Ulker Biskuvi’s shares fell 3.2% after Q1 2026 results as investors reacted to the cautious outlook amid a challenging macro environment and structural volume decline in Turkey, despite solid international volume growth and maintained margins.

• Domestic confectionery volumes face structural headwinds, with Turkey’s market declining 2.5% in 2025 and softness continuing into early 2026.
• International operations showed strength, delivering 8.8% volume growth despite ongoing geopolitical tensions.
• EBITDA margin held at 15.1%, though management flagged timing and inventory effects rather than underlying margin improvement.
• Net income was TRY 1.6 billion, reflecting disciplined cost management in a volatile market but no clear growth acceleration.
• Guidance and outlook stress quality of growth and cash discipline over top-line expansion, underscoring cautious stance in an inflationary, disinflationary environment impacting consumer demand.