Coca-cola Icecek A.s.BIST: CCOLA

Earnings Documents (CCOLA 30.09.2025 EN)

Nov 4, 2025 at 3:53 PM UTC · Issued by Coca-cola Icecek A.s.

COCA-COLA İÇECEK ANONİM ŞİRKETİ AND ITS SUBSIDIARIES CONVENIENCE TRANSLATION INTO ENGLISH OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND NOTES FOR THE INTERIM PERIOD 1 JANUARY - 30 SEPTEMBER 2025 (ORIGINALLY ISSUED IN TURKISH)

(Convenience Translation into English of Consolidated Financial Statements and Notes Originally Issued in Turkish)

Coca-Cola İçecek Anonim Şirketi

Interim Condensed Consolidated Financial Statements as of September 30, 2025

Pages

Interim Condensed Consolidated Statement of Financial Position 1-2

Interim Condensed Consolidated Statement of Profit or Loss 3

Interim Condensed Consolidated Statement of Other Comprehensive Income 4

Interim Condensed Consolidated Statement of Change in Equity 5

Interim Condensed Consolidated Statement of Cash Flows 6

Notes to Interim Condensed Consolidated Financial Statements 7-48

		Unaudited	Audited
ASSETS	Notes	September 30, 2025	December 31, 2024
Cash and Cash Equivalents	5	30.324.709	29.167.027
Financial Investments	6	1.830.905	120.085
Trade Receivables		26.090.569	16.216.961
- Trade receivables due from related parties	24	2.690.277	1.884.357
- Trade receivables due from third parties		23.400.292	14.332.604
Other Receivables	9	253.297	739.642
- Other receivables due from third parties		253.297	739.642
Derivative Financial Instruments	7 - 26	34.097	47.005
Inventories		16.683.183	19.292.930
Prepaid Expenses	10	4.117.203	4.606.365
Current Income Tax Assets		880.088	2.480.031
Other Current Assets	18	3.016.745	3.537.747
- Other current assets from third parties		3.016.745	3.537.747
Total Current Assets		83.230.796	76.207.793

Financial Investments		500	-
Other Receivables		215.843	231.023
- Other receivables due from third parties		215.843	231.023
Property, Plant and Equipment	12	69.809.873	68.052.862
Intangible Assets		36.790.827	37.260.585
- Goodwill	14	6.658.680	6.919.527
- Other intangible assets	13	30.132.147	30.341.058
Right of Use Asset	12	904.960	901.585
Prepaid Expenses	10	2.045.415	2.062.033
Deferred Tax Assets	22	1.388.982	1.330.643
Derivative Financial Instruments	7 - 26	73.143	-
Total Non-Current Assets		111.229.543	109.838.731

Total Assets		194.460.339	186.046.524

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

		Unaudited	Audited
LIABILITIES	Notes	September 30, 2025	December 31, 2024
Short-term Borrowings	8	15.782.914	19.004.412
- Bank borrowings		15.782.914	19.004.412
Current Portion of Long-term Borrowings	8	7.962.014	7.844.860
- Bank borrowings		7.667.311	7.541.041
- Lease liabilities		294.703	303.819
Trade Payables		37.702.952	32.132.846
- Trade payables due to related parties	24	10.195.989	9.126.484
- Trade payables due to third parties		27.506.963	23.006.362
Payables Related to Employee Benefits		586.582	640.009
Other Payables		5.742.393	4.318.370
- Other payables due to related parties	24	321.322	302.280
- Other payables due to third parties		5.421.071	4.016.090
Derivative Financial Instruments	7 - 26	202.540	3.669
Deferred Income	10	806.363	527.941
Provision for Corporate Tax		2.001.551	687.008
Current Provisions		1.204.058	1.029.721
- Current provisions for employee benefits		999.130	513.862
- Other short term provisions		204.928	515.859
Other Current Liabilities	18	190.454	273.907
Total Current Liabilities		72.181.821	66.462.743
Long-term Borrowings	8	32.597.938	34.792.725
- Bank borrowings		31.976.235	34.009.229
- Lease liabilities		621.703	783.496
Trade Payables		2.708	4.520
- Trade payables due to third parties		2.708	4.520
Non-Current Provisions		1.146.776	1.110.925
- Non-current provisions for employee benefits		1.146.776	1.110.925
Deferred Tax Liability	22	5.425.032	6.343.802
Non-Current Deferred Income	10	-	449
Total Non-Current Liabilities		39.172.454	42.252.421

Equity of the Parent		72.866.518	67.360.920
Share Capital	19	2.798.079	2.798.079
Share Capital Adjustment Differences	19	3.441.907	3.441.907
Share Premium		4.929.248	4.929.248
Other comprehensive income items not to be reclassified to		(717.496)	(717.496)
profit or loss
- Actuarial gains / losses	(717.496)		(717.496)
Other comprehensive income items to be reclassified to profit	(38.402.618)		(33.163.771)
or loss - Currency translation adjustment		8.321.821	10.604.102
- Hedge reserve gain / (losses)		(46.724.439)	(43.767.873)
- Cash flow hedge reserve gain / (losses)		(2.082.551)	(2.108.059)
- Net investment hedge reserve gain / (losses)		(44.641.888)	(41.659.814)
Restricted Reserves Allocated from Net Profit	19	4.852.941	3.993.544
Accumulated Profit / Loss		81.899.689	67.498.992
Net Income / (Loss) for the Year		14.064.768	18.580.417
Non-Controlling Interest		10.239.546	9.970.440
Total Equity		83.106.064	77.331.360

Total Liabilities		194.460.339	186.046.524

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

		Unaudited		Unaudited
	Notes	January 1 - September 30, 2025	July 1 - September 30, 2025	January 1 - September 30, 2024	July 1 - September 30, 2024
Net Revenue		145.161.979	52.201.027	144.927.175	48.933.970
Cost of Sales (-)		(94.406.065)	(32.303.985)	(92.574.711)	(31.096.285)
Gross Profit / (Loss)		50.755.914	19.897.042	52.352.464	17.837.685
General and Administration Expenses (-)		(7.113.585)	(2.214.039)	(6.925.278)	(2.109.096)
Marketing, Selling and Distribution Expenses (-)		(22.926.103)	(7.704.406)	(22.458.166)	(7.593.197)
Other Operating Income	20	2.535.940	705.988	2.947.558	743.830
Other Operating Expense (-)	20	(2.369.403)	(869.092)	(2.259.189)	(288.241)
Profit / (Loss) From Operations		20.882.763	9.815.493	23.657.389	8.590.981
Gain from Investing Activities	20	6.541	1.228	8.817	123
Loss from Investing Activities (-)	20	(90.944)	(30.889)	(291.971)	(245.212)
Gain / (Loss) from Joint Ventures	11	5.432	(1.433)	(5.337)	(328)
Profit / (Loss) Before Financial Income / (Expense)		20.803.792	9.784.399	23.368.898	8.345.564
Financial Income / (Expense)	21	(8.291.107)	(2.325.241)	(8.429.628)	(2.887.490)
Financial Income		3.343.831	1.291.515	4.207.638	1.481.167
Financial Expenses (-)		(11.634.938)	(3.616.756)	(12.637.266)	(4.368.657)
Monetary Gain / (Loss)		5.838.533	1.601.371	10.474.562	2.906.692
Profit / (Loss) Before Tax from Continuing Operations		18.351.218	9.060.529	25.413.832	8.364.766
Tax Expense from Continuing Operations	22	(4.156.843)	(1.833.387)	(6.299.564)	(1.442.399)
Deferred Tax Income / Expense (-)		(251.541)	7.750	(759.240)	(1.151.770)
Current Year Tax Expense (-)		(3.905.302)	(1.841.137)	(5.540.324)	(290.629)
Net Profit / (Loss) from Continuing Operations		14.194.375	7.227.142	19.114.268	6.922.367
Attributable to: Non-controlling interest		129.607	45.657	93.548	27.632
Equity holders of the parent	23	14.064.768	7.181.485	19.020.720	6.894.735
Net Profit / (Loss)		14.194.375	7.227.142	19.114.268	6.922.367
Equity Holders Earnings Per Share (full TL)	23	0,050266	0,025666	0,067978	0,024641

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

unless otherwise stated)

		Unaudited		Unaudited
	Notes	January 1 -September 30, 2025	July 1 -September 30, 2025	January 1 -September 30, 2024	July 1 -September 30, 2024
Profit / (loss) for the period		14.194.375	7.227.142	19.114.268	6.922.367
Actuarial Gain / (Losses) Deferred Tax Effect	22	- -	- -	- -	- -
Other comprehensive income items, not to be reclassified to profit or loss		-	-	-	-
Hedge reserve gain / (losses)		(3.931.622)	(1.049.734)	(4.211.339)	(940.959)
- Cash flow hedge reserve gain / (losses)		44.483	4.502	453.342	199.360
- Net investment hedge reserve gain / (losses)		(3.976.105)	(1.054.236)	(4.664.681)	(1.140.319)
Deferred tax effect	22	975.056	264.656	1.163.749	303.853
Currency translation adjustment		(2.078.957)	(605.888)	(11.856.607)	(3.269.410)
Other comprehensive income items to be reclassified to profit or loss, net		(5.035.523)	(1.390.966)	(14.904.197)	(3.906.516)
Total Comprehensive Income After Tax	9.158.852		5.836.176	4.210.071	3.015.851
Total Comprehensive Income Attributable to: Non-controlling interest	332.931		101.067	471.763	126.444
Equity holders of the parent	8.825.921		5.735.109	3.738.308	2.889.407

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

(Convenience Translation into English of Interim Condensed Consolidated Financial Statements and Notes Originally Issued in Turkish)

COCA-COLA İÇECEK ANONİM ŞİRKETİ Interim Condensed Consolidated Statement of Change in Equity for the nine months ended September 30, 2025

(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)

Other comprehensive income and expense items

Subsequently not to be reclassified to profit or loss

Subsequently to be reclassified to profit or loss

Consolidated Statement of Changes in

Shareholders' Equity

Share Capital

Share Capital Adjustment Differences

Share Premium

Actuarial Gains / Losses

Hedge Reserve

Currency Translation Adjustment

Restricted Reserves Allocated from Net Profit

Accumulated Profit / Loss

Net Profit / Loss for the Year

Total Equity of the Parent

Non-Controlling Interest

Total Equity


January 1, 2024	254.371	5.985.631	4.929.248	(699.646)	(39.931.730)	25.522.967	3.696.492	34.119.321	37.268.656	71.145.310	10.264.707	81.410.017
Other comprehensive income/(loss)	-	-	-	-	(3.047.590)	(12.234.822)	-	37.268.656	(37.268.656)	(15.282.412)	378.215	(14.904.197)
Net profit / (loss) for the period	-	-	-	-	-	-	-	-	19.020.720	19.020.720	93.548	19.114.268

Total Comprehensive Income / (loss)	-	-	-	-	(3.047.590)	(12.234.822)	-	37.268.656	(18.247.936)	3.738.308	471.763	4.210.071
Dividends	-	-	-	-	-	-	-	(3.051.734)	-	(3.051.734)	(71.685)	(3.123.419)
Transfers	-	-	-	-	-	-	297.011	(297.011)	-	-	-	-
Effects of transactions under common control	-	-	-	-	-	-	-	(494.961)	-	(494.961)	(778.481)	(1.273.442)
September 30, 2024	254.371	5.985.631	4.929.248	(699.646)	(42.979.320)	13.288.145	3.993.503	67.544.271	19.020.720	71.336.923	9.886.304	81.223.227

January 1, 2025	2.798.079	3.441.907	4.929.248	(717.496)	(43.767.873)	10.604.102	3.993.544	67.498.992	18.580.417	67.360.920	9.970.440	77.331.360
Other comprehensive income/(loss)	-	-	-	-	(2.956.566)	(2.282.281)	-	18.580.417	(18.580.417)	(5.238.847)	203.324	(5.035.523)
Net profit / (loss) for the period	-	-	-	-	-	-	-	-	14.064.768	14.064.768	129.607	14.194.375

Total Comprehensive Income / (loss)	-	-	-	-	(2.956.566)	(2.282.281)	-	18.580.417	(4.515.649)	8.825.921	332.931	9.158.852
Dividends	-	-	-	-	-	-	-	(3.320.323)	-	(3.320.323)	(63.825)	(3.384.148)
Transfers	-	-	-	-	-	-	859.397	(859.397)	-	-	-	-
September 30, 2025	2.798.079	3.441.907	4.929.248	(717.496)	(46.724.439)	8.321.821	4.852.941	81.899.689	14.064.768	72.866.518	10.239.546	83.106.064

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

Unaudited
	Notes	January 1- September 30, 2025	January 1- September 30, 2024
Net profit / (loss) from continuing operations for the year		14.194.375	19.114.268
Adjustments to reconcile net profit / (loss)		9.194.037	4.045.216
Adjustments for depreciation and amortization expense		5.516.453	5.415.018
Adjustments for impairment loss (reversal)		(44.737)	38.743
- Provision / (reversal) for expected credit loss		(42.405)	55.649
- Provision / (reversal) for inventories		(81.234)	(22.672)
- Impairment loss / (reversal) in property, plant and equipment	12, 20	78.902	5.766
Adjustments for provisions		164.703	(176.863)
- Provision / (reversal) for employee benefits		420.262	675.845
- Other provisions		(255.559)	(852.708)
Adjustments for interest (income) expenses		8.002.056	7.142.941
- Interest income	21	(1.518.530)	(1.721.802)
- Interest expense	21	9.520.586	8.864.743
Adjustments for fair value loss (gain)		102.519	748.033
- Adjustments for fair value of derivative instruments (gain) / loss		102.519	748.033
Adjustments for unrealized currency translation		322.444	455.142
Gain / loss from joint ventures	11	(5.432)	5.337
Adjustments for tax (income) / expense		4.156.843	6.299.563
Adjustments for (gain) / loss on sale of property, plant and equipment	20	5.501	277.387
Interest expense from lease liabilities	8, 21	104.400	83.512
Adjustments for right of use assets		(10.942)	-
Adjustments for monetary gain loss		(9.119.771)	(16.243.597)
Changes in working capital		(888.604)	(405.331)
Adjustments for decrease (increase) in trade receivables		(9.796.770)	(10.463.108)
- Decrease / (increase) on trade receivables due from related parties		(805.919)	(752.130)
- Decrease / (increase) on trade receivables due from third parties		(8.990.851)	(9.710.978)
Adjustments for decrease / (increase) in inventories		2.723.662	4.073.513
Adjustments for increase (decrease) in trade payables		4.787.815	4.230.295
- Increase / (decrease) on trade payables due to related parties		287.215	(1.688.420)
- Increase / (decrease) on trade payables due to third parties		4.500.600	5.918.715
Adjustments for increase (decrease) in other payables		1.396.689	1.753.969
Cash flows generated from operating activities		22.499.808	22.754.153
Payments made for employee benefits		(90.701)	(424.304)
Tax returns / (payments)		(1.257.430)	(5.265.378)
Other current and non-current assets and liabilities		1.967.764	(489.241)
A. NET CASH GENERATED FROM OPERATING ACTIVITIES		23.119.441	16.575.230
Cash outflows arising from purchase of property, plant, equipment, and		(10.394.656)	(12.628.176)
intangible assets
- Cash outflow from purchase of property, plant, and equipment	12	(9.428.190)	(12.049.227)
- Cash outflow from purchase of intangibles	13	(966.466)	(578.949)
Proceeds from sale of property, plant and equipment and intangibles		252.332	629.803
Other inflows / (outflows) of cash		(1.711.302)	(899.277)
Cash outflow from acquisition of subsidiary		-	(1.085.556)
B. NET CASH USED IN INVESTING ACTIVITIES		(11.853.626)	(13.983.206)
Cash outflow due to lease liabilities	8	(197.131)	(335.657)
Proceeds from borrowings	8	31.359.087	34.801.519
Repayments of borrowings	8	(30.598.237)	(35.136.344)
Cash inflow / outflow due to derivative instruments		(98.992)	(1.104.973)
Interest paid	8	(9.452.878)	(8.339.831)
Interest received		1.478.802	1.534.768
Dividend paid		(3.384.148)	(3.123.419)
Cash outflows resulting from changes in partnership shares that do not result in loss of control in subsidiaries		-	(5.621.585)
C. NET CASH USED IN FINANCING ACTIVITIES	(10.893.497)		(17.325.522)

D. MONETARY GAIN / LOSS ON CASH AND CASH EQUIVALENTS	(799.027)		(1.474.929)
Net increase / (decrease) in cash and cash equivalents before currency translation effects (A+B+C+D)	(426.709)		(16.208.427)
E. CURRENCY TRANSLATION ON CASH AND CASH EQUIVALENTS		1.584.391	921.080
Net increase / (decrease) in cash and cash equivalents (A+B+C+D+E)		1.157.682	(15.287.347)
F. CASH AND CASH EQUIVALENTS AT THE BEGINNING OF PERIOD	5	29.167.027	39.396.207

CASH AND CASH EQUIVALENTS AT END OF PERIOD END (A+B+C+D+E+F)

5 30.324.709 24.108.860

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

1. CORPORATE INFORMATION AND NATURE OF ACTIVITIES General

Coca-Cola İçecek Anonim Şirketi ("CCI" - "the Company"), is the bottler and distributor of alcohol-free beverages in Turkey, Pakistan, Bangladesh, Central Asia and the Middle East. The operations of the Company consist of production, sales and distribution of sparkling and still beverages with The Coca-Cola Company ("TCCC") trademarks. The Company has 13 (2024 - 13) production facilities in different regions of Turkey and operates 26 (2024 - 23) production facilities in countries other than Turkey. The registered office address of CCI is OSB Mah. Deniz Feneri Sok. No:4 Ümraniye İstanbul, Turkey. The Company's publicly traded shares on Borsa Istanbul A.Ş. ("BIST").

The Group consists of the Company, its subsidiaries, and joint ventures.

The consolidated financial statements of the Group were approved for issue by the Board of Directors on November 4, 2025, which were signed by the Audit Committee and Chief Executive Officer Karim Yahi. The General Assembly and the regulatory bodies have the right to make amendments to the consolidated financial statements after their issuance.

Shareholders of the Company

The company is controlled by Anadolu Efes Biracılık ve Malt Sanayi A.Ş. ("Anadolu Efes"), the parent company. Anadolu Efes is controlled by AG Anadolu Grubu Holding A.Ş., 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 companies.

As of September 30, 2025, and December 31, 2024, the composition of shareholders and their respective percentage of ownership can be summarized as follows:

September 30, 2025 December 31, 2024

Nominal

Amount Percentage

Nominal

Amount Percentage

Anadolu Efes Biracılık ve Malt Sanayi A.Ş. ("Anadolu Efes")	1.122.520	40,12	1.122.520	40,12
The Coca-Cola Export Corporation ("TCCEC")	562.257	20,09	562.257	20,09
Efes Pazarlama ve Dağıtım Ticaret A.Ş. ("Efpa")	283.669	10,14	283.669	10,14
Publicly Traded	829.633	29,65	829.633	29,65
	2.798.079	100,00	2.798.079	100,00
Inflation Restatement Effect	3.441.907		3.441.907
	6.239.986		6.239.986

Nature of Activities of the Group

CCI and its subsidiary Coca-Cola Satış ve Dağıtım A.Ş. ("CCSD") are among the leading bottlers and distributors of alcohol-free beverages, operating in Turkey. The sole operation area of the Company is the production, sales and distribution of sparkling and still beverages.

The Company has exclusive rights to produce, sell and distribute TCCC branded beverages including Coca-Cola, Coca-Cola Zero, Coca-Cola Zero Sugar, Coca-Cola Light, Fanta, Sprite, Cappy, Sen Sun, Powerade and Fuse Tea in TCCC authorized packages throughout Turkey provided by Bottler's and Distribution Agreements signed between the Group with TCCEC and TCCC. The renewal periods of the signed Bottler and Distribution Agreements vary, and the majority of them remain valid until 2028.

The Company has exclusive rights to produce, sell and distribute Burn and Gladiator branded energy drinks in authorized packages throughout Turkey, according to the Bottlers Agreements signed between the Company and Monster Energy Company ("MEC") and has the right for selling and distribution of Monster branded products in accordance with the International Distribution Agreement signed with Monster Energy Company ("MEC") which has taken over TCCC's global energy drink portfolio and is partially owned by TCCC as well.

The Company's international subsidiaries and joint ventures operating outside of Turkey are also engaged in the

production, sales and distribution of sparkling and still beverages with TCCC trademarks.

The Group has the exclusive bottling and distribution rights in Turkey for Schweppes branded beverages under Bottler's and Distribution Agreement signed with Schweppes Holdings Limited. Special authorization for the Group operating countries, other than Turkey, may be granted from time to time.

1. CORPORATE INFORMATION AND NATURE OF ACTIVITIES (continued) Subsidiaries and Joint Ventures

As of September 30, 2025, and December 31, 2024 the list of CCI's subsidiaries and joint ventures and its effective

participation percentages are as follows:

Subsidiaries

Effective Shareholding and Voting Rights (%)

Place of

Incorporation Principal Activities

September 30,

2025

December 31,

2024

Coca-Cola Satış ve Dağıtım Anonim Şirketi ("CCSD")

Anadolu Etap Penkon Gıda ve İçecek Ürünleri San. Ve Tic. A.Ş. ("Etap")

J.V. Coca-Cola Almaty Bottlers Limited

Liability Partnership ("Almaty CC")

Azerbaijan Coca-Cola Bottlers Limited

Liability Company ("Azerbaijan CC")

Coca-Cola Bishkek Bottlers Closed Joint

Stock Company ("Bishkek CC")

Turkey Distribution and sales of Coca-Cola products

Turkey Production and sale of fruit, vegetable juice and concentrate

Kazakhstan Production, distribution, and sales

of Coca-Cola products Azerbaijan Production, distribution, and sales

of Coca-Cola products Kyrgyzstan Production, distribution, and sales

of Coca-Cola products

99,97 99,97

100,00 100,00

99,87 99,87

100,00 100,00

CCI International Holland B.V. ("CCI Holland")

Holland Holding company 100,00 100,00

The Coca-Cola Bottling Company of

Jordan Limited ("TCCBCJ")

Turkmenistan Coca-Cola Bottlers

("Turkmenistan CC")

Sardkar for Beverage Industry/Ltd

("SBIL")

Jordan Production, distribution, and sales of Coca-Cola products

Turkmenistan Production, distribution, and sales

of Coca-Cola products

Iraq Production, distribution, and sales of Coca-Cola products

100,00 100,00

59,50 59,50

100,00 100,00

Waha Beverages B.V. ("Waha B.V.") Holland Holding Company 100,00 100,00

Coca-Cola Beverages Tajikistan Limited

Liability Company ("Tajikistan CC")

Al Waha for Soft Drinks, Juices, Mineral Water, Plastics, and Plastic Caps Production LLC ("Al Waha")

Coca-Cola Beverages Pakistan Limited

("CCBPL")

Coca-Cola Bangladesh Beverages Limited

("CCBB")

LLC Coca-Cola Bottlers Uzbekistan

("CCBU")

CCI Samarkand Limited LLC

("Samarkand")

CCI Namangan Limited LLC

("Namangan")

Tajikistan Production, distribution, and sales

of Coca-Cola products

Iraq Production, distribution, and sales of Coca-Cola products

Pakistan Production, distribution, and sales

of Coca-Cola products Bangladesh Production, distribution, and sales

of Coca-Cola products Uzbekistan Production, distribution, and sales

of Coca-Cola products Uzbekistan Production, distribution, and

sales of Coca-Cola products

Uzbekistan Production, distribution, and

sales of Coca-Cola products

100,00 100,00

99,34 99,34

100,00 100,00

Joint Venture

Place of

Incorporation

Principal

Activities

Effective Shareholding and

Voting Rights (%) September 30, 2025 December 31, 2024

Syrian Soft Drink Sales and

Distribution L.L.C. (''SSDSD'')

Syria Distribution and sales of

Coca-Cola products

50,00 50,00

CORPORATE INFORMATION and NATURE OF ACTIVITIES (continued) Economic Conditions and Risk Factors of Subsidiaries and Joint Ventures

The countries, in which certain subsidiaries and joint ventures operate, have undergone substantial political and economic changes in recent years. 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 subsidiaries' and joint ventures ability to operate commercially. Group Management closely monitors uncertainties and adverse changes to minimize the probable effects of such changes.

In this context, Risk Detection Committee; which was established under the arrangements, terms and principles of Turkish Commercial Code, Capital Market Legislation and CMB's "Corporate Governance Principles" assess, manage and report Group risks. Some of the Group priority risks are defined as political instability and security, cyber security, exchange rate volatility, sustainable talent capability, corporate reputation, water, and environmental impact of packaging, changing consumer preferences, discriminatory tax and regulations, channel mix shift, economic slowdown, law and order and industrial relations. Group does not expect any adverse effect on the business related to any significant regulatory changes and/or legal arrangements by the authorities. All compliance efforts are in place and there is no legal dispute that may adversely affect the business.

Seasonality of Operations

Sparkling beverages consumption is seasonal, typically resulting in higher demand during the summer season and accordingly the seasonality effects are reflected in the figures. Therefore, the results of operations for the nine months ended September 30, 2025, do not automatically constitute an indicator for the results to be expected for the overall fiscal year.

Average Number of Employees

Category-based average number of employees working during the period is as follows (Joint ventures are considered with full numbers for September 30, 2025, and 2024).

	September 30, 2025	September 30, 2024
Blue-collar	4.994	4.735
White-collar	5.723	5.697
Average number of employees	10.717	10.432

BASIS OF CONSOLIDATED FINANCIAL STATEMENT PRESENTATION

Basis of Preparation of Financial Statements

Statement of Compliance with TFRS

The Group has prepared its condensed consolidated financial statements for the interim period ended September 30, 2025, in the scope of the CMB's "Communiqué on Financial Reporting in Capital Market" Numbered II-14.1 (Communiqué), published in the Official Gazette dated June 13, 2013 and numbered 28676, , and the announcements explaining this communiqué, TAS 34, "Interim Financial Reporting". The interim condensed consolidated financial statements and explanatory notes are presented using the compulsory standard formats as published by the Communiqué. The entities are allowed to prepare a complete or condensed set of interim financial statements in accordance with TAS 34. In this respect, the Group has preferred to prepare condensed consolidated financial statements in the interim periods.

In addition, the consolidated financial statements are presented in accordance with the specified format in "TFRS Taxonomy Announcement", issued on 3 July 2024 by the POA, and "the Financial Statements Examples and Guidelines for Use", which is published by the Capital Markets Board of Turkey.

CCI and its subsidiaries, which operate in Turkey, keep their accounting books and their statutory financial statements in Turkish Lira ("TL") in accordance with the regulations on accounting and reporting framework and accounting standards promulgated by the CMB, Turkish Commercial Code ("TCC") and Tax Legislation and the Uniform Chart of Accounts which is issued by the Ministry of Finance. The foreign subsidiaries keep their accounting books and statutory financial statements in their local currencies and in accordance with the rules and regulations of the countries in which they operate.

The interim condensed consolidated financial statements have been prepared from the statutory financial statements of Group's subsidiaries' and joint ventures and presented in TL in accordance with Turkish Financial Reporting Standards ("TFRS") as adopted by the Public Oversight Accounting and Auditing Standards ("POA") and CMB with certain adjustments and reclassifications for the purpose of fair presentation. Such adjustments are primarily related to application of consolidation accounting, accounting for business combinations, accounting for deferred taxes on temporary differences, accounting for employee termination benefits on an actuarial basis and accruals for various expenses. Except for the financial assets carried from their fair values and assets and liabilities included in Business Combination application, consolidated financial statements are prepared on a historical cost basis.

Summary of Significant Accounting Policies and Changes

As of 30 September 2025, interim condensed consolidated financial statements have been prepared by applying the accounting policies that are consistent with the accounting policies applied during the preparation of the consolidated financial statements for the year ended 31 December 2024, except for the new standards and TFRYK interpretations summarized below.

Interim condensed consolidated financial statements do not contain all the explanations and footnotes that are required to be included in the year-end consolidated financial statements. Therefore, these interim condensed consolidated financial statements should be evaluated together with the consolidated financial statements for the year ended 31 December 2024.

Comparative Information and restatement of prior period

In the statement of profit or loss dated September 30, 2024, the amount of TL 154.701 shown under "Other income from main operations" within "Scrap and other material income" and the amount of TL 121.981 shown under "Other expenses from main operations" within "Scrap and other material expenses" have been netted, and the resulting TL 32.720 has been classified under the "Cost of sales" item.

2. BASIS OF CONSOLIDATED FINANCIAL STATEMENT PRESENTATION (continued) Financial Reporting in High-Inflation Economies

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. One of the requirements that requires the application of TAS 29 is a three-year compound inflation rate approaching or exceeding 100%. 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 indices and correction coefficients used in the correction of the financial statements of the current and previous periods since January 1, 2005 are as follows:

Date	Index	Coefficient	Three Year Compound Interest Rate
30 September 2025	3.367,22	1,00000	222%
31 December 2024	2.684,55	1,25430	291%
30 September 2024	2.526,16	1,33294	343%

The main elements of the Company's adjustment for financial reporting purposes in high-inflation economies are as follows:

Current period financial statements prepared in TL are expressed with the purchasing power of money valid at the balance sheet date, and the amounts from previous reporting periods are expressed by correcting the purchasing power of money at the last balance sheet date.
Monetary assets and liabilities are not adjusted as they are currently expressed with current purchasing power at the balance sheet date. In cases where the inflation-adjusted values of non-monetary items exceed the recoverable amount or net realizable value, the provisions of TAS 36 and TAS 2 were applied, respectively.
Non-monetary assets and liabilities and equity items that are not expressed in current purchasing power at the balance sheet date have been corrected using the relevant correction coefficients.
All items included in the income statements and other comprehensive income statements, except cost of sales, depreciation expense, profit/loss on asset sales, have been adjusted using the relevant monthly adjustment coefficients. Cost of sales, depreciation expense, asset sales profit/loss items have been recalculated on the basis of adjusted balance sheet items using correction coefficients.
All items in the statement of cash flows are expressed in the unit of measurement valid at the end of the reporting period
The effect of inflation on the Company's net monetary asset position in the current period is recorded in the net monetary position loss account in the income statement.
Comparative Figures:
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.

BASIS OF CONSOLIDATED FINANCIAL STATEMENT PRESENTATION (continued) New and Amended Turkish Financial Reporting Standards
1. Standards, amendments, and interpretations applicable as of 30 September 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.
2. Standards, amendments, and interpretations that are issued but not effective as of 30 September 2025:
  Amendment to TAS 9 and TAS 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:
    - IFRS 1 First-time Adoption of International Financial Reporting Standards;
    - IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7;
    - IFRS 9 Financial Instruments;
    - IFRS 10 Consolidated Financial Statements; and
    - IAS 7 Statement of Cash Flows.

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'.

BASIS OF CONSOLIDATED FINANCIAL STATEMENT PRESENTATION (continued) New and Amended Turkish Financial Reporting Standards (continued) 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; 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.

These changes are not expected to have a significant impact on the financial position and performance of the Group.

2. BASIS OF CONSOLIDATED FINANCIAL STATEMENT PRESENTATION (continued) Functional and Presentation Currency

The majority of the consolidated foreign subsidiaries and joint venture are regarded as foreign operations since they are financially, economically and organizationally autonomous. The Group translates in accordance with "TAS 21 The Effects of Changes in Foreign Exchange Rates" The resulting translated amounts for non-monetary items are treated as their historical cost.

Functional and presentation currency of the Group is Turkish Lira (TL). Functional currencies of the subsidiaries and joint ventures are as follows:

September 30, 2025 December 31, 2024

	Local Currency	Functional Currency	Local Currency	Functional Currency
CCSD	Turkish Lira	Turkish Lira	Turkish Lira	Turkish Lira
Etap	Turkish Lira	Turkish Lira	Turkish Lira	Turkish Lira
Almaty CC	Kazakh Tenge	Kazakh Tenge	Kazakh Tenge	Kazakh Tenge
Azerbaijan CC	Manat	Manat	Manat	Manat
Turkmenistan CC	Turkmen Manat	Turkmen Manat	Turkmen Manat	Turkmen Manat
Bishkek CC	Som	Som	Som	Som
TCCBCJ	Jordanian Dinar	Jordanian Dinar	Jordanian Dinar	Jordanian Dinar
SBIL	Iraq Dinar	Iraq Dinar	Iraq Dinar	Iraq Dinar
SSDSD	Syrian Pound	Syrian Pound	Syrian Pound	Syrian Pound
CCBPL	Pakistan Rupee	Pakistan Rupee	Pakistan Rupee	Pakistan Rupee
CCBB	Bangladesh Taka	Bangladesh Taka	Bangladesh Taka	Bangladesh Taka
CCI Holland	Euro	U.S. Dollars	Euro	U.S. Dollars
Waha B.V.	Euro	U.S. Dollars	Euro	U.S. Dollars
Al Waha	Iraq Dinar	Iraq Dinar	Iraq Dinar	Iraq Dinar
Tajikistan CC	Somoni	Somoni	Somoni	Somoni
CCBU	Uzbek Som	Uzbek Som	Uzbek Som	Uzbek Som
Samarkand	Uzbek Som	Uzbek Som	Uzbek Som	Uzbek Som
Namangan	Uzbek Som	Uzbek Som	Uzbek Som	Uzbek Som

Foreign Currency Translations

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are recorded in the consolidated income statement of the relevant period, as foreign currency loss or gain. Foreign currency translation rates announced by the Central Bank of the Republic of Turkey used by the Group's subsidiaries in Turkey. USD amounts presented in the asset accounts are translated into TL with the official TL exchange rate of USD buying on September 30, 2025, USD 1,00 (full) = TL 41,5068 (December 31, 2024; USD 1,00 (full) = TL 35,2803) whereas USD amounts in the liability accounts are translated into TL with the official TL exchange rate of USD selling on September 30, 2025, USD 1,00 (full) = TL 41,5816 (December 31, 2024; USD 1,00 (full) = TL35,3438). Furthermore, USD amounts in the income statement are translated into TL, at the average TL exchange rate for USD buying for the period is USD 1,00 (full) = TL 38,5442 (January 1 - September 30, 2024; USD 1,00 (full) = TL 32,2299).

The assets and liabilities of subsidiaries and joint ventures operating in foreign countries are translated at the rate of exchange ruling at the balance sheet date and the income statements of foreign subsidiaries and joint ventures are translated at average exchange rates. Differences that occur by the usage of closing and average exchange rates are followed under currency translation differences classified under equity.

BASIS OF CONSOLIDATED FINANCIAL STATEMENT PRESENTATION (continued) Estimates, Assumptions and Judgements Used
For the condensed consolidated interim financial statements, as of September 30, 2025, Group management has to make key assumptions concerning the future and other key sources of estimation uncertainty on the balance sheet date that have significant risks of causing a material adjustment to the carrying amounts of assets and liabilities in the preparation of condensed consolidated financial statements. Actual results can be different from estimations. These estimations are reviewed at each balance sheet date; required corrections are made and reflected in the results of operations of the related period. The key assumptions concerning the future and other key resources of estimation at the balance sheet date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year and the significant judgments (apart from those involving estimations) with the most significant effect on amounts recognized in the financial statements are consistent with the assumptions and estimations made for the year ended December 31, 2024, except for the necessary considerations made for income taxes.

BUSINESS COMBINATIONS Current Period:

None.

Prior Period:

As of February 20, 2024, the Group purchased 100% of the shares representing the capital of CCBB for the share value calculated by deducting the net financial debt as of the closing date from the enterprise value of 130 million US Dollar.

	CCBB
	Net Book Value
Cash and cash equivalents	122.105
Trade receivables	20.879
Inventories	1.275.024
Property plant and equipment	4.965.709
Right of use assets	28.765
Other current and non-current assets	296.393
Total assets	6.708.876
Deferred tax liability and tax provision	190.141
Borrowings	2.972.737
Trade payables	965.462
Other liabilities	532.467
Total liabilities	4.660.808
Net assets	2.048.068
Consideration	(2.427.901)
Consolidated net assets	2.048.068
Amount arising from acquisition	(379.833)

SEGMENT REPORTING

The Company produces segment reports for the chief operating decision maker (Board of Directors and Executive Management) in accordance with basis of preparation as explained in Note 2. Reported information is used by management for observing performance at operation segments and for deciding resource allocation.

Adjusted earnings before interest and tax (Adjusted EBITDA) is not an accounting measure under TFRS accounting and does not have a standard calculation method however it has been considered as the optimum indicator for the evaluation of the performance of the operating segments by considering the comparability with the entities in the same business.

Group's domestic and international subsidiaries are presented under Note 1 and Group's segment reporting is as

follows:

September 30, 2025

	Domestic	International	Elimination	Consolidated

Net Revenue	62.639.273	82.522.847	(141)	145.161.979
Cost of sales (-)	(40.444.345)	(53.954.122)	(7.598)	(94.406.065)
Gross profit	22.194.928	28.568.725	(7.739)	50.755.914
Operating expenses (-)	(18.504.975)	(12.797.903)	1.263.190	(30.039.688)
Other operating income / (expense), net	19.615.239	(874.665)	(18.574.037)	166.537
Profit from operations	23.305.192	14.896.157	(17.318.586)	20.882.763
Gain from investing activities	(1.091)	17.224	(9.592)	6.541
Loss from investing activities (-)	(15.078)	(85.458)	9.592	(90.944)
Gain / (loss) from joint ventures	-	5.432	-	5.432
Profit before financial income / (expense)	23.289.023	14.833.355	(17.318.586)	20.803.792
Financial income	1.950.714	1.389.881	3.236	3.343.831
Financial expense (-)	(12.913.230)	(2.694.576)	3.972.868	(11.634.938)
Monetary Gain Loss	5.838.533	-	-	5.838.533
Profit before tax from continuing operations	18.165.040	13.528.660	(13.342.482)	18.351.218
Tax income / (expense) from continuing operations	170.287	(3.019.968)	(1.307.162)	(4.156.843)
Net profit or (loss) from continuing operations	18.335.327	10.508.692	(14.649.644)	14.194.375
Non-controlling interest	-	129.607	-	129.607
Equity holders of the parent	18.335.327	10.379.085	(14.649.644)	14.064.768
Purchase of property, plant, equipment and intangible asset	3.150.631	7.244.025	-	10.394.656
Amortization expense of right of use asset	130.181	97.221	-	227.402
Depreciation and amortization expenses	2.362.000	2.927.052	-	5.289.052
Other non-cash items	255.850	1.137.387	(987.322)	405.915
Adjusted EBITDA	26.053.223	19.057.817	(18.305.908)	26.805.132

September 30, 2025 Domestic International Elimination Consolidated

Total Assets	170.540.011	109.513.721	(85.593.393)	194.460.339
Total Liabilities	58.720.048	64.436.718	(11.802.491)	111.354.275

As of September 30, 2025, the portion of Central Asia in the consolidated net revenue and total assets is 40% and 34% respectively. (December 31, 2024: 34% and 24%).

SEGMENT REPORTING (continued)

September 30, 2024

	Domestic	International	Elimination	Consolidated
Net Revenue	64.229.496	80.944.193	(246.514)	144.927.175
Cost of sales (-)	(38.917.725)	(53.695.484)	38.498	(92.574.711)
Gross profit	25.311.771	27.248.709	(208.016)	52.352.464
Operating expenses (-)	(18.206.714)	(12.566.028)	1.389.298	(29.383.444)
Other operating income / (expense), net	11.911.450	141.494	(11.364.575)	688.369
Profit / (loss) from operations	19.016.507	14.824.175	(10.183.293)	23.657.389
Gain from investing activities	-	8.808	9	8.817
Loss from investing activities (-)	(113.585)	(178.376)	(10)	(291.971)
Gain / (loss) from joint ventures	-	(5.337)	-	(5.337)
Profit before financial income/(expense)	18.902.922	14.649.270	(10.183.294)	23.368.898
Financial income	3.373.720	917.603	(83.685)	4.207.638
Financial expense (-)	(14.726.345)	(2.658.345)	4.747.424	(12.637.266)
Monetary Gain Loss	10.474.562	-	-	10.474.562
Profit before tax from continuing operations	18.024.859	12.908.528	(5.519.555)	25.413.832
Tax income / (expense) from continuing operations	(1.938.983)	(2.851.643)	(1.508.938)	(6.299.564)
Net profit or (loss) from continuing operations	16.085.876	10.056.885	(7.028.493)	19.114.268
Non-controlling interest	-	93.548	-	93.548
Equity holders of the parent	16.085.876	9.963.337	(7.028.493)	19.020.720
Purchase of property, plant, equipment and intangible asset	3.146.634	9.481.543	-	12.628.177
Amortization expense of right of use asset	117.408	102.226	-	219.634
Depreciation and amortization expenses	2.278.869	2.916.515	-	5.195.384
Other non-cash items	340.826	581.988	(435.959)	486.855
Adjusted EBITDA	21.753.610	18.424.904	(10.619.252)	29.559.262

December 31, 2024

Domestic International Elimination Consolidated

Total Assets	158.304.868	103.063.248	(75.321.592)	186.046.524
Total Liabilities	62.235.619	47.637.041	(1.157.496)	108.715.164

In addition to the requirements of segment reporting, The Group's management presented this information for certain

financial statements readers to utilize this data during their analyses.

Company's "Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA)" definition and calculation is defined as; "Profit / (Loss) From Operations" plus relevant non-cash expenses including depreciation and amortization, provision for employee benefits like retirement and vacation pay (provisions for management bonus and long term incentive plan not included) and other non-cash expenses like negative goodwill and value increase due to change in scope of consolidation.

As of September 30, 2025, and 2024, reconciliation of Adjusted EBITDA to profit / (loss) from operations is explained in the following table:

	September 30, 2025	September 30, 2024
Profit / (loss) from operations	20.882.763	23.657.389
Depreciation and amortization	5.289.052	5.195.384
Provision for employee benefits	359.677	387.417
Foreign exchange gain / (loss) under other operating income /	46.238	99.438
(expense) (Note 20)
Amortization expense of right of use asset	227.402	219.634
Adjusted EBITDA	26.805.132	29.559.262

CASH AND CASH EQUIVALENTS

	September 30, 2025	December 31, 2024
Cash on hand	25.328	13.989
Cash in banks -Time deposit	22.019.051	19.244.069
-Demand deposit	8.280.330	8.030.798
Investment funds	-	1.878.171
	30.324.709	29.167.027

As of September 30, 2025, time deposits with maturities less than 3 months in foreign currencies existed for periods varying between 1 day to 78 days (December 31, 2024 - 1 day to 76 days) and earned interest between 0,01% -

16,25% (December 31, 2024 - 0,15% - 20,5%).

As of December 31, 2024, the Group has money market funds traded in TEFAS amounting to TL 1.878.171.

As of September 30, 2025, time deposits in local currency existed for periods varying between 1 day (December 31, 2024 - TL, 2 days to 6 days) and earned interest between 41,00% - 43,00% (December 31, 2024 - 46,50% - 50,00%)

As of September 30, 2025, there is TL 70.297 (December 31, 2024 - TL 60.122) of interest income accrual on time deposits with maturities less than 3 months. As of September 30, 2025, and December 31, 2024, the fair values of cash and cash equivalents are equal to book value.

The credit risks of the banks where the Company has deposits are evaluated by taking into account independent data, and no significant credit risk is expected. The market values of cash and cash equivalents approximate their carrying values including the accrued interest income at the balance sheet date.

FINANCIAL INVESTMENTS

	September 30, 2025	December 31, 2024
Investment funds	1.737.722	-
Time deposits with maturities more than 3 months	93.183	119.952
Restricted cash	-	133
	1.830.905	120.085

As of September 30, 2025, there are no time deposits with maturities over 3 months.

As of December 31, 2024, time deposits with maturities over 3 months are composed of USD with 178 days maturity and have interest rate 2,25% for USD.

Restricted bank balance is the blocked amount in the bank for collateral of letters of credit in Uzbekistan, Samarkand, Namangan and Pakistan.

DERIVATIVE FINANCIAL INSTRUMENTS

As of September 30, 2025, the Group has 8 aluminum swap transactions with a total nominal value of TL 1.368.281 for 13.432 tons, It has been designated as a hedging instrument that may arise from the cash flows of metal can purchases in years 2025-2026 and has been subject to cash flow hedge accounting.

As of December 31, 2024, the Group has 6 aluminum swap transactions with a total nominal amount of TL 1.061.923 for 9.684 tons. It has been designated as a hedging instrument that may arise from the cash flows of metal can purchases in years 2025 and has been subject to cash flow hedge accounting.

As of September 30, 2025, the Group has 10 sugar swap transactions with a total nominal value of TL 386.716, worth 20.475 tons. The designation as a hedging instrument that may arise from the cash flows of sugar purchases in years 2025-2026 has been subject to cash flow hedge accounting.

As of December 31, 2024, the Group has 7 sugar swap transactions with a total nominal value of TL 1.793.110, worth 82.050 tons. The designation as a hedging instrument that may arise from the cash flows of sugar purchases in years 2025 has been subject to cash flow hedge accounting.

As of September 30, 2025, the Group has forward derivative financial instruments with a maturity of December 2025 in the amount of 24,4 million EUR (nominal value: TL 1.190.805) and with a maturity of October 2025 in the amount of 600 thousand EUR (nominal value: TL 29.250) and 41 million USD (nominal value: TL 1.701.779) in order to hedge exchange rate risk.

In addition to this, the Group has executed a 3 million US dollar cross currency swap agreement with a maturity of February 2026, and 1.750.000 TL maturity of February-March 2026, and 100.000 TL interest rate swap agreement with a maturity of December 2025 and the nominal value of these transactions are 143.110 TL, 1.750.000 TL and

100.000 TL respectively.

As of December 31, 2024, the Group has a forward derivative financial instrument with a maturity of June 2025 in the amount of 28,5 million EUR (nominal value: TL 1.313.318) in order to exchange rate risk.

7. DERIVATIVE FINANCIAL INSTRUMENTS (continued)

Details of hedging instruments as of 30 September 2025 and 31 December 2024 are as follows:

Nominal	Outstanding	Fair Value Asset /	Financial Position
Value	Amounts	(Liability)	Line Item	Maturity

30 September 2025 Hedging Instruments:

Cash flow hedge reserves:

Commodity swap contracts
- Aluminum	1.368.281	13.432 tons	125.342	Derivative Instruments	October 2025 - December 2026
- Sugar	386.716	20.475 tons	7.161	Derivative Instruments	October 2025 - April 2026

- EUR/TL	1.190.805	24,4 million EUR	(37.774)	Derivative Instruments	December 2025
- EUR/TL	29.250	0,6 million EUR	1.342	Derivative Instruments	October 2025
- USD/TL	1.701.779	41 million USD	(183.999)	Derivative Instruments	October 2025
Cross currency participation swap 143.110		3 million USD	(15.992)	Derivative Instruments	February 2026
Cross currency participation swap 1.750.000		1.750.000 TL	9.480	Derivative Instruments	February-March 2026
Cross currency participation swap 100.000		100.000 TL	(860)	Derivative Instruments	December 2025
6.669.941			(95.300)
Net Investment Hedge: Borrowings to hedge net investments in foreign -		573 million USD	(23.814.916)	Borrowings	January 2029 - April 2030

Fx forward (hedge against exchange rate risk)

assets /(liabilities) assets /(liabilities) assets /(liabilities)

operations

DERIVATIVE FINANCIAL INSTRUMENTS (continued) 31 December 2024

Nominal Value Outstanding Amounts

Fair Value Asset /

(Liability)

Financial Position

Line Item Maturity

Hedging Instruments:

Cash flow hedge reserves::

Commodity swap contracts

- Aluminum	1.061.923	9.684 tons	33.835	Derivative Instruments	January 2025 - December 2025
- Resin	1.793.110	82.050 tons	9.501	Derivative Instruments	January 2025 - December 2025

Fx forward (hedge against exchange rate risk)

- EUR/TL 1.313.318 28,5 million EUR - Derivative Instruments June 2025

Hedging Instruments:

Borrowings to hedge net investments in foreign operations

4.168.351 43.336

- 580 million USD (25.712.475) Borrowings January 2029 - April 2030

BORROWINGS

	September 30, 2025 December 31, 2024
Short-term borrowings	15.782.914 19.004.412
Current portion of long-term borrowings and bond issued	7.667.311 7.541.041
Total short-term borrowings	23.450.225 26.545.453
Long-term borrowings and bond issued	31.976.235 34.009.229
Total borrowings	55.426.460 60.554.682
As of September 30, 2025, there is interest expense accrual borrowings (December 31, 2024 - TL 2.352.928).	amounting to TL 1.768.491 on total amount of

Short and long-term borrowings (included current part) denominated in TL and foreign currencies as of September 30, 2025 and December 31, 2024, are as follows:

September 30, 2025 December 31, 2024

	Short term	Long term	Short term	Long term
TL	12.491.703	-	15.969.810	1.345.184
USD	3.841.974	26.067.713	2.971.733	28.129.723
KZT	3.346.484	-	3.382.422	-
BDT	1.567.516	1.192.920	1.995.613	-
EUR	1.144.982	1.706.874	1.260.294	2.144.052
UZS	685.538	2.159.115	484.354	1.746.292
KGS	169.151	-	225.389	123.369
PKR	89.922	-	251.889	-
AZM	83.783	849.613	3.949	520.609
JOD	29.172	-	-	-
	23.450.225	31.976.235	26.545.453	34.009.229

Range for the minimum and maximum effective interest rates on the balance sheet date are as follows:

	September 30, 2025	December 31, 2024
Short-term
USD denominated borrowings	(6,25% - 7,34%)	(6,50% - 7,91%)
PKR denominated borrowings	(1M Kibor - 0,10%) - (6M Kibor + 1%)	(1M Kibor - 0,10%) - (6M Kibor + 1%)
TL denominated borrowings	(20,82% - 52,00%)	(26,28% - 50,50%)
KZT denominated borrowings	(15,40% - 18,00%)	(14,70% - 16,40%)
EUR denominated borrowings	(5,04%)	(4,88% - 7,70%)
KGS denominated borrowings	-	(14,28%)
AZM denominated borrowings	-	(9,00%)
BDT denominated borrowings	(11,00% - 12,50%)	(11,00% - 12,50%)
UZS denominated borrowings	-	(19,04% - 21,29%)
JOD denominated borrowings	9,00%	-
Long-term
USD denominated borrowings	(4,50%) - (6MTermSofr + 2,25%)	(4,22%) - (7,04%)
EUR denominated borrowings	(6M Euribor + 1,30%)	(6M Euribor + 1,30%) - (6M Euribor + 2,75%)
TL denominated borrowings	(TL Ref + 0,90% - 47,00%)	(27,64% - 47,00%)
KZT denominated borrowings	(17,50%)
AZM denominated borrowings	(5,00% - 10,50%)	(9,00% - 10,50%)
BDT denominated borrowings	(12,37%)
KGS denominated borrowings	(14,28%)	(14,28%)
UZS denominated borrowings	(12,54% - 21,29%)	(19,04% - 21,29%)

Repayment plans of long-term borrowings as of September 30, 2025, and December 31, 2024, are scheduled as follows (including current portion of long-term borrowings):

	September 30, 2025	December 31, 2024
2025	4.545.684	7.541.041
2026	4.746.217	4.251.284
2027 and after	30.351.645	29.757.945
	39.643.546	41.550.270

8. BORROWINGS (continued)

Movements of financial borrowings as of September 30, 2025 and 2024 are as follows:

	September 30, 2025	September 30, 2024
Financial borrowing at the beginning of the period	60.554.682	65.880.393
Proceeds from borrowings	31.359.087	34.801.519
Repayments of borrowings	(30.598.237)	(35.136.344)
Cash flows	760.850	(334.825)
Adjustments for interest expense	9.520.586	8.864.743
Interest paid	(9.452.878)	(8.339.831)
Changes in interest accruals	67.708	524.912
Acquired through business combination	-	2.943.973
Foreign exchange loss / (gain) from foreign currency	4.916.756	6.495.934
denominated borrowings
Monetary gain / loss	(9.879.874)	(17.479.865)
Currency translation adjustment	(993.662)	(972.117)
Financial borrowing at the end of the period	55.426.460	57.058.405

Lease Liabilities

As of September 30, 2025, net present value of liabilities under lease liabilities is amounting to TL 916.406. Movement tables of lease liabilities as of September 30, 2025, and 2024 are as follows:

	September 30, 2025	September 30, 2024
Balance as of January 1st	1.087.315	1.195.785
Increase in lease liabilities	484.093	320.505
Change in lease liabilities	20.352	10.917
Payments during the year	(197.131)	(335.657)
Gains on termination of lease agreements	(160.937)	-
Interest expense of lease liabilities	104.399	83.511
Foreign exchange loss / (gain)	4.133	5.882
Addition through subsidiary acquired	-	28.765
Currency translates on differences	(425.818)	(166.535)
Balance at the end of the period	916.406	1.143.173
9. OTHER RECEIVABLES AND PAYABLES
Other Receivables
	September 30, 2025	December 31, 2024
Receivables due from personnel	96.762	92.040
Deposits and guarantees given	4.052	5.468
Other	152.483	642.134
	253.297	739.642
Other Payables
	September 30, 2025	December 31, 2024
Taxes and duties payable	2.458.034	1.946.783
Deposits and guarantees	2.875.990	1.908.948
Other	87.047	160.359
	5.421.071	4.016.090

Convenience Translation into English of Interim Condensed Consolidated Financial Statements and Notes Originally Issued in Turkish)

COCA-COLA İÇECEK ANONİM ŞİRKETİ Notes to Interim Condensed Consolidated Financial Statements as at September 30, 2025

(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)

PREPAID EXPENSES a) Short term prepaid expenses

	September 30, 2025	December 31, 2024
Prepaid marketing expenses	1.539.961	1.626.512
Prepaid insurance expenses	528.065	462.263
Prepaid rent expenses	12.616	21.165
Prepaid other expenses	588.878	497.847
Advances given to suppliers	1.447.683	1.998.578
	4.117.203	4.606.365
b) Long term prepaid expenses
	September 30, 2025	December 31, 2024
Prepaid marketing expenses	654.342	650.124
Prepaid other expenses	37.076	42.577
Advances given to suppliers	1.353.997	1.369.332
	2.045.415	2.062.033
c) Short term deferred income
	September 30, 2025	December 31, 2024
Advances received	794.659	440.849
Deferred income	11.704	87.092
	806.363	527.941
d) Long term deferred income

September 30, 2025 December 31, 2024

Deferred income - 449

- 449

INVESTMENT IN JOINT VENTURES

Investment in joint ventures, consolidated under the equity method of accounting, is carried in the consolidated financial position at cost plus post-acquisition changes in the Group's share of net assets of the joint ventures, less any impairment in value. The consolidated income statement reflects the Group's share of the results of operations of the joint ventures.

As of September 30, 2025, and December 31, 2024, total assets and total liabilities and as of September 30, 2025, and 2024 net sales, and current year gain/(loss) of SSDSD is as follows:

SSDSD	September 30, 2025	December 31, 2024
Total assets	256	195
Total liabilities	89.324	88.169
Equity	(89.068)	(87.974)
SSDSD	September 30, 2025	September 30, 2024
Net revenue	-	-
Net loss for the period	10.863	(10.674)
Group's share in loss	5.432	(5.337)

PROPERTY, PLANT AND EQUIPMENT

As of September 30, 2025 and 2024, property, plant and equipment movement tables are as follows:

Cost	January 1, 2025	Additions	Transfers(**)	Disposals	Impairment	Currency translation differences	September 30, 2025
Land and buildings	32.678.822	886.932	2.493.819	(1.169)	-	(1.032.113)	35.026.291
Machinery and equipment	59.640.893	1.076.087	2.557.381	(155.860)	(47.368)	(2.414.203)	60.656.930
Vehicles	1.253.896	27.516	2.331	(41.612)	-	(73.403)	1.168.728
Furniture and fixtures	1.602.639	68.209	25.999	(6.736)	-	(96.663)	1.593.448
Other tangibles (*)	33.468.507	2.367.372	777.893	(716.407)	(31.534)	(1.989.836)	33.875.995
Leasehold improvements	314.877	-	14.275	-	-	-	329.152
Construction in progress	6.996.691	5.002.074	(5.874.803)	-	-	(665.325)	5.458.637
	135.956.325	9.428.190	(3.105)	(921.784)	(78.902)	(6.271.543)	138.109.181
Amortisation
Land and buildings	(9.936.412)	(506.038)	-	836	-	511.388	(9.930.226)
Machinery and equipment	(34.044.872)	(2.066.995)	-	50.584	-	1.617.084	(34.444.199)
Vehicles	(815.117)	(77.485)	-	39.131	-	38.848	(814.623)
Furniture and fixtures	(1.124.867)	(57.999)	-	6.311	-	32.979	(1.143.576)
Other tangibles (*)	(21.749.510)	(2.115.658)	-	567.089	-	1.564.751	(21.733.328)
Leasehold improvements	(232.685)	(671)	-	-	-	-	(233.356)
	(67.903.463)	(4.824.846)	-	663.951	-	3.765.050	(68.299.308)

Net book value	68.052.862	4.603.344	(3.105)	(257.833)	(78.902)	(2.506.493)	69.809.873

(*) Coolers and returnable bottles are followed in other tangible assets.

(**) As of September 2025, amounting to 3.105 TL net book value of intangible assets are transferred to tangible assets.

As of September 30, 2025, pledge amounting to TL 125.690 on property, plant and equipment (30 September 2024: TL 137.725. This amount is also dislosed in GPM table (Note 16).

Impairment Loss

As of September 30, 2025, the Group had TL 78.902 provided impairment losses (September 30, 2024 - TL 5.767) for property, plant and equipment that had greater carrying value than its estimated recoverable amount. This impairment had been provided for "Out of Use" tangible assets (Note 20).

As of September 30, 2025, reversal of impairment amounting to TL 6.541 (September 30, 2024 - TL 8.817) (Note 20).

12.	PROPERTY, PLANT AND EQUIPMENT (continued)
						Acquired through	Currency translation
Cost	January 1, 2024	Additions	Transfers	Disposals	Impairment	business combination	differences	September 30, 2024
Land and buildings	33.259.008	71.744	1.444.014	(78.034)	-	957.027	(3.156.081)	32.497.678
Machinery and equipment	64.539.087	2.268.615	3.047.362	(712.875)	411	1.195.490	(5.526.359)	64.811.731
Vehicles	1.505.111	10.584	3.234	(35.283)	-	-	(221.341)	1.262.305
Furniture and fixtures	1.986.954	37.614	30.142	(13.207)	-	5.730	(91.493)	1.955.740
Other tangibles (*)	33.434.357	2.390.972	478.696	(1.247.788)	2.449	884.123	(2.671.353)	33.271.456
Leasehold improvements	317.332	-	-	(535)	-	2.289	(16.273)	302.813
Construction in progress	5.313.156	7.269.699	(5.003.448)	-	(8.627)	1.921.050	(1.064.456)	8.427.374
	140.355.005	12.049.228	-	(2.087.722)	(5.767)	4.965.709	(12.747.356)	142.529.097
Amortisation
Land and buildings	(10.333.271)	(472.579)	-	21.624	-	-	753.846	(10.030.380)
Machinery and equipment	(41.814.946)	(2.143.381)	-	396.776	-	-	3.620.040	(39.941.511)
Vehicles	(900.292)	(88.287)	-	33.320	-	-	131.216	(824.043)
Furniture and fixtures	(1.577.139)	(51.465)	-	10.441	-	-	59.942	(1.558.221)
Other tangibles	(21.687.318)	(2.065.388)	-	723.357	-	-	1.426.466	(21.602.883)
Leasehold improvements	(234.699)	(632)	-	-	-	-	3.256	(232.075)
	(76.547.665)	(4.821.732)	-	1.185.518	-	-	5.994.766	(74.189.113)
Net book value	63.807.340	7.227.496	-	(902.204)	(5.767)	4.965.709	(6.752.590)	68.339.984
(*) Coolers and returnable bottles are followed in other tangible assets.

12.	PROPERTY, PLANT AND EQUIPMENT (continued)
Right of Use Asset
As of September 30, 2025 and 2024, right of use asset movement tables are as follows:
Cost	January 1, 2025	Additions	Changes	Disposals	Currency Translation Difference	September 30, 2025
Land and Buildings	828.696	185.903	20.352	(322.933)	(81.543)	630.475
Machinery and Equipment	69.122	5.969	-	(16.777)	(34.732)	23.582
Vehicles	748.297	292.221	-	(93.826)	(114.176)	832.516
	1.646.115	484.093	20.352	(433.536)	(230.451)	1.486.573
Amortization
Land and Buildings	(396.849)	(49.453)	-	174.829	36.265	(235.208)
Machinery and Equipment	(46.424)	(6.306)	-	16.777	23.824	(12.129)
Vehicles	(301.257)	(171.643)	-	91.934	46.690	(334.276)
	(744.530)	(227.402)	-	283.540	106.779	(581.613)
Net book value	901.585	256.691	20.352	(149.996)	(123.672)	904.960

12.	PROPERTY, PLANT AND EQUIPMENT (continued)
Right of Use Asset (continued)
Cost	January 1, 2024	Additions	Changes	Disposals	Acquired through business combination	Currency Translation Difference	September 30, 2024
Land and Buildings	956.169	7.202	1.787	(3.570)	28.765	(125.843)	864.510
Machinery and Equipment	93.639	301	-	(824)	-	(19.851)	73.265
Vehicles	670.705	313.002	9.130	(63.028)	-	(145.642)	784.167
Furniture and Fixtures	5.405	-	-	-	-	(456)	4.949
	1.725.918	320.505	10.917	(67.422)	28.765	(291.792)	1.726.891
Amortization
Land and Buildings	(414.968)	(60.829)	-	2.603	-	60.817	(412.377)
Machinery and Equipment	(43.782)	(8.075)	-	824	-	5.236	(45.797)
Vehicles	(280.135)	(150.374)	-	62.406	-	59.151	(308.952)
Furniture and Fixtures	(5.192)	(356)	-	-	-	291	(5.257)
	(744.077)	(219.634)	-	65.833	-	125.495	(772.383)
Net book value	981.841	100.871	10.917	(1.589)	28.765	(166.297)	954.508