Coca-cola Icecek A.s. · BIST:CCOLA
Coca-cola Icecek A.s — Investor Presentation (October 2025)
52 slides from Coca-cola Icecek A.s's investor presentation, Oct 24, 2025
Slide 1: Investor Presentation
sCCl Investor Presentation ya
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation includes forward-looking statements including, but not limited to, statements regarding Coca-Cola İçecek’s (“CCI”) plans, objectives, expectations and intentions and other statements that are not historical facts. Forward-looking statements can generally
Slide 3: Important Disclaimer
Important Disclaimer Based on the CMB's decision dated 28 December 2023 and numbered 81/1820 and the "Implementation Guide on Financial Reporting in High Inflation Economies" published by the POA with the announcement made on 23 November 2023, issuers and capital market institutions subject to finan
Slide 4: Who We Are
sCCcl WHO WE ARE
Slide 5: We are a Multinational Beverage Company
We are a Multinational Beverage Company 1.5BN $4.2BN $773MN UC Sales Revenue EBITDA Volume Kazakhstan 12 600+ Million 10,000+ Countries People Employee Uzbekistan Azerbaijan Turkmenistan Kyrgyzstan “ Türkiye 36 3 Fruit 2.20BN Tajikistan Production Processing UC Annual Plants Plants Production Syria
Slide 6: With a Successful Track Record to Become One of the Leading Bottlers
With a Successful Track Record to Become One of the Leading Bottlers 2005 2006-2007 2008 2012 2021 2023 2024 Single Central Asia Pakistan JV South Iraq Uzbekistan Pakistan Bangladesh Country & North Iraq fully owned 2006 – 2024 EBITDA Net Sales Transations Volume Revenue CAPEX/NSR Evolution* 97X 78X
Slide 7: Diversified Country Portfolio Creates Natural Hedge
Diversified Country Portfolio Creates Natural Hedge Oil Importers and Exporters Real GDP Growth < EM avg and > EM avg GDP Per Cap Growth < EM avg and > EM avg Kazakhstan Kazakhstan Kazakhstan Azerbaijan Uzbekistan Kyrgyzstan Azerbaijan Uzbekistan Azerbaijan Uzbekistan Kyrgyzstan Kyrgyzstan Türkiye T
Slide 8: Benefiting from a Strong and Stable Shareholder
Benefiting from a Strong and Stable Shareholder 43.0% AG Anadolu Grubu Structure Holding A.Ş. Composition of BoD 20.1% 50.3% 29.6% 12 Members The Coca-Cola Anadolu Efes Biracılık ve Free Float Export Corporation Malt Sanayi A.Ş. and Other 12 non-executive 4 independent INVESTOR PRESENTATION 8
Slide 9: Our Successful Track Record is Built on Solid Foundations
Our Successful Track Record is Built on Solid Foundations Winning Innovate to connect Strong Alignment Critical for our Brand with consumers With the long-term success Portfolio Coca-Cola Company Proven Organic & Inorganic growth Strategy, Accelerate quality Track Record in emerging & frontier Execu
Slide 10: Our Purpose is to Create Value and Integrate Sustainability in Everything We Do
Our Purpose is to Create Value and Integrate Sustainability in Everything We Do INVESTOR PRESENTATION 10
Slide 11: Sustainability 2030 Roadmap
Sustainability 2030 Roadmap Packaging Water Climate Commitment #1 Commitment #2 Commitment #3 Commitment #4 Commitment #5 Commitment #6 Continue to make 100% of Collect and recycle a bottle or Increase water Aim for water neutrality and Run our manufacturing Reduce our total absolute our packaging r
Slide 12: What We Do
sCCl WHAT WE DO
Slide 13: CCI’s Two-Pillar Growth Strategy
CCI’s Two-Pillar Growth Strategy Balanced Organic Inorganic Growth Growth Grow Core New Categories & Countries SHARPEN EXPAND Quality Growth Is Our North Star: EBIT > Revenue > Transaction > Volume INVESTOR PRESENTATION 13
Slide 14: NARTD Value Growth Opportunity
NARTD Value Growth Opportunity Total NARTD Industry In CCI Countries Industry Value Growth Category Breakdown & Opportunity 28% SPARKLING 50% +$12 Bn 2024-2029E $27.8BN STILLS 14% (2024) 8% CAGR WATER 7% CCI Value Share Opportunity Source: GlobalData (Industry Estimates); Internal Assumption for Ban
Slide 15: Strong Addressable Per Cap Consumption Opportunity
Strong Addressable Per Cap Consumption Opportunity Türkiye Pakistan Kazakhstan Iraq CCI per cap 153 CCI per cap 30 CCI per cap 211 CCI per cap 65 Industry per cap 549 Industry per cap 102 Industry per cap 723 Industry per cap 588 Non-NARTD per cap 2,730 Non-NARTD per cap 2,468 Non-NARTD per cap 2,26
Slide 16: Our Markets Have a Low Penetration of Beverage Industry
United States 1,578 Italy 1,293 Germany 1,216 Mexico 1,163 Bulgaria 1,131 Spain 1,130 Belgium 1,113 Saudi Arabia -8% y/y 1,023 Poland 1,018 Romania 962 Canada 939 France 898 Argentina 815 Japan 778 Thailand 766 Chile 748 374 IHS Markit (Population); CCI Volume United Kingdom 744 CCI Average Kazakhst
Slide 17: Further Potential For Growth
Further Potential For Growth Share of Immediate Consumption (IC) Packages in Sparkling* (2024) 54% 48% IC Packages vs. FC Packages 39% 34% ~2X HIGHER NSR PER CASE ~1.5X GROSS MARGIN VS. FC 29% 26% Young Population in CCI Countries CCI** ~58% Asia Pacific North America World Average Europe, Latin Ame
Slide 18: Diversified Product Portfolio
Diversified Product Portfolio Category Breakdown Share of Low/No Calorie in Sparkling Volume (2024) 80% 30% 85% 23% 10% 15% 12% 9% 7% 7% 3% 3% 3% 3% 1% 10% North EMEA Latin Asia Pasific Türkiye Jordan Bangladesh Azerbajian Tajikistan Iraq Kazakhstan America America Increasing Household Resilient Gro
Slide 19: Creating Growth and Value with Our Customers
Creating Growth and Value with Our Customers Traditional 52% Volume Breakdown (2024) 20% On-premise Modern Retail 14% 5% Discounter Other Vending Machines, 9% Wholesalers etc. INVESTOR PRESENTATION 19
Slide 20: Our Aim is to Develop Our Markets and Create Value
Our Aim is to Develop Our Markets and Create Value Consistent Per Cap Growth Robust $ NSR/uc Focus on Quality Growth Improvement +7% +96% -21 bps 549 Türkiye 14.9% 2.9 513 1.5 14.7% 2018 2024 2018 2024* 2018 2024* PK: -18% KZ: +50% UZ: +38% +28% +183 bps International 124 393 20.8% 723 2.5 102 285 4
Slide 21: How We Do It
sCCcl HOW WE DO IT
Slide 22: CCI Playbook is Our Winning Formula
CCI Playbook is Our Winning Formula Invest Ahead • Production facilities • Coolers of Demand Develop & Deploy RTM Improvement & Talent Distributor Development • U30 program to recruit, train • Independent & loyal and develop future talents • Build capability & train • Women empowerment Digital distr
Slide 23: CCI’s Unique RTM Model
CCI’s Unique RTM Model ~80% Distributor of volume Independent & loyal Local expertise and reach CCI builds capability & Offers CCI’s best-in-class train distributors execution ~20% of volume Direct CCI distribution to Key Accounts only: Supermarkets & discounters RTM Systems in the World 1 Direct Di
Slide 24: Disciplined Revenue Growth Management
Disciplined Revenue Growth Management Net Sales Revenue = Volume x Price x Mix - Discounts Opportunity Value-driven Terms & Promo OBPPC Mapping Pricing Conditions Spend Consumers’ Well defined pack Increase Optimize Identify & prioritize willingness to pay roles, optimal conditionality of promotiona
Slide 25: Resulting in Resilient EBIT margin
Effective RGM + Proactive Procurement + Prudent OpEx Management Leading to Resilient EBIT margin Effective Mix Management Right Pricing & Record – High Prudent Opex Governance Per Uc Efficiency IC Mix 2.64 2.43 2.5 26.3%25.9% 2.15 25.3%24.8% 1.97 1.89 2.05 1.8 23.8% 1.67 1.75 1.74 22.4% 29.2% 25.9%
Slide 26: Capital Allocation Policy
sCCcl CAPITAL ALLOCATION POLICY
Slide 27: Disciplined Capital Allocation
Disciplined Capital Allocation Organic Inorganic Shareholder Deleveraging Growth Growth Return Optimum CapEx Allocation Selective M&A Debt Repayment Dividends CapEx/Sales Strategy Optimum debt repayment Sustainable dividend policy ~9.1% (2024) Bolt-on acquisitions Capacity Expansion Strategic fit So
Slide 28: Supply Chain Excellence
Supply Chain Excellence Greenfield investments and continuous efficiency gains Number of Plants & Production Capacity Capex Trend (% of NSR) 6.7% on average Total Number of Plants 36 Total Capacity 2,20bn uc 9.1% 8.1% 7.3% 6.3% 6.0% 6.2% 6.1% 5.9% 4.6% Kazakhstan 3 2016 2017 2018 2019 2020 2021 2022
Slide 29: Prudent Approach to Geographical Expansion
Prudent Approach to Geographical Expansion Guiding principles for Management control & Complementary Reasonable proximity ROIC > WACC geographical expansion full consolidation rights market dynamics Volume Breakdown 81% 2006 Kazakhstan 19% Uzbekistan Kyrgyzstan Azerbaijan Turkmenistan Türkiye Türkiy
Slide 30: CCI Bangladesh
CCI Bangladesh Great momentum and future opportunities About 8th largest 25.7 median Rapidly NARTD per country by age; 56% < 30 urbanizing cap among Bangladesh population in years of age (2019: 37% vs. lowest the world 2023: 41%) globally About CCI 1 plant ~ 200 active Bangladesh distributor 3 wareh
Slide 31: Consistent Dividend Pay Out
Consistent Dividend Pay Out Dividend per Share CCI Dividend Distribution (TL per 100 shares) 1.5% Policy Is Based On % Dividend Yield* 7.86 Net Distributable Income Free Cash Flow Generation 1.4% 2.1% 2.7% 3.2% 4.3% 1.8% Capex And Other Funding 2.1% Needs For Growth 2.95 0.5% 2.36 0.3% 1.97 1.77 Pre
Slide 32: Net Working Capital Evolution
Net Working Capital Evolution NWC/NSR 5.7% Inventory optimization 4.5% 4.3% 4.2% 3.6% Strict Receivable Management 2.7% 1.7% Leveraging Payables 0.1% 2017 2018 2019 2020 2021 2022 2023 2024 Cash 2016 2017 2018 2019 2020 2021 2022* 2023* 2024* Conversion 22 Days 15 Days 13 Days 13 Days -3 Days -6 Day
Slide 33: Free Cash Flow Generation
Free Cash Flow Generation Free Cash Flow and FCF Yield* 17.0% 13.0% 10.4% FCF Yield (%) 7.1% 7.7% 8.7% 7.3% 3.3% 1.0% 0.1% 0.4% 2,629 2,505 2,154 1,967 1,629 FCF (TL mn) 1,079 642 729 727 10 46 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 *Free cash flow yield based on average market capit
Slide 34: Financial Review
sCCcl FINANCIAL REVIEW
Slide 35: Summary Financials - 2Q25
Summary Financials - 2Q25 Gradually normalizing trend after cycling of prior year base effects Net Sales Revenue EBIT Net Income (TL) (TL) (TL) 2.9 10.3 Billion -26.5% y/y 1.3 6.4 Billion -43.2% y/y 1H25 86.5 Billion -3.2% y/y 1H25 1H25 11.9% Margin -379 bps 7.4% Margin -523 bps 7.2 Billion -22.2% y
Slide 36: Per UC Metrics - 2Q25
Per UC Metrics - 2Q25 Without TAS 29, NSR/uc grew by 24.9% to TL 104 in 2Q25 Consolidated (TL) - with TAS 29 Net Sales Revenue COGS EBIT -7.0% -2.9% -6.9% -25.7% y/y -10.7% y/y y/y y/y y/y 112.6 -32.3% y/y 72.1 20.6 109.5 17.7 15.3 101.9 67.7 12.0 100.6 67.2 65.8 2Q24 2Q24 2Q25 2Q25 1H24 1H24 1H25 1
Slide 37: Net Income Development
Net Income Development Lower monetary gains vs. last year -30.8% (mTL) y/y 14.8% -2.3 billion 10.5% 7304.0 -1286.0 -525.0 551.0 -253.0 1029.0 5051.0 -1769.0 2Q24 2Q25 NSR COGS OpEx Financial Inc/Exp. Monetary Gain/Loss Other* Net Income Net Income (*) Other includes Taxation, Investing Activities, G
Slide 38: Balance Sheet and Risk Management
BALANCE SHEET AND RISK MANAGEMENT
Slide 39: Dynamic Hedging
Dynamic Hedging Securing long term visibility & controlled cost base Proactive Risk Management Policy Hedging & Pre-buy Rates COGS Breakdown Cost of Sales 2025 2026 20% Overhead Sugar 97%* 7%** 20% Sugar Aluminium 80% 35% 30% Packaging 30% Concentrate Resin 97% 17% *100%, in markets where financial
Slide 40: Disciplined Financial Management
Disciplined Financial Management Low leverage and strong liquidity maintained Debt & Cash Gross Debt Cash Net Debt Composition USD USD /EBITDA 1.4x 53% 34% 1.3x Other Other 15% 62% 1.0x $1.5B $573M 0.8x TRY 0.6x 4% TRY EUR 27% 5% 22 23 24 1Q25 1H25 $581m 141 Debt FX Position -831 42% 134 Maturity $3
Slide 41: 2025 FY Guidance
sCCcl 2025 FY GUIDANCE
Slide 42: 2025 Guidance
2025 Guidance The forward looking guidance is given on a reported basis With TAS 29 Without TAS 29 Mid-single-digit volume growth on a Mid-single-digit volume growth on a Sales consolidated basis: Volume consolidated basis: Low-to-Mid-single digit Mid to high-single-digit Low-to-Mid-single digit Mid
Slide 43: Credit Ratings
sCCcl CREDIT RATINGS
Slide 44: Solid Credit Ratings
Solid Credit Ratings S&P Global Fitch Issuer Rating BB+ BBB Outlook Stable Stable Last revision 15.10.2025 05.06.2025 Strengths Large and leading product portfolio Robust implementation of its expansion plan Resilient demand Leading positions in its core markets Prudent opex management Resilient nat
Slide 45: ESG Journey
sCCcl ESG JOURNEY
Slide 46: Sustainability 2030 Roadmap
Sustainability 2030 Roadmap Packaging Water Climate Commitment #1 Commitment #2 Commitment #3 Commitment #4 Commitment #5 Commitment #6 rPET (%) Collection (%) WUR (L/L) Water Replenishment (%) RE Energy Capacity (%) GHG Emissions (%) 100 100 100 76 81 1.64 1.36 100 100 50 46 -13 51 29 7.5 6 2024 20
Slide 47: Appendix
sCCcl APPENDIX
Slide 48: Experienced Executive Leadership
Experienced Executive Leadership Chief Executive Chief Operating Türkiye Caucasia and Central Asia Chief Financial Chief Supply Chain Officer Officer Regional Director Regional Director Officer Officer Karim Yahi Ahmet Kürşad Ertin Hasan Ellialtı Erdinç Güzel Çiçek Uşaklıgil Özgüneş Kerem Kerimoğlu
Slide 49: Country Data 2024
Country Data 2024 GDP per cap, Per capita NARTD Capacity Population CCI’s Market Share CCI’s Market Position Capacity PPP consumption Utilization (mn)(1) in Sparkling (%)(4) in Sparkling(5) (mn UC)(6) (USD 000)(2) (8 ounce servings)(3) Rate(6) Türkiye 87.5 35.7 549 53.7 1 775 73% Pakistan 251.3 5.4
Slide 50: Subsidiaries
Subsidiaries Coca-Cola İçecek A.Ş. %100.00 %100.00 %100.00 %99.97 CCI International Waha Beverages B.V., Holland B.V., Holland Holland Coca-Cola Satış ve Dağıtım A.Ş., Turkiye %51.23 Coca-Cola Almaty Bottlers %48.77 %100.00 LLP, Kazakhstan Anadolu Etap Penkon Gıda ve Azerbaijan Coca-Cola İçecek Ürün
Slide 51: Utilizing our Integrated Digital Model for Value Creation
Utilizing our Integrated Digital Model for Value Creation Customer and Asset People Consumer Experience Optimization Experience Balancing between digital and human touch. Optimized and Resilient Supply Chain Productivity Through Digitization, Upskill/Reskill Commercial transformation with Digital RT
Slide 52: Thank You
Thank You For more information, please contact cci-ir@cci.com.tr
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