Anadolu Efes Biracilik Ve Malt Sanayii A.s. · BIST:AEFES
Anadolu Efes Biracilik Ve Malt Sanayii A.s — Anadolu Efes Birack Ord — 9M2025 Earnings Presentation
21 slides from Anadolu Efes Biracilik Ve Malt Sanayii A.s's earnings presentation, Nov 6, 2025
Slide 1: Anadolu Efes 9M2025 Conference Call Presentation
ANADOLU EFES 9M2025 CONFERENCE CALL PRESENTATION 6 NOVEMBER 2025 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 9M2025 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: General Overview & Operating Environment
GENERAL OVERVIEW & OPERATING ENVIRONMENT ONUR ALTÜRK CEO & Beer Group President 5
Slide 6: Strong Operational Performance Amid Mixed Volume Dynamics
STRONG OPERATIONAL PERFORMANCE AMID MIXED VOLUME DYNAMICS 1 High-single digits volume growth* in AEFES, mainly driven by international soft drinks operations 2 Volume decline* in Beer Group; largely due to domestic market 3 Topline performane remained solid although pressurized by a sustained afford
Slide 7: Slowdown in Beer Group Volumes in 3Q
SLOWDOWN IN BEER GROUP VOLUMES IN 3Q • Consolidated beer volume declined by 4.9% y-o-y on a proforma basis • Turkiye beer volume down by 8.4% • International beer volume down by 2.1% y-o-y on a proforma basis ➢ CIS countries delivered a low-single-digits decline on average while Kazakhstan up Volume
Slide 8: Turkiye Beer Operations
TURKIYE BEER OPERATIONS • Volume declined by high-single digits: ➢ Weaker consumer purchasing power amid persistent inflationary pressures ➢ Price adjustment implemented in early July ➢ Tourism slowdown had a negative impact on volumes • Launch of Jupiler 0.0%: A non-alcoholic beer, marking the firs
Slide 9: International Beer Operations
INTERNATIONAL BEER OPERATIONS • Kazakhstan registered low-single digits volume growth ➢ Supported by robust export performance ➢ Premium segment growth driven by effective brand activations ➢ Successful launch of Khmelnoy Los - Pegas SKU • Georgia recorded by low-to-mid-single digits decline ➢ Impac
Slide 10: Soft Drinks Operations
SOFT DRINKS OPERATIONS • Consolidated volume increased by 8.9% ➢ Positive contribution of all international markets; namely Central Asia & Iraq • Türkiye volume declined by 1.7% impacted by; ➢ Weakening consumer purchasing power & deteriorating weather conditions during September • International vol
Slide 11: Anadolu Efes Consolidated Financial Performance
ANADOLU EFES CONSOLIDATED FINANCIAL PERFORMANCE Anadolu Efes* Beer Group* • Solid revenue growth backed by strong volume 3Q 9M 3Q 9M REVENUE momentum TL68.9bn TL188.6bn TL15.7bn TL41.4bn NET (+3.8%) (-0.7%) (-6.9%) (-5.3%) • Deline in rev/ hl due to continued affordability focus & limited price adj.
Slide 12: Financial Overview
FINANCIAL OVERVIEW GÖKÇE YANAŞMAYAN Chief Financial Officer 12
Slide 13: Key Financials
KEY FINANCIALS Anadolu Efes Beer Group mTL Proforma Proforma mTL Proforma Proforma 3Q2025 9M2025 3Q2025 9M2025 Change** Change** Change** Change** Sales Revenue 68,860 3.8% 188,622 -0.7% Sales Revenue 15,674 -6.9% 41,421 -5.3% Gross Profit 27,821 4.3% 70,368 -3.7% Gross Profit 7,788 -11.1% 19,648 -5
Slide 14: Anadolu Efes EBITDA (BNRI) & FCF Generation
ANADOLU EFES EBITDA (BNRI) & FCF GENERATION 3Q - EBITDA (BNRI) Bridge mTL 3Q - Free Cash Flow Bridge mTL 8% 323% 2,523 14,266 208 15,366 1,153 9,417 -1,167 -464 1,386 3,551 1,099 2,227 3Q2024 Net Selling, 3Q2024 EBITDA Changes CAPEX, Net Financial COGS Others 3Q2025 3Q2025 Proforma Revenue Marketing
Slide 15: Beer Group EBITDA (BNRI) & FCF Generation
BEER GROUP EBITDA (BNRI) & FCF GENERATION 3Q - EBITDA (BNRI) Bridge mTL 3Q - Free Cash Flow Bridge mTL -9% n.m. 3,796 822 343 185 3,444 287 -352 -1,168 187 -1,879 -121 -1,344 3Q2024 Net Selling, 3Q2024 EBITDA Changes CAPEX, Net Financial COGS Others 3Q2025 3Q2025 Proforma Revenue Marketing and Profo
Slide 16: Impact of TAS 29 – Anadolu Efes
IMPACT of TAS 29 – ANADOLU EFES +36% +4% +33% -1% 53,399 72,420 66,338 68,860 136,880 182,495 189,938 188,622 NET REVENUE m TL 3Q2024 3Q2025 3Q2024 3Q2025 9M2024 9M2025 9M2024 9M2025 Proforma wo/TAS29 Proforma w/TAS29 Proforma wo/TAS29 Proforma w/TAS29 wo/TAS29 w/TAS29 wo/TAS29 w/TAS29 +40% +8% +22%
Slide 17: Impact of TAS 29 – Beer Group
IMPACT of TAS 29 – BEER GROUP +23% -7% +27% -5% 31,891 40,550 43,748 41,421 13,382 16,440 16,842 15,674 NET REVENUE m TL 3Q2024 3Q2025 3Q2024 3Q2025 9M2024 9M2025 9M2024 9M2025 Proforma wo/TAS29 Proforma w/TAS29 Proforma wo/TAS29 Proforma w/TAS29 wo/TAS29 w/TAS29 wo/TAS29 w/TAS29 +21% -9% +21% -12%
Slide 18: Cash & Debt Management
CASH & DEBT MANAGEMENT Anadolu Efes Gross Debt Cash USD 1.1 bn Average maturity USD 2.4 bn 41% 2.2 yrs Net Debt/EBITDA* 61% held in Hard Currency 28% 1.5x held in Hard Currency held in Eurozone Gross Debt Cash Beer Group USD 0.3 bn Average maturity USD 1.0 bn 47% 1.7 yrs Net Debt/EBITDA* 63% held in
Slide 19: Risk Management
RISK MANAGEMENT Beer Group Beer Group Hedges for 2025: COGS Split for Commodity : 2024: Aluminum: 100% for TR & CIS @$2.506 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% He
Slide 20: Q&A Session
Q&A SESSION 20
Slide 21: FX Rates
FX Rates 9M2024 9M2025 Δ% AVG 32.23 38.54 19.6% USD/TL PE 34.12 41.51 21.6% AVG 35.05 43.21 23.3% EUR/TL PE 38.17 48.75 27.7% AVG 2.80 2.20 -21.3% TL/RUB PE 2.72 2.00 -26.5% AVG 14.23 13.50 -5.2% TL/KZT PE 14.05 13.22 -5.9% AVG 1.23 1.08 -12.4% TL/UAH PE 1.21 1.00 -17.5% AVG 0.55 0.45 -17.3% TL/MDL
Anadolu Efes Birack Ord — 9M2025 Earnings Presentation on 6ix