Arcelik A.s. · BIST:ARCLK
Arcelik A.s — Q1 2025 Earnings Presentation
20 slides from Arcelik A.s's earnings presentation, Apr 25, 2025
Slide 1: 1Q25 Financial Results
1Q25 Financial Results April 25, 2025 Investor Relations Sensitivity: Internal / Non-Personal Data
Slide 2: Disclaimer
Disclaimer With the Capital Markets Board of Turkey’s Bulletin dated 28.12.2023 numbered 2023/81, CMB announced that issuers and capital market institutions shall prepare their annual financial statements ending on 31.12.2023 or later, in accordance with IAS 29 inflationary accounting provisions. Ac
Slide 3: 1Q25 Highlights
1Q25 Slowdown in Türkiye whereas Europe continues to recover, HIGHLIGHTS inorganic growth thanks to Europe and MENA transactions TRY 109,1bn Consolidated revenues grew by 9,3% y/y in real terms with the contribution of Consolidated Revenues Europe and MENA transactions. 28,7% Weaker demand in Türkiy
Slide 4: Key Factors / Sales & Margins
Key Factors / Sales & Margins REVENUE GROWTH GROSS MARGIN ADJ. EBITDA MARGIN* 9,3% 28,7% 5,3% Inorganic growth due to Europe & MENA Lower raw material costs y/y transactions Lower Gross Margin Decrease in demand in TR Lower capacity utilization Growing OPEX after EMEA transactions Weak international
Slide 5: Operational Performance
Operational Performance 1Q25 Financial Results Sensitivity: Internal / Non-Personal Data
Slide 6: Revenue Bridge and Revenue Breakdown by Geography
Revenue Bridge* Revenue Breakdown by Geography International Türkiye 1Q25 34,6% y/y International TR 53,7% y/y 8,8% y/y 3.000 20 21% 33% 58 34% 643 2.500 11 43% 16 3 1Q24 2.000 1.837 13% 1.500 1.195 1.000 1% 13% 1%5% 4% 4% 500 885 963 14% 5% EUR mn - 10% 1Q24 FX Impact Volume Int. Price Europe & TR
Slide 7: Weaker demand due to challenging market conditions and high-base effect
Weaker demand due to challenging market conditions and high-base effect MDA6* Türkiye Revenue Growth ARÇELİK y/y growth (%) TÜRKİYE y/y growth (%) -11,6% 30,6% 26,1% 42.446 Declining volumes in MDA6 37.542 Strong wholesales volume in A/C -14,5% -14,6% Declining volumes in TV A/C** 2M24 2M25 TRY mn A
Slide 8: Recovery continues in Western Europe, demand remains solid in Eastern Europe
Recovery continues in Western Europe, demand remains solid in Eastern Europe 33% 14% Share in total revenue Western Europe Eastern Europe Share in total revenue y/y market growth in unit terms y/y market growth in unit terms MDA6 Market MDA6 Market 2M25 2M25 West Europe • Substantial recovery has be
Slide 9: Solid growth in Africa while Middle East remains challenging, slight recovery in APAC
Solid growth in Africa while Middle East remains challenging, slight recovery in APAC 8% 10% Africa & Middle East Asia-Pacific Share in total Share in total revenue revenue • Revenues generated from Africa & Middle East grew by almost 20% • Despite the challenging home appliances landscape in APAC,
Slide 10: Lower raw material prices y/y, and q/q
Lower raw material prices y/y, and q/q Average Metal Prices Index - Market Average Plastic Prices Index - Market 1Q25 97 1Q25 150 2024 100 2024 157 4Q24 101 4Q24 149 3Q24 99 3Q24 158 2Q24 102 2Q24 167 1Q24 100 1Q24 155 2023 103 2023 147 Source: Steel BB, Steel Orbis Source: ICIS - Chemical Industry
Slide 11: Financial Performance
Financial Performance 1Q25 Financial Results Sensitivity: Internal / Non-Personal Data
Slide 12: Summary Financials
Summary Financials TRY mn 1Q25* 1Q24* y/y (%) 4Q24* q/q (%) Revenue 109.118 99.801 9 119.187 -8 Gross Profit 31.275 29.619 6 32.000 -2 Operating Profit 1.003 4.355 -77 539 86 Other Operating Inc. / (Exp.) 225 54 314 6.276 -96 Income / (Exp.) From Investment 26 0 7044 (139) -119 Financial Income / (E
Slide 13: Higher leverage due to increasing net debt and weaker Adj. EBITDA
Higher leverage due to increasing net debt and weaker Adj. EBITDA Net Debt* & Leverage** Debt Currency & Rates Breakdown *** Currency Effective Interest Rate p.a. Original Currency (mn) TRY Equivalent (mn) EUR 5,5 1.357 55.181 6,00 6,00 TRY 40,6 35.037 35.037 5,01 USD 7,4 310 11.716 BDT 12,5 17.073
Slide 14: Key Performance Indicators
Key Performance Indicators Adj. EBITDA Margin* Working Capital/Sales** 20,9% 20,2% 1Q24 Operating One-off 1Q25 2024 1Q25 GP Margin D&A Expenses* Adj. CAPEX/Sales*** Free Cash Flow 4.277 4,0% 3,0% TRY mn -12.909 1Q24 1Q25 1Q24 1Q25 * Adj. EBITDA: GP – OPEX (excluding one-off transaction expenses) + D
Slide 15: Guidance
Guidance 1Q25 Financial Results Sensitivity: Internal / Non-Personal Data
Slide 16: 2025 Guidance
2025 Guidance We maintain our guidance levels for 2025. 2025 Guidance Revenue Türkiye (in TRY) Flattish International (in FX) ≈ +15% Adj. EBITDA Margin* ≈ 6,5% NWC / Sales < 20% CAPEX ≈ EUR 300 mn * Adj. EBITDA: GP – OPEX (excluding one-off transaction expenses) + D&A. Sensitivity: Internal / Non-Pe
Slide 17: Efficiency improvements to deliver long-term sustainable growth and profitability
Efficiency improvements to deliver long-term sustainable growth and profitability Ongoing and planned investments would help to create operational efficiency after the merger, through: ▪ optimizing processes, Investing in technology and AI tools to work in ▪ maximizing resource utilization, an agile
Slide 18: Q&A
Q&A 1Q25 Financial Results Arçelik Investor Relations Sensitivity: Internal / Non-Personal Data
Slide 19: Contacts
Contacts Barış Alparslan Mine Şule Yazgan Sezer Ercan Delal Alver Chief Financial Officer Finance & Enterprise Risk Investor Relations Capital Markets Compliance (+90) 212 314 39 01 Executive Director Senior Lead Senior Lead (+90) 212 314 30 60 (+90) 212 705 96 81 (+90) 212 314 39 56 www.bekocorpora
Slide 20: Thank You!
Thank You! Investor Relations Sensitivity: Internal / Non-Personal Data