Ulker Biskuvi Sanayi A.s. · BIST:ULKER
Ulker Biskuvi Sanayi A.s — Q4 2024 Earnings Presentation
22 slides from Ulker Biskuvi Sanayi A.s's earnings presentation, March 2025
Slide 1: Ülker Bisküvi 4Q24 Earnings
ÜLKER BİSKÜVİ 4Q24 EARNINGS 1
Slide 2: Agenda
AGENDA Operational Financial 01 Key Highlights 02 Performance 03 Performance 04 Outlook 2
Slide 3: 2024 Key Highlights
2024 Key Higlights 3
Slide 4: Snapshot of 2024
Snapshot of 2024 1-Key Achivements 2-Market Leadership 3-Financial Strength Robust growth; Maintained a rock-solid Maintained leadership in 2,4 % in Volume balance sheet with increasing 4,3 % in Revenue reaching to 84.1 bn TL main snacking categories cash flow and Net 1,9% in EBITDA reaching to 15.6
Slide 5: Ülker leads the way in sustainability – again!
Ülker leads the way in sustainability – again! Achievement with Continuous Improvement Culture and Capabilities • We sourced 100% of our electricity consumption from renewable energy sources. • All of our factories in Türkiye have earned the "Zero Waste to Landfill" certification. • Through the wate
Slide 6: Awards of 2024
Awards of 2024 • Fast Company Türkiye Magazine awarded Aliağa Biscuit’s Wheat Project at the Türkiye Agriculture Awards. • Won the ISO Green Transformation Award in the Sustainability Management Category. • Ülker received four awards at the Global Banking & Markets CEE, CIS & Türkiye Awards includin
Slide 7: Operational Performance
Operational 02 Performance 7
Slide 8: FY24 - A diverse presence offers a distinct scale to drive leadership and growth
FY24 -A diverse presence offers a distinct scale to drive leadership and growth Türkiye Central Asia 6,6% 0,3% FY24 Revenue Growth FY24 Revenue Growth +13,3% -9,1% EBITDA Growth EBITDA Growth Türkiye Exports Middle East -2,0% 5,2% North Africa Revenue Growth FY24 FY24 Revenue Growth -35,3% 0,2% EBIT
Slide 9: FY'24 Revenue Breakdown
FY’24 Revenue Breakdown With A Diverse Geographic Presence Geographic Revenue Mix Net Revenue By Division TRY84,1Bn TR EXPORT; 13% CA; 3% NA; 3% TRY58,6B TRY25,5B TRY84,1 ME; 11% Billion DOMESTIC; 70% Domestic International 70% 30% IAS 29 adjusted numbers 9
Slide 10: Global Market Share
Global Market Share TÜRKİYE MIDDLE EAST NORTH AFRICA CENTRAL ASIA Chocolate Biscuit Biscuit Biscuit Chocolate Cake %35 %27 %15 %16 Source: Nielsen -Share of Sales Value 10
Slide 11: FY'24 Revenue contribution of NPD's (New Product Launches)
FY’24 Revenue contribution of NPD’s (New Product Launches) 15 % 6 % 12 % Domestic International Total Revenue contribution is calculated over snacking revenue 11 IAS 29 adjusted numbers
Slide 12: Financial Performance
Financial 03 Performance 12
Slide 13: While inflationary pressures continues to affect the Turkish economy
While inflationary pressures continues to affect the Turkish economy Cocoa Price(1) GBP/MT (YoY Change) Wage Increase (2) (Minimum Wage, Gross Local Currency) 139% 75% 986 21% 661 247 Dec'2022 Dec'2023 Dec'2024 2022 2023 2024 Annual Turkish Consumer Price(3) Index Change in average USD/TRY Parity(4)
Slide 14: Our balanced portfolio continued to support earnings growth in 2024
Our balanced portfolio continued to support earnings growth in 2024 Total Volume (Kton X000) Total Revenue (MTL) Gross Profit (MTL) 4% 7% 2% 29,0% 29,8% 705 80.616 84.098 688 23.356 25.066 FY'23 FY'24 FY'23 FY'24 FY'23 FY'24 EBITDA (MTL) Net Income (MTL) 19,0% 18,5% 8,8% 6,1% 2% 52% 15.305 15.596 7.
Slide 15: FY'24 P&L Breakdown by region
FY’24 P&L Breakdown by region DOMESTIC Total Revenue (MTL) Gross Profit (MTL) EBITDA (MTL) 7% 25,4% %16 27,6% 17,3% 13% 18,4% 54.974 58.621 13.969 16.203 9.533 10.799 FY'23 FY'24 FY'23 FY'24 FY'23 FY'24 INTERNATIONAL Total Revenue (MTL) Gross Profit (MTL) EBITDA (MTL) 36,6% -6% 34,8% 22,5% -17% 18,8
Slide 16: Quarterly Consolidated Financials for 4Q'24
Quarterly Consolidated Financials for 4Q’24 Total Volume (Kton X000) Total Revenue (MTL) Gross Profit (MTL) 7% 14% -4% 27,4% 29,2% 20.945 22.445 186 180 5.735 6.551 4Q'23 4Q'24 4Q'23 4Q'24 4Q'23 4Q'24 EBITDA (MTL) Net Income (MTL) 18,0% 12,1% 12% 8,1% 17,3% 60% 2.722 3.613 4.043 1.702 4Q'23 4Q'24 4Q
Slide 17: Q4'24 Consolidated Volume & Revenue Contribution by Category
Q4’24 Consolidated Volume&Revenue Contribution by Category Snacking Sales Volume Snacking Sales Value 157 19.815 21.036 160 Mtl Kton Mtl Kton 9% 9% 8% 7% 37% 35% 50% 55% 54% 56% 42% 38% 4Q'23 4Q'24 4Q'23 4Q'24 Biscuit Chocolate Cake Biscuit Chocolate Cake Total snacking sales volume was down by 2,1%
Slide 18: International Operations EBITDA % Development in Years
International Operations EBITDA % Development in Years North Africa Middle East Central Asia 16,7 24,5 23,9 23,1 20,0 18,0 16,8 14,8 15,4 22,7 22,6 15,5 15,2 14,2 20,7 14,5 14,1 13,1 19,6 15,0 11,5 18,3 9,2 9,8 9,3 10,0 6,7 5,0 - 2017 2018 2019 2020 2021 2022 2023 2024 2017 2018 2019 2020 2021 2022
Slide 19: Balance Sheet Highlights
Balance Sheet Highlights (*)Covenant Based Net Debt/Ebitda (X) Maturity Breakdown of Financial Liabilities as of December ’24 1,58 1,08 68% Long Term Short Term 32% Dec-23 Dec-24 Average Working Capital Days Highlights 97 Days ~77% of the net position is closed. Further hedges are 93 Days 83 72 77 8
Slide 20: Outlook
04 Outlook 20
Slide 21: Guidance vs actual: ~80.0 BNTL guidance, 84.1 BNTL actual
Favorable market conditions, combined with proactive measures, enabled us to surpass our target. Net EBITDA Sales Margin GUIDANCE ~80.0BNTL ~18.2% ACTUAL 84.1BNTL 18.5% IAS 29 adjusted management guidance 21
Slide 22: Thank You
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Ülker Bisküvi Sanayi A.Ş. — Q4 2024 Earnings Presentation on 6ix