Anadolu Efes Biracilik Ve Malt Sanayii A.s. · BIST:AEFES
Anadolu Efes Biracilik Ve Malt Sanayii A.s — Anadolu Efes — Investor Presentation (2026)
50 slides from Anadolu Efes Biracilik Ve Malt Sanayii A.s's investor presentation, May 20, 2026
Slide 1: Anadolu Efes FY2025 Investor Presentation
ANADOLU FY2025 EFES INVESTOR 9M2025 PRESENTATION INVESTOR PRESENTATION 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 FY2025 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: Who We Are
— Zz WHO WE ARE "ae “7
Slide 6: Anadolu Efes key facts
1950 ~100 +100.000 Founded Production facilities Employees 6 8 100+ Million m2 Sectors Export countries Production and sales- Beer, Soft Drink, Retail, distribution area Agriculture, Automotive, Stationary, Energy and Healthcare 6 TL 707 bn TL 69 bn Companies listed on Revenue in FY2025 EBITDA in FY
Slide 7: Anadolu Efes: A Leading Brewer & Bottler Worldwide
ANADOLU EFES: A LEADING BREWER & BOTTLER WORLDWIDE 101 Breweries in 51 Countries 36 Soft Drink Facilities in 12 Countries Europe’s 5th World’s 10th Largest Brewer2 One of the largest Coca-Cola Bottler 43% Anadolu Group 24% AB InBev 33% Publicly Traded 1 On December 30, 2024, it was announced that, p
Slide 8: Ownership Structure & Subsidiaries
OWNERSHIP STRUCTURE & SUBSIDIARIES 20.1% 24% 50.3% 43% 29.6% 33% Free Float & Free Float Other BEER OPERATIONS SOFT DRINK OPERATIONS Türkiye Kazakhstan Türkiye Azerbaijan Kazakhstan Kyrgyzstan Moldova Georgia Pakistan Jordan Ukraine Russia1 Iraq Uzbekistan Syria Turkmenistan Tajikistan Bangladesh 1
Slide 9: Anadolu Efes Beer Group: Brewing Quality Across 5 Countries
ANADOLU EFES BEER GROUP: BREWING QUALITY ACROSS 51 COUNTRIES Operations in 51 countries 10 breweries 90+ brands 2 malteries Exports to ~70 countries 1 hop processing facility 8.000+ employees 13.0mhl sales volume Operations in Türkiye, 200+ distributors $1.3bn net sales revenue Moldova, Kazakhstan,
Slide 10: The 10th Largest Brewer in the World
THE 10th LARGEST BREWER IN THE WORLD Our journey, which started in Turkiye in 1969 with the dreams of two entrepreneurs, continues today as the 10 th largest brewer in the world and the 5 th largest in Europe. With our pioneering and innovative approach to brewing, which we bring to the world, we ge
Slide 11: Key Pillars of Our Success
KEY PILLARS OF OUR SUCCESS Strong Local Brands With Strategic Global Partnerships High Consumer Loyalty (AB InBev, Molson Coors, WG&S) Diverse Beer Portfolio Across All Segments Disciplined Financial Management Strong Market Positions Across Robust Sustainability Programs All Operations Strong Distr
Slide 12: Vision and Strategic Roadmap
VISION AND STRATEGIC ROADMAP Our vision is to be the Our purpose is to bring consumers, customers fastest growing beverage company with and our ecosystem together around our best quality products with most loved brands that craft joy for joy and responsibility. We aim to foster a progressive communi
Slide 13: What We Do
WHAT WE DO 13
Slide 14: Strategic Core Priorities
STRATEGIC CORE PRIORITIES PEOPLE SUSTAINABILITY • Recruit the best talent via strong employer branding • Reduce our environmental impact across • Re/Upskill capabilities in digitalization & leadership areas operations and the value chain • Retain the best talent via structural career growth & inclus
Slide 15: Key Growth Strategies for Building the Future
KEY GROWTH STRATEGIES FOR BUILDING THE FUTURE GROW THE CORE NEW EXPAND BUSINESSES 15
Slide 16: Where We Are Heading Next
WHERE WE ARE HEADING NEXT GROW THE CORE EXPAND NEW BUSINESSES Improve premium Expand Spread adjacent leadership geographically category expansions Revamp core brands to all operations Enhance PRGM B2B/C Transform Supply Marketplace Chain Invest in relevant start- Accelerate Growth ups Through Digita
Slide 17: Strengthening Our Future with Financial Focus
STRENGTHENING OUR FUTURE WITH FINANCIAL FOCUS CASH DEBT RISK EXPENSE MANAGEMENT MANAGEMENT MANAGEMENT MANAGEMENT Maintain long term Manage FX and Ensure liquidity for sustainable leverage Zero Based operations and commodity exposure target of 1.0X - 2.0X Budgeting accelerate dividend streams Use Wor
Slide 18: Driving Growth & Value Through Strategic Capital Allocation
DRIVING GROWTH & VALUE THROUGH STRATEGIC CAPITAL ALLOCATION Brands, Innovation, Product Diversification, Market Invest in Development, Digitalization and Production Capacity Maintain Healthy balance sheet by keeping Net Debt / EBITDA btw 1.0x – 2.0x Maximize Shareholder value through dividends with
Slide 19: Operational Overview
OPERATIONAL - <==><= S “s E = OVERVIEW ss ~ So
Slide 20: Low Per Capita Consumptions Highlight Growth Potential
LOW PER CAPITA CONSUMPTIONS HIGHLIGHT GROWTH POTENTIAL Czech Republic 142 Romania 91 Germany 85 Bulgaria 85 Poland 80 Serbia 72 Russia 72 USA 61 Belarus 49 Canada 44 Ukraine 44 Greece 43 Georgia 37 Kazakhstan 29 China 29 Moldova 26 Türkiye 14 Uzbekistan 12 Azerbaijan 6 Efes Operations Source: Glaoba
Slide 21: Beer Group Operations in FY2025
BEER GROUP OPERATIONS IN FY2025 • Consolidated beer volume; • 13.0 mhl in FY2025; flat 1 vs. FY2024 ➢ Turkiye beer volume down by 1.1% in FY2025 ➢ International beer volume up by 0.8% 1 in FY2025 18% FY2025 Volume 6% 50% Turkiye Kazakhstan Breakdown2 : 9% Georgia Moldova 17% Ukraine 1 On a proforma
Slide 22: Turkiye Beer Operations Highlights
TURKIYE BEER OPERATIONS HIGHLIGHTS Population: Production Facilities: Production Capacity: 88 Million1 3 Breweries 7.1 mhl Brewing 2 Malteries 115 000 Tons Malt 1 Hops Processing Facility Main Brands: Market Size & Per Capita: Market Share: Efes Pilsen, Efes Malt, Bomonti, Miller, Bud, Becks 12.4 mh
Slide 23: Turkiye Beer Operations in FY2025
TURKIYE BEER OPERATIONS IN FY2025 • 6.2 mhl in FY2025; down 1.0% y-o-y; inline with expectations ➢ High base of previous years ➢ Persistently inflationary environment in the country ➢ Less supportive tourism season • Expanded in distilled spirits category with rakı distribution • Successfull beer br
Slide 24: Kazakhstan Beer Operations Highlights
KAZAKHSTAN BEER OPERATIONS HIGHLIGHTS Population: Production Facilities: Production Capacity: 21 Million1 2 Breweries 2.5 mhl Brewing Main Brands: Market Size & Per Capita: Market Share: Efes Pilsener, Kruzhka Svezhego, 6.0 mhl market size2 Clear Market Leadership3 Karagandinskoe, Zhigulevskoe, 29 l
Slide 25: Georgia Beer Operations Highlights
GEORGIA BEER OPERATIONS HIGHLIGHTS Population: Production Facilities: Production Capacity: 4 Million1 1 Brewery 1.7 mhl Brewing and Soft Drink Production Main Brands: Market Size & Per Capita: Market Share: Efes, Lowenbrau, Natakhtari, 1.4 mhl market size2 Clear Market Leadership3 Kasris, Karva, Nat
Slide 26: Moldova Beer Operations Highlights
MOLDOVA BEER OPERATIONS HIGHLIGHTS Population: Production Facilities: Production Capacity: 3 Million1 1 Brewery 1.6 mhl Brewing and Soft Drink Production Main Brands: Market Size & Per Capita: Market Share: Efes, Chisinau, Finch, Kozel, Clear Market Leadership3 0.9 mhl market size2 Timisoreana, 26 l
Slide 27: Ukraine Beer Operations Highlights
UKRAINE BEER OPERATIONS HIGHLIGHTS Population: Production Facilities: 39 Million1 3 Breweries Production halted in 2 breweries2 Production Capacity: Main Brands: 7.1 mhl Brewing Corona, Stella Artois, Kozel, PovnaDizhka, Bile, Chernigivske, Yantar 1 United Nations 2 Anadolu Efes has suspended produc
Slide 28: International Beer Operations in FY2025
INTERNATIONAL BEER OPERATIONS IN FY2025 • Kazakhstan grew slightly in FY2025 ➢ Market stabilization after 3 years of contraction ➢ Improved promotional and marketing effectiveness & continued KEG focus ➢ Solid export volume contribution ➢ Successfull launches; Kruzhka Svezhego 0.0 & Wukong Ju • Mold
Slide 29: Soft Drinks Highlights
SOFT DRINKS HIGHLIGHTS Population: Production Facilities: Production Capacity: Over 600 Million 36 Bottling Plants 2.1 bn Unit Case 3 Fruit Processing Plants Main Brands: Sales Volume: Market Share: Coca-Cola, Fanta, Sprite, 1,6 bn Unit Case Schweppes, Fusetea, Cappy, Strong #1 or #2 positions Damla
Slide 30: Soft Drinks Operations in FY2025
SOFT DRINKS OPERATIONS IN FY2025 • Consolidated volume increased by 8.0% in FY2025 ➢ Central Asia is the key growth contributor ➢ The strongest growth: Uzbekistan and Kazakhstan • Türkiye volume declined by 1.0% in FY2025 ➢ Deliberate choice to optimize portfolio in the water category ➢ Excluding wa
Slide 31: Financial Performance
FINANCIAL PERFORMANCE 31
Slide 32: Anadolu Efes Historical Financial Performance
ANADOLU EFES HISTORICAL FINANCIAL PERFORMANCE Without TAS29 Net Revenue ($bn) EBITDA (BNRI) ($bn) 6.75 1.29 1.29 6.19 5.94 1.13 5.46 1.05 4.43 0.79 3.97 4.07 3.82 0.72 0.73 0.62 15.6% 17.7% 19.1% 17.8% 19.2% 20.8% 19.1% 19.0% 2018 2019 2020 2021 2022 2023 2024 2025 2018 2019 2020 2021 2022 2023 2024
Slide 33: Beer Group Historical Financial Performance
BEER GROUP HISTORICAL FINANCIAL PERFORMANCE Without TAS29 Net Revenue ($bn) EBITDA (BNRI) ($bn) 2.75 0.49 0.50 2.23 2.33 0.44 1.95 1.96 1.77 1.76 0.31 1.33 0.28 0.27 0.26 0.23 19.8% 21.1% 18.3% 19.6% 16.1% 15.9% 13.1% 13.6% 2018 2019 2020 2021 2022 2023 2024 2025 2018 2019 2020 2021 2022 2023 2024 2
Slide 34: Key Financials
KEY FINANCIALS Anadolu Efes Beer Group mTL FY2024 Proforma mTL FY2024 Proforma FY2025 FY2025 Proforma Change2 Proforma Change2 Sales Revenue 237,838 243,847 2.5% Sales Revenue 55,670 54,329 -2.4% Gross Profit 90,384 91,926 1.7% Gross Profit 26,682 25,181 -5.6% EBITDA (BNRI) 41,546 40,509 -2.5% EBITD
Slide 35: EBITDA (BNRI) & FCF Generation
EBITDA (BNRI) & FCF GENERATION FY2025 - EBITDA (BNRI) Bridge mTL FY2025 - Free Cash Flow Bridge mTL ANADOLU EFES -2% +26% 41,546.2 6,009.1 40,509.5 -4,315.7 -1,230.8 -1,499.4 1,770.3 1,048.8 -283.2 -4,179.6 -5,678.8 Selling, -1,036.7 Net Financial FY2024 Net COGS Marketing and Others FY2025 FY2024 E
Slide 36: Impact of TAS 29
IMPACT of TAS 29 ANADOLU EFES BEER GROUP +36% +3% +30% -2% 243,847 40,591 52,640 55,670 54,329 171,472 234,278 237,838 NET REVENUE m TL FY2024 FY2025 FY2024 FY2025 FY2024 FY2025 FY2024 FY2025 Proforma wo/TAS29 Proforma w/TAS29 Proforma wo/TAS29 Proforma w/TAS29 wo/TAS29 w/TAS29 wo/TAS29 w/TAS29 +29%
Slide 37: Cash & Debt Management
CASH & DEBT MANAGEMENT Anadolu Efes Gross Debt Cash Average maturity USD 0.9 bn 2.3 yrs Net Debt/EBITDA USD 2.2 bn 31% 1.4x 64% held in Hard Currency 17% Net Debt/EBITDA (woTAS29) 1.2x in Hard Currency held in Eurozone Cash Beer Group Gross Debt Average maturity USD 0.2 bn 1.7 yrs USD 0.9 bn 34% Net
Slide 38: Risk Management
RISK MANAGEMENT Beer Group Beer Group Hedges for 2026: COGS Split for Commodity : 2025: Aluminum: 47% for TR & CIS @$2,929 16% 14% 11% 15% 7% 22% FX Exposure : 15% Barley-Malt & Auxiliary Overhead (Labour Cost) Glass Bottle Can Amortization & Other Overhead Import products TR: 57% Hedged (USD/TRY: 4
Slide 39: Sustainable Shareholder Return
SUSTAINABLE SHAREHOLDER RETURN • Consistent Dividend Distribution with Sustainable Free Cash Flow Generation 8.3% 7.7% 6.3% 3.1% 1.8% 2.2% 1.4% 1.7% 1.3% 2.4% 0.7% mTL 2.1 2.4 1.8 1.9 1.9 1.3 0.3 0.3 0.4 0.5 0.3 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Gross Dividend Per Share (TL per
Slide 40: FY2026 Key Priorities & Expectations
FY2026 KEY PRIORITIES & EXPECTATIONS 40
Slide 41: 2026 Strategic Key Focus Areas
2026 STRATEGIC KEY FOCUS AREAS Strengthen Brand Drive Accelerate Expand Spirits Superiority Premiumization Localization Category Deliver Revenue Strenghten Optimize Generate Positive Growth Cost Control Average CWC Cash Flow 41
Slide 42: FY2026 Expectations
FY2026 EXPECTATIONS ANADOLU EFES BEER GROUP SOFT DRINKS GROUP Mid-single digits growth Low-single digits growth Mid-single digits growth VOLUME Turkiye ops low-single digit growth Turkiye ops low-to-mid-single digit growth With TAS29 International ops flat performance International ops high-single d
Slide 43: Sustainability
SUSTAINABILITY 43
Slide 44: Sustainability as a Transformative Strategy
SUSTAINABILITY as a Transformative Strategy ▸Reduce our environmental impact across operations and the value chain ▸Increase our social impact through community initiatives ▸Continues strengthening through equality, inclusivity and diversity 44
Slide 45: Sustainability Milestones
SUSTAINABILITY MILESTONES 2010 2011 2014 2015 2017 • Published first sustainability report • Signatory of UNGC • Signatory of UN CEO Water • Listed on the Istanbul • Listed on the FTSE4Good Mandate Stock Exchange Emerging Markets Index Sustainability Index • Signatory of United Nations Women’s Empow
Slide 46: Sustainability Performance & Reports
SUSTAINABILITY PERFORMANCE & REPORTS 2025 Initiative Benchmarks & Details Performance Climate B/A Program Water Ranked above the average of the B/A Security food & beverage industry Supplier Engagement A-/A Assessment Ranking: 13/115 Out of Beverages LSEG Companies 3.3/5* Refinitiv Anadolu Efes is o
Slide 47: We Are Working for a Better World
WE ARE WORKING FOR A BETTER WORLD… 2025 Environment Highlights Energy & Emissions ▸ Over TRY 619.4 million invested to reduce energy use and emissions ▸ Carbon Footprint Mapping Through Value Chain ▸ Achieved a 31% reduction in emissions from our own operations ▸ Renewable Energy Investments & Purch
Slide 48: Not Just a Brewer, but Also an Agricultural Company
NOT JUST A BREWER, BUT ALSO AN AGRICULTURAL COMPANY We believe the future is agriculture and agriculture is shaping the future. Anchored in R&D, innovation, and capability building, we are committed to advancing sustainable agriculture practices. With half of our raw materials rooted in the soil, ag
Slide 49: We Are Expanding Our Impact!
WE ARE EXPANDING OUR IMPACT! ∼ 1.7 Billion TL1 Barley sourced from Contribution to 24 1 provinces across Türkiye agricultural ecosystem ∼13,0001 farmers and their families directly supported 17registered barley seed •Certified Research Institution •Certified Seed Producer varieties and 7 hop varieti
Slide 50: Across 5 Operations, We Are Creating Sustainable Value
ACROSS 5 OPERATIONS, WE ARE CREATING SUSTAINABLE VALUE ENVIRONMENTAL AWARENESS CULTURE&ART • 25,000+ trees planted, creating a new green recreational area • 3,000 m² of forest area rehabilitated • 4 projects focused on culture and art • Recycling bins placed across 20 locations, enabling the recycli