Ülker Bisküvi Sanayi A.S. (UELKY) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you, Michael. Hello, everybody. This is Veste. Welcome to Cabot Suisse first quarter 2026 earnings race webcast. Here with me in the room are CEO, Mr. Özgür Kılıçdöker, and our CFO, Tugay Banu Sürücü. I now leave the ground to our CEO, Özgür Bey, for the opening remarks and initial thoughts. Özgür Bey, please. Thank you, Veste. Good morning, good afternoon, and good evening, everyone, wherever you are. Thank you for joining UKI B-Suite's 2026 first quarter earnings call. I'll walk you through our results, strategic progress, and our roadmap for the rest of the year. First, I'll start with the key highlights, then review operation and financial performance, and close our outlook for 2026 growth plan, and then you'll take questions at the end. Looking at the key highlights, 2025 was a resilient year despite softer demand and regional challenges, and 2026 has started in even a more challenging context in terms of both geopolitics and macroeconomy. Despite this challenging environment, we continue maintaining our leadership in Turkey and strengthen regional competitiveness even more. Innovation scales strongly, contributing meaningfully to growth, and balance sheet discipline remains as a core strength. Looking at the macroeconomic highlights, this slide is important because it explains why we as the management focus in 2026 is not simply growth, but culture of growth, cash discipline, and protection of earnings. Macroenvironment in Turkey remains challenging. Inflation is still high at around 31% as of March 2026. As you can see in the details, education is the top of the liquid, 52%, rent is 42%, and food inflation is 32%. And it is really elevated. At the same time, consumer confidence is stable, but not yet strong enough to support a growth-based discretionary ...