Turkey · Delayed Price · Currency is TRY Ülker Bisküvi Sanayi A.S. Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw resilient volumes and earnings despite macro and geopolitical headwinds, with net income at TRY 1.6 billion and EBITDA margin at 15.1%. International growth offset domestic softness, while innovation and ESG leadership remained strong. Guidance for 2026 is cautious amid ongoing risks.
Fiscal Year 2025
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Despite a challenging macro environment and Q4 market contraction, the company maintained leadership in Turkey, grew in North Africa and Central Asia, and delivered TRY 112 billion in revenue for 2025. Management expects Q4 margin pressures to be temporary and is optimistic for 2026.
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Q3 2025 saw strong revenue, margin, and profit growth, driven by innovation and international expansion, despite domestic market contraction and inflationary pressures. Guidance for 2025 is maintained, with normalization of working capital and inventory expected by year-end.
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Q2 saw 11.5% revenue growth and resilient market leadership despite inflation and cost pressures. EBITDA margin declined to 14.6% due to input costs, but new products and strong domestic performance supported results. 2025 guidance targets 3% sales growth and 17.5% EBITDA margin.
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Q1 2025 saw strong revenue and margin growth despite inflation and input cost pressures, with robust domestic performance and resilient international margins. Dividend payout, innovation, and sustainability initiatives underscore confidence in long-term growth.
Fiscal Year 2024
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Delivered strong 2024 results with revenue up 4.3% to TRY 84.1B, EBITDA margin at 18.5%, and net income up 52% year-over-year. Maintained market leadership, improved balance sheet, and issued a successful sustainability bond. 2025 outlook remains cautious amid ongoing challenges.
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Q3 2024 saw modest revenue growth but margin pressure from high raw material costs, FX volatility, and regional instability. Management expects EBITDA margin recovery to at least 18% in 2025, with further price increases and operational efficiencies planned.
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Q2 saw stable revenue and margin growth, with net income up and strong domestic performance offsetting international headwinds. Year-end guidance is unchanged, with cost pressures from cocoa largely hedged and CapEx to remain at 2-3% of revenue.