23 slides from Anadolu Efes Biracilik Ve Malt Sanayii A.s's earnings presentation, Mar 6, 2026
Slide 1: FY2025 Results Conference Call Presentation
FY2025 RESULTS CONFERENCE CALL PRESENTATION 6 MARCH 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 2025 have been presented in accordance with TAS29 (Turkish Accounting Standard 29: Financial Reporting in Hyperinflationary Economies), and retrospective adjustments have been
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: Resilient Performance in a Challenging Environment
RESILIENT PERFORMANCE IN A CHALLENGING ENVIRONMENT FY2025 HIGHLIGHTS Anadolu Efes* High-single digits volume growth* in AEFES Flat volume performance* in Beer Group 4Q FY REVENUE TL47.0bn TL243.8bn NET (+18.6%) (+2.5%) Healthy topline performance driven by solid volume growth and well-implemented pr
Slide 7: Maintaining Volume Stability Through Diversification
MAINTAINING VOLUME STABILITY THROUGH DIVERSIFICATION • Consolidated beer volume; • 2.7 mhl in 4Q2025, up 0.6%* y-o-y ➢ Growth was broad-based across operations with the exception of Georgia • 13.0 mhl in FY2025; flat* vs. FY2024 ➢ Turkiye beer volume down by 1.1% in FY2025 ➢ International beer volum
Slide 8: Turkiye Beer Operations
TURKIYE BEER OPERATIONS • 1.4 mhl in 4Q2025; 0.4% above last year • 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 di
Slide 9: International Beer Operations
INTERNATIONAL BEER OPERATIONS • Kazakhstan grew low-single digit in 4Q2025 & 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 Svezheg
Slide 10: Soft Drinks Operations
SOFT DRINKS OPERATIONS • Consolidated volume increased by 5.4% in 4Q2025 & up 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 ➢
Slide 11: Financial Overview
FINANCIAL OVERVIEW YASEMEN GÜVEN ÇAYIREZMEZ Chief Financial Officer 11
Slide 12: Key Financials
KEY FINANCIALS Anadolu Efes Beer Group mTL Proforma Proforma mTL Proforma Proforma 4Q2025 FY2025 4Q2025 FY2025 Change** Change** Change** Change** Sales Revenue 47,010 18.6% 243,847 2.5% Sales Revenue 11,104 10.9% 54,329 -2.4% Gross Profit 18,493 31.2% 91,926 1.7% Gross Profit 4,678 -4.6% 25,181 -5.
Slide 13: Anadolu Efes EBITDA (BNRI) & FCF Generation
ANADOLU EFES EBITDA (BNRI) & FCF GENERATION 4Q - EBITDA (BNRI) Bridge mTL 4Q - Free Cash Flow Bridge mTL +70% -84% 7,381.5 2,360.0 -3,112.0 853.6 -1,098.8 5,739.2 -810.7 3,379.2 -1,860.8 -613.8 -1,870.4 -1,131.4 4Q2024 Net Selling, 4Q2024 EBITDA Changes CAPEX, Net Financial COGS Others 4Q2025 4Q2025
Slide 14: Beer Group EBITDA (BNRI) & FCF Generation
BEER GROUP EBITDA (BNRI) & FCF GENERATION 4Q - EBITDA (BNRI) Bridge mTL 4Q - Free Cash Flow Bridge mTL -42% 1,087.4 +925% 337.4 833.6 1,123.8 820.3 68.9 81.3 -1,385.5 -10.0 649.5 -166.2 -474.3 4Q2024 EBITDA Changes CAPEX, Net Financial 4Q2024 Net Selling, 4Q2025 COGS Marketing and Others 4Q2025 Prof
Slide 15: Impact of TAS 29 – Anadolu Efes
IMPACT of TAS 29 – ANADOLU EFES +49% +19% +36% +3% 34,862 51,783 39,629 47,010 171,472 234,278 237,838 243,847 NET REVENUE m TL 4Q2024 4Q2025 4Q2024 4Q2025 FY2024 FY2025 FY2024 FY2025 Proforma wo/TAS29 Proforma w/TAS29 Proforma wo/TAS29 Proforma w/TAS29 wo/TAS29 w/TAS29 wo/TAS29 w/TAS29 +73% +70% +2
Slide 16: Impact of TAS 29 – Beer Group
IMPACT of TAS 29 – BEER GROUP +39% +11% +30% -2% 40,591 52,640 55,670 54,329 8,700 12,090 10,017 11,104 NET REVENUE m TL FY2024 FY2025 FY2024 FY2025 4Q2024 4Q2025 4Q2024 4Q2025 Proforma wo/TAS29 Proforma w/TAS29 Proforma wo/TAS29 Proforma w/TAS29 wo/TAS29 w/TAS29 wo/TAS29 w/TAS29 -9% -42% +16% -16%
Slide 17: 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 18: 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 Amortization & Other Overhead TR: 57% Hedged (USD/TRY: 47.22) Can Import pro
Slide 19: FY2026 Key Priorities & Expectations
FY2026 KEY PRIORITIES & EXPECTATIONS
Slide 20: 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 FY2025 RESULTS 20
Slide 21: 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 22: Q&A Session
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Slide 23: FX Rates
FX RATES FY2024 FY2025 Δ% AVG 32.80 39.46 20.3% USD/TL PE 35.28 42.85 21.4% AVG 35.49 44.69 25.9% EUR/TL PE 36.74 50.29 36.9% AVG 2.82 2.12 -24.9% TL/RUB PE 2.88 1.83 -36.7% AVG 14.30 13.21 -7.6% TL/KZT PE 14.84 11.73 -21.0% AVG 1.22 1.06 -13.7% TL/UAH PE 1.19 0.99 -17.0% AVG 0.54 0.44 -18.8% TL/MDL