"" Lead Paragraph Ülker Bisküvi presented its second quarter 2026 earnings results on August 19, 2026, revealing a mixed performance characterized by resilient volume growth offset by significant margin compression. The Turkish confectionery giant reported consolidated volume growth of 1.3% year-over-year to 163,447 tons, while revenue declined 11.4% to TL 27.0 billion amid what management described as "one of the most promotional quarters" in the Turkish market.
Volume Growth and Margin Compression The company’s shares traded at $20, up 10.05% from the previous close of $19, suggesting investors focused on volume resilience and the 45.5% surge in net income to TL 1.4 billion rather than the operating margin pressure. The company’s second quarter results reflected the challenging operating environment facing Turkish food manufacturers.
Consolidated Performance Overview Consolidated volume increased 1.3% to 163 kilotons, demonstrating continued consumer demand despite affordability pressures. However, revenue fell 11.4% to TL 27.0 billion, reflecting the impact of heavy promotional activity and weaker pricing power in the domestic market.
Profitability Metrics Gross profit declined 20.1% to TL 6.6 billion, with gross margin contracting to 24.6% from 27.2% in the prior year period. EBITDA fell 37.1% to TL 2.8 billion, with the EBITDA margin compressing sharply to 10.4% from 14.6%.
Regional Performance The company’s key performance messages for the quarter emphasized several critical achievements. International volumes grew 6% year-over-year, while the company’s covenant-basis net debt-to-EBITDA ratio stood at 1.17 times, indicating a manageable leverage position.
Snacking Portfolio The company’s snacking portfolio showed divergent volume and value trends by category during the second quarter, as illustrated in the following breakdown. Snacking sales volume increased 1.2% to 145 kilotons, supported by international operations and new product launches.
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Tags
- Ülker Bisküvi
- Q2 2026 earnings results
- volume growth
- margin compression
- Turkish confectionery giant
- consolidated performance
- profitability metrics
- regional performance
- snacking portfolio
Image Prompt A bold, flat graphic subject depicting the Ülker Bisküvi emblem, with a subtle background texture resembling a biscuit tin.
