Anadolu Efes Biracilik Ve Malt Sanayii A.s.BIST: AEFES

1. Quarter 2026 Financial Statements

May 5, 2026 at 10:38 PM UTC · Issued by Anadolu Efes Biracilik Ve Malt Sanayii A.s.

Watch Anadolu Efes Biracilik Ve Malt Sanayii A.s explain itAnadolu Efes Birack Ord (AEBMF) Q2 2026 Earnings Call · Replay · Aug 12

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

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.

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:
1. 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.
2. 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.
3. 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.

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.

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)

Earlier from Anadolu Efes Biracilik Ve Malt Sanayii A.s

All Anadolu Efes Biracilik Ve Malt Sanayii A.s news releases