Ulker Bisküvi Sanayi (ULKER) Q4 2025 earnings summary

Executive summary

• Maintained leadership in Türkiye and MENA despite soft demand and inflationary pressures.

• New product launches contributed 12% of FY'25 net sales.

• ESG score rose by 8 points; packaging became 100% recycle-ready, alongside top-employer recognition.

Financial highlights

• FY'25 revenue rose 1.7% to TRY 111.9B; domestic and international sales represented 70% and 30%, respectively.

• EBITDA increased 16.5% to TRY 32.3B; full-year EBITDA margin was 16.5%.

• Net income was TRY 4.9B, down 49.7% year-over-year, with a negative 4.4% margin.

• Q4 revenue declined 6.6% year-over-year; EBITDA margin fell to 24.9% from 29.2%.

• Gross profit increased 0.3%, while gross profit margin declined from 29.8% to 28.9%.

Outlook and guidance

• FY'25 guidance was net sales growth of 3% (+/-1%) and EBITDA margin of 17.5% (+/-0.5%); actual results were 1.7% and 16.5%.

• Results came in slightly below targets amid soft demand in Türkiye and weak Middle East sales; Q4 pressure viewed as temporary, with normalization expected in 2026.

• 2026 priorities include sustainable, profitable growth, brand strength, core categories, innovation, field execution and operational excellence.