Ulker Bisküvi Sanayi (ULKER) Q4 2024 earnings summary

Executive summary

• Revenue grew 4.3% to TL 84.1 billion in 2024, with EBITDA up 1.9% to TL 15.6 billion and net income rising 52% to TL 7.4 billion, surpassing guidance.

• Maintained market leadership in snacking with a 35% share in Türkiye and top positions in Saudi Arabia, Egypt, Middle East, and North Africa.

• Recognized as world leader in LSEG Sustainability Index, top employer in Türkiye, and received multiple sustainability and financial awards.

• Issued Türkiye's first sustainability-linked Eurobond, completed major bond refinancing, and secured a €75 million IFC investment.

• Cash and cash equivalents increased to TL 26.3 billion, supporting a robust balance sheet.

Financial highlights

• Gross profit margin improved to 29.8% for the year, with gross profit at TL 25.1 billion and Q4 net income up 60% year-over-year.

• EBITDA margin at 18.5% for 2024, with domestic revenue accounting for 70% and international for 30%.

• Net Debt/EBITDA improved to 1.08 by year-end; net debt/total capital ratio at 37%.

• Total assets increased to TL 97.4 billion, with equity at TL 33.5 billion.

• Cash flow from operations was TL 5.8 billion, down from TL 10.6 billion year-over-year.

Outlook and guidance

• Focus on sustaining market leadership, revenue, and profitability margins in 2025 despite anticipated challenges.

• 2025 guidance for revenue and EBITDA margin to be provided after Q1; aim to maintain net debt/EBITDA below 2.5.

• No major acquisitions planned for 2025; TSRS sustainability report planned for August 2025.