Coca-cola Icecek A.s. · BIST:CCOLA
Coca-cola Icecek A.s — Investor Day (November 2025)
55 slides from Coca-cola Icecek A.s's investor day presentation, Nov 14, 2025
Slide 1: Capital Markets Day
Capital Markets Day 14 November 2025 CCI AUDITORIUM
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: Chief Executive Officer Karim Yahi
28 years Total Experience 21 years Experience in the Coca-Cola System Previous Roles COO - fairlife, US, The Coca-Cola Company 2021-2023 Karim Yahi Vice President, Strategy - Global, The Coca-Cola Company 2019 - 2021 CEO, Vice President, Growth - Latin America, The Coca-Cola Company 2016 - 2018 Coca
Slide 5: Chief Financial Officer Çiçek Uşaklıgil Özgüneş
26 years Total Experience 6 years Experience in the Coca-Cola System Previous Roles Çiçek Uşaklıgil Finance Director of CCI Türkiye, Coca-Cola İçecek 2024 Özgüneş Director – Treasury & Investor Relations, Coca-Cola İçecek 2020 - 2024 CFO, Coca-Cola İçecek Director – Corporate Finance & Investor Rela
Slide 6: 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 7: Challenging Macro Environment
Challenging Macro Environment Inflation at the Forefront Disposable Income Under Pressure Life is 5.2x and 1.7x more expensive in TR Real disposable income (000’s of local currency) and PK, respectively vs ‘21 72.3% Türkiye Türkiye 69 74 64 58.5% 57 53.9% 47 32.9% 19.6% 2021 2022 2023 2024 Oct-25 20
Slide 8: Sustaining Strong Volume Growth and Accelerating Value Creation Despite Challenges - 3Q25 Earnings
Sustaining Strong Volume Growth and Accelerating Value Creation Despite Challenges - 3Q25 Earnings HIGHLIGHTS • Solid volume growth with continued strong momentum in Central Asia and Iraq Sustained Growth Momentum • Stills category led the growth with a 26.0% increase, while the sparkling category c
Slide 9: 2025 Guidance
2025 Guidance The forward looking guidance is given on a reported basis With TAS 29 Without TAS 29 Mid-single-digit volume growth on a Mid-single-digit volume growth on a Sales consolidated basis: Volume consolidated basis: Low-to-Mid-single digit Mid to high-single-digit Low-to-Mid-single digit Mid
Slide 10: Who We Are
sCCcl WHO WE ARE
Slide 11: This is Us – CCI at a Glance
This is Us – CCI at a Glance Kazakhstan Azerbaijan Multinational Operations in Strong Winning Our purpose Uzbekistan Kyrgyzstan beverage diverse set of shareholder brand company countries structure portfolio Create lasting Türkiye with vast value 1 2 3 4 Tajikistan growth Turkmenistan Embed potentia
Slide 12: Benefiting from a Strong and Stable Shareholder Structure
Benefiting from a Strong and Stable Shareholder Structure 43.0% AG Anadolu Grubu Holding A.Ş. The Coca-Cola Anadolu Efes Free Float Export Corporation 20.1% Biracılık ve Malt Sanayi A.Ş. 50.3% and Other 29.6% Dedicated focus on Corporate Governance standards with one of the highest rating of 9.50 Co
Slide 13: 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 Single Country Central Asia & North Iraq CMD PRESENTATION 13
Slide 14: With a Successful Track Record to Become One of the Leading Bottlers
With a Successful Track Record to Become One of the Leading Bottlers 2006-2007 2008 2012 Central Asia & North Iraq Pakistan JV South Iraq CMD PRESENTATION 14
Slide 15: With a Successful Track Record to Become One of the Leading Bottlers
With a Successful Track Record to Become One of the Leading Bottlers 2008 2012 2021 Pakistan JV South Iraq Uzbekistan CMD PRESENTATION 15
Slide 16: With a Successful Track Record to Become One of the Leading Bottlers
With a Successful Track Record to Become One of the Leading Bottlers 2021 2023 Uzbekistan Pakistan fully owned CMD PRESENTATION 16
Slide 17: With a Successful Track Record to Become One of the Leading Bottlers
With a Successful Track Record to Become One of the Leading Bottlers 2023 2024 Pakistan fully owned Bangladesh CMD PRESENTATION 17
Slide 18: With a Successful Track Record to Become One of the Leading Bottlers 2006-2024 Evolution
With a Successful Track Record to Become One of the Leading Bottlers 2006-2024 Evolution* EBITDA Net Sales Transactions Volume Revenue CAPEX/NSR 29% CAGR 27% CAGR 10% CAGR 7% CAGR 9.2% ‘06-’24 average 8% 7% CAGR in USD terms CAGR in USD terms * Without TAS 29 CMD PRESENTATION 18
Slide 19: 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 20: What We Do
sCCl WHAT WE DO
Slide 21: Strategic Priorities
S TRATEGIC P RIORITIES Accelerate Be the Best Win with Digital for Win with Quality in FMCG our People Leadership Stakeholders Growth Execution CMD PRESENTATION 21
Slide 22: 2035 Population Evolution - ~100 Million More People
2035 Population Evolution - ~100 Million More People… 2015 2024 2035 Population Split Age Group Wise CAGR +1.3% +1.4% 15-29 0-14 26% 32% 703 694 2024 685 676 667 65+ 658 6% 30-49 649 50-65 25% 640 11% 631 622 613 0-14 15-29 605 27% 26% 2035 65+ 2024 2025 2026 2027 2028 2029 2030 2031 2031 2033 2034
Slide 23: Low Per Caps Offer Significant Growth Opportunity
Low Per Caps Offer Significant Growth Opportunity NARTD Per Cap 1,700 DM EM CCI 1,600 1,500 United States 1,400 1,300 Italy Germany 1,200 Bulgaria Spain Belgium 1,100 Mexico Poland Saudi Arabia 1,000 Canada 900 Romania France Azerbaijan Argentina 800 Japan Thailand Chile United Kingdom 700Kyrgyzstan
Slide 24: Consistently Accelerating Growth
Consistently Accelerating Growth NARTD Per Cap 1,000 EM CCI 900 Argentina 800 Thailand Chile 700 Kazakhstan Bolivia 600 Iraq Türkiye 500 Brazil Azerbaijan Kyrgyzstan Russia South Africa 400 Uzbekistan Jordan Philippines 300 Indonesia China Nigeria Egypt 200 Turkmenistan India Tajikistan Kenya Bangla
Slide 25: NARTD per cap consumption by country
United States 1,578 Italy 1,293 Germany 1,216 Mexico 1,163 Bulgaria 1,131 Spain 1,130 Belgium 1,113 Saudi Arabia 1,023 Poland 1,018 Romania 962 Canada 939 France 898 Argentina 815 Japan 778 Thailand 766 Chile 748 374 IHS Markit (Population); CCI Volume United Kingdom 744 CCI Average Kazakhstan 211 7
Slide 26: Strong Addressable Per Cap Consumption Opportunity
Strong Addressable Per Cap Consumption Opportunity Category Mix Package Mix Channel Mix Diversify Product Increase Share of Win With Customers Portfolio IC Packs CMD PRESENTATION 26
Slide 27: Diversified Product Portfolio
Diversified Product Portfolio Share of Low/No Calorie in Sparkling Volume (2024) 80% 30% 85% 23% 10% 15% 12% 9% 7% 7% 3% 3% 3% 3% 1% 10% North EMEA Latin Asia Pasific Türkiye Jordan Bangladesh Azerbajian Tajikistan Iraq Kazakhstan America America Increasing Household Resilient Growth in Penetration
Slide 28: Further Potential For Growth
Further Potential For Growth Share of Immediate Consumption (IC) Packages in Sparkling* (2024) 54% IC Packages vs. FC Packages 48% 39% ~2X HIGHER NSR PER CASE ~1.5X GROSS MARGIN VS. FC 34% 29% 26% Young Population in CCI Countries Asia Pacific North America World Average Europe, Middle East CCI** La
Slide 29: Creating Growth and Value with Our Customers
Creating Growth and Value with Our Customers Traditional 52% Volume Breakdown (2024) 20% On-premise Modern Retail 14% 5% Discounter Other Vending Machines, 9% Wholesalers etc. CMD PRESENTATION 29
Slide 30: How We Do It
sCCcl HOW WE DO IT
Slide 31: 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 32: 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 9.1% Total Capacity 2,20bn uc 8.1% 7.3% 6.3% 6.0% 6.2% 6.1% 5.9% 4.6% Kazakhstan 3 2016 2017 2018 2019 2020 2021 2022
Slide 33: CCI's Unique RTM Model
CCI’s Unique 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 1 Direct Distribution by the Bottler
Slide 34: 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 promotiona
Slide 35: 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 36: People
People Pathway to Tomorrow Be The Diverse Talent Holistic Employee Employer of Eco-system Well-Being Engagement Choice CMD PRESENTATION 36
Slide 37: Financial Review
sCCcl FINANCIAL REVIEW
Slide 38: 3Q25 Review
sCCcl 3Q25 REVIEW
Slide 39: Summary Financials
Summary Financials EBIT growth both in Türkiye and International markets, driven by right pricing and cost discipline Net Sales Revenue EBIT Net Income (TL) (TL) (TL) 20.9 Billion -11.7% y/y 14.1 Billion -26.1% y/y 9M25 145.2 Billion +0.2% y/y 9M25 9M25 14.4% Margin -194 bps 9.7% Margin -344 bps 9.8
Slide 40: Net Income Development
Net Income Development Tight expense management on top of improved operating profitability +4.2% (mTL) y/y 14.1% +287 million 13.8% 3,267 562 -1,208 6,895 -835 7,181 -1,305 -195 3Q24 Financial Monetary 3Q25 NSR COGS OpEx Inc/Exp. Other* Net Income Net Income Gain/Loss (*) Other includes Taxation, In
Slide 41: Net Working Capital Evolution
Net Working Capital Evolution Tighter focus on operational cash conversion NWC/NSR 4.2% 3.6% 2.7% 1.7% 1.5% 0.1% 2020 2021 2022 2023 2024 9M25 Cash 2020 2021 2022* 2023* 2024* 9M25* Conversion -3 Days -6 Days 10 Days 2 Days -8 Days -16 Days Cycle * With TAS 29 CMD PRESENTATION 41
Slide 42: Free Cash Flow Generation
Free Cash Flow Generation Strong cash generation driven by working capital improvement, higher profitability and lower financing costs (mTL) +10.8 billion 4,900 2,436 4,806 10,205 -2,419 -1,117 -3,204 -5,994 6M25 IBT after Net Interest Change in tax 9M25 Capex NWC Other* Free Cash Flow non-cash item
Slide 43: Disciplined Financial Management
Disciplined Financial Management Strong FCF generation in 3Q led to deleveraging Debt & Cash Net Debt Composition Gross Debt Cash /EBITDA USD USD 1.4x 38% 54% Other 18% 1.0x $1.4B $775M Other 47% 0.8x 0.8x 0.6x TRY EUR 23% TRY 5% 15% 22 23 24 1H25 9M25 Debt FX Position 171 Maturity $587m -788 45% 21
Slide 44: Long-Term Performance & Priorities
LONG-TERM PERFORMANCE & PRIORITIES
Slide 45: Delivering Profitable Growth and Reinvestment
Delivering Profitable Growth and Reinvestment Volume (mn UC) NSR/uc (USD) CAGR +4.9% CAGR +8.7% 2.64 2.72 1,577 2.49 1,535 1,501 1,376 1,337 2.05 1,184 1.74 1.80 2020 2021 2022 2023 2024 9M25 2020 2021 2022 2023 2024 9M25 EBITDA (mn USD) CAPEX and FCF (mn USD) CAPEX FCF CAGR +11.9% 373 797 785 715 2
Slide 46: Dynamic Hedging
Dynamic Hedging Securing long term visibility & controlled cost base Proactive Risk Management Policy Hedging & Pre-buy Rates COGS Breakdown Cost of Sales 2025 2026 20% Overhead Sugar 97%* 7%** 20% Sugar Aluminium 98% 35% 30% Packaging 30% Concentrate Resin 100% 39% *100%, in markets where financial
Slide 47: Resilient Balance Sheet in a Continuously Challenging Landscape
Resilient Balance Sheet in a Continuously Challenging Landscape NET DEBT/EBITDA Oil Crisis in 14-’16 • Business Closure in Syria • Russia-Ukraine War • Volatile Elections • Gezi Event in TR • Pakistan Floods in Pakistan • 20% deval in TRY • Referandum in TR • Global Inflation and • Government • Down
Slide 48: 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 49: Disciplined Capital Allocation
Disciplined Capital Allocation Organic Inorganic Shareholder Deleveraging Growth Growth Return Optimum CapEx Allocation Selective M&A Debt Repayment Dividends CapEx/Sales Strategy Optimum debt repayment Sustainable dividend policy ~9.1% (2024) Bolt-on acquisitions Capacity Expansion Strategic fit So
Slide 50: Financial Focus Areas
Financial Focus Areas Quality Growth Financial Discipline Sustainable Value Algorithm & Optimization of Creation Cost of Capital 1 2 3 Net Working Capital Proactive Risk Commitment to Discipline & Free Management & Credit Ratings Cash Flow Corporate Generation 4 Resilience 5 6 CMD PRESENTATION 50
Slide 51: Closing Remarks
sCCcl CLOSING REMARKS
Slide 52: Consumer Opportunity
Consumer Opportunity Non-CCI Consumer CCI Consumer CMD PRESENTATION 52
Slide 53: The Decade Ahead
The Decade Ahead Our geography will add 100 Million people and purchasing Digitization and AI to drive business outcomes and improve power will increase until 2035 customer satisfaction Affordability, premiumization and convenience will drive We plan to continue to invest mid to high single digit of
Slide 54: Our Aspiration is to Continue Creating Lasting Value
Our Aspiration is to Continue Creating Lasting Value 2006-2024 Evolution* EBITDA Net Sales Transactions Volume Revenue CAPEX/NSR 29% CAGR 27% CAGR 10% CAGR 7% CAGR 9.2% ‘06-’24 average 8% 7% CAGR in USD terms CAGR in USD terms * Without TAS 29 CMD PRESENTATION 54
Slide 55: Thank You
Thank You For more information, please contact cci-ir@cci.com.tr