Quarterly Report • Nov 4, 2025
Quarterly Report
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CONVENIENCE TRANSLATION INTO ENGLISH OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND NOTES FOR THE INTERIM PERIOD 1 JANUARY - 30 SEPTEMBER 2025 (ORIGINALLY ISSUED IN TURKISH)
| Pages | |
|---|---|
| Interim Condensed Consolidated Statement of Financial Position | 1-2 |
| Interim Condensed Consolidated Statement of Profit or Loss | 3 |
| Interim Condensed Consolidated Statement of Other Comprehensive Income | 4 |
| Interim Condensed Consolidated Statement of Change in Equity | 5 |
| Interim Condensed Consolidated Statement of Cash Flows | 6 |
| Notes to Interim Condensed Consolidated Financial Statements | 7-48 |
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
| @ | @ | Unaudited | Audited |
|---|---|---|---|
| ASSETS | Notes | September 30, 2025 | December 31, 2024 |
| @ Cash and Cash Equivalents |
@ 5 |
@ 30.324.709 |
@ 29.167.027 |
| Financial Investments | 6 | 1.830.905 | 120.085 |
| Trade Receivables | 26.090.569 | 16.216.961 | |
| - Trade receivables due from related parties | 24 | 2.690.277 | 1.884.357 |
| - Trade receivables due from third parties | 23.400.292 | 14.332.604 | |
| Other Receivables | 9 | 253.297 | 739.642 |
| - Other receivables due from third parties | 253.297 | 739.642 | |
| Derivative Financial Instruments | 7 – 26 | 34.097 | 47.005 |
| Inventories | 16.683.183 | 19.292.930 | |
| Prepaid Expenses | 10 | 4.117.203 | 4.606.365 |
| Current Income Tax Assets | 880.088 | 2.480.031 | |
| Other Current Assets | 18 | 3.016.745 | 3.537.747 |
| - Other current assets from third parties | 3.016.745 | 3.537.747 | |
| @ Total Current Assets |
83.230.796 | 76.207.793 | |
| @ Financial Investments |
500 | - | |
| Other Receivables | 215.843 | 231.023 | |
| - Other receivables due from third parties | 215.843 | 231.023 | |
| Property, Plant and Equipment | 12 | 69.809.873 | 68.052.862 |
| Intangible Assets | 36.790.827 | 37.260.585 | |
| - Goodwill | 14 | 6.658.680 | 6.919.527 |
| - Other intangible assets | 13 | 30.132.147 | 30.341.058 |
| Right of Use Asset | 12 | 904.960 | 901.585 |
| Prepaid Expenses | 10 | 2.045.415 | 2.062.033 |
| Deferred Tax Assets | 22 | 1.388.982 | 1.330.643 |
| Derivative Financial Instruments | 7 – 26 | 73.143 | - |
| Total Non-Current Assets | 111.229.543 | 109.838.731 | |
| @ Total Assets |
194.460.339 | 186.046.524 |
The accompanying notes form an integral part of these interim condensed consolidated financial statements.
Interim Condensed Consolidated Statement of Financial Position as of September 30, 2025
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
| @ | @ | Unaudited | Audited |
|---|---|---|---|
| LIABILITIES | Notes | September 30, 2025 | December 31, 2024 |
| @ | @ | @ | @ |
| Short-term Borrowings | 8 | 15.782.914 | 19.004.412 |
| - Bank borrowings | 15.782.914 | 19.004.412 | |
| Current Portion of Long-term Borrowings | 8 | 7.962.014 | 7.844.860 |
| - Bank borrowings | 7.667.311 | 7.541.041 | |
| - Lease liabilities | 294.703 | 303.819 | |
| Trade Payables | 37.702.952 | 32.132.846 | |
| - Trade payables due to related parties - Trade payables due to third parties |
24 | 10.195.989 27.506.963 |
9.126.484 23.006.362 |
| Payables Related to Employee Benefits | 586.582 | 640.009 | |
| Other Payables | 5.742.393 | 4.318.370 | |
| - Other payables due to related parties | 24 | 321.322 | 302.280 |
| - Other payables due to third parties | 5.421.071 | 4.016.090 | |
| Derivative Financial Instruments | 7 – 26 | 202.540 | 3.669 |
| Deferred Income | 10 | 806.363 | 527.941 |
| Provision for Corporate Tax | 2.001.551 | 687.008 | |
| Current Provisions | 1.204.058 | 1.029.721 | |
| - Current provisions for employee benefits | 999.130 | 513.862 | |
| - Other short term provisions | 204.928 | 515.859 | |
| Other Current Liabilities @ |
18 | 190.454 | 273.907 |
| Total Current Liabilities | 72.181.821 | 66.462.743 | |
| @ Long-term Borrowings |
@ 8 |
32.597.938 | 34.792.725 |
| - Bank borrowings | 31.976.235 | 34.009.229 | |
| - Lease liabilities | 621.703 | 783.496 | |
| Trade Payables | 2.708 | 4.520 | |
| - Trade payables due to third parties | 2.708 | 4.520 | |
| Non-Current Provisions | 1.146.776 | 1.110.925 | |
| - Non-current provisions for employee benefits | 1.146.776 | 1.110.925 | |
| Deferred Tax Liability Non-Current Deferred Income |
22 10 |
5.425.032 - |
6.343.802 449 |
| Total Non-Current Liabilities @ |
@ | 39.172.454 | 42.252.421 |
| Equity of the Parent | 72.866.518 | 67.360.920 | |
| Share Capital | 19 | 2.798.079 | 2.798.079 |
| Share Capital Adjustment Differences | 19 | 3.441.907 | 3.441.907 |
| Share Premium | 4.929.248 | 4.929.248 | |
| Other comprehensive income items not to be reclassified to profit or loss |
(717.496) | (717.496) | |
| - Actuarial gains / losses | (717.496) | (717.496) | |
| Other comprehensive income items to be reclassified to profit | (38.402.618) | (33.163.771) | |
| or loss | |||
| - Currency translation adjustment | 8.321.821 | 10.604.102 | |
| - Hedge reserve gain / (losses) | (46.724.439) | (43.767.873) | |
| - Cash flow hedge reserve gain / (losses) | (2.082.551) | (2.108.059) | |
| - Net investment hedge reserve gain / (losses) | (44.641.888) | (41.659.814) | |
| Restricted Reserves Allocated from Net Profit | 19 | 4.852.941 | 3.993.544 |
| Accumulated Profit / Loss | 81.899.689 | 67.498.992 | |
| Net Income / (Loss) for the Year | 14.064.768 | 18.580.417 | |
| Non-Controlling Interest Non |
10.239.546 | 9.970.440 | |
| Total Equity | 83.106.064 | 77.331.360 | |
| Total Total Liabilities |
194.460.339 | 186.046.524 |
The accompanying notes form an integral part of these interim condensed consolidated financial statements.
Interim Condensed Consolidated Statement of Profit or Loss for the nine months period ended September 30, 2025 (Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
| @ | @ | Unaudited | Unaudited | ||
|---|---|---|---|---|---|
| @ | January 1 - September 30, |
July 1 - September 30, |
January 1 - September 30, |
July 1 - September 30, |
|
| Notes | 2025 | 2025 | 2024 | 2024 | |
| @ | @ | ||||
| Net Revenue | 145.161.979 | 52.201.027 | 144.927.175 | 48.933.970 | |
| Cost of Sales (-) | (94.406.065) | (32.303.985) | (92.574.711) | (31.096.285) | |
| Gross Profit / (Loss) | 50.755.914 | 19.897.042 | 52.352.464 | 17.837.685 | |
| @ General and Administration Expenses (-) |
(7.113.585) | (2.214.039) | (6.925.278) | (2.109.096) | |
| Marketing, Selling and Distribution Expenses (-) | (22.926.103) | (7.704.406) | (22.458.166) | (7.593.197) | |
| Other Operating Income | 20 | 2.535.940 | 705.988 | 2.947.558 | 743.830 |
| Other Operating Expense (-) | 20 | (2.369.403) | (869.092) | (2.259.189) | (288.241) |
| @ Profit / (Loss) From Operations |
20.882.763 | 9.815.493 | 23.657.389 | 8.590.981 | |
| @ Gain from Investing Activities |
20 | 6.541 | 1.228 | 8.817 | 123 |
| Loss from Investing Activities (-) | 20 | (90.944) | (30.889) | (291.971) | (245.212) |
| Gain / (Loss) from Joint Ventures | 11 | 5.432 | (1.433) | (5.337) | (328) |
| @ Profit / (Loss) Before Financial Income / (Expense) |
20.803.792 | 9.784.399 | 23.368.898 | 8.345.564 | |
| @ Financial Income / (Expense) |
@ 21 |
(8.291.107) | (2.325.241) | (8.429.628) | (2.887.490) |
| Financial Income | 3.343.831 | 1.291.515 | 4.207.638 | 1.481.167 | |
| Financial Expenses (-) | (11.634.938) | (3.616.756) | (12.637.266) | (4.368.657) | |
| Monetary Gain / (Loss) | 5.838.533 | 1.601.371 | 10.474.562 | 2.906.692 | |
| @ Profit / (Loss) Before Tax from Continuing Operations |
18.351.218 | 9.060.529 | 25.413.832 | 8.364.766 | |
| @ Tax Expense from Continuing Operations |
22 | (4.156.843) | (1.833.387) | (6.299.564) | (1.442.399) |
| Deferred Tax Income / Expense (-) | (251.541) | 7.750 | (759.240) | (1.151.770) | |
| Current Year Tax Expense (-) | (3.905.302) | (1.841.137) | (5.540.324) | (290.629) | |
| @ Net Profit / (Loss) from Continuing Operations |
14.194.375 | 7.227.142 | 19.114.268 | 6.922.367 | |
| @ Attributable to: |
@ @ |
||||
| Non-controlling interest | 129.607 | 45.657 | 93.548 | 27.632 | |
| Equity holders of the parent | 23 | 14.064.768 | 7.181.485 | 19.020.720 | 6.894.735 |
| @ Net Profit / (Loss) |
14.194.375 | 7.227.142 | 19.114.268 | 6.922.367 | |
| @ Equity Holders Earnings Per Share (full TL) |
@ 23 |
0,050266 | 0,025666 | 0,067978 | 0,024641 |
The accompanying notes form an integral part of these interim condensed consolidated financial statements
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
| @ | |||||
|---|---|---|---|---|---|
| Unaudited | Unaudited | ||||
| @ | January 1 - | July 1 - | January 1 - | July 1 - | |
| September | September | September | September | ||
| Notes | 30, 2025 | 30, 2025 | 30, 2024 | 30, 2024 | |
| @ Profit / (loss) for the period |
14.194.375 | 7.227.142 | @ 19.114.268 |
@ 6.922.367 |
|
| @ Actuarial Gain / (Losses) |
- | - | - | - | |
| Deferred Tax Effect | 22 | - | - | - | - |
| @ Other comprehensive income items, not to be reclassified to profit or loss |
- | - | - | - | |
| @ Hedge reserve gain / (losses) |
(3.931.622) | (1.049.734) | (4.211.339) | (940.959) | |
| - Cash flow hedge reserve gain / (losses) |
44.483 | 4.502 | 453.342 | 199.360 | |
| - Net investment hedge reserve gain / (losses) |
(3.976.105) | (1.054.236) | (4.664.681) | (1.140.319) | |
| Deferred tax effect | 22 | 975.056 | 264.656 | 1.163.749 | 303.853 |
| Currency translation adjustment | (2.078.957) | (605.888) | (11.856.607) | (3.269.410) | |
| @ Other comprehensive income items to be reclassified to profit or loss, net |
(5.035.523) | (1.390.966) | (14.904.197) | (3.906.516) | |
| @ Total Comprehensive Income After Tax |
9.158.852 | 5.836.176 | 4.210.071 | 3.015.851 | |
| @ Total Comprehensive Income Attributable to: |
|||||
| Non-controlling interest | 332.931 | 101.067 | 471.763 | 126.444 | |
| Equity holders of the parent | 8.825.921 | 5.735.109 | 3.738.308 | 2.889.407 |
The accompanying notes form an integral part of these interim condensed consolidated financial statements
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
| @ | Other comprehensive income and expense items | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| @ | @ | @ | @ | @ Subsequently not to be reclassified to profit or loss |
Subsequently to be reclassified to profit or loss@@ |
@ | @ | @ | @ | @ | ||
| Consolidated Statement of Changes in Shareholders' Equity |
Share Capital |
Share Capital Adjustment Differences |
Share Premium |
Actuarial Gains / Losses |
Hedge Reserve |
Currency Translation Adjustment |
Restricted Reserves Allocated from Net Profit |
Accumulated Profit / Loss |
Net Profit / Loss for the Year |
Total Equity of the Parent |
Non Controlling Interest |
Total Equity |
| @ January 1, 2024 |
@ 254.371 |
@ | @ 5.985.631 4.929.248 |
@ (699.646) |
@ (39.931.730) |
@ 25.522.967 |
@ 3.696.492 |
@ 34.119.321 |
@ 37.268.656 |
@ 71.145.310 |
@ 10.264.707 |
@ 81.410.017 |
| @ Other comprehensive income/(loss) Net profit / (loss) for the period |
- - |
- - |
- - |
- - |
(3.047.590) - |
(12.234.822) - |
- - |
37.268.656 - |
(37.268.656) 19.020.720 |
(15.282.412) 19.020.720 |
378.215 93.548 |
(14.904.197) 19.114.268 |
| @ Total Comprehensive Income / (loss) |
- | - | - | - | (3.047.590) | (12.234.822) | - | 37.268.656 | (18.247.936) | 3.738.308 | 471.763 | 4.210.071 |
| @ Dividends Transfers |
- - |
- - |
- - |
- - |
- - |
- - |
- 297.011 |
(3.051.734) (297.011) |
- - |
(3.051.734) - |
(71.685) - |
(3.123.419) - |
| Effects of transactions under common control |
- | - | - | - | - | - | - | (494.961) | - | (494.961) | (778.481) | (1.273.442) |
| @ September 30, 2024 |
254.371 | 5.985.631 4.929.248 | (699.646) | (42.979.320) | 13.288.145 | 3.993.503 | 67.544.271 | 19.020.720 | 71.336.923 | 9.886.304 | 81.223.227 | |
| @ January 1, 2025 |
2.798.079 | 3.441.907 4.929.248 | (717.496) | (43.767.873) | 10.604.102 | 3.993.544 | 67.498.992 | 18.580.417 | 67.360.920 | 9.970.440 | 77.331.360 | |
| @ Other comprehensive income/(loss) Net profit / (loss) for the period |
- - |
- - |
- - |
- - |
(2.956.566) - |
(2.282.281) - |
- - |
18.580.417 - |
(18.580.417) 14.064.768 |
(5.238.847) 14.064.768 |
203.324 129.607 |
(5.035.523) 14.194.375 |
| @ Total Comprehensive Income / (loss) |
- | - | - | - | (2.956.566) | (2.282.281) | - | 18.580.417 | (4.515.649) | 8.825.921 | 332.931 | 9.158.852 |
| @ Dividends Transfers @ |
- - |
- - |
- - |
- - |
- - |
- - |
- 859.397 |
(3.320.323) (859.397) |
- - |
(3.320.323) - |
(63.825) - |
(3.384.148) - |
| September 30, 2025 | 2.798.079 | 3.441.907 4.929.248 | (717.496) | (46.724.439) | 8.321.821 | 4.852.941 | 81.899.689 | 14.064.768 | 72.866.518 | 10.239.546 | 83.106.064 |
The accompanying notes form an integral part of these interim condensed consolidated financial statements
Interim Condensed Consolidated Statement of Cash Flow for the nine months period ended of September 30,2025 (Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
| @ | @ | Unaudited | |
|---|---|---|---|
| @ | Notes | January 1- September 30, 2025 |
January 1- September 30, 2024 |
| @ Net profit / (loss) from continuing operations for the year |
@ | @ 14.194.375 |
@ 19.114.268 |
| @ | |||
| Adjustments to reconcile net profit / (loss) | 9.194.037 | 4.045.216 | |
| Adjustments for depreciation and amortization expense | 5.516.453 | 5.415.018 | |
| Adjustments for impairment loss (reversal) | (44.737) | 38.743 | |
| - Provision / (reversal) for expected credit loss | (42.405) (81.234) |
55.649 (22.672) |
|
| - Provision / (reversal) for inventories - Impairment loss / (reversal) in property, plant and equipment |
12, 20 | 78.902 | 5.766 |
| Adjustments for provisions | 164.703 | (176.863) | |
| - Provision / (reversal) for employee benefits | 420.262 | 675.845 | |
| - Other provisions | (255.559) | (852.708) | |
| Adjustments for interest (income) expenses | 8.002.056 | 7.142.941 | |
| - Interest income | 21 | (1.518.530) | (1.721.802) |
| - Interest expense | 21 | 9.520.586 | 8.864.743 |
| Adjustments for fair value loss (gain) | 102.519 | 748.033 | |
| - Adjustments for fair value of derivative instruments (gain) / loss | 102.519 | 748.033 | |
| Adjustments for unrealized currency translation | 322.444 | 455.142 | |
| Gain / loss from joint ventures | 11 | (5.432) | 5.337 |
| Adjustments for tax (income) / expense | 4.156.843 | 6.299.563 | |
| Adjustments for (gain) / loss on sale of property, plant and equipment | 20 | 5.501 | 277.387 |
| Interest expense from lease liabilities | 8, 21 | 104.400 | 83.512 |
| Adjustments for right of use assets | (10.942) | - | |
| Adjustments for monetary gain loss | (9.119.771) (888.604) |
(16.243.597) (405.331) |
|
| Changes in working capital | (9.796.770) | (10.463.108) | |
| Adjustments for decrease (increase) in trade receivables | (805.919) | (752.130) | |
| - Decrease / (increase) on trade receivables due from related parties | (8.990.851) | (9.710.978) | |
| - Decrease / (increase) on trade receivables due from third parties Adjustments for decrease / (increase) in inventories |
2.723.662 | 4.073.513 | |
| Adjustments for increase (decrease) in trade payables | 4.787.815 | 4.230.295 | |
| - Increase / (decrease) on trade payables due to related parties | 287.215 | (1.688.420) | |
| - Increase / (decrease) on trade payables due to third parties | 4.500.600 | 5.918.715 | |
| Adjustments for increase (decrease) in other payables | 1.396.689 | 1.753.969 | |
| Cash flows generated from operating activities | 22.499.808 | 22.754.153 | |
| @ | |||
| Payments made for employee benefits | (90.701) | (424.304) | |
| Tax returns / (payments) | (1.257.430) 1.967.764 |
(5.265.378) (489.241) |
|
| Other current and non-current assets and liabilities A. NET CASH GENERATED FROM OPERATING ACTIVITIES |
23.119.441 | 16.575.230 | |
| @ | |||
| Cash outflows arising from purchase of property, plant, equipment, and intangible assets |
(10.394.656) | (12.628.176) | |
| - Cash outflow from purchase of property, plant, and equipment | 12 | (9.428.190) | (12.049.227) |
| - Cash outflow from purchase of intangibles | 13 | (966.466) | (578.949) |
| Proceeds from sale of property, plant and equipment and intangibles | 252.332 | 629.803 | |
| Other inflows / (outflows) of cash | (1.711.302) | (899.277) | |
| Cash outflow from acquisition of subsidiary | - | (1.085.556) | |
| B. NET CASH USED IN INVESTING ACTIVITIES | (11.853.626) | (13.983.206) | |
| @ Cash outflow due to lease liabilities |
8 | (197.131) | (335.657) |
| Proceeds from borrowings | 8 | 31.359.087 | 34.801.519 |
| Repayments of borrowings | 8 | (30.598.237) | (35.136.344) |
| Cash inflow / outflow due to derivative instruments | (98.992) | (1.104.973) | |
| Interest paid | 8 | (9.452.878) | (8.339.831) |
| Interest received | 1.478.802 | 1.534.768 | |
| Dividend paid | (3.384.148) | (3.123.419) | |
| Cash outflows resulting from changes in partnership shares that do not result in | - | (5.621.585) | |
| loss of control in subsidiaries | |||
| C. NET CASH USED IN FINANCING ACTIVITIES @ |
(10.893.497) | (17.325.522) | |
| D. MONETARY GAIN / LOSS ON CASH AND CASH EQUIVALENTS | (799.027) | (1.474.929) | |
| Net increase / (decrease) in cash and cash equivalents before currency translation effects (A+B+C+D) |
(426.709) | (16.208.427) | |
| E. CURRENCY TRANSLATION ON CASH AND CASH EQUIVALENTS | 1.584.391 | 921.080 | |
| Net increase / (decrease) in cash and cash equivalents (A+B+C+D+E) | 1.157.682 | (15.287.347) | |
| F. CASH AND CASH EQUIVALENTS AT THE BEGINNING OF PERIOD @ |
5 | 29.167.027 | 39.396.207 |
Notes to Interim Condensed Consolidated Financial Statements as at September 30, 2025
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
Coca-Cola İçecek Anonim Şirketi ("CCI" - "the Company"), is the bottler and distributor of alcohol-free beverages in Turkey, Pakistan, Bangladesh, Central Asia and the Middle East. The operations of the Company consist of production, sales and distribution of sparkling and still beverages with The Coca-Cola Company ("TCCC") trademarks. The Company has 13 (2024 - 13) production facilities in different regions of Turkey and operates 26 (2024 - 23) production facilities in countries other than Turkey. The registered office address of CCI is OSB Mah. Deniz Feneri Sok. No:4 Ümraniye İstanbul, Turkey. The Company's publicly traded shares on Borsa Istanbul A.Ş. ("BIST").
The Group consists of the Company, its subsidiaries, and joint ventures.
The consolidated financial statements of the Group were approved for issue by the Board of Directors on November 4, 2025, which were signed by the Audit Committee and Chief Executive Officer Karim Yahi. The General Assembly and the regulatory bodies have the right to make amendments to the consolidated financial statements after their issuance.
The company is controlled by Anadolu Efes Biracılık ve Malt Sanayi A.Ş. ("Anadolu Efes"), the parent company. Anadolu Efes is controlled by AG Anadolu Grubu Holding A.Ş., AG Anadolu Grubu Holding A.Ş. is controlled by AG Sınai Yatırım ve Yönetim A.Ş. and AG Sınai Yatırım ve Yönetim A.Ş. is a management company, which is ultimately managed by the Özilhan Family and Süleyman Kamil Yazıcı Family in accordance with equal representation and equal management principle and manages AG Anadolu Grubu Holding A.Ş.'s companies.
As of September 30, 2025, and December 31, 2024, the composition of shareholders and their respective percentage of ownership can be summarized as follows:
| September 30, 2025 | December 31, 2024 | ||||
|---|---|---|---|---|---|
| Nominal | Nominal | ||||
| Amount | Percentage | Amount | Percentage | ||
| Anadolu Efes Biracılık ve Malt Sanayi A.Ş. ("Anadolu Efes") | 1.122.520 | 40,12 | 1.122.520 | 40,12 | |
| The Coca-Cola Export Corporation ("TCCEC") | 562.257 | 20,09 | 562.257 | 20,09 | |
| Efes Pazarlama ve Dağıtım Ticaret A.Ş. ("Efpa") | 283.669 | 10,14 | 283.669 | 10,14 | |
| Publicly Traded | 829.633 | 29,65 | 829.633 | 29,65 | |
| 2.798.079 | 100,00 | 2.798.079 | 100,00 | ||
| Inflation Restatement Effect | 3.441.907 | 3.441.907 | |||
| 6.239.986 | 6.239.986 |
CCI and its subsidiary Coca-Cola Satış ve Dağıtım A.Ş. ("CCSD") are among the leading bottlers and distributors of alcohol-free beverages, operating in Turkey. The sole operation area of the Company is the production, sales and distribution of sparkling and still beverages.
The Company has exclusive rights to produce, sell and distribute TCCC branded beverages including Coca-Cola, Coca-Cola Zero, Coca-Cola Zero Sugar, Coca-Cola Light, Fanta, Sprite, Cappy, Sen Sun, Powerade and Fuse Tea in TCCC authorized packages throughout Turkey provided by Bottler's and Distribution Agreements signed between the Group with TCCEC and TCCC. The renewal periods of the signed Bottler and Distribution Agreements vary, and the majority of them remain valid until 2028.
The Company has exclusive rights to produce, sell and distribute Burn and Gladiator branded energy drinks in authorized packages throughout Turkey, according to the Bottlers Agreements signed between the Company and Monster Energy Company ("MEC") and has the right for selling and distribution of Monster branded products in accordance with the International Distribution Agreement signed with Monster Energy Company ("MEC") which has taken over TCCC's global energy drink portfolio and is partially owned by TCCC as well.
The Company's international subsidiaries and joint ventures operating outside of Turkey are also engaged in the production, sales and distribution of sparkling and still beverages with TCCC trademarks.
The Group has the exclusive bottling and distribution rights in Turkey for Schweppes branded beverages under Bottler's and Distribution Agreement signed with Schweppes Holdings Limited. Special authorization for the Group operating countries, other than Turkey, may be granted from time to time.
Notes to Interim Condensed Consolidated Financial Statements as at September 30, 2025
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
As of September 30, 2025, and December 31, 2024 the list of CCI's subsidiaries and joint ventures and its effective participation percentages are as follows:
Subsidiaries
| Effective Share | ||||
|---|---|---|---|---|
| DI C | Voting Rig | |||
| Place of Incorporation |
Principal Activities | September 30, 2025 |
December 31, 2024 |
|
| Coca-Cola Satış ve Dağıtım Anonim Şirketi ("CCSD") |
Turkey | Distribution and sales of Coca- Cola products |
99,97 | 99,97 |
| Anadolu Etap Penkon Gıda ve İçecek Ürünleri San. Ve Tic. A.Ş. ("Etap") |
Turkey | Production and sale of fruit, vegetable juice and concentrate | 100,00 | 100,00 |
| J.V. Coca-Cola Almaty Bottlers Limited Liability Partnership ("Almaty CC") |
Kazakhstan | Production, distribution, and sales of Coca-Cola products | 100,00 | 100,00 |
| Azerbaijan Coca-Cola Bottlers Limited Liability Company ("Azerbaijan CC") | Azerbaijan | Production, distribution, and sales of Coca-Cola products | 99,87 | 99,87 |
| Coca-Cola Bishkek Bottlers Closed Joint Stock Company ("Bishkek CC") |
Kyrgyzstan | Production, distribution, and sales of Coca-Cola products | 100,00 | 100,00 |
| CCI International Holland B.V. ("CCI Holland") |
Holland | Holding company | 100,00 | 100,00 |
| The Coca-Cola Bottling Company of Jordan Limited ("TCCBCJ") |
Jordan | Production, distribution, and sales of Coca-Cola products | 100,00 | 100,00 |
| Turkmenistan Coca-Cola Bottlers ("Turkmenistan CC") | Turkmenistan | Production, distribution, and sales of Coca-Cola products | 59,50 | 59,50 |
| Sardkar for Beverage Industry/Ltd ("SBIL") | Iraq | Production, distribution, and sales of Coca-Cola products | 100,00 | 100,00 |
| Waha Beverages B.V. ("Waha B.V.") | Holland | Holding Company | 100,00 | 100,00 |
| Coca-Cola Beverages Tajikistan Limited Liability Company ("Tajikistan CC") |
Tajikistan | Production, distribution, and sales of Coca-Cola products | 100,00 | 100,00 |
| Al Waha for Soft Drinks, Juices, Mineral Water, Plastics, and Plastic Caps Production LLC ("Al Waha") |
Iraq | Production, distribution, and sales of Coca-Cola products | 100,00 | 100,00 |
| Coca-Cola Beverages Pakistan Limited ("CCBPL") | Pakistan | Production, distribution, and sales of Coca-Cola products | 99,34 | 99,34 |
| Coca-Cola Bangladesh Beverages Limited ("CCBB") | Bangladesh | Production, distribution, and sales of Coca-Cola products | 100,00 | 100,00 |
| LLC Coca-Cola Bottlers Uzbekistan ("CCBU") | Uzbekistan | Production, distribution, and sales of Coca-Cola products | 100,00 | 100,00 |
| CCI Samarkand Limited LLC ("Samarkand") | Uzbekistan | Production, distribution, and sales of Coca-Cola products | 100,00 | 100,00 |
| CCI Namangan Limited LLC ("Namangan") | Uzbekistan | Production, distribution, and sales of Coca-Cola products | 100,00 | 100,00 |
| Place of Incorporation |
Principal Activities |
Effective Shar Voting R |
reholding and ights (%) |
|
|---|---|---|---|---|
| September 30, 2025 | December 31, 2024 | |||
| Syrian Soft Drink Sales and Distribution L.L.C. ("SSDSD") | Syria | Distribution and sales of Coca-Cola products | 50,00 | 50,00 |
Notes to Interim Condensed Consolidated Financial Statements as at September 30, 2025
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
The countries, in which certain subsidiaries and joint ventures operate, have undergone substantial political and economic changes in recent years. Uncertainties regarding the political, legal, tax and/or regulatory environment, including the potential for adverse changes in any of these factors, could significantly affect the subsidiaries' and joint ventures ability to operate commercially. Group Management closely monitors uncertainties and adverse changes to minimize the probable effects of such changes.
In this context, Risk Detection Committee; which was established under the arrangements, terms and principles of Turkish Commercial Code, Capital Market Legislation and CMB's "Corporate Governance Principles" assess, manage and report Group risks. Some of the Group priority risks are defined as political instability and security, cyber security, exchange rate volatility, sustainable talent capability, corporate reputation, water, and environmental impact of packaging, changing consumer preferences, discriminatory tax and regulations, channel mix shift, economic slowdown, law and order and industrial relations. Group does not expect any adverse effect on the business related to any significant regulatory changes and/or legal arrangements by the authorities. All compliance efforts are in place and there is no legal dispute that may adversely affect the business.
Sparkling beverages consumption is seasonal, typically resulting in higher demand during the summer season and accordingly the seasonality effects are reflected in the figures. Therefore, the results of operations for the nine months ended September 30, 2025, do not automatically constitute an indicator for the results to be expected for the overall fiscal year.
Category-based average number of employees working during the period is as follows (Joint ventures are considered with full numbers for September 30, 2025, and 2024).
| September 30, 2025 | September 30, 2024 | |
|---|---|---|
| Blue-collar | 4.994 | 4.735 |
| White-collar | 5.723 | 5.697 |
| Average number of employees | 10.717 | 10.432 |
Notes to Interim Condensed Consolidated Financial Statements as at September 30, 2025
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
The Group has prepared its condensed consolidated financial statements for the interim period ended September 30, 2025, in the scope of the CMB's "Communiqué on Financial Reporting in Capital Market" Numbered II-14.1 (Communiqué), published in the Official Gazette dated June 13, 2013 and numbered 28676, , and the announcements explaining this communiqué, TAS 34, "Interim Financial Reporting". The interim condensed consolidated financial statements and explanatory notes are presented using the compulsory standard formats as published by the Communiqué. The entities are allowed to prepare a complete or condensed set of interim financial statements in accordance with TAS 34. In this respect, the Group has preferred to prepare condensed consolidated financial statements in the interim periods.
In addition, the consolidated financial statements are presented in accordance with the specified format in "TFRS Taxonomy Announcement", issued on 3 July 2024 by the POA, and "the Financial Statements Examples and Guidelines for Use", which is published by the Capital Markets Board of Turkey.
CCI and its subsidiaries, which operate in Turkey, keep their accounting books and their statutory financial statements in Turkish Lira ("TL") in accordance with the regulations on accounting and reporting framework and accounting standards promulgated by the CMB, Turkish Commercial Code ("TCC") and Tax Legislation and the Uniform Chart of Accounts which is issued by the Ministry of Finance. The foreign subsidiaries keep their accounting books and statutory financial statements in their local currencies and in accordance with the rules and regulations of the countries in which they operate.
The interim condensed consolidated financial statements have been prepared from the statutory financial statements of Group's subsidiaries' and joint ventures and presented in TL in accordance with Turkish Financial Reporting Standards ("TFRS") as adopted by the Public Oversight Accounting and Auditing Standards ("POA") and CMB with certain adjustments and reclassifications for the purpose of fair presentation. Such adjustments are primarily related to application of consolidation accounting, accounting for business combinations, accounting for deferred taxes on temporary differences, accounting for employee termination benefits on an actuarial basis and accruals for various expenses. Except for the financial assets carried from their fair values and assets and liabilities included in Business Combination application, consolidated financial statements are prepared on a historical cost basis.
As of 30 September 2025, interim condensed consolidated financial statements have been prepared by applying the accounting policies that are consistent with the accounting policies applied during the preparation of the consolidated financial statements for the year ended 31 December 2024, except for the new standards and TFRYK interpretations summarized below.
Interim condensed consolidated financial statements do not contain all the explanations and footnotes that are required to be included in the year-end consolidated financial statements. Therefore, these interim condensed consolidated financial statements should be evaluated together with the consolidated financial statements for the year ended 31 December 2024.
In the statement of profit or loss dated September 30, 2024, the amount of TL 154.701 shown under "Other income from main operations" within "Scrap and other material income" and the amount of TL 121.981 shown under "Other expenses from main operations" within "Scrap and other material expenses" have been netted, and the resulting TL 32.720 has been classified under the "Cost of sales" item.
Notes to Interim Condensed Consolidated Financial Statements as at September 30, 2025
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
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, 2025, 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 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. One of the requirements that requires the application of TAS 29 is a three-year compound inflation rate approaching or exceeding 100%. 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 indices and correction coefficients used in the correction of the financial statements of the current and previous periods since January 1, 2005 are as follows:
| Date | Index | Coefficient | Three Year Compound Interest Rate |
|---|---|---|---|
| 30 September 2025 | 3.367,22 | 1,00000 | 222% |
| 31 December 2024 | 2.684,55 | 1,25430 | 291% |
| 30 September 2024 | 2.526,16 | 1,33294 | 343% |
The main elements of the Company's adjustment for financial reporting purposes in high-inflation economies are as follows:
Notes to Interim Condensed Consolidated Financial Statements as at September 30, 2025
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
a) Standards, amendments, and interpretations applicable as of 30 September 2025:
Amendments to TAS 21 - Lack of Exchangeability; effective from annual periods beginning on or after 1 January 2025. An entity is impacted by the amendments when it has a transaction or an operation in a foreign currency that is not exchangeable into another currency at a measurement date for a specified purpose. A currency is exchangeable when there is an ability to obtain the other currency (with a normal administrative delay), and the transaction would take place through a market or exchange mechanism that creates enforceable rights and obligations.
b) Standards, amendments, and interpretations that are issued but not effective as of 30 September 2025:
Amendment to TAS 9 and TAS 7 - Classification and Measurement of Financial Instruments; effective from annual reporting periods beginning on or after 1 January 2026 (early adoption is available). These amendments:
Annual improvements to TFRS – Volume 11; effective from annual periods beginning on or after 1 January 2026 (earlier application permitted). Annual improvements are limited to changes that either clarify the wording in an Accounting Standard or correct relatively minor unintended consequences, oversights or conflicts between the requirements in the Accounting Standards. The 2024 amendments are to the following standards:
Amendment to TFRS 9 and TFRS 7 - Contracts Referencing Nature-dependent Electricity; effective from annual periods beginning on or after 1 January 2026 but can be early adopted subject to local endorsement where required. These amendments change the 'own use' and hedge accounting requirements of TFRS 9 and include targeted disclosure requirements to TFRS 7. These amendments apply only to contracts that expose an entity to variability in the underlying amount of electricity because the source of its generation depends on uncontrollable natural conditions (such as the weather). These are described as 'contracts referencing nature-dependent electricity'.
Notes to Interim Condensed Consolidated Financial Statements as at September 30, 2025
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
New and Amended Turkish Financial Reporting Standards (continued)
TFRS 18 Presentation and Disclosure in Financial Statements; effective from annual periods beginning on or after 1 January 2027. This is the new standard on presentation and disclosure in financial statements, with a focus on updates to the statement of profit or loss. The key new concepts introduced in TFRS 18 relate to:
TFRS 19 Subsidiaries without Public Accountability: Disclosures; effective from annual periods beginning on or after 1 January 2027. This new standard works alongside other TFRS Accounting Standards. An eligible subsidiary applies the requirements in other TFRS Accounting Standards except for the disclosure requirements and instead applies the reduced disclosure requirements in TFRS 19. TFRS 19's reduced disclosure requirements balance the information needs of the users of eligible subsidiaries' financial statements with cost savings for preparers. TFRS 19 is a voluntary standard for eligible subsidiaries. A subsidiary is eligible if:
These changes are not expected to have a significant impact on the financial position and performance of the Group.
Notes to Interim Condensed Consolidated Financial Statements as at September 30, 2025
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
The majority of the consolidated foreign subsidiaries and joint venture are regarded as foreign operations since they are financially, economically and organizationally autonomous. The Group translates in accordance with "TAS 21 The Effects of Changes in Foreign Exchange Rates" The resulting translated amounts for non-monetary items are treated as their historical cost.
Functional and presentation currency of the Group is Turkish Lira (TL). Functional currencies of the subsidiaries and joint ventures are as follows:
| September 30, 2025 | December 31, 2024 | ||||
|---|---|---|---|---|---|
| Local Currency | Functional Currency | Local Currency | Functional Currency | ||
| CCSD | Turkish Lira | Turkish Lira | Turkish Lira | Turkish Lira | |
| Etap | Turkish Lira | Turkish Lira | Turkish Lira | Turkish Lira | |
| Almaty CC | Kazakh Tenge | Kazakh Tenge | Kazakh Tenge | Kazakh Tenge | |
| Azerbaijan CC | Manat | Manat | Manat | Manat | |
| Turkmenistan CC | Turkmen Manat | Turkmen Manat | Turkmen Manat | Turkmen Manat | |
| Bishkek CC | Som | Som | Som | Som | |
| TCCBCJ | Jordanian Dinar | Jordanian Dinar | Jordanian Dinar | Jordanian Dinar | |
| SBIL | Iraq Dinar | Iraq Dinar | Iraq Dinar | Iraq Dinar | |
| SSDSD | Syrian Pound | Syrian Pound | Syrian Pound | Syrian Pound | |
| CCBPL | Pakistan Rupee | Pakistan Rupee | Pakistan Rupee | Pakistan Rupee | |
| CCBB | Bangladesh Taka | Bangladesh Taka | Bangladesh Taka | Bangladesh Taka | |
| CCI Holland | Euro | U.S. Dollars | Euro | U.S. Dollars | |
| Waha B.V. | Euro | U.S. Dollars | Euro | U.S. Dollars | |
| Al Waha | Iraq Dinar | Iraq Dinar | Iraq Dinar | Iraq Dinar | |
| Tajikistan CC | Somoni | Somoni | Somoni | Somoni | |
| CCBU | Uzbek Som | Uzbek Som | Uzbek Som | Uzbek Som | |
| Samarkand | Uzbek Som | Uzbek Som | Uzbek Som | Uzbek Som | |
| Namangan | Uzbek Som | Uzbek Som | Uzbek Som | Uzbek Som |
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 Turkey used by the Group's subsidiaries in Turkey. USD amounts presented in the asset accounts are translated into TL with the official TL exchange rate of USD buying on September 30, 2025, USD 1,00 (full) = TL 41,5068 (December 31, 2024; USD 1,00 (full) = TL 35,2803) whereas USD amounts in the liability accounts are translated into TL with the official TL exchange rate of USD selling on September 30, 2025, USD 1,00 (full) = TL 41,5816 (December 31, 2024; USD 1,00 (full) = TL35,3438). 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 38,5442 (January 1 - September 30, 2024; USD 1,00 (full) = TL 32,2299).
The assets and liabilities of subsidiaries and joint ventures operating in foreign countries are translated at the rate of exchange ruling at the balance sheet date and the income statements of foreign subsidiaries and joint ventures are translated at average exchange rates. Differences that occur by the usage of closing and average exchange rates are followed under currency translation differences classified under equity.
Notes to Interim Condensed Consolidated Financial Statements as at September 30, 2025
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
For the condensed consolidated interim financial statements, as of September 30, 2025, Group management has to make key assumptions concerning the future and other key sources of estimation uncertainty on the balance sheet date that have significant risks of causing a material adjustment to the carrying amounts of assets and liabilities in the preparation of condensed consolidated financial statements. Actual results can be different from estimations. These estimations are reviewed at each balance sheet date; required corrections are made and reflected in the results of operations of the related period. The key assumptions concerning the future and other key resources of estimation at the balance sheet date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year and the significant judgments (apart from those involving estimations) with the most significant effect on amounts recognized in the financial statements are consistent with the assumptions and estimations made for the year ended December 31, 2024, except for the necessary considerations made for income taxes.
None.
As of February 20, 2024, the Group purchased 100% of the shares representing the capital of CCBB for the share value calculated by deducting the net financial debt as of the closing date from the enterprise value of 130 million US Dollar.
| CCBB | |
|---|---|
| Net Book | |
| Value | |
| Cash and cash equivalents | 122.105 |
| Trade receivables | 20.879 |
| Inventories | 1.275.024 |
| Property plant and equipment | 4.965.709 |
| Right of use assets | 28.765 |
| Other current and non-current assets | 296.393 |
| Total assets | 6.708.876 |
| Deferred tax liability and tax provision | 190.141 |
| Borrowings | 2.972.737 |
| Trade payables | 965.462 |
| Other liabilities | 532.467 |
| Total liabilities | 4.660.808 |
| Net assets | 2.048.068 |
| Consideration | (2.427.901) |
| Consolidated net assets | 2.048.068 |
| Amount arising from acquisition | (379.833) |
Notes to Interim Condensed Consolidated Financial Statements as at September 30, 2025
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
The Company produces segment reports for the chief operating decision maker (Board of Directors and Executive Management) in accordance with basis of preparation as explained in Note 2. Reported information is used by management for observing performance at operation segments and for deciding resource allocation.
Adjusted earnings before interest and tax (Adjusted EBITDA) is not an accounting measure under TFRS accounting and does not have a standard calculation method however it has been considered as the optimum indicator for the evaluation of the performance of the operating segments by considering the comparability with the entities in the same business.
Group's domestic and international subsidiaries are presented under Note 1 and Group's segment reporting is as follows:
| @ | September 30, 2025 | |||
|---|---|---|---|---|
| @ | Domestic | International | Elimination | Consolidated |
| @ | @ | @ | @ | @ |
| Net Revenue | 62.639.273 | 82.522.847 | (141) | 145.161.979 |
| Cost of sales (-) | (40.444.345) | (53.954.122) | (7.598) | (94.406.065) |
| Gross profit | 22.194.928 | 28.568.725 | (7.739) | 50.755.914 |
| @ Operating expenses (-) |
(18.504.975) | (12.797.903) | 1.263.190 | (30.039.688) |
| Other operating income / (expense), net | 19.615.239 | (874.665) | (18.574.037) | 166.537 |
| Profit from operations | 23.305.192 | 14.896.157 | (17.318.586) | 20.882.763 |
| @ Gain from investing activities |
(1.091) | 17.224 | (9.592) | 6.541 |
| Loss from investing activities (-) | (15.078) | (85.458) | 9.592 | (90.944) |
| Gain / (loss) from joint ventures | - | 5.432 | - | 5.432 |
| Profit before financial income / (expense) | 23.289.023 | 14.833.355 | (17.318.586) | 20.803.792 |
| @ | ||||
| Financial income | 1.950.714 | 1.389.881 | 3.236 | 3.343.831 |
| Financial expense (-) | (12.913.230) | (2.694.576) | 3.972.868 | (11.634.938) |
| Monetary Gain Loss | 5.838.533 | - | - | 5.838.533 |
| Profit before tax from continuing operations @ |
18.165.040 | 13.528.660 | (13.342.482) | 18.351.218 |
| Tax income / (expense) from continuing operations | 170.287 | (3.019.968) | (1.307.162) | (4.156.843) |
| Net profit or (loss) from continuing operations | 18.335.327 | 10.508.692 | (14.649.644) | 14.194.375 |
| @ | ||||
| Non-controlling interest | - | 129.607 | - | 129.607 |
| Equity holders of the parent @ |
18.335.327 | 10.379.085 | (14.649.644) | 14.064.768 |
| Purchase of property, plant, equipment and intangible asset |
3.150.631 | 7.244.025 | - | 10.394.656 |
| @ Amortization expense of right of use asset |
130.181 | 97.221 | - | 227.402 |
| Depreciation and amortization expenses | 2.362.000 | 2.927.052 | - | 5.289.052 |
| Other non-cash items | 255.850 | 1.137.387 | (987.322) | 405.915 |
| Adjusted EBITDA | 26.053.223 | 19.057.817 | (18.305.908) | 26.805.132 |
| @ | September 30, 2025 | |||
| @ | Domestic | International | Elimination | Consolidated |
| @ @ |
@ | @ | @ | |
| Total Assets | 170.540.011 | 109.513.721 | (85.593.393) | 194.460.339 |
| Total Liabilities | 58.720.048 | 64.436.718 | (11.802.491) | 111.354.275 |
As of September 30, 2025, the portion of Central Asia in the consolidated net revenue and total assets is 40% and 34% respectively. (December 31, 2024: 34% and 24%).
Notes to Interim Condensed Consolidated Financial Statements as at September 30, 2025
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
| @ | September 30, 2024 | |||
|---|---|---|---|---|
| @ | Domestic | International | Elimination | Consolidated |
| @ Net Revenue |
@ 64.229.496 |
@ 80.944.193 |
@ (246.514) |
@ 144.927.175 |
| Cost of sales (-) | (38.917.725) | (53.695.484) | 38.498 | (92.574.711) |
| Gross profit | 25.311.771 | 27.248.709 | (208.016) | 52.352.464 |
| @ Operating expenses (-) |
(18.206.714) | (12.566.028) | 1.389.298 | (29.383.444) |
| Other operating income / (expense), net | 11.911.450 | 141.494 | (11.364.575) | 688.369 |
| Profit / (loss) from operations | 19.016.507 | 14.824.175 | (10.183.293) | 23.657.389 |
| @ Gain from investing activities |
- | 8.808 | 9 | 8.817 |
| Loss from investing activities (-) | (113.585) | (178.376) | (10) | (291.971) |
| Gain / (loss) from joint ventures | - | (5.337) | - | (5.337) |
| Profit before financial income/(expense) | 18.902.922 | 14.649.270 | (10.183.294) | 23.368.898 |
| @ | ||||
| Financial income | 3.373.720 | 917.603 | (83.685) | 4.207.638 |
| Financial expense (-) Monetary Gain Loss |
(14.726.345) 10.474.562 |
(2.658.345) - |
4.747.424 - |
(12.637.266) 10.474.562 |
| Profit before tax from continuing operations | 18.024.859 | 12.908.528 | (5.519.555) | 25.413.832 |
| @ | ||||
| Tax income / (expense) from continuing operations | (1.938.983) | (2.851.643) | (1.508.938) | (6.299.564) |
| Net profit or (loss) from continuing operations | 16.085.876 | 10.056.885 | (7.028.493) | 19.114.268 |
| @ Non-controlling interest |
- | 93.548 | - | 93.548 |
| Equity holders of the parent | 16.085.876 | 9.963.337 | (7.028.493) | 19.020.720 |
| @ Purchase of property, plant, equipment and intangible asset |
3.146.634 | 9.481.543 | - | 12.628.177 |
| @ Amortization expense of right of use asset |
117.408 | 102.226 | - | 219.634 |
| Depreciation and amortization expenses | 2.278.869 | 2.916.515 | - | 5.195.384 |
| Other non-cash items | 340.826 | 581.988 | (435.959) | 486.855 |
| Adjusted EBITDA | 21.753.610 | 18.424.904 | (10.619.252) | 29.559.262 |
| @ | December 31, 2024 | |||
| @ | December 31, 2024 | |||
|---|---|---|---|---|
| @ | Domestic | International | Elimination | Consolidated |
| @ | @ | @ | @ | @ |
| Total Assets | 158.304.868 | 103.063.248 | (75.321.592) | 186.046.524 |
| Total Liabilities | 62.235.619 | 47.637.041 | (1.157.496) | 108.715.164 |
In addition to the requirements of segment reporting, The Group's management presented this information for certain financial statements readers to utilize this data during their analyses.
Company's "Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted 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 (provisions for management bonus and long term incentive plan not included) and other non-cash expenses like negative goodwill and value increase due to change in scope of consolidation.
As of September 30, 2025, and 2024, reconciliation of Adjusted EBITDA to profit / (loss) from operations is explained in the following table:
| @ | September 30, 2025 | September 30, 2024 |
|---|---|---|
| @ | @ | @ |
| Profit / (loss) from operations | 20.882.763 | 23.657.389 |
| Depreciation and amortization | 5.289.052 | 5.195.384 |
| Provision for employee benefits | 359.677 | 387.417 |
| Foreign exchange gain / (loss) under other operating income / | 46.238 | 99.438 |
| (expense) (Note 20) | ||
| Amortization expense of right of use asset | 227.402 | 219.634 |
| Adjusted EBITDA | 26.805.132 | 29.559.262 |
Notes to Interim Condensed Consolidated Financial Statements as at September 30, 2025
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
| @ | September 30, 2025 | December 31, 2024 |
|---|---|---|
| @ @ Cash on hand |
@ 25.328 |
13.989 |
| Cash in banks | ||
| -Time deposit | 22.019.051 | 19.244.069 |
| -Demand deposit | 8.280.330 | 8.030.798 |
| Investment funds | - | 1.878.171 |
| 30.324.709 | 29.167.027 |
As of September 30, 2025, time deposits with maturities less than 3 months in foreign currencies existed for periods varying between 1 day to 78 days (December 31, 2024 - 1 day to 76 days) and earned interest between 0,01% - 16,25% (December 31, 2024 - 0,15% - 20,5%).
As of December 31, 2024, the Group has money market funds traded in TEFAS amounting to TL 1.878.171.
As of September 30, 2025, time deposits in local currency existed for periods varying between 1 day (December 31, 2024 - TL, 2 days to 6 days) and earned interest between 41,00% - 43,00% (December 31, 2024 – 46,50% - 50,00%)
As of September 30, 2025, there is TL 70.297 (December 31, 2024 - TL 60.122) of interest income accrual on time deposits with maturities less than 3 months. As of September 30, 2025, and December 31, 2024, the fair values of cash and cash equivalents are equal to book value.
The credit risks of the banks where the Company has deposits are evaluated by taking into account independent data, and no significant credit risk is expected. The market values of cash and cash equivalents approximate their carrying values including the accrued interest income at the balance sheet date.
| @ | September 30, 2025 | December 31, 2024 |
|---|---|---|
| @ Investment funds |
@ 1.737.722 |
@ - |
| Time deposits with maturities more than 3 months | 93.183 | 119.952 |
| Restricted cash | - | 133 |
| @ | 1.830.905 | 120.085 |
As of September 30, 2025, there are no time deposits with maturities over 3 months.
As of December 31, 2024, time deposits with maturities over 3 months are composed of USD with 178 days maturity and have interest rate 2,25% for USD.
Restricted bank balance is the blocked amount in the bank for collateral of letters of credit in Uzbekistan, Samarkand, Namangan and Pakistan.
Notes to Interim Condensed Consolidated Financial Statements as at September 30, 2025
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
As of September 30, 2025, the Group has 8 aluminum swap transactions with a total nominal value of TL 1.368.281 for 13.432 tons, It has been designated as a hedging instrument that may arise from the cash flows of metal can purchases in years 2025-2026 and has been subject to cash flow hedge accounting.
As of December 31, 2024, the Group has 6 aluminum swap transactions with a total nominal amount of TL 1.061.923 for 9.684 tons. It has been designated as a hedging instrument that may arise from the cash flows of metal can purchases in years 2025 and has been subject to cash flow hedge accounting.
As of September 30, 2025, the Group has 10 sugar swap transactions with a total nominal value of TL 386.716, worth 20.475 tons. The designation as a hedging instrument that may arise from the cash flows of sugar purchases in years 2025-2026 has been subject to cash flow hedge accounting.
As of December 31, 2024, the Group has 7 sugar swap transactions with a total nominal value of TL 1.793.110, worth 82.050 tons. The designation as a hedging instrument that may arise from the cash flows of sugar purchases in years 2025 has been subject to cash flow hedge accounting.
As of September 30, 2025, the Group has forward derivative financial instruments with a maturity of December 2025 in the amount of 24,4 million EUR (nominal value: TL 1.190.805) and with a maturity of October 2025 in the amount of 600 thousand EUR (nominal value: TL 29.250) and 41 million USD (nominal value: TL 1.701.779) in order to hedge exchange rate risk.
In addition to this, the Group has executed a 3 million US dollar cross currency swap agreement with a maturity of February 2026, and 1.750.000 TL maturity of February-March 2026, and 100.000 TL interest rate swap agreement with a maturity of December 2025 and the nominal value of these transactions are 143.110 TL, 1.750.000 TL and 100.000 TL respectively.
As of December 31, 2024, the Group has a forward derivative financial instrument with a maturity of June 2025 in the amount of 28,5 million EUR (nominal value: TL 1.313.318) in order to exchange rate risk.
Notes to Interim Condensed Consolidated Financial Statements as at September 30, 2025
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
Details of hedging instruments as of 30 September 2025 and 31 December 2024 are as follows:
| 30 September 2025 |
Nominal Value |
Outstanding Amounts |
Fair Value Asset / (Liability) |
Financial Position Line Item |
Maturity |
|---|---|---|---|---|---|
| Hedging Instruments: | |||||
| Cash flow hedge reserves: | |||||
| Commodity swap contracts |
|||||
| - Aluminum |
1.368.281 | 13.432 tons | 125.342 | Derivative Instruments | October 2025 - December 2026 |
| - Sugar |
386.716 | 20.475 tons |
7.161 | Derivative Instruments | October 2025 - April 2026 |
| Fx forward (hedge against exchange rate risk) |
|||||
| - EUR/TL |
1.190.805 | 24,4 million EUR | (37.774) | Derivative Instruments | December 2025 |
| - EUR/TL |
29.250 | 0,6 million EUR |
1.342 | Derivative Instruments | October 2025 |
| - USD/TL |
1.701.779 | 41 million USD |
(183.999) | Derivative Instruments | October 2025 |
| Cross currency participation swap assets /(liabilities) |
143.110 | 3 million USD | (15.992) | Derivative Instruments | February 2026 |
| Cross currency participation swap assets /(liabilities) |
1.750.000 | 1.750.000 TL | 9.480 | Derivative Instruments | February-March 2026 |
| Cross currency participation swap assets /(liabilities) |
100.000 | 100.000 TL |
(860) | Derivative Instruments | December 2025 |
| 6.669.941 | (95.300) | ||||
| Net Investment Hedge: Borrowings to hedge net investments in foreign operations |
- | 573 million USD |
(23.814.916) | Borrowings | January 2029 – April 2030 |
Notes to Interim Condensed Consolidated Financial Statements as at September 30, 2025
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
| 31 December 2024 | Nominal Value | Outstanding Amounts | Fair Value Asset / (Liability) |
Financial Position Line Item |
Maturity |
|---|---|---|---|---|---|
| Hedging Instruments: Cash flow hedge reserves:: Commodity swap contracts - Aluminum - Resin |
1.061.923 1.793.110 |
9.684 tons 82.050 tons |
33.835 9.501 |
Derivative Instruments Derivative Instruments |
January 2025 - December 2025 January 2025 - December 2025 |
| Fx forward (hedge against exchange rate risk) |
|||||
| - EUR/TL |
1.313.318 | 28,5 million EUR | - | Derivative Instruments | June 2025 |
| 4.168.351 | 43.336 | ||||
| Hedging Instruments: Borrowings to hedge net investments in foreign operations |
- | 580 million USD | (25.712.475) | Borrowings | January 2029 - April 2030 |
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
| @ | September 30, 2025 | December 31, 2024 |
|---|---|---|
| @ Short-term borrowings |
@ 15.782.914 |
@ 19.004.412 |
| Current portion of long-term borrowings and bond issued | 7.667.311 | 7.541.041 |
| Total short-term borrowings | 23.450.225 | 26.545.453 |
| @ Long-term borrowings and bond issued |
31.976.235 | 34.009.229 |
| Total borrowings | 55.426.460 | 60.554.682 |
As of September 30, 2025, there is interest expense accrual amounting to TL 1.768.491 on total amount of borrowings (December 31, 2024 - TL 2.352.928).
Short and long-term borrowings (included current part) denominated in TL and foreign currencies as of September 30, 2025 and December 31, 2024, are as follows:
| @ | September 30, 2025 | December 31, 2024 | ||
|---|---|---|---|---|
| @ | Short term | Long term | Short term | Long term |
| @ TL |
@ 12.491.703 |
@ - |
@ 15.969.810 |
@ 1.345.184 |
| USD | 3.841.974 | 26.067.713 | 2.971.733 | 28.129.723 |
| KZT | 3.346.484 | - | 3.382.422 | - |
| BDT | 1.567.516 | 1.192.920 | 1.995.613 | - |
| EUR | 1.144.982 | 1.706.874 | 1.260.294 | 2.144.052 |
| UZS | 685.538 | 2.159.115 | 484.354 | 1.746.292 |
| KGS | 169.151 | - | 225.389 | 123.369 |
| PKR | 89.922 | - | 251.889 | - |
| AZM | 83.783 | 849.613 | 3.949 | 520.609 |
| JOD | 29.172 | - | - | - |
| 23.450.225 | 31.976.235 | 26.545.453 | 34.009.229 |
Range for the minimum and maximum effective interest rates on the balance sheet date are as follows:
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Short-term | ||
| USD denominated borrowings | (6,25% - 7,34%) | (6,50% - 7,91%) |
| PKR denominated borrowings | (1M Kibor - 0,10%) - (6M Kibor + 1%) | (1M Kibor - 0,10%) - (6M Kibor + 1%) |
| TL denominated borrowings | (20,82% - 52,00%) | (26,28% - 50,50%) |
| KZT denominated borrowings | (15,40% - 18,00%) | (14,70% - 16,40%) |
| EUR denominated borrowings | (5,04%) | (4,88% - 7,70%) |
| KGS denominated borrowings | - | (14,28%) |
| AZM denominated borrowings | - | (9,00%) |
| BDT denominated borrowings | (11,00% - 12,50%) | (11,00% - 12,50%) |
| UZS denominated borrowings | - | (19,04% - 21,29%) |
| JOD denominated borrowings | 9,00% | - |
| Long-term | ||
| USD denominated borrowings | (4,50%) – (6MTermSofr + 2,25%) | (4,22%) – (7,04%) |
| EUR denominated borrowings | (6M Euribor + 1,30%) | (6M Euribor + 1,30%) – (6M Euribor + 2,75%) |
| TL denominated borrowings | (TL Ref + 0,90% - 47,00%) | (27,64% - 47,00%) |
| KZT denominated borrowings | (17,50%) | |
| AZM denominated borrowings | (5,00% - 10,50%) | (9,00% - 10,50%) |
| BDT denominated borrowings | (12,37%) | |
| KGS denominated borrowings | (14,28%) | (14,28%) |
| UZS denominated borrowings | (12,54% - 21,29%) | (19,04% - 21,29%) |
Repayment plans of long-term borrowings as of September 30, 2025, and December 31, 2024, are scheduled as follows (including current portion of long-term borrowings):
| @ | September 30, 2025 | December 31, 2024 |
|---|---|---|
| @ | @ | @ |
| 2025 | 4.545.684 | 7.541.041 |
| 2026 | 4.746.217 | 4.251.284 |
| 2027 and after | 30.351.645 | 29.757.945 |
| 39.643.546 | 41.550.270 |
Notes to Interim Condensed Consolidated Financial Statements as at September 30, 2025
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
Movements of financial borrowings as of September 30, 2025 and 2024 are as follows:
| @ | September 30, 2025 | September 30, 2024 |
|---|---|---|
| @ Financial borrowing at the beginning of the period |
@ 60.554.682 |
@ 65.880.393 |
| @ Proceeds from borrowings |
31.359.087 | 34.801.519 |
| Repayments of borrowings | (30.598.237) | (35.136.344) |
| Cash flows | 760.850 | (334.825) |
| @ Adjustments for interest expense |
9.520.586 | 8.864.743 |
| Interest paid | (9.452.878) | (8.339.831) |
| Changes in interest accruals | 67.708 | 524.912 |
| @ Acquired through business combination |
- | 2.943.973 |
| Foreign exchange loss / (gain) from foreign currency denominated borrowings |
4.916.756 | 6.495.934 |
| Monetary gain / loss | (9.879.874) | (17.479.865) |
| Currency translation adjustment | (993.662) | (972.117) |
| Financial borrowing at the end of the period | 55.426.460 | 57.058.405 |
As of September 30, 2025, net present value of liabilities under lease liabilities is amounting to TL 916.406. Movement tables of lease liabilities as of September 30, 2025, and 2024 are as follows:
| @ | September 30, 2025 | September 30, 2024 |
|---|---|---|
| @ | @ | @ |
| Balance as of January 1st | 1.087.315 | 1.195.785 |
| Increase in lease liabilities | 484.093 | 320.505 |
| Change in lease liabilities | 20.352 | 10.917 |
| Payments during the year | (197.131) | (335.657) |
| Gains on termination of lease agreements | (160.937) | - |
| Interest expense of lease liabilities | 104.399 | 83.511 |
| Foreign exchange loss / (gain) | 4.133 | 5.882 |
| Addition through subsidiary acquired | - | 28.765 |
| Currency translates on differences | (425.818) | (166.535) |
| Balance at the end of the period | 916.406 | 1.143.173 |
Other Receivables
| @ | September 30, 2025 | December 31, 2024 |
|---|---|---|
| @ Receivables due from personnel |
@ 96.762 |
@ 92.040 |
| Deposits and guarantees given | 4.052 | 5.468 |
| Other | 152.483 | 642.134 |
| @ | 253.297 | 739.642 |
| Other Payables @ |
September 30, 2025 | December 31, 2024 |
| @ Taxes and duties payable |
@ 2.458.034 |
@ 1.946.783 |
| Deposits and guarantees | 2.875.990 | 1.908.948 |
| Other | 87.047 | 160.359 |
| @ | 5.421.071 | 4.016.090 |
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
| @ | September 30, 2025 | December 31, 2024 |
|---|---|---|
| @ | @ | @ |
| Prepaid marketing expenses | 1.539.961 | 1.626.512 |
| Prepaid insurance expenses | 528.065 | 462.263 |
| Prepaid rent expenses | 12.616 | 21.165 |
| Prepaid other expenses | 588.878 | 497.847 |
| Advances given to suppliers | 1.447.683 | 1.998.578 |
| @ | 4.117.203 | 4.606.365 |
| @ | September 30, 2025 | December 31, 2024 |
|---|---|---|
| @ | @ @ |
|
| Prepaid marketing expenses | 654.342 | 650.124 |
| Prepaid other expenses | 37.076 | 42.577 |
| Advances given to suppliers | 1.353.997 | 1.369.332 |
| @ | 2.045.415 | 2.062.033 |
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Advances received | 794.659 | 440.849 |
| Deferred income | 11.704 | 87.092 |
| 806.363 | 527.941 |
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Deferred income | - | 449 |
| - | 449 |
Investment in joint ventures, consolidated under the equity method of accounting, is carried in the consolidated financial position at cost plus post-acquisition changes in the Group's share of net assets of the joint ventures, less any impairment in value. The consolidated income statement reflects the Group's share of the results of operations of the joint ventures.
As of September 30, 2025, and December 31, 2024, total assets and total liabilities and as of September 30, 2025, and 2024 net sales, and current year gain/(loss) of SSDSD is as follows:
| SSDSD | September 30, 2025 | December 31, 2024 |
|---|---|---|
| Total assets | 256 | 195 |
| Total liabilities | 89.324 | 88.169 |
| Equity | (89.068) | (87.974) |
| SSDSD | September 30, 2025 | September 30, 2024 |
| Net revenue | - | - |
| Net loss for the period | 10.863 | (10.674) |
| Group's share in loss | 5.432 | (5.337) |
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
As of September 30, 2025 and 2024, property, plant and equipment movement tables are as follows:
| Currency translation | |||||||
|---|---|---|---|---|---|---|---|
| Cost | January 1, 2025 | Additions | Transfers(**) | Disposals | Impairment | differences | September 30, 2025 |
| @ Land and buildings |
@ 32.678.822 |
@ 886.932 |
@ 2.493.819 |
@ (1.169) |
@ - |
@ (1.032.113) |
@ 35.026.291 |
| Machinery and equipment | 59.640.893 | 1.076.087 | 2.557.381 | (155.860) | (47.368) | (2.414.203) | 60.656.930 |
| Vehicles | 1.253.896 | 27.516 | 2.331 | (41.612) | - | (73.403) | 1.168.728 |
| Furniture and fixtures | 1.602.639 | 68.209 | 25.999 | (6.736) | - | (96.663) | 1.593.448 |
| Other tangibles (*) | 33.468.507 | 2.367.372 | 777.893 | (716.407) | (31.534) | (1.989.836) | 33.875.995 |
| Leasehold improvements | 314.877 | - | 14.275 | - | - | - | 329.152 |
| Construction in progress | 6.996.691 | 5.002.074 | (5.874.803) | - | - | (665.325) | 5.458.637 |
| 135.956.325 | 9.428.190 | (3.105) | (921.784) | (78.902) | (6.271.543) | 138.109.181 | |
| Amortisation | |||||||
| Land and buildings | (9.936.412) | (506.038) | - | 836 | - | 511.388 | (9.930.226) |
| Machinery and equipment | (34.044.872) | (2.066.995) | - | 50.584 | - | 1.617.084 | (34.444.199) |
| Vehicles | (815.117) | (77.485) | - | 39.131 | - | 38.848 | (814.623) |
| Furniture and fixtures | (1.124.867) | (57.999) | - | 6.311 | - | 32.979 | (1.143.576) |
| Other tangibles (*) | (21.749.510) | (2.115.658) | - | 567.089 | - | 1.564.751 | (21.733.328) |
| Leasehold improvements | (232.685) | (671) | - | - | - | - | (233.356) |
| (67.903.463) | (4.824.846) | - | 663.951 | - | 3.765.050 | (68.299.308) | |
| Net book value | 68.052.862 | 4.603.344 | (3.105) | (257.833) | (78.902) | (2.506.493) | 69.809.873 |
(*) Coolers and returnable bottles are followed in other tangible assets.
As of September 30, 2025, the Group had TL 78.902 provided impairment losses (September 30, 2024 – TL 5.767) for property, plant and equipment that had greater carrying value than its estimated recoverable amount. This impairment had been provided for "Out of Use" tangible assets (Note 20).
As of September 30, 2025, reversal of impairment amounting to TL 6.541 (September 30, 2024 – TL 8.817) (Note 20).
(**) As of September 2025, amounting to 3.105 TL net book value of intangible assets are transferred to tangible assets.
As of September 30, 2025, pledge amounting to TL 125.690 on property, plant and equipment (30 September 2024: TL 137.725. This amount is also dislosed in GPM table (Note 16).
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
| Acquired through | Currency translation | |||||||
|---|---|---|---|---|---|---|---|---|
| Cost | January 1, 2024 | Additions | Transfers | Disposals | Impairment | business combination | differences | September 30, 2024 |
| @ | @ | @ | @ | @ | @ | @ | @ | |
| Land and buildings | 33.259.008 | 71.744 | 1.444.014 | (78.034) | - | 957.027 | (3.156.081) | 32.497.678 |
| Machinery and equipment | 64.539.087 | 2.268.615 | 3.047.362 | (712.875) | 411 | 1.195.490 | (5.526.359) | 64.811.731 |
| Vehicles | 1.505.111 | 10.584 | 3.234 | (35.283) | - | - | (221.341) | 1.262.305 |
| Furniture and fixtures | 1.986.954 | 37.614 | 30.142 | (13.207) | - | 5.730 | (91.493) | 1.955.740 |
| Other tangibles (*) | 33.434.357 | 2.390.972 | 478.696 | (1.247.788) | 2.449 | 884.123 | (2.671.353) | 33.271.456 |
| Leasehold improvements | 317.332 | - | - | (535) | - | 2.289 | (16.273) | 302.813 |
| Construction in progress | 5.313.156 | 7.269.699 | (5.003.448) | - | (8.627) | 1.921.050 | (1.064.456) | 8.427.374 |
| 140.355.005 | 12.049.228 | - | (2.087.722) | (5.767) | 4.965.709 | (12.747.356) | 142.529.097 | |
| Amortisation | ||||||||
| Land and buildings | (10.333.271) | (472.579) | - | 21.624 | - | - | 753.846 | (10.030.380) |
| Machinery and equipment | (41.814.946) | (2.143.381) | - | 396.776 | - | - | 3.620.040 | (39.941.511) |
| Vehicles | (900.292) | (88.287) | - | 33.320 | - | - | 131.216 | (824.043) |
| Furniture and fixtures | (1.577.139) | (51.465) | - | 10.441 | - | - | 59.942 | (1.558.221) |
| Other tangibles | (21.687.318) | (2.065.388) | - | 723.357 | - | - | 1.426.466 | (21.602.883) |
| Leasehold improvements | (234.699) | (632) | - | - | - | - | 3.256 | (232.075) |
| (76.547.665) | (4.821.732) | - | 1.185.518 | - | - | 5.994.766 | (74.189.113) | |
| Net book value | 63.807.340 | 7.227.496 | - | (902.204) | (5.767) | 4.965.709 | (6.752.590) | 68.339.984 |
(*) Coolers and returnable bottles are followed in other tangible assets.
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
As of September 30, 2025 and 2024, right of use asset movement tables are as follows:
| Cost | January 1, 2025 | Additions | Changes | Disposals | Currency Translation Difference |
September 30, 2025 |
|---|---|---|---|---|---|---|
| I and and Duildings | 828.696 | 195 002 | 20.252 | (222 022) | (01.542) | (20.475 |
| Land and Buildings | 185.903 | 20.352 | (322.933) | (81.543) | 630.475 | |
| Machinery and Equipment | 69.122 | 5.969 | - | (16.777) | (34.732) | 23.582 |
| Vehicles | 748.297 | 292.221 | - | (93.826) | (114.176) | 832.516 |
| 1.646.115 | 484.093 | 20.352 | (433.536) | (230.451) | 1.486.573 | |
| Amortization | ||||||
| Land and Buildings | (396.849) | (49.453) | - | 174.829 | 36.265 | (235.208) |
| Machinery and Equipment | (46.424) | (6.306) | - | 16.777 | 23.824 | (12.129) |
| Vehicles | (301.257) | (171.643) | - | 91.934 | 46.690 | (334.276) |
| (744.530) | (227.402) | - | 283.540 | 106.779 | (581.613) | |
| Net book value | 901.585 | 256.691 | 20.352 | (149.996) | (123.672) | 904.960 |
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
Right of Use Asset (continued)
| Cost | January 1, 2024 | Additions | Changes | Disposals | Acquired through business combination |
Currency Translation Difference |
September 30, 2024 |
|---|---|---|---|---|---|---|---|
| @ | @ | @ | @ | @ | @ | @ | |
| Land and Buildings | 956.169 | 7.202 | 1.787 | (3.570) | 28.765 | (125.843) | 864.510 |
| Machinery and Equipment | 93.639 | 301 | - | (824) | - | (19.851) | 73.265 |
| Vehicles | 670.705 | 313.002 | 9.130 | (63.028) | - | (145.642) | 784.167 |
| Furniture and Fixtures | 5.405 | - | - | - | - | (456) | 4.949 |
| @ | 1.725.918 | 320.505 | 10.917 | (67.422) | 28.765 | (291.792) | 1.726.891 |
| Amortization | |||||||
| Land and Buildings | (414.968) | (60.829) | - | 2.603 | - | 60.817 | (412.377) |
| Machinery and Equipment | (43.782) | (8.075) | - | 824 | - | 5.236 | (45.797) |
| Vehicles | (280.135) | (150.374) | - | 62.406 | - | 59.151 | (308.952) |
| Furniture and Fixtures | (5.192) | (356) | - | - | - | 291 | (5.257) |
| @ | (744.077) | (219.634) | - | 65.833 | - | 125.495 | (772.383) |
| @ Net book value |
981.841 | 100.871 | 10.917 | (1.589) | 28.765 | (166.297) | 954.508 |
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
As of September 30, 2025 and 2024, intangible assets movement tables are as follows:
| Cost | January 1, 2025 | Additions | Disposals | Transfer | Currency translation adjustment |
September 30, 2025 |
|---|---|---|---|---|---|---|
| @ Water sources usage right |
@ 540.383 |
@ - |
@ - |
@ - |
@ - |
@ 540.383 |
| Bottlers and distribution agreements | 26.807.039 | - | - | - | (893.202) | 25.913.837 |
| Foundation and organization | 30.958 | 21.554 | - | - | - | 52.512 |
| Other Rights | 4.836.488 | 31.904 | (466) | 263.479 | (117.088) | 5.014.317 |
| Construction in progress | 1.414.225 | 913.008 | - | (260.374) | - | 2.066.859 |
| @ | 33.629.093 | 966.466 | (466) | 3.105 | (1.010.290) | 33.587.908 |
| Amortization | ||||||
| Water sources usage right | (540.383) | - | - | - | - | (540.383) |
| Foundation and organization | (15.586) | (13.604) | - | - | - | (29.190) |
| Other Rights | (2.732.066) | (450.602) | 466 | - | 296.014 | (2.886.188) |
| @ | (3.288.035) | (464.206) | 466 | - | 296.014 | (3.455.761) |
| Net book value | 30.341.058 | 502.260 | - | 3.105 | (714.276) | 30.132.147 |
There is no water sources usage right purchased by government incentive.
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
| Cost | January 1, 2024 | Additions | Disposals | Transfer | Currency translation adjustment |
September 30, 2024 |
|---|---|---|---|---|---|---|
| @ Water sources usage right |
@ 562.166 |
@ - |
@ - |
@ - |
@ - |
@ 562.166 |
| Bottlers and distribution agreements | 31.854.797 | - | - | - | (4.216.227) | 27.638.570 |
| Foundation and organization | 30.958 | - | - | - | - | 30.958 |
| Other Rights | 4.304.079 | 102.463 | - | 713.215 | (128.657) | 4.991.100 |
| Construction in progress | 1.152.335 | 476.486 | (4.811) | (713.215) | - | 910.795 |
| @ | 37.904.335 | 578.949 | (4.811) | - | (4.344.884) | 34.133.589 |
| Amortization | ||||||
| Water sources usage right | (562.166) | - | - | - | - | (562.166) |
| Foundation and organization | (7.635) | (9.223) | - | - | - | (16.858) |
| Other Rights | (2.383.151) | (364.429) | (175) | - | 216.933 | (2.530.822) |
| @ | (2.952.952) | (373.652) | (175) | - | 216.933 | (3.109.846) |
| Net book value | 34.951.383 | 205.297 | (4.986) | - | (4.127.951) | 31.023.743 |
Notes to Interim Condensed Consolidated Financial Statements as at September 30, 2025
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
As of September 30, 2025, and 2024 nine months period ending movements of goodwill are as follows:
| @ | January 1, 2025 | Currency Translation Difference |
September 30, 2025 | |
|---|---|---|---|---|
| @ | @ | @ | @ | |
| Net book value | 6.919.527 | (260.847) | 6.658.680 | |
| @ | January 1, 2024 |
Acquired through business combination |
Currency Translation Difference |
September 30, 2024 |
| @ | @ | 379.833 | @ | @ |
| Net book value | 8.411.815 | (1.190.431) | 7.601.217 |
As of September 30, 2025, and 2024 operating segment distribution of goodwill is presented below:
| @ | Domestic | International | Consolidated |
|---|---|---|---|
| @ | @ | @ | @ |
| September 30, 2025 | - | 6.658.680 | 6.658.680 |
| September 30, 2024 | - | 7.601.217 | 7.601.217 |
The Group's earnings from investments tied to an incentive certificate are subject to corporate tax at discounted rates, starting from the accounting period in which the investment is partially or fully operational, until the investment contribution amount is reached. In this context,s tax advantage amounting to TL 1.446.756 (December 31, 2024: TL 1.552.116) that the Group's will benefit from in the foreseeable future as of September 30, 2025 is reflected in the consolidated financial statements as a deferred tax asset. As a result of the recognition of the said tax advantage as of 30 September 2025, deferred tax income amounting to TL 209.320 has been realized in the consolidated profit or loss statement for the period from January to September 30, 2025.
According to the tax incentive certificates summarized above, no current period corporate tax provision (30 September 2024: None) discounted corporate tax advantage has been used .
Deferred tax assets are recognized when it is determined that taxable income is likely to occur in the coming years. In cases where taxable income is likely to occur, deferred tax assets are calculated over deductible temporary differences, tax losses and tax advantages vested in indefinite-lived investment incentives that allow reduced corporate tax payments. In this context, the Group's bases the reflection of deferred tax assets arising from investment incentives in the consolidated financial statements on long-term plans and evaluates the recoverability of deferred tax assets related to these investment incentives as of each balance sheet date, based on business models that include taxable profit estimations. It is foreseen that the deferred tax assets in question will be recovered within 5 years from the balance sheet date.
In the sensitivity analysis carried out as of September 30, 2025, when the inputs in the basic macroeconomic and sectoral assumptions that make up the business plans are increased/decreased by 10%, the recovery period of deferred tax assets regarding investment incentives, which is foreseen as 5 years, has not changed.
The Group capitalizes the R&D expenditures it has made within the scope of the law numbered 5746 in its tax books. The Group makes calculations over the R&D expenditures in accordance within the framework of the relevant legislation and take benefits from the R&D discount according to law's permission. As of September 30, 2025, the Group took advantage of R&D deduction amounting to TL 31.535 (30 September 2024: TL 22.035).
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
CCI and subsidiaries in Turkey are involved on an ongoing basis in 236 litigations arising in the ordinary course of business as of September 30, 2025 with an amount of TL 52.062 (December 31, 2024 – 234 litigations, TL 61.987). As of September 30, 2025, no court decision has been granted yet. Group management does not expect any adverse consequences related with these litigations that would materially affect Group's operation results or financial status or liquidity.
The Group's subsidiary operating in Uzbekistan, LLC Coca-Cola Bottlers Uzbekistan ("CCBU"), was subject to a tax audit by the Uzbek Tax Administration. As a result of this, in May 2025, the tax authorities calculated a total amount of approximately USD 25 million (equivalent to UZS 314.5 billion), which includes taxes, penalties, and interest related to various matters, including dividend distributions made in 2023 and 2024. CCBU applied to the higher authority within the Uzbek Tax Administration. On August 7, 2025, the appeal was rejected, and CCBU applied to the Administrative Court, the litigation process has not yet ended.
Group management does not expect any adverse consequences. Accordingly, no provision has been accounted in 30 September 2025 financials.
As of September 30, 2025, CCBPL has tax litigations. If the claims are resulted against CCBPL, the tax liability would be TL 111.944 (December 31, 2024 – TL 118.967).
Group management does not expect any adverse consequences related with these litigations that would materially affect Group's operation results or financial status or liquidity.
As per the change in governing law in Pakistan, "Capacity Tax" was started to be applied as of July 9, 2013, replacing "Sales and Excise Tax". CCBPL fulfilled all the obligations as per the new law and change in regulations.
As of May 2014, "Capacity Tax" application was cancelled by the constitutional court and the law has been reverted to "Sales and Excise Tax". After this withdrawal, CCBPL fulfilled all the obligations again according to "Sales and Excise Tax" system.
Pakistan tax administration had previously requested additional taxes from CCBPL, citing the cancellation decision and requesting the "Sales and Excise Taxes" system to be applied retroactively before the cancellation. Company Management objected and litigated this request, since withdrawal decisions of constitutional court could not be applied retrospectively in principle also on the basis that the "Capacity Tax" implementation obligations in force in the relevant time period were fully fulfilled. The relevant matter has been closed between the Company and the Tax office in 2024.
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
As of September 30, 2025, and December 31, 2024 guarantee, pledge and mortgage (GPM) position given for the main partner and the partnerships included in the scope of consolidation is as follows:
| @ | September 30, 2025 | |||||
|---|---|---|---|---|---|---|
| @ | Total TL Equivalent |
Original TL Amount |
Original USD in Thousands |
Original EUR in Thousands |
Original PKR in Thousands |
Other Foreign Currency TL Equivalent |
| @ A. Total guarantees and pledges given by the Company for its own corporation |
@ 3.117.817 |
@ 2.384.444 |
@ 7.298 |
@ 4.788 |
@ 162.152 |
@ 173.090 |
| B. Total guarantees and pledges given by the Company for its subsidiaries consolidated for using the full consolidation method C. Total guarantees and pledges given by the |
18.147.381 | 549.788 | 244.400 | - | 16.800.000 | 4.974.585 |
| Company for other third parties for its ordinary commercial activities |
- | - | - | - | - | - |
| D. Other guarantees, and pledges given | - | - | - | - | - | - |
| i. Total guarantees and pledges given by the Company for its parent company |
- | - | - | - | - | - |
| ii. Total guarantees and pledges given by the Group for other group companies which are not covered in B and C clauses |
- | - | - | - | - | - |
| iii. Total guarantees and pledges given by the Company for other third parties which are not covered in the C clause |
- | - | - | - | - | - |
| Total guarantees and pledges | 21.265.198 | 2.934.232 | 251.698 | 4.788 | 16.962.152 | 5.147.675 |
| Other guarantees and pledges given / Total equity (%) @ |
- - - - - - December 31, 2024 |
|||||
| @ | Original | Original | Original | Original | Other Foreign | |
| Total TL | TL | USD in | EUR in | PKR in | Currency TL | |
| Equivalent | Amount | Thousands | Thousands | Thousands | Equivalent | |
| @ A. Total guarantees and pledges given by the Company for its own corporation B. Total guarantees and pledges given by the |
@ 3.594.972 |
@ 2.520.861 |
@ 10.697 |
@ 8.412 |
@ 324.304 |
@ 161.617 |
| Company for its subsidiaries consolidated for using the full consolidation method C. Total guarantees and pledges given by the |
18.399.991 | 689.599 | 244.400 | - | 16.800.000 | 4.226.237 |
| Company for other third parties for its ordinary commercial activities |
- | - | - | - | - | - |
| D. Other guarantees, and pledges given | - | - | - | - | - | - |
| i. Total guarantees and pledges given by the Company for its parent company |
- | - | - | - | - | - |
| ii. Total guarantees and pledges given by the Group for other group companies which are not covered in B and C clauses |
- | - | - | - | - | - |
| iii. Total guarantees and pledges given by the Company for other third parties which are not covered in the C clause |
- | - | - | - | - | - |
| Total guarantees and pledges | 21.994.963 | 3.210.460 | 255.097 | 8.412 | 17.124.304 | 4.387.854 |
| Other guarantees and pledges given / Total equity (%) |
- | - | - | - | - | - |
Legislation and regulations regarding taxation and foreign currency transactions in most of the territories in which the Group operates out of Turkey continue to evolve. The various legislation and regulations are not always clearly written, and the interpretation related with the implementation of these regulations is subject to the opinions of the local, regional and national tax authorities, the Central Bank and Ministry of Finance. Tax declarations, together with other legal compliance areas are subject to review and investigation by a number of authorities, who are enabled by law to impose significant fines, penalties and interest charges. These facts create tax risks in the territories in which the Group operates substantially more so than typically found in countries with more developed tax systems.
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
CCBPL has signed Murabaha facility agreements with Habib Bank Limited and Standard Chartered Bank ("Banks"). Based on these agreements, the Banks and CCBPL agree that they shall enter into a series of sugar and resin purchase transactions from time to time on the dates and in the amounts to be agreed between them subject to the terms of this agreement. As of September 30, 2025, CCBPL has a commitment to purchase sugar and resin in the amount of 17,3 million USD from the Banks by the end of December 31, 2025.
CCBPL has signed Murabaha facility agreements with Habib Bank Limited and Standard Chartered Bank ("Banks"). Based on these agreements, the Banks and CCBPL agree that they shall enter into a series of sugar and resin purchase transactions. As of December 31, 2024, CCBPL has a commitment to purchase 16,4 million USD of sugar and resin from the Banks by the end of 31 March 2025, and 41 million USD of sugar and resin by the end of 30 June 2025.
| @ | September 30, 2025 | December 31, 2024 |
|---|---|---|
| @ @ VAT receivables |
2.562.005 | @ 3.103.318 |
| Other | 454.740 | 434.429 |
| @ | 3.016.745 | 3.537.747 |
| b) Other Current Liabilities |
||
| @ | September 30, 2025 | December 31, 2024 |
| @ @ Put option of share from non-controlling interest |
97.956 | @ 104.434 |
| Other | 92.498 | 169.473 |
| @ | 190.454 | 273.907 |
As of September 30, 2025, the obligation of TL 97.956 results from the put option carried, for the purchase of 12,5% of Turkmenistan CC shares from Day Investment Ltd., with a consideration of USD 2.360 thousand. USD amount is converted with the official USD purchase rate announced by Central Bank of Republic of Turkey and booked under put option of share from non-controlling interest under other current liabilities (December 31, 2024- TL 104.434).
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Common shares 1 Kr par value | ||
| Authorized and issued (units) | 279.807.860.200 | 279.807.860.200 |
The legal reserves consist of first and second legal reserves, appropriated in accordance with the Turkish Commercial Code. The first legal reserve is appropriated out of historical statutory profits at the rate of 5% per annum, until the total reserve reaches 20% of the historical paid-in share capital. The second legal reserve is appropriated after the first legal reserve and dividends, at the rate of 10% per annum of all cash dividend distributions.
Listed companies distribute dividend in accordance with the communique No. II-19.1 issued by the CMB which is effective from February 1, 2014.
Companies distribute dividends in accordance with their dividend payment policies settled and dividend payment decision taken in general assembly and also in conformity with relevant legislations. The communique does not constitute a minimum dividend rate. Companies distribute dividend in accordance with the method defined in their dividend policy or articles of incorporation. In addition, dividend can be distributed by fixed or variable instalments and advance can be paid in accordance with profit on financial statements of the Group.
Inflation adjustment to shareholders' equity can only be netted-off against prior years' losses and used as an internal source for capital increase where extraordinary reserves can be netted-off against prior years' loss and used in the distribution of bonus shares and dividends to shareholders. In case inflation adjustment to issued capital is used as dividend distribution in cash, it is subject to corporation tax.
As of September 30, 2025, breakdown of the equity in the financial statements of CCI prepared in accordance with the Tax Procedure Law are as follows.
| 30 September 2025 | ||||||
|---|---|---|---|---|---|---|
| PPI Indexed | Legal Records CPI Indexed Records | Amounts followed in Accumulated Profit / Loss |
||||
| Share Capital Adjustment Differences | 15.927.473 | 3.441.907 | 12.485.566 | |||
| Share Premium | - | 4.929.248 | (4.929.248) | |||
| Restricted Reserves Allocated from Net Profit | 3.181.055 | 4.852.941 | (1.671.886) |
According to our company's consolidated financial statements prepared in accordance with CMB accounting standards, the net profit for the 2024 fiscal year was 14.813.376 TL. After deducting legal obligations, our Board of Directors has submitted to the General Assembly that a total gross amount of 3.000.100 TL will be distributed to the partners as of May 26, 2025, to be covered entirely from the 2024 net period profit, and the remaining part of the 2024 net period profit will be left within our Company as an extraordinary reserve. The proposal was approved in General Assembly.
Entities which are Türkiye resident taxpayers or entitled to such dividends through a permanent establishment or a permanent representative in Türkiye, received a gross cash dividend of TL 1,0722 (net TL 1,0722) per 100 shares, representing TL 1 nominal value. While other shareholders received gross TL 1,0722 (net TL 0,91137) per 100 shares (Full TL).
No privilege is granted to any share group regarding dividend distribution. No correction coefficient has been applied to the amounts in the above 2 paragraphs and they are shown as published on KAP.
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
| a) Other operating income / expense | January 1 - | July 1 - | January 1 - | July 1 - |
|---|---|---|---|---|
| September 30, | September 30, | September 30, | September 30, | |
| 2025 | 2025 | 2024 | 2024 | |
| Other operating income @ |
@ | |||
| Scrap and other materials income | 464.202 | 170.438 | 447.457 | 104.494 |
| Insurance income | 20.565 | 2.542 | 150.549 | 2.883 |
| Foreign exchange gain | 1.449.866 | 425.820 | 1.131.917 | 60.251 |
| Prior year income and profit | 330.126 | (13.021) | 424.268 | 299.852 |
| Other income | 271.181 | 120.209 | 793.367 | 276.350 |
| @ | 2.535.940 | 705.988 | 2.947.558 | 743.830 |
| Other operating expense | @ | @ | ||
| Foreign exchange loss | (1.496.105) | (468.770) | (1.231.355) | (139.658) |
| Scrap and other materials expense | (270.228) | (104.818) | (343.917) | 82.525 |
| Other expenses | (603.070) | (295.504) | (683.917) | (231.108) |
| @ | (2.369.403) | (869.092) | (2.259.189) | (288.241) |
| b) Gain / (Loss) from Investing Activities | January 1 - | July 1 - | January 1 - | July 1 - |
| September 30, | September 30, | September 30, | September 30, | |
| 2025 | 2025 | 2024 | 2024 | |
| Gain from Investing Activities | @ | @ | ||
| Impairment reversal of property, plant and | 6.541 | 1.228 | 8.817 | 123 |
| equipment (Note 12) | ||||
| @ @ @ |
6.541 | 1.228 | 8.817 | 123 @ |
| Loss from Investing Activities | @ | @ | ||
| Provision for impairment in property, plant and | (85.443) | (80.507) | (14.584) | (1.329) |
| equipment (Note 12) | ||||
| Loss on disposal of property, plant and | (5.501) | 49.618 | (277.387) | (243.883) |
| equipment, net | ||||
| @ | (90.944) | (30.889) | (291.971) | (245.212) |
| 21. FINANCIAL INCOME / EXPENSE |
||||
| January 1 - | July 1 - | January 1 - | July 1 - | |
| a)Financial Income | September 30, | September 30, | September 30, | September 30, |
| 2025 | 2025 | 2024 | 2024 | |
| @ Foreign exchange gain |
@ 1.555.550 |
684.999 | 2.485.836 | @ 764.229 |
| Interest income | 1.518.530 | 608.587 | 1.721.802 | 732.397 |
| Derivative transaction gain (Note 6) | 108.814 | 5.108 | - | (15.459) |
| Gains on termination of lease agreements | 160.937 | (7.179) | - | - |
| @ | 3.343.831 | 1.291.515 | 4.207.638 | 1.481.167 |
| January 1 - | July 1 - | January 1 - | July 1 - | |
| b)Financial Expense | September 30, | September 30, | September 30, | September 30, |
| 2025 | 2025 | 2024 | 2024 | |
| @ | @ | @ | ||
| Foreign exchange loss | (1.798.621) | (351.535) | (2.940.979) | (1.057.239) |
| Interest expense | (9.520.585) | (3.099.370) | (8.864.743) | (2.929.226) |
| Interest expense of lease liabilities | (104.399) | (40.048) | (83.511) | (24.698) |
| Derivative transaction loss | (211.333) | (125.803) | (748.033) | (357.494) |
| @ | (11.634.938) | (3.616.756) | (12.637.266) | (4.368.657) |
As of September 30, 2025, and 2024 foreign exchange gain / (loss) from foreign currency denominated borrowings are as follows:
| @ | January 1 - | July 1 - | January 1 - | July 1 - |
|---|---|---|---|---|
| September 30, | September 30, | September 30, | September 30, | |
| 2025 | 2025 | 2024 | 2024 | |
| Foreign exchange gain / (loss) from foreign | (4.916.756) | (1.003.722) | (6.495.934) | (1.771.939) |
| currency denominated borrowings, net |
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
The Group is subject to taxation in accordance with the tax regulations and the legislation effective in the countries in which the Group companies operate. In Turkey, the tax legislation does not permit a parent company and its subsidiaries to file a consolidated tax return. Therefore, provision for taxes, as reflected in the consolidated financial statements, has been calculated on a separate-entity basis.
In Turkey, the corporate tax rate is 25% as of September 30, 2025 (December 31, 2024: 25%). The corporate tax rate is applied to the profit after adding nondeductible expenses, exceptions and discounts accepted by the tax laws.
Different corporate tax rates of foreign subsidiaries are as follows:
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Kazakhstan | 20% | 20% |
| Azerbaijan | 20% | 20% |
| Kyrgyzstan | 10% | 10% |
| Turkmenistan | 8% | 8% |
| Tajikistan | 18% | 18% |
| Jordan | 21% | 21% |
| Iraq | 15% | 15% |
| Pakistan | 39% | 39% |
| Uzbekistan | 15% | 15% |
| Bangladesh | 25% | 25% |
For the consolidated financial statements, subsidiaries financial statements have been translated into TL and the "translation differences" arising from such translation have been recorded in equity, under Currency Translation Adjustment. Since it's not planned to sell any subsidiary share, these translation differences will not be reversed in the foreseeable future and not subject to deferred tax calculation in accordance with TAS 12, Income Taxes.
According to the OECD Pillar 2 Rules, if the tax burden of multinational enterprises with worldwide annual consolidated revenues exceeding EUR 750 million equivalent to Turkish Lira falls below 15%, a top-up tax may be levied. Considering the OECD's Pillar 2 Model Rules, it is assessed that the Pillar 2 Model Rules will not have a significant impact on financials. In addition, the Group has applied the exception from recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two Income Taxes.
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
The list of temporary differences and the resulting deferred tax liabilities, as of September 30, 2025, and December 31, 2024 using the prevailing effective statutory tax rate is as follows:
| @ | September 30, 2025@ | December 31, 2024 | ||
|---|---|---|---|---|
| @ | Cumulative | Deferred | Cumulative | Deferred |
| Temporary | Tax Assets / | Temporary | Tax Assets / | |
| Difference | (Liabilities) | Difference | (Liabilities) | |
| @ | @ | @ | @ | @ |
| Tangible and intangible assets | (26.223.998) | (7.085.478) | (27.651.178) | (7.464.689) |
| Right of use asset | (183.095) | (55.813) | 71.558 | 12.635 |
| Borrowings | (212.111) | (45.457) | (186.272) | (46.568) |
| Employee termination, other employee benefits and other payable accruals |
836.263 | 205.399 | 413.268 | 104.038 |
| Unused investment incentive | 1.718.946 | 1.446.756 | 2.069.136 | 1.552.116 |
| Carry forward tax loss | 22.371.178 | 5.592.795 | 22.766.177 | 5.691.544 |
| Trade receivables, payables and other | 6.053.135 | 1.456.449 | 3.390.094 | 738.230 |
| Derivative financial instruments | (88.949) | (22.287) | (60.194) | (15.049) |
| Inventory | 204.994 | 64.381 | 398.908 | 106.128 |
| @ | 4.476.363 | 1.556.745 | 1.211.497 | 678.385 |
| Minus: Provision for valuation of carry forward loss | (22.371.178) | (5.592.795) | (22.766.177) | (5.691.544) |
| @ | (17.894.815) | (4.036.050) | (21.554.680) | (5.013.159) |
| @ | @ | @ | @ | @ |
| Deferred tax assets | @ | 1.388.982 | 1.330.643 | |
| Deferred tax liabilities | @ | (5.425.032) | (6.343.802) | |
| @ | @ | |||
| Deferred tax liability, net | @ | (4.036.050) | (5.013.159) |
The expiration dates of carryforward tax losses for which no deferred taxes are calculated as follows;
| @ | September 30, 2025 | December 31, 2024 |
|---|---|---|
| 2025 | - | 94.973 |
| 2026 | 2.284.658 | 2.865.647 |
| 2027 | 3.076.677 | 3.859.076 |
| 2028 | 8.068.259 | 8.952.726 |
| 2029 | 5.305.656 | 6.993.755 |
| 2030 | 3.635.928 | - |
| @ | 22.371.178 | 22.766.177 |
As of September 30, 2025, and 2024, the movement of net deferred tax liability is as follows:
| @ | September 30, 2025 | September 30, 2024 |
|---|---|---|
| Balance at January 1, | 5.013.159 | 6.074.436 |
| Deferred tax expense / (income) | 251.541 | 759.240 |
| Tax expense recognized in comprehensive income | (975.056) | (1.163.749) |
| Additions through subsidiary acquisition | - | 216 |
| Currency translation adjustment | (253.594) | (1.090.476) |
| 4.036.050 | 4.579.667 |
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
Basic earnings / (losses) per share is calculated by dividing net income / (loss) for the year by the weighted average number of ordinary shares outstanding during the related year. The Company has no diluted instruments. As of September 30, 2025, and 2024 earnings / (losses) per share is as follows:
| @ | January 1 - September 30, 2025 |
July 1 - September 30, 2025 |
January 1 - September 30, 2024 |
July 1 - September 30, 2024 |
|---|---|---|---|---|
| @ Equity holders net income/(loss) for the year Weighted average number of ordinary shares |
@ 14.064.768 279.807.860.200 |
7.181.485 279.807.860.200 |
19.020.720 279.807.860.200 |
@ 6.894.735 279.807.860.200 |
| Equity Holders Earnings Per Share (Full TL) | 0,050266 | 0,025666 | 0,067978 | 0,024641 |
The Group has various transactions with related parties in normal course of the business. The most significant transactions with related parties are as follows:
| @ | September 30, 2025@ | |||||||
|---|---|---|---|---|---|---|---|---|
| @ | Sales to related parties and other revenues |
Purchases from related parties and other expenses |
Receivables from related parties |
Payables to related parties |
||||
| @ | @ | @ | @ | Short Term | Long Term | |||
| Related Parties and Shareholders | @ | @ | @ | @ | @ | |||
| Anadolu Group Companies (1) | 3.224.526 | 687.556 | 1.816.769 | 285.624 | - | |||
| The Coca-Cola Company (1) | 1.779.909 | 29.608.747 | 790.901 | 9.961.985 | - | |||
| Özgörkey Holding Group Companies(1) | 3.234 | 56.490 | 3 | 2.078 | - | |||
| Syrian Soft Drink Sales and Distribution L.L.C (4) |
- | - | 82.604 | - | - | |||
| Day Trade (2) | - | - | - | 267.624 | - | |||
| National Beverage Co. (3) | - | 10.749 | - | - | - | |||
| Other | - | 126.638 | - | - | - | |||
| Total | 5.007.669 | 30.490.180 | 2.690.277 | 10.517.311 | - |
| September 30, 2024 | December 31, 2024 | ||||
|---|---|---|---|---|---|
| Purchases | |||||
| Sales to related | from related | Receivables | |||
| parties and other | parties and | from related | |||
| revenues | other expenses | parties | Payables to related parties | ||
| Related Parties and Shareholders | Short Term | Long Term | |||
| Anadolu Group Companies (1) | 3.201.869 | 722.520 | 977.240 | 439.887 | - |
| The Coca-Cola Company (1) | 550.188 | 32.690.772 | 831.988 | 8.724.070 | - |
| Özgörkey Holding Group Companies (1) | 3.964 | 137.993 | - | 6.350 | - |
| Syrian Soft Drink Sales and Distribution L.L.C (4) |
- | - | 75.129 | - | - |
| Day Trade (2) | - | - | - | 258.457 | - |
| National Beverage Co. (3) | - | 11.980 | - | - | - |
| Other | - | 267.993 | - | - | - |
| Total | 3.756.021 | 33.831.258 | 1.884.357 | 9.428.764 | - |
As of September 30, 2025, and 2024, purchases from related parties and significant portion of other expenses consist of services obtained, fixed asset and raw material purchases and toll production.
As of September 30, 2025, and 2024, sales to related parties and other revenues consist of sale of finished goods and support charges of promotional expenses reflected to related parties.
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
As of September 30, 2025, and December 31, 2024, remuneration received by the executive members of the Board of Directors, Chief Executive Officer, Chief Operating Officers and Directors of the Company are as follows:
| @ | September 30, 2025 | December 31, 2024@ | ||
|---|---|---|---|---|
| @ | Board of | Executive Directors Directors |
Executive | |
| Directors | ||||
| @ | @ | @ | @ | @ |
| Short-term employee benefits | 6.900 | 113.286 | 6.821 | 180.041 |
| Other long-term benefits | - | 4.697 | - | 44.608 |
| @ | 6.900 | 117.983 | 6.821 | 224.649 |
| @ | ||||
| Number of top executives | 4 | 11 | 4 | 9 |
The Group's principal financial instruments are comprised of bank borrowings, bond issues, cash, and short-term deposits. The main purpose of these financial instruments is to raise financing for the Group's operations. The Group has various other financial instruments such as trade debtors and trade creditors, which arise directly from its operations.
The main risks arising from the Group's financial instruments are interest rate risk, liquidity risk, foreign currency risk, and credit risk. The Group management reviews and agrees policies for managing each of these risks which are summarized below. The Group also monitors the market price risk arising from all financial instruments.
The primary objective of the Group's capital management is to ensure that it maintains a strong credit rating and healthy capital ratio in order to support its business and maximize shareholder value.
The Group manages its capital structure and adjusts it considering changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders or return capital to shareholders and may decide on issue of new shares or sell assets to decrease net financial debt.
As of September 30, 2025, and December 31, 2024, debt to equity ratio, obtained by dividing the total net debt, the financial borrowings and loan debts minus cash and cash equivalents and short-term financial assets, to share capital is as follows:
| @ | September 30, 2025 | December 31, 2024 |
|---|---|---|
| @ Borrowings |
@ 56.342.866 |
@ 61.641.997 |
| @ Less: Cash and cash equivalents and short-term financial assets |
(32.155.614) | (29.287.112) |
| @ Net debt |
24.187.252 | 32.354.885 |
| @ Total share capital |
2.798.079 | 2.798.079 |
| @ Net debt / Total equity ratio (%) |
8,64 | 11,56 |
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
The Group is exposed to interest rate risk through the impact of rate changes on interest bearing assets and liabilities. The Group manages interest rate risk by balancing the interest rate of assets and liabilities or derivative financial instruments.
Certain parts of the interest rates related to borrowings are based on market interest rates; therefore, the Group is exposed to interest rate fluctuations on domestic and international markets. The Group's exposure to market risk for changes in interest rates relates primarily to the Group's debt obligations.
As of September 30, 2025, if variable interest rate on the Group's borrowings would have been 100 basis points higher / lower with all other variables held constant, then profit / (loss) before tax and non-controlling interest for December 31, 2025, which is the following reporting period would be:
| @ | September 30, 2025 | September 30, 2024 |
|---|---|---|
| @ Increase / decrease of 1% interest in U.S. Dollar denominated borrowing interest rate |
@ 7.461 |
@ 6.188 |
| Increase / decrease of 1% interest in Euro denominated borrowing interest rate |
7.006 | 5.102 |
| Increase / decrease of 1% interest in Pakistani Rupee denominated borrowing interest rate |
27 | 8 |
| Increase / decrease of 1% interest in Uzbekistan Som denominated borrowing interest rate |
6.581 | - |
| Total | 21.075 | 11.298 |
As of September 30, 2025, and 2024, the analysis of financial assets of the Group exposed to interest risk as follows:
| Interest Rate Risk | September 30, 2025 | September 30, 2024 |
|---|---|---|
| @ | @ | @ |
| Financial instruments with fixed interest rate | ||
| Time deposits | 22.019.051 | 19.244.202 |
| Financial liabilities (Note 8) | 54.504.746 | 52.678.489 |
| Financial instruments with floating interest rate | ||
| Investment fund | 1.737.722 | 1.878.171 |
| Financial liabilities (Note 8) | 921.714 | 7.876.193 |
The Group is exposed to exchange rate fluctuations due to the nature of its business. This risk occurs due to purchases, sales, demand / time deposits and bank borrowings of the Group, which are denominated in currencies other than the functional currency. The Group manages its foreign currency risk by balancing the amount of foreign currency denominated assets and liabilities and by using derivative financial instruments (Note 7).
| @ | January 1 - | July 1 - | January 1 - | July 1 - |
|---|---|---|---|---|
| September 30, | September 30, | September 30, | September 30, | |
| 2025 | 2025 | 2024 | 2024 | |
| @ Total export Total import |
@ 3.008.656 38.900.482 |
264.578 8.876.602 |
3.210.315 39.047.323 |
@ 331.097 12.851.538 |
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
As of September 30, 2025, and December 31, 2024, the foreign currency position (except functional currency) of the Group and its subsidiaries is as follows:
| Foreign Currency Position Table | ||||
|---|---|---|---|---|
| September 30, 2025 | ||||
| @ | Total TL Equivalent |
USD | Euro | Other Foreign Currency TL Equivalent |
| @ 1. Trade Receivables and Due from Related Parties |
@ @ 283.408 |
@ 6.828 |
- | @ - |
| 2a. Monetary Financial Assets (Cash and cash equivalents included) |
4.376.687 | 83.544 | 18.566 | 3.928 |
| 2b. Non-monetary Financial Assets | - | - | - | - |
| 3. Other Current Assets and Receivables | 75.645 | 581 | 1.057 | - |
| 4. Current Assets (1+2+3) | 4.735.740 | 90.953 | 19.623 | 3.928 |
| 5. Trade Receivables and Due from Related Parties |
- | - | - | - |
| 6a. Monetary Financial Assets | - | - | - | - |
| 6b. Non-monetary Financial Assets | - | - | - | - |
| 7. Other | 750.016 | 814 | 14.579 | 5.486 |
| 8. Non-Current Assets (5+6+7) | 750.016 | 814 | 14.579 | 5.486 |
| 9. Total Assets (4+8) | 5.485.756 | 91.767 | 34.202 | 9.414 |
| 10. Trade Payables and Due to Related Parties | 4.849.094 | 83.254 | 20.920 | 365.547 |
| 11. Short-term Borrowings and Current Portion of Long - term Borrowings |
4.986.956 | 92.396 | 23.444 | - |
| 12a. Monetary Other Liabilities | 99.380 | 2.390 | - | - |
| 12b. Non-monetary Other Liabilities | - | - | - | - |
| 13. Current Liabilities (10+11+12) | 9.935.430 | 178.040 | 44.364 | 365.547 |
| 14. Trade Payables and Due to Related Parties | - | - | - | - |
| 15. a Long-Term Borrowings | 27.774.587 | 626.905 | 34.949 | - |
| 15. b. Long-Term Lease Payables | 61.301 | 1.237 | 202 | - |
| 16 a. Monetary Other Liabilities | - | - | - | - |
| 16 b. Non-monetary Other Liabilities | - | - | - | - |
| 17. Non-Current Liabilities (14+15+16) | 27.835.888 | 628.142 | 35.151 | - |
| 18. Total Liabilities (13+17) | 37.771.318 | 806.182 | 79.515 | 365.547 |
| 19. Off Balance Sheet Derivative Items' Net | 26.600.233 | 611.727 | 23.826 | - |
| Asset / (Liability) Position | ||||
| 19a. Total Hedged Assets (*) | 26.600.233 | 611.727 | 23.826 | - |
| 19b. Total Hedged Liabilities | - | - | - | - |
| 20. Net Foreign Currency Asset / (Liability) | (5.685.329) | (102.688) | (21.487) | (356.133) |
| Position (9-18+19) | ||||
| 21. Monetary Items Net Foreign Currency | (33.111.223) | (715.810) | (60.949) | (361.619) |
| Asset / (Liability) Position (TFRS 7, B23) | ||||
| (=1+2a+5+6a-10-11-12a-14-15-16a) | ||||
| 22. Total Fair Value of Financial | - | - | - | - |
| Instruments Used to Manage the Foreign | ||||
| Currency Position |
(*)In order to hedge the exchange rate risk arising from the conversion of net investments in subsidiaries operating in the Netherlands into Turkish Lira, bonds issued in USD have been designated as a net investment hedging instrument.
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
Foreign Currency Position (continued)
| Foreign Currency Position Table | ||||
|---|---|---|---|---|
| @ @ |
December 31, 2024 Total TL Equivalent @ @ |
USD @ |
Euro | Other Foreign Currency TL Equivalent @ |
| 1. Trade Receivables and Due from Related Parties |
923.708 | 15.076 | 5.568 | - |
| 2a. Monetary Financial Assets (Cash and cash equivalents included) |
5.878.276 | 114.421 | 17.615 | 3.241 |
| 2b. Non-monetary Financial Assets | - | - | - | - |
| 3. Other Current Assets and Receivables | 214.830 | 3.720 | 1.088 | 79 |
| 4. Current Assets (1+2+3) | 7.016.814 | 133.217 | 24.271 | 3.320 |
| 5. Trade Receivables and Due from Related Parties |
- | - | - | - |
| 6a. Monetary Financial Assets | - | - | - | - |
| 6b. Non-monetary Financial Assets | - | - | - | - |
| 7. Other | 759.285 | 6.503 | 10.204 | 1.332 |
| 8. Non-Current Assets (5+6+7) | 759.285 | 6.503 | 10.204 | 1.332 |
| 9. Total Assets (4+8) | 7.776.099 | 139.720 | 34.475 | 4.652 |
| 10. Trade Payables and Due to Related Parties | 5.476.633 | 86.465 | 29.516 | 280.993 |
| 11. Short-term Borrowings and Current Portion of Long - term Borrowings |
4.232.027 | 67.034 | 27.302 | - |
| 12a. Monetary Other Liabilities | 167.799 | 3.758 | 26 | - |
| 12b. Non-monetary Other Liabilities | 3.539 | 33 | 45 | - |
| 13. Current Liabilities (10+11+12) | 9.879.998 | 157.290 | 56.889 | 280.993 |
| 14. Trade Payables and Due to Related Parties | - | - | - | - |
| 15. a Long-Term Borrowings | 30.273.775 | 634.528 | 46.447 | - |
| 15. b. Long-Term Lease Payables | 105.298 | 1.890 | 466 | - |
| 16 a. Monetary Other Liabilities | - | - | - | - |
| 16 b. Non-monetary Other Liabilities | - | - | - | - |
| 17. Non-Current Liabilities (14+15+16) | 30.379.073 | 636.418 | 46.913 | - |
| 18. Total Liabilities (13+17) | 40.259.071 | 793.708 | 103.802 | 280.993 |
| 19. Off Balance Sheet Derivative Items' Net | 27.025.632 | 580.000 | 28.500 | - |
| Asset / (Liability) Position | ||||
| 19a. Total Hedged Assets (*) | 27.025.632 | 580.000 | 28.500 | - |
| 19b. Total Hedged Liabilities | - | - | - | - |
| 20. Net Foreign Currency Asset / (Liability) | (5.457.340) | (73.988) | (40.827) | (276.341) |
| Position (9-18+19) 21. Monetary Items Net Foreign Currency |
(33.453.548) | (664.178) | (80.574) | (277.752) |
| Asset / (Liability) Position (TFRS 7, B23) (=1+2a+5+6a-10-11-12a-14-15-16a) |
||||
| 22. Total Fair Value of Financial | - | - | - | - |
| Instruments Used to Manage the Foreign | ||||
| Currency Position |
(*) In order to hedge the exchange rate risk arising from the conversion of net investments in subsidiaries operating in the Netherlands into Turkish Lira, bonds issued in USD have been designated as a net investment hedging instrument.
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
The following table demonstrates the sensitivity of the Group's profit before tax to a reasonably possible change in the USD, EUR, and other foreign currency denominated exchange rates against TL by 20%, with all other variables held constant.
| @Foreign Currency Position Sensitivity Analysis | ||||
|---|---|---|---|---|
| @ | September 30, 2025 | September 30, 2024 | ||
| @ | Income / | Income / | Income / | Income / |
| (Loss) | (Loss) | (Loss) | (Loss) | |
| @ | Increase of | Decrease of | Increase of | Decrease of |
| the foreign | the foreign | the foreign | the foreign | |
| currency | currency | currency | currency | |
| @ | @ | @ | @ | @ |
| Changes in the USD against TL by 20%: | @ | @ | @ | @ |
| 1- USD denominated net asset / (liability) | (5.942.673) | 5.942.673 | (5.762.388) | 5.762.388 |
| 2- USD denominated hedging instruments (-) | 5.087.317 | (5.087.317) | 5.285.334 | (5.285.334) |
| 3- Net effect in USD (1+2) | (855.356) | 855.356 | (477.054) | 477.054 |
| @ Changes in the Euro against TL by 20%: |
||||
| 4- Euro denominated net asset / (liability) | (443.209) | 443.209 | (547.314) | 547.314 |
| 5- Euro denominated hedging instruments (-) | 232.729 | (232.729) | - | - |
| 6- Net effect in Euro (4+5) | (210.480) | 210.480 | (547.314) | 547.314 |
| @ Average changes in the other foreign currencies against TL by 20%: |
||||
| 7- Other foreign currency denominated net asset / (liability) | (71.227) | 71.227 | (14.938) | 14.938 |
| 8- Other foreign currency hedging instruments (-) | - | - | - | - |
| 9- Net effect in other foreign currency (7+8) | (71.227) | 71.227 | (14.938) | 14.938 |
| TOTAL (3+6+9) | (1.137.063) | 1.137.063 | (1.039.306) | 1.039.306 |
Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. Financial instruments that potentially subject the Group to significant concentration of credit risk consist principally of cash and cash equivalents and trade receivables. Maximum credit risk on the Group is limited to the amounts disclosed on the financial statements.
The Group maintains cash and cash equivalents with various financial institutions. It is the Group's policy to limit exposure to any one institution and revalue the credibility of the related financial institutions continuously.
The credit risk associated with trade receivables is partially limited due to a large customer base and due to management's limitation on the extension of credit to customers. The Group generally requires collateral to extend credit to its customers excluding its distributors.
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
Credit risk exposure from financial instruments as of September 30, 2025, and December 31, 2024 are as follows:
| Receivables | @ | @ | ||
|---|---|---|---|---|
| Trade Receivables | ||||
| and Due from | Other | Advances | Bank | |
| September 30, 2025@ | Related Parties | Receivables | Given | Deposits |
| @ | @ | @ | @ | @ |
| Maximum credit risk exposure as of reporting date | 26.090.569 | 469.140 | 2.801.680 | 32.130.286 |
| (A+B+C+D+E) | ||||
| - Maximum risk secured by guarantee | 16.426.998 | - | 81.539 | - |
| A. Net book value of financial assets neither overdue nor | 23.116.593 | 469.140 | 2.801.680 | 32.130.286 |
| impaired | ||||
| B. Net book value of financial assets of which conditions | - | - | - | - |
| are negotiated, otherwise considered as impaired or | ||||
| overdue | ||||
| C. Net book value of assets overdue but not impaired | 2.973.976 | - | - | - |
| -Under guarantee | 1.344.175 | - | - | - |
| D. Net book value of impaired assets | - | - | - | - |
| - Overdue (gross book value) |
365.052 | - | - | - |
| - Impairment (-) |
(365.052) | - | - | - |
| - Net value under guarantee |
- | - | - | - |
| - Not overdue (gross book value) |
- | - | - | - |
| - Impairment (-) |
- | - | - | - |
| - Net value under guarantee |
- | - | - | - |
| E. Off- balance sheet items having credit risk | - | - | - | - |
| Receivables | ||||
|---|---|---|---|---|
| Trade Receivables | ||||
| and Due from | Other | Advances | Bank | |
| December 31, 2024 | Related Parties | Receivables | Given | Deposits |
| Maximum credit risk exposure as of reporting date (A+B+C+D+E) |
16.216.961 | 970.665 | 3.367.910 | 29.273.123 |
| - Maximum risk secured by guarantee | 11.654.550 | - | 574.109 | - |
| A. Net book value of financial assets neither overdue nor impaired |
14.819.298 | 970.665 | 3.367.910 | 29.273.123 |
| B. Net book value of financial assets of which conditions are negotiated, otherwise considered as impaired or overdue |
- | - | - | - |
| C. Net book value of assets overdue but not impaired | 1.397.663 | - | - | - |
| -Under guarantee | 704.301 | - | - | - |
| D. Net book value of impaired assets | - | - | - | - |
| - Overdue (gross book value) |
441.887 | - | - | - |
| - Impairment (-) |
(441.887) | - | - | - |
| - Net value under guarantee |
- | - | - | - |
| - Not overdue (gross book value) |
- | - | - | - |
| - Impairment (-) |
- | - | - | - |
| - Net value under guarantee |
- | - | - | - |
| E. Off- balance sheet items having credit risk | - | - | - | - |
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
Liquidity risk is the risk that an entity will be unable to meet its net funding requirements. The risk is mitigated by matching the cash in and out flow volume supported by committed lending limits from qualified credit institutions, bond issues, cash, and short-term deposits.
The maturity breakdown of financial assets and liabilities has been indicated by considering the period from the balance sheet date to maturity date. Those financial assets and liabilities which have no maturities have been classified under "1 to 5 years".
The Group may be affected by the price volatility of certain commodities such as sugar, aluminum, and resin. As its operating activities require the ongoing purchase of these commodities, the Group's management has a risk management strategy regarding commodity price risk and its mitigation.
Based on a 24-month anticipated purchase of can, the Group hedges using commodity (aluminum) swap contracts (Note 7).
Based on a 15-month anticipated purchase of pet, the Group hedges using commodity (resin) swap contracts (Note 7).
Based on a 24-month anticipated production, the Group hedges using commodity (sugar) swap contracts (Note 7).
Fair value is the amount at which a financial instrument could be exchanged in a current transaction between willing parties, other than in a forced sale or liquidation, and best evidenced by a quoted market price, if one exists.
Foreign currency-denominated financial assets and liabilities are revalued at the exchange rates prevailing at the balance sheet dates.
The following methods and assumptions were used in the estimation of the fair value of the Group's financial instrument:
Financial Assets – The fair values of certain financial assets carried at cost, including cash and cash equivalents, and held to maturity investments plus the respective accrued interest are considered to approximate their respective carrying values due to their short-term nature and negligible credit losses. The carrying values of trade receivables along with the related allowances for bad debt are estimated to be at their fair values.
Financial Liabilities – The fair values of trade payables and other monetary liabilities are estimated to approximate carrying values, due to their short-term nature. The fair values of bank borrowings are considered to approximate their respective carrying values, since the initial rates applied to bank borrowings are updated periodically by the lender to reflect active market price quotations. The carrying values of trade payable are estimated to be their fair values due to their short-term nature.
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
The Group classifies the fair value measurement of each class of financial instruments according to the source, using the three-level hierarchy, as follows:
Level 3: Valuation techniques does not contain observable market inputs
| September 30, 2025 | Level 1 | Level 2 | Level 3 |
|---|---|---|---|
| @ | @ | @ | @ |
| a) Assets presented at fair value | @ | @ | @ |
| Investments fund | 1.737.722 | - | - |
| Derivative financial instruments | - | 107.240 | - |
| Total assets | 1.737.722 | 107.240 | - |
| @ b) Liabilities presented at fair value |
@ @ |
@ @ |
@ @ |
| Derivative financial instruments | - | 202.540 | - |
| Put option of share from non-controlling interest | - | - | 97.956 |
| Total liabilities | - | 202.540 | 97.956 |
| December 31, 2024 | Level 1 | Level 2 | Level 3 |
| a) Assets presented at fair value | |||
| Investment funds | 1.878.171 | - | - |
| Derivative financial instruments | - | 47.005 | - |
| Total assets | 1.878.171 | 47.005 | - |
| b) Liabilities presented at fair value | |||
| Derivative financial instruments | - | 3.669 | - |
| Buying option of share from non-controlling interest | - | - | 104.434 |
| Total liabilities | - | 3.669 | 104.434 |
As of September 30, 2025, and 2024, the movement of share purchase option below level 3 is as follows;
| @ September 30, 2025 |
September 30, 2024 | |
|---|---|---|
| @ @ |
@ | |
| Balance at January 1st | 104.434 | 125.812 |
| Currency translation difference | (6.478) | (18.466) |
| 97.956 | 107.346 |
(Amounts expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of September 30, 2025, unless otherwise stated)
| September 30, | September 30, | |
|---|---|---|
| Statement of Financial Position Items | 2025 | 2024 |
| Inventories | 643.323 | 684.297 |
| Prepaid Expenses | 190.597 | 177.036 |
| Tangible Assets | 14.157.077 | 14.227.975 |
| Intangible Assets | 9.038.858 | 8.767.542 |
| Investment in Subsidiaries, Joint Ventures and Affiliates | 67.463.373 | 58.570.335 |
| Right of Use Asset | 11.392 | 4.308 |
| Prepaid Expenses | 132.106 | 139.552 |
| Deferred Tax Asset/Liability | (747.029) | (887.480) |
| Deferred Incomes | (1.463) | (73.521) |
| Share Capital Adjustment Differences | (5.994.174) | (5.912.337) |
| Share Premium | (4.830.460) | (4.797.536) |
| Other comprehensive income items not to be reclassified to profit or loss | 371.895 | 257.943 |
| Other comprehensive income items to be reclassified to profit or loss | 5.113.591 | 6.069.385 |
| Restricted Reserves Allocated from Net Profit | (3.619.392) | (3.400.394) |
| Accumulated Profit / Loss | (70.897.969) | (60.329.856) |
| Non-Controlling Interest | (8.265.010) | (7.678.746) |
| Statement of Profit or Loss Items | ||
| Revenue | (4.860.166) | (6.146.182) |
| Cost of Goods Sales | 5.093.404 | 6.259.305 |
| General and Administration Expenses | 767.450 | 767.171 |
| Marketing, Selling and Distribution Expenses | 1.554.333 | 1.812.025 |
| Other Operating Incomes/Expenses | (91.048) | (94.047) |
| Gain/Loss from Investing Activities | 5.502 | 122.395 |
| Financial Incomes/Expenses | 598.894 | 1.030.753 |
| Tax Expense from Continuing Operations | 3.449 | 904.639 |
| Net Monetary Position Gains/(Losses) | 5.838.533 | 10.474.562 |
None.
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