Advancing Our Global Platform with Financial Discipline and Strong Earnings Growth
05 March 2026
Global Investment Holdings (“GIH”), a diversified conglomerate operating in 19 different countries across 4 continents, announced its 12-month consolidated results which ended 31 December 2025, and commented on recent developments.
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:
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:
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:
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):
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
