Slides
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ANADOLU EFES 9M2026 RESULTS CONFERENCE CALL PRESENTATION 5 NOVEMBER 2026
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IMPORTANT DISCLAIMER REGARDING TAS29 9M2026 RESULTS 2 As stipulated by the decree of the Capital Markets Board, the financial statements for 9M2026 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.
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FORWARD-LOOKING STATEMENTS 9M2026 RESULTS 3 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.
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GENERAL OVERVIEW & OPERATING ENVIRONMENT ONUR ALTÜRK CEO & Beer Group President
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ROBUST INTERNATIONAL MOMENTUM EASED DOMESTIC HEADWINDS IN VOLUMES 9M2026 RESULTS EBITDA BNRI % NET INCOME FREE CASH FLOW 3Q NET REVENUE Anadolu Efes Beer Group 7% consolidated volume growth supported by strong international operations Softer revenue / hl performance; due to affordability focus & relatively higher discounts EBITDA margin dilution; reflecting softer gross profitability & lower operating leverage in Türkiye Free cash flow generation improvement with contributions from both business lines Consolidated Net Debt to EBITDA(BNRI) of 0.9x FY2026 guidance revised 5 TL88.8bn (-0.6%) TL251.6bn (+2.8%) 18.7% (-361bps) 18.0% (+29bps) TL4.4bn (-35.8%) TL12.1bn (-19.8%) TL16.5bn (35.1%) TL10.3bn (n.m) TL19.3bn (-5.1%) TL50.4bn (-6.2%) 18.3% (-370bps) 11.8% (-361bps) TL0.9bn (-58.9%) TL4.5bn (-42.2%) TL0.3bn (+84.2%) TL-4.1bn (+42.4%) 3Q9M 9M Production started in Uzbekistan in September
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INTERNATIONAL BEER OPERATIONS REMAINED THE KEY PERFORMANCE DRIVER 69M2026 RESULTS • Beer Group volumes declined by 5.6% y-o-y to 3.7 mhl in 3Q2026 ➢ Türkiye Beer volumes declined by 14.3% y-o-y to 1.6 mhl, reflecting challenging market conditions. ➢ International Beer volumes increased by 2.1% y-o-y to 2.1 mhl, supported by resilient operational performance across almost all markets. ➢ Up by 6.0%; excluding Georgia export restructuring
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TURKIYE OPERATIONS 79M2026 RESULTS • Volume down by 14.3% y-o-y to 1.6 mhl in 3Q2026, significantly below expectations ➢ Persistent pressure on consumer purchasing power continued to constrain discretionary spending and heighten price sensitivity. ➢ Softer tourism activity and lower hotel occupancy rates further weighed on HoReCa demand. ➢ Following a temporary improvemet in July, volumes deteriorated sharply in August and September. ➢ August recorded the weakest performance in over a decade, followed by an exceptionally challenging September
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89M2026 RESULTS INTERNATIONAL OPERATIONS • Kazakhstan grew mid-single digit; outperforming the market ➢ 6th consecutive quarters of growth ➢ Reached highest market share ➢ Successful commercial execution led premium segment growth ➢ Innovation-led growth supported by successful new launches and limited editions • Moldova grew by low-to-mid-single digits; ➢ Continued affordability focus while premium segment is prioritised ➢ Strengthen premium portfolio through Stary Melnik Can launch • Georgia down by low-twenties; excluding restructing down by low-single digit ➢ Domestic demand strengthen while export business challanged by temporary logistic distruptions ➢ Continued focus on KEG segment ➢ Launched Taati & Stella Artois in new packaging size
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SOFT DRINKS OPERATIONS ➢ Consolidated volume increased by 8.3% in 3Q2026; reaching 516 million uc ➢ Strong growth in Pakistan and Uzbekistan ➢ Türkiye volume decreased by 0.9%; recorded at 172 million uc ➢ Consumer purchasing power pressures continued to weigh on domestic demand ➢ Mix optimization initiatives continued to deliver results across the portfolio ➢ International volume grew by 13.5%; building on a high base of 16.1% growth ➢ Pakistan and Uzbekistan delivered robust growth of 24.5%, 20.3% respectively ➢ Kazakhstan up by 1.0% ➢ Iraq sales volume slightly decreased by 0.2% 99M2026 RESULTS
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FINANCIAL OVERVIEW YASEMEN GÜVEN ÇAYIREZMEZ Chief Financial Officer
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KEY FINANCIALS 11 9M2026 RESULTS Anadolu Efes Beer Group mTL 3Q2026 Change 9M2026 Change Sales Revenue 88,759.7 -0.6% 251,648.3 2.8% Gross Profit 33,729.9 -6.5% 95,435.6 4.5% EBITDA (BNRI) 16,597.7 -16.7% 45,177.8 4.5% Net Income/(Loss)* 4,373.6 -35.8% 12,054.1 -19.8% Free Cash Flow 16,500.7 35.1% 10,333.7 n.m Gross Profit Margin % 38.0% -240 bps 37.9% 62 bps EBITDA BNRI Margin % 18.7% -361 bps 18.0% 29 bps Net Income Margin %* 4.9% -270 bps 4.8% -135 bps mTL 3Q2026 Change 9M2026 Change Sales Revenue 19,289.9 -5.1% 50,390.7 -6.2% Gross Profit 9,008.7 -10.8% 22,472.2 -11.8% EBITDA (BNRI) 3,524.8 -21.1% 5,928.4 -28.2% Net Income/(Loss)* 892.2 -58.9% 4,536.8 -42.2% Free Cash Flow -275.9 84.2% -4,093.7 42.4% Gross Profit Margin % 46.7% -298 bps 44.6% -284 bps EBITDA BNRI Margin % 18.3% -370 bps 11.8% -361 bps Net Income Margin %* 4.6% -605 bps 9.0% -561 bps *Attributable to shareholders
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ANADOLU EFES EBITDA (BNRI) & FCF GENERATION 129M2026 RESULTS 3Q - EBITDA (BNRI) Bridge mTL 3Q – Free Cash Flow Bridge mTL 9M - EBITDA (BNRI) Bridge mTL 9M – Free Cash Flow Bridge mTL 265 9M2025 6.945 Net Revenue -2.172 COGS -3.085 S&M and G&A Expenses Others 9M2026 43.226 45.178 +5% 562 3Q2025 -574 Net Revenue -1.683 COGS -1.641 S&M and G&A Expenses Others 3Q2026 19.934 16.598 -17% 9M2025 1.952 EBITDA BNRI 9.444 Changes in WC 2.984 Capex, net -257 Net Financial Inc/Exp & FX gain/loss & Taxes & Others 9M2026 -3.789 10.334 161 3Q2025 -3.336 EBITDA BNRI 7.510 Changes in WC Capex, net -51 Net Financial Inc/Exp & FX gain/loss & Taxes & Others 3Q2026 12.217 16.501 +35%
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BEER GROUP EBITDA (BNRI) & FCF GENERATION 139M2026 RESULTS 3Q - EBITDA (BNRI) Bridge mTL 3Q – Free Cash Flow Bridge mTL 9M - EBITDA (BNRI) Bridge mTL 9M – Free Cash Flow Bridge mTL 341 380 292 9M2025 -3.345 Net Revenue COGS S&M and G&A Expenses Others 9M2026 8.260 5.928 -28% 186 3Q2025 -1.044 Net Revenue -56 COGS -28 S&M and G&A Expenses Others 3Q2026 4.468 3.525 -21% 9M2025 -2.332 EBITDA BNRI 3.601 Changes in WC 1.238 Capex, net 501 Net Financial Inc/Exp & FX gain/loss & Taxes & Others 9M2026 -7.102 -4.094 -42% -276 -943 3Q2025 EBITDA BNRI 3.095 Changes in WC -79 Capex, net -606 Net Financial Inc/Exp & FX gain/loss & Taxes & Others 3Q2026 -1.743 -84%
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IMPACT of TAS 29 – ANADOLU EFES 9M2026 RESULTS 14*The financial information provided above excludes the impacts of TAS 29 and is presented solely for analysis purposes. Thesefigures are not aligned with Anadolu Efes' financial report for the period 30.09.2025-30.09.2026 and have not undergone an independent audit. m TL m TL EBITDA (BNRI) NET INCOME Without TAS29 Implementation With TAS29 Implementation NET REVENUE m TL 3Q2025 wo/TAS29 3Q2026 wo/TAS29 3Q2025 w/TAS29 3Q2026 w/TAS29 72.420 93.245 89.334 88.760 +29% -1% 3Q2025 wo/TAS29 3Q2026 wo/TAS29 3Q2025 w/TAS29 3Q2026 w/TAS29 17.375 18.969 19.934 16.598 +9% -17% 3Q2025 wo/TAS29 (exc. CTA) 3Q2026 wo/TAS29 (exc. CTA) 3Q2025 w/TAS29 3Q2026 w/TAS29 4.479 4.033 6.814 4.374 -10% -36% 9M2025 wo/TAS29 (exc. CTA) 9M2026 wo/TAS29 (exc. CTA) 9M2025 w/TAS29 9M2026 w/TAS29 6.097 8.526 15.034 12.054 +40% -20% m TL 9M2025 wo/TAS29 9M2026 wo/TAS29 9M2025 w/TAS29 9M2026 w/TAS29 182.495 245.741 244.704 251.648 +35% +3% 9M2025 wo/TAS29 9M2026 wo/TAS29 9M2025 w/TAS29 9M2026 w/TAS29 36.550 48.936 43.226 45.178 +34% +5%
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IMPACT of TAS 29 – BEER GROUP 9M2026 RESULTS 15*The financial information provided above excludes the impacts of TAS 29 and is presented solely for analysis purposes. Thesefigures are not aligned with Anadolu Efes' financial report for the period 30.09.2025-30.09.2026 and have not undergone an independent audit. m TL m TL EBITDA (BNRI) NET INCOME Without TAS29 Implementation With TAS29 Implementation NET REVENUE m TL 3Q2025 wo/TAS29 3Q2026 wo/TAS29 3Q2025 w/TAS29 3Q2026 w/TAS29 16.440 20.150 20.334 19.290 +23% -5% 3Q2025 wo/TAS29 3Q2026 wo/TAS29 3Q2025 w/TAS29 3Q2026 w/TAS29 4.382 4.457 4.468 3.525 +2% -21% 767 85 892 3Q2025 wo/TAS29 (exc. CTA) 3Q2026 wo/TAS29 (exc. CTA) 3Q2025 w/TAS29 3Q2026 w/TAS29 2.171-89% -59% 762 9M2025 wo/TAS29 (exc. CTA) 9M2026 wo/TAS29 (exc. CTA) 9M2025 w/TAS29 9M2026 w/TAS29 1.825 7.853 4.537-58% -42% 9M2025 wo/TAS29 9M2026 wo/TAS29 9M2025 w/TAS29 9M2026 w/TAS29 40.550 50.009 53.736 50.391 +23% -6% 9M2025 wo/TAS29 9M2026 wo/TAS29 9M2025 w/TAS29 9M2026 w/TAS29 8.822 9.000 8.260 5.928 +2% -28%
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CASH&DEBT MANAGEMENT 16 9M2026 RESULTS USD 0.9 bn 69% in Hard Currency USD 0.2 bn 47% held in Hard Currency 24% held in Eurozone Average maturity 1.3 yrs Net Debt/EBITDA 5.1x Net Debt/EBITDA (woTAS29) 3.3x Average maturity 1.7 yrs Net Debt/EBITDA 0.9x Net Debt/EBITDA (woTAS29) 0.9x Anadolu Efes Gross Debt Gross Debt Cash USD 2.1 bn 66% in Hard Currency USD 1.1 bn 29% held in Hard Currency 8% held in Eurozone Cash Beer Group
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LEVERAGE RATIOS Gross & Net Debt Gross & Net Debt USD mn **Figures are presented excluding TAS29 impact unless otherwise stated. Beer Group Leverage Ratios Anadolu Efes Leverage Ratios times times USD mn 1.2 1.3 0.9 2025 YE w/out TAS29 9M2025 w/out TAS29 9M2026 w/out TAS29 1.4 1.5 0.9 2025 YE w/TAS29 9M2025 w/TAS29 9M2026 w/TAS29 2.8 2.4 3.3 2025 YE w/out TAS29 9M2025 w/out TAS29 9M2026 w/out TAS29 4.0 3.9 5.1 2025 YE w/TAS29 9M2025 w/TAS29 9M2026 w/TAS29 2,169 2,358 2,073 1,293 1,288 1,011 2025 YE 9M2025 9M2026 Gross Debt Net Debt 928 996 932 682 707 702 2025 YE 9M2025 9M2026 Net DebtGross Debt *The financial information provided above excludes the impacts of TAS 29 and is presented solely for analysis purposes. Thesefigures are not aligned with Anadolu Efes' financial report for the period 30.09.2025-30.09.2026 and have not undergone an independent audit. 9M2026 RESULTS 17
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RISK MANAGEMENT Beer Group COGS Split for 2025: 14% 11% 22% 15% 7% 15% 16% Barley-Malt & Auxiliary Glass Bottle Can Other Packaging Overhead (Labour Cost) Amortization & Other Overhead Import products Beer Group Hedges for 2026: Commodity : Aluminum: 100% for TR & CIS @$3,117 *For 2027: 38% for TR & CIS @$3,048 FX Exposure : TR: 100% Hedged (USD/TRY: 48.95) Total FX Exposure of Beer Group is 19% of COGS + OPEX. 9M2026 RESULTS 18
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REVISED FY2026 EXPECTATIONS 9M2026 RESULTS 19 VOLUME BEER GROUP SOFT DRINKS GROUP ANADOLU EFES SALES REVENUE/ HL (UC) Low-single digits decline Previously: Low-single digits growth Low-to-mid-single digits growth Decline low-single digits Previosuly: Flat-to-mid-single digits growth EBITDA Margin Decline slightly Stay flat SALES REVENUE / HL (UC) FX-Neutral basis EBITDA Margin With TAS29 Without TAS29 Mid-single digits decline Previously: Low-single digits decline High-single digits growth Previously: Mid-single digits growth Mid-teens growth High-teens growth Low-to-mid-teens growth Decline slightly Stay flat Mid-single digits growth Decline 200 bps Pre:viously: Decline 100 bps Decline 250 bps Previously: Decline 150 bps CAPEX / NR High single digits - -
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Q&A SESSION
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FX RATES 9M2025 9M2026 Δ% USD/TL AVG 38.54 45.60 18.3% PE 41.51 48.93 17.9% EUR/TL AVG 43.21 52.93 22.5% PE 48.75 55.56 14.0% TL/RUB AVG 2.20 1.72 -22.0% PE 2.00 1.73 -13.6% TL/KZT AVG 13.50 10.49 -22.3% PE 13.22 8.98 -32.1% TL/UAH AVG 1.08 0.97 -10.5% PE 1.00 0.92 -7.9% TL/MDL AVG 0.45 0.38 -16.4% PE 0.40 0.36 -10.0% TL/GEL AVG 0.07 0.06 -18.2% PE 0.07 0.05 -18.4% 9M2026 RESULTS 21