Ulker Bisküvi Sanayi (ULKER) Q4 2025 earnings summary

Executive summary

• Maintained market leadership in Turkey and MENA, supported by successful refinancing, strong ESG performance, and recognition as a top employer.

• Innovation and new product launches contributed 12% to net sales, driving growth and rapid consumer adoption.

• ESG achievements included an eight-point score increase, top sector rankings, and transition to 100% recycle-ready packaging.

• Revenue increased to TL 111.9 billion in 2025, but net profit attributable to equity holders dropped to TL 4.87 billion, reflecting margin pressures and higher financial expenses.

• Operating profit declined to TL 16.7 billion from TL 18.7 billion year-over-year, with EBITDA margin at 16.5%-17.4% in 2025.

Financial highlights

• FY'25 total revenue rose 1.7% year-over-year to TL 111.9 billion; domestic revenue accounted for 70%, international 30%.

• Net income for FY'25 was TL 4.87 billion, down 49.7% year-over-year; gross profit was TL 32.3 billion, nearly flat.

• EBITDA margin for the year was 16.5%-17.4%; Q4 EBITDA margin dropped to 12.4%-24.9% due to market contraction and higher marketing spend.

• Net debt/EBITDA ratio stood at 0.9-0.97x at year-end, reflecting strong balance sheet discipline.

• Cash and cash equivalents at year-end were TL 23.3 billion, down from TL 34.4 billion.

Outlook and guidance

• 2025 guidance targeted 2%-4% revenue growth and 17%-18% EBITDA margin; actuals were slightly below due to Q4 slowdown and soft demand in Türkiye and Middle East.

• Management views Q4 margin and sales declines as temporary, expecting normalization and improved performance in 2026.

• 2026 roadmap focuses on sustainable, profitable growth, innovation, brand strength, and operational excellence.

• Management continues to monitor geopolitical risks in regions of operation.