Ulker Biskuvi Sanayi A.s. · BIST:ULKER
Ulker Biskuvi Sanayi A.s — Ülker Bisküvi — Q2 2025 Earnings Presentation
27 slides from Ulker Biskuvi Sanayi A.s's earnings presentation, Aug 1, 2025
Slide 1: Ülker Bisküvi 2Q'25 Earnings
ÜLKER BİSKÜVİ 2Q’25 EARNINGS 1
Slide 2: Agenda
AGENDA Operational Financial 01 Key Highlights 02 Performance 03 Performance 04 Outlook 2
Slide 3: Key Highlights
Key Highlights 3
Slide 4: Macroeconomic Outlook in 2Q'25
Macroeconomic Outlook in 2Q’25 Key Economic Indicators in Türkiye GDP Change(%) CPI&PPI Change(%) 152 138 115 83 98 62 69 40 78 72 7,8% 79 62 49 44 7,6% 6,5% 4,6% 61 38 35 4,1% 4,5% 4,6% 5,3% 3,3% 2,4% 3,0% 64 38 62 2,1% 51 42 51 50 2,0% 33 29 24 24 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1
Slide 5: Key Raw Materials
Key Raw Materials Sugar Cocoa Wheat London Sugar Prices Cocoa Prices (2021-2025) GBP/MT 15,50 Adana Commodity Exchange (2021-2025) ₺13,05 650 9500 13,50 600 11,50 550 7500 TL / kg 9,50 500 GBP / MT 5500 7,50 450 £5.377 400 £358 3500 5,50 350 1500 3,50 300 1,50 O 21 T 21 O 22 T 22 O 23 T 23 O 24 T 24
Slide 6: Today's Key Messages
Today’s Key Messages STAYING AGILE AMID ENSURING H2 PLANS FOCUSED ON 01 ECONOMIC AND POLITICAL CHALLENGES 02 AFFORDABILITY AND ACCESSIBILITY ACROSS 03 SUSTAINING MOMENTUM AND ALL SEGMENTS GROWTH ACCELERATING SUSTAINABLE GROWTH COMMITTED TO DELIVER OPERATIONAL THROUGH AI-POWERED OUR TARGETS THROUGH E
Slide 7: 1H'25 New Product Launches
1H’25 New Product Launches DOMESTIC INTERNATIONAL 2Q’25 New Product Launches contributes %4 revenue in the second quarter Revenue contribution is calculated over snacking revenue 7 IAS 29 adjusted numbers
Slide 8: 2Q'25 Revenue Contribution of NPD's (New Product Launches)
2Q’25 Revenue Contribution of NPD’s (New Product Launches) 14 % 7 % 12 % Domestic International Total Revenue contribution is calculated over snacking revenue 8 IAS 29 adjusted numbers
Slide 9: 1H'25 Communication campaigns
1H’25 Communication campaigns DOMESTIC INTERNATIONAL McVitie’s Anniversary campaign Ülker Çikolata x Afra Kusura Magma Çizimen X Osimhen Saraçoğlu Media campaigns on TV, digital, outdoor and SMM Orijinal Dido Lezzeti Çizimen Equity Cookie Extra Laviva Selection AFS Dankek Equity Ülker Çikolatalı Gof
Slide 10: 2Q'25 – Sustainability Highlights
2Q’25 – Sustainability Highlights Reach 100% Reuse/Recycle and generate examples of upcycling We continue to advance our Beyond Hazelnut Launched Saklıköy Qualified for the program in the Giresun Biofortified biscuit Leadership list region without slowing collaborating with Sabancı receiving an A in
Slide 11: 2Q'25 Highlights-Corporate Communications
2Q’25 Highlights-Corporate Communications My First Match Competing with Heart The Çizimen-Osimhen Advertising Campaign Announced with a press release, followed by a large-scale Launched with Beşiktaş, Fenerbahçe, Galatasaray, and press conference Trabzonspor, by sharing the videos prepared for the 4
Slide 12: 2Q'25 Highlights-Our People and Employer Brand
2Q’25 Highlights-Our People and Employer Brand At the Stevie Awards for Great Employers, we received a total of 9 awards for our HR practices — including the 'Employer of the Year' award! 12
Slide 13: Operational Performance
Operational 02 Performance 13
Slide 14: 1H'25 - A diverse presence offers a distinct scale to drive leadership and growth
1H’25 -A diverse presence offers a distinct scale to drive leadership and growth Türkiye Central Asia 8,8% 0,3% 1H’25 1H’25 Revenue Growth Revenue Growth 3,6% -0,2% EBITDA Growth EBITDA Growth Türkiye Exports Middle East 8,4% 1,5% North Africa 1H’25 1H’25 Revenue Growth Revenue Growth -20,8% -22,1%
Slide 15: 1H'25 Revenue Breakdown
1H’25 Revenue Breakdown With A Diverse Geographic Presence Geographic Revenue Mix Net Revenue By Region TRY51,6Bn ME; 10% NA; 3% CA; 3% TRY37,2B TRY14,4B TRY51,6 TR EXPORT; Billion 12% Domestic International 72% 28% DOMESTIC; 72% IAS 29 adjusted numbers 15
Slide 16: Global Market Share
Global Market Share TÜRKİYE MIDDLE EAST NORTH AFRICA CENTRAL ASIA Chocolate Biscuit Biscuit Biscuit Chocolate Cake 33% 27% 14% 14% Source: Nielsen -Share of Sales Value YTD June’2025 16
Slide 17: Financial Performance
Financial 03 Performance 17
Slide 18: 2Q'25: Revenue and volume growth drive performance
2Q’25: Revenue and volume growth drive performance Total Volume (Kton X000) Total Revenue (MTL) Gross Profit (MTL) 11,5% -0,6% 5,5% 30,6% 27,2% 20.675 23.058 153 161 6.317 6.281 2Q'24 2Q'25 2Q'24 2Q'25 2Q'24 2Q'25 EBITDA (MTL) Net Income (MTL) 19,2% 14,6% 8,2% -57,6% 3,1% -14,9% 3.964 3.372 1.702 72
Slide 19: 1H'25: Topline Resilience vs. Profitability Headwinds
1H’25: Topline Resilience vs. Profitability Headwinds Total Volume (Kton X000) Total Revenue (MTL) Gross Profit (MTL) 4,6% 2,3% 30,7% 31,4% -2,6% 49.371 51.640 353 344 15.489 15.838 1H'24 1H'25 1H'24 1H'25 1H'24 1H'25 EBITDA (MTL) Net Income (MTL) Net Debt / EBITDA (x) 20,0% 17,8% 9,9% 6,4% -7,0% -3
Slide 20: 2Q'25 P&L Breakdown by Region
2Q’25 P&L Breakdown by Region DOMESTIC Total Revenue (MTL) Gross Profit (MTL) EBITDA (MTL) 10,9% 5,7% 25,9% 19,1% -6,5% 16,1% 27,2% 14.574 16.166 3.961 4.186 2.785 2.605 2Q'24 2Q'25 2Q'24 2Q'25 2Q'24 2Q'25 INTERNATIONAL Total Revenue (MTL) Gross Profit (MTL) EBITDA (MTL) 38,6% -11,0% 30,4% 19,3% -35
Slide 21: 2Q'25 Consolidated Volume & Revenue Contribution by Category
2Q’25 Consolidated Volume & Revenue Contribution by Category Snacking Sales Volume Snacking Sales Value 143 19.586 21.652 134 Kton Mtl Mtl Kton 10% 10% 9% 9% 36% 33% 52% 53% 54% 57% 39% 38% 2Q'24 2Q'25 2Q'24 2Q'25 Biscuit Chocolate Cake Biscuit Chocolate Cake Total snacking sales volume was up by 6,
Slide 22: International Operations EBITDA % Development in Years
International Operations EBITDA % Development in Years North Africa Middle East Central Asia 14,2 18,0 13,1 23,1 22,6 16,8 12,1 20,7 19,6 15,2 11,5 14,1 16,8 12,4 9,8 2021 2022 2023 2024 2025 H1 2025 H1 2021 2022 2023 2024 2021 2022 2023 2024 2025 H1 Current Total EBITDA Current Total EBITDA Current
Slide 23: Balance Sheet Highlights
Balance Sheet Highlights (*)Covenant Based Net Debt/Ebitda (X) Maturity Breakdown of Financial Liabilities as of June’25 1,24 68% Long Term 1,08 Short Term 32% Dec-24 June-25 Average Working Capital Days Highlights ~66% of the net position is closed. Further hedges are 95 Days 132 Days 82 Subject to
Slide 24: Outlook
04 Outlook 24
Slide 25: 2025 Outlook: Navigating through challenges
2025 Outlook Navigating through challenges YoY Net Sales EBITDA Growth Margin 2025 GUIDANCE 3% (+- %1) 17,5% (+- %0,5) We remain confident in our strategic direction and position Ülker for sustainable long-term growth. Based on IAS-29 adjusted financials 25
Slide 26: Powered by 5H Growth Model
… powered by 5H Growth Model 26
Slide 27: Thank You
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