Q1 2026 Ulker Biskuvi Sanayi AS Earnings Call Transcript
Key Points
- Ulker Biskuvi Sanayi AS (UELKY) delivered TRY1.6 billion net income, showcasing its ability to protect earnings in a volatile environment.
- International operations demonstrated strong momentum with an 8.8% volume growth despite geopolitical tensions.
- The company maintained a disciplined margin management, closing the quarter with a 15.1% EBITDA margin.
- Ulker Biskuvi Sanayi AS (UELKY) achieved a 9% contribution to total snacking revenue from new product launches, indicating a robust innovation engine.
- The company maintained its number one position in the LSEG London Stock Exchange Group ranking for sustainability, reflecting strong ESG performance.
- Turkey's revenue declined by 5.8% and EBITDA by 27.7%, reflecting soft domestic demand and margin pressure.
- The company faced a challenging macroeconomic environment with high inflation rates, impacting consumer confidence and spending.
- Turkey exports saw a revenue decline of 1.4% and a significant EBITDA drop of 30.1%, driven by weak correlation between ForEx and inflation.
- Middle East operations experienced a 21.8% decline in EBITDA despite revenue growth, due to a sharp contraction in the Saudi FMCG market.
- The company's guidance for 2026 reflects a cautious outlook with flat net revenue and potential margin compression due to geopolitical and economic uncertainties.
Beste, please go ahead.
Thank you. Hello, everybody. This is Beste. Welcome to Ulker Biskuvi first-quarter 2026 earnings release webcast. Here with me in room are our CEO, Mr. Uzgur Kurukulkar; and our CFO, Fulya Banu Surucu.
I now leave the grant to our CEO, Uzgur Kurukulkar, for the opening remarks and initial reports.
Uzgur Kurukulkar, please.
Good morning, good afternoon, and good evening, everyone, wherever you are. Thank you for joining Ulker Biskuvi's 2026 first-quarter earnings call. I'll walk you through our results, strategic progress, and our roadmap for the rest of the year.
First, I'll start with the key highlights, then review operations and financial performance. And closes our outlook for 2026 growth plan, and then we'll take questions at the end.
Looking at the key highlights, 2025 was a
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