Arcelik Q2 Report 2023

 

Consolidated revenue growth continued to be resilient in 2Q23. Improved operating margins on the back of further eased costs and strong Türkiye performance.

• Consolidated revenue growth of 45% y/y driven by strong unit growth in Türkiye, price increases, TRY depreciation and inorganic revenue contribution. Organically, annual growth was 38%. On a quarterly basis, revenue growth was 18%.

1. Strong unit growth in Türkiye
2. TRY depreciation on both q/q & y/y
3. Price increases on both q/q & y/y
4. Inorganic revenue growth on y/y

• Strong wholesale & retail sales in Türkiye while international markets have experienced a persistent decline in demand.
• EBITDA margin was 10.8%, up by 150 bps q/q and 327 bps y/y thanks to eased raw material costs and improved OPEX/Sales.
• Net Working Capital/Sales was 24.4% as of 2Q23.