Arçelik (ARCLK) investor relations material

Executive summary

• Persistent demand weakness, pricing pressure and operating-cost inflation weighed on Q3 results; adjusted EBITDA margin was 5.3%, broadly stable QoQ and down 1.7pp YoY.

• Portfolio simplification and non-core asset monetization continued, with deleveraging and cash conversion remaining priorities.

Financial highlights

• 3Q26 revenue was TRY 138,973mn, down 14% YoY, and gross profit fell 14% to TRY 40,263mn; adjusted EBITDA was TRY 7,392mn versus TRY 11,294mn.

• 3Q26 net loss widened to TRY 6,242,470 thousand from TRY 3,033,694 thousand; 9M net loss narrowed to TRY 5,773,989 thousand from TRY 10,039,231 thousand.

• 9M net sales declined to TRY 435,341,896 thousand from TRY 492,032,262 thousand; gross profit was TRY 127,907,466 thousand and operating profit TRY 5,658,300 thousand.

• 9M net monetary position gains were TRY 15,623,721 thousand, while financial expenses were TRY 36,285,502 thousand.

• 9M operating cash outflow was TRY 28,324,664 thousand; cash and cash equivalents decreased by TRY 44,013,727 thousand, including currency translation effects.

Outlook and guidance

• 2026 revenue guidance was revised to a single-digit decline in Türkiye in TRY terms and a low double-digit decline internationally in FX terms.

• Adjusted EBITDA margin guidance was reduced to 5.75%–6.00%; capex guidance was lowered to EUR 200mn–225mn, while NWC/sales guidance remains ~22%.

• Sale of the 60% JV interest remains subject to regulatory approvals and other closing conditions; completion is expected within 12 months of the April 2026 agreement.

• Türkiye's manufacturing corporate tax rate is scheduled to fall from 25% to 12.5% on January 1, 2027; the change was reflected in deferred tax calculations.