Earnings release
Page 1
1 Delivering Quality Growth Through Affordability and Disciplined Execution Ahmet Ertin, CEO of Coca-Cola İçecek (CCI), commented: In an environment of continued macroeconomic uncertainty and geopolitical challenges, we delivered solid results in the first nine months of 2026, supported by our diversified geographic footprint and disciplined execution across our markets. Our international operations remained the key growth engine, with strong volume performances in Pakistan and Uzbekistan more than offsetting subdued demand in Türkiye. Affordability continued to be central to our commercial strategy, while disciplined revenue growth management and consumer -focused initiatives supported consolidated volume growth and further improvements in our product, package and channel mix. On profitability, our performance reflected the dynamics we have consistently highlighted throughout this year’s earnings calls. In Türkiye, margin pressure was more pronounced, driven by the anticipated gradual impact of higher -cost raw materials, softer net sales revenue growth and a high prior -year comparison base. While higher distribution costs contributed to a moderate increase in OPEX per unit, the more significant pressure on margins came from softer revenue growth. These developments reinforce the importance of maintaining a disciplined balance between affordability, profitability and operational efficiency. Despite these pressures, strong free cash flow generation remained a key highlight, supported by disciplined working capital management and capital allocation, further strengthening our financial flexibility. We are also proud of CCI Kazakhstan's achievement in winning the prestigious Candler Cup and being recognized as the “Best Coca-Cola Bottler in the World”, a testament to our commitment to commercial execution and operational excellence. Having navigated the summer season, we see upside potential to high single digit growth in our volume guidance at the consolidated level, supported by stronger-than-previously-anticipated momentum in our international operations, where we now expect low-teens volume growth. While Türkiye’s volume performance is expected to remain broadly flat, the strength of our international markets continues to underpin consolidated volume growth. At the same time, we have strategically reinvested the scale benefits from stronger volume growth into supporting affordability across our markets, rather than translating these gains into incremental margin expansion. We therefore remain prudent in our profitability outlook . Our underlying P&L outlook remains unchanged, with all pre-IAS 29 guidance maintained, while reported NSR/uc with IAS 29 is now expected to register a low-single-digit decline for the full year, with no change in EBIT margin guidance. Looking ahead to 2027, our priorities will remain firmly centered on enhancing profitability, driving operational efficiency and sustaining strong cash flow generation. We will focus on optimizing our cost structure, improving working capital efficiency and maintaining disciplined capital allocation, while continuing to invest selectively in our brands and route -to- market capabilities to support sustainable and profitable growth. Istanbul, November 3, 2026 Earnings Release +1.0% 3Q26 Highlights Click to access webcast Sales Volume With TAS 29 Net Sales Revenue (NSR): Without TAS 29: EBIT: -18.3% EBIT Margin: Net Income: 15.2% TL 7.8 bn -359 bps Follow 4th November 3Q26 Results Live Event! 17:00 Istanbul 14:00 London 09:00 New York NSR: EBIT: +30.4% +9.9% EBIT Margin Net Income 17.2% TL 8.0 bn -320 bps FX-Neutral NSR: 14.7% +8.3% Guidance Updated
Page 2
2 Key P&L Figures and Margins TAS 29 (Financial Reporting in Hyperinflationary Economies) implemented Consolidated (TL Million) 3Q26 3Q25 Change (%) 9M26 9M25 Change (%) Volume (Million UC) 516 477 8.3% 1,449 1,337 8.4% Net Sales 68,398 67,721 1.0% 198,523 188,322 5.4% Gross Profit 24,801 25,813 -3.9% 73,441 65,847 11.5% EBIT 10,405 12,734 -18.3% 30,958 27,092 14.3% EBIT (Exc. other) 10,084 12,945 -22.1% 30,640 26,876 14.0% EBITDA 13,182 15,119 -12.8% 39,556 34,775 13.7% EBITDA (Exc. other) 12,694 15,275 -16.9% 38,963 34,499 12.9% Profit Before Tax 10,045 11,754 -14.5% 31,323 23,807 31.6% Net Income / (Loss) 7,786 9,317 -16.4% 22,455 18,247 23.1% Gross Profit Margin 36.3% 38.1% 37.0% 35.0% EBIT Margin 15.2% 18.8% 15.6% 14.4% EBIT Margin (Exc. other) 14.7% 19.1% 15.4% 14.3% EBITDA Margin 19.3% 22.3% 19.9% 18.5% EBITDA Margin (Exc. other) 18.6% 22.6% 19.6% 18.3% Net Income Margin 11.4% 17.4% 11.3% 12.6% Türkiye (TL Million) 3Q26 3Q25 Change (%) 9M26 9M25 Change (%) Volume (Million UC) 172 173 -0.9% 460 462 -0.3% Net Sales 27,038 31,620 -14.5% 77,566 81,263 -4.5% Gross Profit 10,044 13,189 -23.8% 30,126 28,794 4.6% EBIT 10,809 20,091 -46.2% 20,242 30,234 -33.0% EBIT (Exc. other) 1,328 5,068 -73.8% 4,534 4,787 -5.3% EBITDA 12,134 21,311 -43.1% 24,407 33,799 -27.8% EBITDA (Exc. other) 2,586 6,170 -58.1% 8,611 8,352 3.1% Net Income / (Loss) 9,104 17,527 -48.1% 16,338 23,787 -31.3% Gross Profit Margin 37.1% 41.7% 38.8% 35.4% EBIT Margin 40.0% 63.5% 26.1% 37.2% EBIT Margin (Exc. other) 4.9% 16.0% 5.8% 5.9% EBITDA Margin 44.9% 67.4% 31.5% 41.6% EBITDA Margin (Exc. other) 9.6% 19.5% 11.1% 10.3% Net Income Margin 33.7% 55.4% 21.1% 29.3% International (TL Million) 3Q26 3Q25 Change (%) 9M26 9M25 Change (%) Volume (Million UC) 345 304 13.5% 989 875 13.0% Net Sales 41,360 36,102 14.6% 120,957 107,059 13.0% Gross Profit 14,757 12,624 16.9% 43,314 37,063 16.9% EBIT 8,527 6,079 40.3% 25,152 19,325 30.2% EBIT (Exc. other) 8,204 7,380 11.2% 24,504 20,460 19.8% EBITDA 9,825 8,402 16.9% 29,259 24,724 18.3% EBITDA (Exc. other) 9,403 8,607 9.2% 28,425 24,518 15.9% Net Income / (Loss) 6,665 4,231 57.5% 18,631 13,465 38.4% Gross Profit Margin 35.7% 35.0% 35.8% 34.6% EBIT Margin 20.6% 16.8% 20.8% 18.1% EBIT Margin (Exc. other) 19.8% 20.4% 20.3% 19.1% EBITDA Margin 23.8% 23.3% 24.2% 23.1% EBITDA Margin (Exc. other) 22.7% 23.8% 23.5% 22.9% Net Income Margin 16.1% 11.7% 15.4% 12.6%
Page 3
3 Operational Overview Sales Volume CCI’s consolidated sales volume grew by 8.3% y/y to 516 million unit cases (“uc”) in the third quarter, against a strong comparative base of 8.9% growth in 3Q25. This solid performance brought cumulative sales volume growth to 8.4% y/y in 9M26. International operations remained the primary growth engine, delivering sales volume growth of 13.5% y/y in 3Q26 and bringing cumulative growth to 13.0% y/y in 9M26. Pakistan continued to be a key growth driver, building on its strong second -quarter performance and accelerating to 24.5% y/y volume growth in 3Q26, supported by sustained competitive market positioning and strong commercial execution. Uzbekistan also maintained robust growth momentum, recording a 20.3% y/y increase in sales volume. CIS Region overall showed strong performance by growing 11.3% y/y. Kazakhstan delivered modest growth of 1.0%, cycling 24.2% growth. Iraq volumes remained resilient, declining by just 0.2% despite a challenging operating environment shaped by ongoing regional geopolitical tensions and associated political, security and economic pressures. In Türkiye, sales volumes remained subdued, declining by 0.9%. The sparkling category recorded volume growth of 8.1% y/y in 3Q26, building on a strong 8.9% increase in the same period last year. Coca-Cola™ performed broadly in line with the category, recording 8.4% y/y growth. The stills category, including iced teas, energy drinks and juices, grew by 1.7% y/y, against a particularly high comparative base of 26.0% growth in 3Q25. The energy segment maintained its growth momentum, with volumes increasing by 11.7% y/y, supported by the continued roll-out of energy drinks across our international markets. Meanwhile, the water category recorded 17.3% y/y volume growth in 3Q26, with similarly strong performances across both Türkiye and international operations. Our mix optimization initiatives continued to yield positive results in 3Q26, with the consolidated Immediate Consumption (“IC”) ratio increasing by 66 bps y/y to 30.1%. From a channel perspective, the on-premise share of total sales volume expanded by 114 bps y/y to 34.3%, reflecting continued progress in enhancing our channel mix. Meanwhile, we further strengthened our portfolio through increased penetration of no -sugar products within the sparkling category, wi th their share rising by 103 bps y/y to 4.4%. These developments reflect our continued focus on premiumizing our portfolio, optimizing our product and channel mix, and driving sustainable growth through higher-margin products. Türkiye’s sales volume declined by 0.9% y/y to 172 million unit cases in 3Q26, bringing cumulative nine - month volume to 460 million unit cases, broadly flat compared to the same period last year. While the sparkling category contracted by 4.1% y/y, Coca-Cola™ Zero Sugar maintained strong momentum, recording 27.3% y/y volume growth in 3Q26. The stills category declined by 4.7% y/y in 3Q26, against a high base of 12.0% growth in the same period last year. Consumer purchasing power remained under pressure, continuing to weigh on domestic demand. In Türkiye, our mix optimization initiatives continued to drive improvements in 3Q26, with the share of IC packages increasing by 190 bps y/y to 35.3%. From a channel perspective, the on-premise share of total sales volume expanded by 79 bps y/y to 33.1%, reflecting continued progress in improving our channel mix. Meanwhile, the penetration of no -sugar products within the sparkling category increased by 237 bps y/y to 9.6%. International operations delivered strong sales volume growth of 13.5% y/y in 3Q26, building on a high base of 16.1% growth in the same period last year, bringing cumulative volume growth to 13.0% y/y in 9M26. Growth was primarily driven by Pakistan’s accelerating performance and sustained momentum in Uzbekistan. Category performance remained strong, with double -digit growth across all major categories. Sparkling
Page 4
4 volumes increased by 13.5% y/y, while the stills category recorded 10.4% growth. The energy segment also maintained strong momentum, albeit from a relatively low base. We continued to make solid progress in our mix during 3Q26, with improvements across channel, package and product mix. The share of the on-premise channel increased by 124 bps y/y to 34.9%, while IC packages gained 33 bps to reach 27.5% of total sales. At the same time, we further strengthened our no-sugar portfolio, increasing its share within the sparkling category by 80 bps to 2.4%. These positive mix developments reflect our disciplined focus on driving value growth through a more favorable portfolio mix, supporting our profitability. Change (YoY) Breakdown Change (YoY) Breakdown 3Q26 3Q25 3Q26 9M26 9M25 9M26 Sparkling 8.1% 8.9% 79.4% 7.0% 9.6% 80.4% Stills 1.7% 26.0% 10.5% 14.8% 19.3% 10.6% Water 17.3% -6.3% 10.2% 14.3% -8.6% 9.1% Total 8.3% 8.9% 100% 8.4% 8.6% 100% Totals may not add up due to rounding differences. Pakistan sales volume increased by an impressive 24.5% y/y to 94.5 million uc in 3Q26, marking a further acceleration from the already strong 17.0% growth recorded in 2Q26. This brought 9M26 volume growth to 13.0% y/y, reaching 317 million uc. Growth momentum stren gthened throughout the quarter, supported by a relatively low base in the same period last year, favorable weather conditions and increased market investments. Consumer demand remained resilient, while our competitive positioning and targeted promotional activities further strengthened our market positioning and supported volume growth. At the same time, we continued to expand our outlet coverage, reaching an all-time high and further enhancing our route-to-market execution. Affordability remains at the core of our commercial strategy as we continue to focus on sustaining volume growth and strengthening our competitive position in the market. Kazakhstan’s sales volume increased by 1.0% y/y to 61 million uc in 3Q26, against a high base of 24.2% growth in the same period last year. This brought cumulative nine -month sales volume to 188 million uc, representing an 8.1% y/y increase. Market conditions became increasingly challenging during the quarter, as category growth continued to moderate and competitive pressures intensified significantly. In response, we remain focused on strengthening our market position through targeted commercial initiatives, including product innovations and the introduction of new pack sizes to better address evolving consumer preferences. Uzbekistan maintained its strong growth momentum in 3Q26, with sales volume increasing by 20.3% y/y to 88 million uc, following robust growth of 40.7% in the first quarter and 21.1% in the second quarter. This sustained performance brought cumulative sales volume to 215 million uc in 9M26, representing a solid 24.7% increase vs. 9M25 . The operating environment continued to benefit from supportive macroeconomic conditions, contributing to healthy consumer demand and sustained business momentum throughout the quarter. Our commercial execution continued to strengthen, driven by deeper ma rket penetration, improved product availability, lower stock-out rates and ongoing investments in production capacity. Continued cooler deployment further supported volume growth, while investments in commercial capabilities and execution made in previous years increasingly translated into tangible results during the quarter. Iraq sales volume slightly decreased by 0.2% y/y to 42 million uc in 3Q26, bringing 9M26 sales volume to 109 million uc, broadly flat compared to the same period last year. Operating conditions remained challenging, with ongoing restrictions on oil exports contributing to macroeconomic uncertainty. Despite the se headwinds, our business demonstrated resilience, supported by strong execution capabilities and disciplined marketing, enabling us to maintain broadly stable volumes in a difficult operating environment.
Page 5
5 Financial Overview Based on the CMB's decision dated December 28, 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 November 23, 2023, issuers and capital market institutions subject to financial reporting regulations applying Turkish Accounting/Financial Reporting Standards are required to apply inflation accounting by implementing 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 Inflation Economies”) regarding the changes in the general purchasing power of the Turkish Lira. TAS 29 requires that financial statements prepared in the currency of an economy experiencing high inflation be presented at the purchasing power of this currency at the balance sheet date and that amounts from previous periods be restated accordingly. The indexing process was carried out using the coefficient obtained from the Consumer Price Index in Türkiye published by the Turkish Statistical Institute (“TUIK”). The relevant figures for the previous reporting period have been restated 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 provide an indication of our performance relative to our 202 6 forecasts, which we announced at the beginning of the year and 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 TAS 29. 3Q26 • Net sales revenue (“NSR”) increased by 1.0% y/y to TL 68.4 billion, while NSR/uc declined by 6.7% y/y in 3Q26. Excluding the impact of inflation accounting (TAS 29), NSR delivered strong growth of 30.4% y/y to TL 72.0 billion, with NSR/uc increasing by 20.4%, supported by effectiv e revenue growth management initiatives and despite negative country mix . On a USD basis, NSR/uc excluding TAS 29 reached $2.9, marking the highest third-quarter level in the past decade. • Türkiye recorded a 14.5% y/y decline in NSR, while NSR/uc decreased by 13.7% in 3Q26. Excluding TAS 29, NSR grew by 12.1% y/y, with NSR/uc reaching TL 154.1, up 13.1% y/y. • In international operations, NSR increased by 14.6% y/y to TL 41.4 billion, while NSR/uc increased by 1.0% in 3Q26. The average depreciation of the Turkish lira against the US dollar remained below inflation, limiting the translation of local -currency performance into inflation adjusted terms. Excluding the impact of TAS 29, NSR increased by 44.0% y/y, while NSR/uc improved by 26.9%. Despite persistent geopolitical tensions and challenging operating conditions across certain markets, our international operations continued to demonstrate resilience, supported by a strong focus on affordability and disciplined mix management. These efforts enabled us to sustain volume growth while driving further improvements in product, package and channel mix across our international markets. Net Sales Revenue (TL Million) NSR per UC (TL) 3Q26 Change (YoY) 3Q26 Change (YoY) Türkiye 27,038 -14.5% 157.3 -13.7% International 41,360 14.6% 120.0 1.0% Consolidated 68,398 1.0% 132.4 -6.7% • Gross margin contracted by 186 bps y/y to 36.3% on a consolidated basis in 3Q26. The contraction was driven by Türkiye operations, where gross margin declined by 456 bps y/y to 37.1%, while international operations recorded a 71 bps y/y improvement to 35.7%. Excluding TAS 29, consolidated gross margin stood at 37.3%. In Türkiye, margin contraction was more pronounced, consistent with our expectations communicated throughout the year, driven by the anticipated gradual impact of higher -cost raw materials as lower cost inventories were utilized earlier in the year, alongside a high base from the same period of last year. We continue focusing on revenue quality and cost discipline. Meanwhile, international operations delivered moderate margin expansion, supported by strong volume growth, continued cost discipline, and prudent pricing in selected markets.
Page 6
6 • Our consolidated opex-to-NSR ratio increased by 173 bps to 21.0% in 3Q26. Opex/uc increased moderately, reflecting higher distribution costs driven by global energy prices. However, the margin contraction was primarily attributable to softer NSR growth rather than inflated expenses. • Consolidated EBIT margin declined by 359 bps y/y to 15.2% in 3Q26. Excluding TAS 29, EBIT margin stood at 17.2%, compared to 20.4% in the same period last year, representing a 320 bps y/y decrease. EBIT margin contraction reflected the gross profit and opex dynamics discussed above, further amplified by the high base of the prior year. • EBITDA margin declined by 305 bps y/y to 19.3% in 3Q26. Excluding the impact of inflation accounting, EBITDA margin stood at 20.2%, representing a 286 bps y/y decrease. • Net financial expense, including lease liabilities related to TFRS 16, declined to TL (1, 922) million in 3Q26 from TL (3,017) million in 3Q25. The improvement was mainly driven by strong free cash flow generation , resulting lower working capital need and a more favorable funding mix, supported by a higher share of borrowings in lower-interest-rate markets, which together reduced total interest expenses. Financial Income / (Expense) (TL Million) 3Q26 3Q25 9M26 9M25 Interest income 792 790 2,088 1,970 Interest expense (-) -2,551 -4,021 -7,978 -12,351 FX gain / (loss) – Borrowings -19 66 -414 -1,220 Other -145 149 -641 845 Financial Income / (Expense) Net -1,922 -3,017 -6,945 -10,756 Totals may not add up due to rounding differences. • Non-controlling interest (minority interest) was TL (130) million in 3Q26, compared to TL (59) million in 3Q25. • Net profit stood at TL 7.8 billion in 3Q26, compared to TL 9.3 billion in 3Q25. While softer operating profitability weighed on net profit, lower interest expenses provided some support to the bottom line, partially offsetting the impact of lower monetary gains. Excluding TAS 29, net profit reached TL 8.0 billion, compared to TL 6.9 billion in 3Q25, representing a 15.6% y/y increase. • Free cash flow (“FCF”) generation was robust, reaching TL 19.9 billion in 9M26, compared to TL 6.2 billion in 9M25. The significant year-on-year improvement was primarily driven by more favorable net working capital dynamics, lower interest expenses and lower capital expenditures compared to the prior year. Excluding TAS 29 inflation accounting, 9M26 free cash flow amounted to TL 20.2 billion. • CapEx amounted to TL 11.7 billion in the nine months of 2026, with 31% allocated to Türkiye operations and 69% to international operations. The capex-to-sales ratio stood at 5.9% for the period. • Consolidated debt was TL 54.1 billion (USD 1.1 bn) by September 30, 2026, and consolidated cash was TL 40.6 billion (USD 831 m n), bringing consolidated net debt to TL 13.5 b n (USD 273 m n). Net debt to consolidated EBITDA stood at 0.29x as of September 30, 2026, improving from 0.77x as of December 31, 2025, and 0.83x as of September 30, 2025, reflecting continued deleveraging and an even stronger balance sheet position.
Page 7
7 Financial Leverage Ratios 9M26 2025 Net Debt / EBITDA 0.29 0.77 Debt Ratio (Total Fin. Debt / Total Assets) 21% 27% Fin. Debt-to-Equity Ratio 45% 60% • As of September 30, 2026, 61% of our consolidated financial debt is in USD, 4% in EUR, 16% in TL, and the remaining 19% in other currencies. The USD and EUR loan portion of total portfolio declined from 87% in 2022 to 65% as of September 30, 2026. • The average maturity of the consolidated debt portfolio is 2.0 years, and the maturity profile is as follows: Maturity Date 2026 2027 2028 2029 2030-2032 % of Total Debt 13% 23% 7% 54% 3%
Page 8
8 Unaudited Highlighted Items Without the Impact of TAS 29 The following section is presented without the impact of TAS 29 to allow an assessment of the material expectations/assumptions/guidance shared previously and is unaudited. • Consolidated NSR recorded as TL 72.0 billion in 3Q26, growing by 30.4% y/y and NSR/uc increased by 20.4% y/y. • In 3Q26, consolidated gross profit margin declined by 164 bps y/y to 37.3%, while EBIT margin contracted by 320 bps to 17.2%. • Net income rose to TL 8.0 billion in 3Q26, up from TL 6.9 billion recorded in the same period of prior year. Consolidated (TL Million) 3Q26 3Q25 Change (%) 9M26 9M25 Change (%) Volume (Million UC) 516 477 8.3% 1,449 1,337 8.4% Net Sales 72,044 55,263 30.4% 193,177 140,302 37.7% Gross Profit 26,837 21,491 24.9% 73,639 50,989 44.4% EBIT 12,378 11,266 9.9% 34,017 23,347 45.7% EBITDA 14,571 12,757 14.2% 40,082 27,568 45.4% Net Income / (Loss) 7,954 6,880 15.6% 19,884 11,330 75.5% Gross Profit Margin 37.3% 38.9% 38.1% 36.3% EBIT Margin 17.2% 20.4% 17.6% 16.6% EBITDA Margin 20.2% 23.1% 20.7% 19.6% Net Income Margin 11.0% 16.1% 10.3% 11.1% Türkiye (TL Million) 3Q26 3Q25 Change (%) 9M26 9M25 Change (%) Volume (Million UC) 172 173 -0.9% 460 462 -0.3% Net Sales 26,478 23,618 12.1% 72,205 57,779 25.0% Gross Profit 10,568 10,446 1.2% 30,310 22,428 35.1% EBIT (Exc. other) 2,373 4,611 -48.5% 7,561 6,245 21.1% EBITDA (Exc. other) 2,890 4,945 -41.5% 9,106 7,269 25.3% Net Income / (Loss) 8,563 12,404 -31.0% 13,172 14,895 -11.6% Gross Profit Margin 39.9% 44.2% 42.0% 38.8% EBIT Margin (Exc. other) 9.0% 19.5% 10.5% 10.8% EBITDA Margin (Exc. other) 10.9% 20.9% 12.6% 12.6% Net Income Margin 32.3% 52.5% 18.2% 25.8% International (TL Million) 3Q26 3Q25 Change (%) 9M26 9M25 Change (%) Volume (Million UC) 345 304 13.5% 989 875 13.0% Net Sales 45,565 31,646 44.0% 120,972 82,523 46.6% Gross Profit 16,270 11,045 47.3% 43,329 28,569 51.7% EBIT (Exc. other) 9,135 6,392 42.9% 24,633 15,771 56.2% EBITDA (Exc. Other) 10,499 7,491 40.2% 28,234 18,899 49.4% Net Income / (Loss) 7,331 3,758 95.1% 18,732 10,379 80.5% Gross Profit Margin 35.7% 34.9% 35.8% 34.6% EBIT Margin (Exc. other) 20.0% 20.2% 20.4% 19.1% EBITDA Margin (Exc. other) 23.0% 23.7% 23.3% 22.9% Net Income Margin 16.1% 11.9% 15.5% 12.6%
Page 9
9 Accounting Principles The consolidated financial statements and disclosures have been prepared in accordance with the communiqué numbered II-14,1 "Communiqué on the Principles of Financial Reporting in Capital Markets . In accordance with article 5 of the CMB Accounting Standards, companies should apply Turkish Accounting Standards / Turkish Financial Reporting Standards ("TAS" / "TFRS") and interpretations regarding these standards as adopted by the Public Oversight Accounting and Auditing Standards Authority ("POA"). As of September 30, 2026, the list of CCI's subsidiaries and joint ventures is as follows: Subsidiaries and Joint Ventures Country Consolidation Method Coca-Cola Satış ve Dağıtım A.Ş. Türkiye Full Consolidation JV Coca-Cola Almaty Bottlers LLP Kazakhstan Full Consolidation Azerbaijan Coca-Cola Bottlers LLC Azerbaijan Full Consolidation Coca-Cola Bishkek Bottlers Closed J.S. Co. Kyrgyzstan Full Consolidation CCI International Holland B.V. Holland Full Consolidation The Coca-Cola Bottling Company of Jordan Ltd. Jordan Full Consolidation Turkmenistan Coca-Cola Bottlers Turkmenistan Full Consolidation Sardkar for Beverage Industry Ltd. Iraq Full Consolidation Waha Beverages B.V. Holland Full Consolidation Coca-Cola Beverages Tajikistan LLC Tajikistan Full Consolidation Al Waha LLC Iraq Full Consolidation Coca-Cola Beverages Pakistan Ltd. Pakistan Full Consolidation Coca-Cola Bottlers Uzbekistan Ltd. Uzbekistan Full Consolidation CCI Samarkand Ltd. LLC Uzbekistan Full Consolidation CCI Namangan Ltd. LLC Uzbekistan Full Consolidation Anadolu Etap Penkon Gıda ve İçecek Ürünleri A.Ş. Türkiye Full Consolidation Syrian Soft Drink Sales and Distribution LLC Syria Equity Method Coca-Cola Bangladesh Beverages Ltd. Bangladesh Full Consolidation
Page 10
10 EBITDA Reconciliation The Company's "Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)" definition and calculation is defined as; "Profit/(loss) from operations" plus relevant non-cash expenses including depreciation and amortization, provision for employee benefits like retirement and vacation pay (provision for management bonus not included) and other non-cash expenses like negative goodwill and value increase due to change in scope of consolidation. As of September 30, 2026, and September 30, 2025, the reconciliation of EBITDA to profit / (loss) from operations is explained in the following table: EBITDA (TL Million) 3Q26 3Q25 9M26 9M25 Profit / (loss) from operations 10,405 12,734 30,958 27,092 Depreciation and amortization 2,400 2,181 7,414 6,862 Provision for employee benefits 72 43 466 467 Foreign exchange (gain) / loss under other operating income / expense 167 56 274 60 Right of use asset amortization 137 106 444 295 EBITDA 13,182 15,119 39,556 34,775 Totals may not add up due to rounding differences. Foreign Currency Translations Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are recorded in the consolidated income statement of the relevant period, as foreign currency loss or gain. Foreign currency translation rates announced by the Central Bank of the Republic of Türkiye used by the Group’s subsidiaries in Türkiye. USD amounts presented in the asset accounts are translated into TL with the official TL exchange rate of USD buying on September 30, 2026, USD 1,00 (full) = TL 48,9303 (December 31, 2025; USD 1,00 (full) = TL 42,8457) whereas USD amounts in the liability accounts are translated into TL with the official TL exchange rate of USD selling on September 30, 2026, USD 1,00 (full) = TL 49,0184 (December 31, 2025; USD 1,00 (full) = TL 42,9229). Furthermore, USD amounts in the income statement are translated into TL, at the average TL exchange rate for USD buying for the period is USD 1,00 (full) = TL 45,5977 (January 1 - September 30, 2025; USD 1,00 (full) = TL 38,5442). Exchange Rates 9M26 2025 9M25 Average USD/TL 45,5977 39,4592 38,5442 End of Period USD/TL (purchases) 48,9303 42,8457 41,5068 End of Period USD/TL (sales) 49,0184 42,9229 41,5816 The assets and liabilities of subsidiaries and joint ventures operating in foreign countries are translated at the rate of ex change ruling at the balance sheet date and the income statements of foreign subsidiaries and joint ventures are translated at aver age exchange rates. Differences that occur in the usage of closing and average exchange rates are followed under currency translation differences classified under equity.
Page 11
11 CCI Consolidated Income Statement TAS 29 (Financial Reporting in Hyperinflationary Economies) implemented Unaudited January 1 – September 30 July 1 – September 30 (TL Million) 2026 2025 Change (%) 2026 2025 Change (%) Sales Volume (Million UC) 1,449 1,337 8.4% 516 477 8.3% Revenue 198,523 188,322 5.4% 68,398 67,721 1.0% Cost of Sales -125,082 -122,475 2.1% -43,597 -41,909 4.0% Gross Profit from Operations 73,441 65,847 11.5% 24,801 25,813 -3.9% Distribution, Selling and Marketing Expenses -32,770 -29,742 10.2% -11,619 -9,995 16.2% General and Administrative Expenses -10,031 -9,229 8.7% -3,098 -2,872 7.9% Other Operating Income 3,755 3,290 14.1% 1,351 916 47.5% Other Operating Expense -3,436 -3,074 11.8% -1,030 -1,127 -8.6% Profit/(Loss) from Operations 30,958 27,092 14.3% 10,405 12,734 -18.3% Gain/(Loss) From Investing Activities -166 -109 51.3% -35 -38 -7.9% Gain/(Loss) from Associates -1 7 n.m. 0 -2 n.m. Profit/(Loss) Before Financial Income/(Expense) 30,792 26,989 14.1% 10,370 12,693 -18.3% Financial Income 3,293 4,338 -24.1% 1,360 1,676 -18.8% Financial Expenses -10,238 -15,094 -32.2% -3,282 -4,692 -30.0% Monetary Gain /(Loss) 7,476 7,574 -1.3% 1,597 2,077 -23.1% Profit/(Loss) Before Tax 31,323 23,807 31.6% 10,045 11,754 -14.5% Deferred Tax Income/(Expense) -1,063 -326 225.9% -426 10 n.m. Current Period Tax Expense -7,479 -5,066 47.6% -1,702 -2,389 -28.7% Net Income/(Loss) Before Minority 22,780 18,415 23.7% 7,916 9,376 -15.6% Minority Interest -325 -168 93.4% -130 -59 120.0% Net Income 22,455 18,247 23.1% 7,786 9,317 -16.4% EBITDA 39,556 34,775 13.7% 13,182 15,119 -12.8% Totals may not add up due to rounding differences.
Page 12
12 Türkiye Income Statement TAS 29 (Financial Reporting in Hyperinflationary Economies) implemented Unaudited January 1 – September 30 July 1 – September 30 (TL Million) 2026 2025 Change (%) 2026 2025 Change (%) Sales Volume (Million UC) 460 462 -0.3% 172 173 -0.9% Revenue 77,566 81,263 -4.5% 27,038 31,620 -14.5% Cost of Sales -47,440 -52,469 -9.6% -16,994 -18,431 -7.8% Gross Profit from Operations 30,126 28,794 4.6% 10,044 13,189 -23.8% Distribution, Selling and Marketing Expenses -18,471 -17,571 5.1% -6,492 -6,103 6.4% General and Administrative Expenses -7,122 -6,435 10.7% -2,223 -2,018 10.2% Other Operating Income 17,023 26,667 -36.2% 9,928 15,358 -35.4% Other Operating Expense -1,315 -1,220 7.8% -447 -334 33.6% Profit/(Loss) from Operations 20,242 30,234 -33.0% 10,809 20,091 -46.2% Gain/(Loss) From Investing Activities -12 -21 -40.5% 0 1 n.m. Profit/(Loss) Before Financial Income/(Expense) 20,229 30,213 -33.0% 10,809 20,092 -46.2% Financial Income 1,691 2,531 -33.2% 632 1,035 -39.0% Financial Expenses -11,167 -16,753 -33.3% -3,947 -5,056 -21.9% Monetary Gain /(Loss) 7,476 7,574 -1.3% 1,597 2,077 -23.1% Profit/(Loss) Before Tax 18,229 23,566 -22.6% 9,090 18,149 -49.9% Deferred Tax Income/(Expense) -202 992 n.m. -103 281 n.m. Current Period Tax Expense -1,689 -771 119.0% 117 -904 n.m. Net Income/(Loss) Before Minority 16,338 23,787 -31.3% 9,104 17,527 -48.1% Minority Interest 0 0 n.m. 0 0 n.m. Net Income 16,338 23,787 -31.3% 9,104 17,527 -48.1% EBITDA 24,407 33,799 -27.8% 12,134 21,311 -43.1% Totals may not add up due to rounding differences.
Page 13
13 International Income Statement TAS 29 (Financial Reporting in Hyperinflationary Economies) implemented Unaudited January 1 – September 30 July 1 – September 30 (TL Million) 2026 2025 Change (%) 2026 2025 Change (%) Sales Volume (Million UC) 989 875 13.0% 345 304 13.5% Revenue 120,957 107,059 13.0% 41,360 36,102 14.6% Cost of Sales -77,643 -69,996 10.9% -26,602 -23,478 13.3% Gross Profit from Operations 43,314 37,063 16.9% 14,757 12,624 16.9% Distribution, Selling and Marketing Expenses -14,300 -12,171 17.5% -5,127 -3,892 31.7% General and Administrative Expenses -4,510 -4,432 1.8% -1,427 -1,352 5.5% Other Operating Income 2,769 719 284.9% 906 -507 -278.7% Other Operating Expense -2,121 -1,854 14.4% -583 -793 -26.5% Profit/(Loss) from Operations 25,152 19,325 30.2% 8,527 6,079 40.3% Gain/(Loss) From Investing Activities -153 -89 73.1% -35 -39 -10.5% Gain/(Loss) from Associates -1 7 n.m. 0 -2 n.m. Profit/(Loss) Before Financial Income/(Expense) 24,998 19,244 29.9% 8,492 6,038 40.6% Financial Income 3,728 1,803 106.7% 1,490 604 146.6% Financial Expenses -4,611 -3,496 31.9% -1,490 -968 53.9% Profit/(Loss) Before Tax 24,114 17,551 37.4% 8,492 5,674 49.7% Deferred Tax Income / (Expense) -35 -80 -56.0% 12 -9 n.m. Current Period Tax Expense -5,124 -3,838 33.5% -1,708 -1,375 24.2% Net Income/(Loss) Before Minority 18,956 13,633 39.0% 6,796 4,290 58.4% Minority Interest -325 -168 93.4% -130 -59 120.0% Net Income 18,631 13,465 38.4% 6,665 4,231 57.5% EBITDA 29,259 24,724 18.3% 9,825 8,402 16.9% Totals may not add up due to rounding differences.
Page 14
14 CCI Consolidated Balance Sheet TAS 29 (Financial Reporting in Hyperinflationary Economies) implemented Reviewed Audited (TL Million) 30 September 2026 31 December 2025 Current Assets 106,658 91,518 Cash and Cash Equivalents 40,575 32,701 Investments in Securities 80 276 Trade Receivables 33,226 23,664 Other Receivables 147 253 Derivative Financial Instruments 210 261 Inventories 22,269 23,734 Prepaid Expenses 5,945 5,590 Tax Related Current Assets 1,214 1,481 Other Current Assets 2,992 3,559 Non-Current Assets 145,062 145,648 Financial Investments 0 0 Other Receivables 284 285 Property, Plant and Equipment 91,841 91,917 Goodwill 8,346 8,698 Intangible Assets 39,257 39,647 Right of Use Asset 1,855 1,734 Prepaid Expenses 2,585 1,716 Deferred Tax Asset 724 1,605 Derivative Financial Instruments 133 0 Other Non-Current Assets 37 46 Total Assets 251,720 237,166 Current Liabilities 87,769 79,360 Short-term Borrowings 13,412 16,954 Current Portion of Long-term Borrowings 5,237 7,385 Bank borrowings 4,508 6,839 Finance lease payables 729 546 Trade Payables 52,691 42,909 Due to related parties 18,408 13,173 Other trade payables to third parties 34,283 29,736 Payables Related to Employee Benefits 765 877 Other Payables 10,162 6,884 Due to related parties 423 412 Other payables to third parties 9,739 6,472 Derivative Financial Instruments 412 244 Deferred Income 714 892 Provision for Corporate Tax 2,081 1,077 Current Provisions 1,918 1,823 Other Current Liabilities 377 315 Non-Current Liabilities 43,968 50,114 Long-term Borrowings 34,385 39,238 Financial lease payables 1,073 1,217 Trade Payables 3 3 Provision for Employee Benefits 1,405 1,403 Deferred Tax Liability 6,936 8,253 Derivative Financial Instruments 0 0 Deferred Income 167 0 Equity of the Parent 106,071 94,282 Minority Interest 13,911 13,411 Total Liabilities 251,720 237,166 Totals may not add up due to rounding differences.
Page 15
15 CCI Consolidated Cash Flow TAS 29 (Financial Reporting in Hyperinflationary Economies) implemented Unaudited Period End (TL Million) 30 September 2026 30 September 2025 Cash Flow from Operating Activities IBT Adjusted for Non-cash items 38,700 30,342 Change in Tax Assets and Liabilities -6,171 -1,631 Employee Term. Benefits, Vacation Pay, Management Bonus Payment -161 -118 Change in Operating Assets & Liabilities 4,061 -1,153 Change in other current and non-current assets and liabilities 61 2,553 Net Cash Provided by Operating Activities 36,490 29,993 Purchase of Property, Plant & Equipment -11,384 -13,158 Other Net Cash Provided by/ (Used in) Investing Activities 197 -2,220 Net Cash Used in Investing Activities -11,187 -15,378 Change in ST & LT Loans -4,617 987 Interest paid -6,453 -12,263 Interest received 1,852 1,918 Dividends paid (including non-controlling interest) -4,416 -4,390 Cash flow hedge reserve -33 -128 Change in finance lease payables -639 -256 Net Cash Provided by / (Used in) Financing Activities -14,305 -14,132 Currency Translation Differences -1,869 2,055 Monetary gain / loss on cash and cash equivalents -1,254 -1,037 Net Change in Cash & Cash Equivalents 7,874 1,502 Cash & Cash equivalents at the beginning of the period 32,701 37,839 Cash & Cash Equivalents at the end of the period 40,575 39,341 Free Cash Flow 19,866 6,235 Totals may not add up due to rounding differences.
Page 16
16 Company Profile Coca-Cola İçecek (CCI), part of Türkiye’s Anadolu Group, is a Turkish multinational beverage company operating in Türkiye, Pakistan, Kazakhstan, Iraq, Uzbekistan, Bangladesh, Azerbaijan, Kyrgyzstan, Jordan, Tajikistan, Turkmenistan and Syria. CCI produces, distribut es and sells sparkling and still beverages of The Coca -Cola Company and Monster Energy Beverage Corporation, along with the production of fruit juice concentrate through its affiliate Anadolu Etap İçecek (Anadolu Etap Penkon Gıda ve İçecek Ürünleri Sanayi ve Ticaret Anonim Şirketi). CCI employs more than 10,000 people, has a total of 36 bottling plants, and 3 fruit processing plants in 12 countries, offering a wide range of beverages to a population base of 600 million people. In addition to sparkling beverages, the product portfolio includes juices, waters, sports and energy drinks, iced teas and coffee. CCI's shares are traded on the Borsa Istanbul Stock Exchange (BIST) under the symbol "CCOLA.IS". Reuters: CCOLA.IS Bloomberg: CCOLA.TI Special Note Regarding Forward-Looking Statements This document contains forward -looking statements, including but not limited to, statements regarding Coca -Cola İçecek’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 rea sonable prices; changes in CCI’s relationship with its significant shareholders; the level of demand for its products in its markets; fluctuations in the value of the Turkish Lira and currencies in CCI’s other markets; the level of inflation in Türkiye and CCI’s other markets; other changes in the political or economic environment in Türkiye or CCI’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 str ategy; 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 de scribed herein as anticipated, believed, estimated, or expected. Forward -looking statements speak only as of the date of this press release and CCI has no obligation to update those statements to reflect changes that may occur after that date. Contacts Investor Relations: Burak Berki Investor Relations Manager Tel: +90 216 528 33 04 E-mail: burak.berki@cci.com.tr Tuğçe Tarhan Investor Relations Executive Tel: +90 216 528 41 19 E-mail: tugce.tarhan@cci.com.tr Melih Turlin Investor Relations Analyst Tel: +90 216 528 44 65 E-mail: melih.turlin@cci.com.tr