Anadolu Efes Biracilik ve Malt Sanayii Anonim Sirketi : 3. 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 SEPTEMBER 30, 2025 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 SEPTEMBER 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 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) Unaudited Notes 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 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 15.289 (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 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 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, 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 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. 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 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: 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) 3.520.527 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 NOTE 2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS 2.1 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 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. 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 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 period In 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 Adoption of new and revised Turkish Financial Reporting Standards 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. 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 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. 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 nine-month period ended on September 30, 2025 None. Transactions related to the nine-month period ended on September 30, 2024 Anadolu 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 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 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) NOTE 4. SEGMENT REPORTING The management monitors the operating results of its two business units separately for the purpose of making decisions about resource allocation and performance assessment. The two operating segments are Beer Operations (Beer Group) and Soft Drinks Operations (Soft Drinks). Segment performance is evaluated based on "EBITDA Before Non-Recurring Items" (EBITDA BNRI) which is calculated excluding profit from discontinued operations and the following effects from profit from continuing operations attributable to our equity holders: (i) non-controlling interest, (ii) tax (expense)/income, (iii) share of gain/(loss) of investments accounted using equity method, (iv) financial income/(expense), (v) investment activity income/(expense) (vi) foreign exchange gains/(losses) arising from operating activities (vii) depreciation, amortization, and other non- cash items and (viii) non-recurring items associated with Profit/Loss from Operating Activities. Non-recurring items are either income or expenses which do not occur regularly as part of the normal activities of the Group. EBITDA BNRI is not an accounting measure under TFRS accounting and does not have a standard calculation method however it has been considered as the optimum indicator for the evaluation of the performance of the operating segments by considering the comparability with the entities in the same business. The Group's segment reporting in accordance with TFRS 8 is disclosed as follows: January 1 - 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 Total Segment 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 EQUIVALENTS September 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 Investment Financial 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 23.090 Movements 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 borrowings September 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 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 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) 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 NOTE 8. DERIVATIVE INSTRUMENTS 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 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: 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 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 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 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 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) 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.

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