Ulker Bisküvi Sanayi (ULKER) Q2 2026 earnings summary

Executive summary

• Consolidated volume increased by 1.3% year-on-year to 163,447 tons in Q2 2026, with international operations leading at 6% growth, despite a highly promotional and affordability-sensitive environment.

• Net income surged 45.5% year-on-year to TL 1.4 billion in Q2 2026, with net income margin improving to 5.1% from 3.1%, even as consolidated revenue declined 11.4% to TL 27 billion.

• Market share leadership maintained in Turkey at 34%, with strong positions in international markets.

• Innovation and new product launches contributed 9% of total snacking revenue in Q2 2026, supporting brand relevance and consumer engagement.

• Revenue for 1H 2026 was TL 63.3 billion, down from TL 68.2 billion in 1H 2025, with net profit attributable to equity holders at TL 3.08 billion, a decrease from TL 4.33 billion in 1H 2025.

Financial highlights

• Gross profit for Q2 2026 was TL 4.455 billion, with gross margin at 24.6% versus 27.2% last year; 1H 2026 gross profit was TL 16.7 billion, margin down to 26.5% from 30.7%.

• EBITDA for Q2 2026 was TL 2.8 billion, margin 7.4% compared to 14.6% a year ago; 1H 2026 EBITDA margin was 13.1%, down from 17.8% in 1H 2025.

• Domestic revenue for H1 2026 declined 9% to TL 44.8 billion; international revenue declined 2.8% to TL 18.5 billion.

• Snacking volume up 1.2% year-on-year, but snacking revenue declined 9.5%.

• Cash and cash equivalents at 30 June 2026 were TL 22.4 billion, down from TL 27.5 billion at year-end 2025.

Outlook and guidance

• 2026 net sales outlook revised from flat to a low single-digit decline due to increased inflation estimates, geopolitical uncertainty, and softer demand.

• EBITDA margin guidance maintained at 13.5% ± 1.5 percentage points, reflecting confidence in productivity and cost control measures.

• Focus for the remainder of the year on protecting profitability and cash, accelerating growth in Turkey, expanding exports and international operations, and scaling AI and digital transformation.

• The company continues to monitor inflationary impacts and currency volatility, applying inflation accounting under TAS 29.

• Deferred tax calculations reflect a reduced corporate tax rate for manufacturing activities effective 2027.