Anadolu Efes Biracilik ve Malt Sanayii Anonim Sirketi : 1. Quarter 2026 Financial Statements

About this update from Anadolu Efes Biracilik Ve Malt Sanayii A.s.

CONVENIENCE TRANSLATION INTO ENGLISH OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH ANADOLU EFES BİRACILIK VE MALT SANAYİİ ANONİM ŞİRKETİ AND ITS SUBSIDIARIES INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2026 Convenience Translation into English of Consolidated Financial Statements Originally Issued in Turkish Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2026 TABLE OF CONTENTS Page Interim Condensed Consolidated Statement of Financial Position 1-2 Interim Condensed Consolidated Statement of Profit or Loss 3 Interim Condensed Consolidated Statement of Other Comprehensive Income 4 Interim Condensed Consolidated Statement of Changes in Equity 5 Interim Condensed Consolidated Statement of Cash Flows 6 Notes to Interim Condensed Consolidated Financial Statements 7-49 Note 1 Group's Organization and Nature of Activities 7-9 Note 2 Basis of Presentation of Interim Condensed Consolidated Financial Statements 10-15 Note 3 Business Combinations 16 Note 4 Segment Reporting 16-18 Note 5 Cash and Cash Equivalents 18 Note 6 Financial Investments 19 Note 7 Short- and Long-Term Borrowings 19-22 Note 8 Derivative Instruments 22-26 Note 9 Other Receivables and Payables 27 Note 10 Investments Accounted for Using Equity Method 28 Note 11 Right-of-Use Assets 29 Note 12 Property, Plant and Equipment 30 Note 13 Other Intangible Assets 31 Note 14 Goodwill 32 Note 15 Capital Reserves and Other Equity Items 32 Note 16 Commitments and Contingencies 33-34 Note 17 Prepaid Expenses and Deferred Income 35 Note 18 Other Assets and Liabilities 36 Note 19 Other Operating Income / Expenses 37 Note 20 Income / Expense from Investing Activities 37 Note 21 Finance Income / Expenses 38 Note 22 Tax Assets and Liabilities 39-40 Note 23 Earnings per Share 41 Note 24 Related Party Balances and Transactions 41-42 Note 25 Financial Instruments and Financial Risk Management 43-46 Note 26 Financial Instruments (Fair Value and Hedge Accounting Disclosures) 46 Note 27 Explanatory Information on Statement of Cash Flows 47-48 Note 28 Monetary Gain / (Loss) 48 Note 29 Events After Reporting Period 49 Unaudited Audited Notes March 31, 2026 December 31, 2025 ASSETS Cash and Cash Equivalents 5 32.113.219 40.906.724 Financial Investments 6 367.864 471.648 Trade Receivables 40.630.047 29.636.692 - Trade Receivables from Related Parties 24 3.195.136 2.529.968 - Trade Receivables from Third Parties 37.434.911 27.106.724 Other Receivables 9 1.127.724 1.266.437 - Other Receivables from Related Parties 24 420.115 363.827 - Other Receivables from Third Parties 707.609 902.610 Derivative Financial Assets 8 394.639 269.226 Inventories 30.663.586 31.908.829 Prepaid Expenses 17 9.399.323 9.980.082 - Prepaid Expenses to Third Parties 9.399.323 9.980.082 Current Tax Assets 1.754.953 1.714.927 Other Current Assets 18 2.369.265 3.924.751 - Other Current Assets from Related Parties 120.002 264.095 - Other Current Assets from Third Parties 2.249.263 3.660.656 Current Assets 118.820.620 120.079.316 Financial Investments 6 56.609.112 60.116.758 Trade Receivables - 1.236 - Trade Receivables from Third Parties - 1.236 Other Receivables 9 440.358 550.606 - Other Receivables from Related Parties 24 195.832 296.057 - Other Receivables from Third Parties 244.526 254.549 Derivative Financial Assets 93.949 - Investments Accounted for Using Equity Method 10 22.646 24.001 Property, Plant and Equipment 12 97.907.554 101.636.094 Right-of-Use Assets 11 5.530.384 5.481.853 Intangible Assets 147.722.565 149.753.780 - Goodwill 14 10.308.505 10.715.785 - Other Intangible Assets 13 137.414.060 139.037.995 Prepaid Expenses 17 6.222.718 5.205.413 Deferred Tax Asset 22 12.265.274 12.210.892 Other Non-Current Assets 18 6.576 41.742 Non-Current Assets 326.821.136 335.022.375 TOTAL ASSETS 445.641.756 455.101.691 The accompanying notes form an integral part of these consolidated financial statements. Unaudited Audited Notes March 31, 2026 December 31, 2025 LIABILITIES Current Borrowings 25.107.600 28.712.283 - Current Borrowings from Third Parties 25.107.600 28.712.283 - Banks Loans 7a 17.568.593 16.833.639 - Issued Debt Instruments 7a 7.539.007 11.878.644 Current Portion of Non-Current Borrowings 11.122.844 10.861.472 - Current Portion of Non-Current Borrowings from Third Parties 11.122.844 10.861.472 - Banks Loans 7a 7.218.986 8.003.500 - Lease Liabilities 7b 1.107.155 1.469.695 - Issued Debt Instruments 7a 2.796.703 1.388.277 Trade Payables 49.014.149 45.851.789 - Trade Payables to Related Parties 24 978.287 1.199.719 - Trade Payables to Third Parties 48.035.862 44.652.070 Employee Benefit Obligations 1.820.508 1.604.087 Other Payables 9 22.486.394 24.290.066 - Other Payables to Related Parties 24 4.525.954 4.806.436 - Other Payables to Third Parties 17.960.440 19.483.630 Derivative Financial Liabilities 8 190.863 337.197 Deferred Income 17 786.834 1.289.206 Current Tax Liabilities 2.473.217 1.009.577 Current Provisions 2.145.299 2.010.741 - Current Provisions for Employee Benefits 1.293.531 920.534 - Other Current Provisions 851.768 1.090.207 Other Current Liabilities 18 538.781 385.547 Current Liabilities 115.686.489 116.351.965 Long-Term Borrowings 60.374.641 62.749.220 - Long-term Borrowings from Third Parties 60.374.641 62.749.220 - Banks Loans 7a 10.144.774 11.494.203 - Lease Liabilities 7b 2.900.364 2.758.002 - Issued Debt Instruments 7a 47.329.503 48.497.015 Trade Payables 290.432 318.636 - Trade Payables to Third Parties 290.432 318.636 Employee Benefit Obligations 81.799 90.806 Other Payables 9 1.757.098 1.865.434 - Other Payables to Third Parties 1.757.098 1.865.434 Deferred Income 17 186.037 942 Non-Current Provision 1.814.560 1.819.163 - Non-Current Provision for Employee Benefits 22 1.814.560 1.819.163 Deferred Tax Liabilities 22 29.595.977 30.903.782 Other Non-Current Liabilities 18 7.830 9.488 Non-Current Liabilities 94.108.374 97.757.471 Equity Attributable to Equity Holders of the Parent 119.321.530 119.515.804 Issued Capital 1 5.921.052 5.921.052 Inflation Adjustment on Capital 15 12.056.622 12.056.622 Share Premium (Discount) 15 2.995.903 2.995.903 Other Accumulated Comprehensive Income (Loss) that will not be Reclassified in Profit or Loss (460.618) (460.618) -Revaluation and Remeasurement Gain/ (Loss) (460.618) (460.618) Other Accumulated Comprehensive Income (Loss) that will be Reclassified in Profit or Loss - Currency Translation Differences 20.315.399 21.700.219 - Gains (Losses) on Hedge (80.407.926) (79.588.780) Restricted Reserves Appropriated from Profits 15 7.868.355 7.868.355 Prior Years' Profits or Losses 149.023.051 139.166.927 Current Period Net Profit or Losses 2.009.692 9.856.124 Non-Controlling Interests 116.525.363 121.476.451 Total Equity 235.846.893 240.992.255 TOTAL LIABILITIES 445.641.756 455.101.691 (60.092.527) (57.888.561) The accompanying notes form an integral part of these consolidated financial statements. Unaudited Current Period January 1 - March 31 2026 Previous Period January 1- March 31 2025 Notes Revenue 4 62.424.703 58.033.193 Cost of Sales (-) (40.051.844) (39.616.341) GROSS PROFIT (LOSS) 22.372.859 18.416.852 General Administrative Expenses (-) (5.425.063) (4.988.298) Sales, Distribution and Marketing Expenses (-) (12.665.831) (12.434.190) Other Income from Operating Activities 19 1.583.090 1.586.675 Other Expenses from Operating Activities (-) 19 (1.571.930) (1.431.322) PROFIT (LOSS) FROM OPERATING ACTIVITIES 4 4.293.125 1.149.717 Investment Activity Income 20 57.229 4.068.886 Investment Activity Expenses (-) 20 (32.518) (92.938) Share of Gain / (Loss) from Investments Accounted for Using Equity Method 10 828 4.872 PROFIT (LOSS) BEFORE FINANCING INCOME (EXPENSE) 4 4.318.664 5.130.537 Finance Income 21 1.472.342 1.697.468 Finance Expenses (-) 21 (5.287.767) (6.951.095) Monetary Gain / (Loss) 28 6.503.684 6.013.673 PROFIT (LOSS) FROM CONTINUING OPERATIONS, 4 7.006.923 5.890.583 Tax (Expense) Income, Continuing Operations 4 (2.482.285) (1.035.108) - Current Period Tax Income (Expense) (3.413.702) (1.596.935) - Deferred Tax Income (Expense) 931.417 561.827 PROFIT/(LOSS) FROM CONTINUING OPERATIONS 4.524.638 4.855.475 PROFIT/(LOSS) 4.524.638 4.855.475 Profit/(Loss) Attributable to: 4.524.638 4.855.475 - Non-Controlling Interest 2.514.946 2.597.851 - Owners of Parent 2.009.692 2.257.624 Earnings / (Loss) Per Share (Full TL) 23 0,3394 0,3813 Earnings / (Loss) Per Share From 23 0,3394 0,3813 BEFORE TAX Continuing Operations (Full TL) The accompanying notes form an integral part of these consolidated financial statements. Unaudited Current Period January 1- March 31 2026 Previous Period January 1- March 31 2025 PROFIT/(LOSS) 4.524.638 4.855.475 OTHER COMPREHENSIVE INCOME z Other Comprehensive Income that will not be Reclassified to Profit or Loss - Gains (Losses) on Remeasurements of Defined Benefit Plans - Taxes Relating to Components of Other Comprehensive Income that will not be reclassified to profit or loss - - Deferred Tax Income (Expense) - Other Comprehensive Income that will be Reclassified to Profit or Loss (9.662.676) (11.305.817) Currency Translation Differences (8.583.048) (8.684.512) Other Comprehensive Income (Loss) on Cash Flow Hedge 248.185 98.364 Other Comprehensive Income (Loss) Related with Hedges of Net Investment in Foreign Operations (Note 25) Taxes Relating to Components of Other Comprehensive Income that will be reclassified to profit or loss (1.695.134) (3.581.015) 367.321 861.346 - Deferred Tax Income (Expense) 367.321 861.346 OTHER COMPREHENSIVE INCOME (LOSS) (9.662.676) (11.305.817) TOTAL COMPREHENSIVE INCOME (LOSS) (5.138.038) (6.450.342) Total Comprehensive Income Attributable to - Non-Controlling Interest (4.943.764) (1.288.969) - Owners of Parents (194.274) (5.161.373) The accompanying notes form an integral part of these consolidated financial statements. Convenience Translation into English of Consolidated Financial Statements Originally Issued in Turkish Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2026 (Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of the TL at March 31, 2026 unless otherwise indicated) Other Accumulated Comprehensive Income that will not be reclassified Other Accumulated Comprehensive Income that will in Profit or Loss be reclassified in Profit or Loss Retained Earnings Restricted Equity Notes Issued Capital Inflation Adjustment on Capital Share Premium/ (Discount) Revaluation and Remeasurement Gain/ (Loss) (*) Currency Translation Differences Gains (Losses) on Hedge Reserves Appropriated from Profits Prior Years' Profits or (Losses) Current Period Net Profit or (Loss) Attributable to Equity Holders of the Parent Non-Controlling Interests Total Equity Previous Period (January 1- March 31, 2025) Beginning Balances 592.105 17.385.519 2.995.895 (488.535) 26.765.962 (74.196.822) 7.775.786 121.324.773 18.893.065 121.047.748 123.474.597 244.522.345 Transfers - - - - - - - 18.893.065 (18.893.065) - - - Total Comprehensive Income (Loss) - - 30.963 (5.685.033) (1.764.211) - (716) 2.257.624 (5.161.373) (1.288.969) (6.450.342) Profit (Loss) - - - - - - - - 2.257.624 2.257.624 2.597.851 4.855.475 Other Comprehensive Income(Loss) - - - 30.963 (5.685.033) (1.764.211) - (716) - (7.418.997) (3.886.820) (11.305.817) Dividends - - - - - - - - - - (3.829) (3.829) Ending Balances 592.105 17.385.519 2.995.895 (457.572) 21.080.929 (75.961.033) 7.775.786 140.217.122 2.257.624 115.886.375 122.181.799 238.068.174 Current Period (January 1- March 31, 2026) Beginning Balances 5.921.052 12.056.622 2.995.903 (460.618) 21.700.219 (79.588.780) 7.868.355 139.166.925 9.856.126 119.515.804 121.476.451 240.992.255 Transfers - - - - - - - 9.856.126 (9.856.126) - - - Total Comprehensive Income (Loss) - - - - (1.384.820) (819.146) - - 2.009.692 (194.274) (4.943.764) (5.138.038) Profit (Loss) - - - - - - - - 2.009.692 2.009.692 2.514.946 4.524.638 Other Comprehensive Income (Loss) - - - - (1.384.820) (819.146) - - - (2.203.966) (7.458.710) (9.662.676) Dividends - - - - - - - - - - (7.324) (7.324) Ending Balances 5.921.052 12.056.622 2.995.903 (460.618) 20.315.399 (80.407.926) 7.868.355 149.023.051 2.009.692 119.321.530 116.525.363 235.846.893 (*) Gains (Losses) on Remeasurements of Defined Benefit Plans. The accompanying notes form an integral part of these consolidated financial statements. 5 Unaudit Notes January 1- ed January 1- March 31, 2026 March 31, 2025 CASH FLOWS FROM OPERATING ACTIVITIES (184.762) (11.588.291) Profit/ (Loss) from Continuing Operation for the Period 4.524.638 4.855.475 Adjustments to Reconcile Profit (Loss) 4.208.598 (1.456.689) Adjustments for Depreciation and Amortization Expense 4 3.783.192 3.687.459 Adjustments for Impairment Loss (Reversal) 27 78.249 23.491 Adjustments for Provisions 326.615 941.763 - Adjustments for Provision/(Reversal) for Employee Benefits 27 481.799 509.113 - Adjustments for Other Provisions/(Reversals) (155.184) 432.650 Adjustments for Interest (Income) Expenses 27 3.449.385 5.153.603 Adjustments for Foreign Exchange Losses (Gains) (83.141) 209.113 Adjustments for Fair Value (Gains) Losses on Derivative Financial Instruments 27 221.443 (35.285) Adjustments for Undistributed Profits of Investments Accounted for Using Equity Method 10 (828) (4.872) Adjustments for Tax (Income) Expenses 2.482.285 1.035.108 Adjustments for Losses (Gains) on Disposal of Non-Current Assets (9.564) 44.493 Adjustments Related to Losses (Gains) Arising from Disposal of Associates, Joint Ventures and Financial Investments or from Changes in Ownership Interest - (4.042.699) Other Adjustments to Reconcile Profit (Loss) 13.686 186.882 Adjustments for Monetary (Gain) Loss (6.052.724) (8.655.745) Change in Working Capital (6.821.115) (12.738.164) Adjustments for Decrease (Increase) in Trade Accounts Receivables (11.031.634) (16.200.414) Adjustments for Decrease (Increase) in Other Receivables Related with Operations 1.501.394 (415.051) Adjustments for Decrease (Increase) in Inventories 1.278.818 1.982.344 Adjustments for Increase (Decrease) in Trade Accounts Payable 3.013.100 3.966.636 Adjustments for Increase (Decrease) in Other Operating Payables (1.582.793) (2.071.679) Cash Flows from (used in) Operations 1.117.582 (9.339.378) Payments Related with Provisions for Employee Benefits (144.096) (157.818) Income Taxes (Paid) Return (1.952.787) (1.348.167) Other Provisions (Paid) - (742.928) CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES (3.348.780) (39.899.887) Proceeds from Sales of Property, Plant, Equipment and Intangible Assets 157.356 107.290 Cash Outflows Arising from Purchase of Property, Plant, Equipment and Intangible Assets 12, 13 (3.506.136) (5.153.971) Adjustments Arising from Changes in the Scope of Consolidation - (34.853.206) CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES (2.460.437) 8.375.613 Proceeds from Borrowings 7a 22.485.312 35.752.115 Repayments of Borrowings 7a (21.252.432) (21.486.872) Payments of Lease Liabilities 7b (667.917) (551.776) Cash Inflows from Settlement of Derivative Instruments 175 - Cash Outflows from Settlement of Derivative Instruments (164.217) 274 Dividends Paid (5.330) (2.222) Interest Paid, Bank Commission and Fees 7a (3.792.734) (5.640.497) Interest Received 867.968 793.236 Other Inflows (Outflows) of Cash 27 68.738 (488.645) NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS BEFORE CURRENCY TRANSLATION DIFFERENCES (5.993.979) (43.112.565) Effect of Currency Translation Differences on Cash and Cash Equivalents (1.882.057) 1.849.999 MONETARY LOSS ON CASH AND CASH EQUIVALENTS (885.178) (476.694) NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS (8.761.214) (41.739.260) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 5 40.846.048 77.912.038 CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 5 32.084.834 36.172.778 The accompanying notes form an integral part of these consolidated financial statements. NOTE 1. GROUP'S ORGANIZATION AND NATURE OF ACTIVITIES General Anadolu Efes Biracılık ve Malt Sanayii A.Ş. (Anadolu Efes, the Company) was established in İstanbul in 1966. Certain shares of Anadolu Efes are listed on the Borsa İstanbul (BIST). The registered office of the Company is located at the address "Fatih Sultan Mehmet Mahallesi, Balkan Caddesi No:58, Buyaka E Blok, Tepeüstü, Ümraniye - İstanbul". The Company, its subsidiaries and joint ventures will be referred to as the "Group". The average number of permanent personnel employed in the Group is 15.885 (December 31, 2025- 15.318). The consolidated financial statements of the Group approved by the Board of Directors of the Company and signed by the Chief Financial Officer, Yasemen Güven Çayırezmez and Finance Director, Kerem İşeri were issued on May 5, 2026. General Assembly and specified regulatory bodies have the right to make amendments to statutory financial statements after issue. Nature of Activities of the Group The operations of the Group consist of production, bottling, selling and distribution of beer under a number of trademarks and also production, bottling, distribution and selling of sparkling and still beverages with The Coca- Cola Company (TCCC) trademark. The Group owns and operates ten breweries; three in Türkiye, and seven in other countries (December 31, 2025 - ten breweries; three in Türkiye and seven in other countries). The Group makes production of malt in two locations in Türkiye (December 31, 2025 - malt production in two locations in Türkiye). Entities carrying out the relevant activities will be referred as "Beer Operations". Additionally, the Group's operations in Russia include eleven beer factories and three malt processing plants, which are being accounted as financial investment. (December 31, 2025 -eleven breweries and three malt processing plants). The Group operates ten facilities in Türkiye, twenty six facilities in other countries for sparkling and still beverages production and three facilities for fruit processing. (December 31, 2025 - ten facilities in Türkiye and twenty-six facilities in various countries for the production of sparkling and still beverages, and three fruit processing plants) Entities carrying out the relevant activities will be referred as "Soft Drink Operations". The Group also has joint control over Syrian Soft Drink Sales & Dist. LLC (SSDSD), which undertakes distribution and sales of sparkling and still beverages in Syria. In addition, the Company participates in Malty Gıda A.Ş., which produces, distributes, and sells malt bars in Türkiye, Trendbox Innovative Solutions A.Ş., which conducts computer programming activities, and Neone Teknoloji A.Ş., which engages in information technology activities. List of Shareholders As of March 31, 2026 and December 31, 2025, the composition of shareholders and their respective percentage of ownership can be summarized as follows: March 31, 2026 December 31, 2025 Amount (%) Amount (%) AG Anadolu Group Holding A.Ş. 2.548.912 43,05 2.548.912 43,05 AB Inbev Harmony Ltd. 1.421.053 24,00 1.421.053 24,00 Publicly traded and other 1.951.087 32,95 1.951.087 32,95 5.921.052 100,00 5.921.052 100,00 The Company is controlled by AG Anadolu Group Holding A.Ş., the parent company. AG Anadolu Group Holding A.Ş. is controlled by AG Sınai Yatırım ve Yönetim A.Ş. and AG Sınai Yatırım ve Yönetim A.Ş. is a management company, which is ultimately managed by the Özilhan Family and Süleyman Kâmil Yazıcı Family in accordance with equal representation and equal management principle and manages AG Anadolu Group Holding A.Ş.'s subsidiaries. NOTE 1. GROUP'S ORGANIZATION AND NATURE OF ACTIVITIES (continued) List of Subsidiaries, Joint Ventures, and Associates The subsidiaries, joint ventures and associates included in the consolidation and their effective shareholding rates at March 31, 2026 and December 31, 2025 are as follows: Subsidiaries Country Principal Activity Segment Effective Shareholding And Voting Rights % March 31, 2026 December 31, 2025 Efes Breweries International B.V. (EBI) The Netherlands Managing foreign investments in breweries Beer Group 100,00 100,00 JSC FE Efes Kazakhstan Brewery (Efes Kazakhstan) Kazakhstan Production and marketing of beer Beer Group 100,00 100,00 Efes Vitanta Moldova Brewery S.A. (Efes Moldova) Moldova Production and marketing of beer and low alcoholic drinks Beer Group 96,87 96,87 JSC Lomisi (Efes Georgia) Georgia Production and sales of beer and carbonated soft drinks Beer Group 100,00 100,00 PJSC Efes Ukraine (Efes Ukraine) Ukraine Production and marketing of beer Beer Group 99,94 99,94 Efes Trade BY FLLC (Efes Belarus) Belarus Marketing and distribution of beer Beer Group 100,00 100,00 Efes Holland Technical Management Consultancy B.V. (EHTMC) The Netherlands Leasing of intellectual property and similar products Beer Group 100,00 100,00 AB InBev Efes B.V. (AB InBev Efes) The Netherlands Investment company Beer Group 50,00 50,00 PJSC AB Inbev Efes Ukraine (1) Ukraine Production and marketing of beer Beer Group 49,36 49,36 Bevmar GmbH (Bevmar) (1) (5) Germany Investment company Beer Group 50,00 50,00 Efes Pazarlama ve Dağıtım Ticaret A.Ş. (Ef-Pa) (3) Türkiye Marketing and distribution company of the Group in Türkiye Beer Group 100,00 100,00 Cypex Co. Ltd. (Cypex) Northern Cyprus Marketing and distribution of beer Beer Group 99,99 99,99 Efes Deutschland GmbH (Efes Germany) Germany Marketing and distribution of beer Beer Group 100,00 100,00 Blue Hub Ventures B.V. (Blue Hub) The Netherlands Investment company Beer Group 100,00 100,00 Efes Brewery S.R.L. (Romania) Romania Marketing and distribution of beer Beer Group 100,00 100,00 Investment company Beer Group 100,00 100,00 Investment company Beer Group 100,00 100,00 Anadolu Efes Uluslararası Alkollü İçecek Yatırımları A.Ş. Türkiye (AE Uluslararası Alkollü İçecek) Anadolu Efes Alkollü İçecekler Yatırım ve Ticaret A.Ş. (AE Alkollü İçecek) Türkiye Anadolu Efes Shanghai Beer Company Limited China Marketing and distribution of beer Beer Group 100,00 100,00 Efes Tashkent FE LLC Uzbekistan Marketing and distribution of beer Beer Group 100,00 100,00 Coca Cola İçecek (CCI) (4) Türkiye Production of Coca-Cola products Soft Drinks 50,26 50,26 Coca-Cola Satış ve Dağıtım A.Ş. (CCSD) Türkiye Distribution and selling of Coca-Cola, Doğadan and Mahmudiye products Soft Drinks 50,25 50,25 J.V. Coca-Cola Almaty Bottlers LLP (Almaty CC) Kazakhstan Production, distribution and selling of Coca Cola products Soft Drinks 50,26 50,26 Azerbaijan Coca-Cola Bottlers LLC (Azerbaijan CC) Azerbaijan Production, distribution and selling of Coca Cola products Soft Drinks 50,19 50,19 Coca-Cola Bishkek Bottlers CJSC (Bishkek CC) Kyrgyzstan Production, distribution and selling of Coca Cola products Soft Drinks 50,26 50,26 Jordan Production, distribution and selling of Coca Cola products Soft Drinks 50,26 50,26 Turkmenistan Production, distribution and selling of Coca Cola products Soft Drinks 29,90 29,90 CCI International Holland B.V. (CCI Holland) The Netherlands Investment company of CCI Soft Drinks 50,26 50,26 The Coca-Cola Bottling Company of Jordan Ltd. (Jordan CC) Production, distribution and selling of Coca Cola products Soft Drinks 50,26 50,26 Production, distribution and selling of Coca Cola products Soft Drinks 50,26 50,26 Turkmenistan Coca-Cola Bottlers Ltd. (Turkmenistan CC) (6) Sardkar for Beverage Industry Ltd. (SBIL) Iraq Production, distribution and selling of Coca Cola products Soft Drinks 50,26 50,26 Waha Beverages B.V. The Netherlands Investment company of CCI Soft Drinks 50,26 50,26 Coca-Cola Beverages Tajikistan LLC (Coca Cola Tacikistan) Tajikistan Al Waha for Soft Drinks, Juices, Mineral Water, Plastics, Iraq and Plastic Caps Production LLC (Al Waha) Coca-Cola Beverages Pakistan Ltd (CCBPL) Pakistan Production, distribution and selling of Coca Cola products Soft Drinks 49,92 49,92 Coca-Cola Bottlers Uzbekistan Ltd. (CCBU) Uzbekistan Production, distribution and selling of Coca Cola products Soft Drinks 50,26 50,26 CCI Samarkand Limited LLC (Samarkand) Uzbekistan Production, distribution and selling of Coca Cola products Soft Drinks 50,26 50,26 CCI Namangan Limited LLC (Namangan) Uzbekistan Production, distribution and selling of Coca Cola products Soft Drinks 50,26 50,26 CCI Bangladesh Limited (CCBB) Bangladesh Production, distribution and selling of Coca Cola products Soft Drinks 50,26 50,26 Anadolu Etap Penkon Gıda ve İçecek Ürünleri San. ve Tic. A.Ş. (Anadolu Etap İçecek) Türkiye Production, sale, and distribution of fruit juice concentrate, puree, and fresh fruits. Soft Drinks 50,26 50,26 Anadolu Etap Dış Ticaret Anonim Şirketi Türkiye Selling fruit juice concentrate and puree Soft Drinks 50,26 50,26 Anadolu Etap Penkon Gıda ve Tarım Ürünleri San. ve Tic. A.Ş. (Anadolu Etap) Joint Ventures Türkiye Production and distribution and sales of fresh fruits. Other 83,23 83,23 Syrian Soft Drink Sales & Dist. LLC (SSDSD) Syria Distribution and sales of Coca-Cola products Soft Drinks 25,13 25,13 Associates : Malty Gıda A.Ş. (Malty) Türkiye Production, distrubution and sale of snacks Beer Group 25,00 25,00 Trendbox Innovative Solutions A.Ş. (Trendbox) Türkiye Production & Computer Beer Group 20,00 20,00 Neoone Teknoloji A.Ş. (Neoone) Türkiye Information Technology Beer Group 20,00 20,00 Subsidiaries that AB Inbev Efes B.V. directly participates. Subsidiaries of JSC AB Inbev Efes. The Company's beer operations in Türkiye form the Türkiye Beer Operations together with Ef-Pa. Shares of CCI are currently traded on BIST. The liquidation process of Bevmar was initiated with the Board of Directors' resolution of AB InBev Efes B.V. dated December 22, 2021. Turkmenistan CC is controlled by CCI and, as the Company has control over CCI, it is fully consolidated in accordance with TFRS. NOTE 1. GROUP'S ORGANIZATION AND NATURE OF ACTIVITIES (continued) Work Environments and Economic Conditions of Subsidiaries and Joint Ventures in Foreign Countries Certain countries, in which consolidated subsidiaries and joint ventures operate, have undergone substantial political and economic changes in recent years. Accordingly, such markets do not possess well-developed business infrastructures and the Group's operations in such countries might carry risks, which are not typically associated with those in more developed markets. Uncertainties regarding the political, legal, tax and/or regulatory environment, including the potential for adverse changes in any of these factors, could significantly affect the commercial activities of subsidiaries and joint ventures. Developments in Russia and Ukraine The Group is closely following the developments in Russia and Ukraine, where the Group has beer operations. The Group has taken all possible precautions to ensure the safety of its employees. Accordingly, as of February 24, 2022, breweries were shut down and the sales operations were halted and in the light of the developments in the region, the brewery facility in Chernihiv, Ukraine restarted production as of October 2022 and the brewery facility in Mikolayiv, Ukraine restarted production as of May 2023. Throughout 2024, the Chernihiv and Mikolayiv factories continued production. On January 28, 2025, damage occurred at the Mykolaiv brewery of PJSC AB InBev Efes as a result of an explosion in the city of Mykolaiv, Ukraine, and production activities at the facility were temporarily suspended. Accordingly, impairment losses have been recognized on property, plant and equipment and on inventories, and have been reflected in the consolidated financial statements as of December 31, 2025. As part of the preparation of the consolidated financial statements dated 31 December 2025, the Group assessed the potential impacts of the developments in Ukraine, as well as the related estimates and assumptions, and determined that no significant impairment was identified other than those disclosed in Notes 19 and 20. On December 30, 2024, it was announced that temporary management had been appointed to the Group's beer operation in Russia in accordance with the Presidential Decree of the Russian Federation. Following this development, the Group's management determined that control over the operation was effectively held by the Group as of December 31, 2024, in accordance with TFRS 10, and accordingly, the relevant subsidiaries were included in the consolidation scope in the financial statements as of December 31, 2024. In line with the developments in the ongoing process, as a result of the Group's assessments, it was decided that, as of January 1, 2025, the financial statements would be excluded from the consolidation scope in accordance with TFRS 10. While the relevant company remains part of the Group, it has been accounted for as a financial investment in March 31, 2026 consolidated financial statements. The reconciliation of the income arising from the change in the scope of consolidation in 2025, which has been recognized under investment activity income/(expense), is as follows: January 1, 2025 Carrying amount of net assets derecognized from consolidation scope (58.843.018) Fair value recognized as financial investment in the consolidated statement of financial position 58.843.018 Foreign currency translation differences under other comprehensive income within equity (Note 20) 4.042.699 Net impact of changes in consolidation scope on profit or loss 4.042.699 Russia Beer Operations January 1, 2025 Net Book Value Cash and Cash Equivalents 30.036.134 Trade Receivables 5.641.882 Inventories 9.369.105 Other Assets 1.737.027 Property, Plant and Equipment 15.077.103 Intangible Assets 36.073.540 -Goodwill 8.087.895 -Other Intangible Assets 27.985.645 Trade Payables (26.165.088) Other Payables (3.613.404) Other Liabilities (510.005) Current Provisions (2.205.532) Deferred Tax Liabilities (6.597.744) Carrying amount of net assets derecognized from consolidation scope 58.843.018 NOTE 2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS Basis of Preparation and Presentation of Consolidated Financial Statements Statement of Compliance to TFRS The consolidated financial statements are prepared in accordance with the Capital Markets Board (CMB)'s "Communiqué on Financial Reporting in Capital Market" Numbered II-14,1 (Communiqué), promulgated in the Official Gazette numbered 28676 dated June 13, 2013 and Turkish Accounting/Financial Reporting Standards (TAS/TFRS) including amendments and interpretations published by Public Oversight Authority (POA) as prescribed in the CMB Communiqué. The consolidated financial statements are presented in accordance with the specified format in "TFRS Taxonomy Announcement", issued on July 3, 2024 by the POA, and "the Financial Statements Examples and Guidelines for Use", published by the Capital Markets Board (CMB) of Türkiye. The Company and its Turkish subsidiaries and joint ventures maintain their books of accounts and prepare their statutory financial statements in accordance with TFRS, Turkish Commercial Code ("TCC"), tax legislation, the Uniform Chart of Accounts issued by the Ministry of Finance. The foreign subsidiaries maintain their books of account in accordance with the laws and regulations in force in the countries in which they are registered. These consolidated financial statements have been prepared under historical cost conventions except for financial assets and financial liabilities which are carried at fair value. The consolidated financial statements have been prepared based on historical cost for foreign operations, and on indexed cost in accordance with TAS 29 for domestic operations, with the exception of financial assets and liabilities shown at fair value. Adjustments and classifications necessary for accurate presentation in accordance with TFRS have been reflected in the legal records. In accordance with the Turkish Accounting Standard (TAS) 34 'Interim Financial Reporting,' companies are free to prepare their interim financial statements either as a complete set or in summary form. Within this framework, the Group has opted to prepare summary consolidated interim financial statements during interim periods. The interim summary consolidated financial statements and notes have been presented, including the information mandated by the Capital Markets Board (CMB). Additionally, in accordance with the Communiqué and its explanatory announcements, the collateral, pledge, and mortgage table, the foreign exchange position table, the total export and import amounts, the tax advantages obtained under the investment incentive system, the R&D incentives, and the portion of the total foreign exchange liability that is hedged are presented in the notes to the condensed financial statements (Notes 16, 22, 25). The interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the accompanying notes for the year ended December 31, 2025. NOTE 2. BASIS OF PRESENTATION OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) Basis of Preparation and Presentation of Interim Condensed Consolidated Financial Statements (continued) Adjustment of financial statements in hyperinflationary periods With the announcements made by the Public Oversight Accounting and Auditing Standards Authority (POA) on November 23, 2023, entities applying TFRSs have started to apply inflation accounting in accordance with TAS 29 Financial Reporting in Hyperinflation Economies as of financial statements for the annual reporting period ending on or after December 31, 2023. TAS 29 is applied to the financial statements, including the consolidated financial statements, of any entity whose functional currency is the currency of a hyperinflationary economy. According to the standard, financial statements prepared in the currency of a hyperinflationary economy are presented in terms of the purchasing power of that currency at the balance sheet date. Prior period financial statements are also presented in the current measurement unit at the end of the reporting period for comparative purposes. The Group has therefore presented its consolidated financial statements as of March 31, 2025, and December 31, 2025 on the purchasing power basis as of March 31, 2026. In accordance with the CMB's decision dated December 28, 2023, and numbered 81/1820, issuers and capital market institutions subject to financial reporting regulations applying Turkish Accounting/Financial Reporting Standards are required to apply inflation accounting by applying the provisions of TAS 29 to their annual financial statements for the accounting periods ending on December 31, 2023. The restatements in accordance with TAS 29 have been made using the adjustment factor derived from the Consumer Price Index ("CPI") in Türkiye published by the Turkish Statistical Institute. As of March 31, 2026, the indexes and adjustment factors used in the restatement of the consolidated financial statements are as follows: Adjustment Dates Index Coefficent Three-Year Compound Inflation Rate March 31, 2026 121,47 1,00000 %205 December 31, 2025 110,39 1,10040 %211 March 31, 2025 92,82 1,30865 %250 The main components of Company's restatement for the purpose of financial reporting in hyperinflationary economies are as follows: The consolidated financial statements for the current period presented in TL are expressed in terms of the purchasing power at the balance sheet date and the amounts for the previous reporting periods are restated in accordance with the purchasing power at the end of the reporting period. Monetary assets and liabilities are not restated as they are currently expressed in terms of the purchasing power at the reporting period. Where the inflation-adjusted amounts of non-monetary items exceed the recoverable amount or net realizable value, the provisions of TAS 36 and TAS 2 have been applied, respectively. Non-monetary assets, liabilities and equity items that are not expressed in the current purchasing power at the reporting period are restated by applying the relevant conversion factors. All items in the statement of comprehensive income, except for the effects of non-monetary items in the statement of financial position on the statement of comprehensive income, are indexed using the coefficients calculated based on the periods in which the income and expense accounts were initially recognized in the financial statements. The effect of inflation on the Group's net monetary asset position in the current period is recognized in the consolidated statement of profit or loss in the net monetary position loss account. NOTE 2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (continued) Functional and Reporting Currency Functional and reporting currency of the Company and its subsidiaries, joint ventures located in Türkiye is Turkish Lira. Functional Currency of Significant Subsidiaries Located in Foreign Countries Functional Currency Subsidiary / Joint Venture Local Currency 2026 2025 EBI European Currency (EUR) USD USD PJSC AB Inbev Efes Ukraine Ukrainian Hryvnia (UAH) UAH UAH AB InBev Efes B.V. European Currency (EUR) USD USD Efes Kazakhstan Kazakh Tenge (KZT) KZT KZT Efes Moldova Moldovan Leu (MDL) MDL MDL Efes Georgia Georgian Lari (GEL) GEL GEL EHTMC European Currency (EUR) USD USD Efes Germany European Currency (EUR) EUR EUR Romania Romenian Leu (RON) RON RON Efes Belarus Belarusian Ruble (BYR) BYR BYR Almaty CC Kazakh Tenge (KZT) KZT KZT Azerbaijan CC Azerbaijani Manat (AZN) AZN AZN Turkmenistan CC Turkmenistan Manat (TMT) TMT TMT Bishkek CC Kyrgyz Som (KGS) KGS KGS TCCBCJ Jordan Dinar (JOD) JOD JOD SIBL Iraqi Dinar (IQD) IQD IQD CCBPL Pakistan Rupee (PKR) PKR PKR CCI Holland European Currency (EUR) USD USD Waha B.V. European Currency (EUR) USD USD Al Waha Iraqi Dinar (IQD) IQD IQD Tacikistan CC Tajikistani Somoni (TJS) TJS TJS CCBU Uzbekistan Som (UZS) UZS UZS CCBB Bangladeshi Taka (BDT) BDT BDT Seasonality of Operations Due to higher beverage consumption during the summer season, the interim condensed consolidated financial results may include the effects of the seasonal variations. Therefore, the results of business operations for the first three months up to March 31, 2026 may not necessarily constitute an indicator for the results to be expected for the overall fiscal year. Significant Accounting Estimates and Decisions Preparation of consolidated financial statements requires management to make estimations and assumptions which may affect the reported amounts of assets and liabilities as of the statement of financial position date, the disclosure of contingent assets and liabilities and the reported amounts of income and expenses during the financial period. The accounting assessments, estimates and assumptions are reviewed considering past experiences, other factors and reasonable expectations about future events under current conditions. Although the estimations and assumptions are based on the best estimates of the management's existing incidents and operations, they may differ from the actual results. There has not been any change in accounting estimates compared to year end. NOTE 2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (continued) Changes in Accounting Policies Adoption of new and revised Turkish Financial Reporting Standards New standards, amendments and interpretations to existing standards that are effective as of March 31, 2026: Amendment to TFRS 9 and TFRS 7 - Classification and Measurement of Financial Instruments ; effective from annual reporting periods beginning on or after 1 January 2026 (earlier application permitted). These amendments: Clarify the requirements for the timing of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system; Clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion; Add new disclosures for certain instruments with contractual terms that can change cash flows (such as some instruments with features linked to the achievement of environment, social and governance (ESG) targets); and Make updates to the disclosures for equity instruments designated at Fair Value through Other Comprehensive Income (FVOCI). Annual improvements to TFRS - Volume 11; effective from annual periods beginning on or after 1 January 2026 (earlier application permitted). Annual improvements are limited to changes that either clarify the wording in an Accounting Standard or correct relatively minor unintended consequences, oversights or conflicts between the requirements in the Accounting Standards. The 2024 list of amended Accounting Standard and accompanying guidance include the following: TFRS 1 First-time Adoption of International Financial Reporting Standards; TFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing TFRS 7; TFRS 9 Financial Instruments; TFRS 10 Consolidated Financial Statements; and TMS 7 Statement of Cash Flows. Amendment to TFRS 9 and TFRS 7 - Contracts Referencing Nature-dependent Electricity; effective from annual periods beginning on or after 1 January 2026 (earlier application permitted). These amendments change the 'own use' and hedge accounting requirements of TFRS 9 and include targeted disclosure requirements to TFRS 7. These amendments apply only to contracts that expose an entity to variability in the underlying amount of electricity because the source of its generation depends on uncontrollable natural conditions (such as the weather). These are described as 'contracts referencing nature-dependent electricity'. These amendments did not have a significant impact on the Group's financial position and performance. Standards, amendments, and interpretations that are issued but not effective as of 31 March 2026: TFRS 17, "Insurance Contracts"; is effective for annual reporting periods beginning on or after January 1, 2023. This standard replaces TFRS 4, which currently permits a wide variety of practices. TFRS 17 will fundamentally change the accounting of all entities that issue insurance contracts and investment contracts with discretionary participation features. The Group does not expect these amendments to have a significant impact on its financial position and performance. NOTE 2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (continued) 2.5 Changes in Accounting Policies (continued) Adoption of new and revised Turkish Financial Reporting Standards (continued) Standards, amendments, and interpretations that are issued but not effective as of 31 March 2026: (continued) Amendments to TMS 21 - Translation to a Hyperinflationary Presentation Currency; effective from annual periods beginning on or after 1 January 2027 (earlier application permitted). These narrow-scope amendments specify the translation procedures for an entity whose presentation currency is that of a hyperinflationary economy. The entity applies the amendments if: its functional currency is that of a non-hyperinflationary economy and it is translating its results and financial position into the currency of a hyperinflationary economy; or its translating into the currency of a hyperinflationary economy the results and financial position of a foreign operation whose functional currency is that of a non-hyperinflationary economy. The amendments aim to improve the usefulness of the resulting information in a cost-effective manner and reduce diversity in practice. The Group does not expect these amendments to have a significant impact on its financial position and performance. TFRS 19 Subsidiaries without Public Accountability: Disclosures'; effective from annual periods beginning on or after 1 January 2027 (earlier application permitted). This new standard and amendments works alongside other TFRS Accounting Standards. An eligible subsidiary applies the requirements in other TFRS Accounting Standards except for the disclosure requirements and instead applies the reduced disclosure requirements in TFRS 19. TFRS 19's reduced disclosure requirements balance the information needs of the users of eligible subsidiaries' financial statements with cost savings for preparers. TFRS 19 is a voluntary standard for eligible subsidiaries. A subsidiary is eligible if: it does not have public accountability; and it has an ultimate or intermediate parent that produces consolidated financial statements available for public use that comply with TFRS Accounting Standards. Amendment to TFRS 19 Subsidiaries without Public Accountability: Disclosures'; effective from annual periods beginning on or after 1 January 2027 (earlier application permitted). In developing the reduced disclosure requirements in TFRS 19, the IASB considered the disclosure requirements in other TFRS Accounting Standards as at 28 February 2021. When TFRS 19 was issued, it did not contain reduced versions of any disclosure requirements that were added or amended after that date. Subsequently, the IASB issued these amendments to help eligible subsidiaries by reducing disclosure requirements for Standards and amendments issued between February 2021 and May 2024, specifically: TFRS 18, 'Presentation and Disclosure in Financial Statements'; Supplier Finance Arrangements (Amendments to TMS 7 and TFRS 7); International Tax Reform-Pillar Two Model Rules (Amendments to TMS 12); Lack of Exchangeability (Amendments to TMS 21); and Amendments to the Classification and Measurement of Financial Instruments (Amendments to TFRS 9 and TFRS 7). The Group does not expect these amendments to have a significant impact on its financial position and performance. NOTE 2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (continued) Changes in Accounting Policies (continued) Adoption of new and revised Turkish Financial Reporting Standards (continued) Standards, amendments, and interpretations that are issued but not effective as of 31 March 2026: (continued) TFRS 18 Presentation and Disclosure in Financial Statements; effective from annual periods beginning on or after 1 January 2027 (earlier application permitted). This is the new standard on presentation and disclosure in financial statements, with a focus on updates to the statement of profit or loss. The key new concepts introduced in TFRS 18 relate to: the structure of the statement of profit or loss; required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity's financial statements (that is, management-defined performance measures); and enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general. To comply with paragraph 30 of TMS 8, it is expected that March year-end disclosures should about: the nature of the changes, the fact that TFRS 18 application is required for annual periods beginning on or after 1 January 2027, the planned adoption date, and either: known or reasonably estimable information relevant to assessing the possible impact that application of TFRS 18 will have on the entity's financial statements in the period of initial application; or if that impact is not known or reasonably estimable, a statement to that effect. When preparing disclosures related to the adoption of TFRS 18 to comply with paragraph 30 of TMS 8, entities should consider the following principles: Disclosures are expected to become increasingly detailed as entities' implementation process progresses toward 2027. The level of detail that an entity includes in its disclosures will depend on the progress of its implementation activities, including those related to internal controls. For the year ending 31 March 2026, entities that have yet to make significant progress in implementation might only disclose that they are actively assessing the impact of TFRS 18 and that more comprehensive disclosures cannot reasonably be provided. Where appropriate and reliable, consider including quantitative information. It may be appropriate to disclose preliminary figures, when the company has an appropriate and reliable basis for making such disclosures and provides clear explanations regarding their provisional nature. For example, an entity might quantify the effects on profit and loss subtotals. If the quantitative impact is not reasonably estimable, a statement to that effect should be included. An entity may disclose known and reasonably quantifiable impacts, but it is not expected to early provide TFRS 18 disclosures, such as an MPM reconciliation, before the application date. Consider alignment with other public communications. If management has publicly detailed anticipated impacts, such as in an investor presentation, the TMS 8 financial statement disclosures should be consistent with these communications. Disclosures should be based on the information available through the date of issuance of the financial statements, not only the end of the reporting period. The Group is evaluating the impact of these amendments on its financial position and performance. NOTE 3. BUSINESS COMBINATIONS Transactions related to the three-month period ended on March 31, 2026 None. Transactions related to the three-month period ended on March 31, 2025 None. NOTE 4. SEGMENT REPORTING The management monitors the operating results of its two business units separately for the purpose of making decisions about resource allocation and performance assessment. The two operating segments are Beer Operations (Beer Group) and Soft Drinks Operations (Soft Drinks). Segment performance is evaluated based on "EBITDA Before Non-Recurring Items" (EBITDA BNRI) which is calculated excluding profit from discontinued operations and the following effects from profit from continuing operations attributable to our equity holders: (i) non-controlling interest, (ii) tax (expense)/income, (iii) share of gain/(loss) of investments accounted using equity method, (iv) financial income/(expense), (v) investment activity income/(expense) (vi) foreign exchange gains/(losses) arising from operating activities (vii) depreciation, amortization, and other non- cash items and (viii) non-recurring items associated with Profit/Loss from Operating Activities. Non-recurring items are either income or expenses which do not occur regularly as part of the normal activities of the Group. EBITDA BNRI is not an accounting measure under TFRS accounting and does not have a standard calculation method however it has been considered as the optimum indicator for the evaluation of the performance of the operating segments by considering the comparability with the entities in the same business. The Group's segment reporting in accordance with TFRS 8 is disclosed as follows January 1 - March 31, 2026 Beer Group Soft Drinks Other (1) and Eliminations Total Net sales 9.410.620 52.368.615 660.201 62.439.436 Inter-segment sales - (1.267) (13.466) (14.733) Revenue 9.410.620 52.367.348 646.735 62.424.703 EBITDA BNRI (760.965) 9.342.418 (67.656) 8.513.797 Provision for impairment on PPE - (8.534) - (8.534) Provision for impairment on PPE no longer required - 23.447 - 23.447 Financial Income / (Expense) (1.974.076) (1.747.548) (93.801) (3.815.425) Tax Income / (Expense) 602.456 (3.026.628) (58.113) (2.482.285) Additions to PPE and intangible fixed asset 846.142 2.545.608 114.386 3.506.136 January 1 - March 31, 2025 Beer Group Soft Drinks Other (1) and Eliminations Total Net sales 10.275.288 47.318.032 446.217 58.039.537 Inter-segment sales (5.006) (1.069) (269) (6.344) Revenue 10.270.282 47.316.963 445.948 58.033.193 EBITDA BNRI (635.936) 6.119.391 (81.176) 5.402.279 Provision for impairment on PPE - (27.389) - (27.389) Provision for impairment on PPE no longer required - 5.131 - 5.131 Financial Income / (Expense) (1.986.745) (3.236.414) (30.468) (5.253.627) Tax Income / (Expense) 318.521 (1.732.528) 378.899 (1.035.108) Additions to PPE and intangible fixed asset 1.135.882 3.953.264 64.825 5.153.971 (1) Includes adjustment journals in the consolidation of the Group and the financial statements of Anadolu Etap. As of March 31, 2026, the portion of Türkiye geographical area in the consolidated net revenue and total assets is 40% and 49% respectively (March 31, 2025- 40% and 47% respectively). As of March 31, 2026, the portion of Russia geographical area in the consolidated net revenue and total assets is 0% and 13% respectively (March 31, 2025- 0% and 12% respectively). As of March 31, 2026, the portion of Kazakhstan geographical area in the consolidated net revenue and total assets is 20% and 10% respectively (March 31, 2025- 17% and 9% respectively). As of March 31, 2026, the portion of Pakistan geographical area in the consolidated net revenue and total assets is 9% and 4% respectively (March 31, 2025- 10% and 5% respectively). March 31, 2026 Beer Group Soft Drinks Other (1) and Eliminations Total Segment assets 139.753.177 213.388.878 92.499.701 445.641.756 Segment liabilities 67.769.946 117.955.472 24.069.445 209.794.863 Investments Accounted for Using Equity Method 22.646 - - 22.646 March 31, 2025 Beer Group Soft Drinks Other (1) and Eliminations Total Segment assets 150.153.585 222.187.859 95.888.980 468.230.424 Segment liabilities 71.030.827 134.404.852 24.726.572 230.162.251 Investment Accounted for Using Equity Method 26.330 - - 26.330 (1) Presents group consolidation adjustments and the financial statement of Anadolu Etap. Reconciliation of EBITDA BNRI to the consolidated Profit/Loss from Continuing Operations and its components as of March 31, 2026, and 2025 are as follows: January 1 - March 31, 2026 January 1 - March 31, 2025 EBITDA BNRI 8.513.797 5.402.279 Depreciation and amortization expenses (3.783.192) (3.687.459) Provision for retirement pay liability (120.750) (150.182) Provision for vacation pay liability (253.270) (245.575) Foreign exchange gain/(loss) from operating activities 32.253 (27.533) Rediscount income/(expense) from operating activities (3.205) (16.217) Non-recurring items (13.157) (44.070) Other (79.351) (81.526) PROFIT (LOSS) FROM OPERATING ACTIVITIES 4.293.125 1.149.717 Investment Activity Income 57.229 4.068.886 Investment Activity Expenses (-) (32.518) (92.938) Share of Gain / (Loss) from Investments Accounted for Using Equity Method 828 4.872 PROFIT (LOSS) BEFORE FINANCING INCOME (EXPENSE) 4.318.664 5.130.537 Finance Income 1.472.342 1.697.468 Finance Expenses (-) (5.287.767) (6.951.095) Monetary Gain/ (Loss) 6.503.684 6.013.673 PROFIT (LOSS) FROM CONTINUING OPERATIONS 7.006.923 5.890.583 NOTE 5. CASH AND CASH EQUIVALENTS March 31, 2026 December 31, 2025 Cash on hand 22.681 2.885 Bank accounts - Time deposits 20.526.378 30.213.475 - Demand deposits 11.422.955 10.410.435 Investment funds 24.838 111.715 Other 87.982 107.538 Cash and cash equivalents in cash flow statement 32.084.834 40.846.048 Expected Credit Loss (-) (203) (224) Interest income accrual 28.588 60.900 32.113.219 40.906.724 As of March 31, 2026, annual interest rates of the TL denominated time deposits vary between 33,00% and 41,50% and have maturity between 1 - 62 days (December 31, 2025 - 39,00% and 50,50%; maturity between 1 - 89 days). Annual interest rates of the US Dollars (USD) and, Euro (EUR), and other currency denominated time deposits vary between 0,04% and 18,00% and have maturity between 1 - 61 days (December 31, 2025- annual interest rates of the US Dollars (USD) and, Euro (EUR), and other currency time deposits vary between 0,04% and 18,00%; maturity between 1 - 83 days). As of March 31, 2026, other item contains credit card receivables amounting to TL 87.982 (December 31, 2025 - TL 107.538). The fair value differences of investment funds are recognized in the consolidated statement of profit or loss. As of March 31, 2026, the Group's investment funds consist of money market funds. (December 31, 2025 - TL 111.715). NOTE 6. FINANCIAL INVESTMENTS a) Short-Term Financial Investments March 31, 2026 December 31, 2025 Restricted cash 367.864 471.648 367.864 471.648 As of 31 March 2026, the restricted bank balance consists of amounts held as letter of credit collateral in Uzbekistan and Pakistan, and for withholding tax offset in the Netherlands. b) Long-Term Financial Investment March 31, 2026 December 31, 2025 Financial assets measured at fair value through other comprehensive income 56.582.726 60.089.261 Other 26.386 27.497 56.609.112 60.116.758 Movements in long-term financial assets at fair value through other comprehensive income as of 31 March 2026 are presented below: 2026 2025 Balance at January 1 60.089.261 - Changes in the scope of consolidation - 58.843.018 Currency translation differences 1.975.967 4.145.162 Monetary Gain / (Loss) (5.482.502) - Balance at March 31 56.582.726 62.988.180 As of January 1, 2026, the Russia beer operation is effectively part of the Group; however, it has been excluded from the consolidation scope in the financial statements according to TFRS 10 and accounted for as a financial investment in the consolidated financial statements as of March 31, 2026. The related financial investment has been classified as a 'Financial Asset at Fair Value Through Other Comprehensive Income' and subsequent changes in fair value will be recognized in Other Comprehensive Income. NOTE 7. SHORT AND LONG TERM BORROWINGS a) Bank Loans, issued debt instruments and other borrowings March 31, 2026 December 31, 2025 Short-term Bank Loans (Third Parties) 17.568.593 16.833.639 Short-term Issued Debt Instruments (Third Parties) 7.539.007 11.878.644 Current Portion of Bank Loans (Third Parties) 7.218.986 8.003.500 Current Portion of Issued Debt Instruments (Third Parties) 2.796.703 1.388.277 Long-term Bank Loans (Third Parties) 10.144.774 11.494.203 Long-term Issued Debt Instruments (Third Parties) 47.329.503 48.497.015 92.597.566 98.095.278 Convenience Translation into English of Interim Condensed Consolidated Financial Statements Originally Issued in Turkish Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS AT MARCH 31, 2026 (Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of the TL at March 31, 2026 unless otherwise indicated) NOTE 7. SHORT AND LONG TERM BORROWINGS (continued) a) Bank Loans, issued debt instruments and other borrowings (continued) As of March 31, 2026, total borrowings consist of principal amounting to TL 89.629.207 (December 31, 2025- TL95.059.293) and interest expense accrual amounting to TL2.968.361 (December 31, 2025 - TL3.035.984). As of March 31, 2026 and December 31, 2025, total amount of borrowings and the effective interest rates are as follows: March 31, 2026 December 31, 2025 Amount Weighted average fixed rate Weighted average floating rate Amount Weighted average fixed rate Weighted average floating rate Short-term Borrowings TL denominated borrowings 18.381.123 %42,34 TLREF+%0,98 20.964.870 %39,51 TLREF+%0,92 Foreign currency denominated borrowings (USD) 3.111.515 %6,32 SOFR+%2,25 2.062.177 %7,78 SOFR+%2,26 Foreign currency denominated borrowings (EUR) 1.361 - Euribor+%2,25 442.313 %6,00 Euribor+%2,75 Foreign currency denominated borrowings (Other) 3.613.601 %13,85 Kibor+%0,07 5.242.923 %14,01 Kibor%-0,06 25.107.600 28.712.283 Short-term portion of Long-term borrowings TL denominated borrowings 4.271.076 %42,98 TLREF+%0,94 3.327.290 %45,82 TLREF+%1,19 Foreign currency denominated borrowings (USD) 3.050.346 %5,99 SOFR+%2,25 3.266.205 %6,06 SOFR+%2,25 Foreign currency denominated borrowings (EUR) 1.180.522 - Euribor+%1,30 1.257.040 - Euribor+%1,30 Foreign currency denominated borrowings (Other) 1.513.745 %16,61 - 1.541.242 %16,76 - 10.015.689 9.391.777 Total 35.123.289 38.104.060 Long-term Borrowings TL denominated borrowings 3.233.758 %24,90 TLREF+%1,09 1.691.626 %39,43 TLREF+%5,50 Foreign currency denominated borrowings (USD) 49.374.348 %3,95 SOFR+%2,25 52.366.249 %3,96 SOFR+%2,37 Foreign currency denominated borrowings (EUR) 1.213.173 - Euribor+%1,30 1.315.593 - Euribor+%1,30 Foreign currency denominated borrowings (Other) 3.652.998 %14,68 - 4.617.750 %15,31 - Total 57.474.277 59.991.218 Grand Total 92.597.566 98.095.278 As of March 31, 2026, the Group has fulfilled its financial commitments arising from its borrowings. 20 NOTE 7. SHORT AND LONG TERM BORROWINGS (continued) a) Bank Loans, issued debt instruments and other borrowings (continued) Maturity of long-term borrowings are scheduled as follows: March 31, 2026 December 31, 2025 Between 1-2 years 6.275.258 5.110.368 Between 2-3 years 47.152.329 26.749.899 Between 3-4 years 2.772.341 26.280.485 Between 4-5 years 5 years and more 1.274.349 - 1.850.466 - 57.474.277 59.991.218 The movement of borrowings as of March 31, 2026 and 2025 as follows: 2026 2025 Balance at January 1 98.095.278 109.686.304 Proceeds from borrowings 22.485.312 35.752.115 Repayments of borrowings (-) (21.252.432) (21.486.872) Interest and borrowing expense (Note 27) 3.423.607 5.197.411 Interest paid (-) (3.233.934) (5.166.904) Foreign exchange (gain)/loss 1.849.285 4.236.894 Currency translation differences (1.332.764) 1.379.298 Monetary (gain)/loss (7.436.786) (9.945.572) Balance at March 31 92.597.566 119.652.674 b) Lease Liabilities March 31, 2026 December 31, 2025 Current Portion of Lease Liabilities (Third Parties) 1.107.155 1.469.695 Long term Lease Liabilities (Third Parties) 2.900.364 2.758.002 4.007.519 4.227.697 Repayments of long-term lease liabilities are scheduled as follows: March 31, 2026 December 31, 2025 Between 1-2 years 516.665 456.621 Between 2-3 years 735.845 990.046 Between 3-4 years 75.169 164.522 Between 4-5 years 49.266 182.257 5 years and more 546.996 964.556 1.923.940 2.758.002 NOTE 7. SHORT AND LONG TERM BORROWINGS (continued) b) Lease Liabilities (continued) The movement of lease liabilities as of March 31, 2026 and 2025 is as follows: 2026 2025 Balance at January 1 4.227.697 3.643.772 Additions 259.972 266.136 Repayments (-) (704.124) (551.776) Disposals (-) (19.048) 1.593 Interest expense (Note 27) 262.614 195.646 Amendments to lease agreements 301.007 985.718 Foreign exchange (gain)/loss 2.942 6.092 Currency translation differences (96.882) (311.654) Monetary (gain)/ loss (226.659) (307.674) Balance at March 31 4.007.519 3.927.853 NOTE 8. DERIVATIVE INSTRUMENTS The book values of derivative instruments as of March 31, 2026, and December 31, 2025, are as follows: Beer Group Soft Drinks Other Total March 31, 2026 26.628 271.097 - 297.725 December 31, 2025 (82.885) 14.196 - (67.971) NOTE 8. DERIVATIVE INSTRUMENTS (continued) The details of derivative instruments for Beer Operations as of March 31, 2026, is as follows: Nominal Value Contract Amounts or Quantities Carrying Amount Asset/(Liability) Account in the Statement of the Financial Position Hedge Ineffectiveness Recognized in Profit or Loss Maturity Derivatives held for hedging: Cash flow hedge: Interest swap 2.150.000 - (18.903) Derivative Instruments - March 2027 Currency forwards: -USD/TL 2.463.984 55,5 million USD (11.378) Derivative Instruments - December 2026 -EUR/TL 1.688.310 33,2 million EUR (30.855) Derivative Instruments - December 2026 Commodity swaps: 827.314 5.198 tones 81.070 Derivative Instruments - March 2027 Derivatives held for trading: Cross currency swap transactions -USD/TL 1.195.143 27,6 million USD 6.694 Derivative Instruments - March 2027 8.324.751 26.628 Derivatives held for hedging: Net investment hedge - 500 million USD (22.238.050) Borrowings - June 2028 NOTE 8. DERIVATIVE INSTRUMENTS (continued) The details of derivative instruments for Soft Drink Operations as of March 31, 2026 is as follows: Nominal Contract Amounts or Carrying Amount Value Derivatives held for hedging: Cash flow hedge: Quantities Asset/(Liability) Account in the Statement of the Financial Position Hedge Ineffectiveness Recognized in Profit or Loss Maturity Commodity swaps: - Aluminum 897.751 8.257 tones 338.399 Derivative Instruments - December 2026 - Sugar 30.056.356 73.178 tones 116.887 Derivative Instruments - September 2028 Fx forward (hedging exchange rate risk) 1.036.433 20,3 million EUR (56.306) Derivative Instruments - June 2026 Fx forward (hedging exchange rate risk) 30.558 0,6 million EUR 1.746 Derivative Instruments - April 2026 Fx forward (hedging exchange rate risk) 57.715 1,3 million USD 1.970 Derivative Instruments - April 2026 Fair value hedge reserves assets / (liabilities) 221.981 7 million USD 5.097 Derivative Instruments - August- September 2026 Fair value hedge reserves assets / (liabilities) 7.000.000 7 billion TL (136.696) Derivative Instruments - June-December 2026 39.300.794 271.097 Derivatives held for hedging: Net investment hedge - 500 million USD (22.238.050) Borrowings - January 2029 Net investment hedge - 65,4 million USD (2.911.163) Borrowings - April 2030 NOTE 8. DERIVATIVE INSTRUMENTS (continued) The details of derivative instruments for Beer Operations as of December 31, 2025 is as follows: Nominal Value Contract Amounts or Quantities Carrying Amount Asset/(Liability) Account in the Statement of the Financial Position Hedge Ineffectiveness Recognized in Profit or Loss Maturity 550.200 - (12.812) Derivative Instruments - August 2026 Derivatives held for hedging: Cash flow hedge: Interest swap Commodity swaps: - Aluminum 261.256 1.867 tones 37.936 Derivative Instruments - December 2026 Derivatives not held for hedging: Currency forwards: -USD/TL 501.210 10,6 million USD (61.396) Derivative Instruments - March 2026 -EUR/TL 446.343 8,1 million EUR (46.614) Derivative Instruments - March 2026 1.759.009 (82.885) Derivatives held for hedging: Net investment hedge - 500 million USD (23.616.180) Borrowings - June 2028 NOTE 8. DERIVATIVE INSTRUMENTS (continued) The details of derivative instruments for Soft Drink Operations as of December 31, 2025 is as follows: Derivatives held for hedging: Cash flow hedge: Nominal Value Contract Amounts or Quantities Carrying Amount Asset/(Liability) Account in the Statement of the Financial Position Hedge Ineffectiveness Recognized in Profit or Loss Maturity Commodity swap - Aluminum 1.271.375 - 265.739 Derivative Instruments - December 2026 - Sugar 62.735 - (7.058) Derivative Instruments - April 2026 Fx forward (hedging exchange rate risk) EUR/TL 1.128.109 20,3 million EUR (27.039) Derivative Instruments - June 2026 EUR/TL 66.521 1,2 million EUR (270) Derivative Instruments - March - April 2026 USD/TL 264.026 5,6 million USD (370) Derivative Instruments - January - April 2026 Fair value hedge reserves assets / (liabilities) 162.728 3 million USD (17.342) Derivative Instruments - February 2026 Fair value hedge reserves assets / (liabilities) 6.327.300 6 billion TL (198.744) Derivative Instruments - February-December 2026 9.282.794 14.916 Derivatives held for hedging: Net investment hedge - 500 million USD (23.616.180) Borrowings - January 2029 Net investment hedge - 65,5 million USD (3.091.573) Borrowings - April 2030 NOTE 9. OTHER RECEIVABLES AND PAYABLES a) Other Current Receivables March 31, 2026 December 31, 2025 Receivables from related parties (Note 24) 322.282 342.254 Receivables from tax office 358.121 434.465 Due from personnel 81.078 112.974 Sublease receivables from related parties (Note 24) (1) 97.833 21.573 Deposits and guarantees given 15.721 15.680 Other 252.689 339.491 1.127.724 1.266.437 b) Other Non-Current Receivables March 31, 2026 December 31, 2025 Deposits and guarantees given 244.058 254.034 Sublease receivables from related parties (Note 24) (1) 195.832 296.057 Receivables from tax office 468 515 440.358 550.606 c) Other Current Payables March 31, 2026 December 31, 2025 Taxes other than income taxes 7.971.883 9.440.755 Other current payables to related parties (Note 24) 4.525.954 4.806.436 Payables related to share changes in subsidiaries that do not result in loss of control 4.439.610 4.714.741 Deposits and guarantees taken 4.383.908 3.864.477 Payables related to acquisitions at obtaining control of subsidiaries 701.297 807.305 Dividends payable 359.091 420.823 Other 104.651 235.529 22.486.394 24.290.066 Other Non-Current Payables March 31, 2026 December 31, 2025 Deposits and guarantees taken 9.082 10.279 Other 1.748.016 1.855.155 1.757.098 1.865.434 Subleases from related parties has been recorded according to TFRS 16 which are related with the management building and leased on behalf of the parent company AG Anadolu Group A.Ş. and the subsidiaries. NOTE 10. INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD March 31, 2026 December 31, 2025 Ownership Carrying Value Ownership Carrying Value SSDSD (1) 25,13% - 25,13% - Malty Gıda A.Ş. 25,00% 229 25,00% 252 Neoone 20,00% 19.045 20,00% 20.039 Trendbox 20,00% 3.372 20,00% 3.710 22.646 24.001 The movement of investments accounted for using equity method for the three-month periods ending as of March 31, 2026 and 2025 are as follows: 2026 2025 Balance at January 1 24.001 28.398 Gain/(loss) from equity method investment 828 4.872 Other (2.183) (6.940) Balance at March 31 22.646 26.330 (1) SSDSD, which has been accounted by using equity method in CCI financial statements, is accounted as investment in associates in Group's financial statements. NOTE 11. RIGHT-OF-USE ASSETS For the three-month periods ended March 31, 2026 and 2025, movement on right use of asset are as follows: Net Book Value Current Year January 1, 2026 Additions Amendments to Leasing Disposals, net Amortization Changes in the scope of consolidation Currency translation differences, net Net Book Value March 31, 2026 Land 2.334.292 8.413 235.745 - (40.049) - (13.866) 2.567.770 Buildings 1.071.399 135.319 57.146 (15.242) (92.454) - (21.332) 1.091.601 Machinery and equipment 207.884 28.560 8.116 - (21.162) - (16.958) 206.440 Vehicles 1.864.461 87.680 - (15.914) (197.429) - (75.513) 1.663.285 Other 3.817 - - - - - (2.530) 1.287 5.481.853 259.972 301.007 (31.156) (351.094) - (130.198) 5.530.384 Net Book Value Amendments Disposals, Changes in the scope of Currency translation Net Book Value Previous Year January 1, 2025 Additions to Leasing net Amortization consolidation differences, net March 31, 2025 Land 2.198.075 - 913.357 - (45.693) (99.625) 3.747 2.969.861 Buildings 1.247.917 190.827 71.140 (181.314) (82.449) (132.714) 5.520 1.118.927 Machinery and equipment 54.738 6.809 1.221 - (9.157) - (16.034) 37.577 Vehicles 961.576 68.500 - 187 (141.436) - (44.231) 844.596 Other 1.452 - - - - - - 1.452 4.463.758 266.136 985.718 (181.127) (278.735) (232.339) (50.998) 4.972.413 Interest income from sub-leases is TL22.994 (2025: TL33.292). NOTE 12. PROPERTY, PLANT AND EQUIPMENT For the three-month periods ended March 31, 2026 and 2025, movement on property, plant and equipment are as follows: Current Year Net Book Value January 1, 2026 Additions Depreciation Disposals, net Changes in the scope of consolidation Currency translation differences, net Impairment / (Impairment reversal), net Transfers, net Net Book Value March 31, 2026 Land and land improvements 6.848.815 - (31.261) - - (182.665) - 2.211 6.637.100 Buildings 28.014.162 55.199 (312.973) (371) - (1.248.774) (2.836) 383.057 26.887.464 Machinery and equipment 36.209.102 437.060 (1.170.416) (3.109) - (1.163.485) (1.074) 881.649 35.189.727 Vehicles 726.867 26.010 (48.737) (3.924) - (35.991) - 15.056 679.281 Other tangibles (*) 21.407.822 1.222.472 (1.560.089) (126.883) - (681.518) 18.823 364.250 20.644.877 Biological assets 2.486.109 91.078 (37.372) - - - - - 2.539.815 Leasehold improvements 180.091 5.294 (4.860) - - (1.104) - 651 180.072 Construction in progress 5.763.122 1.370.799 - (13.505) - (310.325) - (1.660.874) 5.149.217 101.636.090 3.207.912 (3.165.708) (147.792) - (3.623.862) 14.913 (14.000) 97.907.553 Net Book Value Changes in the scope of Currency translation Impairment / (Impairment Transfers, Net Book Value Previous year January 1, 2025 Additions Depreciation Disposals, net consolidation differences, net reversal), net net March 31, 2025 Land and land improvements 7.287.173 94 (16.052) (128) (483.473) 58.375 - 31.313 6.877.302 Buildings 29.995.707 21.400 (315.612) (215) (4.439.670) (687.026) - 127.470 24.702.054 Machinery and equipment 41.505.773 334.992 (1.110.467) (22.810) (10.168.552) (366.570) (21.623) 884.849 31.035.592 Vehicles 932.739 6.237 (48.166) (463) (156.460) (22.871) - 997 712.013 Other tangibles (*) 23.147.009 1.143.271 (1.638.265) (128.167) (648.534) (236.332) (635) 454.030 22.092.377 Biological assets 2.519.601 17.745 (40.318) - - - - 8.094 2.505.122 Leasehold improvements 51.754 858 (2.565) - - (54.233) - 18.046 13.860 Construction in progress 11.578.863 3.371.565 - - (2.695.227) (145.101) - (1.553.745) 10.556.355 117.018.619 4.896.162 (3.171.445) (151.783) (18.591.916) (1.453.758) (22.258) (28.946) 98.494.675 (*) Other tangibles consist of coolers, returnable containers and their complementary assets. As of March 31, 2026, there is a pledge on property, plant and equipment of TL134.439 (March 31, 2025 - TL149.659) for loans of Soft Drink Operations. This amount is disclosed in the Commitments and Contingencies note under guarantees, pledges and mortgages (GPMs) table (Note 16). NOTE 13. INTANGIBLE ASSETS For the three-month periods ended March 31, 2026 and 2025, movement on other intangible assets are as follows: Current Year Net Book Value January 1, 2026 Additions Amortization Disposals, net Changes in the scope of consolidation Currency translation differences, net Transfers, net Net Book Value March 31, 2026 Bottling contracts 131.448.030 - - - - (1.576.483) - 129.871.547 Licence agreements - - - - - - - - Brands 1.479.328 - - - - (70.840) - 1.408.488 Rights 514.390 - (60.824) - - (2.106) 47.351 498.811 Construction in progress 2.913.865 291.595 - - - - (215.656) 2.989.804 Other intangible assets 2.682.382 6.629 (212.151) - - (13.780) 182.330 2.645.410 139.037.995 298.224 (272.975) - - (1.663.209) 14.025 137.414.060 Net Book Currency Value Previous Year Net Book Value January 1, 2025 Additions Amortization Disposals, net Changes in the scope of consolidation translation differences, net Transfers, net March 31, 2025 Bottling contracts 132.870.091 - - - - (2.124.396) - 130.745.695 Licence agreements 27.258.913 - - - (22.875.185) (2.375.828) - 2.007.900 Brands 4.164.936 - - - (2.917.042) 235.421 - 1.483.315 Rights 1.291.867 402 (60.427) - (556.320) (85.743) 30.825 620.604 Construction in progress 1.307.756 222.859 - - - - (74.942) 1.455.673 Other intangible assets 3.361.196 34.548 (177.940) - (136.804) 243.237 73.109 3.397.346 170.254.759 257.809 (238.367) - (26.485.351) (4.107.309) 28.992 139.710.533 As of March 31, 2026, there are no pledges on intangible assets (March 31, 2025: None). NOTE 14. GOODWILL For the three-month period ended March 31, 2026 and 2025, movements of goodwill during the period are as follows: 2026 2025 Balance at January 1 10.715.785 19.907.778 Changes in the scope of consolidation - (8.087.871) Currency translation differences (407.280) (926.070) Balance at March 31 10.308.505 10.893.837 NOTE 15. CAPITAL RESERVES AND OTHER EQUITY ITEMS The legal reserves consist of first and second legal reserves in accordance with the Turkish Commercial Code. The first legal reserve is appropriated out of the statutory net income at the rate of 5%, until the total reserve reaches a maximum of 20% of the Company's issued capital. The second legal reserve is appropriated at the rate of 10% of all distributions in excess of 5% of the Company's issued capital. The legal reserves are not available for distribution unless they exceed 50% of the issued capital, other than that legal reserves cannot be used. Public companies distribute dividends in accordance with the Dividend Communiqué No. II-19.1 of the Capital Markets Board, which came into effect on February 1, 2014, and the announcement made pursuant to the decision of the Board's Decision-Making Body dated March 7, 2024, and numbered 14/382. Companies distribute dividend within the framework of the profit distribution policies determined by the general assemblies and in accordance with the related legislation by the decision of the general assembly. Within the scope of the communiqué, a minimum distribution ratio has not been determined. Companies pay dividends as specified in articles of incorporation and in profit distribution policies. The positive differences from the inflation adjustment of the paid-in capital can be used in bonus issue of shares. Restricted reserves appropriated from profits and extraordinary reserves can be used in bonus issue of shares, cash dividend distributions, or offsetting losses. For March 31, 2026, nominal amounts, equity index differences and indexed value of equity are as follows: March 31, 2026 Statutory Amounts Amounts Indexed Amounts Presented in Indexed per PPI per CPI Prior Years' Profits Inflation Adjustments on Capital 12.433.326 12.056.622 376.704 Share Premium (Discount) - 2.995.903 (2.995.903) Restricted Reserves Appropriated from Profits 7.493.131 7.868.355 (375.224) Extraordinary reserves 1.326.727 381.640 945.087 As of March 31, 2026, the amount of Prior Years' Profits or Losses with inflation accounting applied was TL 149.023.051. 32 NOTE 16. COMMITMENTS AND CONTINGENCIES Parent Company (Anadolu Efes) and Subsidiaries Included in Consolidation March 31, 2026 Original Original Original Other Foreign Original Currency Currency Currency Currency Total TL Currency Thousand Thousand Thousand TL Equivalent TL USD EUR PKR Equivalent A. GPMs given on behalf of the Company's 3.734.665 3.163.099 2.345 3.814 162.150 247.439 B. GPMs given in favor of subsidiaries 15.007.977 408.674 229.400 - 19.800.000 1.265.877 C. GPMs given by the Company for the liabilities of 3rd parties in order to run - ordinary course of business - - - - - D. Other GPMs - - - - - - i. GPMs given in favor of parent company - - - - - - ii. GPMs given in favor of group companies - - - - - - iii. GPMs given in favor of third-party - - - - - - Total 18.742.642 3.571.773 231.745 3.814 19.962.150 1.513.316 Ratio of other GPMs over the Company's %0,0 As of March 31, 2026, and December 31, 2025 guarantees, pledges, and mortgages (GPMs) given in favor of the parent company and subsidiaries included in full consolidation are as follows: legal personality included in full consolidation (1) not in the scope of B and C above companies not in the scope of C above equity (%) December 31 2025 Original Original Original Total TL Original Currency Thousand Currency Thousand Currency Thousand Other Foreign Currency TL Equivalent Currency TL USD EUR PKR Equivalent A. GPMs given on behalf of the Company's 4.353.754 3.584.202 6.062 3.553 162.152 259.821 B. GPMs given in favor of subsidiaries 16.467.372 969.733 229.400 - 19.800.000 1.349.492 C. GPMs given by the Company for the liabilities of 3rd parties in order to run -ordinary course of business - - - - - D. Other GPMs - - - - - - i. GPMs given in favor of parent company - - - - - - ii. GPMs given in favor of group companies - - - - - - iii. GPMs given in favor of third party - - - - - - Total 20.821.126 4.553.935 235.462 3.553 19.962.152 1.609.313 Ratio of other GPMs over the Company's %0,0 , legal personality included in full consolidation (1) not in the scope of B and C above companies not in the scope of C above equity (%) (1) Consists of the GPMs given in favor of subsidiaries included in full consolidation for their borrowings. These financial liabilities are included in short-term and long-term borrowings in consolidated financial statements. NOTE 16. COMMITMENTS AND CONTINGENCIES (continued) Murabaha CCBPL has signed Murabaha facility agreements with Habib Bank Limited and Standard Chartered Bank ("Banks"). Based on these agreements, the Banks and CCBPL agree that they shall enter into a series of sugar and resin purchase transactions from time to time on the dates and in the amounts to be agreed between them subject to the terms of this agreement. As of March 31, 2026, CCBPL has a commitment to purchase sugar and resin in the amount of 44,4 million USD from the Banks by the end of December 31, 2026, and sugar and resin in the amount of 13,4 million USD by the end of December 31, 2026. (December 31, 2025 - there is a commitment to purchase sugar amounting to USD 5.5 million until June 30, 2026 and USD 20 million until September 30, 2026 from Banks) Tax and Legal Matters Legislation and regulations regarding taxation and foreign currency transactions in most of the territories in which the Group operates out of Türkiye continue to evolve as a result of the transformation from command to market oriented economy managed by the government. The various legislation and regulations are not always clearly written and the interpretation related with the implementation of these regulations is subject to the opinions of the local, regional and national tax authorities, the Central Bank and Ministry of Finance. Tax declarations, together with other legal compliance areas (For example, customs and currency control) are subject to review and investigation by a number of authorities, who are enabled by law to impose significant fines, penalties and interest charges. These facts may create tax risks in the territories in which the Group operates substantially more so than typically found in countries with more developed tax systems. Litigations against the Group Beer Group As of March 31, 2026, according to the legal opinion obtained by the management in response to the 59 lawsuits filed against Beer Operations, in the event of loss the estimated compensation will be million TL107.126. In the opinion given by the legal counsel of the Group, it is stated that there is low probability of losing the cases and so no provision has been made in the financial statements. (December 31, 2025 - estimated compensation TL106.541). Soft Drink CCI and subsidiaries in Türkiye are involved on an ongoing basis litigations arising in the ordinary course of business as of March 31, 2026 with an amount of TL 60.832 (December 31, 2025 - TL 51.053). According to the legal opinion obtained by the management no court decision has been granted yet as of March 31, 2026. (December 31, 2025 - TL 51.053) As of March 31, 2026, CCBPL has various tax litigations. If the claims are resulted against CCBPL, the tax liability would be TL 120.664 (December 31, 2025 - TL 126.023). The Group's subsidiary operating in Uzbekistan, LLC Coca-Cola Bottlers Uzbekistan ("CCBU"), was subject to a tax audit by the Uzbek Tax Administration. As a result of this, in May 2025, the tax authorities calculated a total amount of approximately 25 million USD (equivalent to 314.5 billion UZS), which includes taxes, penalties, and interest related to various matters, including dividend distributions made in 2023 and 2024. CCBU applied to the higher authority within the Uzbek Tax Administration. The related amount was paid on January 5, 2026. CCBU has filed a legal action regarding this matter. Group management expects a favorable outcome of the case. The Group management does not expect an adverse outcome regarding these cases, and these cases are not of a nature that would materially affect the Group's results of operations, financial position or liquidity. NOTE 17. PREPAID EXPENSES AND DEFERRED INCOME a) Short Term Prepaid Expenses March 31, 2026 December 31, 2025 Prepaid sales expenses 4.552.155 4.884.295 Advances given to suppliers 2.951.606 3.240.102 Prepaid insurance expenses 453.774 620.797 Prepaid rent expenses 13.609 11.320 Prepaid other expenses 1.428.179 1.223.568 9.399.323 9.980.082 b) Long Term Prepaid Expenses March 31, 2026 December 31, 2025 Prepaid sales expenses 3.331.199 3.329.582 Advances given to suppliers 1.367.031 785.542 Prepaid other expenses 1.524.488 1.090.289 6.222.718 5.205.413 Short Term Deferred Income (Deferred Income Other Than Contract Liabilities) March 31, 2026 December 31, 2025 Advances taken 662.707 1.240.804 Deferred income 124.127 48.402 786.834 1.289.206 Long Term Deferred Income (Deferred Income Other Than Contract Liabilities) March 31, 2026 December 31, 2025 Deferred income 186.037 942 186.037 942 NOTE 18. OTHER ASSETS AND LIABILITIES Other Current Assets 31 March, 2026 31 December, 2025 Value Added Tax (VAT) deductible or to be transferred 1.903.832 3.039.741 Other current assets from related parties (Anadolu Efes Spor Kulübü) 120.002 264.095 Deferred VAT and other taxes 65.020 50.791 Prepaid taxes (other than income tax and VAT) 44.930 44.895 Other 235.481 525.229 2.369.265 3.924.751 b) Other Non-Current Assets March 31, 2026 December 31, 2025 Deferred VAT and other taxes 802 883 Other 5.774 40.859 6.576 41.742 c) Other Current and Non-Current Liabilities As of March 31, 2026 and December 31, 2025, other current liabilities are as follows: March 31, 2026 December 31, 2025 Put option liability 104.775 111.269 Deferred VAT and other taxes 165.933 219.835 Other 268.073 54.443 538.781 385.547 As of March 31, 2026 and December 31, 2025, other non- current liabilities are as follows: March 31, 2026 December 31, 2025 Deferred VAT and other taxes 802 883 Other 7.028 8.605 7.830 9.488 The obligation of results from the buying option carried, for the purchase of 12,5% of Turkmenistan CC shares from Day Investment Ltd., with a consideration of USD 2.360 thousand amount is converted with the official USD purchase rate announced by Central Bank of Republic of Türkiye as of March 31, 2026, and resulting TL104.775 amount is reflected under other current liabilities. (December 31, 2025 - TL111.269). NOTE 19. OTHER INCOME / EXPENSES FROM OPERATING ACTIVITIES a) Other Income from Operating Activities January 1 - March 31, 2026 January 1 - March 31, 2025 Income and profit relating to previous periods 499.829 384.274 Foreign exchange gains arising from operating activities 460.151 723.343 Income from scrap and other materials 248.830 103.731 License agreements 111.872 62.313 Insurance compensation income 20.735 10.227 Reversal of provision for inventory obsolescence 6.332 43.472 Rent income 5.231 7.314 Reversal of provision for expected credit loss 1.346 11.261 Other 228.764 240.740 1.583.090 1.586.675 b) Other Expense from Operating Activities January 1 - January 1 - March 31, 2026 March 31, 2025 Foreign exchange losses arising from operating activities (427.898) (750.876) Expense from scrap and other materials (151.117) (11.774) Previous period expenses and losses (200.323) (321.785) Provision for expected credit loss (68.232) (9.351) Provision for inventory obsolescence (32.608) (46.615) Donations (222) (35) Other (691.530) (290.886) (1.571.930) (1.431.322) NOTE 20. INVESTMENT ACTIVITY INCOME / EXPENSE a) Investment activity income January 1 - January 1 - March 31, 2026 March 31, 2025 Gain on disposal of PPE 33.548 21.056 Reversal of provision for impairment on PPE 23.447 5.131 Gain recognized as a result of changes in the scope of consolidation Other - 234 4.042.699 - 57.229 4.068.886 b) Investment activity expense January 1- January 1- March 31, 2026 March 31, 2025 Loss on disposal of PPE (23.984) (65.549) Provision for impairment on PPE (8.534) (27.389) (32.518) (92.938) NOTE 21. FINANCE INCOME / EXPENSE a) Finance Income January 1 - March 31, 2026 January 1 - March 31, 2025 Foreign exchange gain 401.908 939.787 Interest income 839.785 679.755 Gain on derivative transactions 207.416 44.236 Interest income from sub-lease receivables 22.994 33.292 Gain arising from the termination of lease agreements 239 398 1.472.342 1.697.468 b) Finance Expense January 1 - March 31, 2026 January 1 - March 31, 2025 Interest and borrowing expense (3.423.607) (5.197.411) Foreign exchange loss (531.521) (892.163) Bank commission and fees (627.383) (473.594) Loss on derivative transactions (428.859) (8.815) Interest expenses related to leases (262.614) (195.646) Loss arising from the termination of lease agreements (13.131) (183.467) Other (652) - (5.287.767) (6.951.096)

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