ARÇELİK A.Ş. — Interim / Quarterly Report 2023

Jul 21, 2023

2Q23 Financial Results

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July 21, 2023

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2Q23 HIGHLIGHTS

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

TRY46.9bn

Revenue

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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%.

10.8%

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Strong wholesale & retail sales in Türkiye while international markets have experienced a persistent decline in demand.

EBITDA Margin

23.6%

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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.

OPEX / Sales

24.4% Net Working Capital/Sales was 24.4% as of 2Q23. NWC / Sales Leverage was down to 2.45x, despite FX conversion impact, thanks to increased EBITDA. 2.45x

Leverage

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Key Factors Sales / Margins

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----- Start of picture text ----- REVENUE GROWTH GROSS MARGIN45% [*] 31.9%Strong unit growth in Türkiye Lower raw material costs on both q/q & y/yTRY depreciation on both q/q & y/y Favorable EURUSD parity on both q/q & y/yPrice increases on both q/q & y/y Higher capacity utilisation on q/qInorganic revenue growth on y/y46,94831.9%31.1%39,891 29.6%32,305TRYmn2Q22 1Q23 2Q23 2Q22 1Q23 2Q23----- End of picture text -----

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2Q23 Financial Results

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EBITDA MARGIN

10.8%

Better gross profitability on both q/q & y/y

Improved OPEX/Sales on both q/q & y/y thanks to lower transportation costs

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----- Start of picture text ----- 10.8%9.3%7.6%2Q22 1Q23 2Q23----- End of picture text -----

*Includes inorganic revenue contribution of Indesit International JSC and Whirlpool RUS LLC and Asogem acquisitions. Organically, annual revenue growth was 38% in 2Q23. Sensitivity: Public

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Operational Performance

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2Q23 Financial Results

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Another quarter of substantial revenue growth in Türkiye 2Q23 Financial Results supported by strong demand and strategic pricing initiatives

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MDA6*

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----- Start of picture text ----- ARÇELİK y/y growth (%)TÜRKİYE y/y growth (%)31% 30%(10%)(19%)Apr-May 22 Apr-May 23----- End of picture text -----

AIR CONDITIONER*

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----- Start of picture text ----- ARÇELİK y/y growth (%)TÜRKİYE y/y growth (%)128%82%56%40%Apr-May 22 Apr-May 23----- End of picture text -----

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----- Start of picture text ----- TELEVISION**ARÇELİK y/y growth (%)TÜRKİYE y/y growth (%)25%11%2%(6%)5M22 5M23----- End of picture text -----

Türki e Revenue Growth y

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----- Start of picture text ----- 89%22%Unit growth in MDA618,39815,024 Unit growth in A/C9,737Price increasesTRYmn2Q22 1Q23 2Q23----- End of picture text -----

Türki e Share in Total Revenue y

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----- Start of picture text ----- 2Q23 6M2330% 39% 30% 38%2Q22 6M22----- End of picture text -----

***MDA6 and A/C data (sell-in, in unit terms) is based on WGMA for April-May period on a cumulative basis. TV market reflects the data of a retail panel market for 5M23 period in unit terms on a cumulative basis. Sensitivity: Public

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14%

Share in total revenue

Further weakness has been experienced in European markets

2Q23 Financial Results

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----- Start of picture text ----- 22%Share in total Western Europerevenue----- End of picture text -----

MDA6 Market

y/y market growth in unit terms

MDA6 Market

Eastern Europe

y/y market growth in unit terms

5M23 1Q23

• The slowdown in consumer demand in the Western European market accelerated after 1Q23, leading to a high single digit contraction in unit terms on a yearly basis in 5M23.

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----- Start of picture text ----- W. Europe----- End of picture text -----

Germany

• Price increases across the industry were not enough to cover unit contraction and the market has been contracted in value terms at close to mid single digit percentage in 5M23.

France

Great Britain

• Consumer demand has fallen at double-digit percentage in Germany and France in April-May period on a cumulative basis.

Italy

Arçelik in Western Europe

Spain

• The decrease in units sold was somewhat offset by higher prices, but this still led to a decline in revenue of around low-single digits in EUR terms y/y in 2Q23.

Belgium

Austria

• Arçelik’s price index as a group has been increased in 5M23 in Western Europe.

• (20%) (10%) 0% 10% 20%

• Cycling quite a low base, consumer demand in Russia grew significantly in both months of April and May.

• Demand continued to fall in other major countries in Eastern Europe.

• Excluding Russia, despite industry-wide price increases, the market shrank by high single digit percentage in value terms during the first four months of 2023 on a yearly basis.

Arçelik in Eastern Europe

• 20% y/y revenue growth in EUR terms thanks mainly to price increases and inorganic growth.

5M23 1Q23

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E. Europe*

Russia

Poland

Romania

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----- Start of picture text ----- (30%) (20%) (10%) 0% 10% 20% 30%----- End of picture text -----

*MDA6 market charts and the market positionings reflect the data of a retail panel market. Annual Sensitivity: Public growth in 4M23 and excludes Russia.

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Key operating geographies were still affected by weak demand

2Q23 Financial Results

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----- Start of picture text ----- 6%Share in totalrevenue----- End of picture text -----

Africa & Middle East

Asia-Pacific

• Revenues from APAC were down by c.11% in EUR terms in 2Q23 y/y. The contraction was primarily as a result of weak demand environment.

• Revenues generated from Africa & Middle East contracted by c.25% y/y in 2Q23 in EUR terms, reflecting the weakness of demand.

• Defy’s domestic and export unit sales were contracted in the second quarter on a yearly basis due to declining markets, yet with a lower pace.

  • In Pakistan, net sales were decreased by c.23% y/y in PKR terms as a result of lower units sold due to unfavourable economic conditions, adversely affecting the consumer demand and market size. In EUR terms, net sales were contracted by c.48%, reflecting the further depreciation of PKR.

• Unit contraction was offset by price increases and Defy’s net sales increased by c.1% in ZAR terms. In EUR terms, net sales were contracted at around high-teens percentage, reflecting the further depreciated ZAR against EUR.

  • In Bangladesh, net sales were significantly up by c.34% in BDT terms in 2Q23 y/y thanks mainly to unit growth in major products such as refrigerator, TV, washing machine and air conditioner, together with price increases. Despite further depreciation of BDT against EUR, net sales increased by c.9% y/y in 2Q23 in EUR terms.

• Following the first quarter of 2023, contraction of consumer demand in South Africa has experienced a slow down, yet there is still persistent weakness in demand. Defy maintained its strong market leadership as of June 2023.

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----- Start of picture text ----- 17%----- End of picture text -----

Share in total revenue

• Despite lower units sold in 2Q23, Beko Egypt’s revenue increased by c.29% y/y in EUR terms, attributable to pricing initiatives.

• Compared to the first four months of 2022, MDA6 market contracted at mid-single digit percentage in Egypt. In this period, Beko increased its market share in the country, in both unit and value terms.

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Further decline in raw material prices have been supportive

2Q23 Financial Results

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Average Metal Prices Index - Market

Average Plastic Prices Index - Market

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----- Start of picture text ----- 2Q23 1051Q23 1112022 1224Q22 1023Q22 1102Q22 1361Q22 1412021 127----- End of picture text -----

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----- Start of picture text ----- 2Q23 1471Q23 1542022 1754Q22 1563Q22 1762Q22 1951Q22 1752021 159----- End of picture text -----

• Metal raw material prices have contracted on both quarterly and yearly basis mainly due to declined global demand and decreased energy & input costs.

• In Turkey metal raw material prices have been higher compared to other countries, primarily due to tax hikes on steel products and the sudden surge in demand & the decline in supply after the earthquake.

• Plastic raw material prices declined on both quarterly and yearly basis in 2Q23 as a result of lower demand and decreased energy and transportation costs.

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

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

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Sales Performance

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2Q23 Financial Results

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Resilient revenue composition through diversification

Sales Bridge

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----- Start of picture text ----- 45.3% y/y5.133 1.5216.7%8.662 672 22.7% y/yy/y 28,5503.0%89.0% y/yy/y 46.77122,568 40.966 41.63832.30518,398TRYm 9,7372Q22 TR Organic INT Organic INT FX Acquisition 2Q23Impact ImpactInternational Türkiye----- End of picture text -----

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2Q23 Financial Results

Sales Breakdown by Geography

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----- Start of picture text ----- 2Q23Türkiye13%Western Europe3% 15%3% CIS & Eastern Europe30%2% 3% 39%5% Africa4%3% 2Q22Middle East6%Pakistan14%13%24%BangladeshOther22%----- End of picture text -----

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Financial Performance

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2Q23 Financial Results

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Summary financials

2Q23 Financial Results

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TRYmn2Q232Q22y/y1Q23q/qRevenue46.94832.30545%39.89118%Gross Profit14.9989.56857%12.41621%EBIT3.9581.602147%2.69347%EBIT - exc. one-off items3.9581.602147%2.69347%Profit Before Tax1.126304271%71059%Net Income683340101%1.159(41%)Net Income -exc. one-off items683340101%1.159(41%)EBITDA5.0472.418109%3.69137%EBITDA -exc. one-off items5.0472.418109%3.69137%Gross Profit Margin31,9%29,6%233 bps31,1%82 bpsEBIT Margin8,4%5,0%347 bps6,8%168 bpsEBIT Margin -exc. one-off items8,4%5,0%347 bps6,8%168 bpsNet Profit Margin1,5%1,1%40 bps2,9%(145 bps)Net Profit Margin -exc. one-off items1,5%1,1%40 bps2,9%(145 bps)EBITDA Margin10,8%7,5%327 bps9,3%150 bpsEBITDA Margin -exc. one-off items10,8%7,5%327 bps9,3%150 bps

6M236M22y/y86.83960.46944%27.41418.25550%6.6513.88471%6.6513.88471%1.8371.7555%1.8421.56418%1.8421.56418%8.7385.38862%8.7385.38862%31,6%30,2%138 bps7,7%6,4%124 bps7,7%6,4%124 bps2,1%2,6%(47 bps)2,1%2,6%(47 bps)10,1%8,9%115 bps10,1%8,9%115 bps

*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. Sensitivity: Public **Net income before minority

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Further improvement in leverage through increased EBITDA

2Q23 Financial Results

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----- Start of picture text ----- Net Debt & Leverage Debt Currency & Rates BreakdownCurrency Effective Interest Rate Original Currency TRY Equivalentp.a. (mn) (mn)TRY 16.1% 1,157 1,1573,16 60.000.000 EUR 5.5% 1,149 32,3373,00 USD 6.3% 117 3,0302.56 GBP 0.0% 6 2072,50 2,45 50.000.000 ZARAUD 5.8%9.7% 1,09229 1,51650637,465 40.000.000 PKR 21.8% 24,638 2,2132,00 32,561 BDT 7.6% 7,937 1,89629,374 RUB 10.5% 444 13530.000.0001,50 RON 7.6% 128 724PLN 8.2% 71 45220.000.000 SEK 3.4% 92 2211,00 IDR 8.4% 94,622 163MYR 6.0% 33 1820,50 10.000.000 THB 5.2% 437 321TRYmn TOTAL LOANS 45,0610,00 0 EUR 3.0% 351 9,8826M22 3M23 6M23 TRY 25.7% 6,276 6,276TOTAL BOND 16,158Net Debt Leverage TOTAL 61,219----- End of picture text -----

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----- Start of picture text ----- Cash Currency Breakdown Debt Currency Breakdown Debt Maturity ProfileTRY28.7bn (EUR1.0bn) TRY61.2bn (EUR2.2bn) TRY61.2bn (EUR2.2bn)5%14% 14% USD 11%30% USD Other 2027+Other 21%12% 2026 48%TRY 20232%35%21% EUR 2025TRY69% 18%EUR 2024----- End of picture text -----

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EBITDA margin expansion on eased costs & improved OPEX/Sales 2Q23 Financial Results FCF under pressure due to higher CAPEX and increased NWC

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EBITDA Margin

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----- Start of picture text ----- 2Q22 2Q23Non-cashGP Margin OPEX/SalesItems----- End of picture text -----

Working Capital/Sales

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----- Start of picture text ----- 24.4%22.7%21.0%2022 1Q23 2Q23----- End of picture text -----

CAPEX/Sales

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----- Start of picture text ----- 4.8%3.3%2Q22 2Q23----- End of picture text -----

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----- Start of picture text ----- Free Cash Flow(1.205)TRYmn(4.261)2Q22 2Q23----- End of picture text -----

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Guidance

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2Q23 Financial Results

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2023 Guidance

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Revenue

2Q23 Financial Results

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• Turkey (in TRY) c.60% growth

• • International (in FX) b/w c. (-) 2% and c.+2%

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----- Start of picture text ----- EBITDA Mar in c.10.5%gWC/Sales <25%----- End of picture text -----

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CAPEX c.300 mio EUR

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Q&A

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2Q23 Financial Results

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Appendix

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2Q23 Financial Results

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Margins by segments

2Q23 Financial Results

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Consolidated

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----- Start of picture text ----- 31,1% 31,9% 60.00029,6%30,0%46.948 50.00025,0% 39.89140.00020,0% 32.30530.00015,0%20.00010,0%5,0% 10.0000,0% 02Q22 1Q23 2Q23Revenue Gross Margin----- End of picture text -----

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----- Start of picture text ----- White Goods----- End of picture text -----

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----- Start of picture text ----- 32,3% 33,0% 60.00029,6%30,0%50.00025,0%35.091 40.00020,0% 30.78524.616 30.00015,0%20.00010,0%5,0% 10.0000,0% 02Q22 1Q23 2Q23Revenue Gross Margin----- End of picture text -----

Consumer Electronics

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----- Start of picture text ----- 6.00030,0% 27,5%23,4% 5.00025,0%20,0%4.00020,0%2.9562.7963.00015,0%1.88810,0% 2.0005,0% 1.0000,0% 02Q22 1Q23 2Q23Revenue Gross Margin----- End of picture text -----

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----- Start of picture text ----- Other----- End of picture text -----

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----- Start of picture text ----- 30,5% 30,8% 30,6%30,0%9.061 10.00025,0%20,0%6.1515.80015,0%10,0%5,0%0,0% 02Q22 1Q23 2Q23Revenue Gross Margin----- End of picture text -----

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Close watch on FX risk, proactively taken actions

2Q23 Financial Results

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----- Start of picture text ----- 3,9%500 1,7% 2,9% 4,0%2,9%0 2,0%-500 0,0%0,7%-1,2% -1.000 0,3% 0,3% -2,0%-0,5%-1,2% -1,2%-1.500 -1,7% -4,0%-2,4% -2,6%-3,6% -2,9% -3,2%-2.000 -5,1% -6,0%-4,1%-2.500 -6,6% -8,0%-6,5%-3.000 -10,0%-3.500 -12,0%-4.000 -14,0%-13,0%18 Q1 18 Q2 18 Q3 18 Q4 19 Q1 19 Q2 19 Q3 19 Q4 20 Q1 20 Q2 20 Q3 20 Q4 21 Q1 21 Q2 21 Q3 21 Q4 22 Q1 22 Q2 22 Q3 22 Q4 23 Q1 23 Q2----- End of picture text -----

TRYm	Before Hedge	Hedged Position	Net Position
EUR	(27,910)	26,068	(1,842)
USD	(2,228)	3,238	1,010
GBP	1,552	(1,591)	(39)
Other	(818)	(519)	(1,337)
TOTAL	(29,404)	26,804	(2,209)
Net FX Position / Equity			(6.5%)

Net FX Position Net FX/Equity

• FX hedging is a strictly pursued policy in Arçelik since more than 30 currencies are actively managed in global operations.

• It is a KPI for the company management not to have a FX exposure exceeding low single-digit % of equity.

• The primary strategy on balance sheet hedging mainly through cash, receivables, payables and financial liabilities, and the remaining part is hedged through financial derivatives.

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Contacts

Özkan Çimen

CFO

(+90) 212 314 39 01

Mine Şule Yazgan

Finance & Enterprise Risk Executive Director

(+90) 212 314 30 60

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2Q23 Financial Results

Öktem Söylemez

Investor Relations Senior Lead

(+90) 212 705 96 81

www.arcelikglobal.com investorrelations@arcelik.com

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2Q23 Financial Results

Disclaimer

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This presentation contains information and analysis on financial statements as well as forwardlooking statements that reflect the Company management’s current views with respect to certain future events. Although it is believed that the information and analysis are correct and expectations reflected in these statements are reasonable, they may be affected by a variety of variables and changes in underlying assumptions that could cause actual results to differ materially.

Neither nor of its or nor other shall have Arçelik any managers employees any person any liability whatsoever for any loss arising from the use of this presentation.

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Thank You!

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