Anadolu Efes Biracilik Ve Malt Sanayii A.s. · BIST:AEFES
Anadolu Efes Biracilik Ve Malt Sanayii A.s — Anadolu Efes Birack Ord — Q1 2026 Earnings Presentation
19 slides from Anadolu Efes Biracilik Ve Malt Sanayii A.s's earnings presentation, May 6, 2026
Slide 1: Anadolu Efes 1Q2026 Results Conference Call Presentation
ANADOLU EFES 1Q2026 RESULTS CONFERENCE CALL PRESENTATION 6 MAY 2026
Slide 2: Important Disclaimer Regarding TAS29
IMPORTANT DISCLAIMER REGARDING TAS29 As stipulated by the decree of the Capital Markets Board, the financial statements for 1Q2026 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: General Overview & Operating Environment
GENERAL OVERVIEW & OPERATING ENVIRONMENT ONUR ALTÜRK CEO & Beer Group President
Slide 5: Strong AEFES Performance Amid Seasonally Weak Beer Quarter
STRONG AEFES PERFORMANCE AMID SEASONALLY WEAK BEER QUARTER Anadolu Beer Efes Group Solid volume growth of 5%; led by soft drink & international beer REVENUE TL62.4bn TL9.4bn NET Robust topline performance in AEFES; (+7.6%) (-8.4%) driven by volume growth and pricing 13.6% -8.1% BNRI % EBITDA EBITDA
Slide 6: International Strong Volumes Partly Offsets Soft Start in Turkiye
INTERNATIONAL STRONG VOLUMES PARTLY OFFSETS SOFT START IN TURKIYE • Consolidated beer volume reached 2.1 mhl in 1Q2026, down by 9.6% y-o-y ➢ Türkiye beer volume at 0.8 mhl in 1Q2026; declined by 20% y-o-y ➢ International beer volume at 1.3 mhl in 1Q2026; down by 1.6% ➢ Up by 3.2%; excluding Georgia
Slide 7: Turkiye Operations
TURKIYE OPERATIONS • Soft start to the year in 1Q2026 ➢ Market decline of double-digits with less discretionary spending ➢ Adverse weather conditions & softer demand during Ramadan ➢ Temporary pressure in volumes to decrease inventory levels before Efes Family Uplift Efes Family Uplift ➢ New era for
Slide 8: International Operations
INTERNATIONAL OPERATIONS • Kazakhstan grew low-single digit in 1Q2026; 4th consecutive quarters of growth ➢ Solid demand during the quarter despite Ramadan ➢ Premiumization & continued KEG focus • Georgia down mid-teens in 1Q2026; excluding restructuring up by low-twenties ➢ Expansion in modern trad
Slide 9: Soft Drinks Operations
SOFT DRINKS OPERATIONS • Consolidated volume increased by 6.9% in 1Q2026 ➢ Strong growth in Central Asia ➢ Resilient performance in Türkiye and Pakistan • Türkiye volume increased by 1.4% ➢ Cycling a strong base of 8.4% ➢ Shift toward higher value categories • International volume grew by 9.6% ➢ Kaz
Slide 10: Financial Overview
FINANCIAL OVERVIEW YASEMEN GÜVEN ÇAYIREZMEZ Chief Financial Officer
Slide 11: Key Financials
KEY FINANCIALS Anadolu Efes Beer Group mTL 1Q2025 1Q2026 Change % mTL 1Q2025 1Q2026 Change % Sales Revenue 58,033 62,425 7.6% Sales Revenue 10,275 9,411 -8.4% Gross Profit 18,417 22,373 21.5% Gross Profit 4,145 3,383 -18.4% EBITDA (BNRI) 5,402 8,514 57.6% EBITDA (BNRI) -636 -761 -19.7% Net Income/(L
Slide 12: Anadolu Efes EBITDA (BNRI) & FCF Generation
ANADOLU EFES EBITDA (BNRI) & FCF GENERATION EBITDA (BNRI) Bridge mTL Free Cash Flow Bridge mTL +58% +67% 4,392 -382 8,514 -681 -217 864 1,690 -7,290 5,402 9,070 3,112 -22,025 Net Financial 1Q2026 1Q2025 Net Selling, EBITDA Changes CAPEX, COGS Others 1Q2026 1Q2025 Inc/Exp and Revenue Marketing and (B
Slide 13: Beer Group EBITDA (BNRI) & FCF Generation
BEER GROUP EBITDA (BNRI) & FCF GENERATION EBITDA (BNRI) Bridge mTL Free Cash Flow Bridge mTL -20% +26% -636 607 18 -761 478 288 -6,919 1,852 115 -865 -9,411 -125 Net Financial 1Q2026 1Q2025 Net Selling, EBITDA Changes CAPEX, COGS Others 1Q2026 1Q2025 Inc/Exp and Revenue Marketing and (BNRI) in WC ne
Slide 14: Impact of TAS 29 – Anadolu Efes
IMPACT of TAS 29 – ANADOLU EFES NET REVENUE EBITDA (BNRI) m TL m TL +41% 8% +85% +58% 62,327.1 62,424.7 9,874.1 58,033.2 8,513.8 44,199.7 5,334.4 5,402.3 1Q2025 1Q2026 1Q2025 1Q2026 wo/TAS29 wo/TAS29 w/TAS29 w/TAS29 1Q2025 1Q2026 1Q2025 1Q2026 wo/TAS29 wo/TAS29 w/TAS29 w/TAS29 NET INCOME m TL -11% 2
Slide 15: Impact of TAS 29 – Beer Group
IMPACT of TAS 29 – BEER GROUP NET REVENUE EBITDA (BNRI) m TL m TL -14% +22% -8% -20% 9,739.9 10,275.3 292.0 9,410.6 251.1 8,016.4 -635.9 -761.0 1Q2025 1Q2026 1Q2025 1Q2026 1Q2025 1Q2026 1Q2025 1Q2026 wo/TAS29 wo/TAS29 w/TAS29 w/TAS29 wo/TAS29 wo/TAS29 w/TAS29 w/TAS29 NET INCOME m TL 1,237.5 -42% -32
Slide 16: Risk Management
RISK MANAGEMENT Anadolu Efes Gross Debt Cash Average maturity USD 0.7 bn 1.9 yrs USD 2.2 bn 38% Net Debt/EBITDA 64% held in Hard Currency 1.3x Net Debt/EBITDA (woTAS29) in Hard Currency 21% 1.3x held in Eurozone Cash Beer Group Gross Debt Average maturity USD 0.2 bn 1.6 yrs USD 1.0 bn 56% Net Debt/E
Slide 17: Risk Management
RISK MANAGEMENT Beer Group Beer Group Hedges for 2026: COGS Split for Commodity : 2025: Aluminum: 72% for TR & CIS @$3,063 16% 14% *For 2027: 3% for TR & CIS @$3,078 11% 15% 7% 22% FX Exposure : 15% Barley-Malt & Auxiliary Overhead (Labour Cost) Glass Bottle Amortization & Other Overhead TR: 86% Hed
Slide 18: Q&A Session
ANADOLU EFES Q&A SESSION
Slide 19: FX Rates
FX RATES 1Q2025 1Q2026 Δ% AVG 36.20 43.60 20.4% USD/TL PE 37.77 44.40 17.6% AVG 38.10 51.01 33.9% EUR/TL PE 40.70 50.93 25.1% AVG 2.58 1.80 -30.3% TL/RUB PE 2.22 1.83 -17.4% AVG 14.10 11.41 -19.1% TL/KZT PE 13.33 10.85 -18.6% AVG 1.15 0.99 -13.9% TL/UAH PE 1.10 0.99 -10.2% AVG 0.51 0.39 -23.0% TL/MD
Anadolu Efes Birack Ord — Q1 2026 Earnings Presentation on 6ix