Arçelik Beko, Turkey's global white goods giant, announced its financial results for 2025 amid challenging market conditions. According to inflation accounting (TAS 29) applied data, the company maintained its leadership in Europe despite the contraction in global markets, while achieving a historic turnaround in free cash flow (FCF) with its operational efficiency move. Cash flow, which was minus 11.4 billion TL in 2024, increased to plus 5.7 billion TL in 2025.
The slowdown in the global economy, geopolitical tensions and high inflation environment continued to put pressure on the consumer durables sector in 2025. However, Arçelik, the flagship of Turkish industry, kept its course in this stormy sea with its profitability-oriented growth strategy. According to the 30 January 2026 financial report, the company managed to increase its gross profit margin and EBITDA margin despite the contraction in its turnover.
Contraction in Turnover, Improvement in Margins
According to 2025 results, Arçelik's consolidated turnover was realised as 523.9 billion TL, down by %6.6% compared to the previous year. Weak demand in international markets and intensified price competition in Europe were effective in this decline.
However, the other side of the coin is the success of operational discipline:
- Gross Profit Margin: Yıllık bazda 1.2 puan artışla %28.8’e yükseldi. (Düşen hammadde fiyatları ve verimlilik artışı etkili oldu).
- EBITDA Margin: It increased by 0.6 points to %5.9.
- Net Loss: The company closed the year with a net loss of TL 9.8 billion due to high financial expenses and tax effects. However, the increase in cash generation capacity shows that the company has brought its indebtedness to a manageable level.
U-Turn in Cash Flow: Strategic Management Success
The most striking data of the report was the change in the cash (Free Cash Flow) entering the company's coffers. Free cash flow, which was -11.4 billion TL in 2024 due to working capital needs, increased to +5.7 billion TL in 2025 thanks to the strict measures taken, inventory management and disciplined investment expenditures. This move strengthened the company's financial health by reducing the company's indebtedness ratio (Leverage) to 3.74x.
Leadership in Europe, Record Market Share in Turkey
Arçelik maintains its dominance in the European market with its “Beko” brand. According to the report:
- Europe: Although the contraction in the Western European market continued, Beko maintained its position as Europe's No. 1 brand. Although the growth rate slowed down in markets such as Romania and Ukraine, market share was maintained.
- Turkey: Record market share was reached in the domestic market with the support of campaigns and discounts. Especially strong growth in air conditioner and TV sales balanced the flat course in white goods.
- Africa and the Middle East: Afrika operasyonlarında (Defy markasıyla) hacim bazında %10’un üzerinde büyüme yakalandı. Mısır fabrikasının artan katkısı, Kuzey Afrika performansını yukarı taşıdı.
2026 Prospects: Cautious Optimism
The company also shared its expectations for 2026 in its investor presentation. Accordingly, Arçelik will maintain its strategy of maintaining profitability instead of aggressive growth next year:
- Revenue: Flat course in Turkey and low single digit growth (in FX terms) in international markets.
- Profitability: Adjusted EBITDA margin is targeted to increase to %6.25 - %6.50.
- Investment: Capital expenditure (Capex) of approximately EUR 250 million is planned.
Arçelik Beko's 2025 report card proves the adaptability of Turkish industry against global crises. Even if turnover is sacrificed, turning cash flow into positive and maintaining market leadership is considered a critical achievement for the long-term sustainability of the company.
