ARÇELİK A.Ş.

Earnings Release • Apr 26, 2024

1Q24 Financial Results

April 26, 2024

Arçelik Investor Relations

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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.

Accordingly, this presentation on the first quarter 2024 financial results contain 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 does contain 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.

1Q24 HIGHLIGHTS

TRY72.3bn

Revenue

8.0%

EBITDA Margin

25.3%

OPEX/Sales

23.4%

NWC/Sales

2.65x

Leverage

April 1st

Whirlpool Transaction

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.

Key Factors Sales/Margins

MDA6 sales

Operational Performance 1Q24 Financial Results

Robust growth in consumer demand and sustained strong leadership in Türkiye

Sensitivity: Internal / Non-Personal Data

* MDA6 and A/C data (sell-in, in unit terms) is based on WGMA for the given periods. ** TV market reflects the data of a retail panel market for the given period in unit terms.

MDA6 market charts and the market positionings reflect the data of a retail panel market for the given period in unit terms.

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terms

Demand was growing in Africa & Middle East region whereas it was still weak in Asia-Pacific y/y

Share in total Africa & Middle East Asia revenue -Pacific

• Revenues generated from Africa & Middle East grew by 11% y/y in 1Q24 in EUR terms which is majorly caused by the solid revenue growth in Middle East.
• Defy's both domestic unit sales and exports increased substantially y/y by 44% and 24% respectively, whereas sales reflects contraction by 16% compared to previous quarter in units for both domestic sales and exports.
• Defy's net sales increased by 16% in ZAR terms in 1Q24 y/y contrary to decrease of 21% in quarterly basis. In EUR terms, net sales growth was 7.6% y/y as a result of depreciated ZAR against EUR.
• South African MDA6 market has grown by 10.5% y/y in 2M24 where Defy maintained its strong market leadership.
• In Egypt, MDA6 market demand seemed flattish y/y in 2M24 in unit terms, however the growth was substantial in EUR terms, 43.4%. Beko Egypt has continued to outperform the market and gained market share in unit terms y/y in 1Q24.
• Beko Egypt posted a solid revenue growth of %125 in EUR terms y/y in 1Q24.

• Revenues generated from APAC were down by 4.4% in EUR terms in 1Q24 y/y. The contraction was primarily as a result of ongoing weak demand environment.
• In Pakistan, net sales remained flattish y/y in 1Q24 in EUR terms inspite the growth around 10% in PKR terms due to the depreciation of the local currency against EUR. However, net sales have grown by 18% in EUR terms compared to previous quarter, reflecting the growing trend in demand.
• In Bangladesh, limited growth in EUR terms has been observed y/y in 1Q24.

9% Share in total revenue

Softened raw material prices throughout 2023

• Metal raw material prices contracted substantially y/y mainly due to declined global demand, increased policy rates and decreased energy & input costs whereas the change of prices deaccelerated for the last quarters.

Source: Steel BB, Steel Orbis Index includes: CRC, HRC, Galvanized Steel, Stainless Steel, Copper, Aluminium

Average Plastic Prices Index - Market

• Plastic raw material prices remained flattish y/y. However, there is a slight increase in the last quarter.

Source: ICIS - Chemical Industry News & Chemical Market Intelligence Index includes: ABS, Polystyrene, Polyurethane, Polypropylene

Sales Performance 1Q24 Financial Results

Sales Bridge Sales Breakdown by Geograpy

Financial Performance 1Q24 Financial Results

Summary Financials

TRYmn	1Q23*	1Q24	y/y
Revenue	68.969	72.265	5%
Gross Profit	19.842	21.447	8%
EBIT**	2.460	3.153	28%
Net Financial Income/Expense	(3.399)	(5.052)	49%
Monetary Gain/Loss	2.810	3.241	15%
Profit Before Tax	1.677	1.281	(24%)
Net Income***	1.435	538	(62%)
EBITDA	5.049	5.751	14%

Gross Profit Margin	28,8%	29,7%	91 bps
EBIT Margin	3,6%	4,4%	80 bps
Monetary Gain(Loss)/Sales	4,1%	4,5%	41 bps
Net Income Margin	2,1%	0,7%	(134 bps)
EBITDA Margin	7,3%	8,0%	64 bps

* 1Q23 results are indexed by roughly 1,685 for inflation adjustment.

** EBIT was calculated by deducting the impact of FX gains and losses arising from trade receivables & payables, credit finance income and charges and cash discount expense and adding income & expenses from sale of property plant and equipment. *** Net income before minority.

Leverage maintained at healthy levels

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** Average effective TRY, EUR, USD funding (loans + bonds) rate was 47.9%, 3.9% and 8.5%, respectively. *** The average duration of the consolidated debt portfolio was 2 years.

Key Performance Indicators

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* NWC period end / annualized quarterly sales ** CAPEX / annualized quarterly sales

Guidance 1Q24 Financial Results

2024 Guidance

	Guidance*
Revenue
Türkiye (in TRY)	Flattish
International (in FX)	c.2%
EBITDA Margin	c.8%
NWC/Sales	<25%
CAPEX	c.300 EUR mio

1Q24 Financial Results

Arçelik Investor Relations

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Contacts

Özkan Çimen Chief Financial Officer (+90) 212 314 34 34

Mine Şule Yazgan Finance & Enterprise Risk Executive Director (+90) 212 314 30 60

Delal Alver Capital Markets Compliance Senior Lead (+90) 212 314 39 56

Sezer Ercan Investor Relations Senior Lead (+90) 212 705 96 81

www.arcelikglobal.com investorrelations@arcelik.com

Thank You!