Arcelik: 2Q26 First Take - No clear upside as revenue weakness persists, leverage elevated and margins at risk

Research evidence excerpt

Arcelik: 2Q26 First Take - No clear upside as revenue weakness persists, leverage elevated and margins at risk

Hanzade Kilickiran AC CEEMEA Equity Research

(44 20) 7742 0014 30 July 2026 J P M O R G A N

hanzade.kilickiran@jpmorgan.com

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