Ulker Bisküvi Sanayi (ULKER) Q3 2026 earnings summary

Executive summary

• 9M 2026 consolidated volume rose 0.6% and snacking volume 0.9%; reported revenue fell 8.8% to TL95.748bn under IAS 29.

• 9M net profit was TL3.014bn, including TL2.709bn attributable to owners; reported EBITDA margin was 11.6%.

• FY 2026 guidance was cut to a single-digit net sales decline and 9%-11% EBITDA margin, including IAS 29.

• Operating cash flow recovered to TL2.937bn from an outflow of TL3.069bn in 9M 2025.

Financial highlights

• 9M reported revenue was TL95.748bn, down 8.8%; excluding IAS 29, revenue was TL89.381bn, up 19.4%.

• 9M reported EBITDA was TL11.147bn at an 11.6% margin; excluding IAS 29, EBITDA was TL12.998bn at a 14.5% margin.

• 9M net profit was TL3.014bn versus TL6.299bn in 9M 2025; profit attributable to owners was TL2.709bn versus TL5.959bn.

• Q3 revenue was TL28.947bn and gross profit TL6.167bn; reported EBITDA was TL2.395bn and the quarter recorded a TL465m net loss.

• Q3 consolidated volume increased 0.3% to 174.1k tons; reported revenue fell 12.2%, gross profit 36.0% and EBITDA 59.1% YoY.

Outlook and guidance

• FY 2026 guidance was revised to a single-digit net sales decline and 9%-11% EBITDA margin, including IAS 29, from prior margin guidance of 13.5% ±1.5 pp.

• Guidance reflects year-end inflation expectations, intense competition and promotions, price sensitivity, cocoa inventory timing and limited pricing flexibility.

• Q4 inflation-accounting effects are expected to intensify as seasonal sales move more inventory into cost of sales; pre-IAS Q4 margins are expected to be good, with no specific figure given.

• Q4 priorities include promotional returns, disciplined pricing and mix, inventory management and cash conversion; 2027 guidance will follow the budget process.