Ulker Biskuvi Sanayi A.S. Q3 2026 Earnings Recap

Ulker Biskuvi shares fell 6.6% after earnings, with the likely pressure point being a cautious, weaker reported picture: nine-month revenue declined 8.8% year on year on an inflation-adjusted basis, while consolidated volume growth was modest. The transcript provided does not include the full outlook discussion, so the specific role of guidance in the market reaction is unclear.

Key Takeaways

• Nine-month consolidated volume increased 0.6%; consolidated snacking volume rose 0.9%.
• International and export snacking volume grew 4%, despite challenges in the Gulf region and Middle East.
• Revenue was TRY 95.7 billion on a reported inflation-adjusted basis, down 8.8% year on year; excluding IAS 29, revenue increased 19.4%.
• Net income was TRY 2.7 billion on a reported basis and TRY 4 billion excluding IAS 29. Covenant-based net debt to EBITDA was 1.45x.
• New products contributed 9% of nine-month snacking revenue—10% in Turkey and 6% internationally. The company reported 34% volume share in Turkey across biscuits, chocolate and cake.