Anadolu Efes Biracilik Ve Malt Sanayii A.s. · BIST:AEFES
Anadolu Efes Biracilik Ve Malt Sanayii A.s — Anadolu Efes — Q1 2025 Earnings Presentation
24 slides from Anadolu Efes Biracilik Ve Malt Sanayii A.s's earnings presentation, May 8, 2025
Slide 1: Anadolu Efes 1Q2025 Conference Call Presentation
ANADOLU EFES 1Q2025 CONFERENCE CALL PRESENTATION 8 MAY 2025
Slide 2: Important Disclaimer Regarding TAS29
IMPORTANT DISCLAIMER REGARDING TAS29 As stipulated by the decree of the Capital Markets Board, the financial statements for 1Q2025 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
Slide 6: Our New Vision and Strategic Roadmap
Our New Vision and Strategic Roadmap Our vision is to be the fastest growing Our mission is to brew joy beverage company with most loved brands that craft passionately and responsibly. joy for consumers while enriching communities. Our values guide reflects how we, as a company, embody our shared pr
Slide 7: 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 8: Solid Topline Performance Amid Seasonal Profitability Pressure
Solid Topline Performance Amid Seasonal Profitability Pressure 1 AEFES consolidated volume growth of 12%*, led by soft drinks 2 Beer Group volumes declined slightly by 0.7%*, due to high base 3 Softened topline performance by modest price adjustments & continued affordability focus 4 Improved gross
Slide 9: Türkiye
TURKIYE Strategy: • Grow share in the beer category by focusing on premiumization • Optimize the portfolio in line with evolving consumer trends • Capture opportunities beyond beer 1Q Performance: • Volumes decline of 1.7% ➢ Ramadan entirely in 1Q ➢ Notable shift in consumption toward in-home occasi
Slide 10: Kazakhstan
KAZAKHSTAN Strategy: • Keep leading position of our flagship brand • Capture growth potential in the non-alcoholic segment • Increase KEG share • Gain share in the premium segment and on-trade channel 1Q Performance: • Low single-digit volume decline ➢ Full-month Ramadan impact, especially in the on
Slide 11: Georgia
GEORGIA Strategy: • Increase the share in beer category • Improve channel mix with a strong focus on working capital management • Grow KEG & PEGAS share 1Q Performance: • Low-teens volume decline ➢ Protests in the country negatively impacted HORECA & tourism Natakhtari - Efes Georgia’s flagship bran
Slide 12: Moldova and Ukraine
MOLDOVA UKRAINE Strategy: Strategy: • Maintain strong share in beer category • Focus on stabilization • Implement mix management • Ensuring supply chain resilience strategies 1Q Performance: 1Q Performance: • Low-teens volume growth • Low-teens volume growth ➢ The expansion of modern trade ➢ Low-bas
Slide 13: Soft Drinks
SOFT DRINKS 1Q Performance: • Consolidated volume up 13.4% ➢ Positive contribution from all major markets • Türkiye volume increased by 8.4% ➢ Accelerated trade promotions & consumer activations ahead of Ramadan • International volume up 16.1% ➢ Pakistan up 17.2% ➢ Iraq & Azerbaijan & Kazakhstan rec
Slide 14: Anadolu Efes Consolidated Financial Performance
ANADOLU EFES CONSOLIDATED FINANCIAL PERFORMANCE Anadolu Efes Beer Group 1Q2025 1Q2025 REVENUE TL44,346 mn TL7,852 mn • Solid volume performance NET • Moderate price adjustments to support affordability -4.6% -9.6% • Weak gross profitability in soft drinks with expansion in 9.3% -6.2% BNRI % EBITDA m
Slide 15: Financial Overview
FINANCIAL OVERVIEW GÖKÇE YANAŞMAYAN Chief Financial Officer
Slide 16: Key Financials
KEY FINANCIALS Anadolu Efes Beer Group mTL 1Q2024 Proforma mTL 1Q2024 Proforma 1Q2025 1Q2025 Proforma Change Proforma Change Sales Revenue 46,465 44,346 -4.6% Sales Revenue 8,683 7,852 -9.6% Gross Profit 15,596 14,073 -9.8% Gross Profit 3,169 3,168 -0.1% EBITDA (BNRI) 5,513 4,128 -25.1% EBITDA (BNRI
Slide 17: Anadolu Efes EBITDA (BNRI) & FCF Generation
ANADOLU EFES EBITDA (BNRI) & FCF GENERATION EBITDA (BNRI) Bridge mTL Free Cash Flow Bridge mTL -25% -23% 5,513 707 657 4,128 -2,119 -629 -13,683 -1,384 568 16,831 -1,690 -641 -16,831 -4,128 1Q2024 Net Selling, 1Q2024 EBITDA Changes CAPEX, Net Financial COGS Others 1Q2025 1Q2025 Proforma Revenue Mark
Slide 18: Beer Group EBITDA (BNRI) & FCF Generation
BEER GROUP EBITDA (BNRI) & FCF GENERATION EBITDA (BNRI) Bridge mTL Free Cash Flow Bridge mTL 17% -0.4% 486 943 225 103 100 -486 -115 -119 -589 -234 -832 7,159 -7,191 1Q2024 EBITDA Changes CAPEX, Financial 1Q2025 1Q2024 Net COGS Selling, Others 1Q2025 Proforma (BNRI) in WC net Inc/Exp and Proforma Re
Slide 19: Impact of TAS 29 – Anadolu Efes
IMPACT of TAS – ANADOLU EFES NET REVENUE (m TL) +32% -5% 44,200 46,465 44,346 33,543 1Q2024 Proforma 1Q2025 wo/TAS29 1Q2024 Proforma 1Q2025 w/TAS29 NET INCOME (m TL) wo/TAS29 w/TAS29 n.m. -50% EBITDA (BNRI) (m TL) 3,428 1,725 1,099 -5% -25% 5,624 5,334 5,513 -1,467 4,128 1Q2024 1Q2025 1Q2024 1Q2025
Slide 20: Impact of TAS 29 – Beer Group
IMPACT of TAS 29 – BEER GROUP NET REVENUE (m TL) +23% -10% 8,016 8,683 7,852 6,511 1Q2024 Proforma 1Q2025 wo/TAS29 1Q2024 Proforma 1Q2025 w/TAS29 NET INCOME (m TL) wo/TAS29 w/TAS29 n.m. -31% EBITDA (BNRI) (m TL) 1,364 946 -31% +17% 106 422 292 -1,437 1Q2024 1Q2025 1Q2024 1Q2025 -589 -486 Proforma wo
Slide 21: Cash & Debt Management
CASH & DEBT MANAGEMENT Anadolu Efes Gross Debt Cash USD 0.7 bn Average maturity USD 2.5 bn 55% 2.5 yrs Net Debt/EBITDA 61% held in Hard Currency 36% 2.0x held in Hard Currency held in Eurozone Gross Debt Cash Beer Group USD 0.1 bn Average maturity USD 1.0 bn 57% 2.1 yrs Net Debt/EBITDA 66% held in H
Slide 22: Risk Management
RISK MANAGEMENT Beer Group Beer Group Hedges for 2025: COGS Split for Commodity : 2024: Aluminum: 78% for TR & CIS @$2.491 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 23: Q&A Session
—. Q&A SESSION >
Slide 24: FX Rates
FX Rates 1Q2024 1Q2025 Δ% AVG 30.90 36.20 17.1% USD/TL PE 32.29 37.77 17.0% AVG 33.56 38.10 13.5% EUR/TL PE 34.80 40.70 17.0% AVG 2.94 2.58 -12.2% TL/RUB PE 2.86 2.22 -22.5% AVG 14.57 14.10 -3.3% TL/KZT PE 13.84 13.33 -3.7% AVG 1.24 1.15 -6.6% TL/UAH PE 1.21 1.10 -9.6% AVG 0.57 0.51 -11.1% TL/MDL PE