Arcelik AS
F:RCAA
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Arcelik AS
F:RCAA
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Arcelik AS
Arçelik AS makes home appliances and consumer electronics for everyday use. Its main products include refrigerators, washing machines, dishwashers, ovens, air conditioners, vacuum cleaners, and small kitchen appliances. It sells these products under its own brands and also makes some products for other brands and retailers through contract manufacturing. The company serves households as its main customers, along with distributors, appliance stores, builders, and large retail chains. It earns money by manufacturing and selling finished appliances, spare parts, and related services such as installation and after-sales support. In many markets, it reaches customers through both physical retail channels and online sales partners. What sets Arçelik apart is its role as a large-scale appliance maker with a broad product range and a strong position in the supply chain. It sits between component suppliers and the end consumer, turning parts and designs into finished products that are sold through retail networks around the world. That gives it a mix of branded consumer sales and manufacturing work for third parties, which makes its business less dependent on any single product or channel.
Arçelik AS makes home appliances and consumer electronics for everyday use. Its main products include refrigerators, washing machines, dishwashers, ovens, air conditioners, vacuum cleaners, and small kitchen appliances. It sells these products under its own brands and also makes some products for other brands and retailers through contract manufacturing.
The company serves households as its main customers, along with distributors, appliance stores, builders, and large retail chains. It earns money by manufacturing and selling finished appliances, spare parts, and related services such as installation and after-sales support. In many markets, it reaches customers through both physical retail channels and online sales partners.
What sets Arçelik apart is its role as a large-scale appliance maker with a broad product range and a strong position in the supply chain. It sits between component suppliers and the end consumer, turning parts and designs into finished products that are sold through retail networks around the world. That gives it a mix of branded consumer sales and manufacturing work for third parties, which makes its business less dependent on any single product or channel.
Revenue: Full year 2025 revenue came in at TRY 523.9 billion, down 6.6% year-on-year in real terms, mainly due to weak international demand, unfavorable pricing, and heightened competition, especially in Europe.
Profitability: Despite lower sales, gross margin improved by 1.2 percentage points year-on-year and EBITDA margin increased by 0.6 percentage points, supported by cost discipline and restructuring.
Cash Flow: Free cash flow recovered strongly to TRY 5.7 billion from a negative TRY 11.4 billion last year, thanks to operational improvements and tighter CapEx and working capital management.
Leverage: Leverage ratio improved to 3.74x at year-end, beating the covenant limit, helped by deleveraging, higher cash flows, and proceeds from a share sale to Koc Group.
2026 Outlook: Management guides for flat real revenue in Turkey and low single-digit revenue growth internationally, with adjusted EBITDA margin of 6.25%-6.5% and continued focus on cost and working capital discipline.
Restructuring: Major post-merger integration and plant closures in Europe were completed, with the benefits from cost savings expected to accrue further in 2026.
Market Share: Company retained European market leadership in MDA and saw stabilization or recovery of market share in several key regions towards year-end.
