Ulker Biskuvi Sanayi A.S. · BIST:ULKER
Ulker Biskuvi Sanayi A.S — Q3 2026 Earnings Presentation
33 slides from Ulker Biskuvi Sanayi A.S's earnings presentation, November 2026
Slide 1: Ülker Bisküvi 3Q'26 & 9M'26 Webcast Presentation
ÜLKER BİSKÜVİ 3Q’26 & 9M’26 WEBCAST PRESENTATION 1
Slide 2: Disclaimer
Disclaimer Pursuant to the Capital Markets Board of Türkiye (“CMB”) decision dated December 28, 2023 (No. 81/1820), issuers and capital market institutions subject to the CMB’s financial reporting regulations and preparing their financial statements in accordance with Turkish Accounting Standards /
Slide 3: Agenda
AGENDA Operational Financial 01 Key Highlights 02 Performance 03 Performance 04 Outlook 3
Slide 4: Key Highlights
Key Highlights 4
Slide 5: 9M'26 Key messages
9M’26 Key messages Consolidated volume increased by +0.6%, consolidated snacking volume increased by +0.9% on year Volume over year basis Consolidated revenue increased by 19.4% excluding the effects of IAS 29, including IAS 29 impact Revenue revenue contracted by -8.8% year-on-year and realised as
Slide 6: 3Q'26 New product launches
3Q’26 New product launches DOMESTIC INTERNATIONAL 6
Slide 7: Pioneering Next-Generation Snacking
Pioneering Next-Generation Snacking Dec 2024 Apr 2026 Jun 2026 Sep-Oct 2026 Ülker Go Ahead High Protein Bar Ülker Go Ahead Fruit Bar with with Peanut Ülker Go Ahead Date Bar with Peanut Nuts and Dark Chocolate Ülker Go Ahead High Protein Bar with Coconut Ülker Go Ahead Protein Chips Ülker Go Ahead P
Slide 8: 9M'26 Revenue contribution from new product launches
9M’26 Revenue contribution from new product launches 10% 6% 9% Domestic International Total Revenue contribution is calculated over snacking revenue 8 IAS 29 adjusted numbers
Slide 9: Corporate communications highlights
Corporate communications highlights 2026 World Para Youth Games Visit by the World Cocoa Foundation President As part of our strong partnership with the Turkish Paralympic Committee (TMPK), the 2026 World Para Youth Games, of which we We welcomed Chris Vincent, President of the World Cocoa were the
Slide 10: Our people and employer brand highlights
Our people and employer brand highlights We achieved a score of 96.03% in the We received the Happy Place To Top Employers 2027 assessment, Work award for the 5th consecutive maintaining our position among the year, achieving the highest world’s leading employers for the recognition level of ‘Excell
Slide 11: AI transformation: priority use cases
AI transformation From setup to focused execution in priority business areas Q3 UPDATES • Priority use cases time phased across 2026 and 2027 • Short list of technology partners determined, multiple rounds of meetings and workshops completed to identify pilot partners • Engagement with AI SteerCo an
Slide 12: Operational Performance
Operational 02 Performance 12
Slide 13: Türkiye market dynamics
Türkiye market dynamics Promotional sales and shoppers visit increased sharply over the years Promotional sales share Shoppers visit more stores Promotional share of category volume (%) — Total Supermarkets Average number of stores visited YTD25 YTD26 3.4 3.3 3.5 46.9% 2.5 2.5 38.0% 39.6% 38.0% 32.6
Slide 14: 9M'26 Regional Revenue and EBITDA performance
9M’26 – Regional Revenue and EBITDA performance Türkiye Central Asia w/o IAS 29 IAS 29 18.1% -9.9% -2.9% 9M’26 9M’26 Revenue Growth Revenue Growth Revenue Growth -7.2% -37.4% -117.2% EBITDA Growth EBITDA Growth EBITDA Growth Türkiye Exports Middle East w/o IAS 29 IAS 29 21.3% -7.4% 3.0% North Africa
Slide 15: 9M'26 Revenue breakdown
9M’26 Revenue breakdown With a diverse geographic presence Geographic Revenue Mix Net Revenue By Region TRY 95,7Bn ME; 11% NA; 3% CA; 3% TRY66,8B TRY28,9B TRY95,7 TR EXPORT; Billion 13% Domestic International 70% 30% DOMESTIC; 70% 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 34% 27% 11% 15% Source: Nielsen -Share of Sales Volume YTD September ’2026 16
Slide 17: Türkiye macro snacking volume market share
TÜRKİYE Macro snacking volume market share VOLUME SHARE % 18.0 18.4 Ülker 15.6 15.4 6.2 6.3 1.3 1.7 1.2 1.7 1.5 1.8 2.5 2.6 10.4 10.5 0.4 0.5 26.0 24.3 11.3 12.0 competition in various colours YTD Sep’25 YTD Sep’26 Source: Nielsen data 17
Slide 18: Financial Performance
Financial 03 Performance 18
Slide 19: IAS 29 Impact on Income Statement
IAS 29 Impact on Income Statement 9M 2026 3Q 2026 TL million Without IAS 29 With IAS 29 Without IAS 29 With IAS 29 Revenue 89,381 95,748 29,125 28,947 Gross Profit 26,743 23,842 7,845 6,167 EBITDA 12,998 11,147 3,329 2,395 EBITDA Margin 14.5% 11.6% 11.4% 8.3% Net Income 3,990 2,709 584 (546) 19
Slide 20: EBITDA Margin key drivers
EBITDA Margin key drivers Cocoa cycles since H2 2025 carry inflation accounting pressure ▪ Revised year-end inflation expectations, resulting in a higher- than-previously anticipated IAS 29 impact. Quarterly EBITDA margin dilution impact of IAS 29 ▪ Inflation accounting impact related to cocoa inven
Slide 21: 3Q'26: Consolidated performance
3Q’26: Consolidated performance Total Volume (Kton) Total Revenue (MTL) Gross Profit (MTL) 0.3% -12.2% 29.2% -36.0% 21.3% 173,5 174 ,1 32,966 28,947 9,639 6,167 3Q'25 3Q'26 3Q'25 3Q'26 3Q'25 3Q'26 EBITDA (MTL) Net Income (MTL) 17.7% -59.1% 8.3% 4.2% -139.4% -1.9% 5,848 1,385 2,395 -546 3Q'25 3Q'26 3
Slide 22: 9M'26: Consolidated performance
9M’26: Consolidated performance Total Volume (Kton) Total Revenue (MTL) Gross Profit (MTL) 0.6% -8.8% 30.2% -24.9% 24.9% 517 ,1 520 ,0 104,987 95,748 31,728 23,842 9M'25 9M'26 9M'25 9M'26 9M'25 9M'26 EBITDA (MTL) Net Income (MTL) 17.8% -40.3% 11.6% -54.5% 5.7% 2.8% 18,659 5,959 11,147 2,709 9M'25 9M
Slide 23: 3Q'26 P&L breakdown by region
3Q’26 P&L breakdown by region DOMESTIC Total Revenue (MTL) Gross Profit (MTL) EBITDA (MTL) 28.5% -40.1% 19.4% -55.5% -12.1% 19.7% 10.0% 22,309 19,614 6,348 4,384 3,803 1,952 3Q'25 3Q'26 3Q'25 3Q'26 3Q'25 3Q'26 INTERNATIONAL Total Revenue (MTL) Gross Profit (MTL) EBITDA (MTL) -12.4% 30.9% 25.3% -28.2
Slide 24: 9M'26 P&L Breakdown by region
9M’26 P&L Breakdown by region DOMESTIC Total Revenue (MTL) Gross Profit (MTL) EBITDA (MTL) 28.7% -26.3% 23.4% -37.4% -9.9% 18.7% 13.0% 74,225 66,863 21,265 13,873 15,669 8,681 9M'25 9M'26 9M'25 9M'26 9M'25 9M'26 INTERNATIONAL Total Revenue (MTL) Gross Profit (MTL) EBITDA (MTL) -6.1% 34.0% 28.3% -21.
Slide 25: Türkiye Domestic Operations excluding IAS 29 Impact
Türkiye Domestic Operations 3Q&9M’26 excluding IAS 29 Impact 3M’26 WITHOUT IAS 29 Total Revenue (MTL) Gross Profit (MTL) EBITDA (MTL) 31.9% -7.9% 25.5% -26.6% 15.2% 21.3% 13.5% 16,731 19,277 5,345 4,923 3,556 2,610 3Q'25 3Q'26 3Q'25 3Q'26 3Q'25 3Q'26 9M’26 WITHOUT IAS 29 Total Revenue (MTL) Gross Pr
Slide 26: 3Q'26 Consolidated volume & revenue contribution by category
3Q’26 Consolidated volume & revenue contribution by category Snacking Sales Volume Snacking Sales Value 31,357 28,038 153 155 Mtl Mtl Kton Kton 10% 10% 9% 9% 31% 31% 51% 50% 59% 59% 41% 40% 3Q'25 3Q'26 3Q'25 3Q'26 Biscuit Chocolate Cake Biscuit Chocolate Cake Snacking sales volume increased by 1.2%
Slide 27: Balance sheet highlights
Balance sheet highlights (*)Covenant Based Net Debt/EBITDA (X) Maturity Breakdown of Financial Liabilities as of September’26 1.45 0.97 71% Long Term Short Term 29% December'25 Sept-26 Turnover(days) Highlights Leverage increased to 1.45x, reflecting lower LTM EBITDA and a reduced 121 cash balance f
Slide 28: Outlook
04 Outlook 28
Slide 29: 2026 Guidance Update
2026 Guidance Update 2026 Previous guidance Updated guidance Net sales change Low single-digit Single digit decline YoY decline EBITDA margin 13.5% ± 1.5 pp 9%-11% Drivers of guidance update ➢ Revised year-end inflation expectations. ➢ Intensifying competition in Türkiye and international markets, w
Slide 30: Our 5H Growth Compass, 5P Strategy & Growth Action Plan
Our 5H Growth Compass, 5P Strategy & Growth Action Plan 5H GROWTH COMPASS OUR PURPOSE Make Happy, Be Happy. GROWTH ACTION PLAN 5P STRATEGY PURPOSE LEADS Purpose Leads 1. Own & Spread Happiness 2. Commercialize Sustainability 3. Grow the Core Portfolio Wins 4. Portfolio Transformation 5. Unleash Whit
Slide 31: Outlook: Navigating Headwinds, Driving 5H Growth
Outlook: Navigating Headwinds, Driving 5H Growth MACROECONOMICS CONSUMER TRENDS COMMERCIAL PRESSURES MARKET • Inflation • Bifurcation • Increasing cost of sales HEADWINDS • K-shaped economy • Snackification • Supply chain cost pressures • Currency volatility • H&W • Regional uncertainty FOCUS ON 3 M
Slide 32: Q&A Questions & Answers
Q&A Questions & Answers
Slide 33: Thank You
Thank You 33
Ülker Bisküvi Sanayi A.Ş. — Q3 2026 Earnings Presentation on 6ix