Anadolu Efes Biracilik Ve Malt Sanayii A.s. · BIST:AEFES
Anadolu Efes Biracilik Ve Malt Sanayii A.s — Anadolu Efes Birack Ord — Q2 2026 Earnings Presentation
20 slides from Anadolu Efes Biracilik Ve Malt Sanayii A.s's earnings presentation, Aug 12, 2026
Slide 1: Anadolu Efes 1H2026 Results Conference Call Presentation
ANADOLU EFES 1H2026 RESULTS CONFERENCE CALL PRESENTATION 12 AUGUST 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 1H2026 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 Consolidated Performance Despite Domestic Beer Headwinds
STRONG CONSOLIDATED PERFORMANCE DESPITE DOMESTIC BEER HEADWINDS Anadolu Efes Beer Group 7.4% volume growth supported by geographical 2Q 1H 2Q 1H REVENUE diversification TL87.5bn TL154.3bn TL19.4bn TL29.5bn NET (+2.8%) (+4.8%) (-6.1%) (-6.9%) Resilient revenue growth in AEFES; driven by volume growth
Slide 6: International Beer Business Remained Resilient While Expanding Into New Geographies
INTERNATIONAL BEER BUSINESS REMAINED RESILIENT WHILE EXPANDING INTO NEW GEOGRAPHIES • Beer volume reached 3.8 mhl in 2Q2026, down by 8.0% y-o-y ➢ Türkiye beer volume at 1.8 mhl in 2Q2026; declined by 12.5% y-o-y ➢ International beer volume at 2.0 mhl in 2Q2026; down by 4.1% ➢ Up by 1.2%; excluding G
Slide 7: Turkiye Operations
TURKIYE OPERATIONS • Volume declined by 12.5% in 2Q, down 15% in 1H2026 ➢ Demand remained under pressure in April & May, extending the weak start to the year ➢ Persistent inflation, affordability challenges & unfavorable weather conditions weighed on demand ➢ Volume trends improved in June, limiting
Slide 8: International Operations
INTERNATIONAL OPERATIONS • Kazakhstan grew mid-single digits; outperforming the market ➢ 4th consecutive quarters of growth ➢ Successful commercial execution led premium segment growth ➢ Enriched portfolio through sucessful launches; - Efes Pilsen Extentions & Kruzhka Svezhego Limited Edition - Mill
Slide 9: Soft Drinks Operations
SOFT DRINKS OPERATIONS • Consolidated volume increased by 9.8% in 2Q2026; reaching 519 million uc ➢ Strong growth in Pakistan and Central Asia • Türkiye volume decreased by 1.1%; recorded at 159 million uc ➢ While the sparkling category contracted, stills category sustained its positive momentum • I
Slide 10: Financial Overview
FINANCIAL OVERVIEW YASEMEN GÜVEN ÇAYIREZMEZ Chief Financial Officer
Slide 11: Key Financials
KEY FINANCIALS Anadolu Efes Beer Group mTL mTL 2Q2026 Change 1H2026 Change 2Q2026 Change 1H2026 Change Sales Revenue 87,491.2 2.8% 154,294.4 4.8% Sales Revenue 19,389.2 -6.1% 29,459.9 -6.9% Gross Profit 34,507.9 5.9% 58,450.0 11.8% Gross Profit 9,133.1 -9.9% 12,753.1 -12.5% EBITDA (BNRI) 17,961.2 10
Slide 12: Anadolu Efes EBITDA (BNRI) & FCF Generation
ANADOLU EFES EBITDA (BNRI) & FCF GENERATION 2Q - EBITDA (BNRI) Bridge mTL 2Q – Free Cash Flow Bridge mTL +10% -77% 8,408.5 17,961.2 16,281.6 1,679.6 1,959.2 865.9 -1,120.3 2,422.1 -54.8 -638.9 -48.9 -7,874.4 2Q2025 Net COGS Selling, Others 2Q2026 2Q2025 EBITDA Changes CAPEX, Net Financial 2Q2026 Rev
Slide 13: Beer Group EBITDA (BNRI) & FCF Generation
BEER GROUP EBITDA (BNRI) & FCF GENERATION 2Q - EBITDA (BNRI) Bridge mTL 2Q - Free Cash Flow Bridge mTL -28% -24% 4,995.5 4,273.3 3,787.8 3,091.1 939.5 253.6 537.5 81.3 -263.2 -1,253.9 -1,182.2 -1,502.5 2Q2025 Net COGS Selling, Others 2Q2026 2Q2025 EBITDA Changes CAPEX, Net Financial 2Q2026 Revenue M
Slide 14: Impact of TAS 29 – Anadolu Efes
IMPACT of TAS 29 – ANADOLU EFES NET REVENUE m TL +37% +3% +39% +5% 152,496.1 147,172.8 154,294.4 90,169.0 85,068.7 87,491.2 110,075.0 65,875.3 2Q2025 2Q2026 2Q2025 2Q2026 1H2025 1H2026 1H2025 1H2026 wo/TAS29 wo/TAS29 w/TAS29 w/TAS29 wo/TAS29 wo/TAS29 w/TAS29 w/TAS29 EBITDA (BNRI) m TL +45% +10% +56%
Slide 15: Impact of TAS 29 – Beer Group
IMPACT of TAS 29 – BEER GROUP NET REVENUE m TL +25% -6% +24% -7% 20,119.0 20,643.1 19,389.2 31,639.1 29,858.9 29,459.9 16,094.1 24,110.5 2Q2025 2Q2026 2Q2025 2Q2026 1H2025 1H2026 1H2025 1H2026 wo/TAS29 wo/TAS29 w/TAS29 w/TAS29 wo/TAS29 wo/TAS29 w/TAS29 w/TAS29 EBITDA (BNRI) m TL +3% -28% +2% -37% 4,
Slide 16: Cash & Debt Management
CASH&DEBT MANAGEMENT Anadolu Efes Gross Debt Cash Average maturity USD 0.9 bn 1.7 yrs USD 2.3 bn 32% Net Debt/EBITDA 59% held in Hard Currency 1.2x Net Debt/EBITDA (woTAS29) in Hard Currency 21% 1.2x held in Eurozone Cash Beer Group Gross Debt Average maturity USD 0.3 bn 1.4 yrs USD 1.0 bn 36% Net D
Slide 17: Risk Management
RISK MANAGEMENT Beer Group Beer Group Hedges for 2026: COGS Split for Commodity : 2025: Aluminum: 88% for TR & CIS @$3,108 16% 14% *For 2027: 27% for TR & CIS @$3,069 11% 15% 7% 22% FX Exposure : 15% Barley-Malt & Auxiliary Overhead (Labour Cost) Glass Bottle Amortization & Other Overhead TR: 100% H
Slide 18: Revised FY2026 Expectations
REVISED FY2026 EXPECTATIONS ANADOLU EFES BEER GROUP SOFT DRINKS GROUP Low-single digits decline Mid-single digits growth (Previously: Low-single digits growth) VOLUME Mid-single digits growth Turkiye ops low-to-mid-single digit growth Turkiye ops low-single digit decline With TAS29 (Previously: Low-
Slide 19: Q&A Session
Q&A SESSION
Slide 20: FX Rates
FX RATES 1H2025 1H2026 Δ% AVG 37.45 44.51 18.8% USD/TL PE 39.74 46.57 17.2% AVG 41.02 51.90 26.5% EUR/TL PE 46.61 53.09 13.9% AVG 2.32 1.72 -26.1% TL/RUB PE 1.97 1.67 -15.5% AVG 13.67 10.93 -20.1% TL/KZT PE 13.09 10.43 -20.3% AVG 1.11 0.98 -11.6% TL/UAH PE 1.05 0.96 -8.1% AVG 0.48 0.39 -18.8% TL/MDL
Anadolu Efes Birack Ord — Q2 2026 Earnings Presentation on 6ix