Arçelik Q1 Report 2024

Resilient demand in Türkiye, slight recovery in international markets. Margin expansion thanks to eased costs in 1Q24.

• Consolidated revenues grew by 4.8% y/y in real terms.
• Wholesale & retail demand in Türkiye has grown substantially y/y, while the demand in international markets has shown recovery signs.
• EBITDA margin was 8.0% in 1Q24, up by 64 bps y/y thanks to declining raw material costs.
• Net Working Capital/Sales was 23.4% as of 1Q24.
• Leverage was 2.65x as of 1Q24.
• Beko Europe; transaction with Whirlpool completed on April 1, 2024 and MENA companies are acquired.

Highlights

• Revenue
• TRY72.3bn
• EBITDA Margin
• 8.0%
• OPEX/Sales 
• 25.3%
• NWC/Sales
• 23.4%
• Leverage
• 2.65x
• Whirlpool Transaction 
• April 1st