Ladies and gentlemen, welcome to Anadolu Efes' nine months 2026 Financial Results Conference Call and Webcast. I am Aslı Demiray. I am together with our presenters today, our CEO and CFO. The first part of today's call will be in listen-only mode. Afterwards, we will open the floor for a Q&A session. You may submit your questions at any time using the question box on your screen. However, we kindly encourage you to do so before the Q&A session begins to ensure we have enough time to review and address them. Unless explicitly stated otherwise, all information disclosed in this presentation are presented in accordance with TAS 29. Just to remind you, this conference call is being recorded, and the link will be available online. Before we start, I would kindly request you to refer to our notes in our presentation regarding forward-looking statements. Now, I am leaving the ground to Mr. Onur Altürk, Anadolu Efes CEO. Sir. Thank you, Aslı. Good morning and good afternoon, everyone, and welcome to Anadolu Efes' 9 months to 2026 Results Conference Call. At Anadolu Efes, while our international operations continued to build on their strong momentum and remained the key growth driver of the business, consumer demand in Türkiye remained weak across both beer and soft drinks. We faced a more challenging operating environment in third quarter, which is typically the strongest season of the year. Even under these conditions, we achieved to deliver a solid 7% volume growth, reaching 33 million hectoliters on Anadolu Efes consolidated basis. This performance was mainly driven by our soft drinks and international beer operations. Despite the solid volume growth, revenue per hectoliter came under pressure due to our affordability-focused approach in soft drinks operations and relatively higher discounting levels in Türkiye beer operations. Consolidated net revenue remained broadly flat, reaching TRY 89 billion in the quarter. On the profitability slides, weaker gross profitability remained the key headwind. Lower volumes and reduced operating leverage in Türkiye beer operations, together with ongoing cost inflation across both business lines, weighed on profitability. As a result, consolidated EBITDA declined to TRY 17 billion, while the profitability margin contracted by 361 basis points. In third quarter, cash generation, on the other hand, improved meaningfully in both our business segments. Free cash flow reached TRY 16.5 billion on a consolidated basis, representing a 35% increase versus last year, supported by contributions from both business lines. This strong cash generation, together with our disciplined balance sheet management, allowed us to maintain a healthy net debt-to-EBITDA ratio of 0.9 times. As previously announced, with the toll filling agreement in the second quarter, production in Uzbekistan officially started in September, marking another important step in strengthening our international footprint. Finally, with the peak summer season now behind us and a greater visibility on full-year trends, we revised our full-year 2026 guidance to reflect the latest operating developments across our markets. I will provide more details on these revisions later in the presentation. As I said, Turkish beer business continued to operate under significant pressure during the third quarter. Nevertheless, our international operations once again demonstrated their resilience and remained the key performance driver for the beer group. As a result, beer group volume reached 3.7 million hectoliters in the third quarter, representing a decline of 5.6% year-on-year basis. While Türkiye volumes declined by 14%, international beer volumes increased by 2% year-on-year to 2.1 million hectoliters, delivering another quarter of growth. More importantly, excluding the impact of the export business that was restructured in Georgia, international beer volumes grew by 6%. As consumer preference continued to shift across markets, our broad brand portfolio allows us to participate in various price segments and consumption occasions, supporting both growth and the market share development. At the same time, targeted commercial initiatives across our key markets continued to deliver tangible results. Overall, the continued momentum of the international operations once again helped partially offset the challenges in Türkiye and reinforced the importance of our geographically diversified business model. Let me now turn to our Türkiye beer operations, where the challenging operating environment that we have been discussing since the beginning of the year continues to persist and become even more pronounced during the third quarter. As we highlighted in the previous quarters, the ongoing erosion in consumers' purchasing power has continued to limit discretionary spending and increase price sensitivity across the markets. In addition, softer tourism activity and lower hotel occupancy rates added further pressure on the HoReCa channel during the quarter. Against this backdrop, our volumes declined by 14% year-on-year to 1.6 million hectoliters, significantly below our initial expectations, of course. We saw some improvements in the volume trends during July, which helped limit the overall decline for the quarter and provided an encouraging signal regarding the consumer activity. Unfortunately, this improvement proved temporary. August marked the weakest monthly performance we have seen in more than a decade, followed by an exceptionally weak September, highlighting the persistent pressure on consumer demand. Let me now provide some color on the performance of our international beer operations, which continued to be a key contributor to beer group performance and demonstrated resilience across our markets. In Kazakhstan, we delivered another solid quarter, recording mid-single-digit volume growth, marking our sixth consecutive quarter of expansion and reaching a record market share of 51.1% during the quarter. This performance once again allowed us to outperform the market and further strengthen our leadership position in Kazakhstan. We are particularly encouraged by the strong consumer response to our recent innovations, Hazy, and the limited edition launches like Miller Lime. Their meaningful contribution to volume growth reinforces our confidence in the innovation-led growth strategy and demonstrates our ability to continuously evolve the portfolio in line with consumer preferences. Combined with strong commercial execution and continued premiumization efforts, these initiatives supported both volume growth and further expansion of our premium segments, strengthening the quality of growth. In Georgia, volumes remained under pressure due to the export business restructuring in Russia, as mentioned before, as well as temporary logistical changes affecting export operations. However, solid domestic demand helping to offset part of these headwinds. As a result, reported volumes declined by low 20s, while excluding the restructuring impact, the volume decline was limited to low single digits. During the quarter, we continued to advance our premiumization agenda through new packaging launches for Taati and Stella Artois, while further strengthening our positions in the keg segment. In Moldova, volume performance rebounded during the quarter and returned to growth. Our affordability-focused strategy continued to support volume performance, while we further strengthened our premium portfolio through the successful launch of Stary Melnik. The consumer response to the brand has been very encouraging, giving us the confidence in its long-term potential. To build on this success, we launched Stary Melnik in canned packaging form in the third quarter, which we believe will further support volume growth and strengthen the quality of our growth going forward. Turning to our soft drinks business, our soft drink business diversified footprint once again proved its strength in the third quarter, with robust international growth more than offsetting the softer market conditions in Türkiye. Consolidated volumes increased by 8%, supported by 13% growth in our international operations. While consumer purchasing power pressures continued to weigh on demand in Türkiye, resulting in a slight volume decline of around 1%, our revenue growth management and mix optimization initiatives continued to support performance across the portfolio. International operations growth was outstanding, building on an already strong base from last year. Pakistan and Uzbekistan remained the key growth drivers, delivering volume growth of 24% and 20%, respectively, while Kazakhstan maintained positive momentum and Iraq remained broadly stable. With the overview of our operating performance, let me now hand over to Yasemen, who will take you through our financial results in more detail. Thank you, Onur. Good morning and good afternoon, everyone. As Onur has already covered Anadolu Efes financial performance, I will focus on providing further information about beer group's financial results for the third quarter and the first nine months of the year. Starting with revenue, beer group net sales declined by 5.1% year-on-year to TRY 19.3 billion in the third quarter. As in the previous quarter, our financial performance reflected varying dynamics between our Türkiye and international operations. While our international business continued to deliver solid growth, the significantly weaker volume performance in Türkiye remained the main factor weighing on our top line. In Türkiye, beer sales revenue declined by 14.5% to TRY 10.7 billion, primarily reflecting the 14.3% contraction in sales volumes. Although the price increase implemented in July, together with a more favorable product mix with a shift to more premium products, as well as lower sales of low-price products, provided some support to revenue per liter performance. However, these were not sufficient to compensate for substantial decline in volume. Furthermore, we maintained a high level of discounts to support consumer affordability in an increasingly challenging demand environment. This inevitably put additional pressure on net revenue generation, particularly during traditionally our most important quarter of the year. Turning to our international operations, revenue increased by a strong 10.4% year-on-year to TRY 8.5 billion, once again demonstrating the resilience of our geographically diversified business. Kazakhstan remained the strongest contributor to this performance, supported by disciplined pricing, effective RGM, and continued premiumization. Revenue per hectoliter increased by approximately 20% Turkish lira terms, also benefiting from appreciation of Kazakh tenge. Moldova also contributed positively to international revenue growth, while Georgia's performance continued to reflect the impact of the ongoing export business restructuring. As a result, Beer Group revenue for the first nine months of the year reached TRY 50.4 billion, representing a 6.2% decline year-on-year. Moving to gross profitability, Beer Group gross profit declined by 10.8% to TRY 9 billion in the third quarter, with a gross margin contracting by approximately 300 basis points to 46.7%. The primary reason of this contraction was our Türkiye operations. Significantly lower volumes resulted in a higher fixed cost impact per hectoliter, while ongoing input cost inflation added further pressure to unit cost. Our international operations continue to demonstrate relatively resilient gross profitability, particularly across the CIS markets. However, higher energy prices led to some gross margin dilution in international operations. Consequently, Beer Group's gross profit for the first nine months amounted to TRY 22.5 billion, with a gross margin of 44.6%. Coming to EBITDA, Beer Group recorded TRY 3.5 billion in EBITDA before non-recurring items in the third quarter, representing a 21% year-on-year decline. The EBITDA margin stood at 18.3%, corresponding to a contraction of approximately 370 basis points. As discussed earlier, the main driver of this deterioration was the pressure on gross profitability, particularly in Türkiye, where the high volume contraction reduced our ability to absorb fixed costs. On the operating expense side, we maintained our disciplined approach to expense management across our operations. In fact, absolute operating expenses declined year-on-year in both Türkiye and our international operations. However, despite these efforts, Beer Group operating expense as a percentage of revenue increased from 36% to 37.5%, primarily due to weaker volume revenues. In Türkiye, lower volume and reduced operating leverage resulted in a significant increase in operating expenses as a percentage of revenue, although we had a quite sizable expense control measures. Our international operations continue to deliver positive results from cost discipline and operational efficiency. In Kazakhstan in particular, lower selling and marketing expenses, together with reduced G&A expenses relative to revenue, supported an improvement in the operating expense as a percentage of revenue. This performance helped partially offset the profitability pressure in Türkiye, although it was not sufficient to fully compensate. Consequently, Beer Group EBITDA in the nine months amounted to TRY 5.9 billion, with an EBITDA margin of approximately 12%, representing a contraction of 360 basis points compared to the same period of last year. Turning to free cash flow, we recorded a significant year-on-year improvement during third quarter, despite the pressure on operating profitability. Beer Group free cash flow amounted to TRY negative 276 million, compared with a negative TRY 1.7 billion in the third quarter of the previous year. This improvement was primarily driven by a more disciplined working capital management, lower interest payments, and contained capital expenditure. These positive developments helped mitigate the impact of weaker EBITDA on cash generation, and it is a proof of our continued focus on protective liquidity and maintaining financial discipline. For the first nine months of the year, Beer Group free cash flow improved to negative TRY 4.1 billion, compared with a negative TRY 7.1 billion in the same period of the previous year. We remain committed to our disciplined working capital management, prudent CapEx, and operational efficiency, despite the given challenging operating environment in Türkiye. Before moving to our balance sheet and the risk management, let me briefly touch upon our financial performance, excluding the impact of TAS 29. Excluding the impact of inflation accounting, Beer Group sales revenue increased by 23.3% year-on-year to TRY 50 billion in the first nine months of the year. This growth was supported by the strong revenue performance of our international operations, disciplined pricing actions, and positive impact of currency movements, particularly in Kazakhstan. On the same basis, our gross profit margins stood at 50.3%, representing a contraction of 287 basis points compared to the previous year. EBITDA margin, excluding TAS 29, was 18% for the first nine months, corresponding to a contraction of 375 basis points year-on-year. This reflects the same primary operating dynamics discussed earlier, particularly the impact of weaker domestic volumes and lower operating leverage, partially mitigated by the strong contribution of our international operations. Finally, Beer Group net income, excluding the impact of TAS 29, amounted to TRY 762 million for the first nine months. Turning to cash and debt management, as of end of September, Beer Group gross debt stood at approximately TRY 45.7 billion, while cash and cash equivalents amounted to TRY 11.2 billion. Resulting in a net debt position of TRY 34.4 billion. Looking at our leverage ratios, excluding the impact of TAS 29, Beer Group net debt EBITDA increased to 3.3 compared to 2.4 at the end of September last year. This increase was primarily driven by weaker operating profitability, particularly in Türkiye, rather than an increase in our absolute debt position, which showed almost no change compared to last year. Including the impact of TAS 29, Beer Group leverage ratio was reported at 5.1. On the other hand, at the consolidated Anadolu Efes level, our net debt to EBITDA ratio improved to 0.9 compared to 1.3 a year ago, excluding TAS 29. The ratio remained at 0.9, including the impact of the inflation accounting. While the increase in Beer Group leverage reflects the challenging economic environment, our focus remains on improving cash generation, maintaining financial discipline, and preserving a prudent and strong liquid position. Against the environment of ongoing cost and volatile market conditions, we continue to prioritize our visibility over our cost base. We now have 100% visibility for aluminum for 2026 and 38% for 2027. For FX exposure, 100% hedge rate is being sustained. We remain focused on optimizing our working capital position, controlling CapEx, and improving our liquidity. With that, let me hand over to Onur to walk you through our updated guidance. Yasemen, thank you. Let me briefly touch on the updates to our outlook. Let me start with the beer group. The key change reflects a weaker-than-anticipated performance in Türkiye during the third quarter, as already mentioned in the presentations. Given the challenging consumption environment and lower-than-expected volume performance, we have revised our Türkiye beer volume expectations downward and now anticipate a high single-digit volume decline for the full year, which in turn led us to lower our beer group volume guidance from a low single-digit decline to a mid-single-digit decline. Softer volume performance has limited the operating leverage benefits we had expected. Accordingly, we now expect EBITDA margin contraction of 250 basis points, including IAS 29 effects, and 200 basis points on a pre-IAS 29 basis. Turning to soft drinks operations, following the summer season, international operations have continued to outperform our initial expectations, while Türkiye's volume performance is expected to remain broadly flat. Stronger-than-anticipated momentum across our international soft drinks operations is now expected to deliver low-teens volume growth. Supported by this performance, we have revised our consolidated soft drinks volume guidance to high single-digit growth. We also expect net revenue per unit case, including the impact of IAS 29, to decline by low single digits in our soft drink operations, reflecting the softer NSR, net sales revenue per units case outlook in our soft drinks operations. We have revised Anadolu Efes reported net revenue per hectoliter guidance to a low single-digit decline. I think that concludes my part as well. Thank you, Onur. We have a couple of questions on the floor. Let me start with Antonio's question. Can you provide more color on volume decline in Türkiye? Was there an impact from product revamp, or was it only weak consumption? Why was Türkiye consumption so weak? Was it domestic or tourism or both? Thank you for the question. I think we have touched upon this subject during the presentation, but let me elaborate more on what has been said so far. Türkiye actually started the year in a more challenging environment than anticipated. The consumer demand remained significantly below our expectations throughout the first half especially. Despite this encouraging volume growth seen in June and July, the volume performance in Türkiye weakened significantly in August and September. Actually, we have high hopes for the summer season. With June and July, we observed year-on-year volume growth, but then this week, August and September, was disappointing for us, and that resulted in double-digit decline during the whole period. The main drivers were the continued pressure on consumers' purchasing power that we have been emphasized so far, and definitely weaker-than-expected tourism season that should be highlighted as well. Both affected the total consumption. But on the other hand, if you look at the brighter side, in the premium segment, brands such as Corona, Stella, Amsterdam continue to perform well and support our premiumization strategy. Actually, this upper mainstream and premium segment was the only segment that was growing, especially in traditional trade channels. Since we have a very competitive portfolio on this part, I think we might have a chance on there. But overall, while the market conditions remain challenging, I think we should remain focused on strengthening our portfolio, especially on the premium side, executing our brands effectively, 100% perfect execution in the field, and positioning the business to capitalize on an eventual recovery in consumer demands. I think that's what we can say in a nutshell for Türkiye business. There is one follow-up regarding Türkiye. So, Türkiye volumes, let's continue with that. Does the weak third quarter Türkiye volumes mean you will have to resort to aggressive pricing actions in 4Q to clear inventories? You mean for the last quarter, I guess? Yes. Actually, we already increased our prices for a part of our portfolio in October. That incremental price increase had been realized last month for some brands. It wasn't applied across the board to whole portfolio because of the affordability concerns, but we already did. For the next year's price up, now the team is working on, again, the portfolio and affordability and all other macros. There is a question about refinancing. How are you looking to address refinancing? There are a couple of similar questions regarding free cash flow generation. What is your plan to return to positive free cash flow generation? Should we read the full-year breakeven expectation for beer group free cash flow as no longer achievable? Yasemen, I will start with you. Sure. Our ultimate objective remains to be at least at the breakeven point in the free cash flow generation for the beer group, and we continue to take all necessary actions to achieve that outcome. As of September, we have delivered a meaningful improvement in the free cash flow, supported by the disciplined capital allocation, a lower CapEx as a percentage of net revenue, and ongoing focus on working capital management. While macroeconomic and geopolitical developments, together with the softer market conditions in Türkiye, have continued to put pressure on cash flow generation, the measures we have implemented across the beer business have materially mitigated these headwinds and significantly improved our cash flow generation. Based on the current operating environment and our nine months performance, we may close the year with a negative free cash flow position, but not very far from breakeven. This would still represent a significant year-on-year improvement and reflects the effectiveness of the actions we have taken through the year. Thank you. Two questions come from Eren Arjish. "Thank you for the presentation. Could you give us a sense of fixed versus variable cost split in Türkiye and international beer business? Roughly, what share of COGS and OpEx is fixed? The nine months 2026 beer group EBITDA margin is already down about 3.5 percentage points year-on-year. The new full-year guidance of 2.5 percentage points contraction, therefore, implies roughly margin improvement in the fourth quarter. What drives that improvement? Pricing, cost savings, OpEx phasings, or a lower base? How did Türkiye volumes trend in October? Are we seeing anything that supports this recovery? Okay, let me start with the fixed cost, the weight of the fixed cost in the COGS and OpEx. In the beer group, fixed cost accounts for 51% of the COGS and OpEx, but this ratio is close to 55% in Türkiye, while the share of fixed cost is the lowest in Kazakhstan. With the fixed cost, and also maybe more information about the content of the fixed costs, includes the personal depreciation and the commercial expense, have the highest portion. Regarding the second question, as you know, the primary reason behind the margin pressure we experienced during the first nine months of the year was the weak sales volume performance of our Türkiye operations. While revisiting our guidance, we took into account the improvement in October performance compared to August and September in Türkiye, which lead us to reassess our fourth quarter expectations. With a stronger October performance and relatively better performance in November and December, we do not anticipate the same level of volume contraction in Türkiye for the fourth quarter as we saw in the first nine months of the year. At the same time, we continue to monitor consumer demand closely and are aware of the demand's instability. Even if November and December performance in Türkiye turns out broadly in line with the performance levels recorded during the first nine months, considering our international operations profitability contributing to a consolidated result, our beer group EBITDA margin would be affected by around 40 basis points. A more resilient trading environment in Türkiye during the remainder of the year could help us to meet our revised guidance. Thank you. Thank you, Yasemen. Onur Bey, this question is for you. How have the volumes traded so far in Q4 for Türkiye International? Actually, Türkiye is a bit more critical there because international is still doing well in the fourth quarter. Would you like to make any comments? Well, thank you again. I mean, we have emphasized Türkiye's market situation a little bit, but in October, still we are observing a decline in volumes, but not that deep as we experienced in the third quarter. That might seem a little bit positive on this one, but still it's a decline. We don't see any growth yet. On the international markets, we see single digits growths or flattish volumes, but with our RGM actions and portfolio and with the product and channel mixes, we are now, we can be leveraging our financials in a very positive way. On the Turkish markets, again, we will be expecting declines for the remainder of the year in November and December, but they might be not as deep as third quarter. Thank you. Thank you very much. The questions, we have already answered all the questions that are on the floor. If you would like to ask your questions, you can write them down. Otherwise, we may conclude our presentation for today. Maybe wait for 30 minutes if there are any questions. There is one from Anjali. What is the plan for the bond refinancing? What is the plan for the expected CCI dividend? Typically, it is upstream to Anadolu Group, but it will be retained at the Anadolu Efes level. I think that is, I mean, there should be a question. I mean, I think Anjali is trying to ask if it will be staying at the beer group level rather than distributing to Anadolu Group and the other shareholders. Maybe we can start with refinancing. Regarding the refinancing, yes, we are planning to refinance our existing Eurobond. We started the studies and the preparations. Actually, our plan is to tap the market in the first quarter, I mean, at the beginning of the next year to tap the market. Regarding the dividend, yeah. While our board makes dividend decision, they take into consideration not only distributable profit, but also net EBITDA and free cash flow generation. While we seek to balance all of these factors, reaching a healthy leverage profile and having a strong liquidity remain our primary focus. Therefore, any decision regarding dividend distributions will be assessed in line of these priorities. If needed, we are prepared to take the necessary actions in line with these priorities. Thank you. I think we answered Anjali's question as well. There seems no. There is a question about Russia. If there is any update on the status of Russia, and are there any ongoing discussions and developments regarding a potential recovery of the control? Actually, there is no news, no new news, let us say, from Russia. We are still trying to get back the control of the business. But other than that, there is no large news or new news about Russian markets. Thank you, Onur Bey. Let me see. There seems no more questions on the floor. Thank you everyone for joining. Hope to meet you again with our fourth quarter results.