Quarterly Report • Nov 5, 2025
Quarterly Report
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ANADOLU EFES BİRACILIK VE MALT SANAYİİ ANONİM ŞİRKETİ AND ITS SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2025
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
| Page | ||
|---|---|---|
| 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 Changes in Equity 5 | ||
| Interim Condensed Consolidated Statement of Cash Flows 6 | ||
| Notes to Interim Condensed Consolidated Financial Statements 7-49 | ||
| Note 1 | Group's Organization and Nature of Activities 7-10 | |
| Note 2 | Basis of Presentation of Interim Condensed Consolidated Financial Statements 10-14 | |
| Note 3 | Business Combinations 15 | |
| Note 4 | Segment Reporting 16-18 | |
| Note 5 | Cash and Cash Equivalents 19 | |
| Note 6 | Financial Investments 19-20 | |
| Note 7 | Short- and Long-Term Borrowings 20-23 | |
| Note 8 | Derivative Instruments 23-27 | |
| Note 9 | Other Receivables and Payables 28 | |
| Note 10 | Investments Accounted for Using Equity Method 28 | |
| Note 11 | Right-of-Use Assets 29 | |
| Note 12 | Property, Plant and Equipment 30 | |
| Note 13 | Other Intangible Assets 31 | |
| Note 14 | Goodwill 32 | |
| Note 15 | Capital Reserves and Other Equity Items 32 | |
| Note 16 | Commitments and Contingencies 33-35 | |
| Note 17 | Prepaid Expenses and Deferred Income 35-36 | |
| Note 18 | Other Assets and Liabilities 36 | |
| Note 19 | Other Operating Income / Expenses 37 | |
| Note 20 | Income / Expense from Investing Activities 37 | |
| Note 21 | Finance Income / Expenses 38 | |
| Note 22 | Tax Assets and Liabilities 39-40 | |
| Note 23 | Earnings per Share 40-41 | |
| Note 24 | Dividends 41 | |
| Note 25 | Related Party Balances and Transactions 41-43 | |
| Note 26 | Financial Instruments and Financial Risk Management 43-46 | |
| Note 27 | Financial Instruments (Fair Value and Hedge Accounting Disclosures) 46-47 | |
| Note 28 | Explanatory Information on Statement of Cash Flows 47-48 | |
| Note 29 | Monetary Gain / (Loss) 49 | |
| Note 30 | Events After Reporting Period 49 |
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025 unless otherwise indicated)
| Unaudited | Audited | ||
|---|---|---|---|
| Notes | September 30, 2025 | December 31, 2024 | |
| ASSETS | |||
| Cash and Cash Equivalents | 5 | 42.419.278 | 68.024.270 |
| Financial Investments | 6 | 2.019.737 | 284.160 |
| Trade Receivables | 37.079.744 | 27.325.091 | |
| - Trade Receivables from Related Parties | 25 | 3.870.299 | 2.662.778 |
| - Trade Receivables from Third Parties | 33.209.445 | 24.662.313 | |
| Other Receivables | 9 | 1.277.456 | 1.591.965 |
| - Other Receivables from Related Parties | 25 | 403.185 | 465.241 |
| - Other Receivables from Third Parties | 874.271 | 1.126.724 | |
| Derivative Financial Assets | 8 | 60.201 | 83.584 |
| Inventories | 24.298.270 | 37.890.834 | |
| Prepaid Expenses | 17 | 9.606.308 | 9.299.447 |
| - Prepaid Expenses to Third Parties | 9.606.308 | 9.299.447 | |
| Current Tax Assets | 1.080.524 | 2.864.741 | |
| Other Current Assets | 18 | 3.314.521 | 4.778.369 |
| -Other Current Related Parties | 360.000 | 232.046 | |
| - Other Current Assets from Third Parties | 2.954.521 | 4.546.323 | |
| Current Assets | 121.156.039 | 152.142.461 | |
| Financial Investments | 6 | 52.923.421 | 23.090 |
| Trade Receivables | 2.083 | 376 | |
| - Trade Receivables from Third Parties | 2.083 | 376 | |
| Other Receivables | 9 | 520.850 | 445.086 |
| - Other Receivables from Related Parties | 25 | 303.376 | 212.433 |
| - Other Receivables from Third Parties | 217.474 | 232.653 | |
| Derivative Financial Assets | 8 | 74.034 | - |
| Assets Due to Investments Accounted for Using Equity Method |
10 | 20.874 | 24.730 |
| Property, Plant and Equipment | 12 | 87.651.165 | 101.903.686 |
| Right-of-Use Assets | 11 | 4.271.826 | 3.887.201 |
| Intangible Assets | 128.645.756 | 165.599.829 | |
| - Goodwill | 14 | 9.293.837 | 17.336.418 |
| - Other Intangible Assets | 13 | 119.351.919 | 148.263.411 |
| Prepaid Expenses | 17 | 5.469.776 | 5.885.844 |
| Deferred Tax Asset | 22 | 11.699.566 | 11.876.307 |
| Other Non-Current Assets | 18 | 964 | 2.198 |
| Non-Current Assets | 291.280.315 | 289.648.347 | |
| TOTAL ASSETS | 412.436.354 | 441.790.808 |
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025 unless otherwise indicated)
| Unaudited | Audited | ||
|---|---|---|---|
| Notes | September 30, 2025 | December 31, 2024 | |
| LIABILITIES | |||
| Current Borrowings | 30.711.476 | 28.628.414 | |
| - Current Borrowings from Third Parties | 30.711.476 | 28.628.414 | |
| - Banks Loans | 7a | 20.144.888 | 24.063.477 |
| - Issued Debt Instruments | 7a | 10.566.588 | 4.564.937 |
| Current Portion of Non-Current Borrowings | 13.016.287 | 11.567.731 | |
| - Current Portion of Non-Current Borrowings from Third Parties | 13.016.287 | 11.567.731 | |
| - Banks Loans | 7a | 6.118.075 | 4.719.964 |
| - Lease Liabilities | 7b | 1.179.905 | 1.185.395 |
| - Issued Debt Instruments | 7a | 5.718.307 | 5.662.372 |
| Other Current Financial Liabilities | 7c | - | 257.056 |
| Trade Payables | 44.032.275 | 62.110.566 | |
| - Trade Payables to Related Parties | 25 | 1.113.882 | 4.082.139 |
| - Trade Payables to Third Parties | 42.918.393 | 58.028.427 | |
| Employee Benefit Obligations | 1.045.143 | 1.463.540 | |
| Other Payables | 9 | 20.923.196 | 25.052.085 |
| - Other Payables to Related Parties | 25 | 4.231.405 | 4.511.274 |
| - Other Payables to Third Parties | 16.691.791 | 20.540.811 | |
| Derivative Financial Liabilities | 8 | 403.763 | 3.669 |
| Deferred Income | 17 | 1.122.493 | 929.310 |
| Current Tax Liabilities | 2.126.955 | 959.994 | |
| Current Provisions | 1.927.862 | 3.455.809 | |
| - Current Provisions for Employee Benefits | 1.658.885 | 1.816.139 | |
| - Other Current Provisions | 268.977 | 1.639.670 | |
| Other Current Liabilities | 18 | 160.909 | 191.658 |
| Current Liabilities | 115.470.359 | 134.619.832 | |
| Non-Current Borrowings | 55.122.933 | 58.495.809 | |
| - Non-current Borrowings from Third Parties | 55.122.933 | 58.495.809 | |
| - Banks Loans | 7a | 11.489.402 | 11.074.958 |
| - Lease Liabilities | 7b | 2.095.595 | 1.987.734 |
| - Issued Debt Instruments | 7a | 41.537.936 | 45.433.117 |
| Trade Payables | 289.816 | 2.055 | |
| - Trade Payables to Third Parties | 289.816 | 2.055 | |
| Employee Benefit Obligations | 84.118 | 102.824 | |
| Other Payables | 9 | 1.619.609 | 19.802 |
| - Other Payables to Third Parties | 1.619.609 | 19.802 | |
| Deferred Income | 17 | 640 | 500 |
| Non-Current Provision | 1.652.961 | 1.595.669 | |
| - Non-Current Provision for Employee Benefits | 1.652.961 | 1.595.669 | |
| Deferred Tax Liabilities | 22 | 25.534.901 | 34.014.309 |
| Other Non-Current Liabilities | 18 | 9.249 | 1.050 |
| Non-Current Liabilities | 84.314.227 | 94.232.018 | |
| Equity Attributable to Equity Holders of the Parent | 101.286.866 | 105.412.784 | |
| Issued Capital | 1 | 5.921.052 | 592.105 |
| Inflation Adjustment on Capital | 15 | 9.734.484 | 15.063.431 |
| Share Premium (Discount) | 15 | 2.608.929 | 2.608.929 |
| Other Accumulated Comprehensive Income (Loss) that will not be | |||
| Reclassified in Profit or Loss | (425.433) | (425.433) | |
| - Revaluation and Remeasurement Gain/Loss | (425.433) | (425.433) | |
| Other Accumulated Comprehensive Income (Loss) that will be | |||
| Reclassified in Profit or Loss | (56.184.988) | (41.304.871) | |
| - Currency Translation Differences | 12.430.391 | 23.308.433 | |
| - Gains (Losses) on Hedge | (68.615.379) | (64.613.304) | |
| Restricted Reserves Appropriated from Profits | 15 | 6.852.018 | 6.771.829 |
| Prior Years' Profits or Losses | 121.191.955 | 105.654.026 | |
| Current Period Net Profit or Losses | 11.588.849 | 16.452.768 | |
| Non-Controlling Interests | 111.364.902 | 107.526.174 | |
| Total Equity | 212.651.768 | 212.938.958 | |
| TOTAL LIABILITIES | 412.436.354 | 441.790.808 |
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025, unless otherwise indicated)
| Unaudited | Unaudited | ||||
|---|---|---|---|---|---|
| Notes | January 1- September 30, 2025 |
July 1- September 30, 2025 |
January 1- September 30, 2024 |
July 1- September 30, 2024 |
|
| Revenue | 4 | 188.622.454 | 68.860.279 | 239.310.757 | 82.902.458 |
| Cost of Sales (-) | (118.254.345) | (41.038.890) | (144.543.151) | (48.665.730) | |
| GROSS PROFIT (LOSS) | 70.368.109 | 27.821.389 | 94.767.606 | 34.236.728 | |
| General Administrative Expenses (-) Sales, Distribution and Marketing Expenses (-) |
(13.354.541) (34.480.148) |
(4.206.283) (11.560.832) |
(17.473.896) (44.906.258) |
(5.503.436) (14.965.283) |
|
| Other Income from Operating Activities | 19 | 3.748.739 | 1.229.289 | 5.609.905 | 1.106.244 |
| Other Expenses from Operating Activities (-) | 19 | (3.749.087) | (1.310.893) | (5.787.071) | (1.577.951) |
| PROFIT (LOSS) FROM OPERATING | |||||
| ACTIVITIES | 4 | 22.533.072 | 11.972.670 | 32.210.286 | 13.296.302 |
| Investment Activity Income | 20 | 3.794.596 | 120.118 | 161.391 | 34.747 |
| Investment Activity Expenses (-) | 20 | (329.474) | (162.304) | (365.861) | (268.823) |
| Share of (Gain) / Loss from Investments | |||||
| Accounted for Using Equity Method | 10 | 6.781 | (285) | (6.110) | (689) |
| PROFIT (LOSS) BEFORE FINANCING INCOME (EXPENSE) |
4 | 26.004.975 | 11.930.199 | 31.999.706 | 13.061.537 |
| Finance Income Finance Expenses (-) |
21 21 |
5.759.465 (20.546.667) |
2.190.813 (7.005.830) |
12.230.371 (22.644.609) |
4.866.797 (7.488.688) |
| Monetary Gain / (Loss) | 29 | 13.002.424 | 4.057.180 | 16.310.889 | 4.994.271 |
| PROFIT (LOSS) FROM CONTINUING | |||||
| OPERATIONS BEFORE TAX | 4 | 24.220.197 | 11.172.362 | 37.896.357 | 15.433.917 |
| Tax (Expense) Income, Continuing Operations | 4 | (4.114.100) | (2.392.661) | (7.242.906) | (2.817.462) |
| - Current Period Tax Expense (-) | (4.662.694) | (2.189.055) | (7.908.632) | (1.304.359) | |
| - Deferred Tax Income (Expense) | 548.594 | (203.606) | 665.726 | (1.513.103) | |
| PROFIT/(LOSS) FROM CONTINUING | |||||
| OPERATIONS | 20.106.097 | 8.779.701 | 30.653.451 | 12.616.455 | |
| PROFIT/(LOSS) | 20.106.097 | 8.779.701 | 30.653.451 | 12.616.455 | |
| Profit/(Loss) Attributable to - Non-Controlling Interest |
20.106.097 8.517.248 |
8.779.701 3.527.064 |
30.653.451 12.503.485 |
12.616.455 5.151.700 |
|
| - Owners of Parent | 11.588.849 | 5.252.637 | 18.149.966 | 7.464.755 | |
| Earnings / (Loss) Per Share (Full TRL) | 23 | 1,9572 | 0,8871 | 3,0653 | 1,2607 |
| Earnings / (Loss) Per Share From Continuing Operations (Full TRL) |
23 | 1,9572 | 0,8871 | 3,0653 | 1,2607 |
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025, unless otherwise indicated)
| Unaudited | Unaudited | |||
|---|---|---|---|---|
| January 1- September 30, 2025 |
July 1- September 30, 2025 |
January 1- September 30, 2024 |
July 1- September 30, 2024 |
|
| PROFIT/(LOSS) | 20.106.097 | 8.779.701 | 30.653.451 | 12.616.455 |
| OTHER COMPREHENSIVE INCOME | ||||
| Other Comprehensive Income that will not be | - | - | - | - |
| Reclassified to Profit or Loss Gains (Losses) on Remeasurements Defined Benefit Plans |
- | - | - | - |
| Taxes Relating to Components of Other Comprehensive Income that will not be Reclassified to Other Profit or Loss |
- | - | - | - |
| - Deferred Tax Income (Expense) | - | - | - | - |
| Other Comprehensive Income that will be Reclassified to Profit or Loss |
(17.841.756) | (4.605.896) | (33.343.608) | (13.340.880) |
| Currency Translation Differences | (12.229.287) | (3.049.641) | (27.170.547) | (12.075.047) |
| Currency Translation Differences Reclassified to Profit or Loss |
- | - | - | - |
| Other Comprehensive Income (Loss) Related with Cash Flow Hedge |
(40.960) | (81.629) | (87.425) | 203.248 |
| Other Comprehensive Income (Loss) Related with Hedges of Net Investment in Foreign Operations (Note 26) |
(7.424.446) | (1.988.924) | (8.281.189) | (2.014.351) |
| Taxes Relating to Components of Other Comprehensive Income that will be Reclassified |
1.852.937 | 514.298 | 2.195.553 | 545.270 |
| - Deferred Tax Income (Expense) | 1.852.937 | 514.298 | 2.195.553 | 545.270 |
| OTHER COMPREHENSIVE INCOME (LOSS) | (17.841.756) | (4.605.896) | (33.343.608) | (13.340.880) |
| TOTAL COMPREHENSIVE INCOME (LOSS) | 2.264.341 | 4.173.805 | (2.690.157) | (724.425) |
| Total Comprehensive Income (Loss) Attributable | ||||
| - Non-Controlling Interest - Owners of Parent |
5.555.609 (3.291.268) |
3.749.300 424.505 |
(2.591.235) (98.922) |
(1.522.673) 798.248 |
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025, unless otherwise indicated)
| Oth er A mul ated ccu Com hen sive Inc pre ome wil that l no t be recl assi fied in P rofi t or Los s |
Oth er A Com hen sive pre be r ecla ssifi ed i |
mul ated ccu Inc tha t wi ll ome n P rofi t or Lo ss |
Ret aine d E |
ings arn |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Issu ed Cap ital |
Infl atio n Adj ustm en t on Cap ital |
Sha re Pre miu m/ (Dis nt) cou |
Rev alua tion and Rem ent Gai n/ easu rem (Lo ss) ( *) |
Cur ren cy Tra nsla tion Diff eren ces |
Gai ns ( Los ses) on H edg e |
Res tric ted Res erve s App riat ed rop from fits Pro |
Prio r Y ' ears fits or ( ses) Pro Los |
Cur t ren Per iod Net Pro fit o r (Lo ss) |
Equ ity Att ribu tabl e to Equ ity Hol der s of the Par ent |
Non -Co ntro llin g Inte rest s |
quit Tot al E y |
|||
| Beg inni ng B alan ces |
592 .105 |
15.0 63.4 31 |
2.60 8.92 9 |
(383 .107 ) |
43.5 04.3 65 |
(56. 553 .556 ) |
6.55 4.72 6 |
65.4 48.7 59 |
40.0 74.0 11 |
116 .909 .663 |
118 .290 .410 |
235 .200 .073 |
||
| , 30 r |
Tran sfer s |
- | - | - | - | - | - | - | 40.0 74.0 11 |
(40. 074 .011 ) |
- | - | - | |
| be d m io |
l Co ehen sive (Lo ss) Tota Inc mpr ome |
- | - | - | - | (13. ) 671 .437 |
(4.5 51) 77.4 |
- | - | 18.1 49.9 66 |
(98. ) 922 |
(2.5 35) 91.2 |
(2.6 57) 90.1 |
|
| e er pt P Se s |
) 24 |
P rofi t (L oss) |
- | - | - | - | - | - | - | - | 18.1 49.9 66 |
18.1 49.9 66 |
12.5 03.4 85 |
30.6 53.4 51 |
| ou – 1 vi |
20 | ther ehen (Lo ss) O Co sive Inc mpr ome |
- | - | - | - | (13. ) 671 .437 |
(4.5 51) 77.4 |
- | - | - | (18. ) 248 .888 |
(15. ) 094 .720 |
(33. ) 343 .608 |
| y re ar P u |
Div iden ds ( Not e 24 ) |
- | - | - | - | - | - | 217 .103 |
(2.4 33.3 05) |
- | (2.2 16.2 02) |
(1.5 91.4 58) |
(3.8 07.6 60) |
|
| an (J |
Cha s in hip s in Sub sidi arie Ow Inte rest nge ners s that do lt in Lo f Co l not ntro resu ss o |
- | - | - | - | - | - | - | (146 .034 ) |
- | (146 .034 ) |
146 .034 |
- | |
| ing End Bal anc es |
592 .105 |
15.0 63.4 31 |
2.60 8.92 9 |
(383 .107 ) |
29.8 32.9 28 |
(61. 131 .007 ) |
6.77 1.82 9 |
102 .943 .431 |
18.1 49.9 66 |
114 .448 .505 |
114 .253 .751 |
228 .702 .256 |
||
| , | Beg inni ng B alan ces |
592 .105 |
15.0 63.4 31 |
2.60 8.92 9 |
(425 .433 ) |
23.3 08.4 33 |
(64. 613 .304 ) |
6.77 1.82 9 |
105 .654 .026 |
16.4 52.7 68 |
105 .412 .784 |
107 .526 .174 |
212 .938 .958 |
|
| 30 r be |
Tran sfer s |
5.32 8.94 7 |
(5.3 28.9 47) |
- | - | - | - | - | 16.4 52.7 68 |
(16. 452 .768 ) |
- | - | - | |
| d m io e er |
Tota l Co ehen sive Inc (Lo ss) mpr ome |
- | - | - | - | (10. 878 .042 ) |
(4.0 02.0 75) |
- | - | 11.5 88.8 49 |
(3.2 91.2 68) |
5.60 9 5.55 |
2.26 4.34 1 |
|
| pt P Se nt – |
) 25 |
rofi t (L oss) P |
- | - | - | - | - | - | - | - | 11.5 88.8 49 |
11.5 88.8 49 |
8.51 7.24 8 |
20.1 06.0 97 |
| re 1 ur y |
20 | O ther Co ehen (Lo ss) sive Inc mpr ome |
- | - | - | - | (10. 878 .042 ) |
(4.0 02.0 75) |
- | - | - | (14. 880 .117 ) |
(2.9 61.6 39) |
(17. 841 .756 ) |
| ar C u an |
Div iden ds ( Not e 24 ) |
- | - | - | - | - | - | 80.1 89 |
(914 .839 ) |
- | (834 .650 ) |
(1.7 16.8 81) |
(2.5 51.5 31) |
|
| (J | End ing Bal anc es |
5.92 1.05 2 |
9.73 4.48 4 |
2.60 8.92 9 |
(425 .433 ) |
12.4 30.3 91 |
(68. 615 .379 ) |
6.85 2.01 8 |
121 .191 .955 |
11.5 88.8 49 |
101 .286 .866 |
111 .364 .902 |
212 .651 .768 |
(*) Gains (Losses) on Remeasurements of Defined Benefit Plans.
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025, unless otherwise indicated)
| Unaudited | |||||
|---|---|---|---|---|---|
| Notes | January 1- September 30, 2025 |
January 1- September 30, 2024 |
|||
| CASH FLOWS FROM (USED IN) OPFERATING ACTIVITIES | 25.714.597 | 33.874.680 | |||
| Profit/ (Loss) from Continuing Operation for the Period | 20.106.097 | 30.653.451 | |||
| Adjustments to Reconcile Profit (Loss) | 10.121.778 | 10.143.706 | |||
| Adjustments for Depreciation and Amortization Expense | 4 | 9.559.578 | 10.722.377 | ||
| Adjustments for Impairment Loss (Reversal) | 28 | 128.486 | 82.291 | ||
| Adjustments for Provisions | 625.803 | 364.703 | |||
| - Adjustments for Provision/(Reversal) for Employee Benefits | 28 | 878.219 | 1.045.555 | ||
| - Adjustments for Other Provisions/(Reversals) | (252.416) | (680.852) | |||
| Adjustments for Interest (Income) Expenses | 28 | 14.443.031 | 12.374.463 | ||
| Adjustments for Foreign Exchange Losses (Gains) | 394.794 | (1.845.025) | |||
| Adjustments for Fair Value (Gains) Losses | 28 | 227.136 | 1.043.388 | ||
| Adjustments for Undistributed Profits of Investments Accounted for Using Equity Method |
10 | (6.781) | 6.110 | ||
| Adjustments for Tax (Income) Expenses | 4.114.100 | 7.242.906 | |||
| Adjustments for Losses (Gains) on Disposal of Non-Current Assets | 20 | 37.393 | 198.703 | ||
| Transfer of Currency Translation Differences Previously Accounted as Other | (3.626.573) | - | |||
| Comprehensive Income | |||||
| Other Adjustments to Reconcile Profit (loss) | (8.624) | (17.431) | |||
| Adjustments for Monetary (Gain) Loss | (15.766.565) | (20.028.779) | |||
| Change in Working Capital | (2.386.353) | 821.538 | |||
| Adjustments for Decrease (Increase) in Accounts Receivables | (15.342.445) | (14.477.587) | |||
| Adjustments for Decrease (Increase) in Other Receivables Related with Operations | 1.827.203 | (2.965.822) | |||
| Adjustments for Decrease (Increase) in Inventories | 4.792.666 | 9.075.846 | |||
| Adjustments for Increase (Decrease) in Trade Accounts Payable | 6.715.293 | 6.501.108 | |||
| Adjustments for Increase (Decrease) in Other Operating Payables | (379.070) | 2.687.993 | |||
| Cash Flows from (used in) Operations | 27.841.522 | 41.618.695 | |||
| Payments Related with Provisions for Employee Benefits | (336.957) | (491.295) | |||
| Income Taxes (Paid) Return | (1.789.925) | (7.248.616) | |||
| Other Provisions (Paid) | (43) | (4.104) | |||
| CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES | (42.565.657) | (16.908.469) | |||
| Cash Outflows Arising from Purchase of Shares or Capital Increase of Associates and/or Joint Ventures |
10 | - | (22.159) | ||
| Proceeds from Sales of Property, Plant, Equipment | 357.203 | 1.841.358 | |||
| Cash Outflows Arising from Purchase of Property, Plant, Equipment and Intangible | (14.156.034) | (17.642.106) | |||
| Assets | |||||
| Cash (Outflows)/Inflows Related to Purchases for Obtaining Control of Subsidiaries Adjustments Arising from Changes in the Scope of Consolidation |
28 | - (28.766.826) |
(1.085.562) - |
||
| CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES | (8.571.113) | (16.406.516) | |||
| Proceeds from Borrowings | 7a | 87.927.639 | 67.200.569 | ||
| Repayments of Borrowings | 7a | (77.160.504) | (61.124.754) | ||
| Payments of Lease Liabilities | 7b | (792.998) | (837.678) | ||
| Cash Inflows from Settlement of Derivative Instruments (Trading) | 21.610 | 78.366 | |||
| Cash Outflows from Settlement of Derivative Instruments (Trading) | - | (310.500) | |||
| Dividend Paid | (2.476.382) | (3.733.100) | |||
| Interest Paid, Bank Commission and Fees | 28 | (16.705.983) | (14.132.728) | ||
| Interest Received | 2.639.923 | 3.566.656 | |||
| Cash Outflows Related to Changes in Non-Controlling Interests | - | (4.348.144) | |||
| Other Inflows (Outflows) of Cash | 28 | (2.024.418) | (2.765.203) | ||
| NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS BEFORE CURRENCY TRANSLATION DIFFERENCES |
(25.422.173) | 559.695 | |||
| Effect of Currency Translation Differences on Cash and Cash Equivalents | 1.028.295 | (4.070.098) | |||
| MONETARY LOSS ON CASH AND CASH EQUIVALENTS | (1.141.850) | (2.279.569) | |||
| NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS | (25.535.728) | (5.789.972) | |||
| CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | 5 | 67.848.638 | 74.599.904 | ||
| CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | 5 | 42.312.910 | 68.809.932 | ||
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025, unless otherwise indicated)
Anadolu Efes Biracılık ve Malt Sanayii A.Ş. (Anadolu Efes, the Company) was established in İstanbul in 1966. Certain shares of Anadolu Efes are listed on the Borsa İstanbul (BIST).
The registered office of the Company is located at the address "Fatih Sultan Mehmet Mahallesi, Balkan Caddesi No:58, Buyaka E Blok, Tepeüstü, Ümraniye - İstanbul".
The Company, its subsidiaries and joint ventures will be referred to as the "Group". The average number of permanent personnel employed in the Group is 15.289 (December 31, 2024 – 19.907).
The interim condensed consolidated financial statements of the Group approved by the Board of Directors of the Company and signed by the Chief Financial Officer, Gökçe Yanaşmayan and Finance Director, Kerem İşeri were issued on November 5, 2025. General Assembly and specified regulatory bodies have the right to make amendments to statutory financial statements after issue.
The operations of the Group consist of production, bottling, selling and distribution of beer under a number of trademarks and also production, bottling, distribution and selling of sparkling and still beverages with The Coca- Cola Company (TCCC) trademark.
The Group owns and operates ten breweries; three in Türkiye, and seven in other countries (December 31, 2024 twenty one breweries; three in Türkiye, eleven in Russia and seven in other countries). The Group makes production of malt in two locations in Türkiye (December 31, 2024 – production of malt in two locations in Türkiye and three locations in Russia). Entities carrying out the relevant activities will be referred as "Beer Operations". Additionally, the Group's operations in Russia include eleven beer factories and three malt processing plants, which are being accounted as financial investment.
The Group operates ten facilities in Türkiye, twenty-four facilities in other countries for sparkling and still beverages production and three facilities for fruit processing. (December 31, 2024 - ten facilities in Türkiye, twenty facilities in other countries and three facilities for fruit processing). Entities carrying out the relevant activities will be referred as "Soft Drink Operations".
The Group also has joint control over Syrian Soft Drink Sales & Dist. LLC (SSDSD), which undertakes distribution and sales of sparkling and still beverages in Syria. In addition, the Company participates in Malty Gıda A.Ş., which produces, distributes, and sells malt bars in Türkiye, Trendbox Innovative Solutions A.Ş., which conducts computer programming activities, and Neone Teknoloji A.Ş., which engages in information technology activities.
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 | |||
|---|---|---|---|---|
| Amount | (%) | Amount | (%) | |
| AG Anadolu Grubu Holding A.Ş. | 2.548.912 | 43,05 | 254.891 | 43,05 |
| AB Inbev Harmony Ltd. | 1.421.053 | 24,00 | 142.105 | 24,00 |
| Publicly traded and other | 1.951.087 | 32,95 | 195.109 | 32,95 |
| 5.921.052 | 100,00 | 592.105 | 100,00 |
The Company is controlled by AG Anadolu Grubu Holding A.Ş., the parent company. AG Anadolu Grubu Holding A.Ş. is controlled by AG Sınai Yatırım ve Yönetim A.Ş. and AG Sınai Yatırım ve Yönetim A.Ş. which is ultimately managed by the Süleyman Kamil Yazıcı Family and the Özilhan Family in accordance with equal representation and equal management principle and manages AG Anadolu Grubu Holding A.Ş.'s subsidiaries.
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025, unless otherwise indicated)
The subsidiaries, joint ventures and associates included in the consolidation and their effective shareholding rates at September 30, 2025 and December 31, 2024 are as follows:
| And Voti | areholding ng Rights % |
||||
|---|---|---|---|---|---|
| Country | Principal Activity | Segment | September 30, 2025 | December 31, 202 | |
| Subsidiaries | |||||
| Efes Breweries International B.V. (EBI) | The Netherlands | Managing foreign investments in breweries | Beer Group | 100,00 | 100,0 |
| JSC FE Efes Kazakhstan Brewery (Efes Kazakhstan) | Kazakhstan | Production and marketing of beer | Beer Group | 100,00 | 100,0 |
| Efes Vitanta Moldova Brewery S.A. (Efes Moldova) | Moldova | Production and marketing of beer and low alcoholic drinks | Beer Group | 96,87 | 96,8 |
| JSC Lomisi (Efes Georgia) | Georgia | Production and sales of beer and carbonated soft drinks | Beer Group | 100,00 | 100,0 |
| PJSC Efes Ukraine (Efes Ukraine) | Ukraine | Production and marketing of beer | Beer Group | 99,94 | 99,9 |
| Efes Trade BY FLLC (Efes Belarus) | Belarus | Marketing and distribution of beer | Beer Group | 100,00 | 100,0 |
| Efes Holland Technical Management Consultancy B.V. (EHTMC) |
The Netherlands | Leasing of intellectual property and similar products | Beer Group | 100,00 | 100,0 |
| AB InBev Efes B.V. (AB InBev Efes) | The Netherlands | Investment company | Beer Group | 50,00 | 50,0 |
| JSC AB Inbev Efes (1)(7) | Russia | Production and marketing of beer | Beer Group | - | 50,0 |
| PJSC AB Inbev Efes Ukraine (1) | Ukraine | Production and marketing of beer | Beer Group | 49,36 | 49,3 |
| LLC Vostok Solod (2) (7) | Russia | Production of malt | Beer Group | - | 50,0 |
| LLC Bosteels Trade (2) (7) | Russia | Selling and distribution of beer | Beer Group | _ | 50,0 |
| LLC Inbey Trade (2) (7) | Russia | Production of malt | Beer Group | _ | 50,0 |
| Euro-Asien Brauerein Holding GmbH (Euro-Asien) (1) (5) | Germany | Investment company | Beer Group | - | 50,0 |
| Bevmar GmbH (Bevmar) (1) (5) | , | * 3 | 50,00 | 50,0 | |
| Germany | Investment company | Beer Group | , | ||
| Efes Pazarlama ve Dağıtım Ticaret A.Ş. (Ef-Pa) (3) | Türkiye | Marketing and distribution company of the Group in Türkiye | Beer Group | 100,00 | 100,0 |
| Cypex Co. Ltd. (Cypex) | Northern Cyprus | Marketing and distribution of beer | Beer Group | 99,99 | 99,9 |
| Efes Deutschland GmbH (Efes Germany) | Germany | Marketing and distribution of beer | Beer Group | 100,00 | 100,0 |
| Blue Hub Ventures B.V. (Blue Hub) | The Netherlands | Investment company | Beer Group | 100,00 | 100,0 |
| Efes Brewery S.R.L. (Romania) | Romania | Marketing and distribution of beer | Beer Group | 100,00 | 100,0 |
| Anadolu Efes Uluslararası Alkollü İçecek Yatırımları A.Ş. (AE Uluslararası Alkollü İçecek) | Türkiye | Invetment company | Beer Group | 100,00 | 100,0 |
| Anadolu Efes Alkollü İçecekler Yatırım ve Ticaret A.Ş. (AE Alkoll İçecek) | Turkiye | Invetment company | Beer Group | 100,00 | 100,0 |
| Anadolu Efes Shanghai Beer Company Limited | China | Marketing and distribution of beer | Beer Group | 100,00 | 100,0 |
| Efes Tashkent FE LLC | Uzbekistan | Marketing and distribution of beer | Beer Group | 100,00 | |
| Coca-Cola İçecek A.Ş. (CCİ) (4) | Türkiye | Production of Coca-Cola products | Soft Drinks | 50,26 | 50,2 |
| Coca-Cola Satış ve Dağıtım A.Ş. (CCSD) | Türkiye | Distribution and selling of Coca-Cola, Doğadan and Mahmudiye products | Soft Drinks | 50,25 | 50,2 |
| J.V. Coca-Cola Almaty Bottlers LLP (Almaty CC) | Kazakhstan | Production, distribution and selling of Coca Cola products | Soft Drinks | 50,26 | 50,2 |
| Azerbaijan Coca-Cola Bottlers LLC (Azerbaijan CC) | Azerbaijan | Production, distribution and selling of Coca Cola products | Soft Drinks | 50,19 | 50,1 |
| Coca-Cola Bishkek Bottlers CJSC (Bishkek CC) | Krygyzstan | Production, distribution and selling of Coca Cola products | Soft Drinks | 50,26 | 50,2 |
| CCI International Holland B.V. (CCI Holland) | The Netherlands | Investment company of CCİ | Soft Drinks | 50,26 | 50,2 |
| The Coca-Cola Bottling Company of Jordan Ltd. (Jordan CC) |
Jordan | Production, distribution and selling of Coca Cola products | Soft Drinks | 50,26 | 50,2 |
| Turkmenistan Coca-Cola Bottlers Ltd. (Turkmenistan CC) (6) |
Turkmenistan | Production, distribution and selling of Coca Cola products | Soft Drinks | 29,90 | 29,9 |
| Sardkar for Beverage Industry Ltd. (SBIL) | Iraq | Production, distribution and selling of Coca Cola products | Soft Drinks | 50,26 | 50,2 |
| Waha Beverages B.V. | The Netherlands | Investment company of CCI | Soft Drinks | 50,26 | 50,2 |
| Coca-Cola Beverages Tajikistan LLC (Coca Cola Tacikistan) |
Tajikistan | Production, distribution and selling of Coca Cola products | Soft Drinks | 50,26 | 50,2 |
| Al Waha for Soft Drinks, Juices, Mineral Water, Plastics, and Plasti Caps Production LLC (Al Waha) |
• | Production, distribution and selling of Coca Cola products | Soft Drinks | 50,26 | 50,2 |
| Coca-Cola Beverages Pakistan Ltd (CCBPL) | Pakistan | Production, distribution and selling of Coca Cola products | Soft Drinks | 49,92 | 49,9 |
| Coca-Cola Bottlers Uzbekistan Ltd. (CCBU) CCI Samarkand Limited LLC (Samarkand) | Uzbekistan Uzbekistan |
Production, distribution and selling of Coca Cola products Production, distribution and selling of Coca Cola products |
Soft Drinks Soft Drinks |
50,26 50,26 |
50,2 50,2 |
| CCI Namangan Limited LLC (Namangan) | Uzbekistan | Production, distribution and selling of Coca Cola products | Soft Drinks | 50,26 | 50,2 |
| CCI Bangladesh Limited (CCBB) (Note 3) | Bangladesh | Production, distribution and selling of Coca Cola products | Soft Drinks | 50,26 | 50,2 |
| Anadolu Etap Penkon Gıda ve İçecek Ürünleri San. | Türkiye | Production, sale, and distribution of fruit juice concentrate, puree, | Soft Drinks | 50,26 | 50,2 |
| ve Tic. A.Ş. (Anadolu Etap İçecek) Anadolu Etap Dış Ticaret Anonim Şirketi |
Türkiye | and fresh fruits. Selling fruit juice concentrate and puree | Soft Drinks | 50,26 | 50,2 |
| Anadolu Etap Penkon Gida ve Tarım Ürünleri San. ve Tic. A.Ş. (Anadolu Etap) | Türkiye | Production and distribution and sales of fresh fruits. | Other | 83,23 | 83,2 |
| Anadolu Etap Penkon Gıda ve Tarım Ürünleri San. | - | Other Soft Drinks | |||
| İstirakler: | |||||
| İştirakler: Malty Gıda A.Ş. (Malty) Trendbox Innovative Solutions A.Ş. (Trendbox) |
Türkiye Türkiye |
Productim, distrubution and sale of snacks Comuputer Programming |
Beer Group Beer Group |
25,00 20,00 |
25,0 20,0 |
Subsidiaries that AB Inbev Efes B.V. directly participates.
Subsidiaries of JSC AB Inbev Efes.
The Company's beer operations in Türkiye form the Türkiye Beer Operations together with Ef-Pa.
Shares of CCI are currently traded on BIST.
The liquidation process of Euro-Asien and Bevmar was initiated with the Board of Directors' decision of AB Inbev Efes B.V. dated 22 December 2021, and the liquidation of Euro-Asien was completed in April 2025.
Turkmenistan CC is controlled by CCI and is fully consolidated in accordance with TFRS as the Company has control over CCI.
Although the Group's current ownership in JSC AB Inbev Efes and its subsidiaries remains at 50% as in previous periods, they have been excluded from the scope of consolidation in the financial statements as of January 1, 2025, in accordance with TFRS 10, and have started to be accounted for as financial investment.
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025, unless otherwise indicated)
Certain countries, in which consolidated subsidiaries and joint ventures operate, have undergone substantial political and economic changes in recent years. Accordingly, such markets do not possess well-developed business infrastructures and the Group's operations in such countries might carry risks, which are not typically associated with those in more developed markets. 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 commercial activities of subsidiaries and joint ventures.
The Group is closely following the developments in Russia and Ukraine, where the Group has beer operations. The Group has taken all possible precautions to ensure the safety of its employees.
Accordingly, as of February 24, 2022, breweries were shut down and the sales operations were halted and in the light of the developments in the region, the brewery facility in Chernihiv, Ukraine restarted production as of October 2022 and the brewery facility in Mikolayiv, Ukraine restarted production as of May 2023. Throughout 2024, the Chernihiv and Mikolayiv factories continued production. On January 28, 2025, an explosion occurred in Mikolayiv, Ukraine, causing damage to the Mikolayiv brewery, which is owned by PJSC AB InBev Efes. Accordingly, impairment losses have been recognized on property, plant and equipment and on inventories, and have been reflected in the consolidated financial statements as of September 30, 2025. Production activities at the brewery have been temporarily halted, and it is planned that production loss is planned to be mitigated through adjustments at the Chernihiv brewery. As part of the preparation of the consolidated financial statements dated 30 September 2025, the Group assessed the potential impacts of the developments in Ukraine, as well as the related estimates and assumptions, and determined that no significant impairment was identified other than those disclosed in Notes 19 and 20.
On December 30, 2024, it was announced that temporary management had been appointed to the Group's beer operation in Russia in accordance with the Presidential Decree of the Russian Federation. Following this development, the Group's management determined that control over the operation was effectively held by the Group as of December 31, 2024, in accordance with TFRS 10, and accordingly, the relevant subsidiaries were included in the consolidation scope in the financial statements as of December 31, 2024. In line with the developments in the ongoing process, as a result of the Group's assessments, it was decided that, as of January 1, 2025, the financial statements would be excluded from the consolidation scope in accordance with TFRS 10. While the relevant company remains part of the Group, it has been accounted for as a financial investment in September 30, 2025 consolidated financial statements. The reconciliation of the income arising from the change made within the scope of consolidation, which is accounted for under investing activities income/(expense), is presented below:
| 2025 | |
|---|---|
| Carrying amount of net assets derecognized from consolidation scope | (44.964.672) |
| Fair value recognized as financial investment in the consolidated statement of financial position |
44.964.672 |
| Foreign currency translation differences under other comprehensive income within equity (Note 20) |
3.520.527 |
| Net impact of changes in consolidation scope on profit or loss | 3.520.527 |
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025, unless otherwise indicated)
The income statement of JSC AB InBev Efes for September 2024 is presented below:
| Income Statement |
Intercompany Transactions (1) |
Total | Income Statement |
Intercompany Transactions (1) |
Total | |
|---|---|---|---|---|---|---|
| January 1- September 30, 2024 |
January 1- September 30, 2024 |
January 1- September 30, 2024 |
July 1- September 30, 2024 |
July 1- September 30, 2024 |
July 1- September 30, 2024 |
|
| Revenue | 49.924.255 | 551.088 | 49.373.167 | 16.753.589 | 187.935 | 16.565.654 |
| Cost of sales (-) | (28.264.413) | (551.088) | (27.713.325) | (9.203.171) | (187.935) | (9.015.236) |
| General and administration expenses (-) | (4.691.913) | (160.824) | (4.531.089) | (1.326.729) | (44.337) | (1.282.392) |
| Sales, Distribution and Marketing Expenses (-) |
(10.600.937) | - | (10.600.937) | (3.232.230) | - | (3.232.230) |
| Other Operating Income/ (Expense) |
(588.344) | 160.824 | (749.168) | (723.294) | 44.337 | (767.631) |
| Investment Activity Income / (Expense) | (2.954) | - | (2.954) | 26 | - | 26 |
| Financial Income / (Expense) | 1.608.058 | - | 1.608.058 | 1.906.563 | - | 1.906.563 |
| Profit/ (loss) before tax from continuing operations | (1.370.777) | - | (1.370.777) | (854.656) | - | (854.656) |
| Profit for the year | 6.012.975 | - | 6.012.975 | 3.320.098 | - | 3.320.098 |
(1) Includes transactions with JSC AB InBev Efes's group companies
The cash flow statement of JSC AB InBev Efes as of September 2024 is presented below:
| January 1-September 30, 2024 | |
|---|---|
| Cash flow from operating activities | 11.650.841 |
| Cash flow from investing activities | (1.123.495) |
| Cash flow from financing activities | 773.563 |
| Currency Translation Differences | 4.611.677 |
| Net (Decrease) / Increase in cash and cash equivalents | 15.912.586 |
The consolidated financial statements are prepared in accordance with the Capital Markets Board (CMB)'s "Communiqué on Financial Reporting in Capital Market" Numbered II-14,1 (Communiqué), promulgated in the Official Gazette numbered 28676 dated June 13, 2013 and Turkish Accounting/Financial Reporting Standards (TAS/TFRS) including amendments and interpretations published by Public Oversight Authority (POA) as prescribed in the CMB Communiqué.
The consolidated financial statements are presented in accordance with the specified format in "TFRS Taxonomy Announcement", issued on July 3, 2024 by the POA, and "the Financial Statements Examples and Guidelines for Use", published by the Capital Markets Board (CMB) of Türkiye.
The Company and its Turkish subsidiaries and joint ventures maintain their books of accounts and prepare their statutory financial statements in accordance with TFRS, Turkish Commercial Code ("TCC"), tax legislation, the Uniform Chart of Accounts issued by the Ministry of Finance. The foreign subsidiaries maintain their books of account in accordance with the laws and regulations in force in the countries in which they are registered. These consolidated financial statements have been prepared under historical cost conventions except for financial assets and financial liabilities which are carried at fair value. The consolidated financial statements have been prepared based on historical cost for foreign operations, and on indexed cost in accordance with TAS 29 for domestic operations, with the exception of financial assets and liabilities shown at fair value. Adjustments and classifications necessary for accurate presentation in accordance with TFRS have been reflected in the legal records.based on TAS 29, with the required adjustments and reclassifications reflected for the purpose of fair presentation in accordance with TFRS.
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025, unless otherwise indicated)
Additionally, in accordance with the Communiqué and its explanatory announcements, the collateral, pledge, and mortgage table, the foreign exchange position table, the total export and import amounts, the tax advantages obtained under the investment incentive system, the R&D incentives, and the portion of the total foreign exchange liability that is hedged are presented in the notes to the condensed financial statements (Notes 16, 22, 26).
The interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the accompanying notes for the year ended December 31, 2024.
With the announcements made by the Public Oversight Accounting and Auditing Standards Authority (POA) on November 23, 2023, entities applying TFRSs have started to apply inflation accounting in accordance with TAS 29 Financial Reporting in Hyperinflation Economies as of financial statements for the annual reporting period ending on or after December 31, 2023. TAS 29 is applied to the financial statements, including the consolidated financial statements, of any entity whose functional currency is the currency of a hyperinflationary economy.
According to the standard, financial statements prepared in the currency of a hyperinflationary economy are presented in terms of the purchasing power of that currency at the balance sheet date. Prior period financial statements are also presented in the current measurement unit at the end of the reporting period for comparative purposes. The Group has therefore presented its consolidated financial statements as of September 30, 2024, and December 31, 2024 on the purchasing power basis as of September 30, 2025.
In accordance with the CMB's decision dated December 28, 2023, and numbered 81/1820, issuers and capital market institutions subject to financial reporting regulations applying Turkish Accounting/Financial Reporting Standards are required to apply inflation accounting by applying the provisions of TAS 29 to their annual financial statements for the accounting periods ending on December 31, 2023.
The restatements in accordance with TAS 29 have been made using the adjustment factor derived from the Consumer Price Index ("CPI") in Türkiye published by the Turkish Statistical Institute. As of September 30, 2025, the indexes and adjustment factors used in the restatement of the consolidated financial statements are as follows:
| Adjustment | |||
|---|---|---|---|
| Dates | Index | Coefficent | Three-Year Compound Inflation Rate |
| September 30, 2025 | 3.367,22 | 1,00000 | 222% |
| December 31, 2024 | 2.684,55 | 1,25430 | 291% |
| September 30, 2024 | 2.526,16 | 1,33294 | 343% |
The main components of Company's restatement for the purpose of financial reporting in hyperinflationary economies are as follows:
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025, unless otherwise indicated)
Functional and reporting currency of the Company and its subsidiaries, located in Türkiye is Turkish Lira.
Functional Currency of Significant Subsidiaries Located in Foreign Countries
| Functional Currency | |||
|---|---|---|---|
| Subsidiary | Local Currency | 2025 | 2024 |
| EBI | European Currency (EUR) | USD | USD |
| PJSC AB Inbev Efes Ukraine | Ukraine Hryvnya (UAH) | UAH | UAH |
| AB InBev Efes B.V. | European Currency (EUR) | USD | USD |
| Efes Kazakhstan | Kazakh Tenge (KZT) | KZT | KZT |
| Efes Moldova | Moldovan Leu (MDL) | MDL | MDL |
| Efes Georgia | Georgian Lari (GEL) | GEL | GEL |
| EHTMC | European Currency (EUR) | USD | USD |
| Efes Germany | European Currency (EUR) | EUR | EUR |
| Romania | Romanian Leu (RON) | RON | RON |
| Efes Belarus | Belarusian Ruble (BYR) | BYR | BYR |
| Almaty CC | Kazakh Tenge (KZT) | KZT | KZT |
| Azerbaijan CC | Azerbaijani Manat (AZN) | AZN | AZN |
| Turkmenistan CC | Turkmenistan Manat (TMT) | TMT | TMT |
| Bishkek CC | Kyrgyz Som (KGS) | KGS | KGS |
| TCCBCJ | Jordan Dinar (JOD) | JOD | JOD |
| SIBL | Iraqi Dinar (IQD) | IQD | IQD |
| CCBPL | Pakistan Rupee (PKR) | PKR | PKR |
| CCI Holland | European Currency (EUR) | USD | USD |
| Waha B.V. | European Currency (EUR) | USD | USD |
| Al Waha | Iraqi Dinar (IQD) | IQD | IQD |
| Tacikistan CC | Tajikistani Somoni (TJS) | TJS | TJS |
| CCBU | Uzbekistan Som (UZS) | UZS | UZS |
| CCBB | Bangladeshi Taka (BDT) | BDT | BDT |
Due to higher beverage consumption during the summer season, the interim condensed consolidated financial results may include the effects of the seasonal variations. Therefore, the results of business operations for the first nine months up to September 30, 2025, may not necessarily constitute an indicator for the results to be expected for the overall fiscal year.
Preparation of consolidated financial statements requires management to make estimations and assumptions which may affect the reported amounts of assets and liabilities as of the statement of financial position date, the disclosure of contingent assets and liabilities and the reported amounts of income and expenses during the financial period. The accounting assessments, estimates and assumptions are reviewed considering past experiences, other factors, and reasonable expectations about future events under current conditions. Although the estimations and assumptions are based on the best estimates of the management's existing incidents and operations, they may differ from the actual results. There has not been any change in accounting estimates compared to year end.
In the statement of profit or loss dated September 30, 2024, the amount of TL 154.701 shown under "Other income from operatiıng activities" and the amount of TL 121.981 shown under "Other expenses from operating activities" have been netted, and the resulting TL 32.720 has been classified under the "Cost of sales" item.
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025, unless otherwise indicated)
Standards, amendments, and interpretations applicable as of September 30, 2025:
Amendments to IAS 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.
The Group is evaluating the impact of the changes on the financial statements.
Standards, amendments, and interpretations that are issued but not effective as of 30 September 2025:
Amendment to IFRS 9 and IFRS 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 IFRS – 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:
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025, unless otherwise indicated)
Adoption of new and revised Turkish Financial Reporting Standards (continued)
Standards, amendments, and interpretations that are issued but not effective as of 30 September 2025 (continued):
IFRS 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 IFRS 18 relate to:
IFRS 19 Subsidiaries without Public Accountability: Disclosures; effective from annual periods beginning on or after 1 January 2027. This new standard works alongside other IFRS Accounting Standards. An eligible subsidiary applies the requirements in other IFRS Accounting Standards except for the disclosure requirements and instead applies the reduced disclosure requirements in IFRS 19. IFRS 19's reduced disclosure requirements balance the information needs of the users of eligible subsidiaries' financial statements with cost savings for preparers. IFRS 19 is a voluntary standard for eligible subsidiaries. A subsidiary is eligible if:
Amendment to IFRS 9 and IFRS 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 IFRS 9 and include targeted disclosure requirements to IFRS 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'.
The impact of these changes on the consolidated financial statements is under evaluation.
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025, unless otherwise indicated)
Transactions related to the nine-month period ended on September 30, 2025
None.
Anadolu Etap Penkon Gıda ve İçecek Ürünleri Sanayi ve Ticaret A.Ş
As of September 26, 2024, Coca-Cola İçecek A.Ş. (CCI), 50.26% subsidiary of our Company, acquired the remaining shares representing 20% of the share capital of Anadolu Etap Penkon Gıda ve İçecek Ürünleri Sanayi ve Ticaret A.Ş. (Anadolu Etap İçecek), in which it already holds 80% shares, from our 78.58% subsidiary Anadolu Etap Penkon Gıda ve Tarım Ürünleri Sanayi ve Ticaret A.Ş. (Anadolu Etap), in exchange for USD 28 million which was paid in cash at amount of TRL 955.363 calculated based on the average of the USD/TRL foreign exchange buying rate and selling rate published on the website of the Central Bank.
As of September 26, 2024, this transaction occured as transaction under common control between Anadolu Etap, the subsidiary of the Company, in which the Company has a 78,58% share, and CCI, in which it has a 50,26%. As a consequence of this transaction, the Company's effective ownership share in its subsidiary, Anadolu Etap İcecek, decreased from 55,92% to 50,26%. Furthermore, the Company's effective ownership ratio in Anadolu Etap Dış Ticaret A.Ş., in which Anadolu Etap İçecek holds a 100% share, has also declined from 55,92% to 50,26% as a result of this transaction. The impact of change in the effective share ratio resulting from this transaction on the Group's financial statements is presented in the statement of "increase/decrease through changes in ownership interests in subsidiaries that do not result in loss of control" on the statement of changes in equity.
As of February 20, 2024, the Group acquired 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 USD.
| CCBB | |
|---|---|
| February 20, 2024 | 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 Asset | 28.765 |
| Other Current and Fixed Assets | 296.392 |
| Total Assets | 6.708.874 |
| Defered tax and tax provision | 190.141 |
| Borrowings | 2.972.737 |
| Trade Payables | 965.462 |
| Other current and non-current liabilities | 532.468 |
| Total Liabilities | 4.660.808 |
| Net value of assets / (liabilities) | 2.048.066 |
| Total Purchase Cost | (2.427.901) |
| Net Value of et assets/(liabilities) consolidated by the group | 2.048.066 |
| Bargain Purchase Gain (Note 14) | (379.835) |
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025, unless otherwise indicated)
The management monitors the operating results of its two business units separately for the purpose of making decisions about resource allocation and performance assessment. The two operating segments are Beer Operations (Beer Group) and Soft Drinks Operations (Soft Drinks).
Segment performance is evaluated based on "EBITDA Before Non-Recurring Items" (EBITDA BNRI) which is calculated excluding profit from discontinued operations and the following effects from profit from continuing operations attributable to our equity holders: (i) non-controlling interest, (ii) tax (expense)/income, (iii) share of gain/(loss) of investments accounted using equity method, (iv) financial income/(expense), (v) investment activity income/(expense) (vi) foreign exchange gains/(losses) arising from operating activities (vii) depreciation, amortization, and other non- cash items and (viii) non-recurring items associated with Profit/Loss from Operating Activities. Non-recurring items are either income or expenses which do not occur regularly as part of the normal activities of the Group.
EBITDA BNRI 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.
The Group's segment reporting in accordance with TFRS 8 is disclosed as follows:
| Beer | Soft | Other (1) and | ||
|---|---|---|---|---|
| January 1 – September 30, 2025 | Group | Drinks | Eliminations | Total |
| Net sales | 41.420.541 | 145.161.979 | 2.046.212 | 188.628.732 |
| Inter-segment sales | - | (6.278) | - | (6.278) |
| Revenue | 41.420.541 | 145.155.701 | 2.046.212 | 188.622.454 |
| EBITDA BNRI | 6.367.305 | 26.805.676 | 146.290 | 33.319.271 |
| Provision for impairment on PPE | (45.157) | (85.442) | - | (130.599) |
| Provision for impairment on PPE no longer required |
- | 6.541 | - | 6.541 |
| Financial Income / (Expense) | (6.366.411) | (8.291.108) | (129.683) | (14.787.202) |
| Tax Income / (Expense) | (233.826) | (4.156.842) | 276.568 | (4.114.100) |
| Additions to PPE and intangible fixed asset | 3.699.318 | 10.394.656 | 382.082 | 14.476.056 |
| July 1 – September 30, 2025 | Beer | Soft | Other (1) and | |
| Group | Drinks | Eliminations | Total | |
| Net sales | 15.674.169 | 52.201.027 | 988.496 | 68.863.692 |
| Inter-segment sales | - | (3.413) | - | (3.413) |
| Revenue | 15.674.169 | 52.197.614 | 988.496 | 68.860.279 |
| EBITDA BNRI | 3.443.713 | 11.654.448 | 267.443 | 15.365.604 |
| Provision for impairment on PPE | 1.966 | (80.505) | - | (78.539) |
| Provision for impairment on PPE no longer required |
- | 1.228 | - | 1.228 |
| Financial Income / (Expense) | (2.444.105) | (2.325.242) | (45.670) | (4.815.017) |
| Tax Income / (Expense) | (443.574) | (1.833.387) | (115.700) | (2.392.661) |
| Additions to PPE and intangible fixed asset | 946.223 | 3.097.740 | 108.123 | 4.152.086 |
(1) Includes adjustment journals in the consolidation of the Group and the financial statements of Anadolu Etap.
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025, unless otherwise indicated)
| Total | |||
|---|---|---|---|
| 93.121.297 | 144.927.175 | 1.643.878 | 239.692.350 |
| - | (4.773) | (376.820) | (381.593) |
| 93.121.297 | 144.922.402 | 1.267.058 | 239.310.757 |
| 15.067.906 | 29.559.261 | (187.710) | 44.439.457 |
| - | (14.584) | - | (14.584) |
| - | 8.817 | - | 8.817 |
| (1.730.687) | (8.429.627) | (253.924) | (10.414.238) |
| (1.494.899) | (6.299.564) | 551.557 | (7.242.906) |
| 4.698.679 | 12.628.177 | 315.250 | 17.642.106 |
| Beer Group |
Soft Drinks |
Other (1) and Eliminations |
Total |
| 33.407.211 | 48.933.424 | 875.061 | 83.215.696 |
| - | (2.683) | (310.555) | (313.238) |
| 33.407.211 | 48.930.741 | 564.506 | 82.902.458 |
| 7.020.638 | 10.456.704 | 19.630 | 17.496.972 |
| - - |
(1.329) 124 |
- - |
(1.329) 124 |
| 350.666 | (2.887.459) | (85.098) | (2.621.891) |
| (1.468.883) | (1.442.370) | 93.791 | (2.817.462) |
| 1.366.999 | 4.430.417 | 101.579 | 5.898.995 |
| Beer Group |
Soft Drinks |
Other (1) and Eliminations |
(1) Includes adjustment journals in the consolidation of the Group and the financial statements of Anadolu Etap.
As of September 30, 2025, the portion of Türkiye geographical area in the consolidated net revenue and total assets is 47% and 52% respectively (September 30, 2024- 38% and 44% respectively)
As of September 30, 2025, the portion of Russia geographical area in the consolidated net revenue and total assets is 0% and 13% respectively (September 30, 2024- 21% and 23% respectively).
As of September 30, 2025, the portion of Kazakhstan geographical area in the consolidated net revenue and total assets is 15% and 8% respectively (September 30, 2024- 12% and 9% respectively).
As of September 30, 2025, the portion of Uzbekistan geographical area in the consolidated net revenue and total assets is 9% and 4% respectively (September 30, 2024- 6% and 3% respectively).
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025, unless otherwise indicated)
| September 30, 2025 | Beer Group |
Soft Drinks |
Other (1) and Eliminations |
Total |
|---|---|---|---|---|
| Segment assets | 137.221.209 | 194.461.059 | 80.754.086 | 412.436.354 |
| Segment liabilities | 67.542.596 | 111.355.364 | 20.886.626 | 199.784.586 |
| Investments Accounted for Using Equity Method |
20.874 | - | - | 20.874 |
| December 31, 2024 | Beer Group |
Soft Drinks |
Other (1) and Eliminations |
Total |
| Segment assets Segment liabilities |
173.109.937 99.207.761 |
186.046.547 108.714.959 |
82.634.324 20.929.130 |
441.790.808 228.851.850 |
| Investment Accounted for Using Equity Method |
24.730 | - | - | 24.730 |
(1) Presents group consolidation adjustments and the financial statement of Anadolu Etap.
Reconciliation of EBITDA BNRI to the consolidated Profit from Continuing Operations and its components as of September 30, 2025, and 2024 are as follows:
| 1 January- | 1 July | 1 January | 1 July | |
|---|---|---|---|---|
| September 30, | September 30, | September 30, | September 30, | |
| 2025 | 2025 | 2024 | 2024 | |
| EBITDA BNRI | 33.319.271 | 15.365.604 | 44.439.457 | 17.496.972 |
| Depreciation and amortization expenses | (9.559.578) | (3.166.308) | (10.722.377) | (3.292.948) |
| Provision for retirement pay liability | (352.335) | (92.567) | (367.475) | (92.641) |
| Provision for vacation pay liability | (352.878) | (14.344) | (453.466) | (88.763) |
| Foreign exchange gain/loss from operating activities | (336.488) | (97.893) | (903.748) | (730.844) |
| Rediscount income/expense from operating activities | 9.560 | 12.836 | 7.658 | 13.980 |
| Non-recurring items | (82.088) | (14.382) | 360.626 | 33.256 |
| Other | (112.392) | (20.276) | (150.389) | (42.710) |
| PROFIT (LOSS) FROM OPERATING | ||||
| ACTIVITIES | 22.533.072 | 11.972.670 | 32.210.286 | 13.296.302 |
| Investment Activity Income | 3.794.596 | 120.118 | 161.391 | 34.747 |
| Investment Activity Expenses (-) | (329.474) | (162.304) | (365.861) | (268.823) |
| Share of (Gain) / Loss from Investments Accounted for Using Equity Method |
6.781 | (285) | (6.110) | (689) |
| PROFIT (LOSS) BEFORE FINANCING INCOME (EXPENSE) |
26.004.975 | 11.930.199 | 31.999.706 | 13.061.537 |
| Finance Income | 5.759.465 | 2.190.813 | 12.230.371 | 4.866.797 |
| Finance Expenses (-) | (20.546.667) | (7.005.830) | (22.644.609) | (7.488.688) |
| Monetary Gain / (Loss) | 13.002.424 | 4.057.180 | 16.310.889 | 4.994.271 |
| PROFIT (LOSS) FROM CONTINUING OPERATIONS |
24.220.197 | 11.172.362 | 37.896.357 | 15.433.917 |
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025, unless otherwise indicated)
| September 30, | December 31, | |
|---|---|---|
| 2025 | 2024 | |
| Cash on hand | 25.842 | 14.261 |
| Bank accounts | ||
| - Time deposits | 31.911.254 | 51.400.350 |
| - Demand deposits | 10.332.044 | 10.799.887 |
| Investment funds | 24.376 | 5.595.777 |
| Other | 19.394 | 38.363 |
| Cash and cash equivalents in cash flow statement | 42.312.910 | 67.848.638 |
| Expected credit loss (-) | (203) | (679) |
| Interest income accrual | 106.571 | 176.311 |
| 42.419.278 | 68.024.270 |
As of September 30, 2025, annual interest rates of the TRL denominated time deposits are between 40,75% and 43,00% and have maturity between 1-13 days (December 31, 2024 - 39,00% - 46,00%; maturity between 1-6 days). Annual interest rates of the US Dollars (USD) and, Euro (EUR), and other currency denominated time deposits vary between 0,01% and 16,25% and have maturity between 1-78 days (December 31, 2024– annual interest rates of the US Dollars (USD) and, Euro (EUR), and other currency time deposits vary between 0,15% - 22,75%; maturity between 1-76 days).
As of September 30, 2025, other items contains credit card receivables amounting to TRL 19.394 (December 31, 2024 – TRL 38.363).
The fair value differences of investment funds are recognized in the consolidated statement of profit or loss. As of September 30, 2025, the Group's investment funds consist of money market funds (December 31, 2024 – TRL 5.595.777).
| September 30, | December 31, | |
|---|---|---|
| 2025 | 2024 | |
| Restricted cash | 282.033 | 284.027 |
| Investment funds | 1.737.704 | - |
| Time deposits with maturity more than three months | - | 133 |
| 2.019.737 | 284.160 |
As of 30 September 2025, the Group does not have any time deposits with maturities longer than three months (As of December 31, 2024, time deposits with maturities over 3 months, denominated in USD, an interest rate of 2,25%).
As of 30 September 2025, the restricted bank balance consists of amounts held as letter of credit collateral in Uzbekistan and Pakistan, and for withholding tax offset in the Netherlands.
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025, unless otherwise indicated)
| September 30,2025 | December 31, 2024 | |
|---|---|---|
| Financial assets measured at fair value through other comprehensive income |
52.900.319 | - |
| Other | 23.102 | 23.090 |
| 52.923.421 | 23.090 |
Movements in long-term financial assets at fair value through other comprehensive income as of 30 September 2025 are presented below:
| 2025 | |
|---|---|
| Balance at January 1 | - |
| Changes in the scope of consolidation | 44.964.672 |
| Currency translation differences | 7.935.647 |
| Balance at September 30 | 52.900.319 |
As of January 1, 2025, the Russia beer operation is effectively part of the Group; however, due to TFRS 10, it has been excluded from the consolidation scope in the financial statements according to TFRS 10 and accounted for as a financial investment in the consolidated financial statements as of September 30, 2025.
The related financial investment has been classified as a 'Financial Asset at Fair Value Through Other Comprehensive Income' and subsequent changes in fair value will be recognized in Other Comprehensive Income.
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Current Bank Loans (Third Parties) | 20.144.888 | 24.063.477 |
| Current Issued Debt Instruments (Third Parties) | 10.566.588 | 4.564.937 |
| Current Portion of Bank Loans (Third Parties) | 6.118.075 | 4.719.964 |
| Current Portion of Issued Debt Instruments (Third Parties) | 5.718.307 | 5.662.372 |
| Non-current Bank Loans (Third Parties) | 11.489.402 | 11.074.958 |
| Non-current Issued Debt Instruments (Third Parties) | 41.537.936 | 45.433.117 |
| 95.575.196 | 95.518.825 |
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025 unless otherwise indicated)
As of September 30, 2025, total borrowings consist of principal amounting to TRL 92.416.954 (December 31, 2024 – TRL 91.301.206) and interest expense accrual amounting to TRL 3.158.242 (December 31, 2024 – TRL 4.217.619). As of September 30, 2025, and December 31, 2024, total amount of borrowings and the effective interest rates are as follows:
| Sep ber 30 202 5 tem , |
De ber 31 202 4 cem , |
|||||
|---|---|---|---|---|---|---|
| Am nt ou |
We ig hte d a fix ed rat ver age e |
We ig hte d e fl oat ing ave rag rat e |
Am t oun |
ig hte d a We ver age fix ed rat e |
We ig hte d flo atin av era ge g rat e |
|
| Cu Bo win nt rre rro gs |
||||||
| L d min d b ing TR ate eno orr ow s |
20. 042 .99 1 |
50% 38, |
93% TL RE F+ 0, |
21 .63 1.9 10 |
17% 45, |
- |
| For eig den ina ted bo win ( US D) n c urr enc y om rro gs |
5.5 78. 665 |
6, 59% |
- | 1.1 55. 303 |
3, 00% |
- |
| eig den ina ted bo win ( R) For EU n c urr enc om rro gs y |
395 .53 0 |
5, 97% |
- | 21 1.2 78 |
4, 91% |
- |
| rei den ina ted bo win ( Oth er) Fo gn cur ren cy om rro gs |
4.6 94. 290 |
14, 73% |
Kib 0, 003 % or+ |
5.6 29 .92 3 |
13, 90% |
Kib 0, 16% or+ |
| 30. 711 .47 6 |
28 .62 8.4 14 |
|||||
| Cu Po rtio f N t B ing nt rre n o on- cur ren orr ow s |
||||||
| TR L d min d b ing ate eno orr ow s |
7.6 05. 833 |
46, 61% |
TL RE F+ 1, 11% |
6.7 99. 036 |
47, 48% |
TL RE F+ 1, 30% |
| eig den ina ted bo win ( US D) For n c urr enc y om rro gs |
1.8 21. 451 |
4, 91% |
SO +2 25% FR , |
1.8 20 .60 6 |
39% 5, |
SO +2 25% FR , |
| For eig den ina ted bo win ( EU R) n c urr enc y om rro gs |
1.1 31. 823 |
- | Eu rib 1, 30 % or+ |
1.0 48 .99 9 |
- | Eu rib 1, 30% or+ |
| eig den ina ted bo win ( Oth er) For n c urr enc om rro gs y |
1.2 77. 275 |
17, 25% |
- | 713 .69 5 |
18, 41% |
- |
| 11. 836 .38 2 |
10. 382 .33 6 |
|||||
| To tal |
42. 547 .85 8 |
39. 010 .75 0 |
||||
| No Bo win ent n-c urr rro gs |
||||||
| L d min d b ing TR ate eno orr ow s |
303 .94 9 |
15, 17% |
50% TL RE F+ 5, |
1.7 49 .54 4 |
41, 36% |
2, 00% TL RE F+ |
| Fo rei den ina ted bo win ( US D) gn cur ren cy om rro gs |
46. 814 .83 3 |
3, 96% |
SO FR +2 25% , |
50. 224 .22 3 |
3, 96% |
SO FR +2 25% , |
| rei den ina ted bo win ( R) Fo EU gn cur ren cy om rro gs |
1.7 06. 875 |
- | Eu rib 1, 30 % or+ |
2.1 44 .03 9 |
- | rib Eu 1, 30% or+ |
| For eig den ina ted bo win ( Oth er) n c urr enc y om rro gs |
4.2 01. 681 |
15, 08% |
- | 2.3 90. 269 |
17, 76% |
- |
| To tal |
53. 027 .33 8 |
56. 508 .07 5 |
||||
| Gr and To tal |
95. 575 .19 6 |
95. 518 .82 5 |
As of September 30, 2025, and December 31, 2024, the Group has fulfilled its financial commitments arising from its borrowings.
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025 unless otherwise indicated)
a) Bank loans, issued debt instruments and other borrowings (continued)
Maturity of non-current borrowings are scheduled as follows:
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Between 1-2 years | 3.459.742 | 4.251.284 |
| Between 2-3 years | 23.632.476 | 2.594.609 |
| Between 3-4 years | 23.317.860 | 24.664.284 |
| Between 4-5 years | 2.617.260 | 23.748.732 |
| 5 years and more | - | 1.249.166 |
| 53.027.338 | 56.508.075 |
The movement of borrowings as of September 30, 2025 and 2024 is as follows:
| 2025 | 2024 | |
|---|---|---|
| Balance at January 1 | 95.518.825 | 103.877.642 |
| Addition through subsidiary acquired (Note 3) | - | 2.943.973 |
| Proceeds from Borrowings | 87.927.639 | 67.200.569 |
| Repayments of Borrowings (-) | (77.160.504) | (61.124.754) |
| Interest and Borrowing Expense (Note 21) | 14.308.286 | 12.961.619 |
| Interest Paid (-) (Note 28) | (14.342.646) | (11.554.009) |
| Foreign exchange (gain)/loss | 8.824.054 | 10.103.636 |
| Currency Translation Differences | (982.295) | (28.684.812) |
| Monetary (gain)/loss | (18.518.163) | (1.088.900) |
| Balance at September 30 | 95.575.196 | 94.634.964 |
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025 unless otherwise indicated)
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Current Portion of Lease Liabilities (Third Parties) | 1.179.905 | 1.185.395 |
| Non-current Lease Liabilities (Third Parties) | 2.095.595 | 1.987.734 |
| 3.275.500 | 3.173.129 |
The movement of lease liabilities as of September 30, 2025 and 2024 is as follows:
| 2025 | 2024 | |
|---|---|---|
| Balance at January 1 | 3.173.129 | 3.090.817 |
| Additions | 1.093.082 | 493.326 |
| Repayments (-) | (792.998) | (837.678) |
| Disposals (-) | - | (40.010) |
| Changes in the scope of consolidation | (192.906) | - |
| Interest expense (Note 21) | 502.352 | 467.311 |
| Amendments to leasing | 640.187 | 1.007.967 |
| Foreign exchange (gain)/loss | 13.596 | (7.291) |
| Addition through subsidiary acquired (Note 3) | - | 28.765 |
| Currency translation differences | (726.663) | (303.997) |
| Monetary (gain)/loss | (434.279) | (533.495) |
| Balance at September 30 | 3.275.500 | 3.365.715 |
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Current Credit Card Payables | - | 257.056 |
| - | 257.056 |
The book values of derivative instruments as of September 30, 2025, and December 31, 2024, are as follows:
| Beer Group | Soft Drinks | Other | Total | |
|---|---|---|---|---|
| September 30, 2025 | (180.205) | (95.300) | 5.977 | (269.528) |
| December 31, 2024 | 32.193 | 43.336 | 4.386 | 79.915 |
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025 unless otherwise indicated)
The details of derivatives instruments for Beer Operations as of September 30, 2025, is as follows:
| mi No nal Va lue |
Co Am ntr act nts ou or Qu itie ant s |
Ca ing Am nt rry ou As /( Lia bil ity ) set |
Ac in St of nt the ate nt the cou me Fin ial Po siti anc on |
nef fec tiv He dg e I ene ss Re niz ed in Pr ofi r L t o cog oss |
Ma ity tur |
|
|---|---|---|---|---|---|---|
| De riv ati he ld for he dg ing ves : Ca sh flo w h edg e: Int st s ere wap |
800 .00 0 |
- | ( 1.59 2) |
iva tive Der Ins trum ent s |
- | Au t 20 26 gus |
| for rds Cu rre ncy wa : -US D/ TR L -EU R/T RL |
898 .622 353 .88 5 |
21, 7 m illio n U SD 7,3 mi llio n E UR |
( 70. 372 ) ( 15.4 25) |
Der iva tive Ins trum ent s iva tive Der Ins trum ent s |
- - |
Dec emb er 2 025 emb er 2 025 Dec |
| odi Co ty s mm wap s: - A lum iniu m |
405 .82 8 |
3.6 64 ton es |
21. 018 |
Der iva tive Ins trum ent s |
- | Dec emb er 2 026 |
| De riv ati t h eld fo r h edg ing ves no : fo ard Cu rre ncy rw s: -US D/ TR L -EU R/T RL |
1.27 4.2 36 526 .81 8 |
30, 7 m illio n U SD 10,8 mi llio n E UR |
( 93. 377 ) ( 20. 457 ) |
Der iva tive Ins trum ent s iva tive Der Ins trum ent s |
- - |
Ma rch 20 26 rch Ma 20 26 |
| 4.2 59. 389 |
( 180 .20 5) |
|||||
| De riv ati he ld for he dg ing ves : |
||||||
| t in he dge Ne tm ent ves |
- | 500 mi llio n U SD |
( 20. 790 .80 0) |
Bor ing row s |
- | Jun e 20 28 |
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025 unless otherwise indicated)
The details of derivatives instruments for Soft Drink Operations as of September 30, 2025, is as follows:
| No mi nal Va lue |
Co Am ntr act nts ou or Qu itie ant s |
Ca ing Am nt rry ou As /( Lia bil ity ) set |
Ac in the St nt ate nt cou me of the Fi nci al P osi tio na n |
He dg e I nef fec tiv ene ss Re niz ed in Pr ofi r L t o cog oss |
Ma ity tur |
|
|---|---|---|---|---|---|---|
| Der iva tive s he ld f or h edg ing : |
||||||
| Cas h fl hed ow ge |
||||||
| Com dity mo sw aps : |
||||||
| - A lum iniu m |
1.36 8.2 81 |
13.4 32 ton es |
125 .342 |
iva tive Der Ins trum ent s |
- | Oct obe r 20 25- ber 20 26 De cem |
| - Su gar |
386 .71 6 |
20. 475 ton es |
7.1 61 |
iva tive Der Ins trum ent s |
- | Oct obe r 20 25- Ap ril 2 026 |
| x fo rd ( hed ing cha e ri sk) F rat rwa g ex nge |
1.19 0.8 05 |
illio 24, 4 m n E UR |
( ) 37. 774 |
iva tive Der Ins trum ent s |
- | emb Dec er 2 025 |
| F x fo rd ( hed ing cha e ri sk) rat rwa g ex nge |
29. 250 |
0,6 mi llio n E UR |
1.34 2 |
Der iva tive Ins trum ent s |
- | Oct obe r 20 25 |
| x fo rd ( hed ing cha e ri sk) F rat rwa g ex nge |
1.70 1.77 9 |
mil lion 41 US D |
( 9) 183 .99 |
iva tive Der Ins trum ent s |
- | obe Oct r 20 25 |
| air val ue h edg s / ( liab iliti es) F sset e re serv es a |
1.75 0.0 00 |
1,75 bil lion TR Y |
9.8 40 |
ivat ive Der Inst ent rum s |
- | Feb rch 20 26 Ma rua ry – |
| air val hed / ( liab iliti es) F sets ue ge r ese rve s as |
100 .000 |
mi llio 100 n T RY |
( ) 860 |
iva tive Der Ins trum ent s |
- | emb Dec er 2 025 |
| 6.6 69. 941 |
( 95. 300 ) |
|||||
| Der iva tive s he ld f or h edg ing : |
||||||
| inv hed Net estm ent ge |
- | mi llio 500 n U SD |
( 0) 20. 790 .80 |
ing Bor row s |
- | Jan 202 9 uar y |
| Net inv hed estm ent ge |
- | 73 mil lion US D |
( 3.0 35. 457 ) |
Bor ing row s |
- | Ap ril 2 030 |
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025 unless otherwise indicated)
The details of derivatives instruments for Beer Operations as of December 31, 2024 is as follows:
| No mi nal Va lue |
Co Am ntr act nts ou or Qu itie ant s |
Ca ing Am nt rry ou As /( Lia bil ity ) set |
Ac in the St of the nt ate nt cou me Fin ial siti Po anc on |
He dg e I nef fec tiv ene ss niz in ofi Re ed Pr t o r L cog oss |
ity Ma tur |
|
|---|---|---|---|---|---|---|
| De riv ati he ld for he dg ing ves : ash flo w h edg C e Int st s ere wa p: |
376 .29 0 |
- | 902 | riv ativ De e In stru nts me |
- | Oc tob er 2 025 |
| odi Co ty s mm wap s: - A lum iniu m |
555 .02 6 |
4.9 41 ton es |
31. 29 1 |
De riv ativ e In stru nts me |
- | Jan 202 5 – De ber 20 25 uar y cem |
| 931 .31 6 |
32. 193 |
|||||
| De riv ati he ld for he dg ing ves : |
||||||
| t in he dge Ne tm ent ves |
- | 500 mi llio SD n U |
( 22. 165 .86 4) |
win Bo rro gs |
- | e 2 028 Jun |
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025 unless otherwise indicated)
The details of derivatives instruments for Soft Drink Operations as of December 31, 2024, is as follows:
| No mi nal Va lue |
Co ntr act Am nts ou or Qu itie ant s |
Ca ing Am nt rry ou As /( Lia bil ity ) set |
in St Ac nt the ate nt cou me of the Fi nci al P osi tio na n |
nef fec tiv He dg e I ene ss Re niz ed in Pr ofi r L t o cog oss |
Ma ity tur |
|
|---|---|---|---|---|---|---|
| De riv ati he ld for he dg ing ves : |
||||||
| Ca sh flo w h edg e |
||||||
| odi Co ty s mm wap s: |
||||||
| lum - A iniu m |
1.0 61. 923 |
9.6 84 ton es |
33. 835 |
riv ativ De e In stru nts me |
- | ber Jan De 20 25 uar y - cem |
| - S uga r |
1.7 93. 110 |
82. 050 ton es |
9.5 01 |
riv ativ De e In stru nts me |
- | ber Jan De 20 25 uar cem y – |
| x f ard ( hed ing cha e ri sk) F rat orw g ex nge |
1.3 13. 318 |
illi 28, 5 m US D on |
- | riv ativ De e In stru nts me |
- | Jun e 2 025 |
| 4 .16 8.3 51 |
43. 336 |
|||||
| De riv ati he ld for he dg ing ves : |
||||||
| t in he dge Ne tm ent ves |
- | 500 mi llio n U SD |
( 22. 165 .86 4) |
Bo win rro gs |
- | Jan 202 9 uar y |
| Ne t in he dge tm ent ves |
- | mi llio 80 n U SD |
( 8) 3.5 46 .53 |
win Bo rro gs |
- | ril Ap 203 0 |
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025 unless otherwise indicated)
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Receivables from related parties (Note 25) | 293.573 | 278.390 |
| Sublease receivables from related parties (1) (Note 25) | 109.612 | 186.851 |
| Due from personnel | 211.766 | 159.587 |
| Receivables from government institution | 364.716 | 274.639 |
| Deposits and guarantees given | 14.756 | 13.846 |
| Other | 283.033 | 678.652 |
| 1.277.456 | 1.591.965 |
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Deposits and guarantees given | 216.999 | 232.057 |
| Receivables from government institution | 475 | 596 |
| Sublease receivables from related party (Note 25) (1) | 303.376 | 212.433 |
| 520.850 | 445.086 |
(1) Subleases from related parties has been recorded according to TFRS 16 which are related with the management building and leased on behalf of the parent company AG Anadolu Group A.Ş. and the subsidiaries.
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Taxes other than income taxes | 7.248.622 | 11.073.522 |
| Payables related to share changes in subsidiaries that do not result in loss of control | 4.150.680 | 4.425.208 |
| Deposits and guarantees taken | 4.174.161 | 3.590.744 |
| Other current payables to related parties (Note 25) | 4.231.405 | 4.511.274 |
| Payables related to acquisitions at obtaining control of subsidiaries | 710.721 | 730.779 |
| Dividends payable | 337.972 | 361.856 |
| Other | 69.635 | 358.702 |
| 20.923.196 | 25.052.085 |
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Deposits and guarantees taken | 9.166 | 19.802 |
| Other | 1.610.443 | - |
| 1.619.609 | 19.802 |
| September 30, 2025 | December 31, 2024 | |||
|---|---|---|---|---|
| Ownership | Carrying Value | Ownership | Carrying Value | |
| SSDSD (1) | 25,13% | - | 25,13% | |
| Malty Gıda A.Ş. | 25,00% | 229 | 25,00% | 434 |
| Trendbox | 20,00% | 17.632 | 20,00% | 20.014 |
| Neoone | 20,00% | 3.013 | 20,00% | 4.282 |
| 20.874 | 24.730 | |||
| The movement of investments accounted for using equity method as of September 30, 2025, and 2024 are as follows: | ||||
| 2025 | ||||
| Balance at January 1 | 24.730 | 2024 888 |
||
| Gain/(loss) from equity method investment | 6.781 | (6.110) 22.159 |
||
| Share acquisition Other |
- (10.637) |
4.205 |
(1) SSDSD, which has been accounted by using equity method in CCI financial statements, is accounted as investment in associates in Group's financial statement.
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025 unless otherwise indicated)
For the nine-month periods ended September 30, 2025 and 2024, movement on right use of asset are as follows:
| in Ch ang es |
dit ion Ad th h rou g |
||||||||
|---|---|---|---|---|---|---|---|---|---|
| Ne t B ook Va lue |
Am end nts me |
Dis sal po s, |
the f sc op e o |
sub sid iar ire d y a cqu |
Cu lat ion tr rre ncy ans |
Ne t B ook Va lue |
|||
| Cu Ye nt rre ar |
Jan 1, 202 5 ua ry |
Ad dit ion s |
Le asi to ng |
net | Am iza tio ort n |
sol ida tio con n |
( No te 3 ) |
dif fer net enc es, |
Sep ber 30 202 5 tem , |
| La nd |
1.9 14. 165 |
- | 369 .49 0 |
- | ( 113 .40 3) |
( 86. 756 ) |
- | ( 2.5 05) |
2.0 80. 991 |
| ild ing Bu s |
1.0 86. 730 |
23 1.0 45 |
16 2.9 06 |
( 158 .79 8) |
( 224 .16 3) |
( 115 .57 2) |
- | ( 42. 038 ) |
94 0.1 10 |
| Ma chi nd uip nt ner y a eq me |
47. 667 |
17 .41 0 |
3.3 68 |
- | ( 23. 789 ) |
- | - | ( 19. 965 ) |
24 .69 1 |
| Ve hic les |
837 .37 7 |
84 4.6 42 |
- | ( 1.3 48) |
( 384 .58 7) |
- | - | ( 73. 419 ) |
1.2 22. 665 |
| Ot her |
1.2 62 |
- | - | - | - | - | - | 2.1 07 |
3.3 69 |
| 3.8 87. 201 |
1.0 93. 097 |
535 .76 4 |
( 160 .14 6) |
( 745 .94 2) |
( 202 .32 8) |
( 135 .82 0) |
4.2 71. 826 |
| Pre vio us yea r |
ook lue Ne t B Va Jan 1, 202 4 uar y |
Ad dit ion s |
end Am nts me to L ing eas |
Dis als t pos , ne |
Am iza tion ort |
Ch in t he ang es of sco pe sol ida tion con |
Ad dit ion thr h oug sub sid iary ire d ac qu ( No te 3 ) |
nsl atio Cu tra rre ncy n dif fer t enc es, ne |
ook lue Ne t B Va Sep ber 30 202 4 tem , |
|---|---|---|---|---|---|---|---|---|---|
| d Lan |
1.78 4.2 34 |
5.2 33 |
60 4.8 39 |
( 1.88 0) |
( 115 .40 1) |
- | - | ( 026 ) 57. |
2.2 19.9 99 |
| ild ing Bu s |
1.08 5.5 16 |
82 .34 6 |
18 8.2 76 |
( 18.8 41) |
( 171 .10 6) |
- | 28 .76 6 |
( 75. 674 ) |
1.1 19.2 83 |
| chi nd ipm Ma ent ner y a equ |
73 .68 3 |
32 .532 |
- | 3.9 55 |
( 39. 708 ) |
- | - | ( 13. 155 ) |
57 .30 7 |
| Ve hic les |
753 .10 3 |
37 3.2 14 |
9.1 29 |
( 726 ) |
( 323 .18 5) |
- | - | ( 97. 064 ) |
71 4.4 71 |
| Oth er |
1.26 1 |
- | - | - | ( 356 ) |
- | - | ( 436 ) |
469 |
| 3.6 97. 797 |
49 3.3 25 |
80 2.2 44 |
( 17.4 92) |
( 649 .75 6) |
- | 28 .76 6 |
( 243 .35 5) |
4.1 11.5 29 |
Interest income from sub-leases is TRL 87.705 (2024: TRL 79.155)
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025 unless otherwise indicated)
For the nine-month periods ended September 30, 2025 and 2024, movement on property, plant and equipment are as follows:
| Ad dit ion |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| thr h ou g |
||||||||||
| Ch in the ang es |
sub sid iar y |
Cu rre ncy |
Im irm / ent pa |
Ne t B ook Va lue |
||||||
| Ne t B ook Va lue |
of sco pe |
uir ed acq |
nsl ati tra on |
( Im irm ent pa |
Sep ber 30 tem , |
|||||
| Cu nt Ye rre ar |
1, 202 Jan 5 ua ry |
Ad dit ion s |
cia tio De pre n |
Dis sal et po s, n |
ida tio sol con n |
( No te 3 ) |
dif fer net enc es, |
al) et rev ers , n |
Tr fer et ans s, n |
202 5 |
| im La nd d l and ent an pro vem s |
6.3 45. 935 |
35. 866 |
( 43. 189 ) |
( 93) |
( 421 .02 5) |
- | ( 12. 297 ) |
- | 81. 041 |
5.9 86. 238 |
| Bu ild ing s |
26. 121 .35 3 |
866 .84 3 |
( 795 .14 5) |
( 11. 244 ) |
( 3.8 66. 219 ) |
- | ( 843 .08 5) |
( 27. 096 ) |
2.5 38. 798 |
23. 984 .20 3 |
| Ma chi nd uip nt ner y a eq me |
36. 144 .73 6 |
1.5 67. 617 |
( 2.8 41. 252 ) |
( 129 .44 4) |
( 8.8 126 ) 55. |
- | ( 715 6) .75 |
( 65. 183 ) |
3.7 32. 549 |
28. 838 .14 1 |
| hic Ve les |
812 .26 4 |
73. 197 |
( 125 .49 8) |
( 3.2 53) |
( 136 .25 1) |
- | ( 43. 557 ) |
- | 24. 063 |
600 .96 5 |
| Ot her ibl ( *) ta ng es |
20. 156 .87 3 |
3.7 97. 060 |
( 4.2 61. 828 ) |
( 244 .22 5) |
( 564 .76 5) |
- | ( 577 .28 6) |
( 31. 779 ) |
1.0 54. 347 |
19. 328 .39 6 |
| Bio log ica l as set s |
2.1 94. 161 |
254 .11 0 |
( 108 .33 3) |
( 16) 5.8 |
- | - | - | - | 32. 936 |
2.3 67. 058 |
| d i Le hol ent ase mp rov em s |
45. 069 |
1.1 58 |
( 7.7 47) |
- | - | - | 64. 980 |
- | 17. 025 |
120 .48 5 |
| Co tio n i nst ruc n p rog res s |
10. 083 .29 5 |
6.8 90. 595 |
- | - | ( 2.3 47. 097 ) |
- | ( 673 .43 2) |
- | ( 7.5 27. 683 ) |
6.4 25. 678 |
| 10 1.9 03. 686 |
13. 486 .44 6 |
( 8.1 82. 992 ) |
( 394 .07 5) |
( 16. 190 .48 3) |
- | ( 2.8 00. 434 ) |
( 124 .05 8) |
( 46. 925 ) |
87. 651 .16 5 |
| Ad dit ion thr h oug |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ch in t he ang es |
sub sid iary |
Cu rre ncy |
irm / Im ent pa |
ook lue Ne t B Va |
||||||
| Ne t B ook Va lue |
of sco pe |
uir ed acq |
sla tio tran n |
( Im irm ent pa |
Tra nsf ers , |
Sep ber 30 tem , |
||||
| iou Pre v s y ear |
Jan 1, 202 4 uar y |
Ad dit ion s |
cia tio De pre n |
Dis als t pos , ne |
sol ida tion con |
( ) No te 3 |
dif fer net enc es, |
al) t rev ers , ne |
net | 202 4 |
| d a nd lan d im Lan ent pro vem s |
7.1 13. 262 |
1.3 64 |
( 119 .98 7) |
( 334 .92 7) |
- | 224 .70 8 |
( 603 .46 5) |
- | 37. 750 |
6.3 18. 705 |
| Bu ild ing s |
28 .73 4.7 23 |
80. 905 |
( 850 .40 4) |
( 429 .08 9) |
- | 732 .31 9 |
( 3.3 95. 239 ) |
- | 1.6 78. 750 |
26 .55 1.9 65 |
| chi nd ipm Ma ent ner y a equ |
35. 570 .15 0 |
2.4 49 .44 0 |
( ) 3.7 54. 999 |
( 7) 477 .24 |
- | 1.1 95. 490 |
( ) 3.7 31. 676 |
41 1 |
4.4 58. 71 1 |
35. 710 .28 0 |
| Ve hic les |
983 .09 3 |
61. 379 |
( 167 .74 3) |
( 3.3 72) |
- | - | ( 154 .28 1) |
- | 36. 515 |
755 .59 1 |
| Oth ibl ( *) er t ang es |
21 .09 3.9 30 |
4.2 39. 574 |
( 4.4 76. 306 ) |
( 719 .62 0) |
- | 889 .85 2 |
( 1.9 01. 86 1) |
2.4 49 |
1.0 72. 542 |
20 .20 0.5 60 |
| Bio log ica l as set s |
2.1 00. 326 |
192 .70 3 |
( 112 .80 7) |
- | - | - | - | - | - | 2.1 80. 222 |
| Le hol d im ent ase pro vem s |
49 .25 1 |
- | ( 5.1 86) |
( 535 ) |
- | 2.2 91 |
( 14. 714 ) |
- | 892 | 31. 999 |
| tio n in Co nst ruc pr ogr ess |
8.6 92. 763 |
9.8 29 .39 4 |
- | ( 76) 1.4 |
- | 1.9 21 .04 8 |
( 9) 1.5 46 .54 |
( 25) 8.6 |
( 6) 7.3 21 .80 |
11. 564 .74 9 |
| 104 .33 7.4 98 |
16. 854 .75 9 |
( ) 9.4 87. 432 |
( ) 1.9 66. 266 |
- | 4.9 65. 708 |
( 5) 11. 347 .78 |
( 65) 5.7 |
( ) 36. 646 |
103 .31 4.0 71 |
(*) Other tangibles consist of coolers, returnable containers and their complementary assets.
As of September 30, 2025, there is a pledge on property, plant and equipment of TRL 125.690 (September 30, 2024 – TRL 137.725) for loans of Soft Drink Operations. This amount is disclosed in the Commitments and Contingencies note under guarantees, pledges and mortgages (GPMs) table (Note 16).
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025 unless otherwise indicated)
For the nine-month periods ended September 30, 2025 and 2024, movement on other intangible assets are as follows:
| Ad d it ion hr h t ou g |
Cu rre nc y |
||||||||
|---|---|---|---|---|---|---|---|---|---|
| Ne Bo k V lue t o a |
Ch in the ang es |
bs id iar su y |
lat ion tra ns |
||||||
| Ja 1, nu ary |
D isp ls, osa |
of sco pe |
ire d ac q u |
i f fer d en ces , |
Ne t Bo k V lue o a |
||||
| Cu nt Ye rre ar |
2 0 25 |
Ad it ion d s |
Am iza ion ort t |
t ne |
sol ida tio con n |
( 3 ) No te |
t ne |
fer Tr et an s s, n |
Se 3 0, 2 0 25 tem be p r |
| Bo l ing tt ntr act co s |
1 15 0 8. 1 1 0 7 |
- | - | - | - | - | ( 2. 4 9 1 4 ) 7. 7 |
- | 1 1 3. 2 1 0. 3 9 6 |
| L ice nts nc e a g ree me |
2 3. 7 3 8. 0 5 2 |
- | - | - | ( 1 9. 9 2 0. 5 0 2 ) |
- | ( 3. 8 17 5 5 0 ) |
- | - |
| Br ds an |
3. 6 2 6. 9 7 8 |
- | - | ( 2. 5 4 0. 2 6 0 ) |
- | 1 8 0. 7 3 3 |
- | 1. 2 6 7. 45 1 |
|
| R ig hts |
1. 1 25 0 0 4 |
3. 3 9 7 |
( 1 6 1. 7 6 5 ) |
- | ( 4 8 4. 4 6 3 ) |
- | ( 4 4. 4 3 5 ) |
4 2. 9 4 6 |
4 8 0. 6 8 4 |
| Co ion in nst ct ru p ro g res s |
1. 1 3 8. 8 4 2 |
5 3 2. 1 3 6 |
- | - | - | - | - | ( 6 0. 7 0 7 ) |
1. 6 1 0. 27 1 |
| Ot he int ib le ets r an g ass |
2. 9 2 6. 4 25 |
45 4. 0 7 7 |
( 4 6 5. 47 8 ) |
( 5 2 1 ) |
( 1 1 9. 1 3 3 ) |
- | ( 7 5. 1 9 2 ) |
6 2. 9 3 9 |
2. 7 8 3. 1 17 |
| 1 4 8. 2 6 3. 4 1 1 |
9 8 9. 6 1 0 |
( 6 27 2 4 3 ) |
( 5 2 1 ) |
( 2 3. 0 6 4. 3 5 8 ) |
- | ( 6. 25 4. 15 8 ) |
45 17 8 |
1 1 9. 3 5 1. 9 1 9 |
| A d d it ion hro h t ug |
Cu rre nc y |
||||||||
|---|---|---|---|---|---|---|---|---|---|
| Ch in t he ang es |
bs i d iar su y |
lat ion tra ns |
k Ne Bo t o |
||||||
| k V lue Ne Bo t o a |
isp ls, D osa |
of sco pe |
ire d acq u |
d i f fer enc es, |
fer Tr an s s, |
lue Va |
|||
| iou Pre Ye s ar v |
1, 2 0 2 4 Jan ua ry |
A d d it ion s |
Am iza ion ort t |
t ne |
sol ida tio con n |
( 3 ) No te |
t ne |
t ne |
Sep be 3 0, 2 0 2 4 tem r |
| l ing Bo tt ntr act co s |
1 27 6 5 4. 9 9 9 |
- | - | - | - | - | ( ) 8. 7 7 3. 3 3 4 |
- | 1 1 8. 8 8 1. 6 6 5 |
| ice L nts nc e a g ree me |
3 2. 4 15 7 2 4 |
- | - | - | - | - | ( ) 5. 6 7 4. 2 25 |
- | 2 6. 7 4 1. 4 9 9 |
| ds Br an |
4. 8 7 4. 4 1 1 |
- | - | - | - | - | ( ) 8 3 7. 4 4 2 |
- | 4. 0 3 6. 9 6 9 |
| ig hts R |
5 8 5. 0 4 1 |
9 7 0 |
( ) 17 4. 7 8 8 |
- | - | - | ( ) 5 2. 0 2 6 |
6 8. 8 1 4 |
4 2 8. 0 1 1 |
| ion in Co nst t ruc p rog res s |
7 9 7. 5 3 3 |
4 3 1. 7 9 1 |
- | - | - | - | - | ( ) 7 1 3. 2 15 |
5 1 6. 1 0 9 |
| he int i b le Ot ets r an g ass |
2. 9 1 3. 3 0 2 |
3 5 4. 5 8 6 |
( 4 0 0. 5 3 0 ) |
( 7 3. 7 9 7 ) |
- | - | 1 2. 7 4 6 |
7 0 0. 0 8 1 |
3. 5 0 6. 3 8 8 |
| 1 6 9. 2 4 1. 0 1 0 |
7 8 7. 3 47 |
( 5 7 5. 3 1 8 ) |
( 7 3. 7 9 7 ) |
- | - | ( 15 3 2 4. 2 8 1 ) |
5 5. 6 8 0 |
15 4. 1 1 0. 6 4 1 |
As of September 30, 2025, there is no pledge on intangible assets. (September 30, 2024: None).
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025 unless otherwise indicated)
For the nine-month period ended September 30, 2025 and 2024, movements of the goodwill during the period are as follows:
| 2025 | 2024 | |
|---|---|---|
| At January 1 | 17.336.418 | 22.781.972 |
| Additions (Note 3) | - | 379.835 |
| Changes in the scope of consolidation | (6.644.087) | - |
| Currency translation differences | (1.398.494) | (3.558.515) |
| At September 30 | 9.293.837 | 19.603.292 |
The legal reserves consist of first and second legal reserves in accordance with the Turkish Commercial Code. The first legal reserve is appropriated out of the statutory net income at the rate of 5%, until the total reserve reaches a maximum of 20% of the Company's issued capital. The second legal reserve is appropriated at the rate of 10% of all distributions in excess of 5% of the Company's issued capital. The legal reserves are not available for distribution unless they exceed 50% of the issued capital, other than that legal reserves cannot be used.
Public companies distribute dividends in accordance with the Dividend Communiqué No. II-19.1 of the Capital Markets Board, which came into effect on February 1, 2014, and the announcement made pursuant to the decision of the Board's Decision-Making Body dated March 7, 2024, and numbered 14/382.
Companies distribute dividend within the framework of the profit distribution policies determined by the general assemblies and in accordance with the related legislation by the decision of the general assembly. Within the scope of the communiqué, a minimum distribution ratio has not been determined. Companies pay dividends as specified in articles of incorporation and in profit distribution policies.
The positive differences from the inflation adjustment of the paid-in capital can be used in bonus issue of shares. Restricted reserves appropriated from profits and extraordinary reserves can be used in bonus issue of shares, cash dividend distributions, or offsetting losses.
For September 30, 2025, nominal amounts, equity index differences and indexed value of equity are as follows:
| September 30, 2025 | |||
|---|---|---|---|
| Statutory | |||
| Statutory Amounts | Amounts Indexed | Amounts Presented in | |
| Indexed per PPI | per CPI | Prior Years' Profits | |
| Inflation Adjustments on Capital | 12.433.326 | 9.734.484 | 2.698.842 |
| Share Premium (Discount) | - | 2.608.929 | (2.608.929) |
| Restricted Reserves Appropriated from Profits |
7.493.131 | 6.852.018 | 641.113 |
| Extraordinary reserves | 1.326.727 | 332.347 | 994.380 |
As of September 30, 2025, the amount of Prior Years' Profits or Losses with inflation accounting applied was TRL 121.191.955.
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025 unless otherwise indicated)
As of September 30, 2025, and December 31, 2024, guarantees, pledges, and mortgages (GPMs) given in favor of the parent company and subsidiaries included in full consolidation are as follows:
| September 30, 2025 | ||||||
|---|---|---|---|---|---|---|
| Total TRL Equivalent |
Original Currency TRL |
Original Currency Thousand USD |
Original Currency Thousand EUR |
Original Currency Thousand PKR |
Other Foreign Currency TRL Equivalent |
|
| A. GPMs given on behalf of the Company's legal personality |
4.504.241 | 3.712.397 | 7.298 | 4.839 | 162.155 | 229.081 |
| B. GPMs given in favor of subsidiaries included in full consolidation (1) |
18.478.848 | 881.255 | 244.400 | - | 16.800.000 | 4.974.585 |
| C. GPMs given by the Company for the liabilities of 3rd parties in order to run ordinary course of business |
- | - | - | - | - | - |
| D. Other GPMs i. GPMs given in favor of parent company |
- - |
- - |
- - |
- - |
- - |
- - |
| ii. GPMs given in favor of group companies not in the scope of B and C above |
- | - | - | - | - | - |
| iii. GPMs given in favor of third party companies not in the scope of C above |
- | - | - | - | - | - |
| Total | 22.983.089 | 4.593.652 | 251.698 | 4.839 | 16.962.155 | 5.203.666 |
| Ratio of other GPMs over the Company's equity (%) |
- |
| December 31, 2024 | ||||||
|---|---|---|---|---|---|---|
| Total TRL Equivalent |
Original Currency TRL |
Original Currency Thousand USD |
Original Currency Thousand EUR |
Original Currency Thousand PKR |
Other Foreign Currency TRL Equivalent |
|
| A. GPMs given on behalf of the | ||||||
| Company's legal personality |
4.631.741 | 3.489.938 | 10.802 | 9.126 | 324.304 | 191.789 |
| B. GPMs given in favor of subsidiaries included in full consolidation (1) |
18.728.399 | 1.018.007 | 244.400 | - | 16.800.000 | 4.226.237 |
| C. GPMs given by the Company for the liabilities of 3rd parties in order to run ordinary course of business |
- | - | - | - | - | - |
| D. Other GPMs | - | - | - | - | - | - |
| i. GPMs given in favor of parent company |
- | - | - | - | - | - |
| ii. GPMs given in favor of group companies not in the scope of B and C above |
- | - | - | - | - | - |
| iii. GPMs given in favor of third party companies not in the scope of C above |
- | - | - | - | - | - |
| Total | 23.360.140 | 4.507.945 | 255.202 | 9.126 | 17.124.304 | 4.418.026 |
| Ratio of other GPMs over the Company's equity (%) |
- |
(1) Consists of the GPMs given in favor of subsidiaries included in full consolidation for their borrowings. These financial liabilities are included in short-term and long-term borrowings in consolidated financial statements.
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025 unless otherwise indicated)
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 have USD 37,8 million purchase commitments to the banks for sugar and resin until December 31, 2026, respectively. (December 31, 2024- USD 16,4 million sugar and resin until March 31, 2025 and USD 41 million sugar and resin until June 30, 2025).
Legislation and regulations regarding taxation and foreign currency transactions in most of the territories in which the Group operates out of Türkiye continue to evolve as a result of the transformation from command to market oriented economy managed by the government. 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 (as examples, customs and currency control) 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 may create tax risks in the territories in which the Group operates substantially more so than typically found in countries with more developed tax systems.
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 25 million USD (equivalent to 314.5 billion UZS), 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.Group management does not expect any adverse consequences. Accordingly, no provision has been accounted in 30 September 2025 financials.
As of September 30, 2025, according to the legal opinion obtained by the management in response to the 55 lawsuits filed against Beer Operations, in the event of loss the estimated compensation will be million TRL 96.557. In the opinion given by the legal counsel of the Group, it is stated that there is low probability of losing the cases and so no provision has been made in the financial statements. (December 31, 2024 - estimated compensation TRL 158.022).
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025 unless otherwise indicated)
CCİ and subsidiaries in Türkiye 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 TRL 52.062. According to the legal opinion obtained by the management, no court decision has been granted yet as of September 30, 2025 (December 31, 2024 –TRL - 61.987).
As of September 30, 2025, CCBPL has various tax litigations. If the claims are resulted against CCBPL, the tax liability would be TRL 109.945 (December 31, 2024 – TRL 118.967).
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.
The Pakistan tax authority, citing the cancellation decision, has requested additional taxes from CCBPL (Coca-Cola Beverages Pakistan Limited) by arguing for the retrospective application of the "Sales and Excise Taxes" system before its cancellation. The company management, based on the principle of non-retroactivity of constitutional court decisions and also asserting that the obligations under the "Capacity Tax" regime in force during the relevant period were fully complied with, has objected to this request and taken the matter to court. As of end of 2024, the issue has been resolved between the company and the tax authority.
Group management does not expect any adverse consequences related with these litigations that would materially affect Group's operation results or financial status.
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Prepaid sales expenses | 4.722.069 | 4.327.640 |
| Advances given to suppliers | 2.536.555 | 3.022.664 |
| Prepaid insurance expenses | 708.402 | 603.903 |
| Prepaid rent expenses | 14.326 | 24.641 |
| Prepaid other expenses | 1.624.956 | 1.320.599 |
| 9.606.308 | 9.299.447 |
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Prepaid sales expenses | 3.392.320 | 3.487.858 |
| Advances given to suppliers | 1.608.620 | 1.641.135 |
| Prepaid rent expenses | - | 883 |
| Prepaid other expenses | 468.836 | 755.968 |
| 5.469.776 | 5.885.844 |
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025 unless otherwise indicated)
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Advances taken | 1.085.762 | 838.718 |
| Deferred income | 36.731 | 90.592 |
| 1.122.493 | 929.310 |
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Deferred income | 640 | 500 |
| 640 | 500 |
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Value Added Tax (VAT) deductible or to be transferred | 2.388.537 | 3.948.717 |
| Other Current Assets from related parties (Anadolu Efes Spor Kulubü) | 360.000 | 232.046 |
| Prepaid taxes (other than income tax and VAT) | 23.760 | 103.933 |
| Deferred VAT and other taxes | 32.436 | 33.739 |
| Other | 509.788 | 459.934 |
| 3.314.521 | 4.778.369 |
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Deferred VAT and other taxes | 802 | 1.263 |
| Other | 162 | 935 |
| 964 | 2.198 |
As of September 30, 2025, and December 31, 2024, other current liabilities are as follows:
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Put option liability | 97.956 | 104.435 |
| Deferred VAT and other taxes | 39.996 | 41.864 |
| Other | 22.957 | 45.359 |
| 160.909 | 191.658 |
As of September 30, 2025, and December 31, 2024, other non- current liabilities are as follows:
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Deferred VAT and other taxes | 802 | 1.016 |
| Other | 8.447 | 34 |
| 9.249 | 1.050 |
As of September 30, 2025, the obligation of TRL 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 Türkiye and resulting TRL amount is reflected under other current liabilities (December 31, 2024 – TRL 104.434).
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025 unless otherwise indicated)
| January 1- September 30, 2025 |
July 1- September 30, 2025 |
January 1- September 30, 2024 |
July 1- September 30, 2024 |
|
|---|---|---|---|---|
| Foreign exchange gains arising from operating activities |
1.770.000 | 557.434 | 2.206.032 | 261.426 |
| Gain from scrap and other materials | 518.973 | 190.863 | 1.170.973 | 377.922 |
| Insurance compensation income | 148.272 | 115.825 | 643.221 | 81.005 |
| Reversal of provision for inventory obsolescence |
41.857 | (1.531) | 252.539 | 46.498 |
| Rent income | 13.881 | 3.829 | 37.074 | 11.209 |
| Other | 1.255.756 | 362.869 | 1.300.066 | 328.184 |
| 3.748.739 | 1.229.289 | 5.609.905 | 1.106.244 |
| January 1- September 30, 2025 |
July 1- September 30, 2025 |
January 1- September 30, 2024 |
July 1- September 30, 2024 |
|
|---|---|---|---|---|
| Foreign exchange losses arising from operating activities |
(2.106.488) | (655.327) | (3.109.780) | (992.270) |
| Loss from scrap and other materials | (317.665) | (134.501) | (873.437) | (247.360) |
| Provision for expected credit loss | (35.610) | (22.494) | (280.554) | (25.532) |
| Provision for inventory obsolescence | (75.257) | (23.858) | (177.458) | (18.902) |
| Donations | (2.150) | (1.906) | (6.206) | (5.528) |
| Other | (1.211.917) | (472.807) | (1.339.636) | (288.359) |
| (3.749.087) | (1.310.893) | (5.787.071) | (1.577.951) |
| January 1- September 30, 2025 |
July 1- September 30, 2025 |
January 1- September 30, 2024 |
July 1- September 30, 2024 |
|
|---|---|---|---|---|
| Gain on disposal of fixed assets | 161.482 | 123.852 | 152.574 | 34.623 |
| Gain recognized as a result of changes in the scope of consolidation(*) |
3.520.527 | - | - | - |
| Provision for impairment on PPE no longer required |
6.541 | 1.228 | 8.817 | 124 |
| Other (*) | 106.046 | (4.962) | - | - |
| 3.794.596 | 120.118 | 161.391 | 34.747 |
(*) Gain recognized as a result of changes in the scope of consolidation is due to the reclassification of foreign currency translation differences from other comprehensive income to profit or loss. (Note 1)
| January 1- | July 1- | January 1- | July 1- | |
|---|---|---|---|---|
| September 30, | September 30, | September 30, | September 30, | |
| 2025 | 2025 | 2024 | 2024 | |
| Loss on disposal of PPE | (198.875) | (83.765) | (351.277) | (267.494) |
| Provision for impairment on PPE | (130.599) | (78.539) | (14.584) | (1.329) |
| (329.474) | (162.304) | (365.861) | (268.823) |
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025 unless otherwise indicated)
| January 1- September 30, 2025 |
July 1- September 30, 2025 |
January 1- September 30, 2024 |
July 1- September 30, 2024 |
|
|---|---|---|---|---|
| Foreign exchange gain | 2.437.087 | 785.431 | 8.333.140 | 3.161.690 |
| Interest income | 2.643.239 | 1.099.794 | 3.554.031 | 1.545.009 |
| Gain on derivative transactions | 423.492 | 113.413 | 233.727 | 99.325 |
| Interest income from subleases | 87.705 | 31.511 | 79.155 | 30.455 |
| Gain arising from the termination of lease agreements |
167.942 | 160.664 | 30.318 | 30.318 |
| 5.759.465 | 2.190.813 | 12.230.371 | 4.866.797 |
| January 1- September 30, 2025 |
July 1- September 30, 2025 |
January 1- September 30, 2024 |
July 1- September 30, 2024 |
|
|---|---|---|---|---|
| Interest and borrowing expense | (14.308.286) | (4.705.063) | (12.961.619) | (4.607.230) |
| Foreign exchange loss | (2.513.833) | (601.115) | (5.354.984) | (1.340.023) |
| Bank commission and fees | (2.363.337) | (1.168.078) | (2.578.719) | (813.392) |
| Loss on derivative transactions | (649.546) | (337.118) | (1.274.176) | (576.202) |
| Interest expense from leases | (502.352) | (180.071) | (467.311) | (150.529) |
| Loss arising from the termination of lease agreements |
(149.996) | 4.067 | (7.800) | (1.312) |
| Other | (59.317) | (18.452) | - | - |
| (20.546.667) | (7.005.830) | (22.644.609) | (7.488.688) |
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025 unless otherwise indicated)
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.
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Türkiye | 25% | 25% |
| The Netherlands | 25% | 25% |
| Kazakhstan | 20% | 20% |
| Moldova | 12% | 12% |
| Georgia | - | - |
| Ukraine | 18% | 18% |
| Azerbaijan | 20% | 20% |
| Krygyzstan | 10% | 10% |
| Pakistan | 39% | 39% |
| Iraq | 15% | 15% |
| Jordan | 21% | 21% |
| Turkmenistan | 8% | 8% |
| Tajikistan | 18% | 18% |
| Uzbekistan | 15% | 15% |
| Bangladesh | 25% | 25% |
In Türkiye, with the law titled "Law on the Introduction of Additional Motor Vehicle Tax to Compensate for the Economic Losses Caused by the Earthquakes on February 6, 2023, and on the Amendment of Some Laws and Decree Law No. 375" published in the Official Gazette dated July 15, 2023, and numbered 32249, the Corporate Tax rate increased from 20% to 25%.
As of September 30, 2025, and December 31, 2024 consolidated deferred tax assets and liabilities calculated by using effective tax rates are summarized as below:
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Deferred tax asset | 11.699.566 | 11.876.307 |
| Deferred tax liability | (25.534.901) | (34.014.309) |
| (13.835.335) | (22.138.002) |
| Asset | Liability | Net | |||||
|---|---|---|---|---|---|---|---|
| September 30, 2025 |
December 31, 2024 |
September 30, 2025 |
December 31, 2024 |
September 30, 2025 |
December 31, 2024 |
||
| PP&E and intangible assets and right of use assets |
- | - | (24.551.642) | (30.972.559) | (24.551.642) | (30.972.559) | |
| Inventories | 95.889 | - | - | (26.377) | 95.889 | (26.377) | |
| Carry forward losses | 5.395.006 | 5.212.453 | - | - | 5.395.006 | 5.212.453 | |
| Retirement pay liability and other employee benefits |
439.026 | 423.242 | - | - | 439.026 | 423.242 | |
| Other provisions and accruals | 3.253.159 | 1.496.454 | - | - | 3.253.159 | 1.496.454 | |
| Unused investment discounts | 1.447.045 | 1.552.117 | - | - | 1.447.045 | 1.552.117 | |
| Derivative financial instruments |
86.182 | 176.668 | - | - | 86.182 | 176.668 | |
| 10.716.307 | 8.860.934 | (24.551.642) | (30.998.936) | (13.835.335) | (22.138.002) |
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025 unless otherwise indicated)
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, tax advantage amounting to 1.447.045 (December 31, 2024: TRL 1.552.117) 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 September 30, 2025, deferred tax income /(expense) amounting to TRL (105.072) 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, the tax advantage from welfare programs has not been utilized in the statutory tax provision for the current period. (September 30, 2024: None).
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 expenditure 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 TRL 31.555 (September 30, 2024: TRL 21.783).
Basic earnings per share is calculated by dividing the net income for the period attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Weighted average number of shares represents the number of shares as a result of capital increase and adjusted number of shares at the beginning period multiplied with the time-weighting factor. Time weighting factor is calculated by dividing the number of days that the shares are available by the total number of days of the period. The Group has no dilutive instruments.
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025 unless otherwise indicated)
Following table illustrates the net income and share figures used in earnings per share calculation:
| January 1- September 30, 2025 |
July 1- September 30, 2025 |
January 1- September 30, 2024 |
July 1- September 30, 2024 |
|
|---|---|---|---|---|
| Weighted average number of shares (full value) (*) | 5.921.052.630 | 5.921.052.630 | 5.921.052.630 | 5.921.052.630 |
| Profit/ (loss) for the owners of parent | 11.588.849 | 5.252.637 | 18.149.966 | 7.464.755 |
| Earnings/ (losses) per share (full TRL) | 1,9572 | 0,8871 | 3,0653 | 1,2607 |
| Profit/ (loss) for the owners of parent | 11.588.849 | 5.252.637 | 18.149.966 | 7.464.755 |
| Profit/ (loss) from continuing operations | 11.588.849 | 5.252.637 | 18.149.966 | 7.464.755 |
| Earnings/ (losses) from continuing operations (full TRL) | 1,9572 | 0,8871 | 3,0653 | 1,2607 |
There have been no other transactions involving ordinary shares or potential ordinary shares between the financial statement date and the date of approval of these financial statements.
(*) As a result of the bonus share issuance registered on 24 June 2025, new shares were issued without any consideration in exchange for existing ordinary shares. This issuance increased the number of ordinary shares without any increase in resources. Accordingly, the number of ordinary shares outstanding before the issuance has been adjusted proportionally to reflect the change in the number of shares
For the period January-December 2024, a cash dividend proposal of indexed gross full TRL 1,4096 (indexed net full TRL1,1982) per each share with full TRL 1 nominal value was realized, resulting in a 140,96% indexed gross dividend distribution over its issued capital amounting to TRL 592.105. During the General Assembly held on April 14, 2025, it was decided to distribute an indexed cash dividend of TRL 854.651. After the deduction of five percent of the issued capital from the total dividend amount, ten percent of the remaining amount is to be allocated as a secondary legal reserve, and after the distribution of dividends and allocation of the necessary legal reserves, the remaining portion is to be allocated as extraordinary reserves. Consequently, the dividend payment has been scheduled for May 27, 2025. Moreover, in accordance with the Company's articles of association, an indexed dividend of TRL 80.189 has been calculated for the founding shareholders.
In 2025, dividend accrued amounting to TRL 1.716.881 (2024 – TRL – 1.591.458) has been made to non-controlling interests.
| Trade Receivables | Other Receivables | |||
|---|---|---|---|---|
| September 30, 2025 | December 31,2024 September 30, 2025 | December 31,2024 | ||
| Migros Group Companies (2) | 3.750.863 | 2.439.443 | - | - |
| AB InBev Group Companies (3) | 36.643 | 147.949 | 293.573 | 278.390 |
| (1) (*) AG Anadolu Grubu Holding A.Ş. |
169 | 51 | 412.988 | 399.284 |
| Other | 82.624 | 75.335 | - | - |
| 3.870.299 | 2.662.778 | 706.561 | 677.674 |
(*) As of September 30, 2025, TRL 412.988 accounted for in accordance with TFRS 16 includes other receivables related to sublease (December 31, 2024 – TRL 399.284).
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025 unless otherwise indicated)
| Trade Payables | Other Payables | |||
|---|---|---|---|---|
| September 30, 2025 |
December 31, 2024 |
September 30, 2025 |
December 31, 2024 |
|
| AB InBev Group Companies (3) | 641.820 | 3.336.193 | 4.231.405 | 4.511.274 |
| Anadolu Efes Spor Kulübü | 360.000 | 395.084 | - | - |
| (1) AG Anadolu Grubu Holding A.Ş. |
60.707 | 98.001 | - | - |
| (2) Anadolu Vakfı |
- | 115.673 | - | - |
| Oyex Handels GmbH (2) | 34.989 | 80.031 | - | - |
| Other | 16.366 | 57.157 | - | - |
| 1.113.882 | 4.082.139 | 4.231.405 | 4.511.274 |
(1) The shareholder of the Group
| Nature of transaction | January 1- September 30, 2025 |
July 1- September 30, 2025 |
January 1- September 30, 2024 |
July 1- September 30, 2024 |
|
|---|---|---|---|---|---|
| AB InBev Group Companies (3) | Service and Purchase of Trade Goods |
1.417.011 | 543.819 | 2.948.457 | 1.128.659 |
| Anadolu Efes Spor Kulübü | Service | 332.257 | 123.426 | 575.298 | 126.780 |
| AG Anadolu Grubu Holding A.Ş. (1) | Consultancy Service | 277.629 | 91.328 | 231.988 | 91.845 |
| Oyex Handels GmbH (2) | Purchase of Materials and Fixed Assets |
118.035 | 37.029 | 258.776 | 110.273 |
| Other | 5.432 | 341 | 5.581 | 1.851 | |
| 2.150.364 | 795.943 | 4.020.100 | 1.459.408 |
| Nature of transaction |
January 1- September 30, 2025 |
July 1- September 30, 2025 |
January 1- September 30, 2024 |
July 1- September 30, 2024 |
|
|---|---|---|---|---|---|
| AG Anadolu Grubu Holding A.Ş. (1) | Interest Income from Subleases |
87.705 | 31.511 | 79.155 | 30.455 |
| 87.705 | 31.511 | 79.155 | 30.455 |
| Nature of transaction |
January 1- September 30, 2025 |
July 1- September 30, 2025 |
January 1- September 30, 2024 |
July 1- September 30, 2024 |
|
|---|---|---|---|---|---|
| Migros Group Companies (2) | Sales Income | 7.409.551 | 2.595.090 | 7.442.393 | 2.965.254 |
| AB InBev Group Companies (3) | Other Income | 32.267 | 4.491 | 101.611 | (40.121) |
| Other | Other Income | 3.212 | 949 | 56.857 | 52.534 |
| 7.445.030 | 2.600.530 | 7.600.861 | 2.977.667 |
(1) The shareholder of the Group
(2) Related party of AG Anadolu Grubu Holding A.Ş. (a shareholder)
(3) Related parties of AB Inbev Harmony Ltd. (a shareholder)
(2) Related party of AG Anadolu Grubu Holding A.Ş. (a shareholder)
(3) Related parties of AB Inbev Harmony Ltd. (a shareholder)
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025 unless otherwise indicated)
As of September 30, 2025, and 2024, remuneration and similar benefits received by members of the Board of Directors and Executive Directors of Anadolu Efes are as follows:
| January 1- | July 1- | January 1- | July 1- | |
|---|---|---|---|---|
| September 30, | September 30, | September 30, | September 30, | |
| 2025 | 2025 | 2024 | 2024 | |
| Short-term employee benefits | 310.614 | 91.454 | 280.296 | 49.474 |
| Post-employment benefits | - | - | - | - |
| Other long-term benefits | 6.475 | - | 20.262 | 3.360 |
| Termination benefits | 3.892 | - | 4.812 | - |
| Share based payments | - | - | - | - |
| 320.981 | 91.454 | 305.370 | 52.834 |
The Group's principal financial instruments comprise bank borrowings, leases, cash and short-term deposits. The main purpose of these financial instruments is to raise funds for the Group's operations. Besides, 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 can be identified as interest rate risk, foreign currency risk, foreign currency hedge risk of net investments in foreign operations, liquidity risk, price risk, credit risk and capital risk. The Group management reviews and agrees policies for managing each of these risks. The Group also monitors the market price risk arising from all financial instruments.
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 using natural hedges that arise from offsetting interest rate of assets and liabilities or derivative financial instruments.
Some of the interest rates associated with financial liabilities are based on prevailing market interest rates. Therefore, the Group is affected by changes in interest rates in national and international markets. The Group's exposure to market risk arising from changes in interest rates is primarily related to its debts and liabilities. The Group makes foreign currency swap transactions to hedge interest rate risk as stated in Note 8.
Foreign currency risk generally arises from the EUR and USD denominated assets and liabilities of the Group. The Group has transactional currency exposures. Such exposures arise from sales or purchase of goods and services or borrowings of the Group in currencies other than the functional currency. The Group manages short term foreign currency risk by balancing foreign currency denominated assets and liabilities. The Group also conducts foreign exchange forward transactions and cross currency swap transactions in order to hedge its foreign currency risk Group's foreign currency liability consists of mainly long-term liabilities as stated in Note 8. Accordingly, in the short-term foreign currency risk that may arise from fluctuation of foreign currencies are relatively limited.
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025 unless otherwise indicated)
Net foreign currency exposure for the consolidated Group companies as of September 30, 2025 and December 31, 2024 are presented below:
| Foreign Currency Position Table | ||||||
|---|---|---|---|---|---|---|
| September 30, 2025 | ||||||
| Total TRL Equivalent |
Thousand USD |
Total TRL Equivalent |
Thousand EUR |
Total TRL Equivalent |
Other Foreign Currency TRL |
|
| 1. Trade Receivables and Due from Related Parties | 3.750.048 | 81.490 | 3.382.372 | 5.287 | 257.727 | 109.949 |
| 2a. Monetary Financial Assets (Cash and cash equivalents included) | 6.694.115 | 129.683 | 5.382.757 | 25.751 | 1.255.419 | 55.939 |
| 2b. Non- monetary Financial Assets | 29.327 | - | - | 601 | 29.323 | 4 |
| 3. Other | 272.357 | 2.191 | 90.954 | 3.721 | 181.403 | - |
| 4. Current Assets (1+2+3) | 10.745.847 | 213.364 | 8.856.083 | 35.360 | 1.723.872 | 165.892 |
| 5. Trade Receivables and Due from Related Parties | - | - | - | - | - | - |
| 6a. Monetary Financial Assets | - | - | - | - | - | - |
| 6b. Non-monetary Financial Assets | - | - | - | - | - | - |
| 7. Other | 750.017 | 814 | 33.787 | 14.579 | 710.744 | 5.486 |
| 8. Non-Current Assets (5+6+7) | 750.017 | 814 | 33.787 | 14.579 | 710.744 | 5.486 |
| 9. Total Assets (4+8) | 11.495.864 | 214.178 | 8.889.870 | 49.939 | 2.434.616 | 171.378 |
| 10.Trade Payables and Due to Related Parties | (6.756.981) | (101.643) | (4.218.892) | (46.333) | (2.258.798) | (279.291) |
| 11.Short- term Borrowings and Current Portion of Long- term Borrowings | (8.939.679) | (178.287) | (7.400.116) | (31.580) | (1.539.563) | - |
| 12a. Monetary Other Liabilities | (2.799) | (35) | (1.434) | (28) | (1.365) | - |
| 12b. Non-monetary Other Liabilities | (97.956) | (2.360) | (97.956) | - | - | - |
| 13. Current Liabilities (10+11+12) | (15.797.415) | (282.325) | (11.718.398) | (77.941) | (3.799.726) | (279.291) |
| 14. Trade Payables and Due to Related Parties | (274) | - | - | (5) | (253) | (21) |
| 15. Long-Term Borrowings | (48.631.480) | (1.129.655) | (46.888.381) | (35.755) | (1.743.099) | - |
| 16 a. Monetary Other Liabilities | - | - | - | - | - | - |
| 16 b. Non-monetary Other Liabilities | - | - | - | - | - | - |
| 17. Non-Current Liabilities (14+15+16) | (48.631.754) | (1.129.655) | (46.888.381) | (35.760) | (1.743.352) | (21) |
| 18. Total Liabilities (13+17) | (64.429.169) | (1.411.980) | (58.606.779) | (113.701) | (5.543.078) | (279.312) |
| 19. Off Statement of Financial Position Derivative Items' Net Asset/(Liability) | 44.536.796 | 1.073.000 | 44.536.796 | - | - | - |
| Position (19a+19b) | ||||||
| 19a. Total Hedged Assets (*) | 44.536.796 | 1.073.000 | 44.536.796 | - | - | - |
| 19b. Total Hedged Liabilities | - | - | - | - | - | - |
| 20. Net Foreign Currency Asset / (Liability) Position (9+18+19) | (8.396.509) | (124.802) | (5.180.113) | (63.762) | (3.108.462) | (107.934) |
| 21. Monetary Items Net Foreign Currency Asset / (Liability) Position | (53.887.050) | (1.198.447) | (49.743.694) | (82.663) | (4.029.932) | (113.424) |
| (1+2a+5+6a+10+11+12a+14+15+16a) | ||||||
| 22. Total Fair Value of Financial Instruments Used to Manage the Foreign Currency Position |
(309.423) | (6.097) | (253.067) | (1.156) | (56.356) | - |
| 23.Total value of Hedged Foreign Currency Assets | - | - | - | - | - | - |
| Foreign Currency Position Table | ||||||
|---|---|---|---|---|---|---|
| December 31, 2024 | ||||||
| Total TRL Equivalent |
Thousand USD |
Total TRL Equivalent |
Thousand EUR |
Total TRL Equivalent |
Other Foreign Currency TRL |
|
| 1. Trade Receivables and Due from Related Parties | 5.435.345 | 107.338 | 4.749.927 | 14.867 | 685.052 | 366 |
| 2a. Monetary Financial Assets (Cash and cash equivalents included) | 22.763.425 | 449.095 | 19.873.410 | 34.010 | 1.567.154 | 1.322.861 |
| 2b. Non- monetary Financial Assets | 15.459 | - | - | 335 | 15.454 | 5 |
| 3. Other | 382.084 | 1.372 | 60.727 | 6.680 | 307.803 | 13.554 |
| 4. Current Assets (1+2+3) | 28.596.313 | 557.805 | 24.684.064 | 55.892 | 2.575.463 | 1.336.786 |
| 5. Trade Receivables and Due from Related Parties | - | - | - | - | - | - |
| 6a. Monetary Financial Assets | - | - | - | - | - | - |
| 6b. Non-monetary Financial Assets | - | - | - | - | - | - |
| 7. Other | 757.954 | 6.503 | 287.772 | 10.204 | 470.182 | - |
| 8. Non-Current Assets (5+6+7) | 757.954 | 6.503 | 287.772 | 10.204 | 470.182 | - |
| 9. Total Assets (4+8) | 29.354.267 | 564.308 | 24.971.836 | 66.096 | 3.045.645 | 1.336.786 |
| 10.Trade Payables and Due to Related Parties | (14.709.033) | (191.304) | (8.465.619) | (123.963) | (5.712.001) | (531.413) |
| 11.Short- term Borrowings and Current Portion of Long- term Borrowings | (4.237.832) | (67.249) | (2.975.888) | (27.387) | (1.261.944) | - |
| 12a. Monetary Other Liabilities | (69.628) | (1.405) | (62.164) | (162) | (7.464) | - |
| 12b. Non-monetary Other Liabilities | (104.434) | (2.360) | (104.434) | - | - | - |
| 13. Current Liabilities (10+11+12) | (19.120.927) | (262.318) | (11.608.105) | (151.512) | (6.981.409) | (531.413) |
| 14. Trade Payables and Due to Related Parties | (260) | - | - | (5) | (242) | (18) |
| 15. Long-Term Borrowings | (52.588.579) | (1.138.794) | (50.394.012) | (47.627) | (2.194.567) | - |
| 16 a. Monetary Other Liabilities | - | - | - | - | - | - |
| 16 b. Non-monetary Other Liabilities | - | - | - | - | - | - |
| 17. Non-Current Liabilities (14+15+16) | (52.588.839) | (1.138.794) | (50.394.012) | (47.632) | (2.194.809) | (18) |
| 18. Total Liabilities (13+17) | (71.709.766) | (1.401.112) | (62.002.117) | (199.144) | (9.176.218) | (531.431) |
| 19. Off Statement of Financial Position Derivative Items' Net Asset/(Liability) | 47.792.247 | 1.080.000 | 47.792.247 | - | - | - |
| Position (19a+19b) | ||||||
| 19a. Total Hedged Assets (*) | 47.792.247 | 1.080.000 | 47.792.247 | - | - | - |
| 19b. Total Hedged Liabilities | - | - | - | - | - | - |
| 20. Net Foreign Currency Asset / (Liability) Position (9+18+19) | 5.436.748 | 243.196 | 10.761.966 | (133.048) | (6.130.573) | 805.355 |
| 21. Monetary Items Net Foreign Currency Asset / (Liability) Position | (43.406.562) | (842.319) | (37.274.346) | (150.267) | (6.924.012) | 791.796 |
| (1+2a+5+6a+10+11+12a+14+15+16a) | ||||||
| 22. Total Fair Value of Financial Instruments Used to Manage the Foreign Currency Position |
- | - | - | - | - | - |
| 23.Total value of Hedged Foreign Currency Assets | - | - | - | - | - | - |
(*) In order to hedge foreign exchange risk arising from the translation of net investments in the subsidiaries operating in the Netherlands to Turkish Lira, the USD denominated bonds have been designated as hedges of net investment risk.
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025 unless otherwise indicated)
The information regarding the export and import figures realized as of September 30, 2025 and 2024 is as follows:
| January 1- | July 1- | January 1- | July 1- | |
|---|---|---|---|---|
| September 30, | September 30, | September 30, | September 30, | |
| 2025 | 2025 | 2024 | 2024 | |
| Total Export | 6.184.492 | 1.540.330 | 7.724.033 | 1.928.993 |
| Total Import | 44.014.066 | 10.600.591 | 47.061.690 | 14.834.374 |
The following table demonstrates the sensitivity analysis of foreign currency as of September 30, 2025, and 2024:
Foreign Currency Position Sensitivity Analysis September 30, 2025(*) September 30, 2024(*) Income / (Loss) Increase of the foreign currency Decrease of the foreign currency Increase of the foreign currency Decrease of the foreign currency Increase / decrease in USD by 10%: USD denominated net asset / (liability) (4.974.369) 4.974.369 (1.958.730) 1.958.730 USD denominated hedging instruments (-) 4.482.734 (4.482.734) 4.911.975 (4.911.975) Net effect in USD (491.635) 491.635 2.953.245 (2.953.245) Increase / decrease in EURO by 10%: EURO denominated net asset / (liability) (402.993) 402.993 (475.144) 475.144 EURO denominated hedging instruments (-) - - - - Net effect in EURO (402.993) 402.993 (475.144) 475.144 Increase / decrease in other foreign currencies by 10%: Other foreign currency denominated net asset / (liability) (11.342) 11.342 81.859 (81.859) Other foreign currency hedging instruments (-) - - - - Net effect in other foreign currency (11.342) 11.342 81.859 (81.859) TOTAL (905.970) 905.970 2.559.960 (2.559.960)
The Beer Group has designated an instrument which is amounting to USD 500 million out of USD 500 million bond issued as of June 29, 2021, to hedge its foreign currency risk arising from the translation of net assets of its subsidiary located in Netherlands, Efes Breweries International (whose main activity is facilitating foreign investments in breweries).
Soft Drink has designated two instruments, the first one amounting to USD80 million out of the USD80 million bank loan drawn on April 24, 2024, and the second one amounting to USD500 million out of USD500 million bond issued as of January 20, 2022, as a hedging instrument in order to hedge its foreign currency risk arising from the translation of net investments of its subsidiary located in Netherlands, CCI Holland and Waha B.V.
The effective part of the change in the value of the bonds and loans designated as hedging of net investments amounting to TRL 7.424.446 (TRL 5.568.335 - including deferred tax effect) is recognized as "Gains (Losses) on Hedge" under Equity and to "Other Comprehensive Income (Loss) Related with Hedges of Net Investment in Foreign Operations" under Other Comprehensive Income (September 30, 2024 – TRL 8.281.212 (TRL 6.210.910 - including deferred tax effect).
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. The Group also reduces the risk by preferring long-term debt.
This is a combination of currency, interest and market risks which the Group manages through natural hedges that arise from offsetting the same currency receivables and payables, interest bearing assets and liabilities. Market risk is closely monitored by the management using the available market information and appropriate valuation methods.
(*) Monetary assets and liabilities eliminated in scope of consolidation are not included except for the ones which have foreign currency gain/(loss) effects to the statement of consolidated profit or loss.
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025 unless otherwise indicated)
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. The Group attempts to control credit risk by limiting transactions with specific counterparties and assessing the creditworthiness of the counterparties.
Concentrations of credit risk arise when a number of counterparties are engaged in similar business activities or activities in the same geographic region or have similar economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic, political or other conditions. Concentrations of credit risk indicate the relative sensitivity of the Group's performance to developments affecting a particular industry or geographic location.
The Group seeks to manage its credit risk exposure through diversification of sales activities to avoid undue concentrations of risks with individuals or groups of customers in specific locations or businesses. The Group keeps guarantees for a part of its receivables by means of DDS (Direct Debit System), and clearing the credit card receivables of dealers and distributors from banks. The Group also obtains guarantees from the customers when appropriate and keep considerable portion of the receivables secured with guarantees or receivable insurance.
The credit risks of the banks in which the Group has deposits are evaluated by taking into account independent data, and no significant credit risk is expected apart from the expected loss provision presented in Note 5.
The Group's policy is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximize shareholder value. The Group periodically measures Net Debt to EBITDA BNRI ratio to maintain capital risk management. Net Debt is calculated by deducting cash and cash equivalents and short term financial investment from total borrowing.
Fair value is the amount for which an asset could be exchanged, or a liability settled between knowledgeable, willing parties in an arm's length transaction. The optimum fair value of a financial instrument is the quoted market value, if any.
The financial assets and liabilities which are denominated in foreign currencies are evaluated by the foreign exchange rates prevailing on the date of balance sheet which approximate to market rates. The following methods and assumptions were used to estimate the fair value of each class of financial instrument of the Group for which it is practicable to estimate a fair value:
The fair values of certain financial assets carried at cost in the consolidated financial statements, including cash and cash equivalents plus the respective accrued interest and other financial assets are considered to approximate their respective carrying values due to their short-term nature and negligible credit losses. The carrying value of trade receivables along with the related allowance for unearned income and uncollectibility are estimated to be their fair values.
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025 unless otherwise indicated)
Trade payables and other monetary liabilities are considered to approximate their respective carrying values due to their short-term nature. The bank borrowings are stated at their amortized costs and transaction costs are included in the initial measurement of loans and bank borrowings. The fair value of bank borrowings are considered to state their respective carrying values since the interest rate applied to bank loans and borrowings are updated periodically by the lender to reflect active market price quotations. The carrying value of trade payables along with the related allowance for unrealized cost is estimated to be their fair values.
Derivative instruments and hedging transactions are explained in Note 8 and Note 26.
| January 1 – | January 1 – | |
|---|---|---|
| September 30, | September 30, | |
| 2025 | 2024 | |
| Adjustments for impairment loss (reversal of impairment) of inventories (Note 19) | 33.400 | (75.081) |
| Adjustments for impairment loss (reversal of impairment) of property, plant, and equipment (Note 20) |
124.058 | 5.767 |
| Adjustments for impairment loss (reversal of impairment) of receivables (Note 19) | (28.972) | 151.605 |
| 128.486 | 82.291 |
| January 1 – | January 1 – | |
|---|---|---|
| September 30, | September 30, | |
| 2025 | 2024 | |
| Provision for vacation pay liability | 352.878 | 453.466 |
| Provision for retirement pay liability | 352.335 | 367.475 |
| Provision for seniority bonus | 173.006 | 224.614 |
| 878.219 | 1.045.555 |
| January 1 – | January 1 – | |
|---|---|---|
| September 30, | September 30, | |
| 2025 | 2024 | |
| Adjustments for interest expenses (Note 21) | 14.308.286 | 12.961.619 |
| Adjustments for interest expense related to leases (Note 21) | 502.352 | 467.311 |
| Adjustments for interest income (Note 21) | (2.643.239) | (3.554.031) |
| Adjustments for interest expense related to leases (Note 21) | (87.705) | (79.155) |
| Adjustments for bank commission and fees (Note 21) | 2.363.337 | 2.578.719 |
| 14.443.031 | 12.374.463 |
| January 1 – | January 1 – | |
|---|---|---|
| September 30, | September 30, | |
| 2025 | 2024 | |
| Adjustments for fair value (gains) losses on derivative financial instruments | 227.136 | 1.043.388 |
| 227.136 | 1.043.388 |
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025 unless otherwise indicated)
| January 1 – | January 1 – | |
|---|---|---|
| September 30, | September 30, | |
| 2025 | 2024 | |
| Cash and cash equivalents in acquired businesses (Note 3) (*) | - | 122.105 |
| Payment for business acquisition (**) | - | (1.207.667) |
| Consideration paid in cost of minority interests acquision (***) | - | (4.348.144) |
| - | (5.433.706) |
(*) Cash and cash equivalents as of February 20, 2024, when control of Bangladesh was obtained
| January 1 – | January 1 – | |
|---|---|---|
| September 30, | September 30, | |
| 2025 | 2024 | |
| Income / (loss) from cash flow hedge | - | 165.381 |
| Change in time deposits with maturity more than three months | 57.691 | (141.865) |
| Change in government bond | - | (321.462) |
| Change in investment funds | (1.737.704) | (1.180.649) |
| Change in currency linked deposits | - | 380.857 |
| Change in restricted cash | (87.595) | (67.245) |
| Change in other financial liabilities | (256.810) | (1.600.220) |
| (2.024.418) | (2.765.203) |
| January 1 – September 30, |
January 1 – September 30, |
|
|---|---|---|
| 2025 | 2024 | |
| Interest paid (Note 7a) | (14.342.646) | (11.554.009) |
| Adjustments for bank commission and fees | (2.363.337) | (2.578.719) |
| (16.705.983) | (14.132.728) |
(**) The amount paid on February 20, 2024, is the first installment towards the purchase.
(***) Payment amount related to the acquisition of 49.67% minority interest in Coca-Cola Beverages Pakistan Ltd (CCBPL).
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at September 30, 2025 unless otherwise indicated)
| Statement of Financial Position Items | September 30, 2025 |
September 30, 2024 |
|---|---|---|
| Inventories | 1.507.834 | 1.761.502 |
| Prepaid Expenses | 1.749.446 | 1.704.550 |
| Tangible Assets | 22.562.375 | 23.568.641 |
| Intangible Assets | 78.532.155 | 76.328.448 |
| Right of Use Assets | 1.591.908 | 1.515.382 |
| Prepaid Expenses | 1.243.693 | 1.544.865 |
| Deferred Tax Asset | 3.026.801 | 2.745.714 |
| Deferred Incomes | (1.687) | (73.261) |
| Deferred Tax Liability | (18.637.157) | (18.740.333) |
| Inflation Adjustment on Capital | (14.999.965) | (14.781.554) |
| Share Premium (Discount) | (2.608.948) | (2.608.929) |
| Other Accumulated Comprehensive Income (Loss) that will not be Reclassified in Profit or Loss |
240.612 | 151.423 |
| Other Accumulated Comprehensive Income (Loss) that will be Reclassified in Profit or Loss |
80.322.840 | 68.276.090 |
| Restricted Reserves Appropriated from Profits | (6.210.593) | (6.013.909) |
| Prior Years' Profits or Losses | (101.767.235) | (88.390.818) |
| Non-Controlling Interests | (41.629.710) | (39.435.071) |
| Other | 17.681 | 25.503 |
| Statement of Profit or Loss Items | ||
| Revenue | (6.127.215) | (7.484.751) |
| Cost of Goods Sales (-) | 8.557.059 | 9.470.212 |
| General and Administration Expenses (-) | 1.333.895 | 1.340.523 |
| Marketing, Selling and Distribution Expenses (-) | 3.038.195 | 3.353.984 |
| Other Operating Incomes/Expenses (-) | 136.016 | 109.092 |
| Investment Activity Incomes/Expenses (-) | 45.784 | 454.018 |
| Financial Incomes/Expenses | 1.118.394 | 1.258.171 |
| Tax Expense (-) | (39.754) | 231.397 |
| Net Monetary Position Gains/(Losses) | 13.002.424 | 16.310.889 |
None.
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