Record Nine-Month Performance: Sustained Growth Through Strategic Discipline
07 November 2025
Global Investment Holdings (“GIH”), a diversified conglomerate operating in 19 different countries across 4 continents, announced its first nine months consolidated results which ended 30 September 2025, and commented on recent developments.
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 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):
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
