Anadolu Efes Biracilik Ve Malt Sanayii A.s. · BIST:AEFES
Anadolu Efes Biracilik Ve Malt Sanayii A.s — Anadolu Efes — Investor Presentation (2025)
47 slides from Anadolu Efes Biracilik Ve Malt Sanayii A.s's investor presentation, 2025
Slide 1: Anadolu Efes 9M2025 Investor Presentation
ANADOLU EFES 9M2025 INVESTOR PRESENTATION 1
Slide 2: Important Disclaimer Regarding TAS29
IMPORTANT DISCLAIMER REGARDING TAS29 As stipulated by the decree of the Capital Markets Board, the financial statements for 9M2025 have been presented in accordance with TAS29 (Turkish Accounting Standard 29: Financial Reporting in Hyperinflationary Economies), and retrospective adjustments have bee
Slide 3: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation may contain certain forward-looking statements concerning our future performance and should be considered as good faith estimates made by the Company. These forward-looking statements reflect management expectations and are based upon currently available
Slide 4: Changes in Scope of Consolidation
CHANGES IN SCOPE OF CONSOLIDATION On December 30, 2024, it was announced that, pursuant to a Presidential Decree of the Russian Federation, temporary external management had been appointed to Anadolu Efes’ beer operations in Russia. Based on the evaluations, although the Russian operations formally
Slide 5: Who We Are
WHO WE ARE ANADOLU
Slide 6: Anadolu Group key facts
1950 90+ ~100.000 Founded Production facilities Employees 20 8 100+ Countries Sectors Export countries Türkiye, Germany, Azerbaijan, Beer, Soft Drink, Retail, Bangladesh, Belarus, Georgia, Agriculture, Automotive, Netherlands, Iraq, Kazakhstan, Stationary, Energy and Kyrgyzstan, Turkish Republic Hea
Slide 7: Anadolu Efes: A Leading Brewer & Bottler Worldwide
ANADOLU EFES: A LEADING BREWER & BOTTLER WORLDWIDE Serving +890 mn Population 21* Breweries in 6* Countries 36 Soft Drink Facilities in 12 Countries Europe’s 5**th Bangladesh World’s 10**th Largest Brewer 43% Anadolu Group One of the largest 24% AB InBev Coca-Cola Bottler 33% Publicly Traded 7 * Ana
Slide 8: Ownership Structure & Subsidiaries
OWNERSHIP STRUCTURE & SUBSIDIARIES 50.3% BEER OPERATIONS SOFT DRINK OPERATIONS 24% Türkiye Türkiye Azerbaijan 43% Kazakhstan Kazakhstan Kyrgyzstan 33% Free Float Moldova Jordan Pakistan Georgia Iraq Uzbekistan 50% Ukraine Syria Turkmenistan 20.1% 50% Russia* Tajikistan Bangladesh 50.3% 29.6% Free Fl
Slide 9: Anadolu Efes Beer Group: Brewing Quality Across 6 Countries
ANADOLU EFES BEER GROUP: BREWING QUALITY ACROSS 6 COUNTRIES Operations in 6 countries 21 breweries 100+ brands 5 malteries Exports to ~70 countries 1 hop processing facility 8.000+ employees 3.9bnLT sales volume Operations in Türkiye, Russia**, Moldova, 400+ distributors $2.8bn net sales revenue Kaz
Slide 10: The 10th Largest Brewer in the World
THE 10th LARGEST BREWER IN THE WORLD Our journey, which started in Turkiye in 1969 with the dreams of two entrepreneurs, continues today as the 10th largest brewer in the world and the 5th largest in Europe. With our pioneering and innovative approach to brewing, which we bring to the world, we gene
Slide 11: Key Pillars of Our Success
KEY PILLARS OF OUR SUCCESS Strong Local Brands With Strategic Global Partnerships High Consumer Loyalty (AB InBev, Molson Coors, WG&S) Diverse Beer Portfolio Across All Segments Disciplined Financial Management Strong Market Positions Across All Operations Robust Sustainability Programs Strong Distr
Slide 12: Our New Vision and Strategic Roadmap
Our New Vision and Strategic Roadmap Our vision is to be the Our purpose is to bring consumers, customers fastest growing beverage company with and our ecosystem together around our best quality products with most loved brands that craft joy for joy and responsibility. We aim to foster a progressive
Slide 13: What We Do
WHAT WE DO ANADOLU
Slide 14: Strategic Core Priorities
Strategic Core Priorities PEOPLE SUSTAINABILITY • Recruit the best talent via strong employer branding • Reduce our environmental impact across • Re/Upskill capabilities in digitalization & leadership areas operations and the value chain • Retain the best talent via structural career growth & inclus
Slide 15: Key Growth Strategies for Building the Future
KEY GROWTH STRATEGIES FOR BUILDING THE FUTURE GROW THE CORE NEW EXPAND BUSINESSES 15
Slide 16: Where We Are Heading Next
WHERE WE ARE HEADING NEXT GROW THE CORE EXPAND NEW BUSINESSES Improve premium Expand Spread adjacent leadership geographically category expansions Revamp core brands to all operations Enhance PRGM B2B/C Transform Supply Marketplace Chain Invest in relevant start- Accelerate Growth ups Through Digita
Slide 17: Strengthening Our Future with Financial Focus
STRENGTHENING OUR FUTURE WITH FINANCIAL FOCUS CASH DEBT RISK EXPENSE MANAGEMENT MANAGEMENT MANAGEMENT MANAGEMENT Maintain long term Manage FX and Ensure liquidity for sustainable leverage Zero Based operations and commodity exposure target of 1.0X - 2.0X Budgeting accelerate dividend streams Use Wor
Slide 18: Driving Growth & Value Through Strategic Capital Allocation
DRIVING GROWTH & VALUE THROUGH STRATEGIC CAPITAL ALLOCATION Brands, Innovation, Product Diversification, Market Invest in Development, Digitalization and Production Capacity Maintain Healthy balance sheet by keeping Net Debt / EBITDA btw 1.0x – 2.0x Maximize Shareholder value through dividends with
Slide 19: Operational Overview
OPERATIONAL OVERVIEW ANADOLU i)
Slide 20: FY2025 Volume Performance
FY2025 Volume Performance Turkiye Beer International Beer Beer Group Soft Drinks Anadolu Efes 7.0% 8.0% 105.1 0.0% 98.3 1,622 1,501 -1.1% 0.8% 13.0 13.0 m u/c mhl mhl mhl mhl mhl 6.7 6.8 6.3 6.2 FY2024 FY2024 FY2024 FY2024 FY2025 FY2025 FY2025 FY2024 FY2025 FY2025 Proforma Proforma Proforma FY2026 V
Slide 21: Russia
RUSSIA Population: 68% of total beer volume 145 Million* Production Facilities: Market Size & Per Capita: 11 Breweries 89 mhl market size** 3 Malteries 62 liters per capita consumption** 1 Preform Production Facility Production Capacity: Market Share: 31.7 mhl Brewing 31% market share*** 288 000 Ton
Slide 22: Kazakhstan
KAZAKHSTAN Population: 5% of total beer volume 20 Million* Production Facilities: Market Size & Per Capita: 2 Breweries 6.0 mhl market size** 30 liters per capita consumption** Production Capacity: Market Share: 2.5 mhl Brewing 46% market share*** Market Leader*** Main Brands: Efes Pilsener, Kruzhka
Slide 23: Georgia
GEORGIA Population: 3% of total beer volume 3.8 Million* Production Facilities: Market Size & Per Capita: 1 Breweries 1.2 mhl market size** 32 liters per capita consumption** Production Capacity: Market Share: 1.6 mhl Brewing and Soft Drink 49% market share*** Production Market Leader*** Main Brands
Slide 24: Moldova
MOLDOVA Population: 2% of total beer volume 3.1 Million* Production Facilities: Market Size & Per Capita: 1 Breweries 1.0 mhl market size** 26 liters per capita consumption** Production Capacity: Market Share: 1.6 mhl Brewing and Soft Drink 64% market share*** Production Market Leader*** Main Brands
Slide 25: Ukraine
UKRAINE Population: 5% of total beer volume 37 Million* Production Facilities: Production Capacity: 3 Breweries 7.4 mhl Brewing Production Production halted in 2 breweries** Main Brands: Corona, Stella Artois, Kozel, Povna Dizhka, Bile, Chernigivske, Yantar *United Nations 25 **Anadolu Efes has susp
Slide 26: International Beer Operations in 3Q
INTERNATIONAL BEER OPERATIONS in 3Q • Kazakhstan registered low-single digits volume growth ➢ Supported by robust export performance ➢ Premium segment growth driven by effective brand activations ➢ Successful launch of Khmelnoy Los - Pegas SKU • Georgia recorded by low-to-mid-single digits decline ➢
Slide 27: Turkiye
TURKIYE Population: 16% of total beer volume 87.4 Million* Production Facilities: Market Size & Per Capita: 3 Breweries 12.2 mhl market size** 2 Malteries 15 liters per capita consumption** 1 Hops Processing Facility Production Capacity: Market Share: 7.3 mhl Brewing 51% market share*** 115 000 Tons
Slide 28: Turkiye Beer Operations in 3Q
TURKIYE BEER OPERATIONS in 3Q • Volume declined by high-single digits: ➢ Weaker consumer purchasing power amid persistent inflationary pressures ➢ Price adjustment implemented in early July ➢ Tourism slowdown had a negative impact on volumes • Launch of Jupiler 0.0%: A non-alcoholic beer, marking th
Slide 29: Soft Drinks
SOFT DRINKS Population: Over 600 Million Production Facilities: Sales Points: 34 Bottling Plants ~1.2 million 3 Fruit Processing Plant Production Capacity: Market Share: 2.1 bn Unit Case Strong #1 or #2 positions Main Brands: Coca-Cola, Fanta, Sprite, Schweppes, Fusetea, Cappy, Damla, Monster, Costa
Slide 30: Soft Drinks Operations in 3Q
SOFT DRINKS OPERATIONS in 3Q • Consolidated volume increased by 8.9% ➢ Positive contribution of all international markets; namely Central Asia & Iraq • Türkiye volume declined by 1.7% impacted by; ➢ Weakening consumer purchasing power & deteriorating weather conditions during September • Internation
Slide 31: Financial Performance
FINANCIAL PERFORMANCE ANADOLU 31
Slide 32: Anadolu Efes Historical Financial Performance
ANADOLU EFES HISTORICAL FINANCIAL PERFORMANCE Net Revenue ($bn) EBITDA (BNRI) ($bn) CAGR: 9.26% CAGR: 12.98% 6.75 6.19 margin 5.46 20.8% 19.1% 19.3% 19.1% 15.6% 17.6% 17.9% 4.07 4.43 3.97 3.82 1.29 1.29 1.05 0.62 0.72 0.73 0.79 2018 2019 2020 2021 2022 2023 2024 2018 2019 2020 2021 2022 2023 2024 FC
Slide 33: Beer Group Historical Financial Performance
BEER GROUP HISTORICAL FINANCIAL PERFORMANCE Net Revenue ($bn) EBITDA (BNRI) ($bn) CAGR: 7.65% 2.75 CAGR: 10.15% 2.23 2.33 margin 21.1% 1.95 1.96 19.8% 1.76 19.2% 1.77 16.1% 15.9% 13.1% 13.6% 0.49 0.50 0.44 0.31 0.28 0.27 0.23 2018 2019 2020 2021 2022 2023 2024 2018 2019 2020 2021 2022 2023 2024 FCF
Slide 34: Anadolu Efes Consolidated Financial Performance
ANADOLU EFES CONSOLIDATED FINANCIAL PERFORMANCE Anadolu Efes* Beer Group* • Solid revenue growth backed by strong volume 3Q 9M 3Q 9M REVENUE momentum TL68.9bn TL188.6bn TL15.7bn TL41.4bn NET (+3.8%) (-0.7%) (-6.9%) (-5.3%) • Decline in rev/ hl due to continued affordability focus & limited price adj
Slide 35: Key Financials
KEY FINANCIALS Anadolu Efes Beer Group mTL Proforma Proforma mTL Proforma Proforma 3Q2025 9M2025 3Q2025 9M2025 Change** Change** Change** Change** Sales Revenue 68,860 3.8% 188,622 -0.7% Sales Revenue 15,674 -6.9% 41,421 -5.3% Gross Profit 27,821 4.3% 70,368 -3.7% Gross Profit 7,788 -11.1% 19,648 -5
Slide 36: Anadolu Efes EBITDA (BNRI) & FCF Generation
ANADOLU EFES EBITDA (BNRI) & FCF GENERATION 3Q - EBITDA (BNRI) Bridge mTL 3Q - Free Cash Flow Bridge mTL 8% 323% 2,523 14,266 208 15,366 1,153 9,417 -1,167 -464 1,386 3,551 1,099 2,227 3Q2024 Net Selling, 3Q2024 EBITDA Changes CAPEX, Net Financial COGS Others 3Q2025 3Q2025 Proforma Revenue Marketing
Slide 37: Beer Group EBITDA (BNRI) & FCF Generation
BEER GROUP EBITDA (BNRI) & FCF GENERATION 3Q - EBITDA (BNRI) Bridge mTL 3Q - Free Cash Flow Bridge mTL -9% n.m. 3,796 822 343 185 3,444 287 -352 -1,168 187 -1,879 -121 -1,344 3Q2024 Net Selling, 3Q2024 EBITDA Changes CAPEX, Net Financial COGS Others 3Q2025 3Q2025 Proforma Revenue Marketing and Profo
Slide 38: Cash & Debt Management
CASH & DEBT MANAGEMENT Anadolu Efes Gross Debt Cash USD 1.1 bn Average maturity USD 2.4 bn 41% 2.2 yrs Net Debt/EBITDA* 61% held in Hard Currency 28% 1.5x held in Hard Currency held in Eurozone Gross Debt Cash Beer Group USD 0.3 bn Average maturity USD 1.0 bn 47% 1.7 yrs Net Debt/EBITDA* 63% held in
Slide 39: Risk Management
RISK MANAGEMENT Beer Group Beer Group Hedges for 2025: COGS Split for Commodity : 2024: Aluminum: 100% for TR & CIS @$2.506 6% 17% 13% *For 2026: 14% for TR & CIS @$2,561 7% 18% 19% FX Exposure : 21% Barley-Malt & Auxiliary Overhead (Labour Cost) Glass Bottle Amortization & Other Overhead TR: 95% He
Slide 40: Sustainable Shareholder Return
SUSTAINABLE SHAREHOLDER RETURN • Consistent Dividend Distribution with Sustainable Free Cash Flow Generation 8.3% 7.7% 6.3% 3.1% 2.0% 2.4% 1.8% 1.7% 1.3% 1.4% 0.7% 2.4 2.1 1.9 1.9 1.8 1.3 mTL 0.5 0.4 0.5 0.3 0.3 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Gross Dividend Per Share (TL per
Slide 41: Sustainability as a Transformative Strategy
SUSTAINABILITY as a Transformative Strategy ▸Reduce our environmental impact across operations and the value chain ▸Increase our social impact through community initiatives ▸Continues strengthening through equality, inclusivity and diversity 41
Slide 42: Sustainability Milestones
Sustainability Milestones 2010 2011 2014 2015 2017 • Published first sustainability report • Signatory of UNGC • Signatory of UN CEO Water • Listed on the Istanbul • Listed on the FTSE4Good Mandate Stock Exchange Emerging Markets Index Sustainability Index • Signatory of United Nations Women’s Empow
Slide 43: Sustainability Performance & Reports
Sustainability Performance&Reports 2025 Initiative Benchmarks & Details Performance Integrated Annual Report Climate Ranked above the average of the B/A Program food & beverage industry Water B/A Security Ranking: 3/136 Out of Beverages Companies LSEG 83/100* Refinitiv Anadolu Efes is only beverage
Slide 44: We Are Working for a Better World
We are working for a better world… Energy&Emissions Water & Risk Management Sustainable Packaging ▸ Carbon Footprint Mapping Through Value ▸ 10 new projects & TRL 16 Mio investment ▸ 13 new sustainable packaging projects. Chain ▸ Reduced 755 tons of CO2 e emissions. • ▸ 16 new projects & TRL 33,7 Mi
Slide 45: Not Just a Brewer, But Also an Agricultural Company
NOT JUST A BREWER, BUT ALSO AN AGRICULTURAL COMPANY We believe the future is agriculture and agriculture is shaping the future. Anchored in R&D, innovation, and capability building, we are committed to advancing sustainable agriculture practices. With half of our raw materials rooted in the soil, ag
Slide 46: We Are Expanding Our Impact!
WE ARE EXPANDING OUR IMPACT! ∼ 1.7 Billion TL* Barley sourced from Contribution to 24* provinces across Türkiye agricultural ecosystem ∼13,000* farmers and their families directly supported 17registered barley seed •Certified Research Institution •Certified Seed Producer varieties and 7 hop varietie
Slide 47: Across 6 Operations, We Are Creating Sustainable Value
ACROSS 6 OPERATIONS, WE ARE CREATING SUSTAINABLE VALUE ENVIRONMENTAL AWARENESS CULTURE&ART • 25,000+ trees planted, creating a new green recreational area • 3,000 m² of forest area rehabilitated • 4 projects focused on culture and art • Recycling bins placed across 20 locations, enabling the recycli