Ulker Bisküvi Sanayi (ULKER) Q3 2025 earnings summary

Executive summary

• Achieved strong Q3 2025 results with revenue, gross profit, EBITDA, and net income all increasing year-over-year, driven by innovation, operational efficiency, and disciplined pricing.

• Maintained leading market shares in biscuits, chocolate, and cakes across core regions, with biscuits at 34%.

• New product launches contributed 4% of Q3 snacking revenue and 11% of nine-month snacking revenue.

• Continued focus on sustainability, winning awards for carbon management and net zero, and recognized as Turkey's happiest workplace for the fourth consecutive year.

• Focused on agility amid economic volatility and geopolitical uncertainty, maintaining product accessibility and affordability.

Financial highlights

• Q3 2025 revenue up 4.8% year-over-year to TRY 25.4 billion; gross profit up 27.1% to TRY 7.4 billion.

• EBITDA margin improved to 17.7% from 16.5% in Q3 2024; net income increased 70.2% to TRY 1.07 billion.

• Nine-month revenue up 4.6% to TRY 80.9 billion; gross profit up 30.2% to TRY 24.5 billion; EBITDA at TRY 14.4 billion; EBITDA margin at 17.8%; net income at 5.7% (TRY 4.6 billion).

• Domestic revenue up 10.2% in Q3; international revenue up 26.1%.

• Earnings per share for the period was TL 12.44, compared to TL 15.89 in the same period last year.

Outlook and guidance

• Maintains 2025 guidance: net sales growth of 3% (±1%) and EBITDA margin of 17.5% (±0.5%).

• Q4 2025 expected to be strong, though year-over-year comparison impacted by a high base in Q4 2024 due to exceptional product launches.

• Expects normalization of working capital and inventory levels by year-end and into 2026.

• Margin guidance expected to be met, with benefits from lower cocoa prices likely to be realized in 2026.

• Strategic focus on sustainable long-term growth, leveraging the 5H Growth Model.