BAKAB FINANCIAL STATEMENTS

Bak Ambalaj Sanayi ve Ticaret A.S. — balance sheet, income statement and cash flow trends

BAKABBak Ambalaj Sanayi ve Ticaret A.S.

🇹🇷 Turkey · IS · Consumer Cyclical · Packaging & Containers

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue6.3 B ₺+14.1%

Gross Profit724.5 M ₺+64.4%

Operating Income213.4 M ₺—

EBITDA555.6 M ₺+159.2%

Net Income-42.4 M ₺—

Peer Comparison· Packaging & Containers

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
BAKAB	14.1%	11.4%	8.8%	-0.7%
TCL-A	-29.8%	38.6%	14.2%	17.3%
PACK	8.1%	24.4%	13.1%	-9.3%
KRT	11.7%	35.7%	12.9%	6.6%
MYE	-6.3%	33.2%	15.5%	5.4%
ORA	-39.0%	25.3%	18.7%	5.7%
Industry median	6.7%	20.3%	13.8%	3.9%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
BAKAB	14.1%	11.4%	8.8%	-0.7%
ISSEN	-2.5%	18.5%	16.6%	-4.9%
MNDTR	7.8%	15.2%	2.1%	-10.1%
DURDO	8.8%	20.2%	9.9%	-10.0%
SEKUR	4.4%	18.1%	11.1%	2.5%
OZRDN	-4.1%	34.5%	2.6%	-8.5%
Industry median	6.7%	20.3%	13.8%	3.9%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity3.1 B ₺47%
Current Liabilities2.6 B ₺40%
Long-term Liabilities855.6 M ₺13%

Key Figures

YoY change

Total Assets6.5 B ₺+27.7%

Total Liabilities3.4 B ₺+30.7%

Total Equity3.1 B ₺+24.4%

Cash & ST Investments558.4 M ₺+168.2%

Total Debt1.2 B ₺+46.3%

Net Debt612.6 M ₺+3.5%

Peer Comparison· Packaging & Containers

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
BAKAB	1.21	38.0%	1.10	47.2%
TCL-A	0.79	115.0%	1.57	32.2%
PACK	1.73	81.9%	7.21	47.4%
KRT	2.29	51.9%	0.68	52.2%
MYE	1.65	124.7%	2.60	34.5%
ORA	1.54	33.6%	1.58	57.9%
Industry median	1.37	64.6%	2.41	46.6%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
BAKAB	1.21	38.0%	1.10	47.2%
ISSEN	1.31	64.7%	3.72	55.6%
MNDTR	1.36	14.6%	2.76	59.1%
DURDO	1.06	58.0%	2.33	48.0%
SEKUR	0.83	107.8%	3.26	32.0%
OZRDN	3.37	0.8%	-6.25	76.0%
Industry median	1.37	64.6%	2.41	46.6%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow266.1 M ₺+50.4%

Capital Expenditures-102 M ₺—

Free Cash Flow181.5 M ₺+273.0%

Dividends Paid0 ₺—

Peer Comparison· Packaging & Containers

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
BAKAB	4.2%	2.9%	1.6%	-627.4%
TCL-A	10.3%	7.0%	3.3%	59.4%
PACK	7.0%	-0.7%	7.7%	-75.3%
KRT	6.9%	5.9%	1.0%	104.6%
MYE	13.1%	11.3%	1.8%	245.3%
ORA	18.8%	9.7%	9.2%	331.6%
Industry median	8.0%	3.6%	3.9%	77.8%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
BAKAB	4.2%	2.9%	1.6%	-627.4%
ISSEN	-4.7%	-18.4%	12.3%	96.2%
MNDTR	3.1%	2.6%	2.9%	-31.0%
DURDO	20.7%	24.6%	3.2%	-207.6%
SEKUR	-2.8%	-4.0%	1.1%	-112.4%
OZRDN	4.1%	3.6%	0.5%	-48.0%
Industry median	8.0%	3.6%	3.9%	77.8%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 3, 26. This content is for informational purposes only and is not investment advice.