Turkey · Delayed Price · Currency is TRY Arçelik Anonim Sirketi Earnings Call Transcripts
Fiscal Year 2025
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2025 saw a 6.6% real revenue decline but marked strong profitability gains, improved margins, and robust free cash flow. Restructuring and cost discipline drove leverage down, while 2026 guidance targets flat to low single-digit growth and stable margins.
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Q3 2025 saw revenues decline 11.4% year-on-year in real terms, but gross and EBITDA margins improved due to lower raw material costs and restructuring. Revised guidance anticipates a 5% domestic sales decline, 5%-10% international growth, and a 6%-6.5% EBITDA margin for the year.
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Q2 2025 saw revenues decline 11.5% year-on-year in real terms, but gross margin and adjusted EBITDA margin improved due to lower raw material costs and restructuring. Leverage remains elevated but is expected to improve by year-end, with positive impacts from new product launches and cost synergies anticipated in H2.
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Revenue grew 9.3% year-on-year to TRY 109.1 billion, driven by EMEA acquisitions, but gross margin and domestic sales declined due to high base effects and competition. Adjusted EBITDA margin improved sequentially, leverage remains elevated but is expected to improve, and synergy savings are on track.
Fiscal Year 2024
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2024 saw 15% revenue growth driven by European acquisitions, but margins declined due to pricing pressure, higher costs, and restructuring. Full provisioning for integration costs was completed, and 2025 guidance targets improved EBITDA margin and further cost synergies.
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Q3 2024 saw 14% year-over-year revenue growth, driven by acquisitions, but margins declined due to higher costs and competition. Net loss reached TRY 5.6 billion, leverage rose to 4.29x, and free cash flow was negative. Outlook for 2025 is optimistic as integration synergies materialize.
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Q2 2024 saw 23% revenue growth, driven by the consolidation of Whirlpool’s European and MENA operations, but margins declined due to higher costs and OpEx. Full-year EBITDA margin guidance was lowered to 6.5%, with significant synergies expected over five years.