Earnings Documents (3Q25 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 September 30, 2025, 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 2025 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.

Operational Performance

Sustaining Strong Volume Growth and Accelerating Value Creation Despite Challenges

HIGHLIGHTS

Sustained Growth Momentum

• Solid volume growth with continued strong momentum in Central Asia and Iraq

• Stills category led the growth with a 26.0% increase, while the sparkling category contributed with an 8.9% growth

• Excluding TAS 29, NSR/uc increased by 28.1%

  Quality Mix Focus On Track

• Immediate Consumption share increased by 6 bps following last years' strong expansion

  Financial Performance

  Net Sales Revenue (TL)

  EBIT

  (TL)

  Net Income

  (TL)

  
  
  

• On-premise share rose by 62 bps y/y, reaching 30.5%

• Remarkable performance of Fusetea growing by 47.9%

• Energy segment grew by 42.6% y/y

  Margin Expansion Driving Bottom-line Growth

• Gross profit margin expanded by 166 bps y/y both supported by Türkiye and international operations

  Billion	Billion	Billion
  52.2	9.8	7.2
  +6.7%	+14.3%	+4.2 %
  y/y	y/y	y/y

• EBIT margin expanded by 125 bps y/y mainly from improvement in gross margin

• Net income recorded at TL 7.2 bn, up by 4.2% y/y, supported by improved operating profit and tight financial expense management despite lower monetary gains

  9M25 Performance

• Delivering on our commitment to quality growth and value creation with 8.6% volume growth and 16.6% EBIT margin (exc. TAS 29)

• Making progress towards our full-year guidance

  Long-term 2020-25 Performance

  
  
  
  
  
  

• Consistently delivering sustainable value with 7% volume CAGR, 17% Revenue and EBIT CAGR in USD

My Coke

+9.1%

y/y

Fusetea

Fanta

+14.0%

y/y

+47.9%

y/y

Water

-6.3%

y/y

No Sugar Share in Sparkling

+12

bps

On-premise share

+62

bps

Consolidated Volume

Sparkling

Stills

y/y

y/y

Immediate Consumption Share

y/y

+8.9%

Solid Performance in Both Sparkling and Stills Categories

+26.0%

+6bps

HIGHLIGHTS

Sparkling

Stills

Water

3Q25

+0.0%

y/y

+12.0%

y/y

-19.2%

y/y

9M25

+2.0%

y/y

+8.0%

y/y

-16.1%

y/y

8.3% y/y growth

in Coke Zero in 9M25

16.6% y/y growth in Fusetea in 9M25

6.2% y/y decline

in mineral water in 9M25

Volume

Performance mn UC

Net Sales Revenue

bn TL

EBITDA

(exc. other) bn TL

-1.7%

y/y

-0.4%

y/y

-0.9%

y/y

-2.5%

y/y

+3.4%

y/y

-34.1%

y/y

3Q24 3Q25 9M24 9M25

3Q24 3Q25 9M24 9M25

3Q24 3Q25 9M24 9M25

36%

Share of Volume in Total CCI

Volume softness was mainly due to decline in water category which was a deliberate deprioritization to deliver more value

Without TAS 29, NSR grew by 32.3% and NSR/uc realized as TL 136 with 34.6% y/y improvement reflecting focus on revenue growth management initiatives

81 bps EBITDA margin expansion - more than gross profit margin expansion - driven by right pricing, normalized cost base, and effective mix management initiatives

Türkiye

Value focus balancing volume softness

Sparkling

Stills

Water

3Q25

+13.4%

y/y

+52.0%

y/y

+22.7%

y/y

9M25

+13.1%

y/y

+38.1%

y/y

+6.2%

y/y

17.8% y/y growth in Coke Zero in 9M25

50.9% y/y growth in Fusetea in 9M25

15.3% y/y growth in PET water in 9M25

Volume

mn UC

Net Sales Revenue

bn TL

EBITDA

(exc. other) bn TL

+16.1%

y/y

+14.1%

y/y

+13.8%

y/y

+2.0%

y/y

+31.3%

y/y

+6.1%

y/y

3Q24 3Q25 9M24 9M25

3Q24 3Q25 9M24 9M25

3Q24 3Q25 9M24 9M25

64%

Share of Volume in Total CCI

All international markets contributed positively to volume performance - mainly driven by Uzbekistan, Kazakhstan and Iraq

Without TAS 29, NSR grew by 45.1% and NSR/uc increased by 25.0% to TL 104

318 bps y/y EBITDA margin expansion fueled by robust volume growth, effective mix management and disciplined cost management

International

Robust volume growth mainly led by Central Asia and Iraq

Largest International Markets

3Q25

Year-on-year share gain in Sparkling

+36.5%

192% growth y/y in Fusetea

Volume

y/y

134 bps y/y increase in on-premise

channel share

+0.7%

32% growth y/y in Sprite Zero

Volume

y/y

194 bps y/y increase in immediate consumption share

Volume share

Iraq

9%

Pakistan

16%

Uzbekistan

15%

10th consecutive quarter of volume growth

Volume growth despite flood impact

296 bps y/y increase in immediate consumption share

42% growth y/y in Sprite

Volume

y/y

+7.8%

Kazakhstan

13%

Gained market share across all key categories

Continued momentum in RTD tea with Fusetea growing by 54%

Volume

y/y

+24.2%

162 bps y/y increase in

immediate consumption share

3Q25 RESULTS

EBIT growth both in Türkiye and International markets, driven by right pricing and cost discipline

Net Sales Revenue

(TL)

EBIT

(TL)

20.9Billion

-11.7%

y/y

Net Income

(TL)

9M25

145.2 Billion

+0.2% y/y

9M25

14.4% Margin -194 bps

9.8 Billion +14.3%

y/y

3Q25 52.2 Billion +6.7% y/y

Without TAS 29:

NSR growth of 39.6% in 3Q25, 34.8% in 9M25

3Q25

18.8% Margin +125 bps

Net income up by 4.2% supported by improved operating profit and lower financial expenses despite lower monetary gains

311 bps y/y improvement in international gross margin and 44 bps y/y improvement in Türkiye driven by right pricing and normalized cost base

3Q25 RESULTS 10

Without TAS 29, NSR/uc grew by 28.1% to TL 116 in 3Q25

Net Sales Revenue

COGS

EBIT

-2.1%

y/y

-7.8%

y/y

-4.6%

y/y

-6.1%

y/y

+4.9%

y/y

-18.7%

y/y

75,2

70,6

19,6

20,6

19,2

15,6

3Q24 3Q25 9M24 9M25

3Q24 3Q25 9M24 9M25

3Q24 3Q25 9M24 9M25

Without TAS29:

NSR/uc reached $2.8 in 3Q (TL 115.8)

- the highest among the third quarters

of the last decade

Without TAS29:

COGS/uc growth of 25.3% in 3Q

Without TAS29:

EBIT/uc increased by 34.2% in 3Q

COGS Breakdown

Cost of Sales

20%

20%

30%

30%

Overhead

Sugar

Packaging

Concentrate

Dynamic Hedging

Securing long term visibility & controlled cost base

Proactive Risk Management Policy

Hedging & Pre-buy Rates

2025

2026

*100%, in markets where financial hedge is available

**65%, in markets where financial hedge is available

+4.2%

y/y

+287 million

(mTL)

14.1%

13.8%

3.267

-1.208

562

6.895

-835

-1.305

7.181

-195

3Q24

Net Income

NSR

COGS

OpEx

Financial

Inc/Exp.

Monetary Gain/Loss

Other*

3Q25

Net Income

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

3Q25 RESULTS 13

Net Income Development

Tight expense management on top of improved

operating profitability

TRY

15%

TRY

23%

EUR

5%

Other

47%

$775M

$1.4B

Other

18%

USD

38%

USD

54%

Cash

Gross Debt

Debt & Cash Composition

Net Debt

/EBITDA

22

23

24

1H25

3Q25

FX Position

-44

FX Debt

FX Cash & Forwards

FX Cash (NIH)

(NIH)

FX pos

Total NIH: 573

Debt

Maturity

$587m

$329m

$232m

$76m

$67m

5%

25

26

27

28

29-30

3Q25 RESULTS 14

Disciplined Financial Management

Strong FCF generation in 3Q led to deleveraging

For more information, please contact cci-ir@cci.com.tr