Coca-cola Icecek A.s. · BIST:CCOLA
Coca-cola Icecek A.s — Investor Presentation (March 2026)
53 slides from Coca-cola Icecek A.s's investor presentation, Mar 30, 2026
Slide 1: Investor Presentation
sCCcl Investor Presentation
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation includes forward-looking statements including, but not limited to, statements regarding Coca-Cola İçecek’s (“CCI”) plans, objectives, expectations and intentions and other statements that are not historical facts. Forward-looking statements can generally
Slide 3: Important Disclaimer
Important Disclaimer Based on the CMB's decision dated 28 December 2023 and numbered 81/1820 and the "Implementation Guide on Financial Reporting in High Inflation Economies" published by the POA with the announcement made on 23 November 2023, issuers and capital market institutions subject to finan
Slide 4: Who We Are
sCCcl WHO WE ARE
Slide 5: We are a Multinational Beverage Company
We are a Multinational Beverage Company 1.6BN $4.7BN $841MN UC Sales Revenue EBITDA Volume Kazakhstan 12 600+ Million 10,000+ Countries People Employee Uzbekistan “ Kyrgyzstan Azerbaijan Turkmenistan Türkiye 36 3 Fruit 2.1BN Tajikistan Production Processing UC Annual Plants Plants Production Syria C
Slide 6: With a Successful Track Record to Become One of the Leading Bottlers
With a Successful Track Record to Become One of the Leading Bottlers 2005 2006-2007 2008 2012 2021 2023 2024 Single Central Asia Pakistan JV South Iraq Uzbekistan Pakistan Bangladesh Country & North Iraq fully owned 2006 – 2025 EBITDA Net Sales Transactions Volume Revenue CapEx/NSR Evolution* 127X 1
Slide 7: Diversified Country Portfolio Creates Natural Hedge
Diversified Country Portfolio Creates Natural Hedge Oil Importers and Exporters Real GDP Growth < EM avg and > EM avg GDP Per Cap Growth < EM avg and > EM avg Kazakhstan Kazakhstan Kazakhstan Azerbaijan Uzbekistan Kyrgyzstan Azerbaijan Uzbekistan Azerbaijan Uzbekistan Kyrgyzstan Kyrgyzstan Türkiye T
Slide 8: Benefiting From a Strong and Stable Shareholder Structure
Benefiting From a Strong and Stable Shareholder 43.0% AG Anadolu Grubu Structure Holding A.Ş. Composition of BoD 20.1% 50.3% 29.6% 12 Members The Coca-Cola Anadolu Efes Biracılık ve Free Float Export Corporation Malt Sanayi A.Ş. and Other 12 non-executive 4 independent INVESTOR PRESENTATION 8
Slide 9: Our Successful Track Record is Built on Solid Foundations
Our Successful Track Record is Built on Solid Foundations Winning Innovate to connect Strong Alignment Critical for Brand with consumers With the long-term success Portfolio Coca-Cola Company Proven Organic & Inorganic growth Strategy, Accelerate quality Track Record in emerging & frontier Execution
Slide 10: Our Purpose is to Create Value and Integrate Sustainability in Everything We Do
Our Purpose is to Create Value and Integrate Sustainability in Everything We Do INVESTOR PRESENTATION 10
Slide 11: Sustainability 2030 Roadmap
Sustainability 2030 Roadmap Packaging Water Climate Commitment #1 Commitment #2 Commitment #3 Commitment #4 Commitment #5 Commitment #6 Continue to make 100% of Collect and recycle a bottle or Increase water Aim for water neutrality and Run our manufacturing Reduce our total absolute our packaging r
Slide 12: What We Do
sCCl WHAT WE DO
Slide 13: CCI's Two-Pillar Growth Strategy
CCI’s Two-Pillar Growth Strategy Balanced Organic Inorganic Growth Growth Grow Core New Categories & Countries SHARPEN EXPAND Quality Growth Is Our North Star: EBIT > Revenue > Transaction > Volume INVESTOR PRESENTATION 13
Slide 14: NARTD Value Growth Opportunity
NARTD Value Growth Opportunity Total NARTD Industry In CCI Countries Industry Value Growth Category Breakdown & Opportunity 27% SPARKLING 49% +$8 Bn 2025-2030E $28.1BN STILLS 15% (2025) 5% CAGR WATER 7% CCI Value Share Opportunity Source: GlobalData (Industry Estimates); Internal Assumption for Bang
Slide 15: Strong Addressable Per Cap Consumption Opportunity
Strong Addressable Per Cap Consumption Opportunity Türkiye Pakistan Kazakhstan Iraq CCI per cap 151 CCI per cap 29 CCI per cap 244 CCI per cap 71 Industry per cap 575 Industry per cap 97 Industry per cap 707 Industry per cap 619 Non-NARTD per cap 3,028 Non-NARTD per cap 2,410 Non-NARTD per cap 2,288
Slide 16: Our Markets Have a Low Penetration of Beverage Industry
United States 1,587 Italy 1,309 Germany 1,252 Mexico 1,212 Bulgaria 1,206 Spain 1,168 Belgium 1,124 -8% y/y Poland 1,082 Saudi Arabia 1,036 Romania 966 Canada 943 France 856 Chile 827 Thailand 792 Markit (Population); CCI Volume Argentina 791 Japan 784 260 United Kingdom 766 CCI Average Kazakhstan 2
Slide 17: Further Potential For Growth
Further Potential For Growth Share of Immediate Consumption (IC) Packages in Sparkling* (2025) 53% 49% IC Packages vs. FC Packages 40% 37% ~2X HIGHER NSR PER CASE ~1.5X GROSS MARGIN VS. FC 28% 27% Young Population in CCI Countries CCI** ~58% Asia Pacific North America World Average Europe, Latin Ame
Slide 18: Diversified Product Portfolio
Diversified Product Portfolio Category Breakdown Share of Low/No Calorie in Sparkling Volume (2025) 81% 32% 85% 21% 10% 15% 14% 10% 8% 7% 1% 3% 3% 2% 2% 9% North EMEA Latin Asia Pacific Türkiye Jordan Azerbaijan Iraq Bangladesh Kazakhstan Pakistan America America Increasing Household Resilient Growt
Slide 19: Creating Growth and Value with Our Customers
Creating Growth and Value with Our Customers Traditional 49% Volume Breakdown (2025) 31% On-premise Modern Retail 15% 5% Discounter INVESTOR PRESENTATION 19
Slide 20: Our Aim is to Develop Our Markets and Create Value
Our Aim is to Develop Our Markets and Create Value Consistent Per Cap Growth Robust $ NSR/uc Focus on Quality Growth Improvement +12% +123% -193 bps 575 14.9% Türkiye 513 3.3 13.0% 1.5 2018 2025 2018 2024* 2018 2025* PK: -22% KZ: +47% UZ: +33% +37% +315 bps International 378 124 285 22.2% 707 2.5 97
Slide 21: How We Do It
sCCcl HOW WE DO IT
Slide 22: CCI Playbook is Our Winning Formula
CCI Playbook is Our Winning Formula Invest Ahead • Production facilities • Coolers of Demand Develop & Deploy RTM Improvement & Talent Distributor Development • U30 program to recruit, train • Independent & loyal and develop future talents • Build capability & train • Women empowerment Digital distr
Slide 23: CCI's Unique Route-to-Market (RTM) Model
CCI’s Unique Route-to-Market (RTM) Model ~80% Distributor of volume Independent & loyal Local expertise and reach CCI builds capability & Offers CCI’s best-in-class train distributors execution ~20% of volume Direct CCI distribution to Key Accounts only: Supermarkets & discounters RTM Systems in the
Slide 24: Disciplined Revenue Growth Management
Disciplined Revenue Growth Management Net Sales Revenue = Volume x Price x Mix - Discounts Opportunity Value-driven Terms & Promo OBPPC* Mapping Pricing Conditions Spend Consumers’ Well defined pack Increase Optimize Identify & prioritize willingness to pay roles, optimal conditionality of promotion
Slide 25: Resulting in Resilient EBIT Margin
Effective RGM, Proactive Procurement and Prudent OpEx Management Supporting Resilient EBIT Margins Effective Mix Management Right Pricing & Record – High Prudent Opex Governance Per Uc Efficiency 2.80 IC Mix 2.64 2.50 1.97 2.05 24.8% 1.89 1.80 23.8% 1.67 1.75 1.74 22.4% 29.2% 21.3% 21.2% 28.3% 20.4%
Slide 26: Capital Allocation Policy
sCCcl CAPITAL ALLOCATION POLICY
Slide 27: Disciplined Capital Allocation
Disciplined Capital Allocation Organic Inorganic Shareholder Deleveraging Growth Growth Return Optimum CapEx Allocation Selective M&A Debt Repayment Dividends CapEx/Sales: 7.4% (2025) Strategy Optimum debt repayment Sustainable dividend policy Bolt-on acquisitions Capacity Expansion Strategic fit So
Slide 28: Supply Chain Excellence
Supply Chain Excellence Greenfield investments and continuous efficiency gains Number of Plants & Production Capacity CapEx Trend (% of NSR) 6.7% on average Total Number of Plants 36 Total Capacity 2,1bn uc 9.1% 8.1% 7.3% 7.4% 6.3% 6.0% 6.2% 6.1% 5.9% 4.6% Kazakhstan 3 2016 2017 2018 2019 2020 2021
Slide 29: Prudent Approach to Geographical Expansion
Prudent Approach to Geographical Expansion Guiding principles for Management control & Complementary Reasonable proximity ROIC > WACC geographical expansion full consolidation rights market dynamics Volume Breakdown 81% 2006 Kazakhstan 19% Uzbekistan Kyrgyzstan Azerbaijan Turkmenistan Türkiye Türkiy
Slide 30: CCI Bangladesh
CCI Bangladesh Long-term growth potential and future opportunities About 8th largest 25.7 median Rapidly NARTD per country by age; 56% < 30 urbanizing cap among Bangladesh population in years of age (2019: 37% vs. lowest the world 2023: 41%) globally About CCI 1 plant ~ 200 active Bangladesh distrib
Slide 31: Consistent Dividend Pay Out
Consistent Dividend Pay Out Dividend per Share (TL per 100 shares) CCI Dividend Distribution % Dividend Yield* Policy Is Based On 1.5% Net Distributable Income 7.86 Free Cash Flow Generation 1.4% 2.1% 2.7% 3.2% 4.3% 1.8% Capex And Other Funding 2.1% Needs For Growth 0.5% 2.95 0.3% 2.36 1.97 Prevaili
Slide 32: Net Working Capital Evolution
Net Working Capital Evolution NWC/NSR 7.4% Inventory optimization 5.7% Strict Receivable 4.5% Management 4.3% 4.2% 3.6% 2.7% 1.7% Leveraging Payables 1.5% 0.1% 2016 2017 2018 2019 2020 2021 2022* 2023* 2024* 2025* Cash 2016 2017 2018 2019 2020 2021 2022* 2023* 2024* 2025* Conversion 22 Days 15 Days
Slide 33: Free Cash Flow Generation
Free Cash Flow Generation Free Cash Flow and FCF Yield* Free cash flow yield = Free Cash Flow / Net Sales Revenue 13.7% FCF Yield* (%) 9.1% 8.7% 9.0% 9.8% 6.8% 4.9% 2.8% 3.9% 1.3% 7,085 FCF (TL mn) 2,629 2,505 1,967 2,154 1,629 642 729 727 1,079 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2022
Slide 34: Financial Review
sCCcl FINANCIAL REVIEW
Slide 35: Summary Financials – 2025
Summary Financials – 2025 Delivering in line with guidance, with slight EBIT margin pressure Net Sales Revenue EBIT Net Income (TL) (TL) (TL) 2.9 25.2 Billion +1.8% y/y 1.3 14.1 Billion -27.4% y/y 2025 187.2 Billion +3.9% y/y 2025 2025 13.4% Margin -28 bps 7.5% Margin -324 bps 3.4 Billion n.m. y/y -
Slide 36: Per UC Metrics – 2025
Per UC Metrics – 2025 NSR/uc reached $2.8 in 2025 – the highest of the last decade Net Sales Revenue COGS EBIT +17.0% -3.9% +4.8% -4.3% -5.8% y/y y/y y/y y/y y/y 125.2 77.5 77.7 120.0 73.9 74.4 115.4 16.5 15.5 11.8 107.1 0.1 4Q24 4 4Q25 2Q25 2024 1H24 2025 1H25 4Q24 2Q24 4Q25 2024 2025 1H25 4Q24 2Q2
Slide 37: Net Income Development
Net income evolution driven by lower inflation Net Income Development and tax-related one-offs -27.4% (mTL) y/y 10.8% -5.3 billion 7.5% 6,968 -4,000 909 19,390 -2,532 14,072 -6,158 -504 2024 Financial Monetary 2025 NSR COGS OpEx Inc/Exp. Other* Net Income Net Income Gain/Loss (*) Other includes Taxa
Slide 38: Free Cash Flow
Stronger net working capital discipline and Free Cash Flow prudent CapEx spending (TL mn) 2,507 5,066 2,832 WITH TAS 29 3,010 588 -2,908 -5,431 2024 FCF IBT After CapEx NWC Interest Paid Other* 2025 Non-cash & Taxes FCF Items 9,181 WITHOUT TAS 29 -1,000 3,567 7,085 -3,427 -2,866 1,630 2024 FCF IBT A
Slide 39: Balance Sheet and Risk Management
BALANCE SHEET AND RISK MANAGEMENT
Slide 40: Dynamic Hedging
Dynamic Hedging Securing long term visibility & controlled cost base Proactive Risk Management Policy Hedging & Pre-buy Rates COGS Breakdown Cost of Sales 2026 2027 20% Overhead Sugar 79%* 8%** 20% Sugar Aluminium 51% - 30% Packaging 30% Concentrate Resin 81% - *89%, in markets where financial hedge
Slide 41: Disciplined Financial Management
Disciplined Financial Management Strong FCF generation supporting low leverage Debt & Cash Gross Debt Cash Net Debt Composition USD USD /EBITDA 1.1x 42% 1.0x 57% Other 19% 0.8x 0.8x $1.2B $619M Other 39% 0.6x TRY EUR 19% TRY 5% 19% 2021 2022 2023 2024 2025 Debt FX Position -719 Maturity $556m 346 $4
Slide 42: 2026 Guidance
sCCcl 2026 GUIDANCE
Slide 43: 2026 Guidance
2026 Guidance With TAS 29 Without TAS 29 Mid-single-digit volume growth on a consolidated basis: Sales • Low-to-mid-single digit growth in Türkiye Volume • High-single digit growth in international operations Low-to-mid-teens FX neutral NSR/uc to grow Net Sales with local currency revenue increases
Slide 44: Credit Ratings
sCCcl CREDIT RATINGS
Slide 45: Solid Credit Ratings
Solid Credit Ratings S&P Global Fitch Issuer Rating BB+ BBB Outlook Stable Stable Last revision 15.10.2025 05.06.2025 Strengths Large and leading product portfolio Robust implementation of its expansion plan Resilient demand Leading positions in its core markets Prudent opex management Resilient nat
Slide 46: ESG Journey
sCCcl ESG JOURNEY
Slide 47: Sustainability 2030 Roadmap
Sustainability 2030 Roadmap Packaging Water Climate Commitment #1 Commitment #2 Commitment #3 Commitment #4 Commitment #5 Commitment #6 rPET (%) Collection (%) WUR (L/L) Water Replenishment (%) RE Energy Capacity (%) GHG Emissions (Tonnes) 100 100 100 4,423 75 100 1.64 1.36 100 50 50 54.5 2,213 26 4
Slide 48: Appendix
sCCcl APPENDIX
Slide 49: Experienced Executive Leadership
Experienced Executive Leadership Chief Executive Chief Operating Türkiye Caucasia and Central Asia Chief Financial Chief Supply Chain Officer Officer Regional Director Regional Director Officer Officer Karim Yahi Ahmet Kürşad Ertin Hasan Ellialtı Erdinç Güzel Çiçek Uşaklıgil Özgüneş Kerem Kerimoğlu
Slide 50: Country Data 2025
Country Data 2025 GDP per cap, Per capita NARTD Capacity Population CCI’s Market Position Capacity PPP consumption Utilization (mn)(1) in Sparkling(4) (mn UC)(5) (USD 000)(2) (8 ounce servings)(3) Rate(6) Türkiye 87.7 37.4 575 1 750 74% Pakistan 255.2 5.5 97 1 446 70% Kazakhstan 20.8 26.4 707 1 219
Slide 51: Subsidiaries
Subsidiaries Coca-Cola İçecek A.Ş. %100.00 %100.00 %100.00 %99.97 CCI International Waha Beverages B.V., Holland B.V., Holland Holland Coca-Cola Satış ve Dağıtım A.Ş., Turkiye %51.23 Coca-Cola Almaty Bottlers %48.77 %100.00 LLP, Kazakhstan Anadolu Etap Penkon Gıda ve Azerbaijan Coca-Cola İçecek Ürün
Slide 52: Utilizing our Integrated Digital Model for Value Creation
Utilizing our Integrated Digital Model for Value Creation Customer and Asset People Consumer Experience Optimization Experience Balancing between digital and human touch. Optimized and Resilient Supply Chain Productivity Through Digitization, Upskill/Reskill Commercial transformation with Digital RT
Slide 53: Thank You
Thank You For more information, please contact cci-ir@cci.com.tr
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