Earnings Documents (1Q26 Webcast)

Important Disclaimer

Based on the CMB's decision dated 28 December 2023 and numbered 81/1820 and the "Implementation Guide on Financial Reporting in High Inflation Economies" published by the POA with the announcement made on 23 November 2023, issuers and capital market institutions subject to financial reporting regulations applying Turkish Accounting/Financial Reporting Standards will apply inflation accounting by applying the provisions of TAS 29, starting from their annual financial reports for the accounting periods ending as of December 31, 2023.

As of March 31, 2026, an adjustment has been made in accordance with the requirements of TAS 29 ("Financial Reporting in High Inflation Economies") regarding the changes in the general purchasing power of the Turkish Lira. TAS 29 requirements require that financial statements prepared in the currency in circulation in the economy with high inflation be presented at the purchasing power of this currency at the balance sheet date and that the amounts in previous periods are rearranged in the same way. The indexing process was carried out using the coefficient obtained from the Consumer Price Index in Turkey published by the Turkish Statistical Institute ("TUIK").

The relevant figures for the previous reporting period are rearranged by applying the general price index so that comparative financial statements are presented in the unit of measurement valid at the end of the reporting period. Information disclosed for previous periods is also presented in the measurement unit valid at the end of the reporting period.

However, certain items from our financials are also presented without inflation adjustment for information purposes in order to give an idea of our performance relative to our 2026 forecasts, which we announced at the beginning of the year and which we stated were based on the financials without inflation adjustment. These unaudited figures are clearly labelled where relevant. All financial figures without such disclosure are reported in accordance with TAS29.

Delivering Strong Balanced Growth

and Value Amid Elevated Geopolitial

Operational Performance

Tensions

HIGHLIGHTS:

Solid start to the Year

• Delivered balanced results across our diversified geography, despite ongoing macroeconomic and geopolitical volatility

• Central Asia-led momentum; broad-based international growth and resilient

  volume in Türkiye

• Stills outperformed with 30.3% growth, while sparkling increased 4.5% cycling a strong base

• Excluding TAS 29, NSR/uc reached $2.9 - the highest first quarter in the last decade

  Quality Mix on Track

• Immediate Consumption share up by 105 bps to 25.5%, supported by both Türkiye and international markets

• On-premise share up by 123 bps to 31.1%, driven by Türkiye and international

  Volume (uc)

  Million

  414

  +6.9%

  y/y

  Immediate

  Consumption Mix

  %

  25.5

  +105 bps y/y

  Financial Performance

  # of

  Transactions

  Billion

  3.0

  +7.4 %

  y/y

  markets

• Fusetea surged by 47.4% y/y, boosting overall stills category performance

  Strong Margin Expansion

• Cycling a low base, gross margin expanded by 592 bps y/y, driven mainly by Türkiye through timely price adjustments, favorable mix and disciplined cost management

• EBIT margin up by 529 bps y/y, driven by strong gross margin expansion and tight opex management

• Net income up 213.8% y/y to TL 5.2 bn, driven by improved operational profitability and lower net financial expenses

• Positive FCF generation at TL 462 mn

Net Sales Revenue (TL)

Billion

+10.7%

y/y

EBIT (TL)

Billion

+84.3%

y/y

Net Income (TL)

Billion

+213.8%

y/y

1Q26 RESULTS 4

Consolidated Volume

Stills Leading Growth with Continued Strength in Sparkling

Sparkling

y/y

+4.5%

Stills

y/y

+30.3%

Immediate Consumption Share

y/y

+105bps

My Coke

+2.5%

y/y

Fanta

+14.2%

y/y

Fusetea

+47.4%

y/y

Water

+5.3%

y/y

No Sugar Share in Sparkling

+75

bps

On-premise share

+123

bps

1Q26 RESULTS 5

Türkiye Resilient volume growth combined with improved quality mix

Volume

mn UC

Net Sales Revenue

TL bn

EBITDA

(exc. other) TL bn

31%

Share of Volume in Total CCI

128

+1.4%

y/y

130

+8.7%

y/y

20.4

n.m.

y/y

1.9

Sparkling Stills Water

18.8

-0.5

1Q26 +2.5%

y/y

15.2% y/y growth in Coke Zero in 1Q26

+10.1%

y/y

21.5% y/y growth in Fusetea in 1Q26

-11.8%

y/y

11.6% y/y decline in PET water in 1Q26

1Q25 1Q26

1Q25 1Q26

1Q25 1Q26

Excluding water, growth was 3.8% y/y

Türkiye gross profit margin reached 40.5% in 1Q26 vs. 26.5% in 1Q25, supported by timely pricing, strong NSR, and disciplined costs with proactive procurement.

EBITDA margin improvement, due to low base and improved gross profitability, driven by mix management and actively managed cost base

1Q26 RESULTS 6

International Central Asia Continues to Lead Volume Growth

Volume

mn UC

Net Sales Revenue

TL bn

EBITDA

(exc. other) TL bn

69%

Share of Volume in Total CCI

+9.6%

y/y

+12.0%

y/y

+15.2%

y/y

Sparkling Stills Water

284

259

28.5

31.9

5.8 6.7

1Q26 +5.3%

y/y

18.0% y/y growth in Fanta in 1Q26

+56.4%

y/y

67.6% y/y growth in Fusetea in 1Q26

+34.5%

y/y

103.5% y/y growth in Mineral water in 1Q26

1Q25 1Q26

1Q25 1Q26

1Q25 1Q26

Volume growth was broad-based across markets, with the Central Asia region continuing to be a key driver of strong expansion

Gross margin increased by 59 bps y/y to 33.7%, supported by solid volume growth across most major markets and continued cost discipline, despite a more subdued pricing environment.

EBITDA margin (exc. other) expanded by 59 bps to 20.9%

1Q26 RESULTS 7

Largest International

Kazakhstan

75 bps y/y increase in

15%

Markets

1Q26

Volume

y/y

Immediate Consumption share

Continued momentum in

Fusetea growing by 48%

Volume share +11.0%

127 bps y/y increase in traditional channel share

Iraq 7%

Pakistan

24%

Uzbekistan

12%

Immediate Consumption share increased by 197 bps to 71.4%, further strengthening its high base

42% growth y/y in Sprite

Volume

y/y

174 bps y/y increase in Immediate Consumption share

10% growth y/y in Sprite

Volume

y/y

Sparkling delivering strong growth (+26.6%) and Stills showing exceptional momentum (+250.6%)

481 bps y/y increase in

traditional channel share

Volume

y/y

-1.8%

927 bps y/y increase in on-premise

channel share

+0.2%

277 bps y/y increase in on-premise channel share

+40.7%

155 bps y/y increase in Immediate Consumption share

1Q26 RESULTS 8

1Q26 RESULTS

Strong Top-Line Growth with Disciplined Cost Management Driving Margin Expansion

Net Sales Revenue

(TL)

EBIT

(TL)

Net Income

(TL)

1Q26

6.9 Billion +84.3%.

52.4 Billion +10.7% 1Q26

y/y

5.2 Billion +213.8% y/y

1Q26

13.2% Margin +529 bps

10.0% Margin

+647 bps

Without TAS 29:

Strong NSR growth of 44.9% in in 1Q26

NSR/uc reached $2.9, the highest first-quarter level recorded in the past decade

Without TAS 29:

EBIT margin expanded by 466 bps to 15.2%, driven by gross margin gains and tight OpEx discipline; broad-based improvement mainly led by strong Türkiye performance

Bottom-line growth driven by improved operational profitability and lower net fin. expenses, while monetary gains remained stable

Without TAS 29:

Net profit stood at TL 3.7 bn

1Q26 RESULTS 10

Cycling a Low Base, Costs Remained in Check Leading to Significant Per UC

Growth in EBIT

Net Sales Revenue

COGS

EBIT

+3.6%

y/y

-5.2%

y/y

72.5%

y/y

1Q25 1Q26

1Q25 1Q26

9,7

1Q25

1Q26

Without TAS29:

Without TAS 29, NSR/uc grew by 35.6% to USD $2.9

Without TAS29:

COGS/uc growth of 25.0% in 1Q26

Without TAS29:

EBIT/uc increased by 95.4% in 1Q26

1Q26 RESULTS 11

Cost Visibility Proactive Cost Management to Enhance Visibility and Mitigate Inflation Risks

COGS Breakdown

Cost of Sales

20% Overhead

20% Sugar

30% Packaging

30% Concentrate

Proactive Risk Management Policy

Hedging & Pre-buy Rates

2026 2027

*99%, in markets where financial hedge is available

**71%, in markets where financial hedge is available As of May 2026

1Q26 RESULTS 12

Net Income Development Strong NSR Generation and Lower Financial Expenses Driving Bottom-Line Growth

+213.8%

y/y

3.5%

(mn TL)

+3.6 billion

10.0%

5,051

-415

-1,464

1,489 186

-1,277

5,237

1,669

(*) Other includes Taxation, Investing Activities, Gain/Loss from JV and Minority Income

1Q26 RESULTS 13

1Q25

Net Income

NSR

COGS

OpEx

Financial Inc/Exp.

Monetary Gain/Loss

Other*

1Q26

Net Income

Free Cash Flow Improved operating profitability, better NWC/sales and timing of capex spending

(TL mn)

WITH TAS 29

4,571

1,270

2,664 957

1,491 462

-10,491

WITHOUT TAS 29

4,573 398

1,418

-55

1,457 427

-7,363

(*) Other includes Taxation and Other Asset Liabilities

1Q26 RESULTS 14

1Q26 FCF

Other*

Interes Paid & Taxes

NWC

Capex

IBT After Non-cash Items

1Q25 FCF

1Q26 FCF

Other*

Interes Paid & Taxes

NWC

Capex

IBT After Non-cash Items

1Q25 FCF

No

Image

Disciplined Financial Management

Sustained Positive Cash Generation with Low Net Debt/EBITDA

Debt & Cash

Composition Gross Debt Cash

Net Debt

/EBITDA

USD

59%

Other

17%

USD

35%

$1.2B $573M

Other

49%

EUR

5%

TRY

19%

TRY

16%

22 23 24 25

1Q26

FX Position

-30

Debt Maturity

$349m

22%

$101m

$65m

$553m

$31m

FX pos

52%

FX Debt FX Cash & Derivatives

Net Investment Hedge

38% 4% 48%

26 27 28 29 30

Hard Currency Local Currency

(*) Total Net Investment Hedge amount is USD 566mn, USD 335 mn represents the non-cash part

1Q26 RESULTS 15

1Q26 Results

For more information, please contact

cci-ir@cci.com.tr