Anadolu Efes Biracilik Ve Malt Sanayii A.s. · BIST:AEFES
Anadolu Efes Biracilik Ve Malt Sanayii A.s — Anadolu Efes Birack Ord — FY2024 Earnings Presentation
23 slides from Anadolu Efes Biracilik Ve Malt Sanayii A.s's earnings presentation, Mar 6, 2025
Slide 1: Anadolu Efes FY2024 Conference Call Presentation
ANADOLU EFES FY2024 CONFERENCE CALL PRESENTATION 6 MARCH 2025
Slide 2: Important Disclaimer Regarding TAS29
IMPORTANT DISCLAIMER REGARDING TAS29 As stipulated by the decree of the Capital Markets Board, the financial statements for the FY2024 have been presented in accordance with TAS29 (Turkish Accounting Standard 29: Financial Reporting in Hyperinflationary Economies), and retrospective adjustments have
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: General Overview & Operating Environment
GENERAL OVERVIEW & OPERATING ENVIRONMENT ONUR ALTÜRK CEO & Beer Group President
Slide 5: Resilient Business in a Dynamic Operational Environment
RESILIENT BUSINESS IN A DYNAMIC OPERATIONAL ENVIRONMENT 1 AEFES consolidated volume growth of 0.9% 2 Sustained and strengthened leadership through brand and portfolio excellence 3 Delivered solid gross profitability 4 Dilution in EBITDA margin with higher OPEX/HL 5 FCF of TL 2.6 bn 6 Consolidated Ne
Slide 6: Consecutive Quarters of Growth in Beer Volumes
7 CONSECUTIVE QUARTERS OF GROWTH IN BEER VOLUMES… • Consolidated beer volume up by 9.9% in 4Q2024 & 8.4% in FY2024 ➢ Consistently strong performance across all quarters ➢ Solid momentum in nearly all operations • Turkiye beer volume up by 2.3% • International beer volume up by 9.7% ➢ Russian volume
Slide 7: Russia
RUSSIA • Achieved low-teens growth in both 4Q2024 & FY2024 ➢ Despite capacity constraints and strong competition ➢ Strong demand along with favorable market dynamics • Maintained market leadership both in volume and value share* • Continued premiumization focus: ➢ Growth seen across all segments exc
Slide 8: Kazakhstan
KAZAKHSTAN • Volume declined in each quarter yet at a slower pace through the end of year ➢ Impacted by severe floods and the rise cost of living • Despite challenges, our performance outpaced the market; ➢ Achieved growth across all channels ➢ Strengthened leadership position* • Expanded our produc
Slide 9: Georgia
GEORGIA • Georgia’s beer market grew low-single digit in FY2024 ➢ Driven by economic expansion, tourism, and major sporting events • Our performance outpaced the market ➢ Strengthened leadership by gaining market share* • Launched selective new products ➢ Beck’s, Taati Craft Line & Alpenbrau • Local
Slide 10: Moldova
MOLDOVA • Moldova beer market grew by low-teens in FY2024 • Flat sales volume in 4Q2024, but outpaced the market with double-digit growth in FY2024 ➢ Strategic pricing ➢ Portfolio diversification ➢ Strong brand portfolio ✓ Succesfull launches: Hopfenbrau Goldbier, Efes Blanche KEG, Radler Mango ✓ Lo
Slide 11: Turkiye
TURKIYE • Turkiye recorded 0.8% growth in 4Q2024 & 2.3% growth in FY • Total volume reached 6.3 mhl, maintaining strong momentum despite, ➢ A high base from last year ➢ Inflationary pressures ➢ Portfolio diversification • Efes Haus was launched with Neipa, Rye Ipa and Weizenbock extensions • Continu
Slide 12: Soft Drinks
SOFT DRINKS • Consolidated volume up 7.3% in 4Q2024 but declined by 2.2% in FY2024 • Türkiye volume remained flat in FY2024 ➢ Impacted by persistent inflationary environment & continued geopolitical issues ➢ Lack of minimum wage adjustments • International volume down by 3.6% in FY2024 ➢ Iraq & Azer
Slide 13: Anadolu Efes Consolidated Financial Performance
ANADOLU EFES CONSOLIDATED FINANCIAL PERFORMANCE Anadolu Efes Beer Group 4Q FY 4Q FY REVENUE • NET Strong volume growth in 4Q TL40,562 mn TL231,354 mn TL17,938 mn TL92,180 mn • Effective price strategies (0.0%) (+0.2%) (+12.3%) (+10.1%) EBITDA BNRI % 9.7% 17.0% 12.3% 15.4% • Solid topline & gross pro
Slide 14: Financial Overview
FINANCIAL OVERVIEW GÖKÇE YANAŞMAYAN Chief Financial Officer
Slide 15: Financials: Anadolu Efes and Beer Group
FINANCIALS Anadolu Efes Beer Group mTL FY2024 Change 4Q2024 Change mTL FY2024 Change 4Q2024 Change Sales Revenue 231,354 0.2% 40,562 0.0% Sales Revenue 92,180 10.1% 17,938 12.3% Gross Profit 91,008 6.8% 15,480 15.4% Gross Profit 42,340 12.7% 8,431 35.1% EBITDA (BNRI) 39,364 -4.6% 3,934 5.6% EBITDA (
Slide 16: Anadolu Efes EBITDA (BNRI) & FCF Generation
ANADOLU EFES EBITDA (BNRI) & FCF GENERATION EBITDA (BNRI) Bridge mTL Free Cash Flow Bridge mTL -5% -80% +6% -828% 16
Slide 17: Beer Group EBITDA (BNRI) & FCF Generation
BEER GROUP EBITDA (BNRI) & FCF GENERATION EBITDA (BNRI) Bridge mTL Free Cash Flow Bridge mTL -8% -15% +37% +8% 17
Slide 18: Impact of TAS – Anadolu Efes
IMPACT of TAS – ANADOLU EFES +36% 0% +50% 0% 34,867 47,470 40,578 40,562 147,226 221,391 230,829 231,354 NET REVENUE m TL 4Q2023 4Q2024 4Q2023 4Q2024 FY2023 FY2024 FY2023 FY2024 wo/TAS29 wo/TAS29 w/TAS29 w/TAS29 wo/TAS29 wo/TAS29 w/TAS29 w/TAS29 +15% +6% +38% -5% 5,512 6,313 3,724 3,934 30,559 42,22
Slide 19: Impact of TAS – Beer Group
IMPACT of TAS – BEER GROUP +51% +12% +63% +10% 55,501 90,240 83,745 92,180 14,125 21,308 15,979 17,938 NET REVENUE m TL 4Q2023 4Q2024 4Q2023 4Q2024 FY2023 FY2024 FY2023 FY2024 wo/TAS29 wo/TAS29 w/TAS29 w/TAS29 wo/TAS29 wo/TAS29 w/TAS29 w/TAS29 +48% +37% +42% -8% 2,267 3,364 1,613 2,211 11,688 16,553
Slide 20: Cash & Debt Management
CASH & DEBT MANAGEMENT Anadolu Efes Gross Debt Cash USD 1.5 bn Average maturity USD 2.2 bn 49% 2.9 yrs Net Debt/EBITDA 57% held in Hard Currency 17% 0.6x held in Hard Currency held in Eurozone Gross Debt Cash Beer Group USD 0.9 bn Average maturity USD 0.8 bn 48% 2.5 yrs 61% held in Hard Currency Net
Slide 21: Risk Management
RISK MANAGEMENT Beer Group Beer Group Hedges for 2025: COGS Split for 2024: Commodity : 6% 17% Aluminum: 59% for TR & CIS @$2.463 13% *For 1Q’2026: 5% for TR & CIS @$2,528 7% 18% 19% 21% FX Exposure : Barley-Malt & Auxiliary Overhead (Labour Cost) Glass Bottle Amortization & Other Overhead Can Impor
Slide 22: Q&A Session
Q&A SESSION
Slide 23: FX Rates
FX Rates FY2023 FY2024 Δ% AVG 23.78 32.80 37.9% USD/TL PE 29.44 35.28 19.8% AVG 25.72 35.49 38.0% EUR/TL PE 32.57 36.74 12.8% AVG 3.59 2.82 -21.3% TL/RUB PE 3.05 2.88 -5.4% AVG 19.19 14.30 -25.5% TL/KZT PE 15.44 14.84 -3.9% AVG 1.54 1.22 -20.4% TL/UAH PE 1.29 1.19 -7.6% AVG 0.76 0.54 -29.0% TL/MDL P
Anadolu Efes Birack Ord — FY2024 Earnings Presentation on 6ix