ANADOLU EFES BİRACILIK VE MALT SANAYİİ A.Ş.

Earnings Release • Aug 12, 2025

EARNINGS RELEASE

Istanbul, August 12, 2025

Unless otherwise indicated, the 2Q2024 & 1H2024 Profit & Loss Statement figures disclosed in this earnings release are presented on a proforma basis, excluding the financial results of the Russian operations to ensure comparability with the 1H2025 results, which also exclude the Russian operations. Please refer to our 1Q2025 Earnings Release for more detailed information.

2Q2025 CONSOLIDATED HIGHLIGHTS

• Sales volume up by 4.8% on a proforma basis to 30.9 mhl
• Net sales revenue down by 2.0% on a proforma basis to TL 64,392.8 million
• EBITDA (BNRI*) down by 17.3% on a proforma basis to TL 12,324.4 million
• Consolidated Free Cash Flow was at TL 6,364.9 million

1H2025 CONSOLIDATED HIGHLIGHTS

• Sales volume increased by 7.8% on a proforma basis to 55.2 mhl
• Net sales revenue down 3.1% on a proforma basis to TL 111,402.5 million
• EBITDA (BNRI*) down 19.5% on a proforma basis to TL 16,700.5 million
• Free Cash Flow was at TL -11,476.7 million

BEER GROUP PRESIDENT AND ANADOLU EFES CEO ONUR ALTÜRK COMMENTED:

Beer group delivered a solid second quarter performance, marked by 5.3% volume growth. Volatility remained elevated across our operating geographies, driven by intensifying competitive pressures in Türkiye, evolving retail dynamics in Georgia, and changing competitive landscape among market players in Kazakhstan. Moreover, inflation remained a persistent headwind especially for the domestic beer market, while heightened geopolitical tensions continued to put pressure on our export markets. In the face of these challenges, we remained focused and disciplined in executing our strategy. Our diversified geographic presence, strong brand equity, and agile operating model enabled us to deliver solid results.

2Q volume performance was supported by contributions from all our beer operations. In line with global trends, we have been observing growing momentum in the premium and value segments, which we actively incorporate into our business strategy. Accordingly, the share of our premium portfolio increased in the first half of the year, supported by ongoing brand revamp and positioning initiatives across our markets. This acceleration was primarily driven by strong performance in Türkiye, Kazakhstan and Moldova. In addition, the KEG segment delivered robust growth in Kazakhstan and Georgia, fueled by targeted commercial efforts and improved execution. Meanwhile, Türkiye beer operations made a notable contribution to the overall volume growth, achieving a 5.9% growth in the second quarter mainly driven by intensified discounting activities by the players which continued to shape market dynamics. Structural changes in the trade environment also persisted, as consumption steadily shifted from on-trade channel toward off-trade and modern trade channel. Additionally, the tourism season lagged behind expectations, leading to a more cautious outlook for 3Q volumes. While still limited in scale, the spirits business continued to contribute to our performance in Türkiye.

Our soft drinks operations maintained the growth momentum captured in the first quarter, albeit at a slower pace in the second. The growth in the period was driven by Uzbekistan, Kazakhstan, and Iraq while volumes in Türkiye and Pakistan declined. The overall increase in soft drink volumes demonstrates the competitive advantage of the diversified portfolio of countries.

We continue to put operational excellence and financial discipline at the core of our strategy. Our focus on operational excellence is delivering tangible results, with efficiency initiatives progressing well together with profitable revenue growth program. In parallel, our commitment to financial discipline remains strong, with continued emphasis on cost and capital expenditure control measures.

(*) Before Non-Recurring Items

As we move into the second half of the year, we are executing against clearly defined priorities in each of our key markets, ranging from portfolio optimization and localization driven growth initiatives to reinforcing profitability and ensuring sustainable cash flow generation. Overall, we remain confident in our ability to drive resilient and balanced performance across the group.

The progress we have made towards our strategic priorities during the quarter continues to motivate us, even as we remain cautious for the remainder of the year, acknowledging that it is likely to be challenging, given persistent geopolitical uncertainties and macroeconomic headwinds. Yet, we are well placed to pursue our targets with determination, backed by our strong brand portfolio, excellence in execution, and key enablers such as digital infrastructure, and agile operating model, empowered by our strong teams across the organization.

KEY FINANCIALS & RATIOS

As stipulated by the decree of the Capital Markets Board, the financial statements for the 1H2025 have been presented in accordance with TAS29 (Turkish Accounting Standard 29: Financial Reporting in Hyperinflationary Economies), and retrospective adjustments have been made for prior periods in alignment with the same standard. In this earnings release, certain financial items and metrics may be presented without inflation adjustment in order to ensure comparability to facilitate analysis of our performance. It is important to note that the financials presented without the impact of TAS 29 are unaudited. Please refer to our explanations on page 10 regarding the impact of TAS 29 on main financial statement items. Unless explicitly stated otherwise, all financial information disclosed in this release are presented in accordance with TAS 29.

AEFES Consolidated (TL mn)	2Q2024 Reported	2Q2024 Proforma	2Q2025	Proforma Change %	1H2024 Reported	1H2024 Proforma	1H2025	Proforma Change %
Volume (mhl)	36.4	29.5	30.9	4.8%	63.9	51.2	55.2	7.8%
Net Sales Revenue	81,715.8	65,716.2	64,392.8	-2.0%	145,489.9	114,972.4	111,402.5	-3.1%
Gross Profit	33,466.6	26,647.5	24,658.3	-7.5%	56,305.4	43,180.8	39,576.9	-8.3%
EBIT (BNRI)	13,279.2	11,531.8	8,919.2	-22.7%	17,289.1	14,023.7	9,886.2	-29.5%
EBITDA (BNRI)	16,991.4	14,907.0	12,324.4	-17.3%	25,061.7	20,750.8	16,700.5	-19.5%
Net Income/(Loss)*	5,341.6	5,053.4	4,065.1	-19.6%	9,939.3	8,686.9	5,893.9	-32.2%
FCF	12,129.3	7,918.4	6,364.9	-19.6%	-674.4	-6,586.4	-11,476.7	-74.2%
				Proforma				Proforma
				Change (bps)				Change (bps)
Gross Profit Margin	41.0%	40.5%	38.3%	-226	38.7%	37.6%	35.5%	-203
EBIT (BNRI) Margin	16.3%	17.5%	13.9%	-370	11.9%	12.2%	8.9%	-332
EBITDA (BNRI) Margin	20.8%	22.7%	19.1%	-354	17.2%	18.0%	15.0%	-306
Net Income Margin*	6.5%	7.7%	6.3%	-138	6.8%	7.6%	5.3%	-226
Beer Group (TL mn)	2Q2024 Reported	2Q2024 Proforma	2Q2025	Proforma Change %	1H2024 Reported	1H2024 Proforma	1H2025	Proforma Change %
Volume (mhl)	10.8	3.9	4.1	5.3%	18.9	6.2	6.4	3.1%
Net Sales Revenue	31,822.9	15,823.2	15,625.7	-1.2%	55,545.6	25,028.1	23,949.2	-4.3%
Gross Profit	14,721.1	7,901.9	7,674.4	-2.9%	24,386.3	11,261.7	11,032.2	-2.0%
EBIT (BNRI)	4,265.1	2,518.1	1,823.6	-27.6%	3,814.0	548.5	0.1	-100.0%
EBITDA (BNRI)	5,877.1	3,792.7	3,234.7	-14.7%	7,479.7	3,168.7	2,719.5	-14.2%
Net Income/(Loss)*	3,203.1	2,914.9	3,071.9	5.4%	5,613.5	4,361.1	4,074.3	-6.6%
FCF	9,970.5	5,759.5	3,781.4	-34.3%	4,082.0	-1,830.0	-3,842.1	-110.0%
				Proforma				Proforma
				Change (bps)				Change (bps)
Gross Profit Margin	46.3%	49.9%	49.1%	-82	43.9%	45.0%	46.1%	107
EBIT (BNRI) Margin	13.4%	15.9%	11.7%	-424	6.9%	2.2%	0.0%	-219
EBITDA (BNRI) Margin	18.5%	24.0%	20.7%	-327	13.5%	12.7%	11.4%	-131
Net Income Margin*	10.1%	18.4%	19.7%	124	10.1%	17.4%	17.0%	-41
CCI (TL mn)	2Q2024		2Q2025	Change %	1H2024		1H2025	Change %
Volume (mn u/c)	451.3		472.6	4.7%	792.7		859.9	8.5%
Net Sales Revenue	49,428.4		48,142.2	-2.6%	89,292.7		86,472.1	-3.2%
Gross Profit	18,857.2		17,046.4	-9.6%	32,105.6		28,704.9	-10.6%
EBIT	9,312.9		7,249.1	-22.2%	14,014.8		10,294.8	-26.5%
EBITDA	11,234.1		9,136.6	-18.7%	17,769.1		14,093.6	-20.7%
Net Income/(Loss)*	7,303.6		5,050.9	-30.8%	11,279.6		6,402.8	-43.2%
FCF	4,072.4		2,923.0	-28.2%	-3,187.8		-5,575.4	-74.9%
				Change (bps)				Change (bps)
Gross Profit Margin	38.2%		35.4%	-274	36.0%		33.2%	-276
EBIT Margin	18.8%		15.1%	-378	15.7%		11.9%	-379
EBITDA Margin	22.7%		19.0%	-375	19.9%		16.3%	-360
Net Income Margin*	14.8%		10.5%	-428	12.6%		7.4%	-523

* Net income attributable to shareholders

2Q2024 Reported	2Q2024 Proforma	2Q2025	Proforma change %	1H2024 Reported	1H2024 Proforma	1H2025	Proforma change %
36.4	29.5	30.9	4.8%	63.9	51.2	55.2	7.8%
81,715.8	65,716.2	64,392.8	-2.0%	145,489.9	114,972.4	111,402.5	-3.1%
33,466.6	26,647.5	24,658.3	-7.5%	56,305.4	43,180.8	39,576.9	-8.3%
13,279.2	11,531.8	8,919.2	-22.7%	17,289.1	14,023.7	9,886.2	-29.5%
16,991.4	14,907.0	12,324.4	-17.3%	25,061.7	20,750.8	16,700.5	-19.5%
5,341.6	5,053.4	4,065.1	-19.6%	9,939.3	8,686.9	5,893.9	-32.2%
12,129.3	7,918.4	6,364.9	-19.6%	-674.4	-6,586.4	-11,476.7	-74.2%
			Proforma Change (bps)				Proforma Change (bps)
41.0%	40.5%	38.3%	-226	38.7%	37.6%	35.5%	-203
16.3%	17.5%	13.9%	-370	11.9%	12.2%	8.9%	-332
20.8%	22.7%	19.1%	-354	17.2%	18.0%	15.0%	-306
6.5%	7.7%	6.3%	-138	6.8%	7.6%	5.3%	-226

*Net income attributable to shareholders

Anadolu Efes' consolidated sales volume delivered 4.8% growth on a proforma basis in 2Q2025, reaching 30.9 mhl. The growth is supported by both beer and soft drinks operations. Beer operations contributed to the consolidated growth by recording 5.3% increase y-o-y on a proforma basis, supported by growth registered across all operations. Meanwhile, soft drinks operations continued its growth trend from the first quarter and grew by 4.7%. While volume performance softened in Türkiye and Pakistan operations during the quarter compared to 1Q2025, solid momentum in Uzbekistan, Kazakhstan, and Iraq operations led to an overall volume growth.

Consolidated net sales revenue, decreased slightly by 2.0% on a proforma basis to TL 64,392.8 million in 2Q2025. Solid volume growth and a favorable product mix supported topline performance during the period. Nevertheless, the adverse effect of TAS 29 implementation, combined with higher discounts in domestic beer operations, a continued focus on affordability in the domestic soft drinks business, and limited price adjustments in international soft drinks operations to sustain volume growth, weighed on overall revenue performance. As a result, 1H2025 revenue reached TL 111,402.5 million, reflecting a 3.1% decline compared to last year on a proforma basis. However, excluding the impact of TAS 29, consolidated revenue reached TL 110,075.0 million in 1H2025, recording a growth of 31.9% on a proforma basis with a 23.5% constant currency growth.

Consolidated EBITDA (BNRI) decreased by 17.3% to TL12,324.4 million in 2Q2025 on a proforma basis, implying a margin of 19.1%. Despite a moderate increase in OPEX thanks to tight cost management, margins came under pressure in 2Q2025 on a proforma basis, with a margin dilution of 354 bps, primarily due to the high base effect from the prior year as well as softer topline performance weighing on gross profitability. Thus, in 1H2025, consolidated EBITDA (BNRI) reached TL 16,700.5 million, corresponding to a margin of 15.0%, implying a 306 bps dilution. Excluding the impact of TAS 29, EBITDA (BNRI) expanded by 9.2% to TL 19,174.9 million while margin was at 17.4%.

Anadolu Efes reported a consolidated net profit was TL 4,065.1 million in 2Q2025 versus a profit of TL 5,053.4 million a year ago on a proforma basis. The decline in bottom-line results was due to weaker operational profitability performance along with lower monetary gains compared to the same period last year. Net income was reported at TL 5,893.9 million in 1H2025. Excluding the impact of TAS 29, consolidated net profit (excluding CTA*) would be TL 1,618.8 million for the same period.

Anadolu Efes delivered strong consolidated Free Cash Flow of TL 6,364.9 million in 2Q2025, despite the y-o-y decline in operational profitability and higher interest expenses. This solid performance was primarily driven by disciplined capital expenditures, which remained flat y-o-y, as well as lower tax payments and higher monetary gains compared to the same period of the previous year. As a result, Consolidated Net Debt to EBITDA (BNRI) slightly improved compared to 1Q and recorded at 1.9x as of June 30, 2025.

^(*) Currency Translation Adjustment (CTA), which had arisen from the appreciation of the Russian Ruble against the Turkish Lira since the initial investment to Russian operations, had been previously accumulating in Equity and was reclassified to Income Statement. As a result of this reclassification, there was an increase in income from investing activities line.

Beer Group (TL mn)	2Q2024 Reported	2Q2024 Proforma	2Q2025	Proforma change %	1H2024 Reported	1H2024 Proforma	1H2025	Proforma change %
Volume (mhl)	10.8	3.9	4.1	5.3%	18.9	6.2	6.4	3.1%
Net Sales Revenue	31,822.9	15,823.2	15,625.7	-1.2%	55,545.6	25,028.1	23,949.2	-4.3%
Gross Profit	14,721.1	7,901.9	7,674.4	-2.9%	24,386.3	11,261.7	11,032.2	-2.0%
EBIT (BNRI)	4,265.1	2,518.1	1,823.6	-27.6%	3,814.0	548.5	0.1	-100.0%
EBITDA (BNRI)	5,877.1	3,792.7	3,234.7	-14.7%	7,479.7	3,168.7	2,719.5	-14.2%
Net Income/(Loss)*	3,203.1	2,914.9	3,071.9	5.4%	5,613.5	4,361.1	4,074.3	-6.6%
FCF	9,970.5	5,759.5	3,781.4	-34.3%	4,082.0	-1,830.0	-3,842.1	-110.0%
				Proforma Change (bps)				Proforma Change (bps)
Gross Profit Margin	46.3%	49.9%	49.1%	-82	43.9%	45.0%	46.1%	107
EBIT (BNRI) Margin	13.4%	15.9%	11.7%	-424	6.9%	2.2%	0.0%	-219
EBITDA (BNRI) Margin	18.5%	24.0%	20.7%	-327	13.5%	12.7%	11.4%	-131
Net Income Margin*	10.1%	18.4%	19.7%	124	10.1%	17.4%	17.0%	-41

OPERATIONAL PERFORMANCE - BEER GROUP

*Net income attributable to shareholders

Beer Group consolidated sales volume increased by a solid 5.3% on a proforma basis in 2Q2025, reaching 4.1 million hectoliters. This represented a strong rebound following the volume decline in the first quarter. The recovery in momentum in the period resulted in 1H2025 sales volume of 6.4 mhl, delivering a 3.1% y-o-y increase on a proforma basis. All operations contributed to this growth, supporting the beer group's overall performance improvement.

International beer operations recorded 4.7% increase on a proforma basis in 2Q2025, recording 2.1 mhl consolidated sales volume.

Kazakhstan recorded slight volume growth in the 2Q2025, showing a recovery compared to the 1Q2025. The volume decline in first quarter was primarily driven by price increase, which was lately followed by competitors. As a result, Kazakhstan delivered a positive quarterly performance in 2Q2025. Despite a midsingle-digit contraction in the overall market during the first half of the year which was pressured by declining purchasing power, evolving consumer trends, and rising imports, our own solid performance was driven by strong commercial execution, increased focus on KEG sales, and our premiumization strategy. Georgia also rebounded from the softer volume performance in the first quarter which was impacted by the political unrest in the country as well as changing dynamics in the modern trade. There was mid-single digit volume growth in 2Q2025, largely driven by strong export activities and the successful implementation of domestic route-to-market initiatives. Marking its seventh consecutive quarter of growth, Moldova sustained its strong momentum in 2Q2025, delivering solid mid-to-high-single-digit growth despite the high base of 2Q2024. Performance during the period was supported by positive market dynamics as well as early shipment activities by dealers and distributors to meet rising consumer demand during the high season. The recovery in the Ukrainian market continued during the period, leading to a solid low-teens growth in Ukraine.

Türkiye beer operations recorded 5.9% volume growth in 2Q2025, offsetting the decline recorded in the first quarter. While consumer purchasing power remained under pressure in a persistently inflationary environment, our disciplined pricing strategy and diversified portfolio, including affordable and alternative offerings, supported volume growth; especially in modern trade and off-trade channels. However, given the slower than expected start to the tourism season, we remain cautious for the remainder of the year.

Beer Group sales revenue decreased by 1.2% on a proforma basis to TL 15,625.7 million in 2Q2025. Despite solid volume performance, international beer operations' revenue declined by 6.5% to TL 6,147.2 million. The decline was due to local inflation being higher than depreciation of Turkish Lira against local currencies. Excluding TAS 29, international beer operations' revenue reached TL 6,371.2 million, up 24.2% y-o-y on a proforma basis, supported by volume growth across international markets, thanks to timely price adjustments, and premium segment expansion; particularly in Kazakhstan and Moldova. Revenues from Türkiye beer operations increased by 2.4% y-o-y to TL 9,399.0 million in 2Q2025. Revenue/hl improved compared to 1Q2025, benefiting from a favorable product mix, despite deeper discounting actions due to intensified competition. All in all, Beer Group revenue reached TL 23,949.2 million in 1H2025, marking a 4.3% decline on a proforma basis. Excluding TAS 29, Beer Group revenue was TL 24,110.5 million, reflecting a 30.3% increase on a proforma basis, with a 25.4% constant currency growth.

Beer Group gross profit declined by 2.9% on a proforma basis to TL 7,674.4 million in 2Q2025, with a margin contraction of 82 bps; yet margin remained at a notably high level of 49.1%. Following the very strong gross profitability in the first quarter, gross margin moderated in line with expectations, primarily due to Türkiye beer operations. The contraction in gross profitability margins in Türkiye was driven by modest topline growth, impacted by increased discounting and higher COGS/hl, mainly driven by rising packaging costs. This pressure was partially offset by improved y-o-y margin performance in international operations, supported by timely pricing actions and very moderate increases in input costs. As a result, Beer Group gross profit reached TL 11,032.2 million in 1H2025, with a gross margin of 46.1%, yielding a 107 bps improvement y-o-y on a proforma basis. Excluding the impact of TAS 29, gross profit margin increased by 141 bps, reaching 52.6% in 1H2025.

Beer Group EBITDA (BNRI) was recorded at TL 3,234.7 million in 2Q2025, with a margin of 20.7%, reflecting a decline of 327 bps on a proforma basis. The y-o-y margin decline can be attributable to the strong base in the same period of last year, particularly in Türkiye as well as the adverse impact of TAS 29 implementation. While marketing and sales expenses remained flat as a percentage of sales, the increase in general and administrative expenses was the primary reason of margin dilution in the domestic business. These impacts were partially offset by robust performance across CIS operations, where profitability margins exceeded 30% level, supported by strong gross profitability and disciplined OPEX management. As a result, Beer Group EBITDA in 1H2025 amounted to TL 2,719.5 million, margin was realized at 11.4% with a y-o-y decline of 131 bps on a proforma basis. Excluding the impact of TAS 29, EBITDA (BNRI) margin realized as 18.4% in 1H2025, representing a contraction of 133 bps y-o-y on a proforma basis.

Beer Group net income was TL 3,071.9 million in 2Q2025, slightly above the level recorded in 2Q2024 on a proforma basis. The y-o-y improvement was supported by higher monetary gains and deferred tax income, which had been recorded as an expense in the same period last year, offsetting the lower operational profitability and supporting the bottom line. As a result, Beer Group net income reached TL 4,074.3 million in 1H2025. Excluding the impact of TAS 29, Beer Group net profit excluding currency translation adjustment (CTA*) would have been TL 1,057.8 million in 1H2025.

Beer Group generated Free Cash Flow of TL 3,781.4 million in 2Q2025, seasonally one of the highest contributing periods of the year. Free cash flow declined y-o-y, primarily due to lower operational profitability and the adverse impact of higher interest expenses. Despite ongoing capacity expansion projects in the Turkish beer business, capital expenditures remained under control and were only slightly above last year's level. As a result, the Net Debt to EBITDA (BNRI) ratio improved and was reported at 3.7x as of June 30, 2025.

^(*) Currency Translation Adjustment (CTA), which had arisen from the appreciation of the Russian Ruble against the Turkish Lira since the initial investment to Russian operations, had been previously accumulating in Equity and was reclassified to Income Statement. As a result of this reclassification, there was an increase in income from investing activities line.

OPERATIONAL PERFORMANCE - SOFT DRINKS GROUP

COCA-COLA ICECEK CEO KARIM YAHI COMMENTED:

After recreating significant volume momentum in the first quarter, the second quarter was marked by a more balanced volume growth and value generation. We sustained growth while focusing on more profitable volume and therefore making significant progress on profitability. In the second quarter, context remained challenging with continued macroeconomic and geopolitical headwinds, stickiness of inflation in Türkiye and persistent spill-over from the war in the Middle East. Despite these challenges, we managed to deliver mid-single digit growth on a consolidated level, thanks in part to our diversified portfolio of countries. This performance once again reflects our ability to adapt and navigate through volatility across our markets, as we remain committed to driving consistent volume growth and lasting value.

In 2Q2025, we achieved a 4.7% y-o-y increase in consolidated sales volumes, reaching 473 million unit cases. This growth was primarily driven by strong performances in Uzbekistan, Kazakhstan, and Iraq. While volumes in our two largest markets, Türkiye and Pakistan, declined by 5.0% and 1.5% respectively, the overall increase in consolidated volumes confirms the strategic value of our diversified portfolio of countries. International operations grew by 10.6%, with very strong contribution from Central Asia, which grew by 25.2% y-o-y. Uzbekistan marked the highest growth with 44.8%, followed by Kazakhstan at 16.7% and Iraq at 10.6%. The slowdown in volume was accompanied by an acceleration in Net Sales Revenue per unit case, demonstrating our plan to balance volume growth with an increased focus on value.

Excluding the impact of inflation accounting adjustments, we delivered a strong sequential improvement in both gross profit and EBIT margins in the second quarter.

Our half-year performance demonstrates our commitment to quality growth and value creation as we grew volume by 8.5% and delivered an EBIT margin of 11.9%. As we have highlighted before, quarterly fluctuations due to cycling favorable COGS from last year may occur, yet these base effects are expected to ease in the second half. Supported by our increased focus on value and the strength of our diversified portfolio of countries, we are making steady progress towards our full-year guidance.

We are steadily advancing on our organic investment agenda to support the long-term growth potential of our operating markets. In 2Q2025, we inaugurated a new plant in Azerbaijan, and in July, we commenced production in our fourth facility in Iraq. We are advancing both greenfield projects and new line investments as part of our proactive approach to building capacity ahead of market demand. These initiatives reflect our confidence in the future and our dedication to meeting evolving consumer needs across geographies.

In June 2025, Fitch Ratings reaffirmed CCI's Long-Term Issuer Default Rating at 'BBB,' maintaining one of the highest spreads to sovereign ratings globally. This confirmation reflects the continued strength and resilience of our financial and operational performance, underpinned by geographical diversification, despite ongoing macroeconomic challenges in our key markets.

Looking long-term, we are confident in our strategic roadmap, the solid fundamentals of our operating geographies, our talented and dedicated people and our agility in responding to shifting market dynamics. Our proactive hedging strategy continues to provide cost visibility and protect margins in a volatile environment, allowing us to focus more effectively on revenue growth initiatives. These strengths position us well to ensure CCI's continued profitable growth over the mid to long term.

For the full text of Coca-Cola İçecek's 1H2025 Earnings Release, please refer to the link below: https://www.cci.com.tr/en/investor-relations/financial-information-and-presentations

KEY FINANCIALS & RATIOS (without TAS 29 impact & unaudited)

The financial information provided below excludes the impacts of TAS 29 and is presented solely for analysis purposes. These figures are not aligned with Anadolu Efes' financial report for the period 01.01.2025-30.06.2025 and have not undergone an independent audit.

On a proforma basis: without the impact of TAS 29 in 1H2025,

Anadolu Efes;

• Net revenue increased by 31.9% to TL 110,075.0 million
• Gross profit rose by 24.1% to TL 42,168.4 million with a margin decline of 241 bps to 38.3%
• EBITDA (BNRI) increased by 9.2% to TL 19,174.9 million with a margin decline of 361 bps to 17.4%
• Net Profit/(Loss) (exc. CTA) decreased to TL 1,618.8 million

Beer Group:

• Net revenue increased by 30.3% to TL 24,110.5 million
• Gross profit grew by 33.8% to TL 12,675.5 million with a margin expansion of 141 bps to 52.6%
• EBITDA (BNRI) increased by 21.5% to TL 4,439.3 million with a margin decline of 133 bps to 18.4%
• Net Profit/(Loss) (exc. CTA) decreased to TL 1,057.8 million

AEFES	2Q2024	2Q2024	2Q2025	Proforma	1H2024	1H2024	1H2025	Proforma
Consolidated (TL mn)	Reported	Proforma		Change %	Reported	Proforma		Change %
Volume (mhl)	36.4	29.5	30.9	4.8%	63.9	51.2	55.2	7.8%
Net Sales Revenue	62,618.8	49,938.1	65,875.3	31.9%	106,078.6	83,481.3	110,075.0	31.9%
Gross Profit	26,470.6	21,059.2	26,617.0	26.4%	43,708.6	33,990.2	42,168.4	24.1%
EBIT (BNRI)	11,505.8	10,125.0	11,412.1	12.7%	16,566.9	14,149.0	14,569.1	3.0%
EBITDA (BNRI)	13,604.0	11,932.8	13,840.5	16.0%	20,749.4	17,557.2	19,174.9	9.2%
Net Income/(Loss)*	3,331.5	3,062.7	3,085.6	0.7%	5,088.8	4,161.4	18,865.1	353.3%
Net Income/(Loss)* (exc. CTA)	3,331.5	3,062.7	3,085.6	0.7%	5,088.8	4,161.4	1,618.8	-61.1%
				Proforma				Proforma
				Change (bps)				Change (bps)
Gross Profit Margin	42.3%	42.2%	40.4%	-177	41.2%	40.7%	38.3%	-241
EBIT (BNRI) Margin	18.4%	20.3%	17.3%	-295	15.6%	16.9%	13.2%	-371
EBITDA (BNRI) Margin	21.7%	23.9%	21.0%	-288	19.6%	21.0%	17.4%	-361
Net Income/(Loss)* (exc. CTA) Margin	5.3%	6.1%	4.7%	-145	4.8%	5.0%	1.5%	-351
	2Q2024	2Q2024		Proforma	1H2024	1H2024		Proforma
Beer Group (TL mn)	Reported	Proforma	2Q2025	Change %	Reported	Proforma	1H2025	Change %
Volume (mhl)	10.8	3.9	4.1	5.3%	18.9	6.2	6.4	3.1%
Net Sales Revenue	24,678.7	11,997.9	16,094.1	34.1%	41,106.3	18,509.0	24,110.5	30.3%
Gross Profit	11,840.2	6,428.8	8,698.7	35.3%	19,188.4	9,470.0	12,675.5	33.8%
EBIT (BNRI)	3,950.4	2,569.6	3,185.5	24.0%	4,761.6	2,343.6	2,660.9	13.5%
EBITDA (BNRI)	4,903.8	3,232.6	4,147.3	28.3%	6,847.1	3,655.0	4,439.3	21.5%
Net Income/(Loss)*	2,468.7	2,200.0	2,494.6	13.4%	3,233.5	2,306.1	18,304.1	693.7%
Net Income/(Loss)* (exc. CTA)	2,468.7	2,200.0	2,494.6	13.4%	3,233.5	2,306.1	1,057.8	-54.1%
				Proforma				Proforma
				Change (bps)				Change (bps)
Gross Profit Margin	48.0%	53.6%	54.0%	47	46.7%	51.2%	52.6%	141
EBIT (BNRI) Margin	16.0%	21.4%	19.8%	-162	11.6%	12.7%	11.0%	-163
EBITDA (BNRI) Margin	19.9%	26.9%	25.8%	-117	16.7%	19.7%	18.4%	-133
Net Income/(Loss)* (exc. CTA) Margin	10.0%	18.3%	15.5%	-284	7.9%	12.5%	4.4%	-807
CCI (TL mn)	2Q2024		2Q2025	Change %	1H2024		1H2025	Change %
Volume (mn u/c)	451.3		472.6	4.7%	792.7		859.9	8.5%
Net Sales Revenue	37,606.1		49,179.4	30.8%	64,520.0		85,038.6	31.8%
Gross Profit	14,622.0		17,949.0	22.8%	24,502.9		29,498.3	20.4%
EBIT	7,662.6		8,297.9	8.3%	11,987.7		12,081.2	0.8%
EBITDA	8,780.5		9,731.7	10.8%	14,011.6		14,811.4	5.7%
Net Income/(Loss)*	3,902.2		4,365.2	11.9%	5,485.6		4,449.8	-18.9%
				Change (bps)				Change (bps)
Gross Profit Margin	38.9%		36.5%	-239	38.0%		34.7%	-329
EBIT Margin	20.4%		16.9%	-350	18.6%		14.2%	-437
EBITDA Margin	23.3%		19.8%	-356	21.7%		17.4%	-430
Net Income Margin*	10.4%		8.9%	-150	8.5%		5.2%	-327

* Net income attributable to shareholders

Currency Translation Adjustment (CTA), which had arisen from the appreciation of the Russian Ruble against the Turkish Lira since the initial investment to Russian operations, had been previously accumulating in Equity and was reclassified to Income Statement. As a result of this reclassification, there was an increase in income from investing activities line.

KEY FINANCIALS & RATIOS FOR THE RUSSIAN OPERATIONS:

As previously disclosed, although the Russian operations formally remained under Anadolu Efes as of January 1, 2025, they were excluded from the scope of consolidation in the financial statements in accordance with TFRS 10. As a result, the beer operations in Russia were not consolidated in the financial statements dated June 30, 2025, and were instead accounted for as a "Financial Investment." However, to provide insight into the operational performance of the Russian operations, key financial metrics and ratios are presented below for analytical purposes. These figures are not aligned with Anadolu Efes' consolidated financial statements for the period January 1 to June 30, 2025, and have not been subject to independent audit.

Russia (TL mn)	2Q2024	2Q2025	Change %	1H2024	1H2025	Change %
Volume (mhl)	7.0	7.2	3.3%	12.9	13.5	5.3%
Net Sales Revenue	16,193.2	20,190.1	24.7%	30,855.3	34,737.5	12.6%
Gross Profit	6,777.9	9,403.3	38.7%	13,124.6	15,674.3	19.4%
EBIT (BNRI)	1,714.9	4,005.0	133.5%	3,265.5	6,615.7	102.6%
EBITDA (BNRI)	2,046.0	4,421.9	116.1%	4,311.0	6,506.3	50.9%
Net Income	544.3	2,524.3	363.8%	2,504.9	2,937.7	17.3%
			Change (bps)			Change (bps)
Gross Profit Margin	41.9%	46.6%	472	42.5%	45.1%	259
EBIT (BNRI) Margin	10.6%	19.8%	925	10.6%	19.0%	846
EBITDA (BNRI) Margin	12.6%	21.9%	927	14.0%	18.7%	476
Net Income Margin	3.4%	12.5%	914	8.1%	8.5%	34
Russia (TL mn) w/out TAS 29	2Q2024	2Q2025	Change %	1H2024	1H2025	Change %
Volume (mhl)	7.0	7.2	3.3%	12.9	13.5	5.3%
Net Sales Revenue	12,832.4	21,014.4	63.8%	22,847.5	34,737.5	52.0%
Gross Profit	5,383.2	9,758.6	81.3%	9,718.4	15,674.3	61.3%
EBIT (BNRI)	1,358.9	4,152.9	205.6%	2,418.0	6,615.7	173.6%
EBITDA (BNRI)	1,645.0	4,540.0	176.0%	3,192.1	6,506.3	103.8%
Net Income	515.6	2,547.7	394.1%	1,854.8	2,937.7	58.4%
			Change (bps)			Change (bps)
Gross Profit Margin	42.0%	46.4%	449	42.5%	45.1%	259
EBIT (BNRI) Margin	10.6%	19.8%	917	10.6%	19.0%	846
EBITDA (BNRI) Margin	12.8%	21.6%	879	14.0%	18.7%	476
Net Income Margin	4.0%	12.1%	811	8.1%	8.5%	34

ANADOLU EFES CONSOLIDATED FINANCIAL PERFORMANCE

EBITDA (TL mn)	1H2024 Reported	1H2024 Proforma	1H2025
Profit/loss from Operations	17,593.7	14,328.2	9,823.3
Depreciation and amortization	6,910.8	5,847.0	5,947.0
Provision for retirement pay liability	255.6	255.6	241.6
Provision for vacation pay liability	339.2	297.6	314.9
Foreign exchange gain/loss from operating activities	160.8	220.7	221.9
Rediscount interest income/expense from operating activities	5.9	5.9	3.0
Other	100.2	100.2	85.7
EBITDA	25,366.2	21,055.3	16,637.5
EBITDA (BNRI*)	25,061.7	20,750.8	16,700.5

*Non-recurring items amounted to TL -304.5 million in both 1H2024 Reported & 1H2024 Proforma and TL 63.0 million in 1H2025

Financial Income / (Expense) Breakdown (TL mn)	1H2024 Reported	1H2024 Proforma	1H2025
Interest income	1,914.1	1,291.2	1,488.0
Interest expense	-8,065.9	-8,056.9	-9,232.7
Foreign exchange gain /(loss)	1,075.5	1,777.5	-242.8
Other financial expenses (net)	-1,647.9	-1,642.9	-1,248.4
Gain/(loss) on derivative transactions	-524.2	-339.6	-2.2
Net Financial Income /(Expense)	-7,248.4	-6,970.7	-9,238.1

Free Cash Flow (TL mn)	1H2024 Reported	1H2024 Proforma	1H2025
EBITDA (BNRI)	25,061.7	20,750.8	16,700.5
Change in Working Capital	-1,478.2	-4,754.5	-7,431.7
Income Taxes & Employee Benefits Paid & Others	-4,339.3	-3,455.7	-705.6
Payments of Lease Liabilities	-604.6	-574.0	-651.3
CAPEX, net	-9,494.0	-8,892.4	-9,364.8
Net Financial Income /(Expense)	-6,924.2	-6,764.5	-8,728.7
Monetary Gain/Loss	-3,200.5	-3,200.5	-1,232.0
Non-Recurring Items	304.5	304.5	-63.0
FCF	-674.4	-6,586.4	-11,476.7
Other investing activities (Acquisitions, Disposals and Share Capital Increases)	-1,122.3	-1,122.3	0.0
FCF (after investing activities)	-1,796.7	-7,708.7	-11,476.7

	Consolidated Gross Debt	Cash & Cash Equivalents	Net Cash/(Debt) Position
AEFES Consolidated (TL mn)	101,454.7	38,333.4	-63,121.3
Beer Group (TL mn)	42,222.0	15,290.7	-26,931.3
Türkiye Beer (TL mn)	41,999.4	8,227.5	-33,771.9
EBI (TL mn)	222.5	6,954.1	6,731.6
CCI (TL mn)	58,044.8	22,789.5	-35,255.3
Net Debt / EBITDA (BNRI)	1H2024 Proforma	1H2025*
Anadolu Efes Consolidated	1.5	1.9
Beer Group	3.6	3.7

*For the calculation of Net Debt / EBITDA figures, last twelve months EBITDA numbers exclude Russia's financials.

	EFFECTS OF TAS 29 ON P&L AND BALANCE SHEET MAIN ITEMS:
	2024 figures are indexed to using the Consumer Price Index (CPI) rate for comparison purposes with 1H2025.
CASH AND CASH EQUIVALENTS / TRADE RECEIVABLES:	The amount resulting from the indexation difference in 2024 is recorded as a monetary loss in the income statement. 1H2025 figures are presented in the financial statements at their nominal value as of June 30, 2025, without any indexation.
	Each cash/trade receivables transaction occurring in 1H2025 is indexed to the period-end value using the Consumer Price Index (CPI) rate. The difference between the transaction date value and indexed value is recorded as a monetary loss in the income statement.
	Amount recorded for fixed assets acquired before 2004 is indexed and increased using the Consumer Price Index (CPI) rate from 2004 to June 30, 2025.
INVENTORY/FIXED ASSETS:	For fixed assets acquired after 2004, the recorded amount is first indexed to June 30, 2025 using the CPI rate from the date of recording.
	Stocks recorded in both previous period (2024) and current period (1H2025) are indexed from the date of recording to June 30, 2025, using the CPI rate.
	2024 figures are indexed to 1H2025 using the Consumer Price Index (CPI) rate for the comparison purposes with 1H2025.
TRADE PAYABLES/FINANCIAL DEBT:	The amount resulting from the indexation difference in 2024 is recorded as a monetary gain in the income statement. 1H2025 figures are presented in the financial statements at their nominal value as of June 30, 2025, without any indexation.
	Each trade payable/financial debt transaction occurring in 1H2025 is indexed to the period-end value using the Consumer Price Index (CPI) rate. The difference between the transaction date value and indexed value is recorded as a monetary gain in the income statement.
	Paid-in capital before 2004 is indexed to June 30, 2025 using the CPI rate.
EQUITY:	The amount related to capital transactions (e.g., capital increases) recorded in capital accounts after 2004 is indexed from the date of recording to June 30, 2025.
GROSS SALES:	Every sales transaction recorded in the previous period (1H2024) and current period (1H2025) is indexed from the date of recording to June 30, 2025, using the CPI rate.
COST OF GOODS SOLD:	For the previous period (1H2024) and the current period (1H2025), production materials and overheads entering inventory are indexed from their date of entry into stock until June 30, 2025, using the CPI rate.
OPERATIONAL EXPENSES:	Every product and service purchased previous period (1H2024) and the current period (1H2025) is indexed from the date of purchase until June 30, 2025, using the CPI rate.
FINANCIAL INCOME / (EXPENSE):	Every interest income/expense and exchange rate income/expense recorded in the previous period (1H2024) and the current period (1H2025) is indexed from the relevant date until June 30, 2025, using the CPI rate.
MONETARY GAIN/LOSS:	The inflation/indexing effects on the company's monetary position, comprising cash and cash equivalents, financial debts, trade receivables, and trade payables, are reflected as monetary gain or loss.

REGARDING THE CONSOLIDATION OF INTERNATIONAL OPERATIONS:

Each item in the 2024 financial statements, prepared in local currency for international operations, is converted to the reporting unit, Turkish Lira (TL), using the June 30, 2024 exchange rate, in accordance with the principle of comparability. These items are then indexed using the June 30, 2025 Consumer Price Index rate to be presented on the basis of purchasing power as of 30.06.2025.

PLEASE CLICK TO ACCESS ALL TABLES IN EXCEL FORMAT

ANADOLU EFES

Consolidated Income Statements for the Six-Months Period Ended 30.06.2024 and 30.06.2025 Prepared in accordance with TAS/TFRS as per CMB Regulations TAS 29 (Financial Reporting in Hyperinflationary Economies) implemented

(TL mn)

	2024/06 Reported	2024/06 Proforma	2025/06
SALES VOLUME (mhl)	63.9	51.2	55.2
SALES REVENUE	145,489.9	114,972.4	111,402.5
Cost of Sales (-)	-89,184.5	-71,791.6	-71,825.7
GROSS PROFIT FROM OPERATIONS	56,305.4	43,180.8	39,576.9
Selling, Distribution and Marketing Expenses (-)	-27,850.9	-20,996.5	-21,319.5
General and Administrative Expenses (-)	-11,134.8	-8,112.9	-8,509.7
Other Operating Income /Expense (net)	274.0	256.8	75.6
EBIT (BNRI)	17,289.1	14,023.7	9,886.2
Income /Expense from Investing Activities (net)	27.5	30.3	3,262.5
Income / (Loss) from Associates	-5.0	-5.0	6.6
OPERATING PROFIT BEFORE FINANCE INCOME/(EXPENSE)	17,616.2	14,353.5	13,092.3
Financial Income / Expense (net)	-7,248.4	-6,970.7	-9,276.1
Monetary Gain / Loss	10,526.6	10,526.6	8,320.8
PROFIT BEFORE TAX FROM CONTINUING OPERATIONS	20,894.4	17,909.4	12,137.1
Continuing Operations Tax Income/(Expense)
- Current Period Tax Expense (-) / Income	-6,143.2	-5,212.3	-2,301.0
- Deferred Tax Expense (-) / Income	2,026.7	1,575.9	699.7
INCOME/(LOSS) FOR THE PERIOD	16,777.9	14,273.0	10,535.8
Attributable to:
Non-Controlling Interest	6,838.6	5,586.1	4,641.9
EQUITY HOLDERS OF THE PARENT	9,939.3	8,686.9	5,893.9
EBITDA (BNRI)*	25,061.7	20,750.8	16,700.5

*Non-recurring items amounted to TL -304.5 million in both 1H2024 Reported & 1H2024 Proforma and TL 63.0 million in 1H2025

**EBITDA comprises of Profit from Operations, depreciation and other relevant non-cash items up to Profit from Operations.

ANADOLU EFES

Consolidated Balance Sheets as of 31.12.2024 and 30.06.2025

Prepared in accordance with TAS/TFRS as per CMB Regulations

TAS 29 (Financial Reporting in Hyperinflationary Economies) implemented

(TL mn)

Cash & Cash Equivalents 63,275.6 37,817.6 Financial Investments 264.3 515.8 Derivative Instruments 77.7 63.7 Trade Receivables from Third Parties 22,940.7 37,782.3 from Related Parties 2,476.9 3,859.5 Other Receivables 1,480.8 1,531.9 Inventories 35,245.8 25,247.8 Other Current Assets 15,759.8 14,177.5 TOTAL CURRENT ASSETS 141,521.7 120,996.2 Trade Receivables 0.4 0.2 Financial Investments 21.5 50,670.6 Investments in Associates 23.0 19.7 Property, Plant and Equipment (incl. inv properties) 94,790.0 81,737.5 Right of Use Assets 3,615.8 3,482.0 Other Intangible Assets 137,913.5 112,526.2 Goodwill 16,126.2 8,766.2 Deferred Tax Assets 11,047.2 10,990.5 Derivative Instruments 0.0 55.9 Other Non-Current Assets 5,891.1 5,697.9 TOTAL NON-CURRENT ASSETS 269,428.6 273,946.7 TOTAL ASSETS 410,950.3 394,942.8 Short-term Borrowings 26,869.0 37,780.8 Current portion of long term borrowings 9,657.6 8,366.6 Current portion of term lease obligations (IFRS 16) 1,102.6 934.1 Derivative Instruments 3.4 154.8 Current Trade Payables to Third Parties 53,977.6 43,603.5 to Related Parties 3,797.2 907.1 Other Current Payables 23,303.3 22,724.5 Provision for Corporate Tax 893.0 1,187.1 Provisions 3,214.6 1,675.5 Other Liabilities 2,404.1 1,765.1 TOTAL CURRENT LIABILITIES 125,222.3 119,099.1 Long-term Borrowings 52,563.4 52,853.7 Long term lease obligations (IFRS 16) 1,849.0 1,519.6 Non Current Trade Payables 1.9 47.6 Deferred Tax Liability 31,639.8 24,327.3 Derivative Instruments 0.0 0.0 Other Non Current Liabilities 1,599.8 3,175.4 TOTAL NON-CURRENT LIABILITIES 87,653.9 81,923.6 TOTAL EQUITY 198,065.7 175,025.6 TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY 410,950.3 394,942.8	2024/12	2025/06

BEER GROUP

TAS 29 (Financial Reporting in Hyperinflationary Economies) implemented Consolidated Income Statements for the Six-Months Period Ended 30.06.2024 and 30.06.2025 Prepared in accordance with TAS/TFRS as per CMB Regulations

(TL mn)

	2024/06 Reported	2024/06 Proforma	2025/06
Sales Volume (mhl)	18.9	6.2	6.4
Sales Revenue	55,545.6	25,028.1	23,949.2
Cost of Sales (-)	-31,159.3	-13,766.4	-12,917.0
Gross Profit from Operations	24,386.3	11,261.7	11,032.2
EBIT (BNRI)	3,814.0	548.5	0.1
Operating Profit Before Finance Income/(Expense)	5,556.1	2,293.4	4,802.7
Profit Before Tax from Continuing Operations	6,824.0	3,839.0	5,259.3
Income/(Loss) for the Period	6,799.8	4,294.9	5,454.4
Equity Holders of the Parent	5,613.5	4,361.1	4,074.3
EBITDA (BNRI)*	7,479.7	3,168.7	2,719.5

*Non-recurring items amounted to TL -304.5 million in both 1H2024 Reported & 1H2024 Proforma and TL 63.0 million in 1H2025

**EBITDA comprises of Profit from Operations, depreciation and other relevant non-cash items up to Profit from Operations

BEER GROUP

TAS 29 (Financial Reporting in Hyperinflationary Economies) implemented Consolidated Balance Sheets as of 31.12.2024 and 30.06.2025 Prepared in accordance with TAS/TFRS as per CMB Regulations

(TL mn)

	2024/12	2025/06
Cash & Cash Equivalents	35,259.0	15,099.8
Financial Investments	152.6	190.9
Derivative Instruments	29.9	29.2
Trade Receivables	10,037.9	12,079.8
Other Receivables	561.8	693.1
Inventories	17,177.6	6,798.1
Other Current Assets	5,882.5	5,558.4
TOTAL CURRENT ASSETS	69,101.3	40,449.3
Trade Receivables	0.4	0.2
Financial Investments	18.3	50,667.9
Investments in Associates	16,581.8	16,571.8
Property, Plant and Equipment (incl. inv properties)	26,237.5	11,812.0
Right of Use Assets	1,194.9	961.2
Other Intangible Assets	26,749.4	1,839.3
Goodwill	9,419.5	2,200.8
Deferred Tax Assets	8,044.6	7,766.1
Other Non-Current Assets	3,677.8	2,776.1
TOTAL NON-CURRENT ASSETS	91,924.2	94,595.2
TOTAL ASSETS	161,025.5	135,044.5
Current portion of long term borrowings	2,595.3	2,265.1
Short-term Borrowings	8,909.3	17,331.6
Current portion of term lease obligations (IFRS 16)	693.9	631.5
Derivative Instruments	0.0	36.6
Current Trade Payables	32,549.7	11,394.7
Other Current Payables	14,142.4	11,810.8
Provision for Corporate Tax	254.0	18.2
Provisions	2,240.9	573.7
Other Liabilities	1,159.8	629.0
TOTAL CURRENT LIABILITIES	62,545.2	44,691.1
Long-term Borrowings	20,902.1	21,629.5
Long term lease obligations (IFRS 16)	582.1	364.4
Deferred Tax Liability	7,720.8	1,194.5
Other Non Current Liabilities	532.0	2,130.7
TOTAL NON-CURRENT LIABILITIES	29,737.1	25,319.1
TOTAL EQUITY	68,743.2	65,034.3
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY	161,025.5	135,044.5

SOFT DRINK OPERATIONS (CCI)

Prepared in accordance with TAS/TFRS as per CMB Regulations Consolidated Income Statements For the Six-Months Period Ended 30.06.2024 and 30.06.2025 TAS 29 (Financial Reporting in Hyperinflationary Economies) implemented

(TL mn)

	2024/06	2025/06
SALES VOLUME (UC millions)	792.7	859.9
SALES REVENUE	89,292.7	86,472.1
Cost of Sales (-)	-57,187.1	-57,767.2
GROSS PROFIT FROM OPERATIONS	32,105.6	28,704.9
Selling, Distribution and Marketing Expenses (-)	-13,827.4	-14,159.2
General and Administrative Expenses (-)	-4,480.0	-4,557.5
Other Operating Income /Expense (net)	216.5	306.6
EBIT	14,014.8	10,294.8
Income / Expense From Investing Activities (net)	-35.4	-50.9
Income / (Loss) from Associates	-4.7	6.4
OPERATING PROFIT BEFORE FINANCE INCOME/(EXPENSE)	13,974.7	10,250.2
Financial Income / Expenses (net)	-5,155.3	-5,549.4
Monetary Gain / Loss	7,039.6	3,941.4
PROFIT BEFORE TAX FROM CONTINUING OPERATIONS	15,859.0	8,642.2
-Deferred Tax Income/(Expense)	365.1	-241.2
-Current Period Tax Expense	-4,883.3	-1,920.1
INCOME/(LOSS) FOR THE PERIOD	11,340.9	6,480.9
Profit/(Loss) Attributable to:
Non-Controlling Interest	-61.3	-78.1
Equity Holders of the Parent	11,279.6	6,402.8
EBITDA	17,769.1	14,093.6

SOFT DRINK OPERATIONS (CCI)

Prepared in accordance with TAS/TFRS as per CMB Regulations TAS 29 (Financial Reporting in Hyperinflationary Economies) implemented Consolidated Balance Sheets as of 31.12.2024 and 30.06.2025

(TL mn)

	2024/12	2025/06
Cash and Cash Equivalents	27,130.9	22,464.6
Investments in Securities	111.7	324.8
Derivative Financial Instruments	43.7	31.0
Trade Receivables	15,084.9	29,289.8
Other Receivables	688.0	512.7
Inventories	17,946.1	18,305.0
Prepaid Expenses	4,284.8	3,889.8
Tax Related Current Assets	2,306.9	813.0
Other Current Assets	3,290.8	3,591.4
TOTAL CURRENT ASSETS	70,887.9	79,222.2
Derivative Financial Instruments	0.0	55.0
Other Receivables	214.9	205.9
Right of Use Asset	838.6	682.4
Property, Plant and Equipment	63,302.2	64,793.5
Intangible Assets	28,223.0	28,196.5
Goodwill	6,436.5	6,295.3
Prepaid Expenses	1,918.1	2,624.3
Deferred Tax Asset	1,237.8	1,108.2
Other Non Current Asset	0.0	0.0

TOTAL ASSETS	173,059.0	183,183.8
Short-term Borrowings	17,677.8	20,103.6
Current Portion of Long-term Borrowings	7,297.2	6,288.3
Bank Loans	7,014.6	6,063.1
Financial lease payables	282.6	225.3
Trade Payables	29,889.7	37,233.6
Payables Related to Employee Benefits	595.3	483.6
Other Payables	4,016.9	6,251.6
Derivative Financial Instruments	3.4	105.4
Provision for Corporate Tax	639.0	1,168.9
Current Provisions	957.8	1,077.7
Other Current Liabilities	745.8	662.4
TOTAL CURRENT LIABILITIES	61,823.1	73,375.1
Long-term Borrowings	31,635.1	31,220.2
Financial lease payables	728.8	462.1
Trade and Other Payables	4.2	3.8
Provision for Employee Benefits	1,033.4	1,053.8
Deferred Tax Liability	5,901.0	5,196.8
Derivative Financial Instruments	0.0	0.0
Other Non-Current Liabilities	0.4	0.4
TOTAL NON-CURRENT LIABILITIES	39,302.9	37,937.2
TOTAL EQUITY	71,933.1	71,871.5
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY	173,059.0	183,183.8

Totals may not foot due to rounding differences

REGARDING ANADOLU ETAP

Anadolu Etap Tarım is Türkiye's first and largest-scale fruit growing company, operating with 25,000 decares of land, 7 farms, and 3.5 million trees. Anadolu Etap, which considers social, economic, and environmental sustainability as the most important value in all its activities, achieved a first in Türkiye in 2014 by publishing the 'Principles of Sustainable Agriculture,' and leads the development of agriculture and agriculture-based industries by following to these principles. Anadolu Etap Tarım, deriving 14% of its sales revenue from exports and 86% from domestic sales, produces high-quality, sustainable, and safe food while also running social projects that support regional development.

Anadolu Etap İçecek has a broad product portfolio of juice concentrates and purees. With three highly automated juice concentrate plants, it meets international standards by producing high-quality, food-safe products that meet market demands, serving a wide range of geography from America to the Far East and, gains 75% of its sales revenue from exports and 25% from domestic sales.

ABOUT ANADOLU EFES

Anadolu Efes Biracılık ve Malt Sanayii A.Ş. (Anadolu Efes), together with its subsidiaries and affiliates produces and markets beer, malt and soft drinks across a geography including Türkiye, the CIS countries, Central Asia and the Middle East with a total of 15,198 employees, including both beer & soft drink operations. In addition, Anadolu Efes' operations in Russia*, accounted as a financial investment, are engaged in the production, sales, and marketing of beer and malt. Anadolu Efes, listed at Borsa İstanbul (AEFES.IS), is an operational entity under which the Türkiye beer operations are managed, as well as the 100% shareholder of EBI that manages international beer operations, and is the largest shareholder of CCI which manages the soft drink business in Türkiye and international markets.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This document may contain certain forward-looking statements concerning our future performance and should be considered as good faith estimates made by the Company. These forward-looking statements reflect management expectations and are based upon currently available data. Actual results are subject to future events and uncertainties, which could materially impact the Company's actual performance.

ACCOUNTING PRINCIPLES

The consolidated financial statements of Anadolu Efes are prepared in accordance with Turkish Financial Reporting Standards ("TFRS") as per regulations of the Capital Markets Board of Türkiye ("CMB").

The attached financial statements in this announcement comprise the income statements for the period ended 30.06.2024 and 30.06.2025 as well as the balance sheets as of 31.12.2024 and 30.06.2025.

Anadolu Efes and its subsidiaries in which Anadolu Efes holds the majority stake; including Efes Pazarlama (marketing, sales & distribution of beer products in Türkiye, EBI (international beer operations), and Anadolu Etap Tarım are fully consolidated in the financials. According to the Shareholder's Agreement regarding the governance of CCI, in which Anadolu Efes holds 50.3% stake, Anadolu Efes also fully consolidates CCI.

^*On December 30, 2024, it was announced that, pursuant to a Presidential Decree of the Russian Federation, temporary external management had been appointed to Anadolu Efes' beer operations in Russia. Based on the evaluations, although the Russian operations formally remained under Anadolu Efes as of January 1, 2025, it was excluded from the scope of consolidation in the financial statements in accordance with TFRS 10. In the financial statements dated June 30, 2025, the beer operations in Russia, which were excluded from consolidation, were accounted for as "Financial Investment".

BEER OPERATIONS' 1H2025 RESULTS PRESENTATION & WEBCAST

Anadolu Efes – 1H2025 Results Presentation will be held on Wednesday, 13th of August 2025 at 16:00 (Istanbul) 14:00 (London) 09:00 (New York).

The meeting will be held via Teams Live Event. We kindly recommend you to test your access to the link below prior to the call.

Webcast:

Please click to join

Audio connection will not be available; however, you are more than welcome to join the call with your mobile devices via the link above.

Replay: The replay link will be available in our website.

A copy of the presentation will be available prior to the conference call from our website at www.anadoluefes.com

ENQUIRIES

For financial reports and further information regarding Anadolu Efes, please visit our website at www.anadoluefes.com or you may contact;

Aslı Kılıç Demirel Nihal Tokluoğlu tel: +90 216 586 80 72 tel: +90 216 586 80 09

Hüseyin Basık (Investor Relations & Risk Management Specialist) tel: +90 216 586 83 24 e-mail: huseyin.basik@anadoluefes.com

(Investor Relations & Risk Management Director) (Investor Relations & Risk Management Supervisor) e-mail: asli.kilic@anadoluefes.com e-mail: nihal.tokluoglu@anadoluefes.com