Ulker Biskuvi stock weighs resilient profit against weaker sales

Ulker Biskuvi (ISIN TRAULKER91D8) closed at TRY 88.10 on Borsa Istanbul on September 25, 2026, up 0.69 percent from the prior close of TRY 87.50. The latest operating update shows a sharp split between weaker revenue and stronger bottom-line performance.

Revenue falls as profit rises

In its Q2 2026 earnings call on August 19, 2026, Yahoo Finance reported that revenue declined 11.4 percent to TRY 27 billion, while net income increased 45.5 percent year over year to TRY 1.4 billion. The contrast reflects promotional pressure, inflation accounting and cost challenges across the business.

The margin picture was weaker. Q2 EBITDA was TRY 2.8 billion, equal to a 7.4 percent margin compared with 14.6 percent in the prior-year quarter, while net income margin improved to 5.1 percent from 3.1 percent, according to Yahoo Finance.

TRY 150 target follows TRY 126

A September 14, 2026, update from Simply Wall St said the fair value estimate for Ulker Biskuvi rose to TRY 150 from TRY 126. The update cited revised assumptions for revenue growth, profit margins and future valuation multiples.

That target is TRY 61.90 above the September 25 closing price, or 70.26 percent higher. The comparison highlights the gap between valuation expectations and the stock's recent market level, while the earnings data show that margin recovery remains central to the investment case.

52-week range spans TRY 82.35 to TRY 141.70

Ulker Biskuvi's September 25 session ranged from TRY 87.15 to TRY 88.60, with volume of 1,883,556 shares. The market capitalization was TRY 32.5 billion as of that session, and the 52-week range extended from TRY 82.35 to TRY 141.70.

For investors, the key tension is visible in the numbers: net income growth has held up in Q2 2026, but revenue and EBITDA margins have weakened. The next market checkpoint is whether volume resilience can translate into improved value growth and profitability.

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