• 10-year loan strengthens capital structure and supports strategic development
• Agreement enhances opportunities for Italian supply chain partnerships and economic cooperation

ISTANBUL, May 5, 2025 /PRNewswire/ — Beko, a leading global manufacturer of white goods, has secured a €125 million, 10-year push strategy loan with SACE, Italy’s export credit agency and insurance-finance group, fully owned by the Ministry of the Economy and Finance.

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The agreement was formalized during a signing ceremony in Rome bringing together Fatih Kemal Ebiçlioğlu, Consumer Durables Group President of Koç Holding (the parent group of Beko); Barış Alparslan, Chief Financial Officer at Beko; and Alessandra Ricci, CEO at SACE. Their combined presence reinforced the shared commitment to strengthen economic cooperation.

This long-term financing strengthens Beko’s capital structure and enhances the company’s ability to pursue strategic growth. It also creates opportunity for future procurement from Italian suppliers, strengthening the European supply chain ecosystem and reflecting Beko’s commitment to long-term financial partnerships. This operation is part of SACE’s Push Strategy Program, which facilitates relationships between strategic foreign buyers and the Italian production system. In this context, Beko has committed to participating in business matching events with Italian companies to explore new commercial opportunities.

“This financing agreement with SACE represents an important milestone in Beko’s long-term strategy,” said Fatih Kemal Ebiçlioğlu, Consumer Durables Group President of Koç Holding. “It creates valuable opportunities for collaboration with other Italian partners and supports our commitment to developing our operational capabilities sustainably and responsibly.”

Barış Alparslan, Chief Financial Officer of Beko, commented: “This agreement provides important financial flexibility for our operations and reflects the confidence of leading global institutions in our long-term approach.”

Alessandra Ricci, CEO of SACE: “We are proud to initiate this collaboration with Beko, a globally recognized industrial leader and strategic partner for our production system. This operation is a concrete example of how SACE’s Push Strategy can create real opportunities for Italian businesses by promoting innovation and facilitating access to new value chains, in the complex global context.”

BNP Paribas and Deutsche Bank acted as mandated lead arrangers.

ABOUT BEKO 

Beko is an international home appliance company with a strong global presence, operating through subsidiaries in more than 55 countries with a workforce of over 50,000 employees and production facilities spanning multiple regions—including Europe, Asia, Africa, and the Middle East. Beko has 22 brands owned or used with a limited license (Arçelik, Beko, Whirlpool*, Grundig, Hotpoint, Arctic, Ariston*, Leisure, Indesit, Blomberg, Defy, Dawlance, Hitachi*, Voltas Beko, Singer*, ElektraBregenz, Flavel, Bauknecht, Privileg, Altus, Ignis, Polar). Beko became the largest white goods company in Europe with its market share (based on volumes) and reached a consolidated turnover of 10.6 billion Euros in 2024. Beko’s 30 R&D and Design Centers & Offices across the globe are home to over 2,300 researchers and hold more than 3,500 international registered patent applications to date. The company achieved the highest score in the S&P Global Corporate Sustainability Assessment (CSA) in the DHP Household Durables industry for the sixth consecutive year (based on the results dated 22 November 2024) and has been included in the Dow Jones Sustainability Indices for the eighth consecutive year.** Beko’s vision is ‘Respecting the World, Respected Worldwide.’

www.bekocorporate.com 

*Licensee limited to certain jurisdictions.
 **The data presented belongs to Arçelik A.Ş., a parent company of Beko. 

ABOUT SACE

SACE is the insurance and financial group controlled by the Ministry of Economy and Finance, specializing in supporting the growth of Italian companies through a wide range of solutions to facilitate export and innovation, including financial guarantees, factoring, risk management and protection, advisory services and business matching. With a network of 11 offices in Italy and 13 worldwide in target countries for Made in Italy products, SACE serves over 60 thousand companies, supporting their growth in Italy with a portfolio of insured operations and guaranteed investments of Euro 270 billion in around 200 foreign markets.

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EBITDA of $2.16 billion, up 4% year on year

Performance driven by domestic gas demand and efficient management of planned shut-down program

ADNOC Gas continues to invest through the cycle to achieve its longer-term EBITDA growth target of over 40%

ABU DHABI, UAE, May 5, 2025 /PRNewswire/ — ADNOC Gas plc and its subsidiaries (together referred to as “ADNOC Gas” or the “Company”) (ADX: ADNOCGAS) (ISIN: AEE01195A234), a world-class integrated gas processing and sales company, today announced net income of $1.27 billion and EBITDA of $2.16 billion for the first quarter of 2025, exceeding the equivalent quarter in 2024 by 7% and 4% respectively.

ADNOC Gas announces Q1 net income of $1.27 billion, up 7% year on year, significantly exceeding market expectations

The performance was driven firstly by continued demand for domestic gas – up on the equivalent quarter last year – as a result of strong economic growth in the UAE, which lifted the total sales volume. Secondly, through efficient management of the planned shut-down program to boost processing capacity, a reduction in the number of days the Company’s plants were offline led to a rise in processed volumes.

Fatema Al Nuaimi, Chief Executive Officer of ADNOC Gas, said: “This has been another outstanding quarterly performance by ADNOC Gas, supported by our resilient business model in a lower oil price market, which significantly exceeded market expectations. These results come on the back of successful supply agreements and the optimization of our ongoing shut-down program designed to power our continued growth. Looking ahead, we will use the strength of our balance sheet to invest through the cycle as we seek to realize EBITDA^* growth of over 40% between 2023 and 2029.”

ADNOC Gas signed a series of mid to long term LNG supply agreements valued at circa $9 billion with the Indian Oil Corporation and JERA Global Markets of Japan during Q1, reinforcing its role as a leading supplier of lower-carbon fuel. The agreements support the growth of the Company’s international customer base as well as the transformation of global energy systems. 

Q1 also saw a year-on-year uplift in CAPEX of 43% as ADNOC Gas continues to make the necessary investments through the cycle to grow the business and achieve its longer-term EBITDA targets. Project implementation remains on track, with the Company expecting to take a Final Investment Decision on its Rich Gas Development project in 2025.

As a result of the recently completed marketed offering of 3.1 billion shares in ADNOC Gas in which the free float increased by 4% to 9%, the Company is eligible for potential inclusion in the MSCI and FTSE indices as early as June and September respectively.

^*Assumes a flat oil price of $70/bbl between 2025 and 2029 and, in addition, the proportional consolidation of Ruwais LNG following completion and transfer to ADNOC Gas.

About ADNOC Gas

ADNOC Gas, listed on the ADX (ADX symbol: “ADNOCGAS” / ISIN: “AEE01195A234”), is a world-class, large-scale integrated gas processing and sales company operating across the gas value chain, from receipt of feedstock from ADNOC through large, long-life operations for gas processing and fractionation to the sale of products to domestic and international customers. ADNOC Gas supplies approximately 60% of the UAE’s sales gas needs and supplies end-customers in over 20 countries.  To find out more, visit: www.adnocgas.ae

(X) @ADNOCGas

For investor inquiries, please contact:
Christian Audi
Vice President, Investor Relations
+971 (2) 6037366
ir@adnocgas.ae

– Operated Jongga and O’Food booths at Toronto’s leading food exhibition from April 29 to May 1
– Highlighted the excellence of global strategic products—kimchi, seaweed, sauces, and home meal replacement (HMR)—while engaging visitors with tastings and giveaways

SEOUL, South Korea, May 5, 2025 /PRNewswire/ — Daesang announced on May 2 that it successfully promoted its flagship brands, Jongga and O’Food, at SIAL Canada 2025, held in Toronto from April 29 to May 1, further reinforcing its global competitiveness in the North American market.

Recognized as one of North America’s top three food industry exhibitions, SIAL Canada serves as a critical gateway for companies expanding into the region. Alternating annually between Montreal and Toronto, the event covers a broad range of sectors including—retail, food service, and food processing—and attracts over 1,000 companies and brands from 44 countries, along with visitors in excess of 21,000 from 77 countries each year.

At the exhibition, Daesang operated dedicated booths for its kimchi brand Jongga and its global food brand O’Food, spotlighting the excellence of four core strategic product categories: kimchi, seaweed, sauces, and home meal replacements (HMRs). The Jongga and O’Food booths drew significant attention from buyers throughout the event. Daesang achieved notable results, engaging in discussions with major retailers such as Loblaws and Costco regarding the expansion of store placements and the introduction of new products. Currently, Jongga kimchi and O’Food pastes and sauces are available through major mainstream distribution channels in Canada, including Costco, Walmart, Loblaws, Sobeys, and T&T, consistently garnering strong support from local consumers.

During the exhibition, Daesang organized tasting events that offered a diverse culinary experience. Highlights included hors d’oeuvres featuring Jongga’s signature products—Mat Kimchi, Hanip Chonggak Kimchi (ponytail radish kimchi), LF(Lightly Fermented) Baek Kimchi (white kimchi), and Crunch Kimchi—as well as modern reinterpretations of Korean flavors such as Gochujang Ranch and Ssamjang Mayo, all of which received enthusiastic praise from visiting buyers. Other showcased dishes, such as Jongga Kimchi Ramen, known for its light and clean broth flavor, and Jang Ramen, celebrated for its rich traditional sauce, also earned high acclaim.

To further engage visitors, Daesang hosted a series of giveaway events at the booths. Guests who followed the official Jongga Global and O’Food Global Instagram accounts on-site received a complimentary O’Food × Jongga Kimchi Ramen, while participants in the QR code event were gifted eco-friendly tote bags, adding energy and excitement to the booth atmosphere.

Jennifer Lee, Head of Global Kimchi Business Unit, Daesang Corporation, said: “Participating in SIAL Canada 2025 was a tremendous opportunity to showcase the excellence of Jongga and O’Food products to the North American market and strengthen connections with local buyers.” Lee added, “Having reaffirmed our global competitiveness, we will continue to pursue targeted strategies—such as developing products tailored to local tastes and expanding our distribution networks—to further drive our growth in global exports.” 

About Daesang Corporation 

Founded in 1956, Daesang Corporation has been one of the world’s largest producers of fermented food products for over 60 years, and has grown to be the global leading Korean based food company by operating global brands such as Jongga, and O’Food which provides sauce, ready-to-eat meals, and many more products. Headquartered in South Korea, the company has also manufacturing subsidiaries in United States, Poland, China, Indonesia, and Vietnam. Visit www.daesang.com/en for more information. 

About Jongga 

In Korean, the word ‘Jongga’ refers to the careful craft and mastery of passing down authentic recipes from one generation to the next. Since 1956, Daesang Corporation has been a leader in Korean pantry staples, and its Jongga brand has been the number one producer of authentic kimchi in Korea since 1987. As the first brand to commercialize packaged kimchi globally, it is also the leading imported Korean kimchi brand in the United States. 

Jongga Kimchi products are made with quality ingredients, are plant-forward, gluten-free, probiotic-rich, and are available across the world. Since developing the starter bacteria to control the vegetable fermentation process, Jongga Kimchi encourages lactic acid and bacteria while discouraging other microbes, making the fermentation process safe and stable, delivering high quality kimchi with deep flavor. This also makes kimchi a probiotic-rich dish with many health benefits, helping to balance the immune system, offering antiviral effects. 

About O’food

O’food is a leading global Korean food brand, introducing a variety of Korean comfort foods to the world. O’food is committed to make people’s lives and food more enjoyable and surprising by adding a Korean Twist. As such, ‘O’ stands for our ongoing creative effort to put a Korean twist on global taste.