1Q2026 INVESTOR PRESENTATION
IMPORTANT DISCLAIMER REGARDING TAS29
As stipulated by the decree of the Capital Markets Board, the financial statements for 1Q2026 have been presented in accordance with TAS29 (Turkish Accounting Standard 29: Financial Reporting in Hyperinflationary Economies), and retrospective adjustments have been made for prior periods in alignment with the same standard.
In this presentation, certain financial items and metrics may be presented without inflation adjustment in order to ensure comparability with previous quarters and to facilitate analysis of our performance. It is important to note that the financials presented without the impact of TAS 29 are unaudited.
Unless explicitly stated otherwise, all financial information disclosed in this presentation are presented in accordance with TAS 29.
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FORWARD-LOOKING STATEMENTS
This presentation may contain certain forward-looking statements concerning our future performance and should be considered as good faith estimates made by the Company. These forward-looking statements reflect management expectations and are based upon currently available data. Actual results are subject to future events and uncertainties, which could materially impact the Company's actual performance.
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WHO WE ARE
4
1950
Founded
6
Million m2
Production and sales-distribution area
~100
Production facilities
8
Sectors
Beer, Soft Drink, Retail, Agriculture, Automotive, Stationary, Energy and Healthcare
+100.000
Employees
100+
Export countries
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Companies listed on
Borsa Istanbul
TL 707 bn
Revenue in FY2025
TL 69 bn
EBITDA in FY2025
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ANADOLU EFES: A LEADING BREWER & BOTTLER WORLDWIDE
101 Breweries in 51 Countries
36 Soft Drink Facilities in 12 Countries
Europe's 5th
World's 10th
Largest Brewer2
One of the largest
Coca-Cola Bottler
43% Anadolu Group
24% AB InBev
33% Publicly Traded
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1 On December 30, 2024, it was announced that, pursuant to a Presidential Decree of the Russian Federation, temporary external management had been appointed to Anadolu Efes' beer operations in Russia. Although the Russian operations formally remained under Anadolu Efes as of January 1, 2025, it was excluded from the scope of consolidation in the financial statements in accordance with TFRS 10. Anadolu Efes' operations in Russia, which are monitored as a financial investment, include 11 breweries, 3 malteries, and 1 preform plant
2 Barth Report 2024-2025, information has been provided based on the 2024 YE results.
OWNERSHIP STRUCTURE & SUBSIDIARIES
43%
24%
33%
Free Float
50.3%
20.1%
29.6%
Free Float & Other
BEER OPERATIONS1 SOFT DRINK OPERATIONS
Türkiye Kazakhstan Moldova Georgia Ukraine
Türkiye Kazakhstan Jordan
Iraq
Syria
Tajikistan
Azerbaijan Kyrgyzstan Pakistan Uzbekistan Turkmenistan Bangladesh
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1 On December 30, 2024, it was announced that, pursuant to a Presidential Decree of the Russian Federation, temporary external management had been appointed to Anadolu Efes' beer operations in Russia.
Although the Russian operations formally remained under Anadolu Efes as of January 1, 2025, it was excluded from the scope of consolidation in the financial statements in accordance with TFRS 10
ANADOLU EFES BEER GROUP:
BREWING QUALITY ACROSS 51 COUNTRIES
Operations in 51 countries
90+ brands
Exports to ~70 countries
10 breweries
2 malteries
1 hop processing facility
8.000+ employees
200+ distributors
13.0mhl sales volume
$1.3bn net sales revenue
Operations in Türkiye, Moldova, Kazakhstan, Georgia, Ukraine
1 On December 30, 2024, it was announced that, pursuant to a Presidential Decree of the Russian Federation, temporary external management had been appointed to Anadolu Efes' beer operations in
Russia. Although the Russian operations formally remained under Anadolu Efes as of January 1, 2025, it was excluded from the scope of consolidation in the financial statements in accordance with TFRS
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10. Anadolu Efes' operations in Russia, which are monitored as a financial investment, include 11 breweries, 3 malteries, and 1 preform plant 2 The figures presented are based on December 2025.
THE 10th LARGEST BREWER IN THE WORLD
Our journey, which started in Turkiye in 1969 with the dreams of two entrepreneurs, continues today as the 10th largest brewer in the world and the 5th
largest in Europe.
With our pioneering and innovative approach to brewing, which we bring to the world, we generate more than two-thirds of our sales revenue from international markets.
Partnerships with global brands
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KEY PILLARS OF OUR SUCCESS
Strong Local Brands With High Consumer Loyalty
Strategic Global Partnerships (AB InBev, Molson Coors, WG&S)
Diverse Beer Portfolio Across
All Segments
Disciplined Financial Management
Strong Market Positions Across All Operations
Strong Distribution Network And Export Expansion
Robust Sustainability Programs
Highly Engaged Employees
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VISION AND STRATEGIC ROADMAP
Our visionis to be the fastest growing beverage company with most loved brands that craft joy for consumers while enriching communities. Our purpose is to bring consumers, customers and our ecosystem together around our best quality products with joy and responsibility. We aim to foster a progressive community while honoring social life, striving for sustainability and cherishing a workplace where our people bring their best and feel dedication. Our values guide reflects how we, as a company, embodyour shared principles in every decision we make and action we take each day.
We are
Passionate
in all we do
We are
Agile
in the face of change
We are
Collaborative
to grow together
We are
Accountable
of what we do.
We are
Fair
in all our decision
& actions
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WHAT WE DO
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STRATEGIC CORE PRIORITIES
PEOPLE
Recruit the best talent via strong employer branding
Re/Upskill capabilities in digitalization & leadership areas
Retain the best talent via structural career growth & inclusive company culture
CONSUMERS
Grow with a consumer-centric brand portfolio fueled by superior E2E insights and foresights
Maintain strengths of our core brands in operating countries
Lead the premium segment with smart innovations
supporting responsible consumption
CUSTOMERS
Ensure profitable revenue growth together with
our customers
Strengthen our ecosystem by supporting our
partners' digital transformation
Drive seamless omni-channel customer experience
and excel in field execution
EFFICIENT & PROFITABLE
Maintain quality-first mindset
Optimize & digitalize E2E supply chain to ensure
cost-efficiency and operational excellence
Continuous growth via proactive risk management
GEOGRAPHICAL & CATEGORY EXPANSION
Expand into potential markets within the beer category
through partnerships, acquisitions, and organic growth
Grow in adjacent categories by expanding geographically
and developing new partnerships
SUSTAINABILITY
Reduce our environmental impact across
operations and the value chain
Increase our social impact through community initiatives
Continue strengthening through equality,inclusivity, and diversity
DIGITALIZATION
Drive digital transformation across all
business areas to enhance efficiency
Democratize data and expand data-driven business analytics
Gain AI-powered, multi-directional mobility capabilities
STAKEHOLDER & SHAREHOLDER VALUE
Maximize long-term shareholder value through efficiency and growth
Ensure business continuity through integrated risk and opportunity management
Corporate governance based on
transparency, fairness, and accountability
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KEY GROWTH STRATEGIES FOR BUILDING THE FUTURE
GROW THE CORE
EXPAND
NEW
BUSINESSES
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WHERE WE ARE HEADING NEXT
GROW THE CORE
Improve premium
leadership
Revamp core brands
Enhance PRGM
Transform Supply Chain
Accelerate Growth Through Digital
Decarbonize Value
Chain
EXPAND
Expand geographically
NEW BUSINESSES
Spread adjacent category expansions to all operations
B2B/C
Marketplace
Invest in relevant
start-ups
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STRENGTHENING OUR FUTURE WITH FINANCIAL FOCUS
CASH MANAGEMENT
Ensure liquidity for operations and accelerate dividend streams
Focus on FCF Maintain successful
Working Capital
levels
DEBT MANAGEMENT
Maintain long term sustainable leverage target of 1.0X - 2.0X
Diversify debt structure and extend liquidity
RISK MANAGEMENT
Manage FX and
commodity exposure
Use Working Capital and receivable guarantee solutions
Supplier base expansion and diversification
EXPENSE MANAGEMENT
Zero Based
Budgeting
Cautious and Smart Spending Culture
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DRIVING GROWTH & VALUE THROUGH STRATEGIC CAPITAL ALLOCATION
Invest in Maintain
Brands, Innovation, Product Diversification, Market
Development, Digitalization and Production Capacity
Healthy balance sheet by keeping Net Debt / EBITDA btw 1.0x - 2.0x
Maximize
Shareholder value through dividends with high yield
Expand Into new geographies through inorganic expansion & exports
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OPERATIONAL OVERVIEW
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LOW PER CAPITA CONSUMPTIONS HIGHLIGHT GROWTH POTENTIAL
Czech Republic
Romania 91
Germany 85
Bulgaria 85
Poland 80
142
Serbia 72
Russia 72
USA 61
Belarus 49
Canada 44
Ukraine 44
Greece 43
Georgia 37
Kazakhstan 29
China 29
Moldova 26
Türkiye 14
Uzbekistan 12
Azerbaijan 6
Efes Operations
Source: Glaobal Data & Company Estimations 19
AEFES PERFORMANCE IN 1Q2026
Solid volume growth of 5%;
led by soft drink & international beer
Robust topline performance in AEFES;
driven by volume growth and pricing
EBITDA margin improvement in AEFES;
supported by strong topline & disciplined OPEX spending
Free Cash Flow improved y-o-y; across both segments
Consolidated Net Debt to EBITDA(BNRI) of 1.3x
An important step in Beer Group's localization strategy; Uzbekistan
Anadolu Efes
NET REVENUE
TL62.4bn
(+7.6%)
EBITDA BNRI %
13.6%
(+433bps)
NET INCOME
TL2,010mn
(-TL248mn)
FREE CASH FLOW
TL -7,290mn
(TL14,736mn)
Beer Group
TL9.4bn
(-8.4%)
-8.1%
(-190bps)
TL -327mn
(-TL1,565mn)
TL -6,919mn
(TL 2,492mn)
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