Ülker cuts 2026 EBITDA margin guidance to 9%-11%

• Ülker cut its 2026 EBITDA margin guidance to 9%-11% from 13.5%, plus or minus 1.5 percentage points.
• Net sales are now forecast to decline by a single-digit percentage, versus a previous low-single-digit decline.
• Higher inflation expectations increased the anticipated inflation-accounting impact; declining cocoa prices limited room for price increases.
• Intensifying competition squeezed profitability, while conflict in MENA pressured demand and raised costs.
• Nine-month EBITDA fell 40.3% to TRY 11.15 billion; the margin narrowed to 11.6% from 17.8%.

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