Anadolu Efes Biracilik Ve Malt Sanayii A.s. · BIST:AEFES
Anadolu Efes Biracilik Ve Malt Sanayii A.s — Anadolu Efes — Investor Presentation (2025)
43 slides from Anadolu Efes Biracilik Ve Malt Sanayii A.s's investor presentation, Aug 15, 2025
Slide 1: Anadolu Efes 1H2025 Investor Presentation
ANADOLU EFES 1H2025 INVESTOR PRESENTATION 1 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 1H2025 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
Founded 1950 90+ TL 564 bn Production facilities 20 Turnover in FY2024 Countries 8 Sectors Türkiye, Germany, Azerbaijan, Bangladesh, Belarus, Georgia, TL 58 bn Netherlands, Iraq, Kazakhstan, Beer, Soft Drink, Retail, EBITDA in FY2024 Kyrgyzstan, Turkish Republic Agriculture, Automotive, of Northern
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 35 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: 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 9: 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 10: 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 11: 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 12: What We Do
WHAT WE DO ANADOLU
Slide 13: 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 14: Key Growth Strategies for Building the Future
KEY GROWTH STRATEGIES FOR BUILDING THE FUTURE GROW THE CORE NEW EXPAND BUSINESSES 14
Slide 15: 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 16: 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 17: 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 18: Sustainability Goals
SUSTAINABILITY GOALS Targeting Zero Increasing Our Support Getting Stronger through for the Environment for Social Impact Diversity & Inclusion Become net zero in all our operations Our focus areas: Increase the representations of women in our organization from 30% to 51% Culture - arts by 2030 Beco
Slide 19: Operational Overview
OPERATIONAL OVERVIEW ANADOLU i)
Slide 20: 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 21: 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 22: 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 23: 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 24: 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 24 **Anadolu Efes has susp
Slide 25: International Beer Operations in 2Q
INTERNATIONAL BEER OPERATIONS in 2Q • Kazakhstan recorded a slight volume increase ➢ Strong commercial execution & increased focus on KEG sales ➢ Premiumization supported by Corona and Miller brands • Georgia’s volume grew by mid-single digit ➢ Export activities accelerated ➢ Successful implementati
Slide 26: 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 27: Turkiye Beer Operations in 2Q
TURKIYE BEER OPERATIONS in 2Q • Volume increased by mid-single digit • Promo & discount activities intensified amid stiff competition • Ongoing channel shift from On-Trade to Traditional & Modern Trade • Tourism lagged behind expectations • Spirits business delivering promising results 27
Slide 28: 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 29: Soft Drinks Operations in 2Q
SOFT DRINKS OPERATIONS in 2Q • Consolidated volume increased by 4.7% ➢ Driven by strong growth especially in Central Asian markets & Iraq • Türkiye volume declined 5.0% ➢ Impacted by declining consumers purchasing power ➢ Tighter trade promotions together with price adjustments weighed on performanc
Slide 30: Financial Performance
FINANCIAL PERFORMANCE ANADOLU 30
Slide 31: Anadolu Efes Historical Financial Performance
ANADOLU EFES HISTORICAL FINANCIAL PERFORMANCE Net Revenue ($bn) EBITDA (BNRI) ($bn) CAGR: 9.26% CAGR: 12.98% 6.75 6.19 margin 5.46 20.8% 19.1% 19.3% 19.1% 15.6% 17.6% 17.9% 4.07 4.43 3.97 3.82 1.29 1.29 1.05 0.62 0.72 0.73 0.79 2018 2019 2020 2021 2022 2023 2024 2018 2019 2020 2021 2022 2023 2024 FC
Slide 32: Beer Group Historical Financial Performance
BEER GROUP HISTORICAL FINANCIAL PERFORMANCE Net Revenue ($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 33: Anadolu Efes Consolidated Financial Performance
ANADOLU EFES CONSOLIDATED FINANCIAL PERFORMANCE Anadolu Efes* Beer Group* 2Q 1H 2Q 1H • Solid volume growth and favorable product mix REVENUE TL64.4bn TL111.4bn TL15.6bn TL23.9bn NET • Revenue decline driven by deep discounting and (-2.0%) (-3.1%) (-1.2%) (-4.3%) affordability-focused strategies • M
Slide 34: Key Financials
KEY FINANCIALS Anadolu Efes Beer Group mTL Proforma Proforma mTL Proforma Proforma 2Q2025 1H2025 2Q2025 1H2025 Change Change** Change Change** Sales Revenue 64,393 -2.0% 111,403 -3.1% Sales Revenue 15,626 -1.2% 23,949 -4.3% Gross Profit 24,658 -7.5% 39,577 -8.3% Gross Profit 7,674 -2.9% 11,032 -2.0%
Slide 35: Anadolu Efes EBITDA (BNRI) & FCF Generation
ANADOLU EFES EBITDA (BNRI) & FCF GENERATION 2Q - EBITDA (BNRI) Bridge mTL 2Q - Free Cash Flow Bridge mTL -17% -20% 14,907 7,918 12,324 1,081 207 6,365 -1,323 -737 -250 -272 -259 -2,583 2Q2024 Net Selling, 2Q2024 EBITDA Changes CAPEX, Net Financial COGS Others 2Q2025 2Q2025 Proforma Revenue Marketing
Slide 36: Beer Group EBITDA (BNRI) & FCF Generation
BEER GROUP EBITDA (BNRI) & FCF GENERATION 2Q - EBITDA (BNRI) Bridge mTL 2Q - Free Cash Flow Bridge mTL -15% -34% 3,793 477 5,760 -197 3,235 170 -125 -713 -558 -209 3,781 -1,381 2Q2024 Net Selling, 2Q2024 EBITDA Changes CAPEX, Net Financial COGS Others 2Q2025 2Q2025 Proforma Revenue Marketing and Pro
Slide 37: Cash & Debt Management
CASH & DEBT MANAGEMENT Anadolu Efes Gross Debt Cash USD 1.0 bn Average maturity USD 2.6 bn 33% 2.2 yrs Net Debt/EBITDA* 58% held in Hard Currency 20% 1.9x held in Hard Currency held in Eurozone Gross Debt Cash Beer Group USD 0.4 bn Average maturity USD 1.1 bn 27% 1.7 yrs Net Debt/EBITDA* 60% held in
Slide 38: Risk Management
RISK MANAGEMENT Beer Group Beer Group Hedges for 2025: COGS Split for Commodity : 2024: Aluminum: 91% for TR & CIS @$2.488 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% Hed
Slide 39: 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 40: Sustainability
SUSTAINABILITY ANADOLU
Slide 41: Not Just a Brewer, But Also an Agricultural Company
NOT JUST A BREWER, BUT ALSO AN AGRICULTURAL COMPANY We believe that ‘the future is agriculture, and agriculture is the future!’ Through R&D, innovation, and capacity building, we are committed to sustainable farming practices. Half of our raw materials come from the soil, and since day one, we have
Slide 42: Areas We Impact
AREAS WE IMPACT Sustainable Tourism With sustainable tourism models, we aim to protect natural and cultural heritage, increase the experiences of local people and visitors, contribute to the local economy and empower the women of the region economically through the initiatives we support. Sustainabl
Slide 43: Areas We Impact
AREAS WE IMPACT Environmental Awareness Beyond our goal of net zero in our operations, we work to minimize our environmental impact, from circular economy practices to water efficiency studies. While working with this awareness, we believe in the importance of developing projects to raise the enviro