Earnings release
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202026 AT A GLANCE With TAS 29 : ANADOLU EFES EARNINGS RELEASE Without TAS 29 : ■ Sales volume : + 7.4 % y - o - y ■ Sales revenue : + 2.8 % y - o - y ■ EBITDA ( BNRI * ) : + 10.3 % y - o - y ■ Free Cash Flow : TL 1,959.2 million ANADOLU EFES Istanbul , August 11 , 2026 ■ Sales volume : + 7.4 % y - o - y ■ Sales revenue : + 36.9 % y - o - y ■ EBITDA ( BNRI * ) : + 45.2 % y - o - y ■ Free Cash Flow : TL 3,810.0 million BEER GROUP PRESIDENT & ANADOLU EFES CEO ONUR ALTÜRK COMMENTED : Following a strong first quarter , Anadolu Efes delivered another quarter of solid consolidated results despite a complex operating environment marked by persistent inflationary pressures , geopolitical uncertainties and softer consumer sentiment particularly in the domestic market . The resilience provided by our diversified geographic presence , coupled with the strong contribution from our soft drink operations , enabled us to deliver another quarter of robust financial performance . Consolidated net sales revenue increased by 2.8 % to TL 87.5 billion in 202026 , while EBITDA ( BNRI ) reached TL 18.0 billion , with a margin of 20.5 % , representing an expansion of 139 bps compared to the same period last year . While Beer Group have started the year with a very strong performance in our international operations , as we highlighted following the first quarter , our Türkiye business , which represents the largest share of our Beer Group , has performed below our expectations . The weaker demand that we experienced at the beginning of the year continued through April and May . The decline was driven by a combination of factors . Firstly , we faced a particularly high comparison base following the strong domestic beer market performance recorded last year , which was then supported by favorable pricing dynamics . Secondly , the prolonged erosion in consumers ' purchasing power continued to weigh on demand . That said , we started to see encouraging signs in June . As weather conditions improved and the season started , consumer activity showed signs of recovery . July has also pointed to a return to growth . Nevertheless , given the inflationary environment , the ongoing pressure on household spending and a tourism season that has so far not been as strong as initially expected , I believe it is prudent to remain cautious about the outlook for the remainder of the year . As I have emphasized in our 10 results , this is an important year for us . The transformation of the Efes family , across packaging and taste , is one of the most significant and value - creating initiatives we have undertaken in recent years . While the new portfolio has now been rolled out across whole Türkiye , we still see considerable room to expand consumer penetration and attract new consumers . At the same time , the challenging consumer environment in Türkiye is inevitably influencing the pace of the roll out and adoption of the new portfolio . Therefore , while we remain encouraged by the initial consumer response to the launch , I believe it is prudent to stay cautious , at least for the time being , regarding the pace at which these initiatives will translate into our operational and financial performance . Looking ahead , our focus remains unchanged . We will continue to drive consumer trial , strengthen engagement across our portfolio and build on the momentum of the Efes transformation , which we believe will support sustainable growth and create long - term value for our stakeholders . Meanwhile , our international operations continued to make a solid contribution to Beer Group performance , delivering a volume growth for another quarter excluding the impact of the restructuring of the export business in Georgia . Our diversified portfolio continued to enable us to capture the growing demand for premium offerings across our markets , allowing us to benefit from the premiumization trend . At the same time , our focused execution in the KEG segment in Kazakhstan and Georgia allowed us to make further progress toward our fair share . Our soft drinks operations delivered another strong volume performance in the quarter , recording low - teens growth . The increase was broad - based across international markets , with Pakistan standing out as a key growth driver and Central Asia sustaining its solid momentum , while volumes in Türkiye remained broadly flat y - o - y . * Before Non - Recurring Items Page 1 of 18 www.anadoluefes.com ir@anadoluefes.com
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Page 2 of 18 www.anadoluefes.com ir@anadoluefes.com As stipulated by the decree of the Capital Markets Board, the financial statements for the 1H2026 have been presented in accordance with TAS29, and retrospective adjustments have been made for prior periods in alignment with the same standard. In this earnings releas e, certain financial items and metrics may be presented without inflation adjustment in order to ensure comparability to facilitate analysis of our performance. It is important to note that the financials presented without the impact of TAS 29 a re unaudited. Please refer to our explanations on page 10 regarding the impact of TAS 29 on main financial statement items. Unless explicitly stated otherwise, all financial information disclosed in this release is presented in accordance with TAS 29. KEY FINANCIALS & RATIOS Reflecting the softer than expected 1H performance in Türkiye beer operations, with continued pressure on consumer demand and an uncertain macroeconomic and geopolitical backdrop, we are revising our FY2026 Beer Group guidance. We now expect Beer Group sales volumes to decline by low -single digits. Accordingly, Beer Group EBITDA margin is expected to decline by 150 bps under TAS 29 and by 100 bps excluding the impact of inflation accounting. The revision to profitability expectations is driven solely by volume assumptions, while pricing discipline, product mix and cost management remain i ntact. Importantly, despite the ongoing headwinds facing our Türkiye beer business, we continue to expect Beer Group free cash flow to be at breakeven to positive for the full year. Despite the downward revision to our 2026 beer group guidance, we remain confident in our strategic direction, the strength and resilience of our operations, and our ability to respond effectively to evolving market dynamics. These capabilities continue to support our ambition of delivering profitable growth over the medium term. AEFES Consolidated (TL mn) 2Q2025 2Q2026 Change % 1H2025 1H2026 Change % Volume (mhl) 30.9 33.2 7.4% 55.2 58.8 6.5% Net Sales Revenue 85,068.7 87,491.2 2.8% 147,172.8 154,294.4 4.8% Gross Profit 32,575.9 34,507.9 5.9% 52,284.6 58,450.0 11.8% EBIT (BNRI) 11,783.1 12,879.8 9.3% 13,060.6 17,488.1 33.9% EBITDA (BNRI) 16,281.6 17,961.2 10.3% 22,062.8 27,072.2 22.7% Net Income/(Loss)* 5,370.4 5,124.6 -4.6% 7,786.4 7,275.3 -6.6% FCF 8,408.5 1,959.2 -76.7% -15,161.7 -5,841.6 61.5% Change (bps) Change (bps) Gross Profit Margin 38.3% 39.4% 115 35.5% 37.9% 236 EBIT (BNRI) Margin 13.9% 14.7% 87 8.9% 11.3% 246 EBITDA (BNRI) Margin 19.1% 20.5% 139 15.0% 17.5% 255 Net Income/(Loss) Margin* 6.3% 5.9% -46 5.3% 4.7% -58 Beer Group (TL mn) 2Q2025 2Q2026 Change % 1H2025 1H2026 Change % Volume (mhl) 4.1 3.8 -8.0% 6.4 5.9 -8.6% Net Sales Revenue 20,643.1 19,389.2 -6.1% 31,639.1 29,459.9 -6.9% Gross Profit 10,138.6 9,133.1 -9.9% 14,574.6 12,753.1 -12.5% EBIT (BNRI) 2,409.1 1,352.4 -43.9% 0.1 -1,147.8 n.m EBITDA (BNRI) 4,273.3 3,091.1 -27.7% 3,592.7 2,276.8 -36.6% Net Income/(Loss)* 4,058.2 3,802.6 -6.3% 5,382.5 3,452.3 -35.9% FCF 4,995.5 3,787.8 -24.2% -5,075.7 -3,616.4 28.8% Change (bps) Change (bps) Gross Profit Margin 49.1% 47.1% -201 46.1% 43.3% -278 EBIT (BNRI) Margin 11.7% 7.0% -470 0.0% -3.9% -390 EBITDA (BNRI) Margin 20.7% 15.9% -476 11.4% 7.7% -363 Net Income/(Loss) Margin* 19.7% 19.6% -5 17.0% 11.7% -529 CCI (TL mn) 2Q2025 2Q2026 Change % 1H2025 1H2026 Change % Volume (mn u/c) 472.6 518.8 9.8% 859.9 932.7 8.5% Net Sales Revenue 63,600.4 67,218.0 5.7% 114,237.4 123,259.7 7.9% Gross Profit 22,519.9 25,710.9 14.2% 37,921.7 46,073.3 21.5% EBIT 9,576.7 12,051.5 25.8% 13,600.3 19,468.6 43.1% EBITDA 12,070.4 14,985.2 24.1% 18,619.0 24,982.8 34.2% Net Income/(Loss)* 6,672.7 8,290.6 24.2% 8,458.7 13,895.3 64.3% FCF 3,861.5 1,839.2 -52.4% -7,365.7 2,333.3 n.m. Change (bps) Change (bps) Gross Profit Margin 35.4% 38.2% 284 33.2% 37.4% 418 EBIT Margin 15.1% 17.9% 287 11.9% 15.8% 389 EBITDA Margin 19.0% 22.3% 331 16.3% 20.3% 397 Net Income/(Loss) Margin* 10.5% 12.3% 184 7.4% 11.3% 387 * Net income attributable to shareholders
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Page 3 of 18 www.anadoluefes.com ir@anadoluefes.com Anadolu Efes consolidated sales volume delivered a solid 7.4% growth in 2Q2026, reaching 33.2 mhl building on the strong volume performance recorded in 1Q2026. The sustained strong performance of our soft drink operations, driven by Pakistan and Central Asia, remained the key contributor to consolidated volume growth during the quarter. In our beer business, international operations also continued to perform strongly and delivered volume growth, excluding the impact of the restructuring of the export business in Georgia. Anadolu Efes consolidated net sales increased by 2.8% y-o-y to TL 87,491.2 million in 2Q2026. The strong topline momentum of our international beer operations continued during the quarter, delivering solid revenue growth, while our soft drink business contributed positively to consolidated performance. Despite, there was effective revenue growth management and disciplined pricing actions, consolidated NSR/hl in 2Q2026 was pressured by affordability challenges. Both beer and soft drink operations in Türkiye continued to face a more challenging operating environment, yet the strength of our geographic diversification enabled us to partially mitigate this pressure at the consolidated level. As a result, consolidated sales revenue reached TL 154,294.4 million in 1H2026 , with a 4.8% y -o-y increase, while NSR/hl decreased by 1.5%. Excluding the impact of TAS 29, consolidated sales revenue increased by 38.5% y -o-y to TL 152,496.1 million, corresponding to a 16.2% constant currency growth in NSR/hl. Anadolu Efes consolidated EBITDA (BNRI) increased by 10.3% y -o-y to TL 17,961.2 million in 2Q2026, resulting in a margin expansion of 139 bps to 20.5%. The improvement in operational profitability was primarily driven by gross margin expansion in the soft drinks business, supported by revenue gr owth management, a favorable cost environment and disciplined cost control. In Beer Group, gross margin was impacted by weaker volumes in Türkiye and the normalization of raw material costs in Kazakhstan against a fa vorable cost base in the prior year. Despite persistent inflationary pressures and higher distribution expenses driven by elevated fuel prices, disciplined operating expense management kept OPEX/sales broadly stable. In 1H2026, EBITDA (BNRI) increased by 22.7% y -o-y to TL 27,072.2 million, with the margin improving by 255 bps to 17.5%. Excluding the impact of TAS 29, EBITDA (BNRI) margin stood at 19.7%, representing a y-o-y expansion of 223 bps. Anadolu Efes consolidated net income was TL 5,124.6 million in 2Q2026, compared to TL 5,370.4 million in 2Q2025. Stronger operating profitability, higher monetary gains and lower net financial expenses supported bottom-line performance during the period. However, net income came under pressure as a result of higher tax expenses. Consequently, net income reached TL 7,275.3 million in 1H2026 versus TL 7 ,786.4 million in 1H2025 . Excluding the impact of TAS 29, consolidated net profit would be TL 4,493.2 million for the same period. Anadolu Efes delivered consolidated Free Cash Flow of TL 1,959.2 million in 2Q2026. Strong operating profitability, lower capital expenditures and reduced interest payments supported cash generation; however, a weaker working capital contribution and higher tax payments led to a y -o-y decline in free cash flow. Consequently, Consolidated Net Debt to EBITDA (BNRI) was recorded at 1.2x as of June 30, 2026. Excluding the impact of TAS 29, the ratio would stay at the same level of 1.2x. OPERATIONAL PERFORMANCE – ANADOLU EFES CONSOLIDATED AEFES Consolidated (TL mn) 2Q2025 2Q2026 Change % 1H2025 1H2026 Change % Volume (mhl) 30.9 33.2 7.4% 55.2 58.8 6.5% Net Sales Revenue 85,068.7 87,491.2 2.8% 147,172.8 154,294.4 4.8% Gross Profit 32,575.9 34,507.9 5.9% 52,284.6 58,450.0 11.8% EBIT (BNRI) 11,783.1 12,879.8 9.3% 13,060.6 17,488.1 33.9% EBITDA (BNRI) 16,281.6 17,961.2 10.3% 22,062.8 27,072.2 22.7% Net Income/(Loss)* 5,370.4 5,124.6 -4.6% 7,786.4 7,275.3 -6.6% FCF 8,408.5 1,959.2 -76.7% -15,161.7 -5,841.6 61.5% Change (bps) Change (bps) Gross Profit Margin 38.3% 39.4% 115 35.5% 37.9% 236 EBIT (BNRI) Margin 13.9% 14.7% 87 8.9% 11.3% 246 EBITDA (BNRI) Margin 19.1% 20.5% 139 15.0% 17.5% 255 Net Income/(Loss) Margin* 6.3% 5.9% -46 5.3% 4.7% -58 * Net income attributable to shareholders
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Page 4 of 18 www.anadoluefes.com ir@anadoluefes.com Beer Group consolidated sales volume was recorded at 3.8 mhl in 2Q2026, decreased by 8.0% versus the same quarter of last year, bringing 1H2026 sales volume to 5.9 mhl. While the softness in the domestic market that started in 1Q2026 continued into the second quarter, the pace of contraction moderated during the period. Despite the continued strong performance and momentum of the international beer operations, the weak performance of the Türkiye beer operations continued to weigh on Beer Group’s consolidated volume performance. International beer operations consolidated sales volume reached 2.0 mhl in 2Q2026, representing a 4.1% y-o-y decline. As a result, 1H2026 sales volume stood at 3.3 mhl, down 3.1% compared to the same period of last year. The reported performance continued to reflect the impact of the export business restructuring in Georgia. Excluding this impact, international beer operations maintained its strong volume momentum, delivering volume growth of 1.2% in 2Q2026 and 2.0% in 1H2026. Following a solid start to the year, growth momentum in Kazakhstan operations accelerated further during the quarter, delivering mid -single-digits volume growth in 2Q2026, outperforming the market that contracted by low -single-digits. Robust growth in premium brands, supported by strong commercial execution, was a key vo lume growth driver, while growth in the KEG business also supported volume performance. Georgia operations recorded a low-twenties volume decline in 2Q2026, primarily due to the base effect arising from the restructuring of the export business. Excluding this impact, volumes registered a strong low- teens growth, supported by continued momentum in premium segment, underpinned by disciplined route -to- market execution and targeted trade marketin g initiatives, as well as growth in the KEG business, driven by continuous focus and efforts on the segment. In Moldova, volumes declined by mid -single-digits in 2Q2026, primarily reflecting the very high base of the previous year, while unfavorable weather conditions further weighed on volume performance during the quarter. Türkiye beer operations sales volume reached 1.8 mhl in 2Q2026, representing a 12.5% y -o-y decline. Volume performance remained under pressure in April and May, extending the weakness recorded in the first quarter, as persistent inflation continued to weigh on consumer purchasing power. In ad dition to affordability challenges, domestic beer market demand was affected by unfavorable weather conditions, particularly the higher number of rainy days, while tourism activity had a softer-than-expected start to the season due to regional geopolitical tensions. However, following the pressure observed during the first two months of the quarter, volumes returned to growth in June, partially offsetting the earlier weakness and limiting the overall decline for the quarter. Consequently, 1H2026 sales volume was recorded at 2.6 mhl, corresponding to a y-o-y decline of 15.0%. Beer Group consolidated sales revenue decreased by 6.1% y-o-y to TL 19,389.2 million in 2Q2026. While revenue performance in Türkiye remained under pressure due to weaker volumes, international beer operations delivered solid growth, with sales revenue increasing by 1.8% y -o-y to TL 8,266.4 mi llion. This performance was primarily driven by strong volume growth in Kazakhstan, supported by robust revenue per hectoliter expansion, reflecting pricing actions and a favorable product mix driven by premiumization. Excluding the impact of TAS 29, OPERATIONAL PERFORMANCE – BEER GROUP Beer Group (TL mn) 2Q2025 2Q2026 Change % 1H2025 1H2026 Change % Volume (mhl) 4.1 3.8 -8.0% 6.4 5.9 -8.6% Net Sales Revenue 20,643.1 19,389.2 -6.1% 31,639.1 29,459.9 -6.9% Gross Profit 10,138.6 9,133.1 -9.9% 14,574.6 12,753.1 -12.5% EBIT (BNRI) 2,409.1 1,352.4 -43.9% 0.1 -1,147.8 n.m. EBITDA (BNRI) 4,273.3 3,091.1 -27.7% 3,592.7 2,276.8 -36.6% Net Income/(Loss)* 4,058.2 3,802.6 -6.3% 5,382.5 3,452.3 -35.9% FCF 4,995.5 3,787.8 -24.2% -5,075.7 -3,616.4 28.8% Change (bps) Change (bps) Gross Profit Margin 49.1% 47.1% -201 46.1% 43.3% -278 EBIT (BNRI) Margin 11.7% 7.0% -470 0.0% -3.9% -390 EBITDA (BNRI) Margin 20.7% 15.9% -476 11.4% 7.7% -363 Net Income/(Loss) Margin* 19.7% 19.6% -5 17.0% 11.7% -529 *Net income attributable to shareholders
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Page 5 of 18 www.anadoluefes.com ir@anadoluefes.com international beer operations’ sales revenue increased by 35.3% in TL terms, corresponding to a 14.8% increase in USD terms. Approximately 21% appreciation of the Kazakh tenge in 2Q2026 against the TL compared to 2Q2025 provided further support to revenue growth through the translation of local currency results into TL for consolidation purposes. Meanwhile, Türkiye beer operations’ sales revenue declined by 11.5% y-o-y to TL 10,991.7 million, largely reflecting weaker volume performance. While revenue per hectoliter increased by 3 5% excluding the impact of TAS 29, reported revenue per hectoliter remained broadly flat y -o-y. A slight improvement in discount levels was offset by an unfavorable product mix, as affordability challenges continued to drive consumers toward lower priced offerings. As a result, Beer Group NSR/hl increased by 1.8% in 1H2026, while consolidated sales revenue reached TL 29,459.9 million, representing a 6.9% y -o-y decline. Excluding the impact of TAS 29, sales revenue increased by 23.8% y -o-y to TL 2 9,858.9 million, corresponding to a 24.8% constant currency growth in NSR/hl. Beer Group consolidated gross profit declined by 9.9% to TL 9,133.1 million in 2Q2026 with a gross margin dilution of 201 bps; reaching 47.1%. Türkiye beer operations recorded a margin dilution in the second quarter impacted by softer volume performance, which led to an increase in COGS/HL due to higher share of fixed costs, while heightened labor costs and packaging material prices put also pressure on gross profitability. In Kazakhstan, the normalization of raw material prices, against a particularly favorable cost base in the prior year, le d to a significant increase in cost of sales and put pressure on margins while product mix also weighed on cost of goods sold. All in all, beer group’s gross profit was reported as TL 12,753.1 million in 1H2026 yielding a margin of 43.3%. Excluding the impact of TAS 29, gross profit margin decreased by 244 bps, yet remained at a notably high level of 50.1% in 1H2026. Beer Group’s consolidated EBITDA (BNRI) decreased by 27.7% y-o-y to TL 3,091.1 million in 2Q2026, with the EBITDA margin contracting by 476 bps to 15.9%. Improved operating expense efficiency, supported by strict cost discipline, resulted in a y-o-y decline in selling & marketing and general administrative expenses as a percentage of net sales, particularly in Kazakhstan and Moldova. Our disciplined approach to cost management was especially evident across the CIS operations, where profitability rema ined resilient, with EBITDA margins sustained at robust levels above 30%. Meanwhile, Türkiye beer operations recorded an anticipated increase in operating expenses, driven by planned selling and marketing expenditures for the brand communication and commercial activations carried out as part of the Efes relaunch. As a result, Beer Group EBITDA (BNRI) in 1H2026 amounted to TL 2,276.8 million, while margin was realized at 7.7% with a y-o-y decline of 363 bps. Excluding the impact of TAS 29, EBITDA (BNRI) margin realized as 1 5.2% in 1H202 6, representing a y -o-y contraction of 320 bps. Beer Group net income was TL 3,802.6 million in 2Q2026 compared to TL 4,058.2 million a year ago. The decline in the bottom line was primarily attributable to lower EBIT, which was partially offset by lower net financial expenses and higher monetary gain. All in all, beer group net income was recorded at TL 3,452.3 million in 1H2026. Excluding the impact of TAS 29, beer group net income would be TL 676.2 million for the same period. Beer Group generated Free Cash Flow of TL 3,787.8 million in 2Q2026 compared to TL 4,995.5 million a year ago. The y-o-y decline was primarily due to lower operational profitability and a reduced contribution from working capital compared to last year. On the other hand, CAPEX spending was significantly lower, reflecting disciplined approach to capital allocation and expenditure management. In addition, lower tax and interest payments provided partial support to free cash flow generation during the quarter . As a result, Net Debt to EBITDA (BNRI) was recorded at 4.7x. Excluding the impact of TAS 29, consolidated Net Debt to EBITDA (BNRI) was at 3.3x as of June 30, 2026.
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Page 6 of 18 www.anadoluefes.com ir@anadoluefes.com COCA -COLA ICECEK CEO AHMET ERTIN COMMENTED: Our second quarter results once again demonstrated the resilience of our business model and the strength of our diversified geographic footprint. Despite continued macroeconomic and geopolitical volatility across several of our markets, including disruptions due to the ongoing war in the region, we delivered resilient consolidated results in the first half of 2026, supported by balanced contributions from our operations. Our international operations continued to be the key growth engine, with particularly strong performances in Pakistan and Central Asia more than offsetting the subdued volume trend in Türkiye. At the same time, we delivered robust margin expansion across b oth Türkiye and our international operations, reflecting disciplined revenue growth management, continued portfolio mix improvement, disciplined cost management and strong operational execution. We also leveraged the FIFA World Cup™ as a platform to engage with consumers through impactful brand activations, further strengthening our connection with consumers. We are pleased to have delivered on our Quality Growth Algorithm; turning robust volume growth into value creation across the P&L and converting that value into strong cash generation. Looking ahead, we remain focused on our strong operational performance and driving growth through disciplined revenue growth management, sustained investments in our brands and route-to-market capabilities, while continuing to balance affordability, sustainable volume growth, profitability and cash generation. For the full text of Coca-Cola İçecek’s 1H2026 Earnings Release, please refer to the link below: https://www.cci.com.tr/en/investor-relations/financial-information-and-presentations Coca-Cola Içecek (mn TL) 2Q2025 2Q2026 Change % 1H2025 1H2026 Change % Volume (m u/c) 472.6 518.8 9.8% 859.9 932.7 8.5% Net Sales Revenue 63,600.4 67,218.0 5.7% 114,237.4 123,259.7 7.9% Gross Profit 22,519.9 25,710.9 14.2% 37,921.7 46,073.3 21.5% EBIT 9,576.7 12,051.5 25.8% 13,600.3 19,468.6 43.1% EBITDA 12,070.4 14,985.2 24.1% 18,619.0 24,982.8 34.2% Net Income/(Loss)* 6,672.7 8,290.6 24.2% 8,458.7 13,895.3 64.3% FCF 3,861.5 1,839.2 -52.4% -7,365.7 2,333.3 n.m. Change (bps) Change (bps) Gross Profit Margin 35.4% 38.2% 284 33.2% 37.4% 418 EBIT Margin 15.1% 17.9% 287 11.9% 15.8% 389 EBITDA Margin 19.0% 22.3% 331 16.3% 20.3% 397 Net Income Margin* 10.5% 12.3% 184 7.4% 11.3% 387 *Net income attributable to shareholders OPERATIONAL PERFORMANCE – SOFT DRINKS GROUP
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Page 7 of 18 www.anadoluefes.com ir@anadoluefes.com The financial information provided below 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 01.01.202 6-30.06.2026 and have not undergone an independent audit. Without the impact of TAS 29 in 1H2026, Anadolu Efes; • Net revenue increased by 38.5% to TL 152,496.1 million • Gross profit rose by 46.8% to TL 61,883.4 million with a margin expansion of 227 bps to 40.6% • EBITDA (BNRI) increased by 56.3% to TL 29,967.0 million with a margin expansion of 223 bps to 19.7% • Net Profit/(Loss) was reported at TL 4,493.2 million Beer Group: • Net revenue increased by 23.8% to TL 29,858.9 million • Gross profit grew by 18.1% to TL 14,969.0 million with a margin decline of 244 bps to 50.1% • EBITDA (BNRI) increased by 2.3% to TL 4,543.2 million with a margin decline of 320 bps to 15.2% • Net Profit/(Loss) was reported at TL 676.2 million (1) Currency Translation Adjustment (CTA), which had arisen from the appreciation of the Russian Ruble against the Turkish Lira since the initial investment to Russian operations, had been previously accumulating in Equity and was reclassified to Income Statement in 2025. As a result of this reclassification, there was an increase in income from investing activities line. KEY FINANCIALS & RATIOS (without TAS 29 impact & unaudited) AEFES Consolidated (TL mn) 2Q2025 2Q2026 Change % 1H2025 1H2026 Change % Volume (mhl) 30.9 33.2 7.4% 55.2 58.8 6.5% Net Sales Revenue 65,875.3 90,169.0 36.9% 110,075.0 152,496.1 38.5% Gross Profit 26,617.0 37,868.4 42.3% 42,168.4 61,883.4 46.8% EBIT (BNRI) 11,412.1 16,731.7 46.6% 14,569.1 23,701.7 62.7% EBITDA (BNRI) 13,840.5 20,092.8 45.2% 19,174.9 29,967.0 56.3% Net Income/(Loss)* 3,085.6 4,703.3 52.4% 18,865.1 4,493.2 -76.2% Net Income/(Loss)* (exc. CTA) 3,085.6 4,703.3 52.4% 1,618.8 4,493.2 177.6% FCF 4,866.7 3,810.0 -21.7% -9,058.9 -3,105.7 65.7% Change (bps) Change (bps) Gross Profit Margin 40.4% 42.0% 159 38.3% 40.6% 227 EBIT (BNRI) Margin 17.3% 18.6% 123 13.2% 15.5% 231 EBITDA (BNRI) Margin 21.0% 22.3% 127 17.4% 19.7% 223 Net Income/(Loss)* (exc. CTA) Margin 4.7% 5.2% 53 1.5% 2.9% 148 Beer Group (TL mn) 2Q2025 2Q2026 Change % 1H2025 1H2026 Change % Volume (mhl) 4.1 3.8 -8.0% 6.4 5.9 -8.6% Net Sales Revenue 16,094.1 20,119.0 25.0% 24,110.5 29,858.9 23.8% Gross Profit 8,698.7 10,519.2 20.9% 12,675.5 14,969.0 18.1% EBIT (BNRI) 3,185.5 3,098.4 -2.7% 2,660.9 2,280.6 -14.3% EBITDA (BNRI) 4,147.3 4,292.1 3.5% 4,439.3 4,543.2 2.3% Net Income/(Loss)* 2,494.6 2,722.8 9.1% 18,304.1 676.2 -96.3% Net Income/(Loss)* (exc. CTA) 2,494.6 2,722.8 9.1% 1,057.8 676.2 -36.1% FCF 3,351.2 4,238.3 26.5% -3,212.9 -2,303.2 28.3% Change (bps) Change (bps) Gross Profit Margin 54.0% 52.3% -176 52.6% 50.1% -244 EBIT (BNRI) Margin 19.8% 15.4% -439 11.0% 7.6% -340 EBITDA (BNRI) Margin 25.8% 21.3% -444 18.4% 15.2% -320 Net Income/(Loss)* (exc. CTA) Margin 15.5% 13.5% -197 4.4% 2.3% -212 CCI (TL mn) 2Q2025 2Q2026 Change % 1H2025 1H2026 Change % Volume (mn u/c) 472.6 518.8 9.8% 859.9 932.7 8.5% Net Sales Revenue 49,179.4 69,176.5 40.7% 85,038.6 121,133.0 42.4% Gross Profit 17,949.0 27,306.7 52.1% 29,498.3 46,801.6 58.7% EBIT 8,297.9 13,738.5 65.6% 12,081.2 21,638.8 79.1% EBITDA 9,731.7 15,864.4 63.0% 14,811.4 25,511.2 72.2% Net Income/(Loss)* 4,365.2 8,235.6 88.7% 4,449.8 11,929.7 168.1% FCF 3,357.1 2,034.2 -39.4% -4,005.9 2,461.6 n.m. Change (bps) Change (bps) Gross Profit Margin 36.5% 39.5% 298 34.7% 38.6% 395 EBIT Margin 16.9% 19.9% 299 14.2% 17.9% 366 EBITDA Margin 19.8% 22.9% 314 17.4% 21.1% 364 Net Income Margin* 8.9% 11.9% 303 5.2% 9.8% 462 * Net income attributable to shareholders
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Page 8 of 18 www.anadoluefes.com ir@anadoluefes.com As anticipated at the beginning of the year, 2026 has continued to be characterized by a volatile and challenging operating environment. The Middle East conflict further increased uncertainty, causing higher oil prices and inflationary pressures across our markets. Supported by our diversified geographic footprint and balanced product portfolio, we have continued to deliver resilient consolidated performance despite these headwinds. However, during the first half of the year, consumer purchasing power in Türkiye weakened more than we had anticipated coupled with unfavorable weather conditions resulting in softer demand and lower beer volumes. While volume trends showed signs of improvement in June & July, the overall recovery has been slower than initially expected. Reflecting the latest developments and maintaining a prudent outlook for the remainder of the year, we are revising our FY2026 Beer Group volume and profitability guidance. The revisions primarily reflect the softer than expected performance of our Türkiye beer operations, with the adjustment to profitability expectations driven solely by lower volume assumptions rather than any deterioration in the underlying pricing discipline, product mix and cost management dynamics of the business. Our revised expectations for FY2026 are as follows: Consolidated sales volume is to grow mid-single digits Beer group sales volume is to decline by low-single digits (previously: to grow low-single digits) Türkiye beer volume is to decline by low-single digits (previously: to grow low-single digits) International beer operations volume is to stay flat Soft drinks sales volume is to grow by mid-single-digits on a consolidated basis Türkiye soft drinks volume is to grow by low-to-mid-single digits International soft drinks volume is to grow high-single digits With Inflation Accounting: Consolidated net sales revenue / hl is to grow low-single digits Beer group revenue / hl is to grow low-to-mid-single digits Soft Drinks revenue /uc is to grow by flat-to-mid-single-digits Consolidated EBITDA Margin is to decline slightly (previously: stay flat) Beer group EBITDA margin is to decline 150 bps (previously: stay flat) Soft Drinks EBIT margin is to stay flat Without Inflation Accounting: Consolidated Net Sales Revenue /hl is expected to grow by mid-teens on FX-Neutral basis Beer group revenue /hl is to grow by high-teens on FX-Neutral basis Soft Drinks revenue/uc is to grow by low-to-mid-teens on FX-Neutral basis Consolidated EBITDA Margin is to decline slightly (previously: stay flat) Beer group EBITDA margin is to decline 100 bps (previously: stay flat) Soft Drinks EBIT margin is to stay flat Capex: As a percentage of sales high-single digits on a consolidated basis *2026 outlook reflects management expectations and is based upon currently available data. Actual results are subject to futu re events and uncertainties including but not limited to macro-economic, financial, geopolitical and political risks, which could materially impact the Company’s actual performance. FY2026 REVISED OUTLOOK
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Page 9 of 18 www.anadoluefes.com ir@anadoluefes.com ANADOLU EFES CONSOLIDATED FINANCIAL PERFORMANCE EBITDA (TL mn) 1H2025 1H2026 Profit/loss from Operations 12,977.4 17,462.8 Depreciation and amortization 7,856.5 8,424.0 Provision for retirement pay liability 319.2 281.5 Provision for vacation pay liability 416.0 433.5 Foreign exchange gain/loss from operating activities 293.2 308.3 Rediscount interest income/expense from operating activities 4.0 -1.4 Other 113.2 138.2 EBITDA 21,979.6 27,046.8 EBITDA (BNRI*) 22,062.8 27,072.2 *Non-recurring items amounted to TL 83.2 million in 1H2025 and TL 25.4 million in 1H2026 Financial Income / (Expense) Breakdow n (TL mn) 1H2025 1H2026 Interest income 1,965.8 1,671.1 Interest expense -12,247.4 -8,061.6 Foreign exchange gain /(loss) -320.8 -571.1 Other financial expenses (net) -1,649.1 -1,663.6 Gain/(loss) on derivative transactions -2.9 -781.8 Net Financial Income /(Expense) -12,254.5 -9,407.0 Free Cash Flow (TL mn) 1H2025 1H2026 EBITDA (BNRI) 22,062.8 27,072.2 Change in Working Capital -9,818.0 -9,106.1 Income Taxes & Employee Benefits Paid & Others -932.2 -4,577.1 Payments of Lease Liabilities -860.5 -1,117.1 CAPEX, net -12,371.7 -9,697.3 Net Financial Income /(Expense) -11,531.4 -7,898.0 Monetary Gain/Loss -1,627.6 -492.9 Non-Recurring Items -83.2 -25.4 FCF -15,161.7 -5,841.6 Other investing activities (Acquisitions, Disposals and Share Capital Increases) 0.0 0.0 FCF (after investing activities) -15,161.7 -5,841.6 Consolidated Gross Debt Cash & Cash Equivalents Net Cash/(Debt) Position AEFES Consolidated (TL mn) 106,168.7 40,513.5 -65,655.3 Beer Group (TL mn) 46,497.3 12,428.7 -34,068.6 Türkiye Beer (TL mn) 46,245.4 3,801.1 -42,444.3 EBI (TL mn) 251.9 8,493.6 8,241.7 CCI (TL mn) 57,959.5 28,043.4 -29,916.1 , Net Debt / EBITDA (BNRI) 1H2025 1H2026 Anadolu Efes Consolidated 1.9 1.2 Beer Group 3.7 4.7
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Page 10 of 18 www.anadoluefes.com ir@anadoluefes.com CASH AND CASH EQUIVALENTS / TRADE RECEIVABLES: 2025 figures are indexed to using the Consumer Price Index (CPI) rate for comparison purposes with 1H2026. The amount resulting from the indexation difference in 2025 is recorded as a monetary loss in the income statement. 1H2026 figures are presented in the financial statements at their nominal value as of June 30, 2026, without any indexation. Each cash/trade receivables transaction occurring in 1H2026 is indexed to the period- end value using the Consumer Price Index (CPI) rate. The difference between the transaction date value and indexed value is recorded as a monetary loss in the income statement. INVENTORY/FIXED ASSETS: Amount recorded for fixed assets acquired before 2004 is indexed and increased using the Consumer Price Index (CPI) rate from 2004 to June 30, 2026. For fixed assets acquired after 2004, the recorded amount is indexed to June 30, 2026 using the CPI rate from the date of recording. Stocks recorded in both previous period (1H2025) and current period (1H2026) are indexed from the date of recording to June 30, 2026, using the CPI rate. TRADE PAYABLES/FINANCIAL DEBT: 2025 figures are indexed to 1H2026 using the Consumer Price Index (CPI) rate for the comparison purposes with 1H2026. The amount resulting from the indexation difference in 2025 is recorded as a monetary gain in the income statement. 1H2026 figures are presented in the financial statements at their nominal value as of June 30, 2026, without any indexation. Each trade payable/financial debt transaction occurring in 1H2026 is indexed to the period-end value using the Consumer Price Index (CPI) rate. The difference between the transaction date value and indexed value is recorded as a monetary gain in the income statement. EQUITY: Paid-in capital before 2004 is indexed to June 30, 2026 using the CPI rate. The amount related to capital transactions (e.g., capital increases) recorded in capital accounts after 2004 is indexed from the date of recording to June 30, 2026. GROSS SALES: Every sales transaction recorded in the previous period (1H2025) and current period (1H2026) is indexed from the date of recording to June 30, 2026, using the CPI rate. COST OF GOODS SOLD: For the previous period (1H2025) and the current period (1H2026), production materials and overheads entering inventory are indexed from their date of entry into stock until June 30, 2026, using the CPI rate. OPERATIONAL EXPENSES: Every product and service purchased previous period ( 1H2025) and the current period (1H2026) is indexed from the date of purchase until June 30, 2026, using the CPI rate. FINANCIAL INCOME / (EXPENSE): Every interest income/expense and exchange rate income/expense recorded in the previous period (1H2025) and the current period (1H2026) is indexed from the relevant date until June 30, 2026, using the CPI rate. MONETARY GAIN/LOSS: The inflation/indexing effects on the company's monetary position, comprising cash and cash equivalents, financial debts, trade receivables, and trade payables, are reflected as monetary gain or loss. REGARDING THE CONSOLIDATION OF INTERNATIONAL OPERATIONS: Each item in the 2025 financial statements, prepared in local currency for international operations, is converted to the reporting unit, Turkish Lira (TL), using the June 30, 2025 exchange rate, in accordance with the principle of comparability. These items are then indexed using the June 30, 2026 Consumer Price Index rate to be presented on the basis of purchasing power as of 30.06.2026. EFFECTS OF TAS 29 ON P&L AND BALANCE SHEET MAIN ITEMS:
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Page 11 of 18 www.anadoluefes.com ir@anadoluefes.com 2025/06 2026/06 SALES VOLUME (mhl) 55.2 58.8 SALES REVENUE 147,172.8 154,294.4 Cost of Sales (-) -94,888.2 -95,844.4 GROSS PROFIT FROM OPERATIONS 52,284.6 58,450.0 Selling, Distribution and Marketing Expenses (-) -28,165.0 -29,013.7 General and Administrative Expenses (-) -11,242.1 -11,782.6 Other Operating Income /Expense (net) 99.9 -191.0 EBIT (BNRI) 13,060.6 17,488.1 Income /Expense from Investing Activities (net) 4,310.0 -129.2 Income / (Loss) from Associates 8.7 0.2 OPERATING PROFIT BEFORE FINANCE INCOME/(EXPENSE) 17,296.1 17,333.8 Financial Income / Expense (net) -12,254.5 -9,407.0 Monetary Gain / Loss 10,992.6 12,096.4 PROFIT BEFORE TAX FROM CONTINUING OPERATIONS 16,034.3 20,023.2 Continuing Operations Tax Income/(Expense) - Current Period Tax Expense (-) / Income -3,039.8 -5,998.3 - Deferred Tax Expense (-) / Income 924.4 43.5 INCOME/(LOSS) FOR THE PERIOD 13,918.8 14,068.5 Attributable to: Non-Controlling Interest 6,132.4 6,793.2 EQUITY HOLDERS OF THE PARENT 7,786.4 7,275.3 EBITDA (BNRI)* 22,062.8 27,072.2 **EBITDA comprises of Profit from Operations, depreciation and other relevant non-cash items up to Profit from Operations. *Non-recurring items amounted to TL 83.2 million in 1H2025 and TL 25.4 million in 1H2026 ANADOLU EFES Consolidated Income Statements for the Six-Months Period Ended 30.06.2025 and 30.06.2026 Prepared in accordance with TAS/TFRS as per CMB Regulations (TL mn) TAS 29 (Financial Reporting in Hyperinflationary Economies) implemented PLEASE CLICK TO ACCESS ALL TABLES IN EXCEL FORMAT
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Page 12 of 18 www.anadoluefes.com ir@anadoluefes.com 2025/12 2026/06 Cash & Cash Equivalents 43,775.8 40,182.2 Financial Investments 504.7 331.3 Derivative Instruments 288.1 214.5 Trade Receivables from Third Parties 29,007.9 51,398.9 from Related Parties 2,707.4 4,693.3 Other Receivables 1,355.3 1,131.5 Inventories 34,146.9 37,101.2 Other Current Assets 16,715.3 14,261.0 TOTAL CURRENT ASSETS 128,501.5 149,314.0 Trade Receivables 1.3 0.3 Financial Investments 64,333.2 59,387.6 Investments in Associates 25.7 22.9 Property, Plant and Equipment (incl. inv properties) 108,764.7 105,177.6 Right of Use Assets 5,866.3 5,700.2 Other Intangible Assets 148,789.9 146,422.4 Goodwill 11,467.4 10,915.1 Deferred Tax Assets 13,067.3 12,182.4 Derivative Instruments 0.0 84.6 Other Non-Current Assets 6,204.4 6,592.6 TOTAL NON-CURRENT ASSETS 358,520.2 346,485.6 TOTAL ASSETS 487,021.7 495,799.6 Short-term Borrowings 30,726.1 32,195.1 Current portion of long term borrowings 10,050.5 10,202.4 Current portion of term lease obligations (IFRS 16) 1,572.8 1,358.8 Derivative Instruments 360.8 806.1 Current Trade Payables to Third Parties 47,783.9 61,908.1 to Related Parties 1,283.9 1,096.5 Other Current Payables 25,993.7 29,809.6 Provision for Corporate Tax 1,080.4 2,159.6 Provisions 2,151.8 2,554.3 Other Liabilities 3,508.8 2,885.4 TOTAL CURRENT LIABILITIES 124,512.7 144,975.8 Long-term Borrowings 64,198.9 59,774.4 Long term lease obligations (IFRS 16) 2,951.4 2,638.1 Non Current Trade Payables 341.0 289.2 Deferred Tax Liability 33,071.3 31,583.3 Derivative Instruments 0.0 0.0 Other Non Current Liabilities 4,051.4 4,119.4 TOTAL NON-CURRENT LIABILITIES 104,614.0 98,404.4 TOTAL EQUITY 257,895.0 252,419.4 TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY 487,021.7 495,799.6 ANADOLU EFES Consolidated Balance Sheets as of 31.12.2025 and 30.06.2026 Prepared in accordance with TAS/TFRS as per CMB Regulations (TL mn) TAS 29 (Financial Reporting in Hyperinflationary Economies) implemented
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Page 13 of 18 www.anadoluefes.com ir@anadoluefes.com 2025/06 2026/06 Sales Volume (mhl) 6.4 5.9 Sales Revenue 31,639.1 29,459.9 Cost of Sales (-) -17,064.5 -16,706.8 Gross Profit from Operations 14,574.6 12,753.1 EBIT (BNRI) 0.1 -1,147.8 Operating Profit Before Finance Income/(Expense) 6,344.7 911.6 Profit Before Tax from Continuing Operations 6,948.0 2,677.3 Income/(Loss) for the Period 7,205.8 3,396.1 Equity Holders of the Parent 5,382.5 3,452.3 EBITDA (BNRI)* 3,592.7 2,276.8 *Non-recurring items amounted to TL 83.2 million in 1H2025 and TL 25.4 million in 1H2026 **EBITDA comprises of Profit from Operations, depreciation and other relevant non-cash items up to Profit from TAS 29 (Financial Reporting in Hyperinflationary Economies) implemented (TL mn) BEER GROUP Prepared in accordance with TAS/TFRS as per CMB Regulations Consolidated Income Statements for the Six-Months Period Ended 30.06.2025 and 30.06.2026
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Page 14 of 18 www.anadoluefes.com ir@anadoluefes.com 2025/12 2026/06 Cash & Cash Equivalents 12,176.0 12,202.8 Financial Investments 243.2 225.8 Derivative Instruments 40.6 0.0 Trade Receivables 9,055.3 14,940.5 Other Receivables 669.6 776.6 Inventories 11,415.5 8,881.5 Other Current Assets 6,794.3 5,452.2 TOTAL CURRENT ASSETS 40,394.5 42,479.5 Trade Receivables 1.3 0.3 Financial Investments 64,328.0 59,383.5 Investments in Associates 21,838.6 21,835.8 Property, Plant and Equipment (incl. inv properties) 15,450.8 14,828.6 Right of Use Assets 1,853.2 1,576.3 Other Intangible Assets 2,266.9 2,046.0 Goodwill 2,871.8 2,809.0 Deferred Tax Assets 9,305.6 9,806.0 Other Non-Current Assets 4,220.9 3,330.4 TOTAL NON-CURRENT ASSETS 122,137.2 115,616.0 TOTAL ASSETS 162,531.6 158,095.4 Current portion of long term borrowings 3,572.3 4,972.1 Short-term Borrowings 14,317.4 13,131.2 Current portion of term lease obligations (IFRS 16) 881.5 614.9 Derivative Instruments 129.3 317.5 Current Trade Payables 13,812.6 14,303.5 Other Current Payables 13,536.1 14,496.4 Provision for Corporate Tax 60.6 89.8 Provisions 402.3 912.6 Other Liabilities 1,438.5 808.7 TOTAL CURRENT LIABILITIES 48,150.7 49,646.7 Long-term Borrowings 27,026.6 26,934.5 Long term lease obligations (IFRS 16) 954.7 844.7 Deferred Tax Liability 1,664.7 1,513.5 Other Non Current Liabilities 3,012.8 2,870.8 TOTAL NON-CURRENT LIABILITIES 32,659.0 32,163.5 TOTAL EQUITY 81,721.9 76,285.2 TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY 162,531.6 158,095.4 (TL mn) TAS 29 (Financial Reporting in Hyperinflationary Economies) implemented Consolidated Balance Sheets as of 31.12.2025 and 30.06.2026 Prepared in accordance with TAS/TFRS as per CMB Regulations BEER GROUP
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Page 15 of 18 www.anadoluefes.com ir@anadoluefes.com 2025/06 2026/06 SALES VOLUME (uc millions) 859.9 932.7 SALES REVENUE 114,237.4 123,259.7 Cost of Sales (-) -76,315.7 -77,186.5 GROSS PROFIT FROM OPERATIONS 37,921.7 46,073.3 Selling, Distribution and Marketing Expenses (-) -18,705.6 -20,035.3 General and Administrative Expenses (-) -6,020.9 -6,567.1 Other Operating Income /Expense (net) 405.1 -2.3 EBIT 13,600.3 19,468.6 Income / Expense From Investing Activities (net) -67.3 -123.4 Income / (Loss) from Associates 8.4 -0.9 OPERATING PROFIT BEFORE FINANCE INCOME/(EXPENSE) 13,541.5 19,344.3 Financial Income / Expenses (net) -7,331.3 -4,757.5 Monetary Gain / Loss 5,206.9 5,568.5 PROFIT BEFORE TAX FROM CONTINUING OPERATIONS 11,417.1 20,155.4 -Deferred Tax Income/(Expense) -318.6 -603.6 -Current Period Tax Expense -2,536.6 -5,471.9 INCOME/(LOSS) FOR THE PERIOD 8,561.9 14,079.9 Profit/(Loss) Attributable to: Non-Controlling Interest 103.2 184.6 Equity Holders of the Parent 8,458.7 13,895.3 EBITDA 18,619.0 24,982.8 SOFT DRINK OPERATIONS (CCI) Prepared in accordance with TAS/TFRS as per CMB Regulations (TL mn) Consolidated Income Statements For the Six-Months Period Ended 30.06.2025 and 30.06.2026 TAS 29 (Financial Reporting in Hyperinflationary Economies) implemented
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Page 16 of 18 www.anadoluefes.com ir@anadoluefes.com 2025/12 2026/06 Cash and Cash Equivalents 30,975.3 27,937.9 Investments in Securities 261.6 105.5 Derivative Financial Instruments 247.5 214.5 Trade Receivables 22,415.4 40,834.4 Other Receivables 239.5 138.7 Inventories 22,481.6 28,011.4 Prepaid Expenses 5,294.7 4,821.4 Tax Related Current Assets 1,402.6 908.3 Other Current Assets 3,371.5 2,679.6 TOTAL CURRENT ASSETS 86,689.8 105,651.6 Derivative Financial Instruments 0.0 84.6 Other Receivables 270.0 254.0 Right of Use Asset 1,642.8 1,602.0 Property, Plant and Equipment 87,067.8 84,585.7 Intangible Assets 37,554.9 36,397.6 Goodwill 8,238.6 7,749.2 Prepaid Expenses 1,625.3 2,911.8 Deferred Tax Asset 1,520.2 757.3 Other Non Current Asset 43.7 36.9 TOTAL NON-CURRENT ASSETS 137,963.5 134,379.1 TOTAL ASSETS 224,653.2 240,030.7 Short-term Borrowings 16,059.8 18,381.8 Current Portion of Long-term Borrowings 6,994.9 5,892.3 Bank Loans 6,478.2 5,230.3 Financial lease payables 516.8 662.0 Trade Payables 40,644.7 53,334.7 Payables Related to Employee Benefits 830.7 760.0 Other Payables 6,521.0 9,941.0 Derivative Financial Instruments 231.6 488.6 Provision for Corporate Tax 1,019.8 2,069.7 Current Provisions 1,727.1 1,608.7 Other Current Liabilities 1,143.2 1,248.3 TOTAL CURRENT LIABILITIES 75,172.7 93,725.2 Long-term Borrowings 37,167.6 32,837.0 Financial lease payables 1,152.6 877.8 Trade and Other Payables 3.2 2.8 Provision for Employee Benefits 1,329.3 1,301.7 Deferred Tax Liability 7,817.5 6,558.3 Derivative Financial Instruments 0.0 0.0 Other Non-Current Liabilities 0.0 186.5 TOTAL NON-CURRENT LIABILITIES 47,470.2 41,764.2 TOTAL EQUITY 102,010.3 104,541.4 TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY 224,653.2 240,030.7 SOFT DRINK OPERATIONS (CCI) Prepared in accordance with TAS/TFRS as per CMB Regulations (TL mn) TAS 29 (Financial Reporting in Hyperinflationary Economies) implemented Totals may not foot due to rounding differences Consolidated Balance Sheets as of 31.12.2025 and 30.06.2026
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Page 17 of 18 www.anadoluefes.com ir@anadoluefes.com Anadolu Etap Tarım is Türkiye's first and largest-scale fruit growing company, operating with 2,100 hectares of land, 4 farms, and 3.5 million trees. Anadolu Etap, which considers social, economic, and environmental sustainability as the most important value in all its activities, achieved a first in Türkiye in 2014 by publishing the 'Principles of Sustainable A griculture,' and leads the development of agriculture and agriculture -based industries by following to these principles. Anadolu Etap Tarım, deriving 8% of its sales revenue from exports and 92% from domestic sales, produces high-quality, sustainable, and safe food while also running social projects that support regional development. Anadolu Etap İçecek has a broad product portfolio of juice concentrates and purees. With three highly automated juice concentrate plants, it meets international standards by producing high -quality, food -safe products that meet market demands, serving a wide range of geog raphy from America to the Far East and, gains 49% of its sales revenue from exports and 51% from domestic sales. Anadolu Efes Biracılık ve Malt Sanayii A.Ş. (Anadolu Efes), together with its subsidiaries and affiliates produces and markets alcoholic beverages, malt and soft drinks across a geography including Türkiye, the CIS countries, Central Asia and the Middle East with a total of 16,055 employees, including both beer & soft drink operations. In addition, Anadolu Efes' operations in Russia*, accounted as a financial investment, are engaged in the production, sales, and marketing of beer and malt. Anadolu Efes, listed at Borsa İstanbul (AEFES.IS), is an operational entity under which the Türkiye beer operations are managed, as well as the 100% shareholder of EBI that manages international beer operations, and is the largest shareholder of CCI which manages the soft drink business in Türkiye and international markets. This document 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 current ly available data. Actual results are subject to future events and uncertainties, which could materially impact the Company’s actual performance. The consolidated financial statements of Anadolu Efes are prepared in accordance with Turkish Financial Reporting Standards (“TFRS”) as per regulations of the Capital Markets Board of Türkiye (“CMB”). The attached financial statements in this announcement comprise the income statements for the period ended 30.06.2025 and 30.06.2026 as well as the balance sheets as of 31.12.2025 and 30.06.2026. Anadolu Efes and its subsidiaries in which Anadolu Efes holds the majority stake; including Efes Pazarlama (marketing, sales & distribution of beer products in Türkiye, EBI (international beer operations), and Anadolu Etap Tarım are fully consolidated in the financials. According to the Shareholder’s Agreement regarding the governance of CCI, in which Anadolu Efes holds 50.3% stake, Anadolu Efes also fully consolidates CCI. *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. I n the financial statements the beer operations in Russia, which were excluded from consolidation, were accounted for as “Financial Investment”. REGARDING ANADOLU ETAP ABOUT ANADOLU EFES SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENT ACCOUNTING PRINCIPLES
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Page 18 of 18 www.anadoluefes.com ir@anadoluefes.com Anadolu Efes – 1H2026 Results Presentation will be held on Wednesday, 12th of August 2026 at 17:00 (Istanbul) 15:00 (London) 10:00 (New York). The meeting will be held via Teams Live Event. We kindly recommend you to test your access to the link below prior to the call. Webcast: Please click to join Audio connection will not be available; how ever, you are more than welcome to join the call with your mobile devices via the link above. Replay: The replay link will be available on our website. A copy of the presentation will be available prior to the conference call from our website at www.anadoluefes.com For financial reports and further information regarding Anadolu Efes, please visit our website at www.anadoluefes.com or you may contact; Aslı Kılıç Demirel Nihal Tokluoğlu (Investor Relations & Risk Management Director) (Investor Relations & Risk Management Manager) tel: +90 216 586 80 72 tel: +90 216 586 80 09 e-mail: asli.kilic@anadoluefes.com e-mail: nihal.tokluoglu@anadoluefes.com BEER OPERATIONS’ 1H2026 RESULTS PRESENTATION & WEBCAST ENQUIRIES