Ulker Bisküvi Sanayi (ULKER) Q1 2026 earnings summary

Executive summary

• Q1 2026 began in a challenging macro and geopolitical environment, with resilient performance in core markets and strengthened regional competitiveness.

• Net income for Q1 2026 was TRY 1.6 billion, demonstrating resilience in a volatile environment, with consolidated volumes stable at 182,000 tons and a 15.1% EBITDA margin.

• Revenue for Q1 2026 declined by 3.9% year-over-year to 33.9 billion TL, with net profit dropping 45.6% to 1.84 billion TL.

• Innovation, disciplined balance sheet management, and new product launches contributed significantly to growth and operational efficiency.

• Sustainability and ESG leadership continued, with top global rankings, full transition to recycle-ready packaging, and multiple workplace awards.

Financial highlights

• Net income reached TRY 1.6 billion, with consolidated revenue at TRY 33.9 billion, down 3.9% year-over-year.

• EBITDA was TRY 5.13 billion, with a 15.1% margin, and gross profit margin was 27.9%.

• Domestic revenue declined by 5.8%, while international revenue increased by 1.5%.

• Chocolate, despite being 37.5% of volume, contributed 69% of sales value.

• Shareholders' equity increased by 2.6% to 51.8 billion TL as of March 31, 2026.

Outlook and guidance

• 2026 guidance projects flat net sales and an EBITDA margin of 13.5% ±1.5%, reflecting caution due to ongoing regional risks.

• Focus areas include protecting core brands, affordability, innovation, operational efficiency, and risk mitigation.

• Strategic restructuring aims to enhance focus in core confectionery categories and improve supply chain efficiency.