Anadolu Efes Biracilik ve Malt Sanayii Anonim Sirketi : 2. Quarter 2025 Financial Statements

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

CONVENIENCE TRANSLATION INTO ENGLISH OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH ANADOLU EFES BİRACILIK VE MALT SANAYİİ ANONİM ŞİRKETİ AND ITS SUBSIDIARIES INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF 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 C 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

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