CEO Message

Dear Stakeholders,

As Türkiye’s leading fast‑moving consumer goods company, we operate with a philosophy that prioritizes creating lasting value, earning trust, and fulfilling our social responsibilities across every area in which we have been active for over 80 years. Drawing strength from our deep‑rooted heritage, we closely monitor global dynamics and adapt quickly, treating consumer expectations, sustainability, and people as inseparable elements of the way we conduct business.

2025 was defined by global economic volatility and geopolitical uncertainties impacting all markets. Despite these challenges, we continued our journey with agility, efficiency, and innovation—closely tracking the evolving needs of our consumers. While maintaining our focus on sustainable growth, we strengthened operational excellence and continued our future‑oriented investments with determination.

Today, Ülker Bisküvi stands as one of Türkiye’s strongest and most influential food companies—powered by its brands, employment, manufacturing strength, broad distribution network, and export capabilities. Across our wide ecosystem—from production to supply chain, from R&D to export—quality, innovation, and trust form the common foundation of all our processes. Rooted in our philosophy of “Make Happy, Be Happy,” and embodied by our promise “Where there is Ülker, there is happiness,” we build this approach not only with our consumers but hand‑in‑hand with our employees, suppliers, and business partners. While delivering happiness in every bite, the happiness of all our stakeholders remains our unwavering priority.

Across our 13 factories in Türkiye, Saudi Arabia, Kazakhstan, and Egypt, more than 10,000 colleagues work tirelessly to bring our “Made in Türkiye” products to consumers in over 100 countries. With sustainability at the core of our business, our strategic actions continue to reinforce our market leadership. We are present in every household in Türkiye—with 100% household penetration—meaning there is no home without Ülker.

We strengthened the economic value we create in 2025

Guided by a strong vision and institutional discipline, we continued to take transformative steps in 2025 despite global volatility, geopolitical tensions, and climate‑driven uncertainties. Our iconic brands, production capabilities, exports, and employment enabled us to further increase the value we contribute to the national economy.
This year, our revenue reached TL 112 billion, and our consolidated EBITDA margin stood at 16.5%. Our financial results confirm that we maintained leadership in the Turkish snacking market, upheld our biscuit market leadership in Saudi Arabia and Egypt, and continued our strong growth momentum in Kazakhstan and other Central Asian markets.

Our Guiding Formula for the Future: The 5M Happiness‑Driven Growth Model

With our ambition to “deliver happiness in every bite,” we anchor our strategy in the 5M Happiness‑Driven Growth Model—a framework that targets Stable, Competitive, Profitable, Sustainable, and People‑Centric happy growth. This model serves as our compass for building a sustainable future.

Stable Happy Growth

We continued to reach more consumers with our iconic brands and effective innovations, ensuring that every bite delivers happiness. In 2025, demand for our iconic brands remained strong, while our new products successfully secured their place on shelves. By combining scientific insights, data, and technology within our two R&D centers, we developed innovative products aligned with evolving consumer habits, digital trends, and new snacking motivations.
Between 2020 and 2025, more than 300 new products were launched in Türkiye. In 2025, 12% of our annual revenue came from innovative products introduced over the past three years—demonstrating our strong innovation engine.

Inspired by the success of our “Famous Dubai Flavor” launched in 2024, we introduced Ülker Chocolate Istanbul in 2025—combining crispy kadayıf, hazelnut filling, and baklava pieces, drawing inspiration from İstanbul’s rich cultural and gastronomic heritage. The global campaign generated significant visibility.
We also entered the nut and fruit bar category with five new Ülker GO Ahead products, aligned with the rising “Holistic Wellness” trend.
Additional 2025 launches included Ülker Çikolata Dolu Dolu, Dido Nut, Hanımeller Milk Chocolate Cookie, Ülker Chocolate Wafer Çok Çıtırtı, Çizi Çıtır, Dankek Rulo Portion, and Ülker Pötibör Biscuit with Çokokrem Filling.

Competitive Happy Growth

We maintained our strong industry leadership and remained Türkiye’s largest FMCG company.
We continued to enhance value for consumers and business partners while investing in automation and advanced technologies across our factories. Over 100 robots now operate across different functions, with 22 autonomous mobile robots in Gebze and 13 in Ankara.
We also strengthened brand visibility through comprehensive advertising campaigns for Ülker Çizi Çıtır, Albeni, Ülker Chocolate Istanbul, Biskrem, and Hanımeller.
With a 35% share of TV advertising visibility in the snacking category, we reinforced our leadership and consumer engagement.

Profitable Happy Growth

To keep our products accessible during challenging macroeconomic conditions, we implemented disciplined cost‑optimization measures across our value chain—from field to shelf.
We enhanced operational excellence through digital transformation, IoT, Industry 4.0, and AI applications across sales, production, marketing, and supply chain.
Notably, our AI‑enabled platform at the Ankara factory and the Mobis NG digital sales system advanced our real‑time data capabilities.
We also launched Türkiye’s first 100% AI‑generated TV commercial for our Star Cookies brand and introduced a unique collaboration between Ülker Albeni and superstar Ajda Pekkan.

Sustainable Happy Growth

Sustainability continues to guide our contribution to the planet and society.
Upholding our “Zero‑Waste Company” culture—an approach inherited from our founder Sabri Ülker—we integrate responsible use of raw materials, energy efficiency, waste reduction, regenerative agriculture, and responsible sourcing across our operations.
Since 2014, we have achieved growth without increasing carbon emissions, while prioritizing water efficiency, food waste prevention, and sustainable raw material sourcing.

In 2025, together with Sabancı University, we enriched wheat with zinc and selenium at farm level under our Biofortification Project and introduced a limited‑edition Saklıköy product made from enriched grains.
Our sustainability projects in cocoa (Côte d’Ivoire) and hazelnuts (Black Sea Region) continued to support farmers and regenerative agriculture.
We expanded our regenerative agriculture program across 7 provinces, reaching 101 farmers and 6,860 decares by the end of 2025.
We announced interim SBTi‑aligned targets and remain one of the two Turkish food companies committed to net‑zero by 2050.
We reduced carbon emissions per unit of production by 51% and water consumption by 37% compared to 2014.
All our Turkish factories were certified Zero Waste to Landfill, and by the end of 2025, 100% of our plastic packaging became recyclable‑ready, completing our transition away from hard‑to‑recycle materials.

A Strong Financial Structure Anchored in Sustainability

We strengthened our sustainability‑linked financing model with a €75 million loan from EBRD and an extension of our €75 million IFC facility for another five years.
We also refinanced our 2023 loan through a US$250 million syndicated facility led by global banks J.P. Morgan, Emirates NBD, and Standard Chartered.

Our sustainability excellence continues to be recognized globally.
We ranked #1 worldwide for the second consecutive year in LSEG’s ESG rating among 484 peers and continued to rank #1 on Borsa Istanbul.
We were included for the 5th time in S&P Global’s Sustainability Yearbook—remaining the only Turkish company in the food products category.

People‑Centric Happy Growth

At the heart of our model lies People‑Centric Happy Growth.
Under our “Investment in People” vision, we enhance our employees’ capabilities, preparing them for the future by strengthening technical skills, digital competencies, and adaptability.
In 2025, we reinforced our culture of diversity and inclusion, expanded recognition programs, and supported development journeys through mentoring, buddy programs, and capability‑building initiatives.

We are proud to remain among Türkiye’s top employers, earning the Top Employers Certificate for the fourth consecutive year, and receiving the Happy Place to Work certification.

We continue strengthening young talent pipelines through our Commercial Talent recruitment program and the bizz@kampüs competition—ensuring we attract and develop future leaders.

Supporting Society Through Sport

We expanded our long‑standing contributions to sports and social solidarity.
As the main sponsor of the Türkiye National Paralympic Committee, we launched the inspirational “Those Who Compete with Heart” series and extended our partnership through the 2028 Los Angeles Paralympic Games.
We supported the Turkish National Football Team with our “Memleket Kalbimde” campaign and helped them advance to the World Cup Qualifiers play‑offs.
Through our “Ülker İlk Maçım” project with Beşiktaş, Fenerbahçe, Galatasaray, and Trabzonspor, we enabled first‑time stadium experiences for fans.

Our Goal: Creating Long‑Term Value—Together

As we leave behind a challenging 2025, we extend our sincere gratitude to all stakeholders—employees, consumers, farmers, suppliers, and business partners—for their dedication and contributions.
In the period ahead, we will continue closely monitoring global dynamics, maintaining financial discipline, and keeping digitalization, innovation, and sustainability at the heart of our growth strategy.
Guided by our 5M model, supported by our strong brands, diverse portfolio, talented people, robust financial structure, and global experience, we remain committed to advancing our success story from Türkiye to the world.

As the entrepreneurial “81‑year‑old start‑up” of the FMCG industry, we will continue to produce with care for people and the planet—always mindful of our responsibilities for the future.

Sincerely,
Özgür Kölükfakı
Chief Executive Officer