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

4. Quarter 2025 Financial Statements

Mar 5, 2026 at 9:49 PM UTC · Issued by Anadolu Efes Biracilik Ve Malt Sanayii A.s.

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CONVENIENCE TRANSLATION INTO ENGLISH OF CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH ANADOLU EFES BİRACILIK VE MALT SANAYİİ ANONİM ŞİRKETİ AND ITS SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2025 TOGETHER WITH INDEPENDENT AUDITOR'S REPORT

CONVENIENCE TRANSLATION INTO ENGLISH OF INDEPENDENT AUDITOR'S REPORT ORIGINALLY ISSUED IN TURKISH

INDEPENDENT AUDITOR'S REPORT

To the General Assembly of Anadolu Efes Biracılık ve Malt Sanayii A.Ş.

Audit of the consolidated financial statements

Our opinion
We have audited the accompanying consolidated financial statements of Anadolu Efes Biracılık ve Malt Sanayii A.Ş. (the "Company") and its subsidiaries (collectively referred to as the "Group") which comprise the consolidated statement of financial position as at 31 December 2025, the consolidated statement of profit or loss, the consolidated statement of other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended and notes to the consolidated financial statements comprising a summary of significant accounting policies.
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group as at 31 December 2025, and its financial performance and its cash flows for the year then ended in accordance with Turkish Financial Reporting Standards ("TFRS").
Basis for opinion
Our audit was conducted in accordance with the Standards on Independent Auditing (the "SIA") that are part of Turkish Standards on Auditing adopted within the framework of the regulations of the Capital Markets Board and issued by the Public Oversight Accounting and Auditing Standards Authority (the
"POA"). Our responsibilities under these standards are further described in the "Auditor's Responsibilities for the Audit of the Consolidated Financial Statements" section of our report. We hereby declare that we are independent of the Group in accordance with the Ethical Rules for Independent Auditors (including Independence Standards) (the "Ethical Rules") the ethical requirements regarding independent audit in regulations issued by the POA; the regulations of the Capital Markets Board; and other relevant legislation are relevant to our audit of the financial statements. We have also fulfilled our other ethical responsibilities in accordance with the Ethical Rules and regulations. We believe that the audit evidence we have obtained during the independent audit provides a sufficient and appropriate basis for our opinion.
https://www.pwc.com.tr
PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. Kılıçali Paşa Mah. Meclis-i Mebusan Cad. No: 8
Galataport İstanbul D Blok Beyoğlu/İstanbul
T: +90 (212) 326 6060 Mersis Numaramız: 0-1460-0224-0500015

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. Key audit matters were addressed in the context of our independent audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Key Audit Matters

How the key audit matter was addressed in the audit

Impairment Testing of Goodwill and Intangible Assets

The carrying value of bottling rights, brands and goodwill which are accounted for under intangible assets amounted to TRY119,454,771 thousand, TRY1,344,355 thousand and TRY9,738,082 thousand, respectively, in the consolidated financial statements as of 31 December 2025. In accordance with TFRS, these indefinite-life intangible assets should be tested for impairment annually.

Bottling rights, brands and goodwill are material to the consolidated financial statements. In addition, significant judgements and estimates are used in the impairment tests performed by management.

These are, for goodwill impairment tests; earnings before interest, tax, depreciation and amortization ("EBITDA") growth forecasts, long term growth rates and discount rates and in addition to these, royalty rates used in the relief from royalty method for the brand impairment tests. The outcome of such estimates is very sensitive to changes in market conditions. Therefore, the impairment tests of indefinite-life intangible assets are a key matters for our audit.

Please refer to notes 2 and 16 of the consolidated financial statements for the relevant disclosures, including the accounting policies related to the measurement of indefinite-life intangible assets and the sensitivity analysis.

We performed the following auditing procedures in relation to the impairment tests of indefinite lived intangible assets and goodwill:

key assumptions,

Evaluating the appropriateness of the Cash Generating Units ("CGUs") determined by management,
Evaluating management forecasts and future plans based on macroeconomic information for each relevant CGU,
Comparing forecasted cash flows for each CGU with its historical financial performance,
Through involvement of our valuation specialists, assessing the reasonableness of key assumptions, including long term growth rates, discount rates and benchmarking these against rates used in the industry,
Testing of the setup of the discounted cash flow models and their mathematical accuracy,
Assessing management's sensitivity analysis for
Testing of the disclosures in the consolidated financial statements in relation to indefinite-life intangible assets and evaluating the adequacy of these disclosures for TFRS' requirements.

Responsibilities of management and those charged with governance for the consolidated financial statements
The Group management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with TFRS, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Group's financial reporting process.
Auditor's responsibilities for the audit of the consolidated financial statements
Responsibilities of independent auditors in an independent audit are as follows:
Our aim is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an independent auditor's report that includes our opinion. Reasonable assurance expressed as a result of an independent audit conducted in accordance with SIA is a high level of assurance but does not guarantee that a material misstatement will always be detected. Misstatements can arise from fraud or error. Misstatements are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.
As part of an independent audit conducted in accordance with SIA, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement in the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Assess the internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
- Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our independent auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
- Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Group as a basis for forming an opinion on the consolidated financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the Group audit. We remain solely responsible for our audit opinion.
  We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
  We provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence. We also communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards actions taken to eliminate threats or safeguards applied.
  From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Other responsibilities arising from regulatory requirements
1. No matter has come to our attention that is significant according to subparagraph 4 of Article 402 of Turkish Commercial Code ("TCC") No. 6102 and that causes us to believe that the Anadolu Efes Biracılık ve Malt Sanayii A.Ş.'s bookkeeping activities concerning the period from 1 January to 31 December 2025 period are not in compliance with the TCC and provisions of the Company's articles of association related to financial reporting.
2. In accordance with subparagraph 4 of Article 402 of the TCC, the Board of Directors submitted the necessary explanations to us and provided the documents required within the context of our audit.
3. In accordance with subparagraph 4 of Article 398 of the TCC, the auditor's report on the early risk identification system and committee was submitted to the Anadolu Efes Biracılık ve Malt Sanayii A.Ş.'s Board of Directors on 5 March 2026.

PwC Bağımsız Denetim ve

Serbest Muhasebeci Mali Müşavirlik A.Ş.

Salim Alyanak, SMMM Independent Auditor

Istanbul, 5 March 2026

Convenience Translation into English of Consolidated Financial Statements Originally Issued in Turkish Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi CONSOLIDATED FINANCIAL STATEMENTS AS AT DECEMBER 31, 2025 TABLE OF CONTENTS

Page

Consolidated Statement of Financial Position 1-2 Consolidated Statement of Profit or Loss 3 Consolidated Statement of Other Comprehensive Income 4 Consolidated Statement of Changes in Equity 5 Consolidated Statement of Cash Flows 6 Notes to the Consolidated Financial Statements 7-78

Note 1 Group's Organization and Nature of Activities 7-9

Note 2 Basis of Presentation of Consolidated Financial Statements 9-29

Note 3 Business Combinations 30-32

Note 4 Information About Material Non-Controlling Interests in Subsidiaries and

Investments Accounted for Using Equity Method 33-34

Note 5 Segment Reporting 35-36

Note 6 Cash and Cash Equivalents 37

Note 7 Financial Investments 37

Note 8 Short and Long Term Borrowings 37-40

Note 9 Derivative Instruments 40-44

Note 10 Trade Receivables and Payables 45

Note 11 Other Receivables and Payables 45-46

Note 12 Inventories 46

Note 13 Prepaid Expenses and Deferred Income 47

Note 14 Right-of-Use Assets 48-49

Note 15 Property, Plant and Equipment 50-51

Note 16 Intangible Assets 52-54

Note 17 Commitments and Contingencies 54-56

Note 18 Employee Benefits Obligations 56

Note 19 Current and Non-Current Provisions 57-58

Note 20 Other Assets and Liabilities 58-59

Note 21 Equity, Reserves and Other Equity Items 59-60

Note 22 Revenue and Cost of Sales 61

Note 23 Operating Expenses… 61

Note 24 Expenses by Nature 62

Note 25 Other Income / Expenses from Operating Activities 62

Note 26 Investment Activity Income / Expense 63

Note 27 Finance Income / Expense 63

Note 28 Income Tax (Including Deferred Tax) 64-66

Note 29 Earnings per Share 67

Note 30 Related Party Balance and Transactions 67-68

Note 31 Financial Instruments and Financial Risk Management 69-73

Note 32 Financial Instruments (Fair Value and Hedge Accounting Disclosures) 74

Note 33 Explanatory Information on Statement of Cash Flows 75-76

Note 34 Monetary Gain / (Loss) 77

Note 35 Fees for Services from Independent Audit Firms 78

Note 36 Events After Reporting Period 78

Audited

	Notes	December 31, 2025	December 31, 2024
ASSETS
Cash and Cash Equivalents	6	37.174.413	70.986.469
Financial Investments	7	428.615	296.535
Trade Receivables	10	26.932.654	28.514.995
- Trade Receivables from Related Parties	30	2.299.135	2.778.732
- Trade Receivables from Third Parties		24.633.519	25.736.263
Other Receivables	11	1.150.888	1.661.288
- Other Receivables from Related Parties	30	330.632	485.500
- Other Receivables from Third Parties		820.256	1.175.788
Derivative Financial Assets	9	244.662	87.224
Inventories	12	28.997.482	39.540.836
Prepaid Expenses	13	9.069.504	9.704.402
- Prepaid Expenses to Third Parties		9.069.504	9.704.402
Current Tax Assets	28	1.558.458	2.989.490
Other Current Assets	20	3.566.659	4.986.448
- Other Current Assets from Related Parties		240.000	242.150
- Other Current Assets from Third Parties		3.326.659	4.744.298
Current Assets		109.123.335	158.767.687
Financial Investments		54.631.732	24.096
Trade Receivables	10	1.123	393
- Trade Receivables from Third Parties		1.123	393
Other Receivables	11	500.369	464.468
- Other Receivables from Related Parties	30	269.045	221.684
- Other Receivables from Third Parties		231.324	242.784
Derivative Financial Assets	9	-	-
Investments Accounted for Using Equity Method	4	21.811	25.807
Property, Plant and Equipment	15	92.362.863	106.341.204
Right-of-Use Assets	14	4.981.691	4.056.474
Intangible Assets		136.090.313	172.811.073
- Goodwill	16	9.738.082	18.091.353
- Other Intangible Assets	16	126.352.231	154.719.720
Prepaid Expenses	13	4.730.473	6.142.150
Deferred Tax Asset	28	11.096.776	12.393.475
Other Non-Current Assets	20	37.933	2.293
Non-Current Assets		304.455.084	302.261.433

TOTAL ASSETS		413.578.419	461.029.120

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

	Notes	December 31, 2025	December 31, 2024
LIABILITIES
Current Borrowings		26.092.587	29.875.073
- Current Borrowings from Third Parties		26.092.587	29.875.073
- Banks Loans	8a	15.297.745	25.111.350
- Issued Debt Instruments	8a	10.794.842	4.763.723
Current Portion of Non-Current Borrowings		9.870.476	12.071.461
- Current Portion of Non-Current Borrowings from Third Parties		9.870.476	12.071.461
- Banks Loans	8a	7.273.264	4.925.500
- Lease Liabilities	8b	1.335.601	1.237.014
- Issued Debt Instruments	8a	1.261.611	5.908.947
Other Financial Liabilities	8c	-	268.250
Trade Payables	10	41.668.292	64.815.246
- Trade Payables to Related Parties	30	1.090.257	4.259.901
- Trade Payables to Third Parties		40.578.035	60.555.345
Employee Benefit Obligations	18	1.457.731	1.527.271
Other Payables	11	22.073.851	26.143.008
- Other Payables to Related Parties	30	4.367.899	4.707.723
- Other Payables to Third Parties		17.705.952	21.435.285
Derivative Financial Liabilities	9	306.431	3.829
Deferred Income	13	1.171.579	969.778
Current Tax Liabilities	28	917.464	1.001.798
Current Provisions		1.827.282	3.606.296
- Current Provisions for Employee Benefits	19	836.545	1.895.225
- Other Current Provisions	19	990.737	1.711.071
Other Current Liabilities	20	350.370	200.004
Current Liabilities		105.736.063	140.482.014
Long-Term Borrowings		57.024.009	61.043.080
- Long-term Borrowings from Third Parties		57.024.009	61.043.080
- Banks Loans	8a	10.445.477	11.557.231
- Lease Liabilities	8b	2.506.363	2.074.293
- Issued Debt Instruments	8a	44.072.169	47.411.556
Trade Payables	10	289.564	2.144
- Trade Payables to Third Parties		289.564	2.144
Employee Benefit Obligations	18	82.521	107.301
Other Payables	11	1.695.233	20.664
- Other Payables to Third Parties		1.695.233	20.664
Derivative Financial Liabilities	9	-	-
Deferred Income	13	856	522
Non-Current Provision	19	1.653.183	1.665.154
- Non-Current Provision for Employee Benefits		1.653.183	1.665.154
Deferred Tax Liabilities	28	28.084.135	35.495.503
Other Non-Current Liabilities	20	8.622	1.096
Non-Current Liabilities		88.838.123	98.335.464
Equity Attributable to Equity Holders of the Parent		108.611.239	110.003.109
Issued Capital	21	5.921.052	592.105
Inflation Adjustment on Capital	21	10.416.346	15.745.293
Share Premium (Discount)		2.722.558	2.722.558
Other Accumulated Comprehensive Income (Loss) that		(418.591)	(443.960)

Audited

will not be Reclassified in Profit or Loss

-Revaluation and Remeasurement Gain/ (Loss) (418.591) (443.960)

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

(52.606.831) (43.103.737)

- Currency Translation Differences 19.720.302 24.323.231

- Gains (Losses) on Hedge (72.327.133) (67.426.968)

Restricted Reserves Appropriated from Profits	21	7.150.450	7.066.768
Prior Years' Profits or Losses		126.469.399	110.254.858
Current Period Net Profit or Losses		8.956.856	17.169.224
Non-Controlling Interests	4	110.392.994	112.208.533
Total Equity		219.004.233	222.211.642
TOTAL LIABILITIES		413.578.419	461.029.120

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

Audited

		Current Period January 1 - December 31 2025	Previous Period January 1- December 31 2024
	Notes
Revenue	5, 22	243.847.131	302.824.515
Cost of Sales (-)	22	(151.921.187)	(183.702.456)
GROSS PROFIT (LOSS)		91.925.944	119.122.059
General Administrative Expenses (-)	23	(18.811.498)	(24.834.453)
Sales, Distribution and Marketing Expenses (-)	23	(46.722.557)	(59.291.166)
Other Income from Operating Activities	25	5.533.987	8.760.075
Other Expenses from Operating Activities (-)	25	(6.196.397)	(9.658.831)
PROFIT (LOSS) FROM OPERATING ACTIVITIES	5	25.729.479	34.097.684
Investment Activity Income	26	4.018.052	306.636
Investment Activity Expenses (-)	26	(381.784)	(368.080)
Share of Gain / (Loss) from Investments Accounted for Using Equity Method	4	5.290	(5.458)
PROFIT (LOSS) BEFORE FINANCING INCOME (EXPENSE)	5	29.371.037	34.030.782
Finance Income	27	7.706.197	18.676.622
Finance Expenses (-)	27	(27.151.105)	(31.828.067)
Monetary Gain / (Loss)		15.676.716	19.692.358
PROFIT (LOSS) FROM CONTINUING OPERATIONS, 5		25.602.845	40.571.695
Tax (Expense) Income, Continuing Operations		(8.266.318)	(10.015.218)
- Current Period Tax Income (Expense)	28	(6.486.482)	(8.672.468)
- Deferred Tax Income (Expense)	28	(1.779.836)	(1.342.750)
PROFIT/(LOSS) FROM CONTINUING OPERATIONS		17.336.527	30.556.477

PROFIT/(LOSS)		17.336.527	30.556.477

Profit/(Loss) Attributable to:		17.336.527	30.556.477
- Non-Controlling Interest	4	8.379.671	13.387.253
- Owners of Parent		8.956.856	17.169.224
Earnings / (Loss) Per Share (Full TRL)	29	1,5127	2,8997

BEFORE TAX

Earnings / (Loss) Per Share From Continuing Operations (Full TRL)

29 1,5127 2,8997

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

DECEMBER 31, 2025

(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at December 31, 2025 unless otherwise indicated)

Audited

		Current	Period
		Period	January 1-
		January 1-	December
		December 31	31
	Notes	2025	2024
PROFIT/(LOSS)		17.336.527	30.556.477

OTHER COMPREHENSIVE INCOME
Other Comprehensive Income that will not be Reclassified to Profit or Loss		35.902	(60.436)
Gains (Losses) on Remeasurements of Defined Benefit Plans	19	47.870	(76.303)
Taxes Relating to Components of Other Comprehensive Income that will not be reclassified to profit or loss		(11.968)	15.867
- Deferred Tax Income (Expense)		(11.968)	15.867
Other Comprehensive Income that will be Reclassified to Profit or Loss		(17.908.913)	(49.660.314)
Currency Translation Differences		(11.040.182)	(41.904.858)
Other Comprehensive Income (Loss) on Cash Flow Hedge		5.921	(206.899)
Other Comprehensive Income (Loss) Related with Hedges of Net Investment in Foreign Operations	31	(9.164.229)	(10.264.130)
Taxes Relating to Components of Other Comprehensive Income that will be reclassified to profit or loss		2.289.577	2.715.573
- Deferred Tax Income (Expense)	2.289.577		2.715.573
OTHER COMPREHENSIVE INCOME (LOSS)	(17.873.011)		(49.720.750)

TOTAL COMPREHENSIVE INCOME (LOSS)	(536.484)		(19.164.273)

Total Comprehensive Income Attributable to
- Non-Controlling Interest	(15.615)		(9.482.323)
-Owners of Parents	(520.210)		(9.681.950)

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

Convenience Translation into English of Consolidated Financial Statements Originally Issued in Turkish Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED DECEMBER 31, 2025

(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at December 31, 2025 unless otherwise indicated)

Other Accumulated Comprehensive Income that will not be reclassified

Other Accumulated Comprehensive Income that will

in Profit or Loss be reclassified in Profit or Loss Retained Earnings

Previous Period

( January 1- December 31, 2024)

	Notes	Issued Capital	Inflation Adjustment on Capital	Share Premium/ (Discount)	Revaluation and Remeasurement Gain/ (Loss) (*)	Currency Translation Differences	Gains (Losses) on Hedge	Restricted Reserves Appropriated from Profits	Prior Years' Profits or (Losses)	Current Period Net Profit or (Loss)	Equity Attributable to Equity Holders of the Parent	Non-Controlling Interests	Total Equity
Beginning Balances		592.105	15.745.293	2.722.558	(399.793)	45.399.155	(59.016.688)	6.840.210	68.299.313	41.819.393	122.001.546	123.442.423	245.443.969
Transfers		-	-	-	-	-	-	-	41.819.393	(41.819.393)	-	-	-
Total Comprehensive Income (Loss)		-	-		(44.167)	(21.075.924)	(8.410.280)	-	2.679.197	17.169.224	(9.681.950)	(9.482.323)	(19.164.273)
Profit (Loss)		-	-	-	-	-	-	-	-	17.169.224	17.169.224	13.387.253	30.556.477
Other Comprehensive Income(Loss)		-	-	-	(44.167)	(21.075.924)	(8.410.280)	-	2.679.197	-	(26.851.174)	(22.869.576)	(49.720.750)
Dividends 21		-	-	-	-	-	-	226.558	(2.539.273)	-	(2.312.715)	(1.702.371)	(4.015.086)
Transactions with Owners of Non- Controlling Interest		-	-	-	-	-	-	-	148.623	-	148.623	(201.591)	(52.968)
Increase (decrease) through Changes
in ownership interests in 3 loss of control		-	-	-	-	-	-	-	(152.395)	-	(152.395)	152.395	-
Ending Balances		592.105	15.745.293	2.722.558	(443.960)	24.323.231	(67.426.968)	7.066.768	110.254.858	17.169.224	110.003.109	112.208.533	222.211.642

subsidiaries that do not result in

Current Period (January 1- December 31, 2025)	Beginning Balances		592.105	15.745.293	2.722.558	(443.960)	24.323.231	(67.426.968)	7.066.768	110.254.858	17.169.224	110.003.109	112.208.533	222.211.642
	Transfers		5.328.947	(5.328.947)	-	-	-	-	-	17.169.224	(17.169.224)	-	-	-
	Total Comprehensive Income (Loss)		-	-	-	25.369	(4.602.929)	(4.900.165)	-	-	8.956.856	(520.869)	(15.615)	(536.484)
	Profit (Loss)		-	-	-	-	-	-	-	-	8.956.856	8.956.856	8.379.671	17.336.527
	Other Comprehensive Income (Loss)		-	-	-	25.369	(4.602.929)	(4.900.165)	-	-	-	(9.477.725)	(8.395.286)	(17.873.011)
	Dividends	21	-	-	-	-	-	-	83.682	(954.683)	-	(871.001)	(1.799.924)	(2.670.925)
	Ending Balances		5.921.052	10.416.346	2.722.558	(418.591)	19.720.302	(72.327.133)	7.150.450	126.469.399	8.956.856	108.611.239	110.392.994	219.004.233

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

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

CONSOLIDATED STATEMENT OF CASH FLOW FOR THE YEAR ENDED DECEMBER 31, 2025

(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at December 31, 2025 unless otherwise indicated)

Audited

Notes

January 1-

December 31,

January 1-

December 31,

		2025	2024
CASH FLOWS FROM OPERATING ACTIVITIES		34.153.496	42.426.457
Profit/ (Loss) from Continuing Operation for the Period		17.336.527	30.556.477
Adjustments to Reconcile Profit (Loss)		19.375.273	19.366.587
Adjustments for Depreciation and Amortization Expense	5, 14, 15, 16, 24	13.153.256	14.992.801
Adjustments for Impairment Loss (Reversal)	33	222.347	1.352.869
Adjustments for Provisions		1.548.301	1.387.810
- Adjustments for Provision/(Reversal) for Employee Benefits	33	1.124.305	1.218.391
- Adjustments for Other Provisions/(Reversals)	19c	423.996	169.419
Adjustments for Interest (Income) Expenses	33	18.944.422	16.913.954
Adjustments for Foreign Exchange Losses (Gains)		401.069	(2.255.938)
Adjustments for Fair Value (Gains) Losses on Derivative Financial Instruments	33	355.168	1.316.810
Adjustments for Undistributed Profits of Investments Accounted for Using Equity Method	4	(5.290)	5.458
Adjustments for Tax (Income) Expenses	28	8.266.318	10.015.218
Adjustments for Bargain Purchase Gain		-	(122.521)
Adjustments for Losses (Gains) on Disposal of Non-Current Assets Adjustments Related to Losses (Gains) Arising from Disposal of Associates, Joint Ventures and Financial Investments or from Changes in Ownership Interest Other Adjustments to Reconcile Profit (Loss)	26	42.077 (3.780.853) (144.299)	171.596 -(435.081)
Adjustments for Monetary (Gain) Loss		(19.627.243)	(23.976.389)
Change in Working Capital		2.255.346	2.560.596
Adjustments for Decrease (Increase) in Trade Accounts Receivables		(4.219.622)	80.937
Adjustments for Decrease (Increase) in Other Receivables Related with Operations		3.627.691	(3.587.159)
Adjustments for Decrease (Increase) in Inventories		1.259.031	8.660.675
Adjustments for Increase (Decrease) in Trade Accounts Payable		3.045.971	(87.724)
Adjustments for Increase (Decrease) in Other Operating Payables		(1.457.725)	(2.506.133)
Cash Flows from (used in) Operations		38.967.146	52.483.660
Payments Related with Provisions for Employee Benefits	19	(599.427)	(727.677)
Income Taxes (Paid) Return		(4.211.060)	(9.324.110)
Other Provisions (Paid)		(3.163)	(5.416)
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES		(47.097.819)	(24.424.119)

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

4 - (24.110)

Proceeds from Sales of Property, Plant, Equipment and Intangible Assets		757.172	1.500.035
Cash Outflows Arising from Purchase of Property, Plant, Equipment and Intangible Assets	15, 16	(19.111.074)	(24.830.960)
Cash Outflows Related to Purchases for Obtaining Control of Subsidiaries Adjustments Arising from Changes in the Scope of Consolidation	33	- (28.743.917)	(1.069.084) -
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES		(20.283.573)	(15.217.080)
Proceeds from Borrowings	8a	110.411.280	97.849.500
Repayments of Borrowings	8a	(107.610.285)	(87.571.624)
Payments of Lease Liabilities	8b	(1.290.708)	(1.051.170)
Cash Inflows from Settlement of Derivative Instruments		16.217	71.193
Cash Outflows from Settlement of Derivative Instruments		(78.955)	(824.891)
Dividends Paid		(2.665.429)	(3.929.555)
Interest Paid, Bank Commission and Fees	33	(22.363.096)	(19.032.998)
Interest Received		3.737.372	5.206.096

Cash Outflows Related to Changes in Share of Subsidiaries that will not Result in Loss of Control

33 - (4.322.758)

Other Inflows (Outflows) of Cash	33	(439.969)	(1.610.873)
NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS BEFORE (33.227.896) 2.785.258
CURRENCY TRANSLATION DIFFERENCES
Effect of Currency Translation Differences on Cash and Cash Equivalents		754.592	(6.832.897)
MONETARY LOSS ON CASH AND CASH EQUIVALENTS		(1.210.613)	(2.998.198)
NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS		(33.683.917)	(7.045.837)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD	6	70.803.189	77.849.026
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD	6	37.119.272	70.803.189

The accompanying notes form an integral part of these 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 15.318 (December 31, 2024- 19.907).

The consolidated financial statements of the Group approved by the Board of Directors of the Company and signed by the Chief Financial Officer, Yasemen Güven Çayırezmez and Finance Director, Kerem İşeri were issued on March 5, 2026. 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 three 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). 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 December 31, 2025 and December 31, 2024, the composition of shareholders and their respective percentage of ownership can be summarized as follows:

December 31, 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. is a management company, which is ultimately managed by the Özilhan Family and Süleyman Kamil Yazıcı 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 December 31, 2025 and December 31, 2024 are as follows:

Effective Shareholding And Voting Rights %

	Country	Principal Activity	Segment	December 31, 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 and fresh fruits.

50,26

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
Associates: 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 December 31, 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 31 December 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 25 and 26.

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 December 31, 2025 consolidated financial statements. The fair value of the financial investment has been determined within the framework of the assumptions disclosed in Note 2.35, and the resulting amount does not differ materially from the carrying amount of the respective operation prior to the change in the scope of consolidation. 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 26)	3.673.832
	Net impact of changes in consolidation scope on profit or loss	3.673.832

		Russia Beer Operations
	January 1, 2025	Net Book Value
	Cash and Cash Equivalents	22.952.000
	Trade Receivables	4.311.223
	Inventories	7.159.366
	Other Assets	1.327.343
	Property, Plant and Equipment	11.521.112
	Intangible Assets	27.565.461
	-Goodwill	6.180.335
	-Other Intangible Assets	21.385.126
	Trade Payables	(19.993.954)
	Other Payables	(2.761.169)
	Other Liabilities	(389.719)
	Current Provisions	(1.685.349)
	Deferred Tax Liabilities	(5.041.642)
	Carrying amount of net assets derecognized from consolidation scope	44.964.672

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 December 2024 is presented below:

	Income Statement	Intercompany Transactions and Other (1)	Total
	January 1-	January 1-	January 1-
	December 31, 2024	December 31, 2024	December 31, 2024
Revenue	65.639.651	653.184	64.986.467
Cost of sales (-)	(36.901.832)	(653.184)	(36.248.648)
General and administration (-)	(6.888.483)	(210.835)	(6.677.648)
Sales, Distribution and Marketing Expenses (-)	(13.582.429)	-	(13.582.429)
Other Operating Income/ (Expense)	(1.170.454)	210.835	(1.381.289)
Investment Activity Income / (Expense)	(11.605)	-	(11.605)
Financial Income / (Expense)	2.036.562	1.842.363	194.199
Profit/ (loss) before tax from continuing operations	(2.308.011)	(1.656.388)	(651.623)
Profit for the year	6.813.399	185.975	6.627.424
(1) Includes transactions with JSC AB InBev Efes's group companies and consolidation adjustments.
The cash flow statement of JSC AB InBev Efes as of December 2024 is presented below:
January			1-December 31, 2024
Cash flow from operating activities			11.218.235
Cash flow from investing activities			(3.205.443)
Cash flow from financing activities			1.129.679
Currency Translation Differences			4.573.499
Net (Decrease) / Increase in cash and cash equivalents			13.715.970
NOTE 2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS
2.1 Basis of Preparation and Presentation of 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.

NOTE 2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (continued) Adjustment of financial statements in hyperinflationary periods

The Group prepared its consolidated financial statements as at and for the year ended December 31, 2024 by applying TAS 29 "Financial Reporting in Hyperinflationary Economies" in accordance with the announcement made by Public Oversight Accounting and Auditing Standards Authority ("POA") on November 23, 2023 and the "Implementation Guide on Financial Reporting in Hyperinflationary Economies". The standard requires that financial statements prepared in the currency of a hyperinflationary economy be stated in terms of the purchasing power of that currency at the reporting period and that comparative figures for prior period financial statements be expressed in terms of the measuring unit current at the end of the reporting period. Therefore, the Group has presented its consolidated financial statements as of December 31, 2024, on the purchasing power basis as of December 31, 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, 2024.

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 December 31, 2024, 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
December 31 2025	3.513,87	1,00000	211%
December 31 2024	2.684,55	1,30892	291%
December 31 2023	1.859,38	1,88981	268%

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 CONSOLIDATED FINANCIAL STATEMENTS (continued)

Functional and Reporting Currency

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

Functional Currency of Significant Subsidiaries Located in Foreign Countries

Functional Currency

Subsidiary / Joint Venture	Local Currency	2025	2024
EBI	Europian Currency (EUR)	USD	USD
JSC AB Inbev Efes	Russian Ruble (RUR)	RUR	RUR
PJSC AB Inbev Efes Ukraine	Ukraine Hryvnya (UAH)	UAH	UAH
AB InBev Efes B.V.	Europian 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	Romenian 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

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 (Note 2.5).
Changes in Accounting Policies

New and amended Turkish Financial Reporting Standards Standards, amendments, and interpretations applicable as of 31 December 2025: Amendments to TAS 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. NOTE 2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (continued) 2.4 Changes in Accounting Policies (continued) New and amended TFRS Standards that are effective for the current year(continued) Standards, amendments, and interpretations that are issued but not effective as of 31 December 2025: Amendment to TFRS 9 and TFRS 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 TFRS - 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:
TFRS 1 First-time Adoption of International Financial Reporting Standards;
TFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing TFRS 7;
TFRS 9 Financial Instruments;
TFRS 10 Consolidated Financial Statements; and
TAS 7 Statement of Cash Flows.
Amendment to TFRS 9 and TFRS 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 TFRS 9 and include targeted disclosure requirements to TFRS 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'. Amendments to TAS 21 - Translation to a Hyperinflationary Presentation Currency; effective from annual periods beginning on or after 1 January 2027. These narrow-scope amendments specify the translation procedures for an entity whose presentation currency is that of a hyperinflationary economy. The entity applies the amendments if:
its functional currency is that of a non-hyperinflationary economy and it is translating its results and financial position into the currency of a hyperinflationary economy; or
it is translating into the currency of a hyperinflationary economy the results and financial position of a foreign operation whose functional currency is that of a non-hyperinflationary economy.

NOTE 2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (continued) 2.4 Changes in Accounting Policies (continued) New and amended TFRS Standards that are effective for the current year (continued) Standards, amendments, and interpretations that are issued but not effective as of 31 December 2025: (continued) Amendments to Illustrative Examples on TFRS 7, TFRS 18, TAS 1, TAS 8, TAS 36 and TAS 37- Disclosures about Uncertainties in the Financial Statements; These amendments include Examples illustrating how an entity applies the requirements in TFRS Accounting Standards to disclose the effects of uncertainties in its financial statements. The Examples demonstrate how to disclose the impacts of uncertainties within climate-related scenarios, but the principles and requirements are also applicable to disclosure of other uncertainties. The Examples do not add to or change requirements in TFRS Accounting Standards and therefore there are no transition requirements. Instead, these Examples will accompany the respective TFRS Accounting Standards to which they relate. The Examples do not have an effective date, but entities might consider the application for December 2025 year-ends. TFRS 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 TFRS 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.
TFRS 19 Subsidiaries without Public Accountability: Disclosures' and amendment; effective from annual periods beginning on or after 1 January 2027.This new standard works alongside other TFRS Accounting Standards. An eligible subsidiary applies the requirements in other TFRS Accounting Standards except for the disclosure requirements and instead applies the reduced disclosure requirements in TFRS 19. TFRS 19's reduced disclosure requirements balance the information needs of the users of eligible subsidiaries' financial statements with cost savings for preparers. TFRS 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 TFRS Accounting Standards.

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

Changes in Accounting Policies (continued) New and amended TFRS Standards that are effective for the current year (continued) Standards, amendments, and interpretations that are issued but not effective as of 31 December 2025: (continued) TFRS 19 Subsidiaries without Public Accountability: Disclosures'; with these amendments, TFRS 19 reflects the changes to TFRS Accounting Standards that take effect up to 1 January 2027, when TFRS 19 will be applicable. These amendments help eligible subsidiaries by reducing disclosure requirements for Standards and amendments issued between February 2021 and May 2024, specifically:
- TFRS 18 Presentation and Disclosure in Financial Statements;
- Supplier Finance Arrangements (Amendments to TAS 7 and TFRS 7);
- International Tax Reform-Pillar Two Model Rules (Amendments to TAS 12);
- Lack of Exchangeability (Amendments to TAS 21); and
- Amendments to the Classification and Measurement of Financial Instruments (Amendments to TFRS 9 and TFRS 7).
The Group does not expect a material impact on its financial statements and performance.
Changes in Accounting Estimates
The accounting estimates of the Group are adopted to be the consistent with prior years and there is no material changes in accounting estimates.
Offsetting
Financial assets and liabilities are offset and the net amount are reported in the consolidated financial statements when there is a legally enforceable right to set-off the recognized amounts and there is an intention to settle on a net basis or realize the assets and settle the liabilities simultaneously.
Classification and Measurement of Financial Assets
Group classified its financial assets in three categories; financial assets carried at amortized cost, financial assets carried at fair value though profit of loss, financial assets carried at fair value though other comprehensive income. Classification is performed in accordance with the business model determined based on the purpose of benefits from financial assets and expected cash flows. Management performs the classification of financial assets at the acquisition date.
1. Financial assets carried at amortized cost; Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest, whose payments are fixed or predetermined, which are not actively traded and which are not derivative instruments are measured at amortized cost. They are included in current assets, except for maturities more than 12 months after the balance sheet date. Those with maturities more than 12 months are classified as non-current assets. The Group's financial assets carried at amortized cost comprise "trade receivables" and "cash and cash equivalents" in the statement of financial position. The Group's trade receivables, which are recognized at amortized cost in the consolidated financial statements, do not contain a significant financing component.
2. Financial assets carried at fair value through other comprehensive income; Financial assets carried at fair value through other comprehensive income comprise of "financial assets" in the statement of financial position. When the financial assets carried at fair value through other comprehensive income are sold, fair value gain or loss classified in other comprehensive income is classified to retained earnings.
  NOTE 2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (continued)
  1. Classification and Measurement of Financial Assets (continued)
3. Financial assets at fair value through profit or loss"; Assets that are not measured at amortised cost or at fair value through other comprehensive income. Financial assets are measured at fair value through profit or loss if they are not held within a business model whose objective is to hold assets to collect contractual cash flows or within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets. Gains and losses resulting from the valuation of these assets are accounted in the consolidated statement of income.

Financial Assets

Cash and Cash Equivalents Amortized cost Trade Receivable and Other Receivable Amortized cost

Derivative Financial Assets Fair value through profit or loss

Derivative Financial Assets Fair value through other comprehensive income

Classification and Measurement of Financial Liabilities
Financial liabilities are classified as at fair value on initial recognition. On initial recognition of liabilities other than those that are recognized at fair value though profit or loss, transaction costs directly attributable to the acquisition or issuance thereof are also recognized in the fair value. A financial liability is subsequently classified at amortized cost except:
1. Financial liabilities at fair value though profit or loss: These liabilities including derivative instruments are subsequently measured at fair value.
2. Financial liabilities arising if the transfer of the financial asset does not meet the conditions of derecognition from the financial statements or if the ongoing relationship approach is applied: When the Group continues to present an asset based on the ongoing relationship approach, a liability in relation to this is also recognized in the financial statements. The transferred asset and the related liability are measured to reflect the rights and liabilities that the Group continues to hold. The transferred liability is measured in the same manner as the net book value of the transferred asset.
3. A contingent consideration recognized in the financial statements by the entity acquired in a business combination where TFRS 3 is applied: After initial recognition, the related contingent consideration is measured as at fair value though profit or loss.
  The Group does not reclassify any financial liability.
  The Group's trade payables, which are recognized at amortized cost in the consolidated financial statements, do not contain a significant financing component.
  The Group derecognizes financial liabilities when, and only when, the Group's obligations are discharged, cancelled, or have expired. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss.
  Financial Liabilities
  Derivative Financial Liabilities Fair value through profit or loss
  Derivative Financial Liabilities Fair value through other comprehensive income Bank Loans Amortized cost
  Lease Liabilities Amortized cost Trade Payables and Other Payables Amortized cost
  NOTE 2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (continued)
Basis of Consolidation
The consolidated financial statements comprise the financial statements of the parent company, Anadolu Efes, its subsidiaries drawn up to the reporting date. The financial statements of the companies included in the consolidation have been prepared based on the accounting policies and presentation formats adopted by the Group in accordance with CMB Financial Reporting Standards.
Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated by using the full consolidation method; therefore, the carrying value of subsidiaries is eliminated against the related shareholders' equity. The equity and net income attributable to minority shareholders' interests of subsidiaries are shown separately in the consolidated balance sheet and consolidated income loss statement.
The Company and The Coca Cola Export Corporation (TCCEC) which owns 20,09% shares of CCİ, decided to change some of the provisions defined as the "important decisions" in the Association Agreement which is effective from January 1, 2013. As a result of this change, in accordance with the Shareholders' Agreement, TCCEC will have certain protective rights on major decisions. As a result, with effect from January 1, 2013, Anadolu Efes gained control over CCİ and started to include CCİ and its subsidiaries in consolidation scope.
EBI has entered into a shareholders' agreement with Anheuser-Busch InBev SA/NV (AB InBev), which holds 50% of AB InBev Efes B.V. Pursuant to this agreement, EBI obtained control over JSC Sun InBev, PJSC Sun InBev Ukraine and Bevmar GmbH, and retained control over Euro-Asien. Accordingly, as of 29 March 2018, EBI commenced full consolidation of JSC Sun InBev, PJSC Sun InBev Ukraine and Bevmar GmbH, and continued to consolidate Euro-Asien with a 50% direct ownership interest.As of 1 March 2019, Efes Moscow merged with JSC Sun InBev under JSC Sun InBev, and the surviving entity was renamed JSC AB InBev Efes.With the Board of Directors' resolution of AB InBev Efes B.V. dated 22 December 2021, the liquidation process of Euro-Asien and Bevmar was initiated, and the liquidation of Euro-Asien was completed in April 2025.Although the Group's ownership interest in JSC AB InBev Efes and its subsidiaries remains at 50%, effective 1 January 2025 the investment has been deconsolidated in accordance with TFRS 10 and has since been accounted for as a financial asset.
Joint ventures are companies in respect of which there are contractual arrangements through which an economic activity is undertaken subject to joint control by the Group and its subsidiaries together with one or more other parties. The Group's interest in joint ventures is accounted with equity method starting from January 1, 2013 according to TFRS 11.
Intercompany balances and transactions, including intercompany profits and unrealized profits and losses, are eliminated. Consolidated financial statements are prepared using uniform accounting policies for similar transactions and other events in similar circumstances.
The acquisition method of accounting is used for business combinations. Subsidiaries, joint ventures or investment in associates, acquired or disposed of during the year are included in the consolidated financial statements from the date of acquisition or to the date of disposal.
NOTE 2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (continued)
Cash and Cash Equivalents
Cash and cash equivalents comprise cash in hand, bank deposits and short-term investments, which can easily be converted into cash for a certain amount, has high liquidity with original maturities of 3 months or less. In accordance with TAS 7, bank deposits with a maturity of more than 3 months as of the acquisition date are reclassified to short term financial investments. However, Group recognises bank deposits with a maturity more than 3 months, which are considered to be highly liquid and do not include interest loss and penalty if compromised before maturity, to cash and cash equivalents. The deposits with the original maturities more than 3 months are classified to financial investments. The amounts paid under reverse repurchase agreements are included in the cash and cash equivalents.
Trade Receivables and Expected Credit Loss
Trade receivables that are originated by the Group by the way of providing goods or services are generally collected in three months terms. Trade receivables are recognized at net book value which is invoice amounts less an allowance for any uncollectible amounts. Expected credit loss is recognized by using the expected credit loss defined in TFRS 9. Expected credit losses are calculated based on Group's future estimates and experience over the past years.
Related Parties
Parties are considered to be related if one party directly or indirectly has the ability to control the other party or exercise significant influence over the other party in making the financial and operating decisions or be the associate of the Group. Related parties also include individuals who are principle owners, management and members of the Group's board of directors and their families. Amounts due from and due to related parties are carried at cost. Related party transactions are transfers of resources, services or obligations between related parties, regardless of whether a price is charged.
Inventories
Inventories are valued at the lower of net realizable value or cost for foreign operations, and at the lower of net realizable value or cost indexed in accordance with TAS 29 for domestic operations. Net realizable value is the estimated selling price of inventories in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale. Cost is determined primarily on the basis of the weighted average cost method. For processed inventories, cost includes direct materials, direct labor and the applicable allocation of fixed and variable overhead costs based on a normal operating capacity. When the net realizable value of inventory is less than cost, inventory is written down to their net realizable value, and the impairment loss is recognized in the income statement in the period in which the write-down occurs. If the circumstances that previously caused inventories to be written down to net realizable value no longer exist, or if there is clear evidence of an increase in net realizable value due to changed economic circumstances, the previously recognized impairment loss is reversed. The reversal is limited to the amount of the original write-down.Such reversals may occur due to observed improvements in aging analyses or the elimination of adverse conditions that previously led to the impairment.
Financial Investments
According to TFRS 9, all investments in equity instruments are to be measured at fair value.
Property, Plant and Equipment
Property, plant, and equipment (PP&E) are presented at indexed cost for domestic operations and at cost for foreign operations, less accumulated depreciation and, if applicable, accumulated impairment losses. Land is not depreciated. Depreciation is computed by the straight-line method over the following estimated useful lives:
Buildings and land improvements 5-49 years
Machinery and equipment 6-20 years
Leasehold improvements 4-20 years
Furnitures and fixtures 5-10 years
Vehicles 5-10 years
Retumable bottles and cases 5-10 years
Other tangible assets 5-12 years
NOTE 2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (continued)
1. Property, Plant and Equipment (continued)
  The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. If any such indication exists and where the carrying values exceed the estimated recoverable amount, the assets or cash-generating units are written down to their recoverable amount. The recoverable amount of property, plant and equipment is the greater of net selling price and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. The increase in the carrying amount of an asset attributable to a reversal of an impairment loss shall not exceed the carrying amount that would have been determined (net of amortization or depreciation) had no impairment loss been recognized for the asset in prior years. The increase is recognized in the consolidated statement of profit or loss (Note 26).
  Expenses for repair and maintenance of property, plant and equipment are normally charged to the consolidated statement of profit or loss. They are, however, capitalized and depreciated through the estimated useful life of the property, plant and equipment in exceptional cases if they result in an enlargement or substantial improvement of the respective assets.
  The Group management recognizes returnable bottles as property, plant and equipment. The Group sells its products also in non-returnable bottles. For such sales, there is no deposit obligation of the Group.
2. Leases
  Group - as a lessee
  At inception of a contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
  Group considers following indicators for the assessment of whether a contract conveys the right to control the use of an identified asset for a period of time or not:
  - The contract includes an identified asset (contract includes a definition of a specified asset explicitly or implicitly),
  - A capacity portion of an asset is physically distinct or represents substantially all of the capacity of an asset (if the supplier has a substantive right to substitute the asset and obtain economic benefits from use of the asset, then the asset is not an identified asset),
  - Group has the right to obtain substantially all of the economic benefits from use of the identified asset,
  - Group has the right to direct the use of an identified asset.
  Group has the right to direct the use of the asset throughout the period of use only if either:
  1. Group has the right to direct how and for what purpose the asset is used throughout the period of use or
  2. Relevant decisions about how and for what purpose the asset is used are predetermined:
    1. Group has the right to operate the asset (or to direct others to operate the asset in a manner that it determines) throughout the period of use, without the supplier having the right to change those operating instructions; or
    2. Group designed the asset (or specific aspects of the asset) in a way that predetermines how and for what purpose the asset will be used throughout the period of use.
NOTE 2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (continued)

Leases (continued)

Right-of-use asset

At the commencement date, the Group measures the right-of-use asset at cost. The cost of the right-of-use asset comprises:

the amount of the initial measurement of the lease liability,
any lease payments made at or before the commencement date, less any lease incentives received,
any initial direct costs incurred by the Group, and

an estimate of costs to be incurred by the Group in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease (unless those costs are incurred to produce inventories).

When applying the cost model, Group measures the right-of-use asset at cost:

less any accumulated depreciation and any accumulated impairment losses; and
adjusted for any remeasurement of the lease liability.

Group applies the depreciation requirements in TAS 16 Property, Plant and Equipment Standard in depreciating the right-of-use asset.

Group applies TAS 36 Impairment of Assets Standard to determine whether the right-of-use asset is impaired and to account for any impairment loss identified.

Lease liability

At the commencement date, the Group measures the lease liability at the present value of the lease payments that are not paid at that date. The lease payments are discounted by using the interest rate implicit in the lease, if that rate can be readily determined, or by using the Group's incremental borrowing rate.

The lease payments included in the measurement of the lease liability comprise the following payments for the right to use the underlying asset during the lease term that are not paid at the commencement date:,

fixed payments, less any lease incentives receivable,
variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date,
payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease.

After the commencement date, Group measures the lease liability by:

increasing the carrying amount to reflect interest on the lease liability,
reducing the carrying amount to reflect the lease payments made, and
remeasuring the carrying amount to reflect any reassessment or lease modifications. The Group recognises the amount of the remeasurement of the lease liability as an adjustment to the right-of-use asset.

Practical expedients

The short-term lease agreements with a lease term of 12 months or less and agreements related to information technology equipment leases (mainly printer, laptop, mobile phone etc.), which are determined by the Group as low value, have been evaluated within the scope of practical expedients introduced by the TFRS 16 Leases Standard and related lease payments are recognised as an expense in the period in which they are incurred.

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

Leases (continued)

Group - as a lessor

All the leases that Group is the lessor are operating leases. Assets leased out under operating leases are classified under investment properties, property, plant and equipment or other current assets in the consolidated balance sheet. Rental income is recognised in the consolidated statement of income on a straight-line basis over the lease term.

Additional Information for Leases; 1 January- December 31, 2025

1 January-

December 31, 2024

Interest expenses related to leases (Note 27) (696.274) (622.619)

Rent expenses outside the scope of TFRS 16 (Note 22, 23)

(503.285) (762.098)

Expenses related to variable rent contracts	-	-
Interest income from sub-lease receivables (Note 14, 27)	88.002	116.503
Payments of Lease Liabilities (Note 8b)	(1.290.708)	(1.051.170)

Additions, depreciation expenses and net book values by underlying right-of-use assets are presented in Note 14.

Other Intangible Assets
Intangible assets acquired independently of a business combination are recognized at cost for foreign operations and at cost indexed in accordance with TAS 29 for domestic operations.
Intangible assets acquired as part of an acquisition of a business are capitalized separately from goodwill, if the fair value can be measured reliably. Intangible assets, excluding development costs, created within the business are not capitalized and expenditure is charged against profits in the year in which it is incurred. Intangible assets are amortized on a straight-line basis over the best estimate of their useful lives. Intangible assets with indefinite useful life formed in the financial statements in accordance with purchase method, are not subject to amortization and the carrying amounts of such intangibles are reviewed for impairment at least annually and whenever there is an indication of possible impairment.
1. Brands
  The brands, which belong to International Beer Operations and which are acquired as part of a business combination, are carried at their fair value and brands are separately carried at cost in the financial statements. The Group expects that the brands will generate cash inflow indefinitely and therefore are not amortized. Brands are tested for impairment annually.
  NOTE 2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (continued)

Other Intangible Assets (continued)
1. Bottlers and Distribution Agreements
  1. Bottlers and distribution agreements that are signed with the Coca Cola Company identified in the financial statements of the subsidiaries acquired through change in scope of consolidation in 2013.
  2. "Distribution Agreements" that are signed related with various brands identified in the fair value financial statements of the subsidiaries acquired by EBI in 2012 and 2018. The related distribution agreements have been excluded from the scope of consolidation as a result of the developments in Russia, as detailed in Note 1.
    Since the Group management expects to renew these agreements without any additional costs after expiration, it is decided that there are no definite useful lives of such assets. The intangible assets relating to the bottlers and distribution agreements are therefore not amortized. Bottlers and distribution agreements are tested for impairment annually.
2. License Agreements
  License agreements consisted of license arrangements for various brands that arose in the fair value based financial statements of subsidiaries acquired by EBI in 2012 and 2018 within the scope of consolidation. These license agreements were assessed as cash-generating units with indefinite useful lives and were subject to annual impairment testing. As of December 31, 2025, the related license agreements have been excluded from the scope of consolidation as a result of the developments in Russia, as detailed in Note 1.
3. Rights
The rights acquired as part of a business combination are carried at their fair value, and if they are acquired separately, they are carried at indexed cost for domestic operations and at cost for foreign operations in the financial statements. Rights in the consolidated financial statements comprise mainly water source usage rights and are amortized on a straight-line basis over 9 to 40 years.
Business Combinations and Goodwill
The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest's proportionate share of the acquired entity's net identifiable assets.
Acquisition-related costs are expensed as incurred. The excess of the:
- consideration transferred,
- amount of any non-controlling interest in the acquired entity, and acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the subsidiary acquired, the difference is recognised directly in profit or loss as a bargain purchase.
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer's previously held equity interest in the acquire is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss.
NOTE 2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (continued)
Trade Payables
Trade payables are non-derivative financial liabilities with fixed or determinable payments that are not quoted in an active market. Such financial liabilities are initially recognised at fair value and represented by the original invoice amount.
Borrowings
All borrowings are initially recognized at cost, being the fair value of the consideration received net of issue costs associated with the borrowing. After initial recognition, borrowings are subsequently measured at amortized cost using the effective interest rate method. Amortized cost is calculated by taking into account any issue costs, and any discount or premium on settlement. Gains and losses are recognized in net profit or loss when the obligations related with the borrowings are removed.
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer the settlement of the liability for at least 12 months after the balance sheet date.
Current Income Tax and Deferred Tax

The tax expense for the year comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized directly in equity. In such case, the tax is also recognized in equity. The current income tax charge is calculated in accordance with the tax laws enacted or substantively enacted at the balance sheet date in the countries where the subsidiaries and joint ventures of the Group operate.

Corporate Tax Rate of Significant Subsidiaries

	December 31, 2025	December 31, 2024
Türkiye	25%	25%
The Netherlands	25%	25%
Kazakhstan	20%	20%
Moldova	12%	12%
Georgia	15%	15%
Ukraine	18%	18%
Azerbaijan	20%	20%
Krygyzstan	10%	10%
Pakistan	39%	39%
Iraq	15%	15%
Jordan	20%	20%
Turkmenistan	8%	8%
Tajikistan	18%	18%
Uzbekistan	15%	15%
Bangladesh	25%	25%

Deferred tax is provided, using the liability method, on all temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax related to the equity items is carried under the equity and not reflected to the statement of profit or loss. Deferred tax assets are recognized for all deductible temporary differences, carry-forward of unused tax assets and unused tax losses, to the extent of the probability that taxable profit will be available against which the deductible temporary differences, carry-forward of unused tax assets and unused tax losses can be utilized. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date.

Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to net off current tax assets against current income tax liabilities and the deferred taxes relate to the same taxation authority.

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