ARÇELİK A.Ş. — Interim / Quarterly Report 2022

Jan 26, 2023

4Q22 Financial Results

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January 25, 2023

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Sensitivity: Public

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4Q22 HIGHLIGHTS

TRY39.2bn

Revenue

9.1%

EBITDA Margin

22.2%

OPEX / Sales

21.0%

NWC / Sales

2.26x

Solid revenue growth momentum on track as further eased material costs contributed margin expansion..

Robust revenue growth of 74% y/y driven by price increases, higher units sold in Turkey and TRY depreciation. Organically, annual growth was 67%. On a quarterly basis, the revenue growth was 14% while organic growth were stood at 11%.

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Sell-out and sell-in were positive in Turkey mainly thanks to pull forward demand, while contraction in consumer demand continued in both West & East Europe.

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Eased costs, price increases and further improved OPEX/Sales ratio resulted in 42 bps q/q EBITDA margin expansion.

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Net Working Capital/Sales was 21.0% thanks to decreasing inventories and strong collection.

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Leverage was 2.26x, down by 0.42x compared to 3Q22 thanks to strong cash generation in the quarter.

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A new business partnership with Whirlpool in Europe and acquisition of Whirlpool’s MENA subsidiaries has been announced.

Leverage

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Sensitivity: Public

Overview of recent corporate actions; 4Q22 Financial Results Beko Europe & acquisition of Whirlpool’s MENA subsidiaries

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The NEWCO
75% [] 25% []
Stake ‘Beko Europe’ Stake
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25 European Subsidiaries / Country Offices

38 European Subsidiaries / Country Offices

• A new company (NEWCO) named ‘Beko Europe’ has been established.

• 24 million annual production capacity in total for European business.

• Arçelik will have the control of the NEWCO and fully consolidate.

• Around EUR6bn and EUR4.3bn combined revenues as of FY21 and 9M22, respectively.

~ 6,000 Employees

~ 14,400 Employees

Over EUR200mn cost synergies expected from footprint optimization, procurement and logistics.

2 Factories in Romania

• 14 Factories in Italy, Poland, Slovakia and The UK

• Apart from the NEWCO for European business, Arçelik will acquire Whirlpool’s MENA subsidiaries at an EV amount of EUR20mn subject to net working capital and net debt adjustment at closing date.

Brands to be owned by the NEWCO;

Grundig, Arctic, Elektrabregenz, Flavel and Leisure

Brands to be owned by the NEWCO;

Hotpoint, Indesit, Bauknecht, Privileg and Ignis

• Around EUR182mn revenue of Whirlpool’s MENA subsidiaries, as of FY21.

• Conditions: Subject to approval from regulatory authorities

Brands to be licensed to the NEWCO; Beko, Altus, Blomberg

Brands to be licensed to the NEWCO; Whirlpool

• Expected closing: Second half of 2023.

*The final ownership ratio will be determined by taking into account the EBITDA and net fixed asset value in the FY22 financials and based on net debt and net working capital after the closing financial statements are prepared. Sensitivity: Public

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Key Factors Sales / Margins

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REVENUE GROWTH GROSS MARGIN
74% [] 29.0%
Price increases on both quarterly & yearly basis Eased raw material costs
Significant TRY depreciation on a yearly basis Appreciated EUR against USD
Lower capacity utilisation on both quarterly &
Increased unit sales in Turkey on a yearly basis
yearly basis
28.8% 28.8% 29.0%
39,192
34,255
22,519
TRYmn
4Q21 3Q22 4Q22 4Q21 3Q22 4Q22
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4Q22 Financial Results

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EBITDA MARGIN

9.1%

Lower OPEX/Sales on a quarterly basis thanks to lower marketing and logistics expenses

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9.4% 9.1%
8.7%
4Q21 3Q22 4Q22
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*Includes inorganic revenue contribution of Indesit International JSC and Whirlpool RUS LLC acquisition. Organically, annual and quarterly revenue growth was 67% and 11% in 4Q22, respectively. Sensitivity: Public

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Operational Performance

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4Q22 Financial Results

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Solid revenue growth maintained in Turkey y/y in 4Q22 backed by higher units and price increases

4Q22 Financial Results

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MDA6*

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ARÇELİK y/y growth (%)
TURKEY y/y growth (%)
4% 5% 12%
(1%)
4Q21 4Q22
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AIR CONDITIONER*

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ARÇELİK y/y growth (%)
TURKEY y/y growth (%)
27% 34%
4%
(3%)
4Q21 4Q22
TELEVISION
ARÇELİK y/y growth (%)
TURKEY y/y growth (%)
0% 2%
(4%)
(19%)
11M21 11M22
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Turke Revenue Growth y

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112% 96%
24%
12,522
10,128 40,765
5,912 20,789
TRYmn
4Q21 3Q22 4Q22 2021 2022
Price increases on y/y & q/q Price increases
Unit growth in MDA6 (sell-in) y/y Unit growth in A/C (sell-in)
Unit contraction in MDA6 (sell-in)
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Turke Share in Total Revenue y

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4Q22
32%
26%
4Q21
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2022
30%
30%
2021
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MDA6 and A/C data (sell-in, in unit terms) is based on WGMA for 4Q22 period on a cumulative basis. *TV market reflects the data of a retail panel market for 11M22 period in unit terms on a cumulative basis. Sensitivity: Public

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Share in total revenue

Continued macroeconomic and politic challenges weighed on demand in both Western and Eastern Europe throughout 2022

4Q22 Financial Results

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26%
Share in total Western Europe
revenue
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MDA6 Market

y/y market unit growth

MDA6 Market

Eastern Europe

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18%
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y/y market unit growth

W. Europe

Germany

France

Great Britain

Italy

Spain

Belgium

Austria

11M22 9M22

• Further slowdown in consumer demand in Western Europe market in October & November, leading to high single digit contraction in 11M22, on a yearly basis.

• Great Britain has been worst performer among Western European countries with a demand contraction at mid-teens percentage.

• Despite having been contracted in unit terms, market remained flattish in 11M22 y/y in value terms, reflecting price increases and higher share of premium segment sales. Yet, this trend has been vanished in Oct-Nov 2022 period with c.2% y/y contraction in value terms.

Arçelik in Western Europe

• Flattish revenue in EUR terms in 4Q22 compared to a year ago.

• Consumer demand continued to contract by doubledigit percentage in 4Q22, leading to c.10% contraction in 2022 on a yearly basis.

• Market grew significantly at mid-teens percentage in value terms in 2022 on thanks mainly to strong price increases in the market.

Arçelik in Eastern Europe

• 46% y/y revenue growth in EUR terms thanks mainly to price increases and inorganic revenue contribution from recent acquisition. Organically, revenue growth was 16%.

2022 4Q22

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E. Europe

Russia

Poland

Romania

(20%) (10%) 0% 10% 20%

(20%) (10%) 0% 10% 20%

MDA6 market charts shows the growth of sell-out demand in both Western & Eastern Europe and reflect the data of a retail panel market. Eastern Sensitivity: Public European MDA6 market chart excludes Ukraine’s figures.

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Sound revenue growth in Africa & Middle East in 2022 APAC sales posted slight contraction in 4Q22 y/y

4Q22 Financial Results

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8%
Share in total
revenue
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Africa & Middle East

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14%
Asia-Pacific Share in total
revenue
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• Revenues from Africa & Middle East increased by c.27% y/y in 2022 in EUR terms thanks to significantly higher growth in both operations.

• Defy’s domestic unit sales were significantly higher in the fourth quarter compared to 3Q22 thanks mainly to Black Friday campaings. On a yearly basis, units were down by high single digit due to declining market. Export units were down by mid-to-high single digit on a quarterly basis and grew at low-teens on a yearly basis.

• Defy’s revenue increased by c.15% in EUR terms and by c.20% in ZAR terms q/q in 4Q22 thanks to unit growth and price increases and grew by c.13% in EUR terms and c.15% in ZAR terms y/y mainly thanks to price increases.

• Revenues from APAC were down by c.5% in EUR terms in 4Q22 y/y.

• In Pakistan, due to depreciated PKR against EUR, lower A/C sales and deteriorated purchasing power of consumers, units were contracted on both quarterly and yearly basis. Thus, net sales were down by c.9% q/q in PKR terms (c.11% in EUR terms). On a yearly basis, thanks to price increases, net sales were increased by c.6% in PKR terms while due to PKR depreciation, net sales were contracted by c.8% in EUR terms.

• In Bangladesh, net sales were increased by c.4% in BDT terms in 4Q22 y/y driven by higher television unit sales and price increases. In EUR terms, net sales were down by c.3% due to depreciated BDT against EUR.

• Defy further increased its market share significantly as of December 2022, compared to a year ago in South Africa and maintained its strong leadership in a declining demand environment.

• Beko Egypt registered c.29% y/y revenue growth in 4Q22 in EUR terms thanks mainly to price increases while on a quarterly basis, revenue fell by c.26% in EUR terms mainly due to the import regulation imposed in the country.

• Groundbreaking ceremony has been organised in Egypt for USD100mn greenfield investment which is expected to be established in 2023.

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Raw material prices were further eased in 4Q22 However, still quite above pre-pandemic levels

Average Metal Prices Index - Market

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2022 122
4Q22 101
3Q22 108
2Q22 135
1Q22 141
2021 127
4Q21 132
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• Continued easing of metal raw material prices as a result of further shrunk in demand.

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4Q22 Financial Results

Average Plastic Prices Index - Market

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2022 175
4Q22 156
3Q22 176
2Q22 195
1Q22 175
2021 159
4Q21 166
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• Increased oil, gas and energy prices due to the war between Russia & Ukraine impacted plastic raw material prices negatively starting from March.

• Declining energy prices resulted in further lower plastic prices in 4Q22.

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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4Q22 Financial Results

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Resilient revenue composition through diversification

4Q22 Financial Results

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Sales Bridge

Sales Breakdown by Geography

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74.0% y/y 4Q22
1,504 12%
6,953
9.1%
1,607 y/y 2% [1%] 17%
32%
6,609 41.9% 26,670 3% 26%
9.7%
y/y y/y 5% 2%
37.688 3%
111.8%
16,606 22.519 y/y 29.128 30.735 5%3% 4Q21
Turkey
12,522
TRYm 5,912 18% 14%
Western Europe
31%
4Q21 TR Organic INT Organic INT FX Acquisition 4Q22
Impact Impact CIS & Eastern Europe
26%
Africa
96.4% y/y
2022
Middle East
10,637
14% Pakistan
29,905 22.4%
5,214 y/y 2% 12% 30% Bangladesh
93,151
19,976 11.0% 63.1%y/y 3% 3%2% 31% Other
y/y 123.279 4% 2%
96.1%
47,396 y/y 88.160 93.374 5%
68.184 6% 2021
40,765
TRYm 20,789 14%
2021 TR Organic INT Organic INT FX Acquisition 2022
15% 30%
Impact Impact
26%
International Turkey
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Financial Performance

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4Q22 Financial Results

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Summary financials

4Q22 Financial Results

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TRYmn 4Q22 4Q21 y/y 3Q22 q/q Revenue 39.192 22.519 74% 34.255 14% Gross Profit 11.377 6.477 76% 9.861 15% EBIT 2.663 1.447 84% 2.100 27% EBIT - exc. one-off items 2.663 1.156 130% 2.046 30% Profit Before Tax 2.231 974 129% 231 864% Net Income 2.664 893 198% 495 438% Net Income -exc. one-off items 1.265 601 110% 441 187% EBITDA 3.582 2.106 70% 2.986 20% EBITDA -exc. one-off items 3.582 1.814 97% 2.932 22% Gross Profit Margin 29,0% 28,8% 27 bps 28,8% 24 bps EBIT Margin 6,8% 6,4% 37 bps 6,1% 66 bps EBIT Margin -exc. one-off items 6,8% 5,1% 166 bps 6,0% 82 bps Net Profit Margin 6,8% 4,0% 283 bps 1,4% 535 bps Net Profit Margin -exc. one-off items 3,2% 2,7% 56 bps 1,3% 194 bps EBITDA Margin 9,1% 9,4% (21 bps) 8,7% 42 bps EBITDA Margin -exc. one-off items 9,1% 8,1% 108 bps 8,6% 58 bps

2022 2021 y/y 133.916 68.184 96% 39.493 20.478 93% 8.676 5.360 62% 8.593 5.068 70% 4.218 3.623 16% 4.723 3.251 45% 3.242 2.959 10% 11.986 7.206 66% 11.903 6.914 72% 29,5% 30,0% (54 bps) 6,5% 7,9% (138 bps) 6,4% 7,4% (102 bps) 3,5% 4,8% (124 bps) 2,4% 4,3% (192 bps) 9,0% 10,6% (162 bps) 8,9% 10,1% (125 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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Deleveraging backed by cash generation

4Q22 Financial Results

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Debt Currency & Rates Breakdown

Net Debt & Leverage

Currency	Effective Interest Rate	Original Currency	TRY Equivalent	Share
	p.a.	(mn)	(mn)	(%)
TRY	21,6%	5.666	5.666	11,5%
EUR	2,5%	588	11.716	23,9%
USD	7,6%	54	1.009	2,1%
GBP	5,3%	7	161	0,3%
ZAR AUD PKR BDT	6,4% 3,3% 16,0% 7,0%	1.093 29 37.706 5.901	1.208 363 3.093 1.071	2,5% 0,7% 6,3% 2,2%
RUB	13,0%	10	3	0,0%
RON	7,1%	141	566	1,2%
PLN	7,8%	138	588	1,2%
NOK	3,9%	26	49	0,1%
SEK	1,0%	95	170	0,3%
IDR	8,4%	90.872	109	0,2%
MYR	6,0%	32	136	0,3%
THB	4,4%	185	100	0,2%
TOTAL LOANS			26.007	53,0%
USD	5,0%	506	9.463	19,3%
EUR	3,0%	356	7.098	14,5%
TRY	22,6%	6.496	6.496	13,2%
TOTAL BOND			23.057	47,0%
TOTAL			49.064

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2,68 EUR 2,5% 588 11.716 23,9%
USD 7,6% 54 1.009 2,1%
2,40 2,26 GBP 5,3% 7 161 0,3%
ZAR 6,4% 1.093 1.208 2,5%
Acq. impact: 0.29x
AUD 3,3% 29 363 0,7%
2,11 PKR 16,0% 37.706 3.093 6,3%
28,116 26,895 BDT 7,0% 5.901 1.071 2,2%
RUB 13,0% 10 3 0,0%
RON 7,1% 141 566 1,2%
PLN 7,8% 138 588 1,2%
16,565 NOK 3,9% 26 49 0,1%
SEK 1,0% 95 170 0,3%
IDR 8,4% 90.872 109 0,2%
MYR 6,0% 32 136 0,3%
THB 4,4% 185 100 0,2%
TOTAL LOANS 26.007 53,0%
TRYmn USD 5,0% 506 9.463 19,3%
EUR 3,0% 356 7.098 14,5%
4Q21 3Q22 4Q22 TRY 22,6% 6.496 6.496 13,2%
TOTAL BOND 23.057 47,0%
TOTAL 49.064
Cash Currency Breakdown Debt Currency Breakdown Debt Maturity Profile
TRY24.5bn (EUR1.2bn) TRY49.1bn (EUR2.5bn) TRY49.1bn (EUR2.5bn)
14% 16% 8%
Other Other 21% 17% 2027+
USD 2026
13%
39%
TRY 70%
USD 2% 2023
5% 2025
25%
CNY 3%
TRY
9% 38% 2024
RUB 20% EUR
EUR
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Sensitivity: Public

Strong focus on NWC/Sales improvement paid off 4Q22 Financial Results posting significant amount of free cash flow in 4Q22

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EBITDA Margin
4Q21 4Q22
Non-cash
GP Margin OPEX/Sales
Items
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Working Capital/Sales

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27.7% 28.3%
26.3% 26.3%
21.0%
2021 1Q22 2Q22 3Q22 4Q22
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CAPEX/Sales

Free Cash Flow

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5.5%
4.1%
4Q21 4Q22
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3,345
TRYmn 91
4Q21 4Q22
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Guidance

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4Q22 Financial Results

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2022 Guidance

4Q22 Financial Results

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Revenue Actual

• Turkey (in TRY) >70% growth 96% growth

• • International (in FX) >20% growth 18% growth

• • Consolidated (in TRY) >90% growth 96% growth

• EBITDA Mar in c.9.5% 9.0% g

• WC/Sales c.25% 21.0% CAPEX c.260 mio EUR c.220 mio EUR

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2023 Guidance

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Revenue

4Q22 Financial Results

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• Turkey (in TRY) c.45% growth

• • International (in FX) c.6% growth

• • Consolidated (in TRY) c.45% growth

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EBITDA Mar in c.10%
g
WC/Sales 23% - 25%
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CAPEX c.300 mio EUR
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Q&A

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4Q22 Financial Results

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Appendix

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4Q22 Financial Results

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Margins by segments

4Q22 Financial Results

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Consolidated

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28,8% 28,8% 29,0% 50.000
30,0%
45.000
39.192
25,0% 40.000
34.255
35.000
20,0%
30.000
15,0% 22.519 25.000
20.000
10,0% 15.000
10.000
5,0%
5.000
0,0% 0
4Q21 3Q22 4Q22
Revenue Gross Margin
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White Goods

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45.000
30,0% 29,5% 28,4% 29,1%
40.000
25,0% 35.000
29.617
27.529 30.000
20,0%
25.000
15,0% 17.684 20.000
10,0% 15.000
10.000
5,0%
5.000
0,0% 0
4Q21 3Q22 4Q22
Revenue Gross Margin
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Consumer Electronics

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5.000
30,0% 28,0%
25,6% 4.500
25,0% 4.000
3.372
3.500
20,0% 18,1% 3.000
15,0% 2.029 2.126 2.500
2.000
10,0% 1.500
1.000
5,0%
500
0,0% 0
4Q21 3Q22 4Q22
Revenue Gross Margin
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Other
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35,0% 32,1% 32,4% 10.000
29,3% 9.000
30,0%
8.000
25,0% 6.203 7.000
6.000
20,0%
4.599
5.000
15,0% 4.000
2.806
10,0% 3.000
2.000
5,0%
1.000
0,0% 0
4Q21 3Q22 4Q22
Revenue Gross Margin
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Close watch on FX risk, proactively taken actions

4Q22 Financial Results

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3,9%
TRYm Before Hedge Hedged Position Net Position
4,0%
2,9%
2,9%1,7%
2,0% EUR (10,717) 10,356 (361)
0,7% 0,0% USD (2,826) 3,306 480
0,4% 0,3%0,3%
-0,5%
-1,1% -1,2% -1,2% -1,2% -2,0% GBP 1,045 (1,255) (209)
-1,7%
-2,1%-2,0% -3,6% -2,4% -2,6%
-2,5% -2,9% -3,2% -4,0%
-3,7% Other (751) 379 (372)
-4,1% -5,1%
-4,1% -6,0%
-5,7% TOTAL (13,248) 12,785 (463)
-6,6%
-8,0%
Net FX Position / Equity (1.7%)
16 Q1 16 Q2 16 Q3 16 Q4 17 Q1 17 Q2 17 Q3 17 Q4 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
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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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4Q22 Financial Results

Öktem Söylemez Investor Relations Lead (+90) 212 705 96 81

Investor Relations App

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www.arcelikglobal.com investorrelations@arcelik.com

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4Q22 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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