MERKO FINANCIAL STATEMENTS

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

MERKOMerko Gida Sanayi ve Ticaret A.S.

🇹🇷 Turkey · IS · Consumer Defensive · Packaged Foods

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q3 2025 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue802.5 M ₺-31.1%

Gross Profit222.4 M ₺+103.9%

Operating Income116.1 M ₺+73.0%

EBITDA154.8 M ₺+20.6%

Net Income672.8 M ₺+365.3%

Peer Comparison· Packaged Foods

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
MERKO	-31.1%	27.7%	19.3%	83.8%
HAIN	-10.0%	19.3%	-27.4%	-35.5%
BRCC	9.0%	33.9%	-1.5%	-2.2%
ABF	-2.2%	23.5%	12.6%	4.9%
Industry median	3.5%	20.5%	10.1%	1.9%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
MERKO	-31.1%	27.7%	19.3%	83.8%
FRIGO	20.9%	-8.5%	-12.1%	-23.1%
ERSU	-3.4%	-3.1%	-13.0%	-83.0%
ORCAY	-7.5%	21.0%	18.8%	-29.1%
AVOD	-2.1%	13.4%	5.7%	-9.4%
FADE	43.7%	17.2%	17.0%	4.7%
Industry median	3.5%	20.5%	10.1%	1.9%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q3 2025

Equity2 B ₺78%
Current Liabilities487.2 M ₺19%
Long-term Liabilities95 M ₺4%

Key Figures

YoY change

Total Assets2.6 B ₺-41.6%

Total Liabilities582.2 M ₺-72.8%

Total Equity2 B ₺-12.7%

Cash & ST Investments198.9 M ₺-56.1%

Total Debt410.5 M ₺-43.9%

Net Debt269.5 M ₺-59.6%

Peer Comparison· Packaged Foods

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
MERKO	1.82	20.5%	1.37	77.5%
HAIN	0.52	276.4%	-1.38	18.5%
BRCC	1.36	131.0%	-8.47	21.6%
ABF	1.51	32.6%	1.23	58.4%
Industry median	1.55	48.1%	1.99	49.7%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
MERKO	1.82	20.5%	1.37	77.5%
FRIGO	1.63	32.5%	-2.22	49.8%
ERSU	1.76	33.0%	7.72	60.1%
ORCAY	0.87	57.5%	4.41	35.0%
AVOD	1.21	61.1%	9.15	51.2%
FADE	1.92	8.4%	0.79	77.5%
Industry median	1.55	48.1%	1.99	49.7%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q3 2025 · TTM

Key Figures

YoY change

Operating Cash Flow565.2 M ₺—

Capital Expenditures-53.8 M ₺-230.2%

Free Cash Flow518.2 M ₺—

Dividends Paid0 ₺—

Peer Comparison· Packaged Foods

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
MERKO	70.4%	64.6%	6.7%	84.0%
HAIN	4.4%	2.9%	1.5%	-12.4%
BRCC	0.3%	-0.5%	0.7%	-12.1%
ABF	11.7%	6.2%	5.5%	238.8%
Industry median	8.3%	5.8%	3.5%	79.8%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
MERKO	70.4%	64.6%	6.7%	84.0%
FRIGO	35.2%	21.2%	14.0%	-152.2%
ERSU	-106.8%	-118.6%	11.8%	128.7%
ORCAY	9.1%	8.1%	0.9%	-31.2%
AVOD	16.5%	43.9%	3.3%	-176.4%
FADE	-0.6%	51.9%	1.5%	-13.6%
Industry median	8.3%	5.8%	3.5%	79.8%

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 6, 26. This content is for informational purposes only and is not investment advice.