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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 7-49Note 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
Unaudited Audited
Notes | September 30, 2025 | December 31, 2024 | |
ASSETS | |||
Cash and Cash Equivalents | 5 | 42.419.278 | 68.024.270 |
Financial Investments | 6 | 2.019.737 | 284.160 |
Trade Receivables | 37.079.744 | 27.325.091 | |
- Trade Receivables from Related Parties | 25 | 3.870.299 | 2.662.778 |
- Trade Receivables from Third Parties | 33.209.445 | 24.662.313 | |
Other Receivables | 9 | 1.277.456 | 1.591.965 |
- Other Receivables from Related Parties | 25 | 403.185 | 465.241 |
- Other Receivables from Third Parties | 874.271 | 1.126.724 | |
Derivative Financial Assets | 8 | 60.201 | 83.584 |
Inventories | 24.298.270 | 37.890.834 | |
Prepaid Expenses | 17 | 9.606.308 | 9.299.447 |
- Prepaid Expenses to Third Parties | 9.606.308 | 9.299.447 | |
Current Tax Assets | 1.080.524 | 2.864.741 | |
Other Current Assets | 18 | 3.314.521 | 4.778.369 |
-Other Current Related Parties | 360.000 | 232.046 | |
- Other Current Assets from Third Parties | 2.954.521 | 4.546.323 | |
Current Assets | 121.156.039 | 152.142.461 | |
Financial Investments | 6 | 52.923.421 | 23.090 |
Trade Receivables | 2.083 | 376 | |
- Trade Receivables from Third Parties | 2.083 | 376 | |
Other Receivables | 9 | 520.850 | 445.086 |
- Other Receivables from Related Parties | 25 | 303.376 | 212.433 |
- Other Receivables from Third Parties | 217.474 | 232.653 | |
Derivative Financial Assets | 8 | 74.034 | - |
Assets Due to Investments Accounted for Using Equity Method | 10 | 20.874 | 24.730 |
Property, Plant and Equipment | 12 | 87.651.165 | 101.903.686 |
Right-of-Use Assets | 11 | 4.271.826 | 3.887.201 |
Intangible Assets | 128.645.756 | 165.599.829 | |
- Goodwill | 14 | 9.293.837 | 17.336.418 |
- Other Intangible Assets | 13 | 119.351.919 | 148.263.411 |
Prepaid Expenses | 17 | 5.469.776 | 5.885.844 |
Deferred Tax Asset | 22 | 11.699.566 | 11.876.307 |
Other Non-Current Assets | 18 | 964 | 2.198 |
Non-Current Assets | 291.280.315 | 289.648.347 | |
TOTAL ASSETS | 412.436.354 | 441.790.808 |
The accompanying notes form an integral part of these interim condensed consolidated financial statements.
Unaudited | Audited | ||
Notes | September 30, 2025 | December 31, 2024 | |
LIABILITIES | |||
Current Borrowings | 30.711.476 | 28.628.414 | |
- Current Borrowings from Third Parties | 30.711.476 | 28.628.414 | |
- Banks Loans | 7a | 20.144.888 | 24.063.477 |
- Issued Debt Instruments | 7a | 10.566.588 | 4.564.937 |
Current Portion of Non-Current Borrowings | 13.016.287 | 11.567.731 | |
- Current Portion of Non-Current Borrowings from Third Parties | 13.016.287 | 11.567.731 | |
- Banks Loans | 7a | 6.118.075 | 4.719.964 |
- Lease Liabilities | 7b | 1.179.905 | 1.185.395 |
- Issued Debt Instruments | 7a | 5.718.307 | 5.662.372 |
Other Current Financial Liabilities | 7c | - | 257.056 |
Trade Payables | 44.032.275 | 62.110.566 | |
- Trade Payables to Related Parties | 25 | 1.113.882 | 4.082.139 |
- Trade Payables to Third Parties | 42.918.393 | 58.028.427 | |
Employee Benefit Obligations | 1.045.143 | 1.463.540 | |
Other Payables | 9 | 20.923.196 | 25.052.085 |
- Other Payables to Related Parties | 25 | 4.231.405 | 4.511.274 |
- Other Payables to Third Parties | 16.691.791 | 20.540.811 | |
Derivative Financial Liabilities | 8 | 403.763 | 3.669 |
Deferred Income | 17 | 1.122.493 | 929.310 |
Current Tax Liabilities | 2.126.955 | 959.994 | |
Current Provisions | 1.927.862 | 3.455.809 | |
- Current Provisions for Employee Benefits | 1.658.885 | 1.816.139 | |
- Other Current Provisions | 268.977 | 1.639.670 | |
Other Current Liabilities | 18 | 160.909 | 191.658 |
Current Liabilities | 115.470.359 | 134.619.832 | |
Non-Current Borrowings | 55.122.933 | 58.495.809 | |
- Non-current Borrowings from Third Parties | 55.122.933 | 58.495.809 | |
- Banks Loans | 7a | 11.489.402 | 11.074.958 |
- Lease Liabilities | 7b | 2.095.595 | 1.987.734 |
- Issued Debt Instruments | 7a | 41.537.936 | 45.433.117 |
Trade Payables | 289.816 | 2.055 | |
- Trade Payables to Third Parties | 289.816 | 2.055 | |
Employee Benefit Obligations | 84.118 | 102.824 | |
Other Payables | 9 | 1.619.609 | 19.802 |
- Other Payables to Third Parties | 1.619.609 | 19.802 | |
Deferred Income | 17 | 640 | 500 |
Non-Current Provision | 1.652.961 | 1.595.669 | |
- Non-Current Provision for Employee Benefits | 1.652.961 | 1.595.669 | |
Deferred Tax Liabilities | 22 | 25.534.901 | 34.014.309 |
Other Non-Current Liabilities | 18 | 9.249 | 1.050 |
Non-Current Liabilities | 84.314.227 | 94.232.018 | |
Equity Attributable to Equity Holders of the Parent | 101.286.866 | 105.412.784 | |
Issued Capital | 1 | 5.921.052 | 592.105 |
Inflation Adjustment on Capital | 15 | 9.734.484 | 15.063.431 |
Share Premium (Discount) | 15 | 2.608.929 | 2.608.929 |
(425.433) | (425.433) | |
(425.433) | (425.433) | |
(56.184.988) | (41.304.871) | |
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 | 12.430.391 | 23.308.433 | |
- Gains (Losses) on Hedge | (68.615.379) | (64.613.304) | |
Restricted Reserves Appropriated from Profits | 15 | 6.852.018 | 6.771.829 |
Prior Years' Profits or Losses | 121.191.955 | 105.654.026 | |
Current Period Net Profit or Losses | 11.588.849 | 16.452.768 | |
Non-Controlling Interests | 111.364.902 | 107.526.174 | |
Total Equity | 212.651.768 | 212.938.958 | |
TOTAL LIABILITIES | 412.436.354 | 441.790.808 |
The accompanying notes form an integral part of these interim condensed consolidated financial statements.
Unaudited Unaudited
Notes | January 1- September 30, | July 1- September 30, | January 1- September 30, | July 1- September 30, | |
2025 | 2025 | 2024 | 2024 | ||
Revenue | 4 | 188.622.454 | 68.860.279 | 239.310.757 | 82.902.458 |
Cost of Sales (-) | (118.254.345) | (41.038.890) | (144.543.151) | (48.665.730) | |
GROSS PROFIT (LOSS) | 70.368.109 | 27.821.389 | 94.767.606 | 34.236.728 | |
General Administrative Expenses (-) | (13.354.541) | (4.206.283) | (17.473.896) | (5.503.436) | |
Sales, Distribution and Marketing Expenses (-) | (34.480.148) | (11.560.832) | (44.906.258) | (14.965.283) | |
Other Income from Operating Activities | 19 | 3.748.739 | 1.229.289 | 5.609.905 | 1.106.244 |
Other Expenses from Operating Activities (-) | 19 | (3.749.087) | (1.310.893) | (5.787.071) | (1.577.951) |
PROFIT (LOSS) FROM OPERATING ACTIVITIES | 4 | 22.533.072 | 11.972.670 | 32.210.286 | 13.296.302 |
Investment Activity Income | 20 | 3.794.596 | 120.118 | 161.391 | 34.747 |
Investment Activity Expenses (-) | 20 | (329.474) | (162.304) | (365.861) | (268.823) |
Share of (Gain) / Loss from Investments Accounted for Using Equity Method | 10 | 6.781 | (285) | (6.110) | (689) |
PROFIT (LOSS) BEFORE FINANCING INCOME (EXPENSE) | 4 | 26.004.975 | 11.930.199 | 31.999.706 | 13.061.537 |
Finance Income | 21 | 5.759.465 | 2.190.813 | 12.230.371 | 4.866.797 |
Finance Expenses (-) | 21 | (20.546.667) | (7.005.830) | (22.644.609) | (7.488.688) |
Monetary Gain / (Loss) | 29 | 13.002.424 | 4.057.180 | 16.310.889 | 4.994.271 |
PROFIT (LOSS) FROM CONTINUING OPERATIONS BEFORE TAX | 4 | 24.220.197 | 11.172.362 | 37.896.357 | 15.433.917 |
Tax (Expense) Income, Continuing Operations | 4 | (4.114.100) | (2.392.661) | (7.242.906) | (2.817.462) |
- Current Period Tax Expense (-) | (4.662.694) | (2.189.055) | (7.908.632) | (1.304.359) | |
- Deferred Tax Income (Expense) | 548.594 | (203.606) | 665.726 | (1.513.103) | |
PROFIT/(LOSS) FROM CONTINUING OPERATIONS | 20.106.097 | 8.779.701 | 30.653.451 | 12.616.455 | |
PROFIT/(LOSS) | 20.106.097 | 8.779.701 | 30.653.451 | 12.616.455 | |
Profit/(Loss) Attributable to | 20.106.097 | 8.779.701 | 30.653.451 | 12.616.455 | |
- Non-Controlling Interest | 8.517.248 | 3.527.064 | 12.503.485 | 5.151.700 | |
- Owners of Parent | 11.588.849 | 5.252.637 | 18.149.966 | 7.464.755 | |
Earnings / (Loss) Per Share (Full TRL) | 23 | 1,9572 | 0,8871 | 3,0653 | 1,2607 |
Earnings / (Loss) Per Share From Continuing Operations (Full TRL) | 23 | 1,9572 | 0,8871 | 3,0653 | 1,2607 |
The accompanying notes form an integral part of these interim condensed consolidated financial statements.
Unaudited | Unaudited | |||
January 1- September 30, 2025 | July 1- September 30, 2025 | January 1- September 30, 2024 | July 1- September 30, 2024 | |
PROFIT/(LOSS) | 20.106.097 | 8.779.701 | 30.653.451 | 12.616.455 |
OTHER COMPREHENSIVE INCOME Other Comprehensive Income that will not be Reclassified to Profit or Loss | - | - | - | - |
Gains (Losses) on Remeasurements Defined Benefit Plans | - | - | - | - |
Taxes Relating to Components of Other Comprehensive Income that will not be Reclassified to Other Profit or Loss - Deferred Tax Income (Expense) | - - | - - | - - | - - |
Other Comprehensive Income that will be Reclassified to Profit or Loss | (17.841.756) | (4.605.896) | (33.343.608) | (13.340.880) |
Currency Translation Differences | (12.229.287) | (3.049.641) | (27.170.547) | (12.075.047) |
Currency Translation Differences Reclassified to Profit or Loss | - | - | - | - |
Other Comprehensive Income (Loss) Related with Cash Flow Hedge | (40.960) | (81.629) | (87.425) | 203.248 |
Other Comprehensive Income (Loss) Related with Hedges of Net Investment in Foreign Operations | (7.424.446) | (1.988.924) | (8.281.189) | (2.014.351) |
(Note 26) | ||||
Taxes Relating to Components of Other Comprehensive Income that will be Reclassified | 1.852.937 | 514.298 | 2.195.553 | 545.270 |
- Deferred Tax Income (Expense) | 1.852.937 | 514.298 | 2.195.553 | 545.270 |
OTHER COMPREHENSIVE INCOME (LOSS) | (17.841.756) | (4.605.896) | (33.343.608) | (13.340.880) |
TOTAL COMPREHENSIVE INCOME (LOSS) | 2.264.341 | 4.173.805 | (2.690.157) | (724.425) |
Total Comprehensive Income (Loss) Attributable - Non-Controlling Interest | 5.555.609 | 3.749.300 | (2.591.235) | (1.522.673) |
- Owners of Parent | (3.291.268) | 424.505 | (98.922) | 798.248 |
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 NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2025(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025, unless otherwise indicated)
Other Accumulated Comprehensive Income that will not be reclassified in Profit or
Other Accumulated Comprehensive Income that will be reclassified in Profit or Loss
Retained Earnings
Loss
Equity
Issued Capital
Inflation Adjustmen
t 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)
Attributable to
Equity Holders of the
Parent
Non-Controlling
Interests Total Equity
Previous Period (January 1 - September 30, 2024) | Beginning Balances | 592.105 | 15.063.431 | 2.608.929 | (383.107) | 43.504.365 | (56.553.556) | 6.554.726 | 65.448.759 | 40.074.011 | 116.909.663 | 118.290.410 | 235.200.073 |
Transfers | - | - | - | - | - | - | - | 40.074.011 | (40.074.011) | - | - | - | |
Total Comprehensive Income (Loss) | - | - | - | - | (13.671.437) | (4.577.451) | - | - | 18.149.966 | (98.922) | (2.591.235) | (2.690.157) | |
Profit (Loss) Other Comprehensive Income (Loss) Dividends (Note 24) Changes in Ownership Interests in Subsidiaries that do not result in Loss of Control | - | - | - | - | - | - | - | - | 18.149.966 | 18.149.966 | 12.503.485 | 30.653.451 | |
- | - | - | - | (13.671.437) | (4.577.451) | - | - | - | (18.248.888) | (15.094.720) | (33.343.608) | ||
- | - | - | - | - | - | 217.103 | (2.433.305) | - | (2.216.202) | (1.591.458) | (3.807.660) | ||
- | - | - | - | - | - | - | (146.034) | - | (146.034) | 146.034 | - | ||
Ending Balances | 592.105 | 15.063.431 | 2.608.929 | (383.107) | 29.832.928 | (61.131.007) | 6.771.829 | 102.943.431 | 18.149.966 | 114.448.505 | 114.253.751 | 228.702.256 |
Current Period (January 1 - September 30, 2025) | Beginning Balances | 592.105 | 15.063.431 | 2.608.929 | (425.433) | 23.308.433 | (64.613.304) | 6.771.829 | 105.654.026 | 16.452.768 | 105.412.784 | 107.526.174 | 212.938.958 |
Transfers | 5.328.947 | (5.328.947) | - | - | - | - | - | 16.452.768 | (16.452.768) | - | - | - | |
Total Comprehensive Income (Loss) | - | - | - | - | (10.878.042) | (4.002.075) | - | - | 11.588.849 | (3.291.268) | 5.555.609 | 2.264.341 | |
Profit (Loss) | - | - | - | - | - | - | - | - | 11.588.849 | 11.588.849 | 8.517.248 | 20.106.097 | |
Other Comprehensive Income (Loss) | - | - | - | - | (10.878.042) | (4.002.075) | - | - | - | (14.880.117) | (2.961.639) | (17.841.756) | |
Dividends (Note 24) | - | - | - | - | - | - | 80.189 | (914.839) | - | (834.650) | (1.716.881) | (2.551.531) | |
Ending Balances | 5.921.052 | 9.734.484 | 2.608.929 | (425.433) | 12.430.391 | (68.615.379) | 6.852.018 | 121.191.955 | 11.588.849 | 101.286.866 | 111.364.902 | 212.651.768 |
(*) 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 NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2025(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025, unless otherwise indicated)
UnauditedNotes | January 1- September 30, | January 1- September 30, | |
2025 | 2024 | ||
CASH FLOWS FROM (USED IN) OPFERATING ACTIVITIES | 25.714.597 | 33.874.680 | |
Profit/ (Loss) from Continuing Operation for the Period | 20.106.097 | 30.653.451 | |
Adjustments to Reconcile Profit (Loss) | 10.121.778 | 10.143.706 | |
Adjustments for Depreciation and Amortization Expense | 4 | 9.559.578 | 10.722.377 |
Adjustments for Impairment Loss (Reversal) | 28 | 128.486 | 82.291 |
Adjustments for Provisions | 625.803 | 364.703 | |
- Adjustments for Provision/(Reversal) for Employee Benefits | 28 | 878.219 | 1.045.555 |
- Adjustments for Other Provisions/(Reversals) | (252.416) | (680.852) | |
Adjustments for Interest (Income) Expenses | 28 | 14.443.031 | 12.374.463 |
Adjustments for Foreign Exchange Losses (Gains) | 394.794 | (1.845.025) | |
Adjustments for Fair Value (Gains) Losses | 28 | 227.136 | 1.043.388 |
Adjustments for Undistributed Profits of Investments Accounted for Using Equity Method
10 (6.781) 6.110
Adjustments for Tax (Income) Expenses | 4.114.100 | 7.242.906 | |
Adjustments for Losses (Gains) on Disposal of Non-Current Assets | 20 | 37.393 | 198.703 |
Transfer of Currency Translation Differences Previously Accounted as Other | (3.626.573) | - | |
Comprehensive Income | |||
Other Adjustments to Reconcile Profit (loss) | (8.624) | (17.431) | |
Adjustments for Monetary (Gain) Loss | (15.766.565) | (20.028.779) | |
Change in Working Capital | (2.386.353) | 821.538 | |
Adjustments for Decrease (Increase) in Accounts Receivables | (15.342.445) | (14.477.587) | |
Adjustments for Decrease (Increase) in Other Receivables Related with Operations | 1.827.203 | (2.965.822) | |
Adjustments for Decrease (Increase) in Inventories | 4.792.666 | 9.075.846 | |
Adjustments for Increase (Decrease) in Trade Accounts Payable | 6.715.293 | 6.501.108 | |
Adjustments for Increase (Decrease) in Other Operating Payables | (379.070) | 2.687.993 | |
Cash Flows from (used in) Operations | 27.841.522 | 41.618.695 | |
Payments Related with Provisions for Employee Benefits | (336.957) | (491.295) | |
Income Taxes (Paid) Return | (1.789.925) | (7.248.616) | |
Other Provisions (Paid) | (43) | (4.104) | |
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES | (42.565.657) | (16.908.469) | |
Cash Outflows Arising from Purchase of Shares or Capital Increase of Associates and/or Joint Ventures
10 - (22.159)
Proceeds from Sales of Property, Plant, Equipment 357.203 1.841.358
Cash Outflows Arising from Purchase of Property, Plant, Equipment and Intangible Assets
(14.156.034) (17.642.106)
Cash (Outflows)/Inflows Related to Purchases for Obtaining Control of Subsidiaries Adjustments Arising from Changes in the Scope of Consolidation | 28 | - (28.766.826) | (1.085.562) - |
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES | (8.571.113) | (16.406.516) | |
Proceeds from Borrowings | 7a | 87.927.639 | 67.200.569 |
Repayments of Borrowings | 7a | (77.160.504) | (61.124.754) |
Payments of Lease Liabilities | 7b | (792.998) | (837.678) |
Cash Inflows from Settlement of Derivative Instruments (Trading) | 21.610 | 78.366 | |
Cash Outflows from Settlement of Derivative Instruments (Trading) | - | (310.500) | |
Dividend Paid | (2.476.382) | (3.733.100) | |
Interest Paid, Bank Commission and Fees | 28 | (16.705.983) | (14.132.728) |
Interest Received | 2.639.923 | 3.566.656 | |
Cash Outflows Related to Changes in Non-Controlling Interests | - | (4.348.144) | |
Other Inflows (Outflows) of Cash | 28 | (2.024.418) | (2.765.203) |
NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS BEFORE CURRENCY TRANSLATION DIFFERENCES | (25.422.173) | 559.695 | |
Effect of Currency Translation Differences on Cash and Cash Equivalents | 1.028.295 | (4.070.098) | |
MONETARY LOSS ON CASH AND CASH EQUIVALENTS | (1.141.850) | (2.279.569) | |
NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS | (25.535.728) | (5.789.972) | |
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | 5 | 67.848.638 | 74.599.904 |
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | 5 | 42.312.910 | 68.809.932 |
The accompanying notes form an integral part of these interim condensed consolidated financial statements.
NOTE 1. GROUP'S ORGANIZATION AND NATURE OF ACTIVITIES GeneralAnadolu 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 15.289 (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 November 5, 2025. General Assembly and specified regulatory bodies have the right to make amendments to statutory financial statements after issue.
Nature of Activities of the GroupThe 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 ShareholdersAs of September 30, 2025, and December 31, 2024, the composition of shareholders and their respective percentage of ownership can be summarized as follows:
September 30, 2025 December 31, 2024Amount | (%) | 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 AssociatesThe subsidiaries, joint ventures and associates included in the consolidation and their effective shareholding rates at September 30, 2025 and December 31, 2024 are as follows:
Effective Shareholding And Voting Rights %
Country | Principal Activity | Segment | September 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 |
Efes Tashkent FE LLC | Uzbekistan | Marketing and distribution of beer | Beer Group | 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. ve Tic. A.Ş. (Anadolu Etap İçecek)
Türkiye Production, sale, and distribution of fruit juice concentrate, puree, Soft Drinks 50,26 50,26 and fresh fruits.
Anadolu Etap Dış Ticaret Anonim Şirketi Türkiye Selling fruit juice concentrate and puree Soft Drinks 50,26 50,26
Anadolu Etap Penkon Gıda ve Tarım Ürünleri San. ve Tic. A.Ş. (Anadolu Etap)
Türkiye Production and distribution and sales of fresh fruits. Other 83,23 83,23
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.
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 UkraineThe 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 September 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 September 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 September 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:
2025Carrying 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) 3.520.527
Net impact of changes in consolidation scope on profit or loss 3.520.527 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 September 2024 is presented below:
Income Statement
Intercompany Transactions (1)
Total Income Statement
Intercompany Transactions (1)
Total
January 1- September 30, 2024 | January 1- September 30, 2024 | January 1- September 30, 2024 | July 1- September 30, 2024 | July 1- September 30, 2024 | July 1- September 30, 2024 | |
Revenue | 49.924.255 | 551.088 | 49.373.167 | 16.753.589 | 187.935 | 16.565.654 |
Cost of sales (-) | (28.264.413) | (551.088) | (27.713.325) | (9.203.171) | (187.935) | (9.015.236) |
General and administration expenses (-) | (4.691.913) | (160.824) | (4.531.089) | (1.326.729) | (44.337) | (1.282.392) |
Sales, Distribution and Marketing Expenses (-) | (10.600.937) | - | (10.600.937) | (3.232.230) | - | (3.232.230) |
Other Operating Income/ (Expense) | (588.344) | 160.824 | (749.168) | (723.294) | 44.337 | (767.631) |
Investment Activity Income / (Expense) | (2.954) | - | (2.954) | 26 | - | 26 |
Financial Income / (Expense) | 1.608.058 | - | 1.608.058 | 1.906.563 | - | 1.906.563 |
Profit/ (loss) before tax from continuing operations | (1.370.777) | - | (1.370.777) | (854.656) | - | (854.656) |
Profit for the year | 6.012.975 | - | 6.012.975 | 3.320.098 | - | 3.320.098 |
(1) Includes transactions with JSC AB InBev Efes's group companies The cash flow statement of JSC AB InBev Efes as of September 2024 is presented below: | |
January 1-September 30, 2024 | |
Cash flow from operating activities | 11.650.841 |
Cash flow from investing activities | (1.123.495) |
Cash flow from financing activities | 773.563 |
Currency Translation Differences | 4.611.677 |
Net (Decrease) / Increase in cash and cash equivalents | 15.912.586 |
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 periodsWith 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 September 30, 2024, and December 31, 2024 on the purchasing power basis as of September 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 September 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
September 30, 2025
3.367,22
1,00000
222%
December 31, 2024
2.684,55
1,25430
291%
September 30, 2024
2.526,16
1,33294
343%
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.
-
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 CurrencySubsidiary
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 nine months up to September 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.
Comparative Information and restatement of prior periodIn the statement of profit or loss dated September 30, 2024, the amount of TL 154.701 shown under "Other income from operatiıng activities" and the amount of TL 121.981 shown under "Other expenses from operating activities" have been netted, and the resulting TL 32.720 has been classified under the "Cost of sales" item.
NOTE 2. BASIS OF PRESENTATION OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) - Changes in Accounting Policies
Standards, amendments, and interpretations applicable as of September 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 September 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.
Standards, amendments, and interpretations that are issued but not effective as of 30 September 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.
The impact of these changes on the consolidated financial statements is under evaluation.
NOTE 3. BUSINESS COMBINATIONS Transactions related to the nine-month period ended on September 30, 2025None.
Transactions related to the nine-month period ended on September 30, 2024Anadolu Etap Penkon Gıda ve İçecek Ürünleri Sanayi ve Ticaret A.Ş
As of September 26, 2024, Coca-Cola İçecek A.Ş. (CCI), 50.26% subsidiary of our Company, acquired the remaining shares representing 20% of the share capital of Anadolu Etap Penkon Gıda ve İçecek Ürünleri Sanayi ve Ticaret A.Ş. (Anadolu Etap İçecek), in which it already holds 80% shares, from our 78.58% subsidiary Anadolu Etap Penkon Gıda ve Tarım Ürünleri Sanayi ve Ticaret A.Ş. (Anadolu Etap), in exchange for USD 28 million which was paid in cash at amount of TRL 955.363 calculated based on the average of the USD/TRL foreign exchange buying rate and selling rate published on the website of the Central Bank.
As of September 26, 2024, this transaction occured as transaction under common control between Anadolu Etap, the subsidiary of the Company, in which the Company has a 78,58% share, and CCI, in which it has a 50,26%. As a consequence of this transaction, the Company's effective ownership share in its subsidiary, Anadolu Etap İcecek, decreased from 55,92% to 50,26%. Furthermore, the Company's effective ownership ratio in Anadolu Etap Dış Ticaret A.Ş., in which Anadolu Etap İçecek holds a 100% share, has also declined from 55,92% to 50,26% as a result of this transaction. The impact of change in the effective share ratio resulting from this transaction on the Group's financial statements is presented in the statement of "increase/decrease through changes in ownership interests in subsidiaries that do not result in loss of control" on the statement of changes in equity.
Purchase for Obtaining Control of SubsidiariesAs 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 | 122.105 |
Trade Receivables | 20.879 |
Inventories | 1.275.024 |
Property, Plant and Equipment | 4.965.709 |
Right of Use Asset | 28.765 |
Other Current and Fixed Assets | 296.392 |
Total Assets | 6.708.874 |
Defered tax and tax provision | 190.141 |
Borrowings | 2.972.737 |
Trade Payables | 965.462 |
Other current and non-current liabilities | 532.468 |
Total Liabilities | 4.660.808 |
Net value of assets / (liabilities) | 2.048.066 |
Total Purchase Cost | (2.427.901) |
Net Value of et assets/(liabilities) consolidated by the group | 2.048.066 |
Bargain Purchase Gain (Note 14) | (379.835) |
The management monitors the operating results of its two business units separately for the purpose of making decisions about resource allocation and performance assessment. The two operating segments are Beer Operations (Beer Group) and Soft Drinks Operations (Soft Drinks).
Segment performance is evaluated based on "EBITDA Before Non-Recurring Items" (EBITDA BNRI) which is calculated excluding profit from discontinued operations and the following effects from profit from continuing operations attributable to our equity holders: (i) non-controlling interest, (ii) tax (expense)/income, (iii) share of gain/(loss) of investments accounted using equity method, (iv) financial income/(expense), (v) investment activity income/(expense) (vi) foreign exchange gains/(losses) arising from operating activities (vii) depreciation, amortization, and other non- cash items and (viii) non-recurring items associated with Profit/Loss from Operating Activities. Non-recurring items are either income or expenses which do not occur regularly as part of the normal activities of the Group.
EBITDA BNRI is not an accounting measure under TFRS accounting and does not have a standard calculation method however it has been considered as the optimum indicator for the evaluation of the performance of the operating segments by considering the comparability with the entities in the same business.
The Group's segment reporting in accordance with TFRS 8 is disclosed as follows:
January 1 - September 30, 2025 Beer | Soft | Other (1)and | ||
Group | Drinks | Eliminations | Total | |
Net sales | 41.420.541 | 145.161.979 | 2.046.212 | 188.628.732 |
Inter-segment sales | - | (6.278) | - | (6.278) |
Revenue | 41.420.541 | 145.155.701 | 2.046.212 | 188.622.454 |
EBITDA BNRI | 6.367.305 | 26.805.676 | 146.290 | 33.319.271 |
Provision for impairment on PPE | (45.157) | (85.442) | - | (130.599) |
Provision for impairment on PPE no longer required | - | 6.541 | - | 6.541 |
Financial Income / (Expense) | (6.366.411) | (8.291.108) | (129.683) | (14.787.202) |
Tax Income / (Expense) | (233.826) | (4.156.842) | 276.568 | (4.114.100) |
Additions to PPE and intangible fixed asset | 3.699.318 | 10.394.656 | 382.082 | 14.476.056 |
July 1 - September 30, 2025 Beer | Soft | Other (1)and | ||
Group | Drinks | Eliminations | Total | |
Net sales | 15.674.169 | 52.201.027 | 988.496 | 68.863.692 |
Inter-segment sales | - | (3.413) | - | (3.413) |
Revenue | 15.674.169 | 52.197.614 | 988.496 | 68.860.279 |
EBITDA BNRI | 3.443.713 | 11.654.448 | 267.443 | 15.365.604 |
Provision for impairment on PPE | 1.966 | (80.505) | - | (78.539) |
Provision for impairment on PPE no longer | - | 1.228 | - | 1.228 |
required | ||||
Financial Income / (Expense) | (2.444.105) | (2.325.242) | (45.670) | (4.815.017) |
Tax Income / (Expense) | (443.574) | (1.833.387) | (115.700) | (2.392.661) |
Additions to PPE and intangible fixed asset | 946.223 | 3.097.740 | 108.123 | 4.152.086 |
(1) Includes adjustment journals in the consolidation of the Group and the financial statements of Anadolu Etap.
NOTE 4. SEGMENT REPORTING (continued)January 1 - September 30, 2024 Beer | Soft | Other (1)and | ||
Group | Drinks | Eliminations | Total | |
Net sales | 93.121.297 | 144.927.175 | 1.643.878 | 239.692.350 |
Inter-segment sales | - | (4.773) | (376.820) | (381.593) |
Revenue | 93.121.297 | 144.922.402 | 1.267.058 | 239.310.757 |
EBITDA BNRI | 15.067.906 | 29.559.261 | (187.710) | 44.439.457 |
Provision for impairment on PPE | - | (14.584) | - | (14.584) |
Provision for impairment on PPE no longer required | - | 8.817 | - | 8.817 |
Financial Income / (Expense) | (1.730.687) | (8.429.627) | (253.924) | (10.414.238) |
Tax Income / (Expense) | (1.494.899) | (6.299.564) | 551.557 | (7.242.906) |
Additions to PPE and intangible fixed asset | 4.698.679 | 12.628.177 | 315.250 | 17.642.106 |
July 1 - September 30, 2024 Beer Group | Soft Drinks | Other (1)and Eliminations | Total | |
Net sales | 33.407.211 | 48.933.424 | 875.061 | 83.215.696 |
Inter-segment sales | - | (2.683) | (310.555) | (313.238) |
Revenue | 33.407.211 | 48.930.741 | 564.506 | 82.902.458 |
EBITDA BNRI | 7.020.638 | 10.456.704 | 19.630 | 17.496.972 |
Provision for impairment on PPE | - | (1.329) | - | (1.329) |
Provision for impairment on PPE no longer required | - | 124 | - | 124 |
Financial Income / (Expense) | 350.666 | (2.887.459) | (85.098) | (2.621.891) |
Tax Income / (Expense) | (1.468.883) | (1.442.370) | 93.791 | (2.817.462) |
Additions to PPE and intangible fixed asset | 1.366.999 | 4.430.417 | 101.579 | 5.898.995 |
(1) Includes adjustment journals in the consolidation of the Group and the financial statements of Anadolu Etap.
As of September 30, 2025, the portion of Türkiye geographical area in the consolidated net revenue and total assets is 47% and 52% respectively (September 30, 2024- 38% and 44% respectively)
As of September 30, 2025, the portion of Russia geographical area in the consolidated net revenue and total assets is 0% and 13% respectively (September 30, 2024- 21% and 23% respectively).
As of September 30, 2025, the portion of Kazakhstan geographical area in the consolidated net revenue and total assets is 15% and 8% respectively (September 30, 2024- 12% and 9% respectively).
As of September 30, 2025, the portion of Uzbekistan geographical area in the consolidated net revenue and total assets is 9% and 4% respectively (September 30, 2024- 6% and 3% respectively).
NOTE 4. SEGMENT REPORTING (continued) September 30, 2025 Beer Group Soft Drinks Other (1)and Eliminations TotalSegment assets | 137.221.209 | 194.461.059 | 80.754.086 | 412.436.354 |
Segment liabilities | 67.542.596 | 111.355.364 | 20.886.626 | 199.784.586 |
Investments Accounted for Using Equity Method | 20.874 | - | - | 20.874 |
December 31, 2024 Beer
Group
Soft
Drinks
Other (1)and
Eliminations Total
Segment assets | 173.109.937 | 186.046.547 | 82.634.324 | 441.790.808 |
Segment liabilities | 99.207.761 | 108.714.959 | 20.929.130 | 228.851.850 |
Investment Accounted for Using Equity Method | 24.730 | - | - | 24.730 |
(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 September 30, 2025, and 2024 are as follows:
1 January- September 30, 2025 | 1 July- September 30, 2025 | 1 January- September 30, 2024 | 1 July- September 30, 2024 | |
EBITDA BNRI | 33.319.271 | 15.365.604 | 44.439.457 | 17.496.972 |
Depreciation and amortization expenses | (9.559.578) | (3.166.308) | (10.722.377) | (3.292.948) |
Provision for retirement pay liability | (352.335) | (92.567) | (367.475) | (92.641) |
Provision for vacation pay liability | (352.878) | (14.344) | (453.466) | (88.763) |
Foreign exchange gain/loss from operating activities | (336.488) | (97.893) | (903.748) | (730.844) |
Rediscount income/expense from operating activities | 9.560 | 12.836 | 7.658 | 13.980 |
Non-recurring items | (82.088) | (14.382) | 360.626 | 33.256 |
Other | (112.392) | (20.276) | (150.389) | (42.710) |
PROFIT (LOSS) FROM OPERATING ACTIVITIES | 22.533.072 | 11.972.670 | 32.210.286 | 13.296.302 |
Investment Activity Income | 3.794.596 | 120.118 | 161.391 | 34.747 |
Investment Activity Expenses (-) | (329.474) | (162.304) | (365.861) | (268.823) |
Share of (Gain) / Loss from Investments Accounted 6.781 | (285) | (6.110) | (689) | |
PROFIT (LOSS) BEFORE FINANCING 26.004.975 | 11.930.199 | 31.999.706 | 13.061.537 | |
INCOME (EXPENSE) | ||||
Finance Income | 5.759.465 | 2.190.813 | 12.230.371 | 4.866.797 |
Finance Expenses (-) | (20.546.667) | (7.005.830) | (22.644.609) | (7.488.688) |
Monetary Gain / (Loss) | 13.002.424 | 4.057.180 | 16.310.889 | 4.994.271 |
PROFIT (LOSS) FROM CONTINUING 24.220.197 | 11.172.362 | 37.896.357 | 15.433.917 | |
for Using Equity Method
OPERATIONS NOTE 5. CASH AND CASH EQUIVALENTSSeptember 30, 2025 | December 31, 2024 | |
Cash on hand | 25.842 | 14.261 |
Bank accounts - Time deposits | 31.911.254 | 51.400.350 |
- Demand deposits | 10.332.044 | 10.799.887 |
Investment funds | 24.376 | 5.595.777 |
Other | 19.394 | 38.363 |
Cash and cash equivalents in cash flow statement | 42.312.910 | 67.848.638 |
Expected credit loss (-) | (203) | (679) |
Interest income accrual | 106.571 | 176.311 |
42.419.278 | 68.024.270 |
As of September 30, 2025, annual interest rates of the TRL denominated time deposits are between 40,75% and 43,00% and have maturity between 1-13 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 0,01% and 16,25% and have maturity between 1-78 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 September 30, 2025, other items contains credit card receivables amounting to TRL 19.394 (December 31, 2024 - TRL 38.363).
The fair value differences of investment funds are recognized in the consolidated statement of profit or loss. As of September 30, 2025, the Group's investment funds consist of money market funds (December 31, 2024 - TRL 5.595.777).
NOTE 6. FINANCIAL INVESTMENTS | ||
a) Short-Term Financial Investments | ||
September 30, 2025 | December 31, 2024 | |
Restricted cash | 282.033 | 284.027 |
Investment funds | 1.737.704 | - |
Time deposits with maturity more than three months | - | 133 |
2.019.737 | 284.160 | |
As of 30 September 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 September 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 InvestmentFinancial assets measured at fair value through other comprehensive income
September 30,2025 December 31, 2024 52.900.319 -Other 23.102 23.090
52.923.421 23.090Movements in long-term financial assets at fair value through other comprehensive income as of 30 September 2025 are presented below:
2025 | |
Balance at January 1 | - |
Changes in the scope of consolidation | 44.964.672 |
Currency translation differences | 7.935.647 |
Balance at September 30 | 52.900.319 |
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 September 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 a) Bank Loans, issued debt instruments and other borrowingsSeptember 30, 2025 | December 31, 2024 | |
Current Bank Loans (Third Parties) | 20.144.888 | 24.063.477 |
Current Issued Debt Instruments (Third Parties) | 10.566.588 | 4.564.937 |
Current Portion of Bank Loans (Third Parties) | 6.118.075 | 4.719.964 |
Current Portion of Issued Debt Instruments (Third Parties) | 5.718.307 | 5.662.372 |
Non-current Bank Loans (Third Parties) | 11.489.402 | 11.074.958 |
Non-current Issued Debt Instruments (Third Parties) | 41.537.936 | 45.433.117 |
95.575.196 | 95.518.825 |
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025 unless otherwise indicated)
NOTE 7. BORROWINGS (continued) a) Bank Loans, issued debt instruments and other borrowings (continued)As of September 30, 2025, total borrowings consist of principal amounting to TRL 92.416.954 (December 31, 2024 - TRL 91.301.206) and interest expense accrual amounting to TRL
3.158.242 (December 31, 2024 - TRL 4.217.619). As of September 30, 2025, and December 31, 2024, total amount of borrowings and the effective interest rates are as follows:
September 30, 2025 December 31, 2024
Amount | Weighted average fixed rate | average floating rate | Amount | Weighted average fixed rate | average floating rate | ||
Current Borrowings | |||||||
TRL denominated borrowings | 20.042.991 | 38,50% | TLREF+0,93% | 21.631.910 | 45,17% | - | |
Foreign currency denominated borrowings (USD) | 5.578.665 | 6,59% | - | 1.155.303 | 3,00% | - | |
Foreign currency denominated borrowings (EUR) | 395.530 | 5,97% | - | 211.278 | 4,91% | - | |
Foreign currency denominated borrowings (Other) | 4.694.290 | 14,73% | Kibor+0,003% | 5.629.923 | 13,90% | Kibor+0,16% |
Weighted Weighted
30.711.476 | 28.628.414 | |||||
Current Portion of Non-current Borrowings | ||||||
TRL denominated borrowings | 7.605.833 | 46,61% | TLREF+1,11% | 6.799.036 | 47,48% | TLREF+1,30% |
Foreign currency denominated borrowings (USD) | 1.821.451 | 4,91% | SOFR+2,25% | 1.820.606 | 5,39% | SOFR+2,25% |
Foreign currency denominated borrowings (EUR) | 1.131.823 | - | Euribor+1,30% | 1.048.999 | - | Euribor+1,30% |
Foreign currency denominated borrowings (Other) | 1.277.275 | 17,25% | - | 713.695 | 18,41% | - |
11.836.382 | 10.382.336 | |||||
Total | 42.547.858 | 39.010.750 | ||||
Non-current Borrowings | ||||||
TRL denominated borrowings | 303.949 | 15,17% | TLREF+5,50% | 1.749.544 | 41,36% | TLREF+2,00% |
Foreign currency denominated borrowings (USD) | 46.814.833 | 3,96% | SOFR+2,25% | 50.224.223 | 3,96% | SOFR+2,25% |
Foreign currency denominated borrowings (EUR) | 1.706.875 | - | Euribor+1,30% | 2.144.039 | - | Euribor+1,30% |
Foreign currency denominated borrowings (Other) | 4.201.681 | 15,08% | - | 2.390.269 | 17,76% | - |
Total | 53.027.338 | 56.508.075 | ||||
Grand Total | 95.575.196 | 95.518.825 | ||||
As of September 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:September 30, 2025 | December 31, 2024 | |
Between 1-2 years | 3.459.742 | 4.251.284 |
Between 2-3 years | 23.632.476 | 2.594.609 |
Between 3-4 years | 23.317.860 | 24.664.284 |
Between 4-5 years | 2.617.260 | 23.748.732 |
5 years and more | - | 1.249.166 |
53.027.338 | 56.508.075 | |
The movement of borrowings as of September 30, 2025 and 2024 is as follows: | ||
2025 | 2024 | |
Balance at January 1 | 95.518.825 | 103.877.642 |
Addition through subsidiary acquired (Note 3) | - | 2.943.973 |
Proceeds from Borrowings | 87.927.639 | 67.200.569 |
Repayments of Borrowings (-) | (77.160.504) | (61.124.754) |
Interest and Borrowing Expense (Note 21) | 14.308.286 | 12.961.619 |
Interest Paid (-) (Note 28) | (14.342.646) | (11.554.009) |
Foreign exchange (gain)/loss | 8.824.054 | 10.103.636 |
Currency Translation Differences | (982.295) | (28.684.812) |
Monetary (gain)/loss | (18.518.163) | (1.088.900) |
Balance at September 30 | 95.575.196 | 94.634.964 |
NOTE 7. BORROWINGS (continued) | |||
b) Lease Liabilities | |||
September 30, 2025 | December 31, 2024 | ||
Current Portion of Lease Liabilities (Third Parties) | 1.179.905 | 1.185.395 | |
Non-current Lease Liabilities (Third Parties) | 2.095.595 | 1.987.734 | |
3.275.500 | 3.173.129 | ||
The movement of lease liabilities as of September 30, 2025 and 2024 is | as follows: | ||
2025 | 2024 | ||
Balance at January 1 | 3.173.129 | 3.090.817 | |
Additions | 1.093.082 | 493.326 | |
Repayments (-) | (792.998) | (837.678) | |
Disposals (-) | - | (40.010) | |
Changes in the scope of consolidation | (192.906) | - | |
Interest expense (Note 21) | 502.352 | 467.311 | |
Amendments to leasing | 640.187 | 1.007.967 | |
Foreign exchange (gain)/loss | 13.596 | (7.291) | |
Addition through subsidiary acquired (Note 3) | - | 28.765 | |
Currency translation differences | (726.663) | (303.997) | |
Monetary (gain)/loss | (434.279) | (533.495) | |
Balance at September 30 | 3.275.500 | 3.365.715 | |
c) Other Financial Liabilities | |||
September 30, 2025 | December 31, 2024 | ||
Current Credit Card Payables | - | 257.056 | |
- | 257.056 | ||
NOTE 8. DERIVATIVE INSTRUMENTS | |||
The book values of derivative instruments as of September 30, 2025, and December 31, 2024, are as follows:
Beer Group | Soft Drinks | Other | Total | |
September 30, 2025 | (180.205) | (95.300) | 5.977 | (269.528) |
December 31, 2024 | 32.193 | 43.336 | 4.386 | 79.915 |
The details of derivatives instruments for Beer Operations as of September 30, 2025, is as follows:
Derivatives held for hedging:
Cash flow hedge:
Nominal Value
Contract Amounts or
Quantities
Carrying Amount Asset/(Liability)
Account in the Statement of the Financial Position
Hedge Ineffectiveness
Recognized in Profit or Loss Maturity
-
Interest swap 800.000 (1.592) Derivative Instruments - August 2026
Currency forwards:
-USD/TRL | 898.622 | 21,7 million USD | (70.372) | Derivative Instruments | - December 2025 |
-EUR/TRL | 353.885 | 7,3 million EUR | (15.425) | Derivative Instruments | - December 2025 |
Commodity swaps:
- Aluminium 405.828 3.664 tones 21.018 Derivative Instruments - December 2026
Derivatives not held for hedging:
Currency forwards:
-USD/TRL | 1.274.236 | 30,7 million USD | (93.377) | Derivative Instruments | - March 2026 |
-EUR/TRL | 526.818 | 10,8 million EUR | (20.457) | Derivative Instruments | - March 2026 |
4.259.389 | (180.205) |
Derivatives held for hedging:
Net investment hedge - 500 million USD (20.790.800) Borrowings - June 2028
NOTE 8. DERIVATIVE INSTRUMENTS (continued)The details of derivatives instruments for Soft Drink Operations as of September 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
Derivatives held for hedging:
Cash flow hedge | |||||
Commodity swaps: - Aluminium | 1.368.281 | 13.432 tones | 125.342 | Derivative Instruments | - October 2025- December 2026 |
- Sugar | 386.716 | 20.475 tones | 7.161 | Derivative Instruments | - October 2025- April 2026 |
Fx forward (hedging exchange rate risk) | 1.190.805 | 24,4 million EUR | (37.774) | Derivative Instruments | - December 2025 |
Fx forward (hedging exchange rate risk) | 29.250 | 0,6 million EUR | 1.342 | Derivative Instruments | - October 2025 |
Fx forward (hedging exchange rate risk) | 1.701.779 | 41 million USD | (183.999) | Derivative Instruments | - October 2025 |
Fair value hedge reserves assets / (liabilities) | 1.750.000 | 1,75 billion TRY | 9.840 | Derivative Instruments | - February - March 2026 |
Fair value hedge reserves assets / (liabilities) | 100.000 | 100 million TRY | (860) | Derivative Instruments | - December 2025 |
6.669.941 | (95.300) | ||||
Derivatives held for hedging: | |||||
Net investment hedge | - | 500 million USD | (20.790.800) | Borrowings | - January 2029 |
Net investment hedge | - | 73 million USD | (3.035.457) | Borrowings | - April 2030 |
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: | 376.290 | - | 902 | Derivative Instruments | - | October 2025 |
Commodity swaps: - Aluminium | 555.026 | 4.941 tones | 31.291 | Derivative Instruments | - January | 2025 - December 2025 |
931.316 | 32.193 | |||||
Derivatives held for hedging: | ||||||
Net investment hedge | - | 500 million USD | (22.165.864) | Borrowings | - | June 2028 |
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 | 1.061.923 | 9.684 tones | 33.835 | Derivative Instruments | - | January - December 2025 |
- Sugar | 1.793.110 | 82.050 tones | 9.501 | Derivative Instruments | - | January - December 2025 |
Fx forward (hedging exchange rate risk) | 1.313.318 | 28,5 million USD | - | Derivative Instruments | - | June 2025 |
4.168.351 | 43.336 | |||||
Derivatives held for hedging: Net investment hedge | - | 500 million USD | (22.165.864) | Borrowings | - | January 2029 |
Net investment hedge | - | 80 million USD | (3.546.538) | Borrowings | - | April 2030 |
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025 unless otherwise indicated)
NOTE 9. OTHER RECEIVABLES AND PAYABLES | ||
a) Other Current Receivables | ||
September 30, 2025 | December 31, 2024 | |
Receivables from related parties (Note 25) | 293.573 | 278.390 |
Sublease receivables from related parties (1)(Note 25) | 109.612 | 186.851 |
Due from personnel | 211.766 | 159.587 |
Receivables from government institution | 364.716 | 274.639 |
Deposits and guarantees given | 14.756 | 13.846 |
Other | 283.033 | 678.652 |
1.277.456 | 1.591.965 | |
b) Other Non-Current Receivables | ||
September 30, 2025 | December 31, 2024 | |
Deposits and guarantees given | 216.999 | 232.057 |
Receivables from government institution | 475 | 596 |
Sublease receivables from related party (Note 25) (1) | 303.376 | 212.433 |
520.850 | 445.086 | |
(1) Subleases from related parties has been recorded according to TFRS 16 which are related with the management building and leased on behalf of the parent company AG Anadolu Group A.Ş. and the subsidiaries.
Other Current Payables
September 30, 2025
December 31, 2024
Taxes other than income taxes
7.248.622
11.073.522
Payables related to share changes in subsidiaries that do not result in loss of control
4.150.680
4.425.208
Deposits and guarantees taken
4.174.161
3.590.744
Other current payables to related parties (Note 25)
4.231.405
4.511.274
Payables related to acquisitions at obtaining control of subsidiaries
710.721
730.779
Dividends payable
337.972
361.856
Other
69.635
358.702
20.923.196
25.052.085
d) Other Non-Current Payables
September 30, 2025
December 31, 2024
Deposits and guarantees taken
9.166
19.802
Other
1.610.443
-
1.619.609
19.802
NOTE 10. INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD
September 30, 2025
December 31, 2024
Ownership
Carrying Value
Ownership
Carrying Value
SSDSD (1)
25,13%
-
25,13%
-
Malty Gıda A.Ş.
25,00%
229
25,00%
434
Trendbox
20,00%
17.632
20,00%
20.014
Neoone
20,00%
3.013
20,00%
4.282
20.874
24.730
The movement of investments accounted for using equity method as of September 30, 2025, and 2024 are as follows:
2025
2024
Balance at January 1
24.730
888
Gain/(loss) from equity method investment
6.781
(6.110)
Share acquisition
-
22.159
Other
(10.637)
4.205
Balance at September 30
20.874
21.142
SSDSD, which has been accounted by using equity method in CCI financial statements, is accounted as investment in associates in Group's financial statement.