Polisan Holding Announces Third Quarter 2025 Financial Results

Polisan Holding generated consolidated revenue of TRY 4.66 billion and earnings before interest, taxes, depreciation and amortisation (EBITDA) of TRY 767 million in the first nine months of 2025.

In the third quarter, as global and local economic headwinds persisted, the company continued to prioritise operational efficiency and balance sheet discipline while making significant progress on restructuring steps identified as strategic priorities. Key developments in the first nine months of the year included the initiation of a partial demerger process for the Paints Group subsidiaries, the suspension of production at Polisan Hellas, the reduction of operating expenses and the restructuring of financial debt.

The transfer of Polisan Holding's Paints Group subsidiaries to newly established Marmara Holding A.Ş. through partial demerger was completed.

Within the scope of the partial demerger process, Marmara Holding A.Ş. was incorporated on 10 September 2025 following decisions taken at Polisan Holding's Extraordinary General Meeting held on 29 August 2025. Polisan Holding A.Ş.'s shareholdings in Rohm and Haas Kimyasal Ürünler Üretim Dağıtım ve Ticaret A.Ş. and Polisan Kansai Boya Sanayi ve Ticaret A.Ş. were transferred to Marmara Holding A.Ş. Marmara Holding commenced trading on Borsa Istanbul under the ticker MARMR as of 16 September 2025.

Discussions regarding the transfer of Hellas shares continue. To mitigate the impact of operational losses on consolidated financial statements, operations were suspended and operating expenses were reduced to minimum levels.

At Polisan Hellas, a decision was made in June to suspend operations in order to reduce the impact of operational losses on consolidated financial statements. In the third quarter, operational costs were minimised while the company's financial debt was settled through a capital increase. Discussions with potential buyers regarding the sale of Hellas shares are ongoing.

Polisan Holding Chief Executive Officer Cantekin Dinçerler made the following statement regarding the financial results:

"Global and local economic uncertainties continued to impact the third quarter of 2025. Weak demand in the European chemical industry, high energy costs and low capacity utilisation intensified competitive pressures in the sector, while weakening domestic demand in Turkey and rising financing costs continued to put pressure on industrial production. Although there was relative stability in the exchange rate, the narrowing but still unclosed gap between the currency and inflation dynamics continued to put pressure on exporting sectors. Under all these conditions, we maintained financial discipline, continued to increase operational efficiency and focused on our strategic priorities."