Sabancı’s Big Shift: Retail Out, Energy In

One of Türkiye’s largest conglomerates, Sabancı Holding, is reportedly preparing for a historic shift in its investment strategy. According to a note shared with investors by İş Yatırım and reported by Reuters, the holding group is evaluating options to divest from low-profit subsidiaries, signaling a broader portfolio restructuring aimed at boosting overall profitability.

The report identifies Carrefoursa and Teknosa—two major retail brands—as the leading candidates for potential exit or partnership deals. The announcement immediately stirred the Istanbul stock market, with Carrefoursa shares jumping 9%, while Teknosa shares declined by 1%. Sabancı Holding declined to comment on the matter when contacted by Reuters.

Focusing on Profitability and Return on Equity

During a meeting with analysts on Friday, Sabancı executives reportedly outlined a new roadmap that centers on optimizing shareholder value by trimming underperforming assets. Subsidiaries with low net profit margins or negative return on equity (ROE) are now under review.

İş Yatırım’s note suggested that Sabancı could consider a complete exit from the food retail segment via the sale of Carrefoursa, and may explore strategic partnership or divestment options for Teknosa if its digital transformation plan fails to deliver expected results.

Profitability Snapshot: The Numbers Behind the Decision

The restructuring comes amid a stark profitability imbalance within Sabancı’s portfolio. Several of its consumer-focused subsidiaries are significantly underperforming, dragging down consolidated returns.

Equity profitability ratios for key Sabancı subsidiaries:

• Carrefoursa: -311.6%

• Teknosa: -104.9%

• Kordsa: -10.5%

• Akbank: +20.1%

• Aksigorta: +43.0%

• Agesa: +68.0%

These figures illustrate why retail subsidiaries have become prime candidates for divestment. In contrast, Sabancı’s financial and insurance arms, including Akbank, Aksigorta, and Agesa, continue to deliver strong returns.

Analysts Expect Further Portfolio Rationalization

According to an assessment by Deniz Yatırım, Sabancı’s move reflects “a clear signal of intent to exit areas that suppress consolidated profitability.” Analysts noted that if the first wave of divestments fails to produce the desired impact, Kordsa, a key player in industrial composites, could also be reviewed for restructuring or partial divestment.

The broader strategy underscores Sabancı’s goal of reallocating resources toward high-return, capital-efficient, and foreign-currency-generating sectors.

New Strategic Focus: Energy and Finance

As it phases out unprofitable ventures, Sabancı is doubling down on core businesses — particularly banking, financial services, and energy. The holding plans to accelerate venture capital investments in energy transition and climate technologies, aligning with global sustainability trends.

One of Sabancı’s crown jewels, Enerjisa Üretim, is reportedly ready for an IPO, with the group awaiting favorable market conditions before proceeding. The public offering is expected to bolster Sabancı’s liquidity and further cement its leadership in Türkiye’s renewable and conventional energy markets.

This marks a decisive pivot toward sectors with stronger margins, export potential, and resilience to domestic economic volatility — a move many analysts see as essential for the holding’s long-term competitiveness.

A New Era for Sabancı’s Portfolio Strategy

Sabancı’s willingness to part with legacy retail assets like Carrefoursa and Teknosa reflects a new era of disciplined capital allocation. The conglomerate is prioritizing growth in sectors that promise sustainable profitability, scalability, and global relevance.

If executed successfully, the strategy could reposition Sabancı Holding as a leaner, more future-focused powerhouse — centered on energy, finance, and innovation, rather than volume-driven retail.