporting 253,326 tons of feldspar—primarily to Spain, Italy, and Egypt (2024: 191,331 tons)—domestic sales volume amounted to 23,045 tons (2024: 52,899 tons).

In 2025 the Mining segment’s revenues decreased by 3% to TL 648million, and EBITDA decreased by 30% to TL 92 million YoY. In EUR terms, revenues increased by 4% to EUR 12.9 million, while EBITDA declined by 25% to EUR 1.8 million.

The decline in EBITDA can be explained by the adverse impact of inflation increasing at a higher rate than the depreciation of foreign exchange rates, which put pressure on operating profit margins. In addition, the continued contraction in demand for high value-added products during 2025 negatively affected EBITDA. This trend is expected to start improving in the coming periods.

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.

Real Estate segment:

In 2025, the Real Estate segment revenues and EBITDA increased by 8% and 21%, respectively. Revenues stood at 314.1 million and EBITDA was TL 174.6 million in 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 in 2026.

The brokerage & asset management segment:

Revenues declined by 24% to TRY 1,776 million, while EBITDA was TRY 320 million. This contraction was driven by the uncertain environment and market volatility observed during 2025.

Indebtedness:

Holding consolidated net debt stood at 1.1bn USD (48.7bn TL) as of 2025 year-end. Meanwhile, consolidated gross debt stood at 1.5bn USD. (Ports division: 1.0bn USD, of which 844.4mn 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 919.4mn USD as of 2025 year-end.

Looking into the breakdown of Long-term Debt (Maturity ≥15 years):

• The portion amounting to 281 million USD consists of borrowings raised by the operational company level, without a group guarantee, with a 20-year maturity, and was issued in Nassau. In the latest financing, funds were secured at an interest rate of 4.25%, below the U.S. benchmark Treasury yield.
• The portion amounting to 330 million USD consists of long-term private placement bonds (without a Group guarantee)
• The portion amounting to 187 million USD relates to the San Juan project financing with a maturity in 2046 (without a Group guarantee)
• The portion amounting to 29.3 million USD relates to the St. Lucia project financing with a maturity in 2038 (without a Group guarantee)
• The portion amounting to 16.9 million USD Liverpool project financing with a maturity in 2040 (without a Group guarantee)
• The portion amounting to 75 million USD relates to the Consus – Bahamas long-term private placement with a maturity in 2045 (without a Group guarantee)

Consolidated Net Debt/EBITDA multiplier was 4.6x as of 2025 year-end. However, when entire ports business is excluded, Net Debt/EBITDA multiplier stood at 4.3x as of 2025 year-end. Furthermore, such multiplier was 2.3x, 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

The post Advancing Our Global Platform with Financial Discipline and Strong Earnings Growth appeared first on Global Yatırım Holding.

Global Investment Holdings reported Consolidated Net Profit of 2.1bn TL in 9M 2025, compared to a net profit of 1.5bn TL in 9M 2024. Consolidated Net Revenues (excluding IFRIC 12 Construction Revenue) is 17.5bn TL; while Consolidated Operating EBITDA is 7.6bn TL.

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

“As we advanced through the first nine months of 2025, global markets continued to be influenced by persistent inflationary pressures, elevated interest rates, and heightened geopolitical risks. In Türkiye, the economic rebalancing process and ongoing disinflation program continued throughout the third quarter. The government’s firm commitment to monetary and fiscal discipline has started to yield results, supporting a gradual recovery in investor confidence and laying the groundwork for more predictable market conditions. Although high interest rates and cost inflation still present challenges—particularly for energy-intensive sectors—they also reinforce the importance of efficiency and sustainability in business models like ours. Despite these challenges, our Group’s diversified business model and disciplined execution once again yielded strong financial results.

Our ports and gas businesses remained the primary engines of growth, underpinned by robust demand, efficiency improvements, and strategic investments. The cruise industry sustained its strong momentum, as leading operators reported record occupancy levels and upwardly revised their full-year guidance. The robust demand observed in the first 9M of the year reaffirms growth expectations across the industry; while booked load factors remain at record rates for both 2025 and 2026.  Meanwhile, Naturelgaz continued to deliver exceptional performance driven by operational excellence and renewable energy initiatives.

These results reflect our continued focus on prudent risk management, capital discipline, and sustainable value creation. Across all our businesses, we remain committed to advancing our long-term strategy, guided by financial strength and operational agility.

Looking ahead, we remain cautiously optimistic. While global economic uncertainty is likely to persist into 2026, we expect Türkiye’s ongoing normalization process to further support long-term growth. Our focus will remain on sustainable profitability, prudent risk management, and disciplined capital allocation to drive long-term shareholder value.”

I am pleased to report that the first nine months of 2025 marked another strong period for Global Investment Holdings. Despite persistent global inflation, tight monetary policy, and geopolitical uncertainty, our Group once again delivered record profitability and healthy growth across key business lines.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 5% (without IAS 29: 43%) and 11% (without IAS 29: 51%) YoY, reaching TL17.5bn and TL 7.6bn, respectively, in 9M 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 42% in 9M 2025 YoY, exceeding TL 2bn. 

The Chairman continued: “Major developments for the port business in 9M 2025 were:

• The concession period of the Lisbon Cruise Port, originally set to expire on August 27, 2049, has been extended until January 19, 2056.Following the investment made at Marina Bay Cruise Centre in Singapore, the operating rights have potentially been extended for a total of 10 years — from 2027 to 2037 — including an initial 8-year term and an additional 2-year extension option.
• At the Antigua Cruise Port, following the completion of a new pier that significantly increased passenger capacity, construction has officially commenced on a new state-of-the-art cruise terminal at the Heritage Quay site. The new terminal, scheduled for completion in June 2026, is part of GPH’s original US$45 million investment plan announced when the company assumed operations in October 2019.
• GPH has signed a 50-year concession agreement with Clydeport Operations Limited, a subsidiary of Peel Ports Group, to operate cruise operations at Greenock Port, located on the west coast of Scotland.
• GPH has signed a 15-year concession agreement, with an optional 20-year extension, for the operation of the Casablanca Cruise Port.

The Chairman continued: “Although the third quarter represents the seasonally lowest period for our gas business, Naturelgaz successfully met volume and profitability targets for the first nine months of the year. The company is entering the winter season, which we expect to be particularly strong, with ambitious targets for both volume and profitability.

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 9M 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 to 148bn TL as of 9M 2025. Meanwhile, total AUM managed by our group’s asset management companies has increased by 39% compared to 9M 2024, reaching 151.1 billion TL.”

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

“In the first nine months of 2025, Global Investment Holdings delivered strong and balanced results across all major divisions. Despite a complex macroeconomic backdrop, we achieved solid growth in revenues and profitability, supported by our diversified business structure and disciplined financial management.

Consolidated revenue grew by 5% YoY (without IAS29 inflation adjustment: 43%), reaching TL 17.5 billion in 9M 2025, up from TL 16.7 billion in 9M 2024. Consolidated EBITDA increased by 11% (without IAS29 inflation adjustment: %51), rising from TL 6.9 billion in 9M 2024 to TL 7.6 billion in 9M 2025.

GIH reported a consolidated net profit of 2.1bn TL in 9M 2025, compared to a net profit of 1.5bn TL in 9M 2024, indicating 42% increase YoY. The bottomline incorporated TL 2108.1mn of non-cash expense, of which 2365.6mn were depreciation and amortization, TL 253.3 mn net foreign exchange gain and 4,2mn TL monetary gain due to the application of IAS 29.”

On a divisional basis:

On the ports side,

Number of calls at GPH`s ports in Jan-Sep 2025 was 22% higher than Jan-Sep 2024 level, while passenger movements at GPH ports in the same period was 12% higher YoY.

Average occupancy rates of the cruise ships visiting GPH`s consolidated ports between Jun-Aug 2025 were 104%-114%.

The strong momentum in the cruise industry continued in the third quarter as well. Leading cruise lines reported financial and operational results for the first 9M of 2025 that exceeded expectations, and accordingly revised their full-year guidance upwards. The robust demand observed in the first 9M of the year reaffirms growth expectations across the industry; while booked load factors remain at record rates for both 2025 and 2026.

Port operations recorded a year-on-year revenue growth of 8% to TRY 8.8 billion in 9M 2025, while EBITDA rose by 11% to TRY 5.7 billion during the same period.

Naturelgaz, sales volume reached 249mn Sm3 in 9M 2025, representing an increase of 16% YoY, mainly driven by city gas segment. City gas sales volume increased by 45% YoY, reaching 147 million Sm³.

Revenues from the gas segment reached TL 5,292 million in 9M 2025, marking a 9% 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 27% YoY to TL 1,169mn.

Driven by effective cost management and improvements in business processes, gross profit increased by 25% according to the Company’s standalone financials, reaching TL 1,421mn.

According to the Company’s standalone financials, net profit surged by 205% YoY, exceeding TL 533mn in 9M 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 9M 2025 increased by 12% YoY, reaching 403GWh. This growth was largely driven by the distributed energy segment, supported by an improved margin between electricity and natural gas prices.

Revenues decreased by 6% YoY in 9M 2025, amounting to TRY 1,234 million. The increase in the inflation rate exceeding the rise in foreign exchange rates, along with the indexation adjustments required under inflation accounting practices, also had an adverse impact on revenues. EBITDA increased by 2% in the same period, reaching TRY 368 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 115.4 million in 9M 2025, representing a 289% YoY increase.

The mining division, Supported by the increase in feldspar demand from the international markets, the Company achieved a sales volume of 226,792 tons in  9M 2025, representing a 18% increase yoy.

The Company’s main export markets continued to be Spain, Italy and Egypt. Export related sales volume was 212.851 tons (9M 2024: 147,046) while domestic sales volume was realized at 13,941 tons (9M 2024: 44,467)  for the period.

In 9M 2025 the Mining segment’s revenues decreased by 2% to TL 508million, and EBITDA decreased by 33% to TL 79 million YoY. In EUR terms, revenues increased by 9% to EUR 10.7 million, while EBITDA declined by 26% to EUR 1.6 million.

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 decline in EBITDA can be explained by the adverse impact of inflation increasing at a higher rate than the depreciation of foreign exchange rates, which put pressure on operating profit margins. In addition, the continued contraction in demand for high value-added products during the first nine months of 2025 negatively affected EBITDA. This trend is expected to start improving in the coming quarters.

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 9m 2025 the Real Estate segment revenues and EBITDA increased by 8% and 3%, respectively. Revenues stood at TL 226.8 million and EBITDA was TL 106.9 million in 9M 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 1,336 million, while EBITDA decreased by 9% YoY, to TL 292 million. This contraction was driven by the uncertain environment and market volatility observed during the first 9M.

Indebtedness:

Holding consolidated net debt stood at 1.1bn USD (46.1bn TL) as of 9M 2025. Meanwhile, consolidated gross debt stood at 1.4bn USD. (Ports division: 1.0bn USD, of which 840.4mn 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 915.4mn USD as of 9M 2025.

Looking into the breakdown of Long-term Debt (Maturity ≥15 years):

• The portion amounting to 279.0 million USD consists of borrowings raised by the operational company level, without a group guarantee, with a 20-year maturity, and was issued in Nassau. In the latest financing, funds were secured at an interest rate of 4.25%, below the U.S. benchmark Treasury yield.

• The portion amounting to 330 million USD consists of long-term private placement bonds (without a Group guarantee)

• The portion amounting to 187 million USD relates to the San Juan project financing with a maturity in 2046 (without a Group guarantee)

• The portion amounting to 27.6 million USD relates to the St. Lucia project financing with a maturity in 2038 (without a Group guarantee)

• The portion amounting to 16.8 million USD Liverpool project financing with a maturity in 2040 (without a Group guarantee)

• The portion amounting to 75 million USD relates to the Consus – Bahamas long-term private placement with a maturity in 2045 (without a Group guarantee)

Consolidated Net Debt/EBITDA multiplier is 4.5x as of  9M 2025. However, when entire ports business is excluded, Net Debt/EBITDA multiplier stands at 3.7x as of 9M 2025. Futhermore, such multiplier stands at 2.1x, 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

The post Record Nine-Month Performance: Sustained Growth Through Strategic Discipline appeared first on Global Yatırım Holding.

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 concession period of the Lisbon Cruise Port, originally set to expire on August 27, 2049, has been extended until January 19, 2056.Following the investment made at Marina Bay Cruise Centre in Singapore, the operating rights have potentially been extended for a total of 10 years — from 2027 to 2037 — including an initial 8-year term and an additional 2-year extension option.
• At the Antigua Cruise Port, following the completion of a new pier that significantly increased passenger capacity, construction has officially commenced on a new state-of-the-art cruise terminal at the Heritage Quay site. The new terminal, scheduled for completion in June 2026, is part of GPH’s original US$45 million investment plan announced when the company assumed operations in October 2019.
• GPH has signed a 50-year concession agreement with Clydeport Operations Limited, a subsidiary of Peel Ports Group, to operate cruise operations at Greenock Port, located on the west coast of Scotland.

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):

• The portion amounting to 276.7 million USD consists of borrowings raised by the operational company level, without a group guarantee, with a 20-year maturity, and was issued in Nassau. In the latest financing, funds were secured at an interest rate of 4.25%, below the U.S. benchmark Treasury yield.

• The portion amounting to 330 million USD consists of long-term private placement bonds with a maturity in 2040 (without a Group guarantee)

• The portion amounting to 17.1 million USD Liverpool project financing with a maturity in 2040 (without a Group guarantee)

• The portion amounting to 187 million USD relates to the San Juan project financing with a maturity in 2046 (without a Group guarantee)

• The portion amounting to 25.4 million USD relates to the St. Lucia project financing with a maturity in 2038 (without a Group guarantee)

• The portion amounting to 75 million USD relates to the Consus – Bahamas long-term private placement with a maturity in 2045 (without a Group guarantee)

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

The post Record H1 Profit: Driven by Strategic Focus and Operational Discipline appeared first on Global Yatırım Holding.

Global Investment Holdings (“GIH”), a diversified conglomerate operating in 21 different countries across 4 continents, announced its first quarter consolidated results which ended 31 March 2025, and commented on recent developments.

Global Investment Holdings reported Consolidated Net Profit of 439.1mn TL in Q1 2025, compared to a net profit of 330.0mn TL in Q1 2024. Consolidated Net Revenues (excluding IFRIC 12 Construction Revenue) is 5.2bn TL; while Consolidated Operating EBITDA is 2.0bn TL.

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

As we entered 2025, following a year marked by macroeconomic volatility and geopolitical sensitivities, we remained focused on areas where we could drive long-term value. In the first quarter, our strategically diversified structure once again demonstrated resilience, supporting operational profitability amid continued uncertainty and volatile market conditions. We are steadfast in our strategy—investing in growth, enhancing efficiency, and creating lasting impact for our stakeholders.

I am pleased to report that our first quarter performance was strong across key business lines with ports and gas businesses contributing the most. While market conditions and political challenges impacted our mining and asset management segments, our ports business once again delivered outstanding results—building on last year’s momentum and affirming its role as a key driver of our growth trajectory.

The long-term outlook for the global cruise industry remains highly encouraging. As noted in the Cruise Industry News Annual Report 2025, total global cruise capacity is projected to increase by 25% by 2030, signaling continued confidence in the sector. 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 Q1 2025  were:

• The concession period for the Lisbon Cruise Port, originally set to expire on 27 August 2049 under the agreement signed in 2014, has been officially extended to 19 January 2056.
• At the Antigua Cruise Port, following the completion of a new pier that significantly increased passenger capacity, construction has officially commenced on a new state-of-the-art cruise terminal at the Heritage Quay site. The new terminal, scheduled for completion in June 2026, is part of GPH’s original US$45 million investment plan announced when the company assumed operations in October 2019.
• GPH has signed a 50-year concession agreement with Clydeport Operations Limited, a subsidiary of Peel Ports Group, to operate cruise operations at Greenock Port, located on the west coast of Scotland.
• We announced on 11 April 2025 that SATS – Creuers Cruise Services PTE LTD, in which GPH is a joint venture partner, plans to invest approximately SGD 40 million (approximately USD 30 million) in the Marina Bay Cruise Centre Singapore, operated by SATS – Creuers. The investment aims to increase terminal capacity and improve passenger experience. In view of the significant investment, SATS- Creuers operating agreement of the Marina Bay Cruise Centre has been extended for eight years, with the option to extend for another two years. The extension will potentially run from May 2027 till March 2037. As a result of this investment, the terminal’s passenger capacity is anticipated to be increased from the current 6,800 to 11,700.

The Chairman continued: “Naturelgaz continued to report a pleasing growth in volumes and record earnings. Sales volumes reached an all-time high in Q1 2025 on quarterly basis, accompanied by notable improvements in gross profit and EBITDA margins, supported by disciplined cost control and ongoing improvements in business processes. As a result, on a company standalone basis, gross profit increased by 39% compared to the same period last year, reaching TL 726 million; while Profit before tax surged by 130% YoY, reaching TL528mn in Q1 2025. The number of districts and towns reached 126 by the end of Q1 2025.” 

The Chairman continued: “I am pleased to state that, as the margin between electricity and natural gas prices started to become more favorable, Consus Enerji’s revenue and profitability measures improved significantly in Q1 2025, contributing to our consolidated financials. On international front, in April 2025, two Power Purchase Agreements (PPAs) were signed between Bahamas Power and Light Company and EA Energy Limited—a company established in the Commonwealth of The Bahamas in which Group subsidiary Consus Bahamas holds a 50% stake. Under these agreements, electricity will be supplied to the two islands for a period of 25 years at a USD-denominated unit price. The project will have a total installed capacity of 75 MW from natural gas and solar power plants, along with 25 MWh of energy storage systems. The total investment, including design, engineering, equipment procurement, installation and construction, commissioning, and all interest and insurance costs incurred during the investment phase, is expected to amount to approximately USD 135 million. Long-term project financing is planned to be secured from funding sources in The Bahamas and the United States. The investment phase is expected to be completed in 2026, with the plants becoming operational thereafter.”

“İstanbul Asset Management increased its AUM substantially to 124bn TL as of Q1 2025. Meanwhile, total AUM managed by our group’s asset management companies has increased by 62% compared to Q1 2024, reaching 126.9 billion TL by the end of Q1 2025.”

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

 “We started 2025 in the shadow of ongoing macroeconomic challenges and geopolitical uncertainties. Despite this environment, our diversified business model continued to support operational profitability in the first quarter. The strength of our financial structure and disciplined approach enabled us to maintain resilience across our core operations. We remain committed to creating sustainable value for our shareholders, and we continue to evaluate prudent capital allocation strategies, including future dividend distributions in line with our performance and outlook.”

Consolidated revenue grew by 10.8% YoY (without IAS29 inflation adjustment: 54%), reaching TL 5.2 billion Q1 2025, up from TL 4.7 billion in Q1 2024. Consolidated EBITDA increased by 28.5% (without IAS29 inflation adjustment: 77%), rising from TL 1.5 billion in Q1 2024 to TL 2.0 billion in Q1 2025.

GIH reported a consolidated net profit of 439.1mn TL in Q1 2025, compared to a net profit of 330.0mn TL in Q1 2024, indicating 33% increase YoY. The bottomline incorporated TL 717.2mn of non-cash expense, of which TL 703.1mn were depreciation and amortization, TL 30.5 mn net foreign exchange gain and 44.6mn TL monetary loss due to the application of IAS 29.

Looking at hard currency terms, total consolidated revenues and EBITDA increased by 31% and 52%, respectively, in Q1 2025 YoY in USD terms. Similarly, consolidated net profit went up by a substantial 57% in Q1 2025 YoY in USD terms. (The conversion was made using the period-end exchange rates of the respective years. Following the application of IAS 29 inflation accounting, the calculation was based on the period-end exchange rate, which reflects the year-end purchasing power, rather than the average exchange rate.)

On a divisional basis:

On the ports side, 

Number of calls at GPH`s ports in Jan-Marc 2025 was 53% higher than Jan-March 2024 level, while passenger movements at GPH ports in the same period was 30% higher YoY.

Average occupancy rates of the cruise ships visiting GPH`s consolidated ports in January and February 2025 were 106% and 105%, respectively.

Following a record-breaking year, the global cruise industry entered 2025 on a strong footing despite ongoing macroeconomic uncertainties and market volatility. Robust demand throughout the first quarter confirms continued optimism for sector growth. 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 12% to TRY 1.9 billion in Q1 2025, while EBITDA rose by 34% to TRY 1.1 billion during the same period.

Naturelgaz, Sales volume reached 131mn Sm³ in Q1 2025, representing an increase of 23% YoY.  Citygas sales volume increased by 42% year-on-year, reaching 108 million Sm³. The number of settlements served reached 126 by the end of Q1 2025.

Q1 2025 marks itself as a record quarter for Naturelgaz. Sales volumes reached an all-time high in Q1 2025, accompanied by notable improvements in gross profit and EBITDA margins. Revenues in Q1 2025 increased by 16% YoY, reaching TL 2,191 million. Thanks to strong operational leverage and effective cost management, the Company achieved sustainable profitability growth, with EBITDA rising by 39% YoY to TL 624.9 million. Profitability was further supported by disciplined cost control and ongoing improvements in business processes. As a result, gross profit increased by 39% compared to the same period last year, reaching TL 726 million on a standalone basis.

Profit before tax, which was TL 230mn in Q1 2024, increased to TL 528mn in Q1 2025, based on company standalone financials.

Naturelgaz’s net cash surplus was TL 104 million as of December 31, 2024, and increased to TL 453 million by March 31, 2025. Additionally, Naturelgaz distributed a gross dividend of TL 400 million to shareholders on April 28, 2025.

In Q1 2025, Naturelgaz invested TL 116.4 million to support growth and operational efficiency, focusing on CNG infrastructure, pressure reduction equipment, and solar energy projects—reinforcing its service capacity and commitment to sustainable energy.

The power division,

Revenues from the power generation segment increased by 11% Yoy in Q1 2025, reaching TL 444.2 million. During the same period, EBITDA rose by 26% to TL 100.4 million. The improvement in revenue and profitability was primarily driven by higher production volumes in the distributed energy segment and a more favorable margin between electricity and natural gas prices compared to the same period of the previous year.

The mining division, due to the decline in demand from the local and European markets, reported a sales volume of 56,639 tons in Q1 2025, representing a 3% decrease YoY.

The Company’s main export markets continued to be Spain, Italy and Egypt. Export-related sales volume was 51,861 tons while domestic sales volume was realized at 4,779 tons for the period.

In Q1 2025 the Mining segment’s revenues declined by 14% to TL 141.4 million, and EBITDA decreased by 46% to TL 20.7 million YoY.

The decline in EBITDA was mainly attributable to lower sales volume as well as 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 quarter of 2025 was the other main factor affecting EBITDA negatively.

The real estate In Q12025 the Real Estate segment revenues and EBITDA increased by 13% and 2%, respectively. Revenues stood at TL 66.6 million and EBITDA was TL 25.5 million in Q1 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 7% to TL 438.8 million, while EBITDA decreased by 25% YoY, to TL 106,3 million, mainly due to unfavorable market conditions.

Indebtedness:

Holding consolidated net debt stood at 1.0bn USD (39.2bn TL) as of Q1 2025. Meanwhile, consolidated gross debt stood at 1.3bn USD. (Ports division:  980.6mn USD, of which 828.9mn USD is long term financing with a maturity of 15+ years).

Looking into the breakdown of Long-term Debt (Maturity ≥15 years):

• The portion amounting to 275.2 million USD consists of bonds issued on an operational company level, without a group guarantee, with a 20-year maturity, and was issued in Nassau. In the latest financing, funds were secured at an interest rate of 4.25%, below the U.S. benchmark Treasury yield.
  • The portion amounting to 346.2 million USD consists of long-term private placement bonds (Including 16.2 million USD Liverpool project financing with a maturity in 2040 (without a Group guarantee)
  • The portion amounting to 187 million USD relates to the San Juan project financing with a maturity in 2046 (without a Group guarantee)
  • The portion amounting to 20.5 million USD relates to the St. Lucia project financing with a maturity in 2038 (without a Group guarantee)

Consolidated Net Debt/EBITDA multiplier is 4.5x at Q1 2025. However, when entire ports business is excluded, Net Debt/EBITDA multiplier stands at 3.1x at Q1 2025. Futhermore, when debt related to ports with a maturity of 15 years or more is excluded, Net Debt / EBITDA stands at 2.1x.

The post Outstanding Q1 Earnings: A Testament to Our Strategic Agility appeared first on Global Yatırım Holding.

Global Investment Holdings (“GIH”), a diversified conglomerate operating in 21 different countries across 4 continents, announced its 12-month consolidated results which ended 31 Dec 2024, and commented on recent developments.

Global Investment Holdings reported Consolidated Net Profit of 3.3bn TL in FY 2024, compared to a net profit of 2.9bn TL in FY 2023. Consolidated Net Revenues (excluding IFRIC 12 Construction Revenue) is 18.2bn TL; while Consolidated Operating EBITDA is 7.7bn TL.

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

As we concluded a year marked by uncertainties and challenges shaped by persistent macroeconomic difficulties and geopolitical sensitivities, we remained focused on areas where we could create meaningful impact, reinforcing our mission to generate long-term value for all stakeholders. Despite inflationary pressures and volatile market conditions, our resilient and strategically diversified structure has continued to support operational profitability. We continued to invest, expand our operations, and strategically position ourselves for the future. As we move into 2025, we are committed to sustaining this strong performance and building on our achievements.

I am pleased to report that in 2024 our performance across major business lines was well ahead of inflation as well as budget figures and that our expansion continues. Our power and mining business segments have experienced a slowdown in performance in 2024 compared to the previous year due to market conditions and inflation accounting beyond our control in the sectors in which they operate. On the contrary, to compensate, it was another record year for our ports business which is set to continue its robust growth in 2025.

The long-term outlook for the cruise industry remains highly positive, with projected fleet expansions and increasing passenger volumes. According to the Cruise Industry News Annual Report 2025, total global cruise capacity is projected to grow by 25% by 2030, reflecting a further surge in new ship orders and increasing passenger volumes. With record demand and an ever-expanding fleet, 2025 is poised to be a landmark year for the global cruise industry.

Cruise lines also reported record-breaking future bookings. The cruise industry saw continued growth in new ship orders in 2024, with strong demand for larger, more fuel-efficient vessels. As of January 2025, the current cruise ship order book is estimated to be worth close to USD 57 billion, with 67 ships on order with an average passenger capacity of 2,544, these ships will add 170,422 new berths to the market. There are currently 15 ships scheduled for delivery in 2025, which will add 38,629 berths to the global fleet.

The Chairman continued: “Major 2024 developments for the port business were:

• GPH has been delisted from the London Stock Exchange and is now a private company. As part of this process and following the tender offer for our indirect subsidiary, Global Ports Holding (GPH), our Group purchased a total of 23,835,233 GPH shares at a price of 4.02 USD per share.  Additionally, it was decided to convert our Company’s 23.9 mn USD receivables from GPH into shares through a capital increase (5,945,273 new shares). Following these transactions, our Group’s ownership in GPH’s issued share capital has increased to 90.32% as of 31.12.2024,
• We have added two more ports to our portfolio in the first half of 2024, namely, San Juan Cruise Port in Puerto Rico (30-year concession agreement) and Liverpool Cruise Port in UK (50-year agreement). Moreover, GPH has commenced operations at the Saint Lucia Cruise Port as of May 2024.
• In addition, following a public tender process, a majority-owned consortium (the “Consortium”) between GPH (51%), local shareholder, Steya (40%) and Ocean Infrastructures Management (9%) has been awarded preferred bidder status for a 15-year concession agreement with Agence Nationale des Ports (“ANP”), to operate the Casablanca new cruise terminal.

The Chairman continued: “Naturelgaz continued to report a pleasing growth in volumes. Sales volume increased by a strong 29% in FY 2024 compared to FY 2023. Strong volume increase was mainly driven by city gas sales, which marked an increase of 48% YoY in 2024. The number of districts and towns reached 131 by the end of 2024.

The Chairman continued: “Consus Enerji’s offer was accepted for a tender announced by the Ministry of Energy and Transport of the Commonwealth of the Bahamas and the Bahamas Power and Light Company for the electricity needs of two islands, including 65 MW natural gas and solar power plants, and 20 MW storage systems, with a total capacity of 85 MW, and for the sale of electricity at a unit price based on US Dollars for a period of 25 years. The investment process for the project is anticipated to be completed in2026, with the power plants being commissioned and becoming fully operational. To participate in the tendered project with a 49% partnership, Consus Bahamas Energy Ltd., a wholly owned subsidiary of Consus Enerji, has been successfully incorporated in the Commonwealth of the Bahamas.”

“İstanbul Asset Management has also had a strong fourth quarter in 2024. Assets under management have increased substantially to 118,9bn TL as of 2024 year end. Meanwhile, our Group’s asset management companies’ combined AUM recorded 72% increase YoY, reaching 121,3bn TL.“

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

 “We have completed a challenging year, marked by macroeconomic difficulties and geopolitical uncertainties. Throughout this period, as Global Investment Holdings, we continued to support our operational profitability through our diversified structure. I am also pleased to share that, as previously committed, we fulfilled our dividend payment of 80mn TL in October.”

Excluding inflation accounting, consolidated revenues increased by 64% YoY in 2024, while EBITDA recorded a significant increase of 73%, well above inflation. After the IAS 29 inflation adjustment, consolidated revenue grew by 3% YoY, reaching TL 18.2 billion, up from TL 17.6 billion. Consolidated EBITDA, after applying the inflation adjustment, increased by 13% in 2024 compared to the previous year, rising from TL 6.8 billion to TL 7.7 billion.

GIH reported a consolidated net profit of 3,314.7mn TL in 2024, compared to a net profit of 2,899mn TL in 2023, indicating 14% increase YoY. The bottom line incorporated non-cash expenses of depreciation & amortization amounting to 2,437.4mn TL and net foreign exchange loss amounting to 269.5mn TL. In addition, due to the application of IAS 29, there was a monetary gain amounting to 724.1mn TL in 2024.

Looking at hard currency terms, total consolidated revenues and EBITDA increased by 25% and 36%,respectively, in 2024 YoY in USD terms. Similarly, consolidated net profit went up by a strong 38% in 2024 YoY in USD terms. (The conversion was made using the period-end exchange rates of the respective years. Following the application of IAS 29 inflation accounting, the calculation was based on the period-end exchange rate, which reflects the year-end purchasing power, rather than the average exchange rate.)

On a divisional basis:

On the ports side,

Number of calls at GPH`s consolidated ports in Jan-Dec 2024 was 28% higher than Jan-Dec 2023 levels, while passenger movements  at GPH`s consolidated ports in Jan-Dec 2024 was 32% higher than 2023 levels.

Average occupancy rates of the cruise ships visiting GPH`s consolidated ports was 95% in Dec 2024. The average occupancy rate of ships arriving at GPH’s consolidated ports remained above 100% throughout the year, reaching 115% in July.

2024 marked a record-breaking year for the global cruise industry, surpassing even the pre-pandemic levels of 2019. Looking ahead to 2025 and beyond, forward bookings have reached record highs, reinforcing strong growth expectations for the sector. The trend of new vessel orders and increasing passenger capacity is expected to continue. According to the 2024 Cruise Industry Annual Report, global cruise capacity is projected to grow by 25% by 2028.

Excluding IAS 29, the Port Operations segment recorded a 92% year-on-year revenue growth and an 86% increase in EBITDA in 2024. After applying IAS 29 inflation adjustment, revenues increased by 21%, reaching TL 8.5 billion, while EBITDA grew by 18% to TL 5.3 billion during the same period.

Naturelgaz, Sales volume reached 324mn Sm³ in 2024, representing an increase of 29% YoY and marking the highest annual sales volume in the company’s history. The volume increase was largely driven by the City Gas business segment. The sales volume of the City Gas segment reached 177 million Sm³ in 2024, marking a 50% increase compared to 2023. The number of districts and towns served reached 131 by the end of 2024.

Excluding inflation accounting, revenues increased by 58%, and EBITDA grew by 70%, significantly outpacing inflation. However, due to the application of inflation accounting, despite volume growth, revenues contracted by 2% year-over-year in 2024, amounting to TL 5,712 million. With the commissioning of our cost-reducing and capacity-enhancing investments, EBITDA and EBITDA margin showed a notable improvement compared to the previous year. As a result of higher sales volumes and effective cost management, EBITDA increased by 12% year-over-year after the application of inflation accounting, reaching TL 1,151 million.

Gross profit increased by 31%, reaching 1,485mn TL, based on company standalone financials.

Profit before tax, increased by 233% YoY, reaching 579mn TL, while net income was up by 162% reaching 365.6mn TL in 2024, based on company standalone financials.

The company continued its capacity-enhancing and cost-reducing investments in 2024, reaching a total investment amount of 603 million TL during the year.

The power division,

In 2024, excluding IAS 29, the Power segment recorded a 28% YoY revenue growth and a 64% increase in EBITDA. After applying the IAS 29 inflation adjustment, revenues declined by 20% to TL 1.4 billion, while EBITDA decreased by 2%, reaching TL 411 million. The application of inflation accounting was the key factor behind the decline in consolidated revenue.

The mining division, because of the decline in demand from the local and European markets, reported a sales volume of 244,230 tons in representing a 23% decrease YoY

The Company’s main export markets continued to be Spain, Italy and Egypt. Export related sales volume was 191,331 tons while domestic sales volume was realized at 52,899 tons for the period.

In 2024, excluding IAS 29, the Mining segment’s revenues increased by 21% YoY, while EBITDA contracted by 10%. After applying the IAS 29 inflation adjustment, revenues declined by 24% to TL 509 million, and EBITDA decreased by 41% to TL 101 million.

The decline in EBITDA was mainly attributable to lower sales volume as well as contracting operating margins as a result of higher inflation rates compared to fx rate hikes. The increasing focus on high value-add products provided sustainable EBITDA performance, largely compensating for the decline in sales volume .

The real estate division in 2024, excluding IAS 29, the Real Estate segment recorded a 49% YoY revenue growth and a 58% increase in EBITDA. After applying the IAS 29 inflation adjustment, revenues declined by 6% to TL 223 million, while EBITDA decreased by 5%, reaching TL 110 million.

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 recorded a 29% YoY revenue growth and a 20% increase in EBITDA in 2024 excluding IAS29. After applying the IAS 29 inflation adjustment, revenues declined by 14% to TL 1.8 billion, while EBITDA decreased by 2% YoY, reaching TL 703 million.

Indebtedness:

Holding consolidated net debt stood at 975mn USD (34.4bn TL) at 2024 year-end. Meanwhile,  consolidated gross debt stood at 1.2bn USD. (Ports division:  947mn USD, of which 818mn USD is long term financing with a maturity of 15+ years).

Looking into the breakdown of Long-term Debt (Maturity ≥15 years):

• The portion amounting to 264 million USD consists of bonds issued on an operational company level, without a group guarantee, with a 20-year maturity, and was issued in Nassau. In the latest financing, funds were secured at an interest rate of 4.25%, below the U.S. benchmark Treasury yield. Through the refinancing transactions in May and December, an annual interest cost advantage of approximately USD 3.5 million was achieved.

• The portion amounting to 330 million USD consists of long-term private placement bonds (without a Group guarantee)

• The portion amounting to 187 million USD relates to the San Juan project financing with a maturity in 2046 (without a Group guarantee)

• The portion amounting to 20.5 million USD relates to the St. Lucia project financing with a maturity in 2038 (without a Group guarantee)

• The portion amounting to 15.7 million USD relates to the Liverpool project financing with a maturity in 2040 (without a Group guarantee)

Consolidated Net Debt/EBITDA multiplier is 4.6x at 2024. However, When entire ports business is excluded, Net Debt/EBITDA multiplier stands at 3.0x at 2024. Futhermore, when debt related to ports with a maturity of 15 years or more is excluded, Net Debt / EBITDA stands at 1.9x.

For further information, please contact:

GIH Investor Relations

Tel: +90 212 244 60 00

E-mail: investor@global.com.tr

The post FY 2024 Results appeared first on Global Yatırım Holding.