Ulker Biskuvi Sanayi A.s. · BIST:ULKER
Ulker Biskuvi Sanayi A.s — Q1 2025 Earnings Presentation
30 slides from Ulker Biskuvi Sanayi A.s's earnings presentation, May 2025
Slide 1: Ülker Bisküvi 1Q'25 Earnings
ÜLKER BİSKÜVİ 1Q’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: CEO Özgür Kölükfakı
CEO Özgür KÖLÜKFAKI METU BSc EE TURKCELL DIVISION HEAD 1995 2006-2008 UL TURKEY MARKETING ASELSAN FOODS & ALGIDA 1995-1996 2008-2012 UL RUB GM ICE-CREAM, VP REF. & FOODS METU MBA 2012-2015 1996-1998 UL IRAN & UL TURKEY MARKETING UNICA GM SCC 2015-2019 1998-2002 UL PRESIDENT F&R NAMETRUB UL FRANCE MA
Slide 5: Today's Key Messages
Today’s Key Messages STARTED THE YEAR INFLATION AND THE REMAINED COMMITTED 01 WITH STRONG MOMENTUM 02 MARKET VOLATILITY WERE THE MAIN 03 TO INVESTING IN OUR BRANDS TO DRIVE CHALLENGES LONG-TERM GROWTH CLOSELY TRACKED THE CONTINUED FOCUS ON MARKET MOVEMENTS PORTFOLIO OPTIMIZATION 04 ON THE KEY RAW 05
Slide 6: 1Q'25 New Product Launches
1Q’25 New Product Launches DOMESTIC INTERNATIONAL MARCH 2025 AUGUST 2024 DECEMBER 2024 VOLUME: 196 TONNES VOLUME: 616 TONNES VOLUME: 556 TONNES MARCH 2025 SEPTEMBER 2024 VOLUME: 36 TONNES VOLUME: 5.059 TONNES JANUARY 2024 VOLUME: 1.269 TONNES OCTOBER 2024 VOLUME: 726 TONNES 1Q25 New Product Launches
Slide 7: Revenue contribution of NPD's (New Product Launches)
Revenue contribution of NPD’s (New Product Launches) 14 % 4 % 12 % Domestic International Total Revenue contribution is calculated over snacking revenue 7 IAS 29 adjusted numbers
Slide 8: 1Q'25 Communication campaigns
1Q’25 Communication campaigns DOMESTIC INTERNATIONAL DIGITAL COPY Ülker Çikolata x Afra Saraçoğlu Çokonat AFS & Aile 1.947 GRP 2.270 GRP 36M REACH INFLUENCER COLLABS 367M Impression in Digital Ülker Çikolatalı Gofret Laviva Selection AFS 4 EFFIES (2 GOLD 2 SILVER) 1.215 GRP 1.075 GRP Çizimen Equity
Slide 9: 1Q'25 highlights-Corporate communications
1Q’25 highlights-Corporate communications We’ve launched our video series 'Yüreğiyle We were recognized with awards for our Yarışanlar' ('Those Who Compete with Heart’). projects and initiatives. Hosted by journalist Verda Özer, the series highlights Our executives were featured in key events and th
Slide 10: 1Q'25 – Sustainability Highlights
1Q’25 – Sustainability Highlights In the ESG assessment We also ranked within the The 2025 Global We continue to advance conducted by the London top 3% of all companies Chocolate Scorecard has our Beyond Hazelnut Stock Exchange Group globally in the S&P been announced, and program in the Giresun (LS
Slide 11: 1Q'25 Highlights- Our People And Employer Brand
1Q’25 Highlights- Our People And Employer Brand Top Employers certified for the Recognized as “Türkiye’s Happiest Iftar gatherings held across all factories 4th year in a row Workplace” for three years in a row A 10.68% increase in applications compared to Driven by IDE approach, we are launching th
Slide 12: Operational Performance
Operational 02 Performance 12
Slide 13: A diverse presence offers a distinct scale to drive leadership and growth
1Q’25 -A diverse presence offers a distinct scale to drive leadership and growth Türkiye Central Asia 7,2% -11,5% 1Q’25 1Q’25 Revenue Growth Revenue Growth +11,1% -19,0% EBITDA Growth EBITDA Growth Türkiye Exports Middle East -9,0% -0,6% North Africa 1Q’25 1Q’25 Revenue Growth Revenue Growth -18,5%
Slide 14: 1Q'25 Revenue Breakdown
1Q’25 Revenue Breakdown With A Diverse Geographic Presence Geographic Revenue Mix Net Revenue By Region TRY27,0Bn ME; 11% NA; 2% CA; 3% TRY19,9B TRY7,1B TRY27,0 TR EXPORT; Billion 10% Domestic International 74% 26% DOMESTIC; 74% IAS 29 adjusted numbers 14
Slide 15: Global Market Share
Global Market Share TÜRKİYE MIDDLE EAST NORTH AFRICA CENTRAL ASIA Chocolate Biscuit Biscuit Biscuit Chocolate Cake 34% 28% 15% 14% Source: Nielsen -Share of Sales Value 15
Slide 16: Financial Performance
Financial 03 Performance 16
Slide 17: Slowing Inflation and Gradual FX Rate Increase in 1Q'25
Slowing Inflation and Gradual FX Rate Increase in 1Q’25 Key Economic Indicators in Türkiye GDP Change(%) CPI&PPI Change(%) 152 CPI PPI 138 128 115 83 98 72 62 69 7,8% 54 40 78 72 6,5% 4,6% 49 5,5% 5,1% 7,6% 4,5% 4,6% 5,3% 44 59 79 62 4,1% 3,0% 61 3,3% 2,4% 2,1% 41 44 12 50 64 38 62 51 29 3,2% 51 42
Slide 18: Soaring Costs of Essential Raw Materials Continue
Soaring Costs of Essential Raw Materials Continue Sugar Cocoa Wheat London Sugar Prices Cocoa Prices (2021-2025) GBP/MT Adana Commodity Exchange (2021-2025) Raw Milk Hazelnut Kutu Paper Koli National Milk Council and market TURKSTAT Domestic Price Index for raw milk prices Trabzon Commodity Exchange
Slide 19: A Strong Start to 2025: Double-Digit Profit Growth
A Strong Start to 2025: Double-Digit Profit Growth Driven by Robust Revenue and Volume Increases 1Q'25 growth vs 4Q'24 Margin Improvement 430 bps 230 bps 25% 23% 33% 29% 9% 20% 18% 1% VOLUME REVENUE GROSS PROFIT EBITDA GROSS PROFIT MARGIN EBITDA MARGIN 4Q'24 1Q'25 19
Slide 20: Gross Profit Up 4%, Amid Slight Revenue and EBITDA Declines
Gross Profit Up 4%, Amid Slight Revenue and EBITDA Declines in challenging environment Total Volume (Kton X000) Total Revenue (MTL) Gross Profit (MTL) -0,4% 4% -9% 32,0% 33,4% 200 182 27.070 26.962 8.652 9.015 1Q'24 1Q'25 1Q'24 1Q'25 1Q'24 1Q'25 EBITDA (MTL) Net Income (MTL) Net Debt / EBITDA (x) 20
Slide 21: 1Q'25 P&L Breakdown by Region
1Q’25 P&L Breakdown by Region DOMESTIC Total Revenue (MTL) Gross Profit (MTL) EBITDA (MTL) 7% 28,0% %18 30,9% 19,2% 11% 19,9% 5.187 6.141 3.565 3.960 18.529 19.865 1Q'24 1Q'25 1Q'24 1Q'25 1Q'24 1Q'25 INTERNATIONAL Total Revenue (MTL) Gross Profit (MTL) EBITDA (MTL) 40,6% -17% 40,5% 23,6% -24% 21,5%
Slide 22: 1Q'25 Consolidated Volume & Revenue Contribution by Category
1Q’25 Consolidated Volume & Revenue Contribution by Category Snacking Sales Volume Snacking Sales Value 162 26.254 25.856 179 Mtl Kton Mtl Kton 8% 9% 7% 7% 40% 38% 54% 60% 51% 53% 39% 33% 1Q'24 1Q'25 1Q'24 1Q'25 Biscuit Chocolate Cake Biscuit Chocolate Cake Total snacking sales volume was down by 9,
Slide 23: International Operations EBITDA % Development in Years
International Operations EBITDA % Development in Years North Africa Middle East Central Asia 22,3 20,7 19,6 16,8 15,2 14,2 13,1 11,9 12,8 2025 1Q 2024 2023 2025 1Q 2023 2024 2025 1Q 2023 2024 Current Total EBITDA Current Total EBITDA Current Total EBITDA EBITDA Contribution EBITDA Contribution EBITD
Slide 24: Balance Sheet Highlights
Balance Sheet Highlights (*)Covenant Based Net Debt/Ebitda (X) Maturity Breakdown of Financial Liabilities as of March ’25 1,29 1,08 64% Long Term 36% Short Term Dec-24 Mar-25 Average Working Capital Days Highlights ~60% of the net position is closed. Further hedges are 82 Days 115 Days 86 Subject t
Slide 25: Outlook
04 Outlook 25
Slide 26: 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. TAS 29 tabloları baz alınarak hazırlanmıştır. 26
Slide 27: Sabri Ülker, Joseph Draps
Sabri Ülker Joseph Draps "We believe that every person has "I was born in chocolate. It has the right to have a good seduced me and have dedicated childhood, no matter what myself all my life to this art. I have country they live in." lived a wonderful dream." Sir Alexander Grant 27
Slide 28: Our Purpose at the Core
Our Purpose at the Core 28
Slide 29: … powered by 5H Growth Model
… powered by 5H Growth Model 29
Slide 30: Thank You
, ~s THO. % ; At ee
Ülker Bisküvi Sanayi A.Ş. — Q1 2025 Earnings Presentation on 6ix