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Ulker Bisküvi Sanayi (ULKER) investor relations material
Ulker Bisküvi Sanayi Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Achieved strong Q3 2025 results with revenue, gross profit, EBITDA, and net income all increasing year-over-year, driven by innovation, operational efficiency, and disciplined pricing.
Maintained leading market shares in biscuits, chocolate, and cakes across core regions, with biscuits at 34%.
New product launches contributed 4% of Q3 snacking revenue and 11% of nine-month snacking revenue.
Continued focus on sustainability, winning awards for carbon management and net zero, and recognized as Turkey's happiest workplace for the fourth consecutive year.
Focused on agility amid economic volatility and geopolitical uncertainty, maintaining product accessibility and affordability.
Financial highlights
Q3 2025 revenue up 4.8% year-over-year to TRY 25.4 billion; gross profit up 27.1% to TRY 7.4 billion.
EBITDA margin improved to 17.7% from 16.5% in Q3 2024; net income increased 70.2% to TRY 1.07 billion.
Nine-month revenue up 4.6% to TRY 80.9 billion; gross profit up 30.2% to TRY 24.5 billion; EBITDA at TRY 14.4 billion; EBITDA margin at 17.8%; net income at 5.7% (TRY 4.6 billion).
Domestic revenue up 10.2% in Q3; international revenue up 26.1%.
Earnings per share for the period was TL 12.44, compared to TL 15.89 in the same period last year.
Outlook and guidance
Maintains 2025 guidance: net sales growth of 3% (±1%) and EBITDA margin of 17.5% (±0.5%).
Q4 2025 expected to be strong, though year-over-year comparison impacted by a high base in Q4 2024 due to exceptional product launches.
Expects normalization of working capital and inventory levels by year-end and into 2026.
Margin guidance expected to be met, with benefits from lower cocoa prices likely to be realized in 2026.
Strategic focus on sustainable long-term growth, leveraging the 5H Growth Model.
2026 margin outlook given cocoa price lag effect
Domestic volume strategy amid market contraction
Strategy for managing short-term LC debt
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Next Ulker Bisküvi Sanayi earnings date
Q4 202510 Mar, 2026
Next Ulker Bisküvi Sanayi earnings date
Q4 202510 Mar, 2026
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