Ulker Biskuvi Sanayi A.S. Q2 2026 Earnings Recap

Ulker Biskuvi’s stock edged up modestly by 1.4% following earnings, reflecting a mixed reception as volume resilience and net income growth offset weak revenue and margin pressures in a highly promotional and inflation-impacted environment.

Key Takeaways

• Consolidated volume grew 1.3% year-on-year to approximately 163,000 tons, driven by 6% volume growth in international markets.
• Reported revenue declined 11.4%, weighed down by no parallel price increases against inflation, unfavorable mix, and heightened promotional activity.
• Net income increased significantly by 45.5% year-on-year to TRY 1.4 billion, despite operating profit challenges.
• Promotional intensity remained exceptionally high, particularly in Turkey, though the company preserved a 34% market share in the confectionery segment.
• New product launches contributed meaningfully, representing around 9% of total snacking revenue, supporting consumer engagement amid affordability pressures.