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Sabanci Holding, one of Türkiye’s largest conglomerates, is considering withdrawing from businesses with persistently weak profitability, particularly its consumer goods retailer CarrefourSA, a joint venture with France’s Carrefour, and its consumer electronics retailer Teknosa, according to reports from local brokerage firms.
Deniz Investment, the brokerage arm of Turkish lender Denizbank, said in a client note that Sabanci’s decision was shared during a meeting on Oct. 3, 2025, where the holding’s senior management outlined its strategic direction and future priorities at the "Brokerage and Portfolio Management Companies Meeting."
Following reports on the meeting, shares of CarrefourSA and Teknosa, listed on Borsa Istanbul, rose by nearly 10%, while those of Sabanci Holding gained around 2%.
Carrefour has been operating in Türkiye since 1991, and a withdrawal by Sabanci would mark a divestment after 34 years.
In their presentation, company executives described the strategy as "sustainable, digital, and scalable," highlighting continued transformation and investment across business lines, and emphasized that Sabanci intends to pursue return-driven growth by directing investments toward sectors and geographies aligned with its portfolio, prioritizing new business areas with strong return potential, including possible minority partnerships, while also evaluating distressed assets and exploring opportunities both in Türkiye and in developed markets.
The group aims to expand in scalable companies within sectors that command higher valuation multiples and has raised its target by seeking an internal rate of return exceeding the weighted average cost of capital by two to four percentage points, compared with the previous range of one to three, while also underscoring a focus on efficient resource allocation, borrowing capacity linked to net asset value, and a net debt-to-EBITDA ratio capped at two.
As part of this restructuring framework, the group is considering divesting subsidiaries with persistently low profitability.
The most notable are CarrefourSA, which reported a return on equity of negative 311.6%, and Teknosa, with negative 104.9%, while Kordsa, the industrial reinforcement materials producer, with negative 10.5%, could also be subject to an exit if ongoing restructuring and capital strengthening efforts fail.
"In our view, given the group’s strategy of focusing on markets and sectors with foreign currency revenue and relatively limited regulation, the first stage of divestments could involve CarrefourSA and Teknosa," Deniz Investment said.
"At present, efforts are underway to improve the operations of Kordsa, for which a paid-in capital increase has already been approved to strengthen its financial structure. However, if these efforts prove unsuccessful, an exit from Kordsa may also come to the table," it added.
Another note by Is Investment, the brokerage arm of Turkish lender Isbank, indicated that food retail was among the businesses identified for a possible exit, while a withdrawal from Teknosa could be considered if its digital transformation into a marketplace model fails.
Banking, financial services, and energy will remain Sabanci’s core business lines, with a particular emphasis on strengthening investments through numerous venture capital projects in energy and climate technologies.
The company also noted that its power generation subsidiary, Enerjisa Uretim, is prepared for an initial public offering, which will be launched when market conditions are favorable.
Among Sabanci’s listed subsidiaries, Akbank recorded a return on equity of 20.1%, while insurance businesses Agesa and Aksigorta posted 68% and 43% respectively, positioning them as the group’s strongest performers and key drivers behind the strategic shift.
Founded in 1967 and headquartered in Istanbul, Sabanci Holding operates through more than 60 companies and employs tens of thousands of people across Türkiye and abroad.
According to its latest financial reports for the second quarter of 2025, the company reported total assets of ₺3.46 trillion ($83.23 billion) and a net loss of ₺2.6 billion ($62.35 million) during the period.
In May, Sabanci underwent a leadership change when Guler Sabanci, who had led the group since 2004 as a third-generation family member and the daughter of founder Ihsan Sabanci, stepped down as chairperson, passing the role to board member Hayri Culhaci.
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