ULKER FINANCIAL STATEMENTS

Ülker Bisküvi Sanayi A.S. — balance sheet, income statement and cash flow trends

ULKERÜlker Bisküvi Sanayi A.S.

🇹🇷 Turkey · IS · Consumer Defensive · Confectioners

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

Revenue118.8 B ₺+8.1%

Gross Profit32.8 B ₺-1.2%

Operating Income16 B ₺-12.7%

EBITDA18.8 B ₺-9.1%

Net Income4 B ₺-59.3%

Peer Comparison· Confectioners

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
ULKER	8.1%	27.6%	15.8%	3.4%
TR	2.4%	35.4%	21.4%	13.5%
HSY	11.5%	34.8%	18.1%	9.1%
Industry median	5.7%	27.6%	13.0%	1.7%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
ULKER	8.1%	27.6%	15.8%	3.4%
KAYSE	-7.3%	8.0%	4.4%	-10.8%
KENT	5.7%	13.5%	2.4%	-5.4%
KRVGD	10.1%	28.9%	13.0%	1.7%
KTSKR	-28.8%	-10.6%	-14.8%	-9.0%
Industry median	5.7%	27.6%	13.0%	1.7%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity51.8 B ₺38%
Current Liabilities35.3 B ₺26%
Long-term Liabilities47.5 B ₺35%

Key Figures

YoY change

Total Assets134.6 B ₺+19.9%

Total Liabilities82.8 B ₺+13.2%

Total Equity51.8 B ₺+32.3%

Cash & ST Investments17.2 B ₺-28.3%

Total Debt58.3 B ₺+5.1%

Net Debt41.1 B ₺+30.5%

Peer Comparison· Confectioners

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
ULKER	2.55	112.4%	2.19	38.5%
TR	3.57	1.4%	-0.99	76.1%
HSY	1.24	113.2%	2.06	34.2%
Industry median	1.53	22.1%	2.06	54.5%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
ULKER	2.55	112.4%	2.19	38.5%
KAYSE	1.30	22.1%	7.68	62.5%
KENT	1.25	8.6%	0.91	54.5%
KRVGD	1.53	75.5%	2.36	46.5%
KTSKR	4.95	2.3%	0.77	81.0%
Industry median	1.53	22.1%	2.06	54.5%

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 Flow7.1 B ₺+129.7%

Capital Expenditures-1.6 B ₺—

Free Cash Flow10.1 B ₺+133.5%

Dividends Paid-3.8 B ₺—

Peer Comparison· Confectioners

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
ULKER	6.0%	8.5%	1.4%	175.8%
TR	18.8%	13.4%	5.4%	139.0%
HSY	19.6%	18.1%	6.6%	214.7%
Industry median	5.7%	1.4%	3.3%	149.1%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
ULKER	6.0%	8.5%	1.4%	175.8%
KAYSE	3.0%	1.4%	2.6%	-27.6%
KENT	-0.5%	-1.2%	0.7%	9.1%
KRVGD	5.7%	0.6%	5.2%	328.8%
KTSKR	-23.2%	-26.5%	3.3%	258.9%
Industry median	5.7%	1.4%	3.3%	149.1%

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.