Ulker Biskuvi Sanayi A.s. · BIST:ULKER
Ulker Biskuvi Sanayi A.s — Q4 2025 Earnings Presentation
27 slides from Ulker Biskuvi Sanayi A.s's earnings presentation, Mar 11, 2026
Slide 1: Ülker Bisküvi 4Q'25 Earnings
ÜLKER BİSKÜVİ 4Q’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 Highlights
Macroeconomic Highlights Key Economic Indicators in Türkiye GDP Growth Rate(%) Türkiye CDS 11,8 5,4 5 6,6 3,3 3,5 3,7 563 512 3,8 3,5 3,3 3,3 3,3 306 283 262 204 2021 2022 2023 2024 2025 2026f 2020 2021 2022 2023 2024 2025 Source : IMF, Dec’25 WORLD TÜRKİYE Source : Bloomberg, Dec’25 Consumer Price
Slide 5: Today's Key Messages
Today’s Key Messages TOP-LINE GROWTH BY %2 NEW PRODUCT LAUNCHES CONTINUE TO MAINTAIN CONTRIBUTED 12 % TO NET IN A GLOBAL 01 OUR LEADERSHIP POSITION IN TÜRKİYE AND MENA REGION 02 COMMODITY VOLATILITY AND INFLATIONARY 03 SALES, REAFFIRMING ÜLKER’S ABILITY TO ENVIRONMENT CAPTURE SHIFTING CONSUMER TREND
Slide 6: New Product Launches
New Product Launches DOMESTIC INTERNATIONAL (*) 4Q’25 New Product Launches contribute %9 revenue in the fourth quarter (*) Revenue contribution is calculated over snacking revenue 6 (*) IAS 29 adjusted numbers
Slide 7: FY'25 Revenue Contribution of NPD's (New Product Launches)
FY’25 Revenue Contribution of NPD’s (New Product Launches) 14% 6% 12% Domestic International Total Revenue contribution is calculated over snacking revenue 7 IAS 29 adjusted numbers
Slide 8: Sustainability Highlights
Sustainability Highlights «Beyond Cocoa» and «Beyond Hazelnut» projects continue successfuly. We improve our collaborations with Cooperatives in Ivory Coast and delivering Keeping our 1st rank position in the We reached 100% Recycle Ready social community projects. LSEG list. packaging. Ödül Önerile
Slide 9: Corporate Communications Highlights
Corporate Communications Highlights Çizimen & Osimhen Launch Sustainability Press Conference Sponsorship with the TMPK Victor Osimhen’s Çizi campaign and related press event The "Competing with Their Hearts" video series shared the generated 9 million reach and 29.1 million social media Shared our s
Slide 10: Our People and Employer Brand Highlights
Our People and Employer Brand Highlights Recognized as one of the world’s best Received the EQUAL-SALARY Certification, employers for the fifth consecutive confirming at an international level that we year. ensure equal pay for equal work. In 2025, the Employee Engagement Survey included Recognized
Slide 11: Operational Performance
Operational 02 Performance 11
Slide 12: FY'25 - A diverse presence offers a distinct scale to drive leadership and growth
FY’25 -A diverse presence offers a distinct scale to drive leadership and growth Türkiye Central Asia 2,1% 20,3% FY’25 Revenue Growth FY’25 Revenue Growth -3,8% -11,8% EBITDA Growth EBITDA Growth Türkiye Exports Middle East 8,3% -1,4% North Africa Revenue Growth FY’25 FY’25 Revenue Growth -11,6% -25
Slide 13: Uzbekistan: A scalable, under-penetrated snacking opportunity
Uzbekistan: A scalable, under-penetrated snacking opportunity biggest population in Asia ROADMAP Presence in all cities with focus 1 distributors dedicated to Ülker brands. Uzbekistan Expansion 2 Increase visibility by partnering with all local and national supermarket chain Strengthen visibility an
Slide 14: FY'25 Revenue Breakdown
FY’25 Revenue Breakdown With A Diverse Geographic Presence Geographic Revenue Mix Net Revenue By Region TRY 112,0Bn ME; 10% NA; 3% CA; 3% TRY78,3B TRY33,6B TRY112 TR EXPORT; Billion 14% Domestic International 70% 30% DOMESTIC; 70% IAS 29 adjusted numbers 14
Slide 15: We Have Risen To Leadership In FMCG
We Have Risen To Leadership In FMCG Total Market Share FMCG excluding Alcohol and Tobacco 5,1 4,2 4,0 3,6 2,9 2,8 2,3 1,9 1,7 1,3 ULKER COMPETITOR COMPETITOR COMPETITOR COMPETITOR COMPETITOR COMPETITOR COMPETITOR COMPETITOR COMPETITOR 1 2 3 4 5 6 7 8 9 Source: Nielsen -Share of Sales Value YTD Decem
Slide 16: 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 December’2025 16
Slide 17: Financial Performance
Financial 03 Performance 17
Slide 18: 4Q'25: Consolidated Performance
4Q’25: Consolidated Performance Total Volume (Kton X000) Total Revenue (MTL) Gross Profit (MTL) -6,6% -20,4% -0,7% 29,2% 24,9% 180 179 29.379 27.454 8.575 6.823 4Q'24 4Q'25 4Q'24 4Q'25 4Q'24 4Q'25 EBITDA (MTL) Net Income (MTL) 18,0% -35,6% 12,4% 12,1% -97,7% 0,3% 5.291 3.407 3.563 81 4Q'24 4Q'25 4Q'
Slide 19: FY'25: Consolidated Performance
FY’25: Consolidated Performance Total Volume (Kton X000) Total Revenue (MTL) Gross Profit (MTL) 1,7% 29,8% -1,4% 28,9% -1,3% 705 696 110.078 111.905 32.810 32.346 FY'24 FY'25 FY'24 FY'25 FY'24 FY'25 EBITDA (MTL) Net Income (MTL) 18,5% -9,8% 16,5% 8,8% -49,7% 4,4% 20.414 18.416 9.687 4.875 FY'24 FY'2
Slide 20: 4Q'25 P&L Breakdown by Region
4Q’25 P&L Breakdown by Region DOMESTIC Total Revenue (MTL) Gross Profit (MTL) EBITDA (MTL) 30,1% -24,7% 24,1% -35,7% -6,1% 19,1% 13,1% 19.833 5.961 3.789 18.629 4.486 2.436 4Q'24 4Q'25 4Q'24 4Q'25 4Q'24 4Q'25 INTERNATIONAL Total Revenue (MTL) Gross Profit (MTL) EBITDA (MTL) -7,6% 27,4% 26,5% -10,6%
Slide 21: 4Q'25 Consolidated Volume & Revenue Contribution by Category
4Q’25 Consolidated Volume & Revenue Contribution by Category Snacking Sales Volume Snacking Sales Value 156 27.534 26.110 157 Kton Mtl Mtl Kton 7% 8% 8% 9% 35% 33% 55% 55% 56% 58% 38% 38% 4Q'24 4Q'25 4Q'24 4Q'25 Biscuit Chocolate Cake Biscuit Chocolate Cake Snacking sales volume almost remained flat
Slide 22: Balance Sheet Highlights
Balance Sheet Highlights (*)Covenant Based Net Debt/Ebitda (X) Maturity Breakdown of Financial Liabilities as of December’25 1,08 69% 0,97 Long Term 31% Short Term December'24 December-25 Cash Cycle Trend over Quarters(days) Highlights ~65% of the net position is closed. Further hedges are 132 134 1
Slide 23: Outlook
04 Outlook 23
Slide 24: 2025 Results
2025 Results Full-year performance landed slightly below our 2025 target, with soft demand dynamics in Türkiye moderating growth and weaker sales in the Middle East, yet overall results remained broadly resilient YoY Net Sales EBITDA Growth Margin 2025 GUIDANCE 3% (+- %1) 17,5% (+- %0,5) 2025 ACTUAL
Slide 25: 2026 Roadmap
2026 Roadmap OUR COMPASS IS WITH STRONG 5H HAPPINESS GROWTH MODEL GROWTH ACTION PLAN 25
Slide 26: Disclaimer
Disclaimer •This presentation contains information and analysis on financial statements and is prepared for the sole purpose of providing information relating to Ülker Bisküvi Sanayi A.Ş. (“Ülker”). •This presentation contains “anticipatory expressions”. Excluding the retrospective information, all
Slide 27: Thank You
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Ülker Bisküvi Sanayi A.S. — Q4 2025 Earnings Presentation on 6ix