Slides
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Sensitivity: Internal / Non-Personal Data 3Q26 Financial Results October 26, 2026 Investor Relations
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Sensitivity: Internal / Non-Personal Data 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. Accordingly, this presentation on the third quarter 2026 financial results contains the Company’s financial information prepared according to Turkish Accounting / Financial Reporting Standards by application of IAS 29 inflation accounting provisions, in accordance with CMB’s decision dated 28.12.2023. This presentation contains forward-looking statements and figures that reflect the Company management’s current views with respect to certain future events based on the base-case assumptions. Although it is believed that the expectations reflected in these statements are reasonable under current conditions, they may be affected by a variety of variables and changes in underlying assumptions that could cause actual results to differ. Neither Arçelik nor any of its directors, managers, or employees nor any other person shall have any liability whatsoever for any loss arising from the use of this presentation. Disclaimer
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Sensitivity: Internal / Non-Personal Data Disciplined execution and portfolio actions amid persistent demand and cash flow pressures 3Q26 HIGHLIGHTS Adj. EBITDA margin remained broadly stable q/q despite continued demand weakness Portfolio simplification progressed through strategic transactions and non-core asset actions Capital spending discipline continued, with further room to optimize capex Free cash flow improved year-on-year, while cash conversion and deleveraging remain key priorities Gross margin at 29%, broadly stable y/y Adj. EBITDA margin at 5.3%, broadly stable q/q and down 1.7pp y/y. Non-core asset monetization generated USD 61.4mn from Koç Finans and TRY 1.41bn from Taşdelen property sale 4.09x Full MGL-Adj. Leverage* as of 3Q26 TRY -5.7bn FCF in 9M26 (TRY -11.0bn in 9M25) Capex-to-sales declined to 2.4% from 2.9% Tighter investment prioritization across the business Gross margin remained resilient, supported by procurement & material improvement actions • Full MGL-Adj. Leverage: Adjusted Net Financial Debt / Full MGL-Adj. EBITDA. Full MGL-Adj. EBITDA includes net monetary position gains/(losses) on a 12M-rolling basis and is calculated in accordance with IFRS 18 methodology. Adj. EBITDA: GP – OPEX (excluding one-off expenses) + D&A. Adjustments mainly include one-off expenses
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Sensitivity: Internal / Non-Personal Data CHANGE IN REVENUE CHANGE IN GROSS MARGIN CHANGE IN EBITDA MARGIN* -13.9% -0.1pp TRY mn Key Factors / Sales & Margins *Adj. EBITDA: GP – OPEX (excluding one-off expenses) + D&A. Adjustments mainly include one-off expenses. Adjustment totaled to TRY 1,519mn in 3Q26 (TRY 167mn in 3Q25). Weak demand Intense international competition Unfavorable price & product mix Successful management of raw material costs despite regional conflicts Pricing pressures Diversified supplier base Pressure from operating expenses Gross margin maintained Wage inflation pressure -1.7pp 161,445 138,973 3Q25 3Q26 29.1% 29.0% 3Q25 3Q26 7.0% 5.3% 3Q25 3Q26
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Sensitivity: Internal / Non-Personal Data Operational Performance 3Q26 Financial Results
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Sensitivity: Internal / Non-Personal Data Revenue Bridge Revenue Breakdown by Geography International Türkiye Türkiye Americas CIS & Eastern Europe Asia-Pacific Middle East Western Europe Africa 9M26 2.4% y/y International 7.3% y/y TR 8.3% y/y EUR mn In real TRY terms, international sales and Türkiye sales declined by 18.2% and 4.5% y/y, respectively. In EUR terms, international sales recorded a smaller decline, while Türkiye sales grew, reflecting the FX impact. 3Q26 35% 16%9% 5% 3%1% 31% 3Q25 33% 15% 10% 5% 3%1% 33% 9M25 32% 14% 10% 5% 4% 0% 35% 800 75 9 866 1,746 11 90 49 1,619 3Q25 FX Impact (Int.) Volume (Int.) Price & Mix (Int.) Volume (TR) Price & Mix (TR) 3Q26 32% 15% 8% 5% 4% 0% 35%
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Sensitivity: Internal / Non-Personal Data 50,749 48,469 3Q25 3Q26 35% 33% 9M25 A/C weakness persisted despite relative outperformance. Strong MDA6 growth and market share gains. Continued market outperformance despite softer Türkiye demand Türkiye’s Share of Total Revenue Türkiye Revenue Growth TRY mn MDA6* ARÇELİK y/y growth (%) TÜRKİYE y/y growth (%) A/C** TV** * MDA6 data is based on WGMA figures and reflects wholesale volumes for the periods shown. ** A/C and TV market data (sell-in, in unit terms) reflects retail sales for the given period. Starting in July 2025, market data for A/C and TV includes the sales of discount retailers. 2025 data is updated for comparison. ARÇELİK y/y growth (%) TÜRKİYE y/y growth (%) ARÇELİK y/y growth (%) TÜRKİYE y/y growth (%) -4.5% 35% 31% 3Q25 3Q26 9M26 TV volumes continued to outperform. Pricing supported recovery while product mix continues to improve. 7% 16% -4% 7% 8M26 07-08/26 -4% -20% -7% -21% 8M26 07-08/26 3% 2% -1% -2% 8M26 07-08/26
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Sensitivity: Internal / Non-Personal Data Signs of market stabilization in Europe, while YTD value and Beko share remained under pressure Western Europe Eastern Europe 32% Share in total revenue 15% Share in total revenue MDA6 Market MDA6 Market • MDA6 unit demand was flat in 8M26, showing stabilization after declines earlier in the year. • Romania remained the key drag on the region. Unit demand in Ukraine also remained below the prior- year level. • MDA6 unit demand grew 1.6% y/y in 8M26, while EUR market value declined 0.7% amid continued pricing pressure. • Growing markets included Portugal, the Netherlands, Spain, Italy and Great Britain, while Germany and Austria remained weak. • August marked a notable improvement, with both unit and EUR value growth turning positive after an extended period of weakness. • Beko Group sustained its market-leading position amid continued market and pricing pressures. • Beko brand unit share remained broadly stable versus last year, supported by share gains in Romania. • Group maintained leadership, while both Group and Beko brand unit shares remained below last year. Beko in Western Europe Beko in Eastern Europe y/y market growth in unit terms y/y market growth in unit terms MDA6 market data reflects retail market for the given period in unit terms. -5.0% -2.5% 0.0% 2.5% 5.0% 7.5% Austria Belgium Netherlands Spain Germany France Italy Great Britain West Europe 8M26 -10.0% -7.5% -5.0% -2.5% 0.0% 2.5% Ukraine Romania East Europe 8M26
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Sensitivity: Internal / Non-Personal Data 9% Share in total revenue 8% Share in total revenueAfrica & Middle East Asia-Pacific • Arçelik–Hitachi sales declined 13% y/y and 8% q/q in 3Q26, reflecting continued weakness across several regional markets. Sales in Vietnam grew 26% y/y, while sales in Hong Kong were slightly above the prior- year level. • Bangladesh delivered 7.1% y/y revenue growth in EUR terms, while weaker volumes across several major categories and higher financing costs continued to pressure profitability. • Pakistan delivered strong sales growth, with Dawlance Q3 volumes up 14.6% y/y and EUR revenue up 34.4%; operating profitability declined due to A/C installation costs and higher freight costs. • India delivered strong 3Q26 growth, with volumes up 22% y/y and EUR revenue up 23%, alongside market share gains in refrigerators and washing machines. • Defy delivered 4.6% volume growth y/y in 3Q26. EUR revenue grew 9.8%, while local-currency revenue was broadly flat and operating profitability remained under pressure. • Defy’s MDA6 market share reached 43.6% in Jan–Aug, up 2.4pp y/y. Targeted promotions supported share retention amid intensified competitor pricing. • Middle East sales increased 31% q/q but remained 8% below last year, as demand stayed soft amid ongoing geopolitical tensions. • Beko Egypt continued its strong y/y recovery, with Q3 USD net sales up 119.8% and operating profit turning positive versus last year. Jan– Aug MDA6 unit and value shares increased to 6.5% and 9.3%, respectively. Strong sales momentum in Africa, Pakistan and India partly offset pressures in Middle East and APAC
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Sensitivity: Internal / Non-Personal Data Procurement actions continued to mitigate elevated raw material cost pressures Source: Steel Orbis Index includes CRC, HRC, Galvanized Steel, Stainless Steel, Copper, Aluminum 2022 = 100 Source: Chemical Market Analytics - OPIS (IHS) Index includes ABS, Polystyrene, Polyurethane, Polypropylene 2022 = 100 • Average metal prices eased slightly q/q in 3Q26, while remaining elevated y/y amid continued volatility in copper and aluminum and trade-related cost pressures. • Steel agreements secured early and longer-term contracts largely protected Q3 procurement costs from subsequent market price increases. • Hedging, alternative sourcing and material improvement initiatives continue to mitigate exposure to metal price volatility. Average Metal Prices Index - Market • Average plastic prices moderated significantly q/q in 3Q26, but remained well above last year amid continued volatility in energy, feedstock and supply conditions. • Earlier procurement actions and long-term agreements helped contain the sharp increase in input costs, while procurement has shifted to shorter positions since mid- year to preserve flexibility and support inventory reduction. • Feedstock pressures re-emerged towards quarter-end and into October; chemical raw material costs remained elevated. Average Plastic Prices Index - Market 98 95 96 95 97 96 105 111 110 2024 1Q25 2Q25 3Q25 4Q25 2025 1Q26 2Q26 3Q26 99 97 95 89 84 91 91 123 112 2024 1Q25 2Q25 3Q25 4Q25 2025 1Q26 2Q26 3Q26
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Sensitivity: Internal / Non-Personal Data Financial Performance 3Q26 Financial Results
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Sensitivity: Internal / Non-Personal Data * All results are indexed to reflect 3Q26 purchasing power. ** Before minority. *** Adj. EBITDA: GP – OPEX (excluding one-off expenses) + D&A. Adjustments mainly include one-off expenses. Adjustment amount corresponds to TRY 1,519mn in 3Q26 (TRY 167mn in 3Q25). Summary Financials TRY mn 3Q26 3Q25* y/y (%) 2Q26* q/q (%) 9M26* 9M25* y/y (%) Revenue 138,973 161,445 -14 149,195 -7 435,342 492,032 -12 Gross Profit 40,263 46,937 -14 43,786 -8 127,907 141,253 -9 Operating Profit 113 3,601 -97 1,066 -89 3,574 7,464 -52 Other Inc./Exp. 1,604 146 1,002 5,428 -70 6,392 (114) n.m. Financial Income/Expense (10,298) (9,469) 9 (7,789) 32 (26,456) (28,862) -8 Monetary Gain/Loss 3,840 4,804 -20 4,829 -20 15,624 16,012 -2 Profit Before Tax (4,740) (918) 416 3,534 n.m. (866) (5,500) -84 Net Income*** (6,242) (3,034) 106 2,970 n.m. (5,774) (10,039) -42 EBITDA 5,874 11,127 -47 6,190 -5 20,815 29,456 -29 Adj. EBITDA**** 7,392 11,294 -35 7,726 -4 24,738 30,456 -19 (%) (%) y/y (bps) (%) q/q (bps) (%) (%) y/y (bps) Gross Profit Margin 29.0 29.1 (10) 29.3 (38) 29.4 28.7 67 Operating Profit Margin 0.1 2.2 (215) 0.7 (63) 0.8 1.5 (70) Net Income Margin -4.5 -1.9 (261) 2.0 (648) -1.3 -2.0 71 EBITDA Margin 4.2 6.9 (267) 4.1 8 4.8 6.0 (121) Adj. EBITDA Margin 5.3 7.0 (168) 5.2 14 5.7 6.2 (51)
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Sensitivity: Internal / Non-Personal Data * Adj. Net Debt = Financial Debt – Cash and Cash Equivalents, including Arçelik–Hitachi balances classified as held for sale. ** Leverage uses Adj. EBITDA, Inventory MGL-Adj. EBITDA (Net monetary position gains/(losses) on Inventories, Revenue, Cost of sales, R&D, and MG&A expenses are added to Adj. EBITDA on a rolling basis.) or Full MGL-Adj. EBITDA, as indicated. *** Full MGL-Adj. Leverage figures have been calculated in accordance with IFRS 18 methodology. **** Average effective TRY, EUR, USD funding (loans + bonds) rates were 34.9%, 4.8% and 8.4%, respectively. ***** The average duration of the consolidated debt portfolio is 0.9 years. Currency Effective Interest Rate p.a. **** Original Currency (mn) TRY Equivalent (mn) EUR 4.7 2,305 127,963 TRY 34.6 44,105 44,105 USD 7.1 323 15,779 CNY 4.2 2,069 15,009 BDT 12.5 19,045 7,583 PKR 13.1 32,754 5,751 ZAR 8.7 1,450 4,336 RON 7.6 285 2,975 RUB 16.6 3,739 2,153 AUD 6.1 43 1,450 GBP 7.2 17 1,081 NOK 5.6 175 890 CZK 2.2 228 519 MYR 6.6 31 377 THB 3.3 230 337 EGP 20.5 325 306 SEK 2.6 50 243 Loans Total - - 230,858 USD 8.5 501 24,491 EUR 4.9 329 18,218 TRY 40.2 15,179 15,179 Bonds Total 57,888 TOTAL 288,746 TRY 77.0bn (EUR 1.4bn) Cash Currency Breakdown TRY 288.8bn (EUR 5.2bn) Debt Currency Breakdown 2026 37% 2027 38% 2028 17% 2029+ 8% Adj. Net Debt* & Leverage**,*** Debt Currency & Rates Breakdown Continued commitment to deleveraging – higher leverage due to NWC seasonality EUR 51% USD 14% TRY 21% Other 14%EUR 29% USD 14%TRY 33% Other 24% ST / LT Borrowings 3Q26 67% 33% 63% 37% 2025 Year-end Short Term Long Term TRY mn Debt Maturity Profile***** 3Q26 171,644 211,779 4.50 6.32 0 100,000 200,000 2025 3Q26 Adj. Net Debt Leverage 211,779 211,779 5.18 4.09 3Q26 \ Inventory MGL-Adj. Leverage 3Q26 \ Full MGL-Adj. Leverage
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Sensitivity: Internal / Non-Personal Data Key Performance Indicators * Adj. EBITDA: GP – OPEX (excluding one-off expenses) + D&A. Adjustments mainly include one-off expenses. ** NWC Average / Last 12M Sales *** CAPEX (including capitalized amortization expenses) / Last 9M Sales **** FCF bridge has been aligned with our management reporting methodology and is now presented starting from Adj. EBITDA to better reflect underlying operating cash generation. Core net working capital = trade receivables + inventories − trade payables, as reported in the financial statements filed with the CMBreport. Adj. EBITDA Margin* CAPEX/Sales*** Working Capital/Sales** Free Cash Flow**** 9M269M25 9M269M25 TRY mn 2025 3Q26 GP Margin Operating Expenses One-off Impact 3Q25 3Q26 21.8% 21.9% Amortization 7.0% -0.1% 1.0% 0.5% -3.0% 5.3% 2.9% 2.4% -10,983 -5,744
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Sensitivity: Internal / Non-Personal Data Guidance 3Q26 Financial Results
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Sensitivity: Internal / Non-Personal Data 2026 Initial Guidance Previous Guidance Revised Guidance* Revenue Türkiye (in TRY) Flattish Single digit decline Single digit decline International (in FX) Low single digit Low double-digit decline Adj. EBITDA Margin** 6.25% to 6.50% 6.25% to 6.50% 5.75% to 6.00% NWC / Sales c. 22% c. 22% c. 22% CAPEX c. EUR 250mn c. EUR 250mn EUR 200 mn – EUR 225mn • As the sale of our shares in the Arçelik–Hitachi JV remains subject to regulatory approvals and is expected to close within 12 months following the signing of the share purchase agreement on April 21, 2026, we are not reflecting any related change in our guidance at this point. ** Adj. EBITDA: GP – OPEX (excluding one-off expenses) + D&A. Adjustments mainly include one-off expenses. 2026 Guidance We are updating our 2026 guidance to reflect softer-than-expected demand, continued pricing pressure, regional conflict-related cost pressures and elevated operating expenses. We expect revenue to decline by a single-digit percentage in Türkiye in TRY terms and by a low double-digit percentage internationally in FX terms. We now expect an adjusted EBITDA margin of 5.75%–6.00%. We are lowering our capex guidance to EUR 200 million – EUR 225 million, reflecting continued discipline in capital spending.
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Sensitivity: Internal / Non-Personal Data Q&A 3Q26 Financial Results Arçelik Investor Relations
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Sensitivity: Internal / Non-Personal Data Contacts Investor Relations www.arcelikglobal.com investorrelations@arcelik.com Barış Alparslan Chief Financial Officer (+90) 212 314 39 01 Seçkin Aymak IR & Capital Markets Compliance Lead (+90) 212 314 39 56 Mine Şule Yazgan Finance & Enterprise Risk Executive Director (+90) 212 314 30 60 Burak Şimşek IR & Capital Markets Compliance Senior Lead (+90) 212 705 96 81 www.bekocorporate.com
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Sensitivity: Internal / Non-Personal Data Thank You! Investor Relations