Anadolu Efes Biracilik Ve Malt Sanayii A.s. · BIST:AEFES
Anadolu Efes Biracilik Ve Malt Sanayii A.s — Anadolu Efes Birack Ord — 1H2025 Earnings Presentation
21 slides from Anadolu Efes Biracilik Ve Malt Sanayii A.s's earnings presentation, Aug 13, 2025
Slide 1: Anadolu Efes 1H2025 Conference Call Presentation
ANADOLU EFES 1H2025 CONFERENCE CALL PRESENTATION 13 AUGUST 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 1H2025 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: A Resilient Quarter with Robust Volume Performance
A RESILIENT QUARTER WITH ROBUST VOLUME PERFORMANCE 1 Mid-single digit* volume growth in AEFES, driven by solid performances in both beer & soft drinks 2 5.3%* volume growth in Beer Group; reflecting improved momentum vs 1Q 3 Ongoing focus on affordability resulted in a slight decline in topline perf
Slide 7: Rebound in Beer Group Volumes in 2Q
REBOUND IN BEER GROUP VOLUMES IN 2Q • Consolidated beer volume increased by 5.3%; positive contributions across the board • Turkiye beer volume up 5.9% • International beer volume up 4.7% CIS countries’ volume delivered growth in the low-to-mid-single digits on average Ukraine volume increased by lo
Slide 8: International Beer Operations
INTERNATIONAL BEER OPERATIONS • Kazakhstan recorded a slight volume increase ➢ Strong commercial execution & increased focus on KEG sales ➢ Premiumization supported by Corona and Miller brands • Georgia’s volume grew by mid-single digit ➢ Export activities accelerated ➢ Successful implementation of
Slide 9: Turkiye Beer Operations
TURKIYE BEER OPERATIONS • Volume increased by mid-single digit • Promo & discount activities intensified amid stiff competition • Ongoing channel shift from On-Trade to Traditional & Modern Trade • Tourism lagged behind expectations • Spirits business delivering promising results 9
Slide 10: Soft Drinks Operations
SOFT DRINKS OPERATIONS • Consolidated volume increased by 4.7% ➢ Driven by strong growth especially in Central Asian markets & Iraq • Türkiye volume declined 5.0% ➢ Impacted by declining consumers purchasing power ➢ Tighter trade promotions together with price adjustments weighed on performance • In
Slide 11: Anadolu Efes Consolidated Financial Performance
ANADOLU EFES CONSOLIDATED FINANCIAL PERFORMANCE Anadolu Efes* Beer Group* 2Q 1H 2Q 1H • Solid volume growth and favorable product mix REVENUE TL64.4bn TL111.4bn TL15.6bn TL23.9bn NET • Revenue decline driven by deep discounting and (-2.0%) (-3.1%) (-1.2%) (-4.3%) affordability-focused strategies • M
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 2Q2025 1H2025 2Q2025 1H2025 Change Change** Change Change** Sales Revenue 64,393 -2.0% 111,403 -3.1% Sales Revenue 15,626 -1.2% 23,949 -4.3% Gross Profit 24,658 -7.5% 39,577 -8.3% Gross Profit 7,674 -2.9% 11,032 -2.0%
Slide 14: Anadolu Efes EBITDA (BNRI) & FCF Generation
ANADOLU EFES EBITDA (BNRI) & FCF GENERATION 2Q - EBITDA (BNRI) Bridge mTL 2Q - Free Cash Flow Bridge mTL -17% -20% 14,907 7,918 12,324 1,081 207 6,365 -1,323 -737 -250 -272 -259 -2,583 2Q2024 Net Selling, 2Q2024 EBITDA Changes CAPEX, Net Financial COGS Others 2Q2025 2Q2025 Proforma Revenue Marketing
Slide 15: Beer Group EBITDA (BNRI) & FCF Generation
BEER GROUP EBITDA (BNRI) & FCF GENERATION 2Q - EBITDA (BNRI) Bridge mTL 2Q - Free Cash Flow Bridge mTL -15% -34% 3,793 477 5,760 -197 3,235 170 -125 -713 -558 -209 3,781 -1,381 2Q2024 Net Selling, 2Q2024 EBITDA Changes CAPEX, Net Financial COGS Others 2Q2025 2Q2025 Proforma Revenue Marketing and Pro
Slide 16: Impact of TAS 29 – Anadolu Efes
IMPACT of TAS 29 – ANADOLU EFES +32% -2% +32% -3% 49,938 65,875 65,716 64,393 83,481 110,075 114,972 111,403 NET REVENUE m TL 2Q2024 2Q2025 2Q2024 2Q2025 1H2024 1H2025 1H2024 1H2025 Proforma wo/TAS29 Proforma w/TAS29 Proforma wo/TAS29 Proforma w/TAS29 wo/TAS29 w/TAS29 wo/TAS29 w/TAS29 +16% -17% +9%
Slide 17: Impact of TAS 29 – Beer Group
IMPACT of TAS 29 – BEER GROUP +34% -1% +30% -4% 18,509 24,110 25,028 23,949 11,998 16,094 15,823 15,626 NET REVENUE m TL 2Q2024 2Q2025 2Q2024 2Q2025 1H2024 1H2025 1H2024 1H2025 Proforma wo/TAS29 Proforma w/TAS29 Proforma wo/TAS29 Proforma w/TAS29 wo/TAS29 w/TAS29 wo/TAS29 w/TAS29 +28% -15% +21% -14%
Slide 18: Cash & Debt Management
CASH & DEBT MANAGEMENT Anadolu Efes Gross Debt Cash USD 1.0 bn Average maturity USD 2.6 bn 33% 2.2 yrs Net Debt/EBITDA* 58% held in Hard Currency 20% 1.9x held in Hard Currency held in Eurozone Gross Debt Cash Beer Group USD 0.4 bn Average maturity USD 1.1 bn 27% 1.7 yrs Net Debt/EBITDA* 60% held in
Slide 19: Risk Management
RISK MANAGEMENT Beer Group Beer Group Hedges for 2025: COGS Split for Commodity : 2024: Aluminum: 91% for TR & CIS @$2.488 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% Hed
Slide 20: Q&A Session
Q&A SESSION 20
Slide 21: FX Rates
FX Rates 1H2024 1H2025 Δ% AVG 31.60 37.45 18.5% USD/TL PE 32.83 39.74 21.1% AVG 34.17 41.02 20.0% EUR/TL PE 35.13 46.60 32.7% AVG 2.87 2.32 -19.0% TL/RUB PE 2.61 1.97 -24.4% AVG 14.21 13.67 -3.8% TL/KZT PE 14.36 13.09 -8.8% AVG 1.23 1.11 -9.9% TL/UAH PE 1.23 1.05 -15.2% AVG 0.56 0.48 -15.1% TL/MDL P
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