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Arçelik (ARCLK) investor relations material
Arçelik Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved steady progress in 2025 despite challenging market conditions, with improved profitability and robust free cash flow generation driven by EBITDA recovery and disciplined capital and working capital management.
Revenue for 2025 was TRY 523.9 billion, down from TRY 560.9 billion in 2024, reflecting a decline across key markets, especially Turkey and Europe.
Net loss attributable to equity holders was TRY 8.36 billion, a significant improvement from TRY -21.543 billion in 2024, but down from a net profit of TRY 2.21 billion in 2024.
The company implemented hyperinflation accounting (IAS 29/TAS 29), restating prior periods and expressing all figures in terms of purchasing power as of December 31, 2025.
Significant deleveraging achieved through strong free cash flow, and notable progress in post-merger integration and synergies in Europe.
Financial highlights
Revenue declined 6.6% year-over-year to TRY 523,933mn, with international sales down 13.5% and Türkiye sales up 0.9% in real terms.
Gross margin increased by 1.2 percentage points year-over-year to 28.8%, and adjusted EBITDA margin rose by 0.6 percentage points to 5.9%.
Operating profit rose to TRY 10.5 billion from TRY 9.3 billion year-over-year.
Free cash flow turned positive at TRY 5.7bn, compared to negative TRY 11.4bn in 2024.
Cash and cash equivalents increased to TRY 97.8 billion from TRY 66.5 billion.
Outlook and guidance
2025 revenue and adjusted EBITDA margin came in below initial guidance due to weak demand in the final quarter.
2026 guidance targets flattish revenue in Türkiye, low single-digit growth internationally, and an adjusted EBITDA margin of 6.25% to 6.5%.
Net working capital to sales ratio expected around 22%, with CAPEX guidance at approximately EUR 250mn.
Ongoing performance obligations to be recognized as revenue in future periods total TRY 7.2 billion.
The company is assessing the impact of new accounting standards, including TFRS 18, effective from 2027.
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