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ANADOLU EFES 9M2025 CONFERENCE CALL PRESENTATION 6 NOVEMBER 2025 1
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IMPORTANT DISCLAIMER REGARDING TAS29 As stipulated by the decree of the Capital Markets Board, the financial statements for 9M2025 have been presented in accordance with TAS29 (Turkish Accounting Standard 29: Financial Reporting in Hyperinflationary Economies), and retrospective adjustments have been made for prior periods in alignment with the same standard. In this presentation, certain financial items and metrics may be presented without inflation adjustment in order to ensure comparability with previous quarters and to facilitate analysis of our performance. It is important to note that the financials presented without the impact of TAS 29 are unaudited. Unless explicitly stated otherwise, all financial information disclosed in this presentation are presented in accordance with TAS 29. 2
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FORWARD-LOOKING STATEMENTS This presentation may contain certain forward-looking statements concerning our future performance and should be considered as good faith estimates made by the Company. These forward-looking statements reflect management expectations and are based upon currently available data. Actual results are subject to future events and uncertainties, which could materially impact the Company’s actual performance. 3
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CHANGES IN SCOPE OF CONSOLIDATION On December 30, 2024, it was announced that, pursuant to a Presidential Decree of the Russian Federation, temporary external management had been appointed to Anadolu Efes’ beer operations in Russia. Based on the evaluations, although the Russian operations formally remained under Anadolu Efes as of January 1, 2025, it was excluded from the scope of consolidation in the financial statements in accordance with TFRS 10. In the financial statements dated September 30, 2025, the beer operations in Russia, which were excluded from consolidation, were accounted for as “Financial Investment”. Unless otherwise indicated, the 3Q2024 & 9M2024 Income Statement figures disclosed in this earnings release are presented on a proforma basis, excluding the financial results of the Russian operations, to ensure comparability with the 3Q2025 & 9M2025 results, which also exclude the Russian operations. 4
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GENERAL OVERVIEW & OPERATING ENVIRONMENT ONUR ALTÜRK CEO & Beer Group President 5
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STRONG OPERATIONAL PERFORMANCE AMID MIXED VOLUME DYNAMICS 1 High-single digits volume growth* in AEFES, mainly driven by international soft drinks operations 3 2 Topline performane remained solid although pressurized by a sustained affordability focus 4 EBITDA margin expanded*; supported by gross profit improvement and disciplined OPEX management Consolidated Net Debt to EBITDA(BNRI) of 1.5x Strong Free Cash Flow generation during the period; reaching TL 9,416.9 million5 Volume decline* in Beer Group; largely due to domestic market 6 *On a proforma basis 6 Two important milestones: Started distributing Mercan Rakı & Initiated licenced production in Azerbaijan7
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SLOWDOWN IN BEER GROUP VOLUMES IN 3Q 7 • Consolidated beer volume declined by 4.9% y-o-y on a proforma basis • Turkiye beer volume down by 8.4% • International beer volume down by 2.1% y-o-y on a proforma basis ➢ CIS countries delivered a low-single-digits decline on average while Kazakhstan up Volume softness in Moldova reflected the expected slowdown due to high base Georgia volumes temporarily affected by export business restructuring
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TURKIYE BEER OPERATIONS 8 • Volume declined by high-single digits: ➢ Weaker consumer purchasing power amid persistent inflationary pressures ➢ Price adjustment implemented in early July ➢ Tourism slowdown had a negative impact on volumes • Launch of Jupiler 0.0%: A non-alcoholic beer, marking the first local launch in this category in many years • Distribution of Mercan recently started
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INTERNATIONAL BEER OPERATIONS 9 • Kazakhstan registered low-single digits volume growth ➢ Supported by robust export performance ➢ Premium segment growth driven by effective brand activations ➢ Successful launch of Khmelnoy Los - Pegas SKU • Georgia recorded by low-to-mid-single digits decline ➢ Impacted by restructuring of the export business ➢ Portfolio expanded with Löwenbrau – Oktoberfest Limited Edition • Moldova delivered low-single digits volume decline ➢ High base effect given favorable conditions of previous year ➢ Calendarization impact
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SOFT DRINKS OPERATIONS • Consolidated volume increased by 8.9% ➢ Positive contribution of all international markets; namely Central Asia & Iraq • Türkiye volume declined by 1.7% impacted by; ➢ Weakening consumer purchasing power & deteriorating weather conditions during September • International volume grew by 16.1% ➢ Pakistan volume increased by 0.7%; despite severe flood and ongoing political sensitivities ➢ Kazakhstan & Uzbekistan delivered robust growth with strong execution ➢ Iraq volume up by 7.8%; tenth consecutive quarter of volume growth in the market 10
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ANADOLU EFES CONSOLIDATED FINANCIAL PERFORMANCE 11 *The changes have been calculated based on the 2024 proforma financials that excludes Russia beer operations. Anadolu Efes* Beer Group* 3Q 9M (-5.3%) TL41.4bn EBITDA BNRI % 15.4%22.3% (-109bps)(+81bps) NET INCOME TL6,053mnTL5,253mn (-TL552mn) (-TL1,026mn) FREE CASH FLOW TL9,417mn -TL5,474mn (+TL7,190mn) (-TL4,329mn) TL188.6bn (-0.7%) 17.7% (-159bps) TL11,589mn (-TL3,555mn) -TL2,921mn (+TL1,933mn) 9M 22.0% (-57bps) TL1,673mn (-TL717mn) -TL1,344mn (-TL2,166mn) 3Q • Solid revenue growth backed by strong volume momentum • Deline in rev/ hl due to continued affordability focus & limited price adj. & discounts • Supported by improved gross profit margin • Limited increases in OPEX • Higher financial expenses • Lower monetary gains • Improvement in profitability & working capital • Lower CAPEX & tax expenses • Consolidated Net Debt to EBITDA (BNRI) → 1.5x TL68.9bn (+3.8%) TL15.7bn (-6.9%) NET REVENUE
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FINANCIAL OVERVIEW GÖKÇE YANAŞMAYAN Chief Financial Officer 12
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mTL 3Q2025 Proforma Change** 9M2025 Proforma Change** Sales Revenue 68,860 3.8% 188,622 -0.7% Gross Profit 27,821 4.3% 70,368 -3.7% EBITDA (BNRI) 15,366 7.7% 33,319 -8.9% Net Income/(Loss)* 5,253 -9.5% 11,589 -23.5% Free Cash Flow 9,417 322.8% -2,921 39.8% Gross Profit Margin % 40.4% 17 bps 37.3% -118 bps EBITDA BNRI Margin % 22.3% 81 bps 17.7% -159 bps Net Income Margin %* 7.6% -112 bps 6.1% -183 bps Anadolu Efes Beer Group KEY FINANCIALS *Attributable to shareholders **The changes have been calculated based on the 2024 proforma financials that excludes Russia beer operations. mTL 3Q2025 Proforma Change** 9M2025 Proforma Change** Sales Revenue 15,674 -6.9% 41,421 -5.3% Gross Profit 7,788 -11.1% 19,648 -5.9% EBITDA (BNRI) 3,444 -9.3% 6,367 -11.6% Net Income/(Loss)* 1,673 -30.0% 6,053 -14.5% Free Cash Flow -1,344 n.m. -5,474 -378.0% Gross Profit Margin % 49.7% -236 bps 47.4% -27 bps EBITDA BNRI Margin % 22.0% -57 bps 15.4% -109 bps Net Income Margin %* 10.7% -352 bps 14.6% -157 bps 13
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ANADOLU EFES EBITDA (BNRI) & FCF GENERATION 3Q - EBITDA (BNRI) Bridge mTL 3Q - Free Cash Flow Bridge mTL 323%8% 9M2024 Proforma 9M2025EBITDA (BNRI) Changes in WC CAPEX, net Net Financial Inc/Exp and Taxes 3Q2024 Proforma 3Q2025Net Revenue COGS OthersSelling, Marketing and G&A Expenses *The changes have been calculated based on the 2024 proforma financials that excludes Russia beer operations. 14 9M2024 Proforma 9M2025Net Revenue COGS OthersSelling, Marketing and G&A Expenses -9% 9M - EBITDA (BNRI) Bridge mTL 40% 9M - Free Cash Flow Bridge mTL 3Q2024 Proforma 3Q2025EBITDA (BNRI) Changes in WC CAPEX, net Net Financial Inc/Exp and Taxes 15,366 -1,167 208 -464 2,523 14,266 33,319 -1,153 -660-1,315 -126 36,574 9,417 2,227 1,099 3,551 1,153 1,386 -3,255 2,788 1,521 -2,921 -4,854 878
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BEER GROUP EBITDA (BNRI) & FCF GENERATION 3Q - EBITDA (BNRI) Bridge mTL 3Q - Free Cash Flow Bridge mTL n.m.-9% 9M2024 Proforma 9M2025EBITDA (BNRI) Changes in WC CAPEX, net Net Financial Inc/Exp and Taxes 3Q2024 Proforma 3Q2025Net Revenue COGS OthersSelling, Marketing and G&A Expenses *The changes have been calculated based on the 2024 proforma financials that excludes Russia beer operations. 15 9M2024 Proforma 9M2025Net Revenue COGS OthersSelling, Marketing and G&A Expenses -12% 9M - EBITDA (BNRI) Bridge mTL -378% 9M - Free Cash Flow Bridge mTL 3Q2024 Proforma 3Q2025EBITDA (BNRI) Changes in WC CAPEX, net Net Financial Inc/Exp and Taxes 3,444 3,796 287 343 -1,168 185 589 6,367 7,203 1,228 -326 -2,328 -1,344-121 -352 822 -1,879 187 -1,742 -5,474 -1,145 -835 -1,828 76
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3,537 4,479 5,805 5,253 53,399 72,420 66,338 68,860 NET REVENUE EBITDA 12,449 17,375 14,266 15,366 NET INCOME 7,699 6,097 15,143 11,589 30,007 36,550 36,574 33,319 136,880 182,495 189,938 188,622 3Q2024 Proforma wo/TAS29 3Q2025 wo/TAS29 3Q2024 Proforma w/TAS29 3Q2025 w/TAS29 3Q2024 Proforma wo/TAS29 3Q2025 wo/TAS29 3Q2024 Proforma w/TAS29 3Q2025 w/TAS29 3Q2024 Proforma wo/TAS29 (Exc. CTA) 3Q2025 wo/TAS29 (Exc. CTA) 3Q2024 Proforma w/TAS29 3Q2025 w/TAS29 9M2024 Proforma wo/TAS29 9M2025 wo/TAS29 9M2024 Proforma w/TAS29 9M2025 w/TAS29 9M2024 Proforma wo/TAS29 9M2025 wo/TAS29 9M2024 Proforma w/TAS29 9M2025 w/TAS29 9M2024 Proforma wo/TAS29 (Exc. CTA) 9M2025 wo/TAS29 (Exc. CTA) 9M2024 Proforma w/TAS29 9M2025 w/TAS29 +36% +40% +8% +33% +22% -9% -21% -23% +4% -1% m TL m TL m TL *The financial information provided above excludes the impacts of TAS 29 and is presented solely for analysis purposes. These figures are not aligned with Anadolu Efes' financial report for the period 30.09.2024-30.09.2025 and have not undergone an independent audit. **The changes have been calculated based on the 2024 proforma financials that excludes Russia beer operations . 16 IMPACT of TAS 29 – ANADOLU EFES +27% -10% Without TAS29 Implementation With TAS29 Implementation
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1,563 767 2,391 1,673 13,382 16,440 16,842 15,674 NET REVENUE EBITDA 3,634 4,382 3,796 3,444 NET INCOME 3,869 1,825 7,079 6,053 7,289 8,822 7,203 6,367 31,891 40,550 43,748 41,421 3Q2024 Proforma wo/TAS29 3Q2025 wo/TAS29 3Q2024 Proforma w/TAS29 3Q2025 w/TAS29 3Q2024 Proforma wo/TAS29 3Q2025 wo/TAS29 3Q2024 Proforma w/TAS29 3Q2025 w/TAS29 3Q2024 Proforma wo/TAS29 (Exc. CTA) 3Q2025 wo/TAS29 (Exc. CTA) 3Q2024 Proforma w/TAS29 3Q2025 w/TAS29 9M2024 Proforma wo/TAS29 9M2025 wo/TAS29 9M2024 Proforma w/TAS29 9M2025 w/TAS29 9M2024 Proforma wo/TAS29 9M2025 wo/TAS29 9M2024 Proforma w/TAS29 9M2025 w/TAS29 9M2024 Proforma wo/TAS29 (Exc. CTA) 9M2025 wo/TAS29 (Exc. CTA) 9M2024 Proforma w/TAS29 9M2025 w/TAS29 +23% +21% -9% +27% +21% -12% -53% -14% -7% -5% m TL m TL m TL *The financial information provided above excludes the impacts of TAS 29 and is presented solely for analysis purposes. These figures are not aligned with Anadolu Efes' financial report for the period 30.09.2024-30.09.2025 and have not undergone an independent audit. **The changes have been calculated based on the 2024 proforma financials that excludes Russia beer operations . 17 IMPACT of TAS 29 – BEER GROUP -51% -30% Without TAS29 Implementation With TAS29 Implementation
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CASH & DEBT MANAGEMENT USD 1.0 bn 63% held in Hard Currency USD 0.3 bn 47% held in Hard Currency 36% held in Eurozone Average maturity 1.7 yrs Net Debt/EBITDA* 3.9x Average maturity 2.2 yrs Net Debt/EBITDA* 1.5x Anadolu Efes Gross Debt Gross Debt Cash USD 2.4 bn 61% held in Hard Currency USD 1.1 bn 41% held in Hard Currency 28% held in Eurozone Cash Beer Group *For the calculation of Net Debt / EBITDA figures, last twelve months EBITDA numbers exclude Russia's financials. 18
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RISK MANAGEMENT Beer Group COGS Split for 2024: 17% 18% 21% 19% 7% 13% 6% Barley-Malt & Auxiliary Glass Bottle Can Other Packaging Overhead (Labour Cost) Amortization & Other Overhead Import products Beer Group Hedges for 2025: *For 2026: 14% for TR & CIS @$2,561 Commodity : Aluminum: 100% for TR & CIS @$2.506 FX Exposure : TR: 95% Hedged (USD/TRY: 42.73) Total FX Exposure of Beer Group is 20% of COGS + OPEX. 19
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Q&A SESSION 20
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FX Rates 9M2024 9M2025 Δ% USD/TL AVG 32.23 38.54 19.6% PE 34.12 41.51 21.6% EUR/TL AVG 35.05 43.21 23.3% PE 38.17 48.75 27.7% TL/RUB AVG 2.80 2.20 -21.3% PE 2.72 2.00 -26.5% TL/KZT AVG 14.23 13.50 -5.2% PE 14.05 13.22 -5.9% TL/UAH AVG 1.23 1.08 -12.4% PE 1.21 1.00 -17.5% TL/MDL AVG 0.55 0.45 -17.3% PE 0.51 0.40 -21.1% TL/GEL AVG 0.08 0.07 -15.0% PE 0.08 0.07 -18.4% 21