Q4 2025 Ulker Biskuvi Sanayi AS Earnings Call Transcript
Key Points
- Ulker Biskuvi Sanayi AS (UELKY) maintained its leadership position in Turkiye and the broader MENA region despite challenging market conditions.
- The company achieved a top line growth of around 2% in a volatile global commodity and inflationary environment.
- New product launches contributed 12% to net sales, demonstrating Ulker's ability to capture shifting consumer trends.
- Ulker successfully extended its debt maturities to 2030 and 2031, strengthening its liquidity visibility.
- The company increased its ESG score by 8 points, becoming the highest-scoring food company in Turkiye, reflecting its commitment to sustainability.
- Ulker faced a challenging fourth quarter with a sharper than anticipated slowdown in demand, particularly in Turkiye and the Middle East.
- The chocolate market in Turkiye contracted by 7.5% in volume, impacting Ulker's margins due to its significant portfolio share.
- EBITDA margins fell to 10.3% in Q4, the lowest of the year, due to external market shocks and a strong prior year base.
- The Middle East region experienced a severe FMCG market contraction, with Saudi Arabia's market down by 4.6% in value and 4.7% in volume.
- Net income was affected by FX losses, interest gains and losses, deferred tax, and monetary gain and loss, leading to a decrease in profitability.
Beste, please go ahead, ma'am.
Thank you, Michael. Hello, everybody. My name is Beste, I am leading the Investor Relations department of Ulker Biskuvi. Welcome to Ulker Biskuvi's full year 2025 results webcast.
Here with me in the room are CEO, Ozgur Kolukfaki; and our CFO, Fulya Banu Surucu. Now I leave the ground to our CEO, Ozgur Bey, please.
Thank you, Beste. Good morning, good afternoon, everyone, wherever you are, and thank you for joining Ulker Biskuvi's fourth quarter and full year 2025 earnings call. I'll walk you through our results, strategic progress and also 2026 road map. I'll start with key highlights, then review operation and financial performance and close with our outlook and 2026 growth plan. And then as usual, we will take a few questions at the end.
Looking at the key highlights. 2025 was a resilient year
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