Outstanding Q1 Earnings: A Testament to Our Strategic Agility
12 May 2025
GLOBAL INVESTMENT HOLDINGS ANNOUNCEMENT
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 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):
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.
