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

2. Quarter 2025 Financial Statements

Aug 12, 2025 at 9:43 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 JUNE 30, 2025

CONVENIENCE TRANSLATION INTO ENGLISH OF INDEPENDENT

AUDITOR'S REVIEW REPORT ORIGINALLY ISSUED IN TURKISH

REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION

To the General Assembly of Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi

Introduction

We have reviewed the accompanying condensed consolidated balance sheet of Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi (the "Company") and its subsidiaries (collectively referred as the "Group") as at 30 June 2025 and the related condensed consolidated statements of profit or loss, other comprehensive income, changes in equity and cash flows for the six-month period then ended. The management of the Group is responsible for the preparation and fair presentation of this interim condensed consolidated

financial information in accordance with Turkish Accounting Standard 34 ("TAS 34") "Interim Financial Reporting". Our responsibility is to express a conclusion on this interim condensed consolidated financial information based on our review.

Scope of review

We conducted our review in accordance with the Standard on Review Engagements ("SRE") 2410, "Review of interim financial information performed by the independent auditor of the entity". A review of interim condensed consolidated financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.

A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and the objective of which is to express an opinion on the consolidated financial statements. Consequently, a review on the interim condensed consolidated financial information does not provide assurance that the audit firm will be aware of all significant matters which would have been identified in an audit.

Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to conclude that the accompanying interim condensed consolidated financial information is not prepared, in all material respects, in accordance with TAS 34.

PwC Bağımsız Denetim ve

Serbest Muhasebeci Mali Müşavirlik A.Ş.

Salim Alyanak, SMMM Independent Auditor

Istanbul, 12 August 2025

PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş.

Kılıçali Paşa Mah. Meclis-i Mebusan Cad. No:8 İç Kapı No:301 Beyoğlu/İstanbul

T: +90 212 326 6060, F: +90 212 326 6050, https://www.pwc.com.tr Mersis Numaramız: 0-1460-0224-0500015

Convenience Translation into English of Interim Condensed Consolidated Financial Statements Originally Issued in Turkish Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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 7-10

Note 2 Basis of Presentation of Interim Condensed Consolidated Financial Statements 10-14

Note 3 Business Combinations 15

Note 4 Segment Reporting 16-18

Note 5 Cash and Cash Equivalents 19

Note 6 Financial Investments 19-20

Note 7 Short- and Long-Term Borrowings 20-23

Note 8 Derivative Instruments 23-27

Note 9 Other Receivables and Payables 28

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 33-35

Note 17 Prepaid Expenses and Deferred Income 35-36

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 40-41

Note 24 Dividends 41

Note 25 Related Party Balances and Transactions 41-43

Note 26 Financial Instruments and Financial Risk Management 43-46

Note 27 Financial Instruments (Fair Value and Hedge Accounting Disclosures) 46-47

Note 28 Explanatory Information on Statement of Cash Flows 47-48

Note 29 Monetary Gain / (Loss) 49

Note 30 Events After Reporting Period 49

Reviewed Audited

	Notes	June 30, 2025	December 31, 2024
ASSETS
Cash and Cash Equivalents	5	37.817.640	63.275.641
Financial Investments	6	515.767	264.324
Trade Receivables		41.641.816	25.417.585
- Trade Receivables from Related Parties	25	3.859.497	2.476.895
- Trade Receivables from Third Parties		37.782.319	22.940.690
Other Receivables	9	1.531.932	1.480.834
- Other Receivables from Related Parties	25	451.222	432.764
- Other Receivables from Third Parties		1.080.710	1.048.070
Derivative Financial Assets	8	63.723	77.749
Inventories		25.247.793	35.245.756
Prepaid Expenses	17	9.561.487	8.650.272
- Prepaid Expenses to Third Parties		9.561.487	8.650.272
Current Tax Assets		1.069.559	2.664.759
Other Current Assets	18	3.546.450	4.444.801
-Other Current Related Parties		-	215.847
- Other Current Assets from Third Parties		3.546.450	4.228.954
Current Assets		120.996.167	141.521.721
Financial Investments	6	50.670.557	21.479
Trade Receivables		167	350
- Trade Receivables from Third Parties		167	350
Other Receivables	9	347.503	414.016
- Other Receivables from Related Parties	25	139.914	197.604
- Other Receivables from Third Parties		207.589	216.412
Derivative Financial Assets	8	55.882	-
Assets Due to Investments Accounted for Using Equity Method	10	19.687	23.003
Property, Plant and Equipment	12	81.737.545	94.790.007
Right-of-Use Assets	11	3.481.988	3.615.844
Intangible Assets		121.292.415	154.039.660
- Goodwill	14	8.766.198	16.126.200
- Other Intangible Assets	13	112.526.217	137.913.460
Prepaid Expenses	17	5.349.441	5.474.966
Deferred Tax Asset	22	10.990.520	11.047.247
Other Non-Current Assets	18	953	2.044
Non-Current Assets		273.946.658	269.428.616

TOTAL ASSETS		394.942.825	410.950.337

The accompanying notes form an integral part of these interim condensed consolidated financial statements.

		Reviewed	Audited
	Notes	June 30, 2025	December 31, 2024
LIABILITIES
Current Borrowings		37.780.757	26.629.926
- Current Borrowings from Third Parties		37.780.757	26.629.926
- Banks Loans	7a	29.431.686	22.383.657
- Issued Debt Instruments	7a	8.349.071	4.246.269
Current Portion of Non-Current Borrowings		9.300.669	10.760.212
- Current Portion of Non-Current Borrowings from Third Parties		9.300.669	10.760.212
- Banks Loans	7a	3.789.254	4.390.473
- Lease Liabilities	7b	934.063	1.102.645
- Issued Debt Instruments	7a	4.577.352	5.267.094
Other Current Financial Liabilities	7c	-	239.112
Trade Payables		44.510.582	57.774.761
- Trade Payables to Related Parties	25	907.055	3.797.174
- Trade Payables to Third Parties		43.603.527	53.977.587
Employee Benefit Obligations		956.295	1.361.373
Other Payables	9	22.724.492	23.303.253
- Other Payables to Related Parties	25	4.051.370	4.196.352
- Other Payables to Third Parties		18.673.122	19.106.901
Derivative Financial Liabilities	8	154.827	3.413
Deferred Income	17	657.834	864.436
Current Tax Liabilities		1.187.120	892.978
Current Provisions		1.675.548	3.214.566
- Current Provisions for Employee Benefits		1.420.282	1.689.358
- Other Current Provisions		255.266	1.525.208
Other Current Liabilities	18	151.014	178.279
Current Liabilities		119.099.138	125.222.309
Non-Current Borrowings		54.373.301	54.412.342
- Non-current Borrowings from Third Parties		54.373.301	54.412.342
- Banks Loans	7a	12.182.982	10.301.839
- Lease Liabilities	7b	1.519.636	1.848.975
- Issued Debt Instruments	7a	40.670.683	42.261.528
Trade Payables		47.636	1.911
- Trade Payables to Third Parties		47.636	1.911
Employee Benefit Obligations		79.668	95.646
Other Payables	9	1.530.899	18.419
- Other Payables to Third Parties		1.530.899	18.419
Derivative Financial Liabilities	8	-	-
Deferred Income	17	974	466
Non-Current Provision		1.553.356	1.484.279
- Non-Current Provision for Employee Benefits		1.553.356	1.484.279
Deferred Tax Liabilities	22	24.327.266	31.639.843
Other Non-Current Liabilities	18	10.478	977
Non-Current Liabilities		81.923.578	87.653.883
Equity Attributable to Equity Holders of the Parent		93.821.348	98.054.143
Issued Capital	1	5.921.052	592.105
Inflation Adjustment on Capital	15	8.641.766	13.970.713
Share Premium (Discount)	15	2.426.832	2.426.832

	(395.735)	(395.735)
(395.735)		(395.735)
	(47.772.059)	(38.421.725)

Other Accumulated Comprehensive Income (Loss) that will not be Reclassified in Profit or Loss

- Revaluation and Remeasurement Gain/Loss

Other Accumulated Comprehensive Income (Loss) that will be Reclassified in Profit or Loss

- Currency Translation Differences		14.980.265	21.681.052
- Gains (Losses) on Hedge		(62.752.324)	(60.102.777)
Restricted Reserves Appropriated from Profits	15	6.373.764	6.299.172
Prior Years' Profits or Losses		112.731.797	98.278.545
Current Period Net Profit or Losses		5.893.931	15.304.236
Non-Controlling Interests		100.098.761	100.020.002
Total Equity		193.920.109	198.074.145
TOTAL LIABILITIES		394.942.825	410.950.337

The accompanying notes form an integral part of these interim condensed consolidated financial statements.

Reviewed Reviewed

	Notes	January 1- June 30, 2025	April 1- June 30, 2025	January 1- June 30, 2024	April 1- June 30, 2024
Revenue	4	111.402.529	64.392.827	145.489.930	81.715.758
Cost of Sales (-)		(71.825.658)	(39.734.499)	(89.184.521)	(48.249.156)
GROSS PROFIT (LOSS)		39.576.871	24.658.328	56.305.409	33.466.602
General Administrative Expenses (-)		(8.509.691)	(4.468.928)	(11.134.840)	(5.686.452)
Sales, Distribution and Marketing Expenses (-)		(21.319.501)	(11.247.203)	(27.850.891)	(14.743.798)
Other Income from Operating Activities	19	2.343.589	1.058.307	4.189.278	2.406.745
Other Expenses from Operating Activities (-)	19	(2.268.003)	(1.108.563)	(3.915.295)	(1.822.974)
PROFIT (LOSS) FROM OPERATING ACTIVITIES	4	9.823.265	8.891.941	17.593.661	13.620.123
Investment Activity Income	20	3.417.992	121.996	117.803	42.006
Investment Activity Expenses (-)	20	(155.501)	(80.217)	(90.264)	(46.424)
Share of (Gain) / Loss from Investments Accounted for Using Equity Method	10	6.573	2.626	(5.043)	11.171
PROFIT (LOSS) BEFORE FINANCING INCOME (EXPENSE)	4	13.092.329	8.936.346	17.616.157	13.626.876
Finance Income	21	3.319.553	1.944.521	6.849.546	1.938.268
Finance Expenses (-)	21	(12.595.659)	(6.964.935)	(14.097.934)	(8.230.226)
Monetary Gain / (Loss)	29	8.320.848	3.449.482	10.526.639	4.582.943
PROFIT (LOSS) FROM CONTINUING OPERATIONS BEFORE TAX	4	12.137.071	7.365.414	20.894.408	11.917.861
Tax (Expense) Income, Continuing Operations	4	(1.601.279)	(762.790)	(4.116.517)	(2.671.923)
- Current Period Tax Expense (-)		(2.300.974)	(1.007.378)	(6.143.249)	(3.291.468)
- Deferred Tax Income (Expense)		699.695	244.588	2.026.732	619.545
PROFIT/(LOSS) FROM CONTINUING OPERATIONS		10.535.792	6.602.624	16.777.891	9.245.938
PROFIT/(LOSS)		10.535.792	6.602.624	16.777.891	9.245.938
Profit/(Loss) Attributable to		10.535.792	6.602.624	16.777.891	9.245.938
- Non-Controlling Interest		4.641.861	2.537.478	6.838.583	3.904.372
- Owners of Parent		5.893.931	4.065.146	9.939.308	5.341.566
Earnings / (Loss) Per Share (Full TRL)	23	0,9954	0,6866	1,6786	0,9021
Earnings / (Loss) Per Share From Continuing Operations (Full	23	0,9954	0,6866	1,6786	0,9021
TRL)

The accompanying notes form an integral part of these interim condensed consolidated financial statements.

	Reviewed		Reviewed
	January 1- June 30, 2025	April 1- June 30, 2025	January 1- June 30, 2024	April 1- June 30, 2024

PROFIT/(LOSS)	10.535.792	6.602.624	16.777.891	9.245.938
OTHER COMPREHENSIVE INCOME Other Comprehensive Income that will not be Reclassified to Profit or Loss	-	-	-	(7.273)
Gains (Losses) on Remeasurements Defined Benefit Plans	-	-	-	(9.697)
Taxes Relating to Components of Other Comprehensive Income that will not be	-	-	-	2.424
Reclassified to Other Profit or Loss - Deferred Tax Income (Expense)	-	-	-	2.424
Other Comprehensive Income that will be Reclassified to Profit or Loss	(12.311.970)	(3.153.710)	(18.606.399)	(6.922.403)
Currency Translation Differences	(8.538.888)	(1.504.012)	(14.041.730)	(5.988.260)
Other Comprehensive Income (Loss) Related with Cash Flow Hedge	37.830	(41.867)	(270.385)	(371.342)
Other Comprehensive Income (Loss) Related with Hedges of Net Investment in Foreign Operations	(5.056.111)	(2.155.298)	(5.829.367)	(876.983)
(Note 26)
Taxes Relating to Components of Other Comprehensive Income that will be Reclassified	1.245.199	547.467	1.535.083	314.182
- Deferred Tax Income (Expense)	1.245.199	547.467	1.535.083	314.182
OTHER COMPREHENSIVE INCOME (LOSS)	(12.311.970)	(3.153.710)	(18.606.399)	(6.929.676)

TOTAL COMPREHENSIVE INCOME (LOSS)	(1.776.178)	3.448.914	(1.828.508)	2.316.262

Total Comprehensive Income (Loss) Attributable - Non-Controlling Interest	1.680.225	2.724.353	(993.969)	1.035.621
- Owners of Parent	(3.456.403)	724.561	(834.539)	1.280.641

The accompanying notes form an integral part of these interim condensed consolidated financial statements.

Convenience Translation into English of Interim Condensed 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 SIX-MONTH PERIOD ENDED JUNE 30, 2025

(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at June 30, 2025, unless otherwise indicated)

Other Accumulated Comprehensive Income that will not be reclassified

Other Accumulated Comprehensive Income that will be reclassified in Profit or

in Profit or Loss Loss Retained Earnings

Issued Capital

Inflation Adjustment on

Capital

Share Premium/ (Discount)

Revaluation and Remeasurement Gain/

(Loss) (*)

Currency Translation Differences

Gains (Losses) on

Hedge

Restricted Reserves Appropriated from Profits

Prior Years' Profits or (Losses)

Current Period Net Profit or (Loss)

Equity Attributable to Equity Holders of the Parent

Non-Controlling

Interests Total Equity

Previous Period (January 1- June 30, 2024)	Beginning Balances	592.105	13.970.713	2.426.832	(356.366)	40.467.868	(52.606.257)	6.097.222	60.880.598	37.276.943	108.749.658	110.034.033	218.783.691
	Transfers	-	-	-	-	-	-	-	37.276.943	(37.276.943)	-	-	-
	Total Comprehensive Income (Loss)	-	-	-	-	(7.552.845)	(3.221.002)	-	-	9.939.308	(834.539)	(993.969)	(1.828.508)
	Profit (Loss)	-	-	-	-	-	-	-	-	9.939.308	9.939.308	6.838.583	16.777.891
	Other Comprehensive Income (Loss)	-	-	-	-	(7.552.845)	(3.221.002)	-	-	-	(10.773.847)	(7.832.552)	(18.606.399)
	Dividends (Note 24)	-	-	-	-	-	-	201.950	(2.263.455)	-	(2.061.505)	(1.415.122)	(3.476.627)
	Ending Balances	592.105	13.970.713	2.426.832	(356.366)	32.915.023	(55.827.259)	6.299.172	95.894.086	9.939.308	105.853.614	107.624.942	213.478.556

Current Period (January 1- June 30, 2025)	Beginning Balances	592.105	13.970.713	2.426.832	(395.735)	21.681.052	(60.102.777)	6.299.172	98.278.545	15.304.236	98.054.143	100.020.002	198.074.145
	Transfers	5.328.947	(5.328.947)	-	-	-	-	-	15.304.236	(15.304.236)	-	-	-
	Total Comprehensive Income (Loss)	-	-	-	-	(6.700.787)	(2.649.547)	-	-	5.893.931	(3.456.403)	1.680.225	(1.776.178)
	Profit (Loss)	-	-	-	-	-	-	-	-	5.893.931	5.893.931	4.641.861	10.535.792
	Other Comprehensive Income (Loss)	-	-	-	-	(6.700.787)	(2.649.547)	-	-	-	(9.350.334)	(2.961.636)	(12.311.970)
	Dividends (Note 24)	-	-	-	-	-	-	74.592	(850.984)	-	(776.392)	(1.601.466)	(2.377.858)
	Ending Balances	5.921.052	8.641.766	2.426.832	(395.735)	14.980.265	(62.752.324)	6.373.764	112.731.797	5.893.931	93.821.348	100.098.761	193.920.109

(*) Gains (Losses) on Remeasurements of Defined Benefit Plans.

The accompanying notes form an integral part of these interim condensed consolidated financial statements.

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025

(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at June 30, 2025, unless otherwise indicated)

Reviewed

Notes January 1-			January 1-
		June 30, 2025	June 30, 2024
CASH FLOWS FROM (USED IN) OPFERATING ACTIVITIES		7.222.094	15.606.842
Profit/ (Loss) from Continuing Operation for the Period		10.535.792	16.777.891
Adjustments to Reconcile Profit (Loss)		4.823.623	4.646.428
Adjustments for Depreciation and Amortization Expense	4	5.947.007	6.910.804
Adjustments for Impairment Loss (Reversal)	28	58.248	192.196
Adjustments for Provisions		439.963	346.660
- Adjustments for Provision/(Reversal) for Employee Benefits	28	689.782	749.984
- Adjustments for Other Provisions/(Reversals)		(249.819)	(403.324)
Adjustments for Interest (Income) Expenses	28	8.856.531	7.793.880
Adjustments for Foreign Exchange Losses (Gains)		642.235	(1.500.512)
Adjustments for Fair Value (Gains) Losses	28	1.288	525.892

Adjustments for Undistributed Profits of Investments Accounted for Using Equity Method

10 (6.573) 5.043

Adjustments for Tax (Income) Expenses		1.601.279	4.116.517
Adjustments for Losses (Gains) on Disposal of Non-Current Assets	20	72.072	(31.782)
Transfer of Currency Translation Differences Previously Accounted as Other		(3.378.047)	-
Comprehensive Income
Other Adjustments to Reconcile Profit (loss)	142.503		14.842
Adjustments for Monetary (Gain) Loss	(9.552.883)		(13.727.112)
Change in Working Capital	(7.431.716)		(1.478.160)
Adjustments for Decrease (Increase) in Accounts Receivables	(21.527.116)		(22.432.681)
Adjustments for Decrease (Increase) in Other Receivables Related with Operations	(206.130)		(867.170)
Adjustments for Decrease (Increase) in Inventories	1.813.133		4.587.658
Adjustments for Increase (Decrease) in Trade Accounts Payable	10.210.130		10.515.426
Adjustments for Increase (Decrease) in Other Operating Payables	2.278.267		6.718.607
Cash Flows from (used in) Operations	7.927.699		19.946.159
Payments Related with Provisions for Employee Benefits	(205.613)		(292.919)
Income Taxes (Paid) Return	(499.951)		(4.045.620)
Other Provisions (Paid)	(41)		(778)
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES	(36.121.431)		(10.616.256)

Cash Outflows Arising from Purchase of Shares or Capital Increase of Associates and/or Joint Ventures

10 - (22.451)

Proceeds from Sales of Property, Plant, Equipment 238.538 1.429.413

Cash Outflows Arising from Purchase of Property, Plant, Equipment and Intangible Assets

12,13 (9.603.336) (10.923.363)

Cash (Outflows)/Inflows Related to Purchases for Obtaining Control of Subsidiaries Advances and Funds Given to Related Parties	28	- (26.756.633)	(1.099.855) -
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES		3.760.082	(5.229.953)
Proceeds from Borrowings	7a	59.799.592	41.581.854
Repayments of Borrowings	7a	(43.842.387)	(32.325.184)
Payments of Lease Liabilities	7b	(651.331)	(604.587)
Cash Inflows from Settlement of Derivative Instruments (Trading)		22.827	63.461
Cash Outflows from Settlement of Derivative Instruments (Trading)		-	(125.317)
Dividend Paid		(2.354.089)	(3.396.509)
Interest Paid, Bank Commission and Fees	28	(10.218.654)	(8.014.981)
Interest Received		1.513.158	1.894.085
Other Inflows (Outflows) of Cash	28	(509.034)	(4.302.775)
NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS BEFORE CURRENCY TRANSLATION DIFFERENCES		(25.139.255)	(239.367)
Effect of Currency Translation Differences on Cash and Cash Equivalents		418.260	(779.265)
MONETARY LOSS ON CASH AND CASH EQUIVALENTS		(611.911)	(1.540.600)
NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS		(25.332.906)	(2.559.232)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD	5	63.112.269	69.393.015
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD	5	37.779.363	66.833.783

The accompanying notes form an integral part of these interim condensed 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 15.198 (December 31, 2024 - 19.907).

The interim condensed consolidated financial statements of the Group approved by the Board of Directors of the Company and signed by the Chief Financial Officer, Gökçe Yanaşmayan and Finance Director, Kerem İşeri were issued on August 12, 2025. 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, 2024 -twenty one breweries; three in Türkiye, eleven in Russia and seven in other countries). The Group makes production of malt in two locations in Türkiye (December 31, 2024 - production of malt in two locations in Türkiye and three locations in Russia). 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.

The Group operates ten facilities in Türkiye, twenty-four facilities in other countries for sparkling and still beverages production and three facilities for fruit processing. (December 31, 2024 - ten facilities in Türkiye, twenty facilities in other countries and three facilities for fruit processing). 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 June 30, 2025, and December 31, 2024, the composition of shareholders and their respective percentage of ownership can be summarized as follows:

June 30, 2025 December 31, 2024

	Amount	(%)	Amount	(%)
AG Anadolu Grubu Holding A.Ş.	2.548.912	43,05	254.891	43,05
AB Inbev Harmony Ltd.	1.421.053	24,00	142.105	24,00
Publicly traded and other	1.951.087	32,95	195.109	32,95
	5.921.052	100,00	592.105	100,00

The Company is controlled by AG Anadolu Grubu Holding A.Ş., the parent company. AG Anadolu Grubu Holding A.Ş. is controlled by AG Sınai Yatırım ve Yönetim A.Ş. and AG Sınai Yatırım ve Yönetim A.Ş. which is ultimately managed by the Süleyman Kamil Yazıcı Family and the Özilhan Family in accordance with equal representation and equal management principle and manages AG Anadolu Grubu 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 June 30, 2025 and December 31, 2024 are as follows:

Effective Shareholding And Voting Rights %

	Country	Principal Activity	Segment	June 30, 2025	December 31, 2024
Subsidiaries
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
JSC AB Inbev Efes (1) (7)	Russia	Production and marketing of beer	Beer Group	-	50,00
PJSC AB Inbev Efes Ukraine (1)	Ukraine	Production and marketing of beer	Beer Group	49,36	49,36
LLC Vostok Solod (2) (7)	Russia	Production of malt	Beer Group	-	50,00
LLC Bosteels Trade (2) (7)	Russia	Selling and distribution of beer	Beer Group	-	50,00
LLC Inbev Trade (2) (7)	Russia	Production of malt	Beer Group	-	50,00
Euro-Asien Brauerein Holding GmbH (Euro-Asien) (1) (5)	Germany	Investment company	Beer Group	-	50,00
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

Anadolu Efes Uluslararası Alkollü İçecek Yatırımları A.Ş. (AE Uluslararası Alkollü İçecek)

Türkiye

Anadolu Efes Alkollü İçecekler Yatırım ve Ticaret A.Ş. (AE Alkollü Türkiye

İçecek)

Anadolu Efes Shanghai Beer Company Limited	China	Marketing and distribution of beer	Beer Group	100,00	100,00
Coca-Cola İçecek A.Ş. (CCİ) (4)	Türkiye	Production of Coca-Cola products	Soft Drinks	50,26	50,26

Invetment company	Beer Group	100,00	100,00
Invetment company	Beer Group	100,00	100,00

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) Krygyzstan 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 CCİ 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 CCİ	Soft Drinks	50,26	50,26

Coca-Cola Beverages Tajikistan LLC (Coca Cola Tacikistan)

Tajikistan

Al Waha for Soft Drinks, Juices, Mineral Water, Plastics, and Plastic Iraq 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) (Note 3)	Bangladesh	Production, distribution and selling of Coca Cola products	Soft Drinks	50,26	50,26
Anadolu Etap Penkon Gıda ve İçecek Ürünleri San. Türkiye Production, sale, and distribution of fruit juice concentrate, puree, Soft Drinks 50,26 50,26 ve Tic. A.Ş. (Anadolu Etap İçecek) and fresh fruits.

Türkiye	Selling fruit juice concentrate and puree	Soft Drinks	50,26	50,26
Türkiye	Production and distribution and sales of fresh fruits.	Other	83,23	83,23

Anadolu Etap Dış Ticaret Anonim Şirketi

Anadolu Etap Penkon Gıda ve Tarım Ürünleri San. ve Tic. A.Ş. (Anadolu Etap)

Joint Ventures Syrian Soft Drink Sales & Dist. LLC (SSDSD)	Syria	Distribution and sales of Coca-Cola products	Soft Drinks	25,13	25,13
İştirakler: Malty Gıda A.Ş. (Malty)	Türkiye	Productiın, distrubution and sale of snacks	Beer Group	25,00	25,00
Trendbox Innovative Solutions A.Ş. (Trendbox)	Türkiye	Comuputer Programming	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 CCİ are currently traded on BIST.
The liquidation process of Euro-Asien and Bevmar was initiated with the Board of Directors' decision of AB Inbev Efes B.V. dated 22 December 2021, and the liquidation of Euro-Asien was completed in April 2025.
Turkmenistan CC is controlled by CCI and is fully consolidated in accordance with TFRS as the Company has control over CCI.
Although the Group's current ownership in JSC AB Inbev Efes and its subsidiaries remains at 50% as in previous periods, they have been excluded from the scope of consolidation in the financial statements as of January 1, 2025, in accordance with TFRS 10, and have started to be accounted for as financial investment.

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, an explosion occurred in Mikolayiv, Ukraine, causing damage to the Mikolayiv brewery, which is owned by PJSC AB InBev Efes. 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 June 30, 2025. Production activities at the brewery have been temporarily halted, and it is planned that production loss is planned to be mitigated through adjustments at the Chernihiv brewery. As part of the preparation of the consolidated financial statements dated 30 June 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 June 30, 2025 consolidated financial statements. The reconciliation of the income arising from the change made within the scope of consolidation, which is accounted for under investing activities income/(expense), is presented below:

2025

Carrying amount of net assets derecognized from consolidation scope (44.964.672)

Fair value recognized as financial investment in the consolidated statement of financial

position 44.964.672

Foreign currency translation differences under other comprehensive income within equity

(Note 20) 3.274.769

Net impact of changes in consolidation scope on profit or loss 3.274.769 NOTE 1. GROUP'S ORGANIZATION AND NATURE OF ACTIVITIES (continued) Developments in Russia and Ukraine (continued)

The income statement of JSC AB InBev Efes for June 2024 is presented below:

Income Statement

Intercompany Transactions (1)

Total Income Statement

Intercompany Transactions (1)

Total

	January 1-	January 1-	January 1-	April 1-	April 1-	April 1-
	June 30, 2024	June 30, 2024	June 30, 2024	June 30,2024	June 30,2024	June 30,2024
Revenue	30.855.301	337.804	30.517.497	16.193.246	193.629	15.999.617
Cost of sales (-)	(17.730.737)	(337.804)	(17.392.933)	(9.415.356)	(193.629)	(9.221.727)
General and administration expenses (-)	(3.130.289)	(108.356)	(3.021.933)	(1.594.768)	(67.071)	(1.527.697)
Sales, Distribution and Marketing Expenses (-)	(6.854.359)	-	(6.854.359)	(3.574.367)	-	(3.574.367)
Other operating income	125.531	108.356	17.175	106.176	67.071	39.105
Other operating income	(2.771)	-	(2.771)	(2.149)	-	(2.149)
Financial income	(277.669)	-	(277.669)	(1.019.212)	-	(1.019.212)
Profit/ (loss) before tax from continuing operations	(480.095)	-	(480.095)	(149.251)	-	(149.251)
Profit for the year	2.504.912	-	2.504.912	544.319	-	544.319
(1) Includes transactions with JSC AB InBev Efes's group companies
The cash flow statement of JSC AB InBev Efes as of June 2024 is presented below:
				January 1-June 30, 2024
Cash flow from operating activities				8.538.270
Cash flow from investing activities				(601.554)
Cash flow from financing activities				436.048
Currency Translation Differences				1.509.384
Net (Decrease) / Increase in cash and cash equivalents				9.882.148

NOTE 2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS

Basis of Preparation and Presentation of Interim Condensed 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.based on TAS 29, with the required adjustments and reclassifications reflected for the purpose of fair presentation in accordance with TFRS.

NOTE 2. BASIS OF PRESENTATION OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Basis of Preparation and Presentation of Interim Condensed Consolidated Financial Statements (continued)

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, 26).

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, 2024.

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 June 30, 2024, and December 31, 2024 on the purchasing power basis as of June 30, 2025.

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 June 30, 2025, the indexes and adjustment factors used in the restatement of the consolidated financial statements are as follows:

Dates Index		Adjustment Coefficent	Three-Year Compound Inflation Rate
June 30, 2025	3132,17	1,00000	220%
December 31, 2024	2684,55	1,16674	291%
June 30, 2024	2319,29	1,35049	324%

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 TRL 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 INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Functional and Reporting Currency

Functional and reporting currency of the Company and its subsidiaries, located in Türkiye is Turkish Lira.

Functional Currency of Significant Subsidiaries Located in Foreign Countries Functional Currency

Subsidiary	Local Currency	2025	2024
EBI	European Currency (EUR)	USD	USD
PJSC AB Inbev Efes Ukraine	Ukraine Hryvnya (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	Romanian 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 six months up to June 30, 2025, 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 INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
Changes in Accounting Policies

Adoption of new and revised Turkish Financial Reporting Standards

Standards, amendments, and interpretations applicable as of June 30, 2025:

Amendments to IAS 21 - Lack of Exchangeability; effective from annual periods beginning on or after 1 January 2025. An entity is impacted by the amendments when it has a transaction or an operation in a foreign currency that is not exchangeable into another currency at a measurement date for a specified purpose. A currency is exchangeable when there is an ability to obtain the other currency (with a normal administrative delay), and the transaction would take place through a market or exchange mechanism that creates enforceable rights and obligations.

The Group is evaluating the impact of the changes on the financial statements.

Standards, amendments, and interpretations that are issued but not effective as of 30 June 2025:

Amendment to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments; effective from annual reporting periods beginning on or after 1 January 2026 (early adoption is available). 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 IFRS - 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 amendments are to the following standards:
IFRS 1 First-time Adoption of International Financial Reporting Standards;
IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7;
IFRS 9 Financial Instruments;
IFRS 10 Consolidated Financial Statements; and
IAS 7 Statement of Cash Flows.

NOTE 2. BASIS OF PRESENTATION OF INTERIM CONDENSED 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 30 June 2025 (continued):

IFRS 18 Presentation and Disclosure in Financial Statements; effective from annual periods beginning on or after 1 January 2027. 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 IFRS 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.
IFRS 19 Subsidiaries without Public Accountability: Disclosures; effective from annual periods beginning on or after 1 January 2027. This new standard works alongside other IFRS Accounting Standards. An eligible subsidiary applies the requirements in other IFRS Accounting Standards except for the disclosure requirements and instead applies the reduced disclosure requirements in IFRS 19. IFRS 19's reduced disclosure requirements balance the information needs of the users of eligible subsidiaries' financial statements with cost savings for preparers. IFRS 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 IFRS Accounting Standards.

Amendment to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity; effective from annual periods beginning on or after 1 January 2026 but can be early adopted subject to local endorsement where required. These amendments change the 'own use' and hedge accounting requirements of IFRS 9 and include targeted disclosure requirements to IFRS 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'.

The impact of these changes on the consolidated financial statements is under evaluation.

NOTE 3. BUSINESS COMBINATIONS Transactions related to the six-month period ended on June 30, 2025

None.

Transactions related to the six-month period ended on June 30, 2024 Purchase for Obtaining Control of Subsidiaries

As of February 20, 2024, the Group acquired 100% of the shares representing the capital of CCBB for the share value calculated by deducting the net financial debt as of the closing date from the enterprise value of 130 million USD.

	CCBB
February 20, 2024	Net Book Value
Cash and Cash Equivalents	123.713
Trade Receivables	21.154
Inventories	1.291.811
Property, Plant and Equipment	5.031.089
Right of Use Asset	29.144
Other Current and Fixed Assets	300.295
Total Assets	6.797.206
Defered tax and tax provision	192.645
Borrowings	3.011.878
Trade Payables	978.173
Other current and non-current liabilities	539.478
Total Liabilities	4.722.174
Net value of assets / (liabilities)	2.075.032
Total Purchase Cost	(2.459.868)
Net Value of et assets/(liabilities) consolidated by the group	2.075.032
Bargain Purchase Gain (Note 14)	(384.836)

NOTE 4. SEGMENT REPORTING

The management monitors the operating results of its two business units separately for the purpose of making decisions about the 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 - June 30, 2025 Beer		Soft	Other (1)and
	Group	Drinks	Eliminations	Total
Net sales	23.949.222	86.472.087	983.885	111.405.194
Inter-segment sales	-	(2.665)	-	(2.665)
Revenue	23.949.222	86.469.422	983.885	111.402.529

EBITDA BNRI	2.719.519	14.093.641	(112.696)	16.700.464

Provision for impairment on PPE	(43.836)	(4.590)	-	(48.426)

Provision for impairment on PPE no longer required

- 4.942 - 4.942

Financial Income / (Expense)	(3.648.521)	(5.549.436)	(78.149)	(9.276.106)
Tax Income / (Expense)	195.107	(2.161.273)	364.887	(1.601.279)

Capital expenditures	2.560.924	6.787.576	254.836	9.603.336

April 1 - June 30, 2025 Beer		Soft	Other (1)and
	Group	Drinks	Eliminations	Total
Net sales	15.625.740	48.142.185	622.428	64.390.353
Inter-segment sales	4.055	(1.799)	218	2.474
Revenue	15.629.795	48.140.386	622.646	64.392.827

EBITDA BNRI	3.234.653	9.136.632	(46.929)	12.324.356

Provision for impairment on PPE	(43.836)	17.596	-	(26.240)
Provision for impairment on PPE no	-	785	-	785
longer required

Financial Income / (Expense)	(2.039.161)	(2.927.783)	(53.470)	(5.020.414)
Tax Income / (Expense)	(62.911)	(757.841)	57.962	(762.790)

Capital expenditures	1.640.804	3.585.240	202.324	5.428.368

(1) Includes adjustment journals in the consolidation of the Group and the financial statements of Anadolu Etap..

NOTE 4. SEGMENT REPORTING (continued)

January 1 - June 30, 2024 Beer		Soft	Other (1)and
	Group	Drinks	Eliminations	Total
Net sales	55.545.633	89.292.730	715.148	145.553.511
Inter-segment sales	-	(1.945)	(61.636)	(63.581)
Revenue	55.545.633	89.290.785	653.512	145.489.930

EBITDA BNRI	7.479.697	17.769.067	(187.049)	25.061.715

Provision for impairment on PPE	-	(12.330)	-	(12.330)
Provision for impairment on PPE no longer required	-	8.087	-	8.087

Financial Income / (Expense)	(1.936.060)	(5.155.288)	(157.040)	(7.248.388)
Tax Income / (Expense)	(24.201)	(4.518.128)	425.812	(4.116.517)

Capital expenditures	3.099.106	7.625.500	198.757	10.923.363

April 1 - June 30, 2024 Beer		Soft	Other (1)and
	Group	Drinks	Eliminations	Total
Net sales	31.822.719	49.428.195	519.049	81.769.963
Inter-segment sales	-	(1.252)	(52.953)	(54.205)
Revenue	31.822.719	49.426.943	466.096	81.715.758

EBITDA BNRI	5.877.042	11.234.029	(119.685)	16.991.386

Provision for impairment on PPE	-	(4.304)	-	(4.304)
Provision for impairment on PPE no longer required	-	1.565	-	1.565

Financial Income / (Expense)	(2.678.716)	(3.478.959)	(134.283)	(6.291.958)
Tax Income / (Expense)	(1.082.785)	(1.772.771)	183.633	(2.671.923)

Capital expenditures	1.880.255	4.357.642	119.189	6.357.086

(1) Includes adjustment journals in the consolidation of the Group and the financial statements of Anadolu Etap.

As of June 30, 2025, the portion of Türkiye geographical area in the consolidated net revenue and total assets is 45% and 49% respectively (June 30, 2024- 35% and 47% respectively).

As of June 30, 2025, the portion of Russia geographical area in the consolidated net revenue and total assets is 0% and 13% respectively (June 30, 2024- 21% and 16% respectively).

As of June 30, 2025, the portion of Kazakhstan geographical area in the consolidated net revenue and total assets is 16% and 5% respectively (June 30, 2024- 13% and 10% respectively).

As of June 30, 2025, the portion of Pakistan geographical area in the consolidated net revenue and total assets is 9% and 5% respectively (June 30, 2024- 7% and 5% respectively).

NOTE 4. SEGMENT REPORTING (continued) June 30, 2025 Beer Group Soft Drinks Other (1)and Eliminations Total

Segment assets	135.044.493	183.183.793	76.714.539	394.942.825
Segment liabilities	70.010.199	111.312.079	19.700.438	201.022.716

Investments Accounted for Using Equity Method	19.687	-	-	19.687

December 31, 2024 Beer

Group

Soft Drinks

Other (1)and

Eliminations Total


Segment assets	161.025.502	173.059.036	76.865.799	410.950.337
Segment liabilities	92.282.279	101.125.800	19.468.113	212.876.192
Investment Accounted for Using Equity Method	23.003	-	-	23.003

(1) Presents group consolidation adjustments and the financial statement of Anadolu Etap.

Reconciliation of EBITDA BNRI to the consolidated Profit from Continuing Operations and its components as of June 30, 2025, and 2024 are as follows:

	1 January-	1 April-	1 January-	1 April-
	June 30, 2025	June 30, 2025	June 30, 2024	June 30, 2024
EBITDA BNRI	16.700.464	12.324.356	25.061.715	16.991.386
Depreciation and amortization expenses	(5.947.007)	(2.959.986)	(6.910.804)	(3.374.518)
Provision for retirement pay liability	(241.636)	(119.981)	(255.649)	(134.676)
Provision for vacation pay liability	(314.904)	(115.977)	(339.244)	(80.705)
Foreign exchange gain/loss from operating activities	(221.941)	(199.638)	(160.834)	(110.361)
Rediscount income/expense from operating activities	(3.047)	10.089	(5.881)	10.184
Non-recurring items	(62.980)	(27.281)	304.518	340.938
Other	(85.684)	(19.641)	(100.160)	(22.125)
PROFIT (LOSS) FROM OPERATING ACTIVITIES	9.823.265	8.891.941	17.593.661	13.620.123
Investment Activity Income	3.417.992	121.996	117.803	42.006
Investment Activity Expenses (-)	(155.501)	(80.217)	(90.264)	(46.424)

PROFIT (LOSS) BEFORE FINANCING INCOME (EXPENSE)	13.092.329	8.936.346	17.616.157	13.626.876
Finance Income	3.319.553	1.944.521	6.849.546	1.938.268
Finance Expenses (-)	(12.595.659)	(6.964.935)	(14.097.934)	(8.230.226)
Monetary Gain / (Loss)	8.320.848	3.449.482	10.526.639	4.582.943
PROFIT (LOSS) FROM CONTINUING 12.137.071		7.365.414	20.894.408	11.917.861

Share of (Gain) / Loss from Investments Accounted for Using Equity Method

6.573 2.626 (5.043) 11.171 OPERATIONS

NOTE 5. CASH AND CASH EQUIVALENTS
	June 30, 2025	December 31, 2024
Cash on hand	22.177	13.266
Bank accounts - Time deposits	23.963.923	47.812.201
- Demand deposits	11.998.640	10.045.970
Cheques	1.756.336	5.205.148
Other	38.287	35.684
Cash and cash equivalents in cash flow statement	37.779.363	63.112.269
Expected credit loss (-)	(203)	(631)
Interest income accrual	38.480	164.003
	37.817.640	63.275.641

As of June 30, 2025, annual interest rates of the TRL denominated time deposits are between 44,00% and 49,00% and have maturity between 1-31 days (December 31, 2024 - 39,00% - 46,00%; maturity between 1-6 days). Annual interest rates of the US Dollars (USD) and, Euro (EUR), and other currency denominated time deposits vary between 0,25% and 16,00% and have maturity between 1-64 days (December 31, 2024- annual interest rates of the US Dollars (USD) and, Euro (EUR), and other currency time deposits vary between 0,15% - 22,75%; maturity between 1-76 days).

As of June 30, 2025, other items contains credit card receivables amounting to TRL 38.287 (December 31, 2024 -TRL 35.684).

The fair value differences of investment funds are recognized in the consolidated statement of profit or loss. As of June 30, 2025, the Group's investment funds consist of money market funds (December 31, 2024 - TRL 5.205.148).

NOTE 6. FINANCIAL INVESTMENTS
a) Short-Term Financial Investments
	June 30, 2025	December 31, 2024
Restricted cash	515.767	264.200
Time deposits with maturity more than three months	-	124
	515.767	264.324

As of 30 June 2025, the Group does not have any time deposits with maturities longer than three months (As of December 31, 2024, time deposits with maturities over 3 months, denominated in USD, an interest rate of 2,25%).

As of 30 June 2025, 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.

NOTE 6. FINANCIAL INVESTMENTS (continued) b) Long-Term Financial Investment

Financial assets measured at fair value through other comprehensive income

June 30, 2025 December 31, 2024 50.649.557 -

Other 21.000 21.479

50.670.557 21.479

Movements in long-term financial assets at fair value through other comprehensive income as of 30 June 2025 are presented below:

	2025
Balance at January 1	-
Changes in the scope of consolidation	44.964.672
Currency translation differences	5.684.885
Balance at June 30	50.649.557

As of January 1, 2025, the Russia beer operation is effectively part of the Group; however, due to TFRS 10, 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 June 30, 2025.

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. BORROWINGS

Bank Loans, issued debt instruments and other borrowings

	June 30, 2025	December 31, 2024
Current Bank Loans (Third Parties)	29.431.686	22.383.657
Current Issued Debt Instruments (Third Parties)	8.349.071	4.246.269
Current Portion of Bank Loans (Third Parties)	3.789.254	4.390.473
Current Portion of Issued Debt Instruments (Third Parties)	4.577.352	5.267.094
Non-current Bank Loans (Third Parties)	12.182.982	10.301.839
Non-current Issued Debt Instruments (Third Parties)	40.670.683	42.261.528
	99.001.028	88.850.860

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 JUNE 30, 2025

(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at June 30, 2025 unless otherwise indicated)

NOTE 7. BORROWINGS (continued)

Bank Loans, issued debt instruments and other borrowings (continued)

As of June 30, 2025, total borrowings consist of principal amounting to TRL 95.738.177 (December 31, 2024 - TRL 84.927.661) and interest expense accrual amounting to TRL 3.262.851 (December 31, 2024 - TRL 3.923.199). As of June 30, 2025, and December 31, 2024, total amount of borrowings and the effective interest rates are as follows:

June 30, 2025 December 31, 2024

Weighted Weighted

	Amount	Weighted average fixed rate	average floating rate	Amount	Weighted average fixed rate	average floating rate
Current Borrowings
TRL denominated borrowings	26.310.230	45,43%	TLREF+0,76%	20.121.833	45,17%	-
Foreign currency denominated borrowings (USD)	6.681.682	6,47%	-	1.074.654	3,00%	-
Foreign currency denominated borrowings (EUR)	617.941	6,88%	-	196.529	4,91%	-
Foreign currency denominated borrowings (Other)	4.170.904	15,22%	Kibor-0,15%	5.236.910	13,90%	Kibor+0,16%

37.780.757 26.629.926

Current Portion of Non-current Borrowings
TRL denominated borrowings	4.879.258	46,66%	TLREF+1,28%		6.324.410	47,48%	TLREF+1,30%
Foreign currency denominated borrowings (USD)	1.697.126	5,40%	SOFR+2,25%		1.693.514	5,39%	SOFR+2,25%
Foreign currency denominated borrowings (EUR)	1.058.198	-	Euribor+1,30%		975.770	-	Euribor+1,30%
Foreign currency denominated borrowings (Other)	732.024	17,37%	-		663.873	18,41%	-
	8.366.606				9.657.567

Total	46.147.363				36.287.493
Non-current Borrowings
TRL denominated borrowings	2.738.951	45,92%	TLREF+2,02%	1.627.412		41,36%	TLREF+2,00%
Foreign currency denominated borrowings (USD)	44.788.771	3,96%	SOFR+2,25%	46.718.177		3,96%	SOFR+2,25%
Foreign currency denominated borrowings (EUR)	1.628.033	-	Euribor+1,30%	1.994.368		-	Euribor+1,30%
Foreign currency denominated borrowings (Other)	3.697.910	15,07%	-	2.223.410		17,76%	-
Total	52.853.665				52.563.367

Grand Total	99.001.028				88.850.860

As of June 30, 2025, and December 31, 2024, the Group has fulfilled its financial commitments arising from its borrowings.

NOTE 7. BORROWINGS (continued)
a) Bank loans, issued debt instruments and other borrowings (continued)
Maturity of non-current borrowings are scheduled as follows:
	June 30, 2025	December 31, 2024
Between 1-2 years	5.784.998	3.954.511
Between 2-3 years	22.447.950	2.413.485
Between 3-4 years	22.152.416	22.942.523
Between 4-5 years	2.468.301	22.090.884
5 years and more	-	1.161.964
	52.853.665	52.563.367
The movement of borrowings as of June 30, 2025 and 2024 is as follows:
	2025	2024
Balance at January 1	88.850.860	96.627.241
Addition through subsidiary acquired (Note 3)	-	2.982.734
Proceeds from Borrowings	59.799.592	41.581.854
Repayments of Borrowings (-)	(43.842.387)	(32.325.184)
Interest and Borrowing Expense (Note 21)	8.932.898	7.771.196
Interest Paid (-) (Note 28)	(9.106.825)	(6.372.887)
Foreign exchange (gain)/loss	6.241.380	6.945.598
Currency Translation Differences	(534.940)	(19.275.879)
Monetary (gain)/loss	(11.339.550)	(781.372)
Balance at June 30	99.001.028	97.153.301

NOTE 7. BORROWINGS (continued)
b) Lease Liabilities
	June 30, 2025	December 31, 2024
Current Portion of Lease Liabilities (Third Parties)	934.063	1.102.645
Non-current Lease Liabilities (Third Parties)	1.519.636	1.848.975
	2.453.699	2.951.620
The movement of lease liabilities as of June 30, 2025 and 2024 is as follows:
	2025	2024
Balance at January 1	2.951.620	2.875.087
Additions	346.312	85.425
Repayments (-)	(651.331)	(604.587)
Disposals (-)	-	(6.480)
Changes in the scope of consolidation	(190.220)	-
Interest expense (Note 21)	299.785	294.669
Amendments to leasing	422.775	624.704
Foreign exchange (gain)/loss	8.106	3.372
Addition through subsidiary acquired (Note 3)	-	29.144
Currency translation differences	(463.858)	(211.924)
Monetary (gain)/loss	(269.490)	(324.182)
Balance at June 30	2.453.699	2.765.228
c) Other Financial Liabilities
	June 30, 2025	December 31, 2024
Current Credit Card Payables	-	239.112
	-	239.112
NOTE 8. DERIVATIVE INSTRUMENTS

The book values of derivative instruments as of June 30, 2025, and December 31, 2024, are as follows:

	Beer Group	Soft Drinks	Other	Total
June 30, 2025	(6.532)	(19.294)	(9.396)	(35.222)
December 31, 2024	29.946	40.311	4.079	74.336

NOTE 8. DERIVATIVE INSTRUMENTS

The details of derivatives instruments for Beer Operations as of June 30, 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
vatives held for hedging: ash flow hedge: nterest swap 800.000 - 11.326 Derivative Instruments - September - October 2025
urrency forwards: -USD/TRL 1.936.967 48,7 million USD (15.558) Derivative Instruments - December 2025
-EUR/TRL	826.536	17,7 million EUR	17.672	Derivative Instruments	- December 2025

Deri

I C

Commodity swaps:

- Aluminium 646.213 6.271 tones 18.695 Derivative Instruments - December 2026

Derivatives not held for hedging:

Currency forwards:

-USD/TRL	1.307.472	32,9 million USD	(42.731)	Derivative Instruments	- March 2026
-EUR/TRL	596.854	12,8 million EUR	4.094	Derivative Instruments	- March 2026
	6.114.042		(6.532)

Derivatives held for hedging:

Net investment hedge - 500 million USD (19.906.200) Borrowings - June 2028

NOTE 8. DERIVATIVE INSTRUMENTS (continued)

The details of derivatives instruments for Soft Drink Operations as of June 30, 2025, is as follows:

Derivatives held for hedging:

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

Cash flow hedge
Commodity swaps: - Aluminium	1.548.481	15.853 tones	82.910	Derivative Instruments	- July 2025- December 2026
- Sugar	1.139.437	59.875 tones	8.327	Derivative Instruments	- July 2025- April 2026
Fx forward (hedging exchange rate risk)	1.138.440	24,4 million EUR	(7.011)	Derivative Instruments	- December 2025
Fx forward (hedging exchange rate risk)	137.492	3 million EUR	(13.460)	Derivative Instruments	- October 2025
Fx forward (hedging exchange rate risk)	1.780.388	44,8 million USD	(73.482)	Derivative Instruments	- October 2025
Fair value hedge reserves assets / (liabilities)	136.817	3 million USD	(15.839)	Derivative Instruments	- February 2026
Fair value hedge reserves assets / (liabilities)	100.000	100 million TRY	(739)	Derivative Instruments	- December 2025
	5.981.055		(19.294)
Derivatives held for hedging:
Net investment hedge	-	500 million USD	(18.916.850)	Borrowings	- January 2029
Net investment hedge	-	80 million USD	(3.026.696)	Borrowings	- April 2030

NOTE 8. DERIVATIVE INSTRUMENTS (continued)

The details of derivatives instruments for Beer Operations as of December 31, 2024 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:	350.022	-	839	Derivative Instruments	-	October 2025
Commodity swaps: - Aluminium	516.281	4.941 tones	29.107	Derivative Instruments	-	December 2025
	866.303		29.946

Derivatives held for hedging:

Net investment hedge - 500 million USD (20.618.513) Borrowings - June 2028

NOTE 8. DERIVATIVE INSTRUMENTS (continued)

The details of derivatives instruments for Soft Drink Operations as of December 31, 2024, 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 Commodity swaps: - Aluminium	987.792	9.684 tones	31.473	Derivative Instruments	-	January - December 2025
- Sugar	1.667.938	82.050 tones	8.838	Derivative Instruments	-	January - December 2025
Fx forward (hedging exchange rate risk)	1.221.639	28,5 million EUR	-	Derivative Instruments	-	June 2025

3.877.369 40.311

Derivatives held for hedging:

- 500 million USD	(20.618.513)	Borrowings	- January 2029
- 80 million USD	(3.298.962)	Borrowings	- April 2030

Net investment hedge Net investment hedge

Company analysis