Ulker Biskuvi Sanayi A.s. · BIST:ULKER

Ulker Biskuvi Sanayi A.s — Q4 2022 Earnings Presentation

31 slides from Ulker Biskuvi Sanayi A.s's earnings presentation, Mar 13, 2023

1. Slide 1: Investor Presentation 4th Quarter 2022

   Investor Presentation 4th Quarter 2022 2 istanbul, 13 March 2023 oe :

2. Slide 2: Earthquake in Türkiye

   Earthquake inTürkiye BISCUITS manufactured for Earthquake surrenders only What we have done so far… • «Ülker Besleyici Bisküvi» manufactured only for • Over 20 Trucks and 2 M Ülker Products delivered to the region earthquake survivors and aid teams-enriched with • Ongoing collaboration with Yıldız H

3. Slide 3: z G > e} » ra o £ o a = © =

   z G > e} » ra o £ o a = © =

4. Slide 4: Market leader with 35% in snacking

   Market leader with #1 in macro 35% in snacking snacking business category 19,4% consolidated 124,9% EBITDA topline margin growth 4

5. Slide 5: FY'22 Consolidated performance highlights

   @ FY‘22 Consolidated performance highlights 5.467 MTL Growth + (° 134,8% _ 28.197 MTL | @ Growth + (§ 124,9% EBITDA 8.409 mTL 2022: 2,26x \ 2021: 3,54x Net Debt/ EBITDA 29,8% Growth + 100bps | 2022: 2.699 MTL _ 2021:27mMTL J Se 2 me = SSSR e@' is} ‘J Operating Cash Flow

6. Slide 6: Sustained volume & mix led top line growth in steep inflation environment

   & Sustained volume & mix led top line growth in steep inflation environment TL(‘O FY'22 FY'21 = Q4'22 Q4'21 = Total Volume (Ton) 681.745 660.337 Total Revenue 28.196.847 12.537.080 124,9% Gross Profit 8.408.517 3.612.415 132,8% Gross Profit Margin 29,8% 28,8% 1,0 ppt EBITDA 5.467.021 2.328.359 134,8

7. Slide 7: Agenda

   AGENDA 2) c 9 x ea @ -_ < Cc xo] a ot

8. Slide 8: Q4'22 Strong Growth Achieved in All Metrics

   @ Q4'22 Strong Growth Achieved in All Metrics Revenue 9.018 mTL | Growth + () 119,0% - 2.841 MTL Growth + /§ 130,1% 31,5% | @) : 1. 834 MTL ? : EBITDA | 983mtTL | Growth+ 187,9% Da ce 2022: 2.136 MTL 2021: -219MTL - Operating Cash Flow

9. Slide 9: Change in the product mix and timely sizing/pricing activities affected quarterly results

   S Change in the product mix and timely sizing/pricing activities Snacking Sales Value (Mtl) affected quarterly results Snacking Sales Volume (Ktons) 82 Q4'22 Q4'21 Q4'22 mBISCUIT mCHOCOLATE mCAKE mBISCUIT mCHOCOLATE mCAKE * Total snacking sales volume decreased by 2,3% in Q4'22 backed + Total snacki

10. Slide 10: Outstanding FY'22 results

    utstanding results @ Outstanding FY'22 It Snacking Sales Volume (Ktons) 217 322 FY'21 FY'22 mg BISCUIT mCHOCOLATE mCAKE * Total snacking sales volume increased by 1,9% in 2022 supported with strong fourth quarter contribution, exports and international operations * Biscuit volume was up by 0,1% driv

11. Slide 11: 11

    11

12. Slide 12: Türkiye - Strong #1 in total snacking with 35% market share

    @ Tirkiye - Strong #1 in total snacking with 35% market share Biscuits-40% Market Share Chocolate-40% Market Share (#4)] Cake-21% Market Share #1in Petit Beurre #1in Creamy Biscuits 4 out of Top 5 in Chocolate Covered #1in int) Cake fra hw PoE #1 in Special Biscuits #2 in Cracker Ht zz #2 in Portion

13. Slide 13: 2022 New Product Launches

    2022 New Product Launches 13

14. Slide 14: Türkiye: Successful Q4'22 supported by strong channel & mix optimisation and opex management

    @ Turkiye : Successful Q4’22 supported by strong channel & mix optimisation and opex management Snacking Volume Snacking Sales Gross Profit EBITDA (X000 Tons) (Mtl) (Mtl) (Mtl) 104 103 Q4'21 Q4'22 * Snacking sales volume down by 0,7% and total volume increased by 1,1% mainly driven by * Volume contr

15. Slide 15: Continued strength and solid contributions from businesses

    & Continued strength and solid contributions from businesses 392 410 FY'21 FY'22 * Snacking sales volume up by 4,4% and total volume increased by 4,3% * Growth was broad-based in terms of key markets and categories and also benefiting from successful operations in cake category 16.808 7.083 FY'21 FY

16. Slide 16: Agenda: Export and International Operations

    AGENDA Fo ) Export and International Operations

17. Slide 17: International: Maintained the strong position in the market

    ®\nternational : Maintained the strong position in the market Biscuits-—25,3% M.Share (*\/# Biscuits-17,1% M.Share (*) (#14 Chocolate-14,2% M.Share (#2)| 4 #1in Plain #1in Filled #1 in Filled (Biskrem and Tamr brands) #1in Biscuits with Filling = pag fee: Feats #1Coated #2inFilledWafer #4in Wafer #1

18. Slide 18: Kazakhstan

    Kazakhstan

19. Slide 19: Stable results and strong financial position

    é Stable results and strong financial position Snacking Volume Snacking Sales Gross Profit EBITDA (X000 Tons) (Mtl) (Mtl) (Mtl) 191 185 FY'21 FY'22 + Snacking volume decreased by 3,1% due tothe sizing activities and total volume up by 0,7% 10.198 5.040 FY'21 FY'22 * Snacking revenue up by 102,3% and

20. Slide 20: M&A

    VGNASV

21. Slide 21: Acquisition Highlights: reach a pivotal EBITDA margins

    @ Acquisition Highlights : reach a pivotal EBITDA margins Hi Food Hamle UI MENA ONEM (EGYPT) (KAZAKHSTAN) (UAE) (TR) pr > i — meal e e e e e D March March December August. 2016 2017 2017 2021 EBITDA Co * Ability to act as local producer and regional production hubs as well * Ability to build higher

22. Slide 22: Acquisition Highlights: EBITDA % development in years

    @ Acquisition Highlights : EBITDA % development in years EBITDA % a %24,5 %22,7 %23,9 %23,1 %22,6 %14,8 %15,4 " 9183 ge e: 0 %9,2 %9,8 %11,5 e 2016 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022 Current EBITDA % Total EBITDA Contribution Current EBITDA % Total EBITDA Contribution 11,5% 3,3%

23. Slide 23: Agenda: Balance Sheet Highlights

    AGENDA ‘os ) Balance Sheet Highlights

24. Slide 24: Stronger balance sheet with improved ratios

    @ Stronger balance sheet with improved ratios (*)Covenant Based Net Debt/Ebitda (X) Maturity Breakdown as of December 2022 3,67 2,84 a ~ December September December 48% 52% 2021 2022 2022 mShortTerm m mLong Term Average Working Capital Days & Net Working Capital FX Hedge strategy 5.920MTL} 8.564MTN

25. Slide 25: Successfully completed the refinancing of 195mn$ syndication facility

    Successfully completed the refinancing of 195mn$ syndication facility Under the leadership of Bank of America, Emirates NBD Capital and with the participation of UP Morgan Chase bank, and Sharjah Islamic Bank First murabaha First Sustainability linked financing Successful debt management Well balanc

26. Slide 26: Agenda: 2022 Guidance

    AGENDA (07) 2022 Guidance

27. Slide 27: 27

    27

28. Slide 28: Volume

    VOLUME 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 (‘000 ton) 422 478 480 514 646 670 644 674 681 660 681 5.034 (*) Figues are in million TL 28

29. Slide 29: Key roadmap for 2023

    @ Key roadmap for 2023 Strengthening ULKER as the Snacking Company of Choice. ... == Robust Securing growth Continue to invest t performance matters our brands of Ulker continues “a ow 7 ey. ULKER

30. Slide 30: Investor relations contact

    @ Investor relations contact For further information please e-mail ir@ulker.com.tr +90 (216) 524 2556 or call ® 3° @GLKER

31. Slide 31: 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 forward-looking statements which are based on certain expectations and assumptions at t

Ülker Bisküvi Sanayi A.Ş. — Q4 2022 Earnings Presentation on 6ix