31.03.2024 Interim Report

hazelnut production in Keşap/GİRESUN, and flour production in the Akyurt/ ANKARA and KARAMAN facilities.

7- INFORMATION ON BUSINESS ACTIVITIES

Sector Developments in Brief

Turkey confectionary market grew by 34,5% in value January-March 2024. Value growth in biscuit category realised as 37,8%, cake category 22,5 % and in chocolate category growth realised as 38,4% in January- March 2024 period.

Ülker Bisküvi's position in the industry

Ülker Bisküvi is the leader of the sector in biscuits market, producing in Kocaeli / Gebze and Ankara factories. Apart from these two main plants, Ülker Bisküvi produces by its subsidiary Biskot Gıda in Karaman and Silivri facilities and by its other subsidiary Ülker Çikolata in Topkapı / Istanbul facility. The Company also makes production by its subsidiaries Hi-Food, FMC, IBC and Hamle in Egypt, Saudi Arabia and Kazakhstan, respectively. In biscuit facilities, Ülker produces chocolate covered biscuits, wafers and cakes. Ülker Bisküvi, leader of the biscuit industry, is among the world's giant food producers with hundreds of kinds of products offered to the national and international markets in the fields of biscuits and crackers. Domestic distribution of biscuits, cakes, chocolate covered and chocolate products produced by Ülker Bisküvi is performed by Horizon Hızlı Tüketim Ürünleri Pazarlama Satış ve Tic. A.Ş. and Pasifik Tüketim Ürünleri Satış ve Tic. A.Ş. that are subsidiaries of Yıldız Holding.

Ülker Bisküvi products are exported to Europe, Africa and America, mainly Middle East and Central Asia Republics. As well as contributing to the national economy by making exports, also successfully represents Turkey's approach to quality to worldwide. Ülker Bisküvi, which has an effective control system that ensures synergy in all phases of production and consumption, continues its investments with its strategy focused on sustainable profitable growth. The focus of Ülker Bisküvi is on consumers. Ülker Bisküvi, which meets the needs and expectations of its customers to the maximum level, has established a consistent and consistent relationship with the target mass. Research conducted in recent years shows that the commitment to the Ülker brand is at a high level.

8- COMPANY GUIDANCE

In the January-March period of 2024, the company continued its activities with its customer-oriented, innovative approach, without compromising the principles of quality and high hygiene.Ülker Biscuits, which removed companies that are not within its main field of activity within the scope of the company's strategy, gathered all production, sales and similar functions under one roof with this new structuring and created a structure that will manage the biscuit-chocolate-cake category from a single source. In order to continue their activities in a more focused structure, to increase corporate governance, efficiency and effectiveness, and to reduce cost the company merged Biskot Bisküvi Gıda Sanayi ve Ticaret A.Ş. and Ülker Chocolate Industry Inc., which are among its domestic subsidiaries operating in the same sector.

With this new structuring;

1. Move the leadership vision and competitiveness of Ülker to the future
2. Power with the focus in the confectionary categories
3. To better evaluate innovation opportunities
4. Provide efficiency in supply chain and channel costs
5. Aims to be able to respond more effectively to consumer needs.

In 2024, the Company continues to work towards its budget and strategic plan goals that have set up to keep its financial and operational results at the highest level.

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9- OPERATIONAL DEVELOPMENTS

Ülker Bisküvi's total revenue and tonnages in January-March 2024 are shown in the table below.

10- R&D

The ethical principles of Ülker Bisküvi's R&D activities are determined as follows:

• Use scientific methods and techniques to research and find truths and report them.• To observe the human and environmental health and public interest while working in accordance with the current laws and regulations and the principles and objectives of the Group.• To keep consumer needs and expectations always on the first plenary.• To provide Food Safety-Quality-Price-Diversity optimization in products. • Act in line with the principle of "We will not consume any products that we will not consume and that we will not eat with our children". With the completion of the Global R&D organization structure in R&D work, Ülker's global targets became clear. New missions and tasks have been added to the work done in this framework. The company has continued to work in a customer-focused manner in line with new product development, current product improvement, cost reduction, quality improvement, alternative raw material approval and technical / technological support.

11- RISK MANAGEMENT

Corporate Risk Management efforts include determining potential incidents that may affect Ülker Bisküvi, managing risks in line with the Company's risk taking profile, and providing an acceptable level of assurance for the Company to achieve its goals. Corporate Risk Management is a systematic process which is utilized in devising strategies, implemented across the Company and impacted by the Company's Board of Directors, senior management as well as all of its employees.

12- CAPITAL MARKET INSTRUMENTS

The issue of bonds to be sold outside Turkey with an aggregate principal amount of USD 650,000,000, rated B+ by S&P and BB- by Fitch has been completed by the group on 30 October 2020. The bonds have been listed on the Irish Stock Exchange (Euronext Dublin). As of the date of this report, current long-termforeign-currency issuer default ratings are; B+ (positive) by Fitch, B (stable) by S&P. On 19 July 2023, the Company repurchased USD 50.069.000 of its debt securities with a nominal value of USD 650.000.000 with a maturity of 2025. JCR Eurasia Rating has revised the long-term national issuer credit rating from "AA- (tr)" to "AA(tr)" for Ülker Bisküvi and affirmed the short-term national issuer credit rating as "J1+" with "Stable" outlook. JCR Eurasia Rating keep the long-term international foreign and local currency rating unchanged.

13- SENIOR MANAGEMENT

Ahmet BAL

Ahmet Bal started to work as an Assistant Financial Affairs Coordinator in Anadolu Endüstri Holding in 1994. He carried his duties as Finance Director in Efes Sinai Yatırım Ticaret A.Ş. in which he was responsible from the International Coca-Cola business operations of Anadolu Group between 1995 and 1998 and as General Manager between 1998-1999. He served as the Financial Affairs Coordinator for the Automotive, Finance and Stationery companies in Anadolu Endüstri Holding's Financial Affairs Department between 1999-2006. He worked as the Audit Coordinator responsible for all Group companies Anadolu

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Endüstri Holding between 2006-2012. Ahmet Bal has been appointed as the Chairman of Ülker Bisküvi's Board of Directors as of 06.05.2021.

Mete BUYURGAN

Mete Buyurgan who joined Yıldız Holding in 2013 as Vice President of Food Group, has been appointed as the CEO of Ülker as of February 25, 2020.

Fulya Banu SÜRÜCÜ

Fulya Banu Sürücü, who has played important roles in many international companies, has been appointed as the CFO of Ülker Bisküvi as of January 03, 2022.

14- EMPLOYEE INFORMATION

The number of employee is 10.154 which contains 2.363 emloyees who worked as subcontractors as of 31.03.2024 (31.12.2023: 9.794, subcontractor: 2.172).

15- MATERIAL EVENTS AFTER THE OPERATING PERIOD

The group signed a contract on March 29, 2024, with the International Finance Corporation ("IFC") to utilize a credit facility of 75 million EUR with a term of 2 years. The maturity date of the loan commenced on April

25. This credit facility will be utilized for financing sustainability investments and operational capital needs for growth.

It is planned to merge Önem Gıda Sanayi ve Ticaret Anonim Şirketi, a wholly-owned subsidiary of the company, into the Group in a simplified manner by transferring all of its assets and liabilities as a whole (solely resulting in the dissolution of the legal entity).

On March 12, 2024, the Group applied to the Capital Markets Board (CMB) to issue debt instruments abroad up to the equivalent of 550 million US dollars. The application was approved on May 13, 2024. The proceeds from the issuance will be used to refinance Eurobonds issued in 2020 and maturing in October 2025.

16- FINANCIAL SUMMARY

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