Ulker Biskuvi Posts 45% Net Income Surge Despite Margin Pressure From Cocoa Costs

In the second quarter of 2026, Turkey's dominant biscuit maker Ülker Biskuvi found itself in a paradox familiar to companies navigating turbulent economies: profit rose sharply even as the ground beneath it shifted. Net income climbed 45 percent year-on-year, yet revenue fell, margins compressed, and the market grew more combative. It is a moment that asks whether a strong headline number can be trusted when the forces producing it — tax relief, debt refinancing, and deliberate promotional sacrifice — are as much about survival as strength.