2025 Q3 Financial Results Presentation

3Q25 Financial Results

October 24, 2025

Sensitivity: Internal / Non-Personal Data

Investor Relations

3Q25 HIGHLIGHTS

TRY 124.4bn

Consolidated Revenues 2r.1%

Gross Margin

2G.8%

OPEX/Sales

7.0%

Adj. EBITDA Margin*

21.4%

NWC /Sales**

5.17x

Leverage

4.21x

MGL-Adj. Leverage***

Commitment to improving profitability despite the challenging

demand environment

Consolidated revenues decreased by 11.4% y/y in real terms mainly due to decreasing sales volume and pricing challenges in international markets. Domestic demand was moderate albeit unfavorable price & product mix.

Gross margin improved substantially both y/y and q/q due to favorable EUR/USD parity and easing raw material costs.

OPEX/Sales is 2G.8% due to higher personnel, marketing & selling expenses after Europe and MENA transactions besides lower sales y/y.

Adj. EBITDA margin reaches to 7.0% with an improvement over 2.5 pp due to higher gross margin and restructuring efforts.

Net Working Capital/Sales ratio is 21.4%, slightly above the year-end level.

Deleveraging starts on the back of EBITDA recovery, improving operational cash flow and disciplined net debt.

MGL-Adj. leverage is 4.21x.

* Adj. EBITDA: GP - OPEX (excluding one-off transaction expenses) + D&A.

Adjustment amount corresponds to TRY 77mn for 3Q25 (TRY 51mn in 3Q24), comprises of transaction expenses regarding Europe and MENA transactions..

** Last 12M NWC Average / Last 12M Sales

Sensitivity: Internal / Non-Personal Data

*** Net monetary position gains/(losses) on Inventories, Revenue, Cost of sales, R&D, and MG&A expenses are added to Adj. EBITDA on a 12M-rolling basis.

Key Factors / Sales & Margins

CHANGE IN REVENUE

-11.4%

Unfavorable price & product mix in TR Weak demand in international markets Underperformance in Europe

124,44G

140,480

GROSS MARGIN

2r.1%

Lower raw material costs y/y Favorable EUR/USD parity

Pricing pressure and intensified competition

ADJ. EBITDA MARGIN*

7.0%

Higher Gross Margin Synergy & cost savings

7.0%

2G.4%

2r.1%

4.4%

TRY mn

3Q24 3Q25

3Q24 3Q25

3Q24 3Q25

Sensitivity: Internal / Non-Personal Data

*Adj. EBITDA: GP - OPEX (excluding one-off transaction expenses) + D&A. Adjustment amount corresponds to TRY 77mn for 3Q25 (TRY 51mn in 3Q24), comprises of transaction expenses regarding Europe and MENA transactions.

Operational Performance

Sensitivity: Internal / Non-Personal Data

3Q25 Financial Results

Revenue Bridge* Revenue Breakdown by Geography

International Türkiye

-8.r%

y/y

3Q25

rM25

33

115

4r

3G

87

1,r43

1,74G

850

7rr

International

-10.1% y/y

TR

-5.r% y/y

31%

30%

35%

34%

3Q24

1%

1%

3%

3%

4%

5%

r%

18%

r%

1G%

33%

33%

34%

30%

rM24

1%

1%

3%

3%

4%

1G%

11%

5%

15%

10%

3,000

2,500

2,000

1,500

1,000

EUR mn 500

-

3Q24 FX Impact (Int.)

Volume (Int.)

Price & Mix (Int.)

Volume (TR)

Price & Mix (TR)

3Q25

Türkiye

Western Europe

* Figures in TRY reflect an 8.5% decrease in domestic sales in real terms, and 12.7% decrease in international sales in terms of inflation-adjusted prices as of 30.0r.2025. Since the increase in Consumer Price Index was greater than the change in EUR/TRY FX rate for the period, figures in TRY reflect a larger decline.

CIS & Eastern Europe Asia-Pacific

Africa

Sensitivity: Internal / Non-Personal Data

Middle East Americas

MDAG*

ARÇELİK y/y growth (%) TÜRKİYE y/y growth (%)

0%

Türkiye Revenue Growth

Moderate MDA demand supported by sales promotions and discounts

-4%

-7%

-5%

TRY mn

42,757

3r,118

Declining wholesale volumes in A/C

Stable volumes in TV sales Unfavorable price & product mix

A/C**

ARÇELİK y/y growth (%) TÜRKİYE y/y growth (%)

8M25 07-08/25

37%

23%

13%

Gr%

3Q24 3Q25

Türkiye's Share in Total Revenues

TV**

ARÇELİK y/y growth (%)

TÜRKİYE y/y growth (%)

8M25 07-08/25

3Q25

rM25

Sensitivity: Internal / Non-Personal Data

31%

30%

3Q24

33%

34%

rM24

r%

G%

-3%

-4%

8M25 07-08/25

Overperforming the market in MDAG, change of scope in market data for A/C and TV

Western Europe

35%

Sh al

revenue

are in tot

Eastern Europe

1G%

Sh al

revenue

are in tot

y/y market growth in unit terms

8M25 1H25

West Europe

Great Britain

Italy

France

Germany

Spain

Netherlands

Belgium

MDAG Market

• Recovery in the consumer demand continued in Western Europe MDA market in 3Q25.

• Growth maintained in Great Britain, Italy, Spain, the Netherlands and Belgium in 8M25, whereas demand remained weak in France, Germany and Austria.

• Year-to-date volume growth sustained around 1.8% in 8M25, at similar levels to the first half. Growth in EUR terms is limited due to pricing pressures arising from the intense competition.

  Beko in Western Europe

• Beko has managed to preserve the market leadership despite the underperformance and market share loss in the period.

  MDAG Market

• Demand remained strong in the key markets in Eastern Europe in 3Q25.

• Volume growth continued albeit at a lower pace in July and August in Romania whereas MDA market growth was accelerated in Ukraine in the same period.

• In East Europe MDA market, year-to-date volume growth drew down to 3.4% in 8M25 versus almost 4% growth in the first half. Growth in EUR terms is limited due to pricing pressures arising from the intense competition.

  Beko in Eastern Europe

• Beko has managed to preserve the market leadership despite the underperformance and market share loss in the period.

  East Europe

  Romania

  Ukraine

  y/y market growth in unit terms

  8M25
  1H25
  
  

  Austria

  Sensitivity: Internal / Non-Personal Data

  -2.5% 0.0% 2.5% 5.0% 7.5% 10.0%

  0.0% 2.5% 5.0% 7.5%

  MDAL market data reflects retail market for the given period in unit terms.

Recovery continues in Europe, Beko underperforms the market

8%

Share in total revenue

Africa & Middle East

r%

Asia-Pacific

Sh al

revenue

are in tot

Easing raw material prices