Ulker Biskuvi Sanayi A.s. · BIST:ULKER
Ulker Biskuvi Sanayi A.s — Q3 2025 Earnings Presentation
24 slides from Ulker Biskuvi Sanayi A.s's earnings presentation, Nov 10, 2025
Slide 1: Ülker Bisküvi 3Q'25 Earnings
ÜLKER BİSKÜVİ 3Q’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 3Q'25
Macroeconomic Outlook in 3Q’25 Key Economic Indicators in Türkiye GDP Growth Rate(%) Türkiye CDS 11,4 WORLD TÜRKİYE 5,5 5,1 664 6,6 3,3 2,8 3,7 444 401 468 3,6 3,5 282 287 3,2 2,7 3,1 2021 2022 2023 2024 2025f 2026f 2020 2021 2022 2023 2024 Sep 25 Source : IMF, Sept’25 Source : Bloomberg, Sept’25 Pr
Slide 5: Today's Key Messages
Today’s Key Messages BE AGILE IN A DYNAMIC CHAMPIONING VALUE DRIVING CONSISTENT ENVIRONMENT: AND ACCESSIBILITY: GROWTH MOMENTUM 01 STAYING RESPONSIVE AND ADAPTABLE AMID ECONOMIC 02 ENSURING OUR PRODUCTS REMAIN AFFORDABLE AND 03 FOCUSED ON SUSTAINING TOP- LINE GROWTH THROUGH VOLATILITY AND GEOPOLITIC
Slide 6: 3Q'25 New Product Launches
3Q’25 New Product Launches DOMESTIC INTERNATIONAL 3Q’25 New Product Launches contributes %4 revenue in the third quarter Revenue contribution is calculated over snacking revenue 6 IAS 29 adjusted numbers
Slide 7: 9M'25 Revenue Contribution of NPD's (New Product Launches)
9M’25 Revenue Contribution of NPD’s (New Product Launches) 13% 6% 11% Domestic International Total Revenue contribution is calculated over snacking revenue 7 IAS 29 adjusted numbers
Slide 8: 3Q'25 – Sustainability Highlights
3Q’25 – Sustainability Highlights We continue to advance As part of the Beyond our Beyond Hazelnut ÜLKER is the winner of Sustainable Business Cocoa project, ourprogram in the GiresunThe 10th Sustainability region without slowing Award in the «Carbon “Mobile Health Service” Report and first TSRS dow
Slide 9: 3Q'25 Highlights-Corporate Communications
3Q’25 Highlights-Corporate Communications European Para Youth Games Competing with Heart - Episode 5 Biofortification Project Main Sponsorship We were the main sponsor of the European Para Youth In our Competing with Heart video series, we shared the story Games held in Istanbul. The event was broad
Slide 10: 3Q'25 Highlights-Our People and Employer Brand
3Q’25 Highlights-Our People and Employer Brand Innovation and our products are among our core We have received a total of 21 awards, including 11 Gold at As the first step in investing in our strengths. To invest in people in this area, we The International Business Awards (IBA), one of the organiza
Slide 11: Operational Performance
Operational 02 Performance 11
Slide 12: 9M'25 - A diverse presence offers a distinct scale to drive leadership and growth
9M’25 -A diverse presence offers a distinct scale to drive leadership and growth Türkiye Central Asia 4,9% 11,5% 9M’25 9M’25 Revenue Growth Revenue Growth 7,9% -19,6% EBITDA Growth EBITDA Growth Türkiye Exports Middle East 19,0% 5,9% North Africa 9M’25 9M’25 Revenue Growth Revenue Growth -8,0% -14,9
Slide 13: 9M'25 Revenue Breakdown
9M’25 Revenue Breakdown With A Diverse Geographic Presence Geographic Revenue Mix Net Revenue By Region TRY 80,9Bn ME; 10% NA; 3% CA; 3% TRY57,2B TRY23,7B TRY80,9 TR EXPORT; Billion 13% Domestic International 71% 29% DOMESTIC; 71% IAS 29 adjusted numbers 13
Slide 14: Global Market Share
Global Market Share TÜRKİYE MIDDLE EAST NORTH AFRICA CENTRAL ASIA Chocolate Biscuit Biscuit Biscuit Chocolate Cake 34% 27% 14% 14% Source: Nielsen -Share of Sales Value YTD September’2025 14
Slide 15: Financial Performance
Financial 03 Performance 15
Slide 16: 3Q'25: Accelerating growth with balanced top-line and margin improvements
3Q’25: Accelerating growth with balanced top-line and margin improvements Total Volume (Kton X000) Total Revenue (MTL) Gross Profit (MTL) 4,8% 13,0% 0,7% 27,1% 29,2% 172 174 24.255 25.411 7.430 6.573 3Q'24 3Q'25 3Q'24 3Q'25 3Q'24 3Q'25 EBITDA (MTL) Net Income (MTL) 15,9% 16,5% 17,7% 2,6% 70,2% 4,2%
Slide 17: 9M'25: Balancing Growth and Headwinds
9M’25: Balancing Growth and Headwinds Total Volume (Kton X000) Total Revenue (MTL) Gross Profit (MTL) 4,6% 5,3% 30,2% 30,0% -1,5% 525 517 77.330 80.926 24.457 23.223 9M'24 9M'25 9M'24 9M'25 9M'24 9M'25 EBITDA (MTL) Net Income (MTL) Net Debt / EBITDA (x) 18,7% -0,8% 17,8% 7,6% -21,7% 5,7% 1,76 14.491
Slide 18: 3Q'25 P&L Breakdown by Region
3Q’25 P&L Breakdown by Region DOMESTIC Total Revenue (MTL) Gross Profit (MTL) EBITDA (MTL) -3,1% 10,2% 28,5% 16,1% 18,3% 19,7% 25,0% 17.738 17.196 4.441 4.894 2.858 3.379 3Q'24 3Q'25 3Q'24 3Q'25 3Q'24 3Q'25 INTERNATIONAL Total Revenue (MTL) Gross Profit (MTL) EBITDA (MTL) 26,1% 32,7% 30,9% 19,0% 15,
Slide 19: 3Q'25 Consolidated Volume & Revenue Contribution by Category
3Q’25 Consolidated Volume & Revenue Contribution by Category Snacking Sales Volume Snacking Sales Value 153 23.002 24.171 151 Kton Mtl Mtl Kton 9% 9% 10% 10% 33% 31% 51% 51% 57% 59% 40% 40% 3Q'24 3Q'25 3Q'24 3Q'25 Biscuit Chocolate Cake Biscuit Chocolate Cake Snacking sales volume grew by 1.3% year-
Slide 20: Balance Sheet Highlights
Balance Sheet Highlights (*)Covenant Based Net Debt/Ebitda (X) Maturity Breakdown of Financial Liabilities as of September’25 1,11 1,08 69% Long Term 31% Short Term December'24 September-25 Average Working Capital Days Highlights 97 ~63% of the net position is closed. Further hedges are 104 Days 87
Slide 21: Outlook
04 Outlook 21
Slide 22: 2025 Outlook
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 22
Slide 23: … powered by 5H Growth Model
… powered by 5H Growth Model 23
Slide 24: Thank You
, ~s THO. % ; At ee
Ülker Bisküvi Sanayi A.S. — Q3 2025 Earnings Presentation on 6ix