Slides
Page 1
3Q26 RESULTS
Page 2
Forward Looking Statements This presentation includes forward-looking statements including, but not limited to, statements regarding Coca-Colaİçecek’s(“CCI”) plans, objectives, expectations and intentions and other statements that are not historical facts. Forward-looking statements can generally be identified by the use of words such as“may,”“will,”“expect,”“intend,”“estimate,”“anticipate,”“plan,”“target,”“believe” or other words of similar meaning. These forward-looking statements reflect the current views and assumptions of management and are inherently subject to significant business, economic and other risks and uncertainties. Although management believes the expectations reflected in the forward-looking statements are reasonable, at this time, you should not place undue reliance on such forward-looking statements. Important factors that could cause actual results to differ materially from CCI’s expectations include, without limitation: changes in CCI’s relationship with The Coca-Cola Company and its exercise of its rights under our bottler’s agreements; CCI’s ability to maintain and improve its competitive position in its markets; CCI’s ability to obtain raw materials and packaging materials at reasonable prices; changes inCCI’s relationship with its significant shareholders; the level of demand for its products in its markets; fluctuations in the value of the Turkish Lira or the level of inflation in Türkiye; other changes in the political or economic environment in Türkiye orCCI’s other markets; adverse weather conditions during the summer months; changes in the level of tourism in Türkiye; CCI’s ability to successfully implement its strategy; and other factors. Should any of these risks and uncertainties materialize, or should any of management’s underlying assumptions prove to be incorrect, CCI’s actual results from operations or financial conditions could differ materially from those described herein as anticipated, believed, estimated or expected. Forward-looking statements speak only as of this date and CCI has no obligation to update those statements to reflect changes that may occur after that date.
Page 3
Important Disclaimer Based on the CMB's decision dated 28 December 2023 and numbered 81/1820 and the "Implementation Guide on Financial Reporting in High Inflation Economies" published by the POA with the announcement made on 23 November 2023, issuers and capital market institutions subject to financial reporting regulations applying Turkish Accounting/Financial Reporting Standards will apply inflation accounting by applying the provisions of TAS 29, starting from their annual financial reports for the accounting periods ending as of December 31, 2023. As of September 30, 2026, an adjustment has been made in accordance with the requirements of TAS 29 (“Financial Reporting in High InflationEconomies”) regarding the changes in the general purchasing power of the Turkish Lira. TAS 29 requirements require that financial statements prepared in the currency in circulation in the economy with high inflation be presented at the purchasing power of this currency at the balance sheet date and that the amounts in previous periods are rearranged in the same way. The indexing process was carried out using the coefficient obtained from the Consumer Price Index in Turkey published by the Turkish Statistical Institute(“TUIK”). The relevant figures for the previous reporting period are rearranged by applying the general price index so that comparative financial statements are presented in the unit of measurement valid at the end of the reporting period. Information disclosed for previous periods is also presented in the measurement unit valid at the end of the reporting period. However, certain items from our financials are also presented without inflation adjustment for information purposes in order to give an idea of our performance relative to our 2026 forecasts, which we announced at the beginning of the year and which we stated were based on the financials without inflation adjustment. These unaudited figures are clearly labelled where relevant. All financial figures without such disclosure are reported in accordance with TAS29.
Page 4
43Q26 RESULTS HIGHLIGHTS: Quality Growth Through Affordability and Disciplined Execution • Strong volume growth across our diversified footprint, led by robust momentum in Pakistan and Uzbekistan with CIS region delivering solid growth • Sparkling volumes grew by 8.1%, cycling a 8.9% growth base in the prior year • Excluding TAS 29, NSR/uc reached $2.9– the highest 3Q in the last decade Resilient and Diversified Growth • Immediate Consumption share up by 66 bps to 30.1%, supported by both Türkiye and international markets • On-premise share up by 114 bps to 34.3% • No sugar share in sparkling increased by 103 bps to 4.4% Sustained Portfolio Mix Improvement Margins Impacted by Cost Pressures and High Base • Gross margin declined by 186 bps to 36.3%, due to the anticipated gradual impact of higher cost raw materials, alongside a high base of last year • EBIT margin decreased by 359 bps y/y, reflecting gross margin pressure and higher distribution costs driven by rising global energy prices • Net profit was TL 7.8 billion, reflecting softer operating profitability and lower monetary gains, partially offset by lower interest expenses • Robust FCF generation at TL 19.9 bn in 9M26 (TL 20.2 bn excl. inflation accounting), driven by improved net working capital and phasing in capex Volume (uc) 516 +8.3% y/y Million Immediate Consumption Mix 30.1 +66 bps y/y % # of Transactions 4.1 +7.2 % y/y Billion Operational Performance 3Q26 Financial Performance 3Q26 EBIT (TL) 10.4 -18.3% y/y Billion Net Income (TL) 7.8 -16.4% y/y Billion Net Sales Revenue (TL) 68.4 +1.0% y/y Billion
Page 5
53Q26 RESULTS Consolidated Volume Broad-based growth across categories HIGHLIGHTS Sparkling +8.1% y/y Stills +1.7% y/y Immediate Consumption Share +66bps y/y +8.4% My Coke y/y +2.6% Fusetea y/y No Sugar Share in Sparkling +103 bps +17.3% Water y/y +114 On-premise share bps +20.0% Sprite y/y
Page 6
63Q26 RESULTS 31.6 27.0 81.3 77.6 Türkiye Navigating Headwinds Thorugh Affordability and Mix Optimization Share of Volume in Total CCI33% 173 172 462 460 -0.9% y/y Volume mn UC -0.3% y/y 3Q25 3Q26 9M25 9M26 -14.5% y/y Net Sales Revenue TL bn -4.5% y/y 3Q25 3Q26 9M25 9M26 6.2 2.6 8.4 8.6 EBITDA (exc. other) TL bn 3Q25 3Q26 9M25 9M26 -58.1% y/y +3.1 y/y Enhanced mix quality and portfolio diversification helped to mitigate softer demand in a challenging consumer environment Without TAS 29, NSR grew by 12.1% and NSR/uc realized as TL 154 with 13.1% y/y improvement in 3Q26 EBITDA margin (excl. other) declined by 995 bps, reflecting a high base and cost pressures from raw materials and operating expenses 3Q26 9M26 -4.1% y/y -3.2% y/y Sparkling Stills Water 20.2% y/y growth in Coke Zero in 9M26 -4.7% y/y +3.6% y/y 8.5/% y/y growth in Fusetea in 9M26 +17.3% y/y y/y +8.2% Share of EBITDA in Total CCI21% 11.0/% y/y growth in PET Water in 9M26
Page 7
73Q26 RESULTS 36.1 41.4 107.1 121.0 International Strong Volume Growth and Sustained Value Creation 304 345 875 989 +13.5% y/y Volume mn UC +13.0% y/y +14.6% y/y Net Sales Revenue TL bn +13.0% y/y 8.6 9.4 24.5 28.4 EBITDA (exc. other) TL bn +9.2% y/y +15.9% y/y Broad-based volume momentum continued across international markets, led by accelerating growth in Pakistan and sustained strength in Uzbekistan Without TAS 29, NSR grew by 44.0% and NSR/uc increased by 26.9% to TL 132 in 3Q26 EBIT margin (excl. other) contracted by 61 bps y/y in 3Q26, as higher distribution, selling and marketing expenses more than offset the 71 bps expansion in gross margin 3Q26 9M26 +13.5% y/y +11.1% y/y Sparkling Stills Water 12.2 % y/y growth in MyCoke in 9M26 +10.4% y/y +29.4% y/y 30.7% y/y growth in Fusetea in 9M26 93.1% y/y growth in mineral water in 9M26 y/y +17.3% y/y y/y +23.9% Share of Volume in Total CCI67% Share of EBITDA in Total CCI79% 3Q25 3Q26 9M25 9M26 3Q25 3Q26 9M25 9M26 3Q25 3Q26 9M25 9M26
Page 8
83Q26 RESULTS Largest International Markets 3Q26 Volume share +1.0% 230 bps y/y increase in Immediate Consumption share 26% growth y/y in Sprite, with Sprite Lemon Mint remaining a key contributor 6% growth y/y in Sparkling Kazakhstan 19% growth y/y in Sparkling, alongside robust 38% growth y/y in Stills 23% growth y/y in MyCoke 233 bps y/y increase in on-premise channel share Uzbekistan 349 bps y/y increase in on-premise channel share 43% growth y/y in Fanta 23% growth y/y in Sparkling Iraq 12% 17%18%8% Volume y/y -0.2% Pakistan Volume y/y +24.5% Volume y/y +20.3% Volume y/y Immediate Consumption share increased by 359 bps y/y to 75.0%, the highest across CCI's markets 38 bps y/y increase in traditional channel share 13% growth y/y in Sprite
Page 9
Financial Review 3Q26 RESULTS
Page 10
103Q26 RESULTS Summary Financials Resilient Performance Despite Cost Pressures and High Base of Last Year 198.5 Billion Net Sales Revenue (TL) +5.4% y/y Billion EBIT (TL) +14.3% 15.6% Margin +121bps y/y Billion Net Income (TL) +23.1% 11.3% Margin +162bps y/y 9M26 3Q26 68.4 Billion +1.0% 9M26 3Q26 10.4 Billion -18.3% 15.2% Margin -359bps 9M26 3Q26 7.8 Billion -16.4% 11.4% Margin y/yy/y Without TAS 29: NSR growth of 30.4% in 3Q26 Without TAS 29: EBIT margin declined by 320 bps y/y, reflecting gross margin decline due to high base of last year along with increased distribution, selling and marketing expenses Without TAS 29: Net income up by 15.6% in 3Q26 31.0 22.5 Lower net financial expenses supported bottom-line performance despite softer operating profitability and lower monetary gains -237bps y/y
Page 11
113Q26 RESULTS 3Q25 3Q26 9M25 9M26 Per UC Metrics Performance Evolving as Anticipated Net Sales Revenue 141.9 132.4 140.9 137.0 COGS 9M253Q25 3Q26 9M26 87.8 84.4 91.6 86.3 EBIT 3Q25 3Q26 9M25 9M26 26.7 20.1 20.3 21.4 Without TAS29: NSR/uc reached $2.9 in 3Q26 – the highest of the last decade Without TAS29: COGS/uc growth of 23.7% in 3Q26 Without TAS29: EBIT/uc increased by 1.5% in 3Q26 -6.7% y/y -2.7% y/y -3.9% y/y -5.8% y/y -24.5% y/y +5.4% y/y
Page 12
123Q26 RESULTS NSR COGS OpEx3Q25 Net Income 3Q26 Net Income Financial Inc/Exp. Monetary Gain/Loss Other* -1.5 billion -16.4% y/y (mn TL) (*) Other includes Taxation, Investing Activities, Gain/Loss from JV and Minority Income 13.8% 11.4% Net Income Development Resilient Bottom-Line Performance 9,317 676 -1,688 -1,317 1,094 -480 184 7,786
Page 13
133Q26 RESULTS (TL mn) 6,235 8,358 1,774 5,213 821 -2,535 19,866 7,873 12,101 -1,414 5,540 -2,010 -1,900 20,190 WITH TAS 29WITHOUT TAS 29 IBT After Non-cash Items Capex NWC9M25 FCF 9M26 FCF Interest Paid & Taxes Other* (*) Other includes Taxation and Other Asset Liabilities IBT After Non-cash Items Capex NWC9M25 FCF 9M26 FCF Interest Paid & Taxes Other* Free Cash Flow Ahead of Our Plan with Better NWC Management and Timing of Capex
Page 14
143Q26 RESULTS Cost Visibility Enhancing Cost Visibility – Cautiously Progressing on 2027 Hedges Proactive Risk Management Policy *100%, in markets where financial hedge is available **77%, in markets where financial hedge is available As of November 2026 COGS Breakdown Cost of Sales 20% Overhead 20% Sugar 30% Packaging 30% Concentrate Hedging & Pre-buy Rates Sugar Aluminium Resin 99%* 47%** 99% 20% 97% 5% 2026 2027
Page 15
153Q26 RESULTS No Image Disciplined Financial Management Sustained Cash Generation, Enhanced Financial Flexibility Debt & Cash Composition Gross Debt Cash $1.1B $831M USD 61% TRY 16% EUR 4% Other 19% USD 44% Other 30% TRY 6% Net Debt /EBITDA 0.6x 0.8x 1.0x 0.8x 0.3x 22 23 24 25 FX Position -696 363 380 -47 FX Debt FX Cash & Derivatives Net Investment Hedge FX pos Debt Maturity 75% 70% 43% 5% 45% 25% 30% 57% 95% 55% Hard Currency Local Currency 26 27 28 29 30-32 $132m $233m $69m $42m $559m (*) Total Net Investment Hedge amount is USD 558mn, USD 380mn represents the non-cash part 3Q26 UZS 11% PKR 9%
Page 16
163Q26 RESULTS Updated 2026 Guidance With TAS 29 Without TAS 29 Sales Volume Net Sales Revenue / Unit Case EBIT Margin CapEx / Sales High-single-digit High-single-digit volume growth on a consolidated basis: • Flat in Türkiye • Low-teens growth in international operations Low-single-digit decline Low-to-mid-teens FX neutral NSR/uc to grow with local currency revenue increases that balance cost inflation while preserving price affordability to support volume growth Flat EBIT margin Revised Revised
Page 17
For more information, please contact cci-ir@cci.com.tr Thank you 3Q26 Results