North Africa
- Population
- 1.6 bn
- GDP
- USD 400 bn
FocusDecorative
EmergingETICS／IU
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Case Study 1
Türkiye Group Business Strategy
How Betek Boya Has Accelerated Its Growth
Since Joining the Nippon Paint Group
Group CEO, Türkiye Group
Tayfun Küçükoğlu
General Manager of Betek Boya
Hasan Gökhan Güner
Since joining our Group in 2019, Betek Boya has evolved into the core company of the Türkiye Group, which was established in 2024. Even amid Türkiye’s severe inflationary environment, the company has steadily increased its market share while building a foundation for sustainable growth as a strategic hub for regional expansion into North Africa and Central Asia. Case Study 1 explores the Türkiye Group’s business strategy and examines the factors behind its accelerated growth under our Group.
Growth at a Glance
Growing Faster as Part of
the Nippon Paint Group
2019Betek Boya joined the Nippon Paint Group
2024Acquisition of Alina Group
Group Scope
Türkiye Group
2025*1*2Net salesUSD 0.82bnvs. 2019: +205%
Operating profitUSD 0.12bnvs. 2019: +303%
OP margin15%vs. 2019: +400 bps
Türkiye Business Scope
Türkiye Business Snapshot
2025Net salesUSD 0.66bnvs. 2019: +145%
Operating profitUSD 0.09bnvs. 2019: +187%
Our share in the Turkish decorative paint market36%vs. 2019: +900 bps
Turkish ETICS*3 market share50%vs. 2019: +2,600 bps
*1 Figures after applying hyperinflation accounting from 2022 onward *2 Elimination of intersegment transactions and similar adjustments are not applied *3 External thermal insulation composite system *4 2019 figures on a full-year basis assuming the acquisition was completed at the beginning of the year
01
Agility and Resilience
Agility & Resilience
Agility and Resilience
— Continued to Deliver Robust Growth Despite a High-Inflation Environment
Betek Boya continues to deliver strong growth, outperforming competitors in a challenging environment. In 2025, while major competitors faced sharp declines in volume and sales, with sales down 17% to 28% year on year, Betek Boya expanded its market share to 36% in decorative paints and 50% in ETICS.
This resilience is driven by being grounded in the market and united in execution, leveraging efficiency-focused production, having a completely dominating sales channel, and maintaining a decisive strategic marketing mindset.
Key Competitor Analysis
TRY million / figures after applying hyperinflationary accounting
| Metric | Year | Betek Boya | DYO | Polisan | Marshall |
|---|---|---|---|---|---|
| Net sales | 2025 | 24,181 | 10,218 | 7,023 | 4,375 |
| 2024 | 25,346 | 14,029 | 8,489 | 5,317 | |
| Sales growth | 2025YoY | -4.6% | -27.2% | -17.3% | -17.7% |
| OP margin | 2025 | 10.7% | 4.0% | N/A | 2.5% |
| 2024 | 10.0% | 6.4% | N/A | 1.9% | |
| PBT margin | 2025 | 5.1% | -8.0% | -13.7% | -5.2% |
| 2024 | 1.1% | -0.8% | -16.0% | -5.5% |
* Betek Boya represents standalone figures, and the 2024 figures have been adjusted using the 2025 inflation rate to enable like-for-like comparison.
* Market share is based on internal estimates. Market growth figures are based on internal estimates and official data.
02
Leveraging the Group’s Platform
Platform in Action
Leveraging the Group’s Platform
— Advancing a Multi-Brand Strategy to Drive Growth
Betek Boya’s competitive advantage is anchored in exceptional brand awareness, with Filli Boya achieving a 49% Top-of-Mind score. Through our Multibrand Strategy 2.0, we have redesigned our portfolio with a structured portfolio discipline and value-creation lens, reducing brand overlap and sharpening capital allocation.
This disciplined architecture positions NIPPON PAINT in the premium segment, Filli Boya as the upper-middle flagship, and Fawori for the economy segments. This strategy strengthens pricing power and mitigates risk, especially as consumers increasingly prioritize premium brands due to the rising share of application labor costs in total painting expenses.
Multi-brand portfolio optimized by segment
Multibrand Strategy
| Segment | Price Index | Our Focus Brands | Target Consumer |
|---|---|---|---|
| Premium | 110+ |  |
Architects |
| Upper-mid | 80-110 |  |
End-consumer / Painter |
| Lower-mid | 70-80 |  |
Painter / Dealer |
| Economy | 55-70 |
Strategic Insight
Rising Application Costs
Support the Premium Shift
Shift toward premium brands as the product cost share of total painting cost declines.
Brand Trust
Strong Top-of-Mind Awareness
and Trust Built by Filli Boya
49%Overall Top of Mind
(2025)#2：22% #3：12%
(2025)#2：22% #3：12%
- I love this brand
- It’s a brand I trust
- Their products are worth the money
* FutureBright 2025
Audience Strength
Strong Brand Support
Across a Broad Customer Base
SEL Group
AB 51% C1 48% C2 49%
Age Group
25–34 51% 35–44 47% 45+ 48%
03
Product and Geographic Expansion Through NIPSEA Group’s Comprehensive Strengths
Regional Expansion
Product and Geographic Expansion Through NIPSEA Group’s Comprehensive Strengths
— Betek Boya and Alina as Growth Anchors: Broadening the Lineup and Accelerating Expansion Across Regions
Türkiye Group’s strategic influence across Central Asia, the Middle East, and North Africa continues to expand. Betek Boya serves as a growing East-West technology and manufacturing hub, supported by its extensive distribution network in paint and wood coatings. Alina’s production infrastructure and dry-mix expertise have further strengthened this path.
Betek Boya’s mastery in ETICS, industrial coatings, and multi-brand leadership — backed by 14 production facilities — will drive strategic development. Accordingly, the transition of the Fawori brand, along with SAF and Alkyd product lines, into the Alina portfolio has been initiated.
By leveraging Malaysia Group+ synergies and an agile operating model, we ensure cost efficiency and competitive advantage, solidifying our sustainable leadership in the region as we seek to expand into new markets.
Middle East
- Population
- 0.5 bn
- GDP
- USD 2,200 bn
FocusDecorative
EmergingETICS／IU
Central Asia
- Population
- 0.1 bn
- GDP
- USD 1,600 bn
FocusDecorative & Dry-mix
EmergingETICS／IU
