ANADOLU EFES BİRACILIK VE MALT SANAYİİ A.Ş.

Quarterly Report • May 23, 2024

ANADOLU EFES BİRACILIK VE MALT SANAYİİ A.Ş.

Interim Operational Report as of 31.03.2024

CONTENTS

1. ANADOLU EFES IN BRIEF

2. CORPORATE STRUCTURE

• 2.1 Capital Structure
• 2.2 Main Subsidiaries
• 2.3 Organizational Chart

3. DEVELOPMENTS IN THE PERIOD

• 3.1 Announcement Regarding Collective Labor Agreement Negotiations
• 3.2 Announcement Regarding Lockout Decision
• 3.3 Announcement Regarding Top Management Change
• 3.4 Announcement Regarding the Renewal of D&O Liability Insurance
• 3.5 Announcement Regarding Reaching An Agreement With The Collective Labor Union
• 3.6 Announcement Regarding Completion Of The Sale Of Domestic Debt Instruments
• 3.7 Announcement Regarding Dividend Distribution Proposal
• 3.8 Announcement Regarding Ordinary General Assembly Invitation
• 3.9 Announcement Regarding the Selection of Independent Audit Firm
• 1. CORPORATE GOVERNANCE COMPLIANCE REPORT
  2. 4.1 Investor Relations Unit
  3. 4.2 Board of Directors
  4. 4.3 Board of Directors' Committees

5. SUBSEQUENT EVENTS

• 5.1 Announcement Regarding Resignation of Independent Board Member
• 5.2 Announcement Regarding The Agreement Between William Grant & Sons
• 5.3 Announcement Regarding The Results of the Annual Ordinary General Assembly Meeting
• 5.4 Announcement Regarding Board of Directors and Committee Appointments

1. Anadolu Efes in Brief:

Anadolu Efes Biracılık ve Malt Sanayii A.Ş. ("Anadolu Efes") carries out its business and operations across a broad region that includes Türkiye, Russia, members of the Commonwealth of Independent States (CIS), and Central Asian and Middle Eastern countries. Anadolu Efes is a subsidiary of AG Anadolu Group Holding A.Ş., one of Türkiye's biggest conglomerates, and is responsible for the conduct of Anadolu Group's operations in the beverages sector.

Anadolu Efes started out its business with two breweries that it opened in Türkiye back in 1969. Shortly, the company became the leader of the domestic beer market. Anadolu Efes runs its international beer operations through Efes Breweries International B.V. ("EBI"), its 100% subsidiary based in Netherlands. Anadolu Efes is also the main shareholder (50.3%) of Coca- Cola İçecek A.Ş. ("CCI"), which runs Coca-Cola operations in Türkiye and abroad.

Making almost two-thirds of its net sales in international markets, Anadolu Efes is Europe's 5 th and the world's 10th largest brewer1 by production volume. The Company has an enriched product portfolio of beer and soft drinks brands and operates in a wide geographic region together with its export markets serving to hundreds of millions worldwide. With 21 breweries, 5 malteries, 1 hops processing facility and 1 preform plant in 6 countries2 , and 31 bottling plants in 12 countries, including Turkiye among others, Anadolu Efes is operating as one of the most important players in its region. The company ships its products to more than 70 countries.

2. Corporate Structure:

2.1 Capital Structure:

The composition of shareholders and their respective percentage of ownership can be summarized as follows:

Anadolu Efes Biracılık ve Malt Sanayii A.Ş. Capital Structure (March 31, 2024);

	Share Amount (TL)	Share Ratio (%)
AG Anadolu Grubu Holding A.Ş.	254.891.157	43,05
AB InBev Harmony Ltd.	142.105.263	24,00
Publicly-traded and other	195.108.843	32,95
Total issued capital	592.105.263	100,00

As of 31.03.2024, Anadolu Efes has registered capital ceiling of TL 900,000,000, issued capital of TL 592,105,263. Company's capital is comprised of 592,105,263 shares each with a nominal value of 1 (one) TL. 142,105,263 of the shares are registered to and owned by AB InBev Harmony Limited, while 450,000,000 of the shares are bearer shares. Of Anadolu Efes' capital, 43.05% is held by AG Anadolu Group Holding A.Ş. and 24% is held by AB InBev Harmony Ltd, while 33% is publicly owned. AG Anadolu Grubu Holding A.Ş. (AGHOL.IS) is a publicly held company trading on the Borsa Istanbul (BIST).

¹ The Barth Report 2022/2023

² As of February 24, 2022, Anadolu Efes has suspended production activities at its Kharkiv factory in Ukraine. Currently, partial production continues at the Chernihiv and Mykolaiv factories.

2.2 Main Subsidiaries (March 31, 2024):

*Direct and indirect total shareholding3

2.3 Organizational Chart (March 31, 2024):

	ANADOLU 리뷰 리S
	Bira Grubu Başkanı ve Anadolu Efes CEO Onur Altürk	Coca Cola Içecek CEO Karim Yahi
Grup Mali İşler Direktörü Gökçe Yanaşmayan Efes Türkiye Genel Müdürü Tugay Keskin Rusya Operasyonları Genel Müdürü Ümit Ömer Oğün Efes Kazakistan Genel Müdürü Ertan Kurt Efes Gürcistan Genel Müdürü Veli Dinçel	Grup Insan Kaynakları Direktörü Banu Artuz Grup Hukuk İşleri Direktörü Melis Alkan Bölükbaşı Grup Ic Denetim Direktörü Uluhan Kumru Grup Bilgi ve Dijital Cözümler Direktörü Murat Özkan	Tedarik Zinciri Icra Kurulu Uyesi Kerem Kerimoğlu Dijital Teknolojiler Icra Kurulu Uyesi (CIDO) Aslı Kamiloğlu Hukuk Bas Müsaviri Icra Kurulu Uyesi Ertugrul Onur	İç Denetim İcra Kurulu Üyesi Ahmet Oztürk Kurumsal Iliskiler ve Sürdürülebilirlik İcra Kurulu Üyesi Burcun İmir Mali İşlerden Sorumlu Icra Kurulu Uyesi Erdi Kursunoğlu İnsan Kaynakları Icra Kurulu Üyesi Melis Tunaveli
Efes Moldova Genel Müdürü Alphan Akpece Pazar Geliştirme Direktörü Daniel Barbulescu	Grup Tedarik Zinciri Direktörü Savas Oztürk Grup Kurumsal lletişim ve lişkiler Direktörü Selda Susal Saatçi Grup Strateji, Içgörü ve Inovasyon Direktörü Serim Yıldırım

3. Developments In The Period:

3.1 Announcement Regarding Collective Labor Agreement Negotiations (January 30, 2024):

The Collective Labor Agreement negotiations between our Company and Tek-Gıda İş Sendikası (Labour Union) continue within the framework of the legal calendar. Tek-Gıda İş Sendikası has announced a strike decision on January 29th, 2024, and according to the announcement in case an agreement can not be reached a strike will take place on February 26th, 2024. The negotiations continue between the parties. Any developments on the process will further be announced in due course, in accordance with the regulations.

3.2 Announcement Regarding Lockout Decision (February 5, 2024):

In our announcement dated January 30, 2024, it was stated that collective bargaining negotiations between our company and the Tek Gıda-İş Union are ongoing within the legal framework. It was also mentioned that the Tek-Gıda İş Union had announced a strike decision on January 29, 2024, and this strike decision would be implemented on February 26, 2024, if an agreement is not reached by then.

In response to the strike decision, our Company's Board of Directors, in its meeting held on February 5, 2024, has decided to implement a lockout as part of the legal timeline of the ongoing Collective Labor Agreement negotiations. The effective date of the lockout will be additionally notified in accordance with the Collective Labor Agreement No. 2822, Strike and Lockout Law. The negotiations continue between the parties. Any developments on the process will further be announced in due course, in accordance with the regulations.

3.3 Announcement Regarding Top Management Change (February 7, 2024):

Anadolu Efes today announced that Can Çaka, Beer Group President and Chief Executive Officer (CEO) of Anadolu Efes has decided to leave the Company to pursue another career opportunity outside the organization which will be effective as of March 1st, 2024. Under the visionary leadership of Can Bey, our Company has flourished, innovated, and grown, leaving an unforgettable mark on our industry. His dedication leaves behind a legacy of persistent leadership that will continue to inspire us for years to come.

Onur Altürk who has been working as the General Manager of Anadolu Efes Türkiye and who brought our Turkish beer business towards greater heights of success and innovation with his effective leadership, will be appointed as the Beer Group President and Anadolu Efes CEO as of the same date.

Simultaneously, Tugay Keskin, who has been working as Chief Customer and Commercial Officer of Coca-Cola İcecek ("CCI") will assume the responsibility of General Manager of Anadolu Efes Türkiye, replacing Onur Altürk. Tugay Keskin's vast experience from CCI will bring valuable insights and expertise to our team, further enhancing our Turkish beer business' capabilities and growth potential.

Access the resumes of our management team under the Investor Relations/Management tab on our website.

3.4 Announcement Regarding the Renewal of D&O Liability Insurance (February 13, 2024):

In accordance with the article 4.2.8 of Corporate Governance Principles in Capital Markets Board's Corporate Governance Communiqué (II-17.1), the "Directors and Officers Liability Insurance" policy of our Company has been renewed with the insurance coverage limit of USD 25,000,000.

3.5 Announcement Regarding Reaching An Agreement With The Collective Labor Union (February 26, 2024):

Anadolu Efes agreed with Tek-Gıda İş Labor Union on the terms of the collective labor agreement for the period September 1, 2023 - December 31, 2025, and the agreement is currently at the signing stage.

3.6 Announcement Regarding Completion Of The Sale Of Domestic Debt Instruments (February 28, 2024):

The sale transaction of domestic bond with ISIN code TRFEFES22518 is completed with 364 days term, coupon payment of two times a year and fixed interest rate of 47.75% at a maturity date of 26.02.2025. Transaction date is 27.02.2024 and settlement date is 28.02.2024. The final issuance amount is realized as TL 1,000,000,000 within the ceiling which was approved by the Capital Markets Board's decision numbered 57/1219 on 28.09.2023. The issuance was advised by Yapı Kredi Yatırım Menkul Değerler A.Ş.

3.7 Announcement Regarding Dividend Distribution Proposal (March 21, 2024):

In its meeting held on March 21, 2024, our Board of Directors resolved to propose distributing a cash dividend of gross 2.35 TL (net 2.1150 TL) per each share with 1 TL nominal value amounting to a total of 1,391,447,368.05 TL realizing a 235% gross dividend to the shares representing the paid-in capital of 592,105,263 TL, calculated for the period January-December 2023; which is to be paid starting from May 28, 2024.

It is also resolved that the dividend distribution is to be made from the current year's profit in the legal records. 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, and dividend distribution proposal is to be submitted to the General Assembly for approval.

3.8 Announcement Regarding Ordinary General Assembly Meeting Invitation (March 26, 2024):

In its meeting dated 25.03.2024, our Board of Directors resolved to hold the Annual Ordinary General Assembly Meeting regarding the Company's 2023 calendar year operations on April 17, 2024 Wednesday at 11:00 at the address "Fatih Sultan Mehmet Mahallesi Balkan Caddesi No:58 Buyaka E Blok Kat:1 34771 Ümraniye / İstanbul" with the agenda set forth below; to make the related announcement and to take all the necessary steps as required by the Turkish Commercial Code, the Articles of Association as well as other related regulations to materialize and finalize the meeting.

Balance Sheet, Income Statement, Annual Report including Corporate Governance Compliance Report, Dividend Distribution Proposal, as well as Independent External Auditors' report along with a General Assembly Meeting Information Document for the year 2023 will be available for the review of our shareholders at our Company offices and our website at www.anadoluefes.com 21 days prior to the meeting.

3.9 Announcement Regarding the Selection of Independent Audit Firm (March 26, 2024):

In its meeting, our Board of Directors resolved to select, upon the suggestion by the Audit Committee, PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. to audit our Company's financial statements in 2024 and to submit the said selection for the approval of the General Assembly.

4. Corporate Governance Compliance Report:

4.1 Investor Relations Unit:

Investor Relations Unit, established within our Company's Finance and Investor Relations Directorate, continued to conduct the relations with our shareholders in the first three months of 2024.

Gökçe Yanaşmayan – Chief Financial Officer Tel: 0 216 586 80 00 Fax: 0 216 378 91 93 e-mail: ir@anadoluefes.com

R. Aslı Kılıç Demirel – Group Investor Relations & Risk Management Director Tel: 0 216 586 80 72 Fax: 0 216 389 58 63 e-mail: asli.kilic@anadoluefes.com Licences: CMB Capital Market Activities Level 3 License and CMB Corporate Governance Rating Specialist License

Nihal Tokluoğlu – Group Investor Relations & Risk Management Supervisor

Tel: 0 216 586 80 09 Fax: 0 216 389 58 63 e-mail: nihal.tokluoglu@anadoluefes.com

Company representatives attended 4 roadshows/conferences (physical and virtual) that were intended to provide shareholders and investors with information about the company for the first three months of 2024. In the meantime, meetings took place with a total of 53 domestic and international institutional investors and shareholders, addressing the company's business results, performance, and other developments in the period.

The Corporate Governance Committee is responsible for monitoring the activities of the Investor Relations Unit of our company. Within this context, the Committee determines the standards for all announcements and main principles of investor relations, reviews these standards and principles and compliance with these every year, and gives necessary advices to the Board of Directors. The report that is prepared by the Investor Relations Unit regarding its activities and submitted to the Corporate Governance Committee at every meeting held by the Committee is also submitted to the Board of Directors by the Committee. In the first three months of 2024, two Committee meetings were held, whose dates are on 08.01.2024 and 29.02.2024. Corporate Governance Committee met once more on 08.02.2024 in order to execute duties of the Nomination Committee.

4.2 Board of Directors:

Tuncay Özilhan Chairperson Beliz Chappuie Member Kamilhan Süleyman Yazıcı Vice Chairperson İlhami Koç Ind. Member Jason Gerard Warner Member Didem Gordon Ind. Member Tuğban İzzet Aksoy Member Bekir Ağırdır Ind. Member Rasih Engin Akçakoca Member Lale Saral Develioğlu Ind. Member Mehmet Hurşit Zorlu Member

The Board of Directors were elected for a one-year term to serve until the General Assembly meeting where the activities of 2024 will be discussed, based on the discussions and voting results of the Ordinary General Assembly Meeting held on 17.04.2024.

4.3 Board of Directors Committees:

The Board of Directors decision regarding the appointment of the new Board of Directors members elected at the General Assembly convened on April 17, 2024 to committees was resolved. Accordingly, the committees operating under the Board of Directors are formed of the members presented below:

Audit Committee	Corporate Governance Committee	Committee for Early Detection of Risks
Didem Gordon (Chairperson)	İlhami Koç (Chairperson)	Lale Saral Develioğlu (Chairperson)
İlhami Koç (Member)	Mehmet Hurşit Zorlu (Member)	Didem Gordon (Member)
	Burak Başarır (Member)	Mehmet Hurşit Zorlu (Member)
	Dr. Recep Yılmaz Argüden (Member)	Rasih Engin Akçakoca (Member)
	Rasih Engin Akçakoca (Member)	Ben Graham (Member)
	Tuğban İzzet Aksoy (Member)
	Jason Gerard Warner (Member)
	Refika Aslı Kılıç Demirel (Member)

5. Subsequent Events:

5.1 Announcement Regarding Resignation of Independent Board Member (April 4, 2024):

Anadolu Efes announced that Mr. Barış TAN has resigned from his duties of Independent Board Membership in Anadolu Efes on April 4th, 2024, within the framework of the Capital Markets Board regulations.

5.2 Announcement Regarding The Agreement Between William Grant & Sons (April 16, 2024):

Anadolu Efes announced that the Company has entered into an agreement with William Grant & Sons regarding the sales, marketing and distribution of William Grant & Sons' full range of products including whisky, liqueur and gin in Türkiye.

Sales, marketing and distribution of the products will commence in the second half of the year.

Our 2024 guidance shared on January 8th, 2024 does not include any incremental positive impact regarding this new business line.

5.3 Announcement Regarding The Results of the Annual Ordinary General Assembly Meeting (April 17, 2024):

The Annual Ordinary General Assembly of Anadolu Efes was held on April 17, 2024 at 11:00 at the address "Fatih Sultan Mehmet Mahallesi Balkan Caddesi No:58 Buyaka E Blok Kat:1 34771 Ümraniye / İstanbul" with the previously announced agenda. The minutes of the meeting is available at our website at www.anadoluefes.com.

At the 2023 Annual Ordinary General Assembly Meeting of our Company;

Annual Reports of the Board of Directors and the Independent Audit Company as well as the Consolidated Financial Statements for calendar year 2023 have been discussed and approved.

The shareholders were informed regarding the donations made by the Company and on any income and benefits obtained by granting collaterals, pledges and mortgages in favor of third persons in 2023.

To replace the released directors, the selection of TUNCAY ÖZİLHAN, KAMİLHAN SÜLEYMAN YAZICI, JASON GERARD WARNER, TUĞBAN İZZET AKSOY, RASİH ENGİN AKÇAKOCA, MEHMET HURŞİT ZORLU, BELİZ CHAPPUIE, İLHAMİ KOÇ (independent member), DİDEM GORDON (independent member), BEKİR AĞIRDIR (independent member) and LALE SARAL DEVELİOĞLU (independent member) as Directors of the Board for one year term has been approved.

The selection of the PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. as the external audit company for the audit of the financial statements and reports for the year 2024 was approved.

It has been decided to distribute a cash dividend of gross 2.35 TL (net 2.1150 TL) per each share with 1 TL nominal value amounting to a total of 1,391,447,368.05 TL realizing a 235% gross dividend distribution calculated for the period January-December 2023 to be paid starting from May 28th, 2024.

5.4 Announcement Regarding Board of Directors and Committee Appointments (April 25, 2024):

Our Board of Directors resolved to appoint Mr. Tuncay ÖZİLHAN as the Chairperson of the Board of Directors and Mr. Kamilhan Süleyman YAZICI as the Vice-Chairperson of the Board, appoint Ms. Didem GORDON as the Chairperson of the Audit Committee; Mr. İlhami KOÇ as a member of the Audit Committee, appoint Mr. İlhami KOÇ as the Chairperson of the Corporate Governance Committee and Mr. Mehmet Hurşit ZORLU, Mr. Burak BAŞARIR, Mr. Dr. Recep Yılmaz ARGÜDEN, Mr. Rasih Engin AKÇAKOCA, Mr. Tuğban İzzet AKSOY, Mr. Jason Gerard WARNER and Mrs. Refika Aslı DEMİREL as members of the Corporate Governance Committee, appoint Ms. Lale SARAL DEVELİOĞLU as the Chairperson of the Early Detection of Risk Committee and Ms. Didem GORDON, Mr. Mehmet Hurşit ZORLU, Mr. Rasih Engin AKÇAKOCA and Mr. Ben GRAHAM as the members of the Early Detection of Risk Committee.

ANADOLU EFES

EARNINGS RELEASE

1Q2024 CONSOLIDATED HIGHLIGHTS

• Sales volume increased by 0.9% to 27.5 mhl
• Net sales revenue up 5.1% to TL 43,561.6 million
• EBITDA Before Non-Recurring Items (BNRI) down 8.1% to TL 5,512.6 million
• Free Cash Flow was at TL -8,745.7 million

BEER GROUP PRESIDENT AND ANADOLU EFES CEO ONUR ALTÜRK COMMENTED:

It is very encouraging to make a good start to the year in a persistently challenging landscape with uncertainties and volatilities both in the domestic market and abroad. However, these factors have largely been mitigated by the strength of our brand portfolio, our robust commercial capabilities, and efficient route-to-market activities. As a result, we have registered slight volume growth across the board. Continued strategic pricing adjustments, along with effective revenue management efforts, and enhanced product offerings allowed our revenue growth to outpace volume increases. Consequently, net sales revenue reached TL 43.6 billion, with an EBITDA (BNRI) margin of 12.7%.

The volume performance in the beer business have exceeded our initial forecasts for the first quarter thanks to the exceptional growth rates recorded in our largest markets, Russia and Türkiye. While we remain cautious in the face of competitive pressures, pricing challenges, and sticky inflation, we are pleased by the very strong 12.4% volume growth registered in the beer group.

In Russia, the beer industry performed well in the quarter, growing by high-single digit, cycling a low base from last year. Despite a competitive environment, we continued to execute our persistent strategy to create value, supported by our diverse portfolio of products and brands. The near beer categories continue to demonstrate strong performance, contributing to both our volume and profitability.

Türkiye beer operations also had a very strong performance in the quarter despite the Ramadan impact. A wide range of product offerings covering all price segments, customer-oriented commercial activities along with right pricing strategies paved the way for a very good start, which gives us confidence for the rest of the year.

As announced previously, we signed an agreement with William Grant and Sons regarding the sales, marketing and distribution of William Grant & Sons' full range of products including whisky, liqueur and gin in Türkiye. This strategic expansion is a result of Anadolu Efes' commitment to diversify its product portfolio and tap into new product lines in line with its vision of becoming Türkiye's premier alcoholic beverage company. We are excited about the possibilities that lie ahead and look forward to delivering value to our investors through this strategic move.

In soft drinks, Türkiye operations had a good start to the year driven by the accelerated commercial activities. Yet, international operations faced some headwinds with volume registering a decline primarily due to Pakistan and Kazakhstan both cycling robust performances from last year.

The solid results from the first quarter inspire us for the rest of the year. We are confident in our ability to achieve our 2024 targets as we continue to remain focused on sustaining growth and profitability through strategic initiatives aimed at innovation, market penetration, and enhancing operational efficiencies.

KEY FINANCIALS & RATIOS

As stipulated by the decree of the Capital Markets Board, the financial statements for the 1Q2024 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 relative to our FY2024 guidance. It is important to note that the financials presented without the impact of TAS 29 are unaudited. Please refer to our explanations on page 9 regarding the impact of TAS 29 on main P&L and balance sheet items.

Unless explicitly stated otherwise, all financial information disclosed in this release are presented in accordance with TAS 29.

AEFES
Consolidated (TL mn)	1Q2023	1Q2024	Change %
Volume (mhl)	27.2	27.5	0.9%
Net Sales Revenue	41,432.7	43,561.6	5.1%
Gross Profit	14,090.1	15,600.3	10.7%
EBIT (BNRI)	3,087.2	2,739.0	-11.3%
EBITDA (BNRI)	6,000.8	5,512.6	-8.1%
Net Income/(Loss)*	3,025.1	3,140.5	3.8%
FCF	-5,883.3	-8,745.7	-48.7%
			Change (bps)
Gross Profit Margin	34.0%	35.8%	180
EBIT (BNRI) Margin	7.5%	6.3%	-116
EBITDA (BNRI) Margin	14.5%	12.7%	-183
Net Income Margin*	7.3%	7.2%	-9
Beer Group (TL mn)	1Q2023	1Q2024	Change %
Volume (mhl)	7.2	8.1	12.4%
Net Sales Revenue	14,983.1	16,204.2	8.1%
Gross Profit	5,967.2	6,602.0	10.6%
EBIT (BNRI)	-34.2	-308.2	-800.6%
EBITDA (BNRI)	1,601.7	1,094.7	-31.7%
Net Income/(Loss)*	1,439.9	1,646.5	14.3%
FCF	-1,039.7	-4,022.2	-286.9%
			Change (bps)
Gross Profit Margin	39.8%	40.7%	92
EBIT (BNRI) Margin	-0.2%	-1.9%	-167
EBITDA (BNRI) Margin	10.7%	6.8%	-393
Net Income Margin*	9.6%	10.2%	55
CCI (TL mn)	1Q2023	1Q2024	Change %
Volume (mn u/c)	352.6	341.4	-3.2%
Net Sales Revenue	26,450.4	27,229.9	2.9%
Gross Profit	8,137.0	9,049.5	11.2%
EBIT	3,154.1	3,211.7	1.8%
EBITDA	4,399.1	4,463.8	1.5%
Net Income/(Loss)*	3,180.3	2,715.9	-14.6%
FCF	-4,948.3	-4,959.2	-0.2%
			Change (bps)
Gross Profit Margin	30.8%	33.2%	247
EBIT Margin	11.9%	11.8%	-13
EBITDA Margin	16.6%	16.4%	-24
Net Income Margin*	12.0%	10.0%	-205

* Net income attributable to shareholders

AEFES Consolidated (TL mn)	1Q2023	1Q2024	change %
Volume (mhl)	27.2	27.5	0.9%
Net Sales Revenue	41,432.7	43,561.6	5.1%
Gross Profit	14,090.1	15,600.3	10.7%
EBIT (BNRI)	3,087.2	2,739.0	-11.3%
EBITDA (BNRI)	6,000.8	5,512.6	-8.1%
Net Income/(Loss)*	3,025.1	3,140.5	3.8%
FCF	-5,883.3	-8,745.7	-48.7%
			Change (bps)
Gross Profit Margin	34.0%	35.8%	180
EBIT (BNRI) Margin	7.5%	6.3%	-116
EBITDA (BNRI) Margin	14.5%	12.7%	-183
Net Income Margin*	7.3%	7.2%	-9
* Net income attributable to shareholders

OPERATIONAL PERFORMANCE – ANADOLU EFES CONSOLIDATED

Anadolu Efes' consolidated sales volume recorded a growth of 0.9% in 1Q2024 compared to the same quarter of last year. The beer operations achieved a robust 12.4% growth, driven by strong performances especially in Türkiye and Russia. On the other hand, soft drink operations' volume was softer in the period; being impacted by declines in Pakistan and Kazakhstan. As a result of the growth registered in 1Q2024, consolidated volume reached 27.5 mhl.

Consolidated net sales revenue increased by 5.1% to TL 43,561.6 million in 1Q2024 driven by volume growth along with revenue growth management initiatives including price adjustments, quality mix management and discount management. Excluding the impact of TAS29, the revenue growth was at 76.9% with the constant currency increase of 39.1%.

Consolidated EBITDA (BNRI) declined to TL 5,512.6 million in 1Q2024, despite a 10.7% increase in gross profit achieved through effective topline management covering cost increases. EBITDA (BNRI) margin decreased by 183 bps to 12.7% with operational expenses increasing ahead of revenue growth ahead of busy season. Excluding the impact of TAS 29, EBITDA (BNRI) expanded by 69.6% to TL 7,141.2 million while EBITDA (BNRI) margin was 16.4% with year-on-year decline of 71 bps.

Consolidated net profit increased from TL 3,025.1 million in 1Q2023 to TL 3,140.5 million in 1Q2024. Despite the increase in financial expenses during the period due to higher interest expenses, these were more than offset by the net foreign exchange gains. In addition, increased deferred tax income and monetary gains which was as a result of implementation of TAS 29 supported the bottom line.

Anadolu Efes recorded a Free Cash Flow of TL -8,745.7 million in 1Q2024, attributed to the seasonal nature of the business coupled with investments made for preparation for the season. However, it is expected to normalize in the following quarters as in previous years. While beer operations were negatively affected by working capital need and the increased financial expenses, soft drink operation also recorded slightly higher negative free cash flow due to increased interest and tax expenses. Consolidated Net Debt to EBITDA (BNRI) was at 1.0x as of March 31, 2024.

Beer Group (TL mn)	1Q2023	1Q2024	change %
Volume (mhl)	7.2	8.1	12.4%
Net Sales Revenue	14,983.1	16,204.2	8.1%
Gross Profit	5,967.2	6,602.0	10.6%
EBIT (BNRI)	-34.2	-308.2	-800.6%
EBITDA (BNRI)	1,601.7	1,094.7	-31.7%
Net Income/(Loss)*	1,439.9	1,646.5	14.3%
FCF	-1,039.7	-4,022.2	-286.9%
			Change (bps)
Gross Profit Margin	39.8%	40.7%	92
EBIT (BNRI) Margin	-0.2%	-1.9%	-167
EBITDA (BNRI) Margin	10.7%	6.8%	-393
Net Income Margin*	9.6%	10.2%	55

OPERATIONAL PERFORMANCE - BEER GROUP

*Net income attributable to shareholders

Beer group consolidated volume reached 8.1 mhl in 1Q2024, representing a notable year-on-year increase of 12.4%. Despite cycling a high base in the first quarter in Türkiye, volume continued to expand robustly this quarter as well. Additionally, Russian volume benefitted from low base of last year beyond expectations; while CIS countries contributed to the overall growth; with the exception of Kazakhstan.

International beer operations had a strong start to the year, with volume growing by 12.5% to 7.1 mhl in 1Q2024; primarily driven by Russian industry growth.

Russian beer operations' volume showed mid-teens growth during the quarter, demonstrating a strong performance that surpassed the market average. This growth was recorded despite facing a very challenging pricing landscape. Russian operation benefitted from stronger industry performance from low base of last year with streamlining commercial activities and efficient sales point management.

Across CIS countries, volume was down by mid-single digit percentage on average due to lower volume in Kazakhtan while Moldova and Georgia registered growth. Kazakhstan had declining performance, particularly in March, influenced by the market decline, Ramadan impact and adverse weather conditions.

In Ukraine, there was a notable increase in volume, driven by a low base effect and a surge in sales initiatives.

On the other hand, Türkiye beer volume increased significantly by 12.0% to 1.0 mhl in 1Q2024. Although the year started with softer volume performance following the price adjustments at the beginning of the year, thanks to continued positive contribution of "Efes Pilsen" and "Efes Malt" yielding strong growth in February and March; despite Ramadan impact. Our volume performance was also supported by the overall expansion in the beer industry.

Beer Group sales revenue grew by 8.1% to TL 16,204.2 million in 1Q2024. International beer operation's revenue increased by 6.1% to TL 13,038.3 million during the period while Türkiye beer operations' sales revenue recorded notable growth of 18.3%, reaching TL 3,119.4 million. On top of very high volume growth, beer group topline was supported by price adjustments and strict discount management as well as premiumization. Excluding the impact of TAS 29, beer group recorded revenue of TL 16,427.7 million in 1Q2024, registering a robust growth of 82.3% while constant currency increase was still very high at 42.7%.

Beer Group gross profit grew by 10.6% to TL 6,602.0 million in 1Q2024, resulting in a margin improvement of 92 bps to 40.7%. Türkiye beer demonstrated a remarkable performance in gross profitability, thanks to price adjustments and high volume growth limiting the impact of fixed cost increases. There was a slight decline in the international beer gross margin as expected, due to pricing ability challenges especially in Russia. This was more than offset by the improved performance of Türkiye beer. Excluding the impact of TAS 29, gross profit margin expansion was recorded at 121 bps.

Beer group EBITDA (BNRI) decreased by 31.7% to TL 1,094.7 million while the margin saw 393 bps contraction; recording at 6.8%. The improvement in gross profitability in Türkiye beer operations also resulted in an expanded EBITDA margin. Yet, accelerated spending in sales and marketing in international operations together with higher transportation expenses led to the decrease in overall beer group margin. Excluding the impact of TAS 29, EBITDA (BNRI) margin contracted by 266 bps to 11.8%.

Beer Group net income was reported at TL 1,646.5 million versus TL 1,439.9 million; yielding an increase of 14.3%. The growth was primarily driven by higher FX gains on cash and receivables as well as increased monetary gains and deferred tax income resulting from the implementation of TAS 29. These gains more than offset the increase in financial expenses due to higher borrowings and higher interest rates in Türkiye. Excluding the impact of TAS 29, beer group net income would be TL 692.9 million.

Due to the cyclical nature of our business, beer operations typically record negative free cash flow in the first quarter, primarily influenced by increased working capital needs. The interest expenses were higher due to the impact of escalated borrowing costs in Türkiye. However, there was substantial decline in capital expenditures compared to the previous year. Consequently, the Consolidated Net Debt to EBITDA (BNRI) ratio increased slightly compared to year-end and was recorded at 0.6x.

OPERATIONAL PERFORMANCE - SOFT DRINKS GROUP

COCA-COLA ICECEK CEO KARIM YAHI COMMENTED:

In the first quarter of 2024, despite a challenging context, CCI once again created value thanks to our winning capabilities, resilient operating model and the quality of our people.

We achieved remarkable milestones, including a record-breaking \$2.6 NSR/uc and an impressive EBIT margin of 16.1% (before TAS29 adjustments). These figures represent the highest levels achieved in the first quarters of the past decade; and are a testimony to our ability to deliver results amidst volatility and uncertainty.

We are proud to report a consolidated revenue of TL 27.2 billion in 1Q2024, marking a 2.9% year-onyear (y/y) improvement with a 247 basis points (bps) gross profit margin expansion and a flattish EBIT margin. Without the impact of TAS29, our FX Neutral NSR growth was in the high thirties, and our EBIT margin expansion was slightly north of 100 bps, signaling our path to delivery is in line with our guidance at the start of the year.

In the first quarter of 2024, Türkiye achieved a 5.4% y/y increase in sales volume due to the combination of more assertive consumer marketing campaigns in collaboration with The Coca-Cola Company, effective trade promotions, Ramadan occurring earlier in March compared to the previous year, a low base and improvements in the purchasing power of Turkish consumers following salary adjustments in January.

During the period, international operations experienced a decline of 7.2% y/y, following a robust growth of 14.7% y/y during the same period last year. While Uzbekistan, Iraq, and Azerbaijan demonstrated strong volume performance with increases of 22.5%, 24.3%, and 15.4% y/y respectively, the slowdown in total international volumes was primarily attributed to Pakistan and Kazakhstan, both cycling a strong base from the same period of last year, while Pakistan is still facing macroeconomic duress.

Uzbekistan maintained its impressive momentum with a 22.5% year-on-year volume growth, owing to our persistent focus on execution excellence. Since acquiring the operations in Uzbekistan, we have significantly expanded outlet coverage from 42% to 91% and increased the number of coolers in the market by sixfold. As a result, we've experienced strong volume growth and are optimistic about the future, especially with the launch of a new greenfield plant in Samarkand, which commenced production last week.

Coca-Cola Içecek (mn TL)	1Q2023	1Q2024	change %
Volume (m u/c)	352.6	341.4	-3.2%
Net Sales Revenue	26,450.4	27,229.9	2.9%
Gross Profit	8,137.0	9,049.5	11.2%
EBIT (BNRI)	3,154.1	3,211.7	1.8%
EBITDA (BNRI)	4,399.1	4,463.8	1.5%
Net Income/(Loss)*	3,180.3	2,715.9	-14.6%
FCF	-4,948.3	-4,959.2	-0.2%
			Change (bps)
Gross Profit Margin	30.8%	33.2%	247
EBIT (BNRI) Margin	11.9%	11.8%	-13
EBITDA (BNRI) Margin	16.6%	16.4%	-24
Net Income Margin*	12.0%	10.0%	-205

Looking ahead at 2024, in a testing context, our dedication to creating sustainable value and returns for our shareholders remains unwavering.

*Net income attributable to shareholders

For the full text of Coca-Cola İçecek's 1Q2024 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)

The financial information provided below excludes the impacts of TAS 29 and is presented solely for analysis purposes in order to to facilitate comparison with the FY2024 guidance disclosed on January 8th, 2024, through the Public Disclosure Platform (KAP). These figures are not aligned with Anadolu Efes' financial report for the period 01.01.2024-31.03.2024 and have not undergone an independent audit.

Without the impact of TAS 29 in 1Q2024,

Anadolu Efes;

• Net revenue increased by 76.9% to TL 43.459.8 million
• Gross profit rose by 89.8% to TL 17,233.8 million with a margin expansion of 270 bps to 39.7%
• EBITDA (BNRI) expanded by 69.6% to TL 7,141.2 million with a margin decline of 71 bps to 16.4%
• Net Income increased to TL 1,685.5 million from TL 408.5 million profit in 1Q2023

Beer Group:

• Net revenue increased by 82.3% to TL 16,427.7 million
• Gross profit grew by 87.4% to TL 7,344.0 million with a margin increase of 121 bps to 44.7%
• EBITDA (BNRI) grew by 48.8% TL 1,939.1 million with a margin decline of 266 bps
• Net Income TL 692.9 million compared to a loss of TL 109.4 million in 1Q2023

AEFES
Consolidated (TL mn)	1Q2023	1Q2024	Change %
Volume (mhl)	27.2	27.5	0.9%
Net Sales Revenue	24,566.1	43,459.8	76.9%
Gross Profit	9,077.8	17,233.8	89.8%
EBIT (BNRI)	2,799.4	5,057.0	80.6%
EBITDA (BNRI)	4,210.5	7,141.2	69.6%
Net Income/(Loss)*	408.5	1,685.5	312.6%
			Change (bps)
Gross Profit Margin	37.0%	39.7%	270
EBIT (BNRI) Margin	11.4%	11.6%	24
EBITDA (BNRI) Margin	17.1%	16.4%	-71
Net Income Margin*	1.7%	3.9%	222
Beer Group (TL mn)	1Q2023	1Q2024	Change %
Volume (mhl)	7.2	8.1	12.4%
Net Sales Revenue	9,011.0	16,427.7	82.3%
Gross Profit	3,919.2	7,344.0	87.4%
EBIT (BNRI)	461.9	807.0	74.7%
EBITDA (BNRI)	1,303.3	1,939.1	48.8%
Net Income/(Loss)*	-109.4	692.9	n.m.
			Change (bps)
Gross Profit Margin	43.5%	44.7%	121
EBIT (BNRI) Margin	5.1%	4.9%	-21
EBITDA (BNRI) Margin	14.5%	11.8%	-266
Net Income Margin*	-1.2%	4.2%	543
CCI (TL mn)	1Q2023	1Q2024	Change %
Volume (mn u/c)	352.6	341.4	-3.2%
Net Sales Revenue	15,555.7	26,913.9	73.0%
Gross Profit	5,160.0	9,881.0	91.5%
EBIT	2,342.5	4,325.1	84.6%
EBITDA	2,907.2	5,231.2	79.9%
Net Income/(Loss)*	1,034.5	1,583.4	53.1%
			Change (bps)
Gross Profit Margin	33.2%	36.7%	354
EBIT Margin	15.1%	16.1%	101
EBITDA Margin	18.7%	19.4%	75
Net Income Margin*	6.7%	5.9%	-77

Page 7 of 17 www.anadoluefes.com ir@anadoluefes.com

* Net income attributable to shareholders

ANADOLU EFES CONSOLIDATED FINANCIAL PERFORMANCE

EBITDA (TL mn)	1Q2023	1Q2024
Profit/loss from Operations	3,087.2	2,714.2
Depreciation and amortization	2,434.1	2,415.5
Provision for retirement pay liability	65.3	81.5
Provision for vacation pay liability	106.3	177.8
Foreign exchange gain/loss from operating activities	273.6	34.5
Rediscount interest income/expense from operating activities	0.0	11.0
Other	34.3	53.3
EBITDA	6,000.8	5,487.7
EBITDA (BNRI*)	6,000.8	5,512.6
*Non-recurring items amounted to TL 24.9 million in 1Q2024
Financial Income / (Expense) Breakdown (TL mn)	1Q2023	1Q2024
Interest income	471.7	615.5
Interest expense	-1,615.1	-2,564.8
Foreign exchange gain /(loss)	184.9	1,746.3
Other financial expenses (net)	-168.1	-509.4
Gain/(loss) on derivative transactions	201.2	59.1
Net Financial Income /(Expense)	-925.4	-653.3
Free Cash Flow (TL mn)	1Q2023	1Q2024
EBITDA (BNRI)	6,000.8	5,512.6
Change in Working Capital	-4,903.3	-6,931.7
Income Taxes & Employee Benefits Paid & Other Provision	-1,567.5	-1,625.4
Payments of Lease Liabilities	-158.8	-261.7
CAPEX, net	-3,205.7	-2,452.1
Net Financial Income /(Expense)	-892.3	-2,376.3
Monetary Gain/Loss	-1,156.7	-586.2
Non-Recurring Items	0.0	-24.9
FCF	-5,883.3	-8,745.7
Other investing activities	-867.4	-831.0
(Acquisitions, Disposals and Share Capital Increases)
FCF (after investing activities)	-6,750.7	-9,576.8
Consolidated Gross Debt	Cash & Cash Equivalents	Net Cash/(Debt) Position
AEFES Consolidated (TL mn) 68,469.2	39,392.5	-29,076.7

AEFES Consolidated (TL mn)	68,469.2	39,392.5	-29,076.7
Beer Group (TL mn)	26,517.7	20,074.2	-6,443.5
Türkiye Beer (TL mn)	26,237.1	1,862.4	-24,374.7
EBI (TL mn)	280.7	18,151.9	17,871.3
CCI (TL mn)	41,036.7	19,265.5	-21,771.2
Net Debt / EBITDA (BNRI)	1Q2024
Anadolu Efes Consolidated	1.0
Beer Group	0.6

EFFECTS OF TAS 29 ON P&L AND BALANCE SHEET MAIN ITEMS:

	2023 figures are indexed to 1Q2024 using the Consumer Price Index (CPI) rate for
	the comparison purposes with 1Q2024.
CASH AND CASH
	The amount resulting from the indexation difference in 2023 is recorded as a
EQUIVALENTS /	monetary loss in the income statement. 1Q2024 figures are presented in the
TRADE RECEIVABLES:	financial statements at their nominal value as of March 31, 2024, without any
	indexation.
	Each cash/trade receivables transaction occurring in 1Q2024 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 March 31, 2024.
INVENTORY/FIXED	For fixed assets acquired after 2004, the recorded amount is first indexed to March
ASSETS:	31, 2024 using the CPI rate from the date of recording.
	Stocks recorded in both previous period (2023) and current period (1Q2024) are
	indexed from the date of recording to March 31, 2024, using the CPI rate.
	2023 figures are indexed to 1Q2024 using the Consumer Price Index (CPI) rate for
	the comparison purposes with 1Q2024.
TRADE
PAYABLES/FINANCIAL	The amount resulting from the indexation difference in 2023 is recorded as a monetary gain in the income statement. 1Q2024 figures are presented in the
	financial statements at their nominal value as of March 31, 2024, without any
DEBT:	indexation.
	Each trade payable/financial debt transaction occurring in 1Q2024 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 March 31, 2024 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 the March 31,
	2024.
GROSS SALES:	Every sales transaction recorded in the previous period (1Q2023) and current period (1Q2024) is indexed from the date of recording to March 31, 2024, using the
	CPI rate.
COST OF GOODS	For the previous period (1Q2023) and the current period (1Q2024), production
	materials and overheads entering inventory are indexed from their date of entry
SOLD:	into stock until March 31, 2024, using the CPI rate.
OPERATIONAL	Every product and service purchased previous period (1Q2023) and the current
EXPENSES:	period (1Q2024) is indexed from the date of purchase until March 31, 2024, using
	the CPI rate.
FINANCIAL INCOME /	Every interest income/expense and exchange rate income/expense recorded in the
(EXPENSE):	previous period (1Q2023) and the current period (1Q2024) is indexed from the
	relevant date until March 31, 2024, using the CPI rate.
MONETARY	The inflation/indexing effects on the company's monetary position, comprising cash
GAIN/LOSS:	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 2023 financial statements, prepared in local currency for international operations, is converted to

the reporting unit, Turkish Lira (TL), using the March 31, 2023 exchange rate, in accordance with the principle of comparability. These items are then indexed using the March 31, 2024 Consumer Price Index rate to be presented on the basis of purchasing power as of 31.03.2024.

PLEASE CLICK TO ACCESS ALL TABLES IN EXCEL FORMAT

ANADOLU EFES

Consolidated Income Statements for the Three-Months Period Ended 31.03.2023 and 31.03.2024

Prepared in accordance with TAS/TFRS as per CMB Regulations

TAS 29 (Financial Reporting in Hyperinflationary Economies) implemented

(TL mn)

	2023/03	2024/03
SALES VOLUME (mhl)	27.2	27.5
SALES REVENUE	41,432.7	43,561.6
Cost of Sales (-)	-27,342.6	-27,961.3
GROSS PROFIT FROM OPERATIONS	14,090.1	15,600.3
Selling, Distribution and Marketing Expenses (-)	-7,711.3	-8,952.9
General and Administrative Expenses (-)	-3,126.1	-3,721.6
Other Operating Income /Expense (net)	-165.5	-211.6
EBIT (BNRI)	3,087.2	2,739.0
Income /Expense from Investing Activities (net)	32.2	21.8
Income / (Loss) from Associates	-95.6	-11.1
OPERATING PROFIT BEFORE FINANCE INCOME/(EXPENSE)	3,023.8	2,724.9
Financial Income / Expense (net)	-925.4	-653.3
Monetary Gain / Loss	4,866.3	4,059.9
PROFIT BEFORE TAX FROM CONTINUING OPERATIONS	6,964.8	6,131.5
Continuing Operations Tax Income/(Expense)
- Current Period Tax Expense (-) / Income	-1,823.7	-1,947.9
- Deferred Tax Expense (-) / Income	45.6	961.2
INCOME/(LOSS) FOR THE PERIOD	5,186.6	5,144.8
Attributable to:
Non-Controlling Interest	2,161.6	2,004.2
EQUITY HOLDERS OF THE PARENT	3,025.1	3,140.5
EBITDA (BNRI)*	6,000.8	5,512.6

*Non-recurring items amounted to TL 24.9 million in 1Q2024

Note: 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 31.12.2023 and 31.03.2024 Prepared in accordance with TAS/TFRS as per CMB Regulations

TAS 29 (Financial Reporting in Hyperinflationary Economies) implemented

(TL mn)

	2023/12	2024/03
Cash & Cash Equivalents	47,489.1	38,739.9
Financial Investments	432.4	652.6
Derivative Instruments	190.7	197.7
Trade Receivables from Third Parties	15,938.0	24,216.2
from Related Parties	1,759.8	1,851.9
Other Receivables	529.7	748.6
Inventories	28,625.5	25,758.2
Other Current Assets	8,739.9	12,161.2
TOTAL CURRENT ASSETS	103,705.0	104,326.3
Trade Receivables	1.5	1.3
Financial Investments	12.5	12.5
Investments in Associates	0.6	15.9
Property, Plant and Equipment (incl. inv properties)	66,294.2	67,675.9
Right of Use Assets	2,349.5	2,569.1
Other Intangible Assets	107,532.8	104,583.2
Goodwill	14,475.3	13,852.5
Deferred Tax Assets	6,990.1	8,203.3
Derivative Instruments	38.5	44.4
Other Non-Current Assets	3,779.2	2,991.0
TOTAL NON-CURRENT ASSETS	201,474.2	199,949.1
TOTAL ASSETS	305,179.3	304,275.4

	2023/12	2024/03
Short-term Borrowings	13,995.2	17,165.6
Current portion of long term borrowings	12,732.2	11,263.4
Current portion of term lease obligations (IFRS 16)	736.6	648.5
Derivative Instruments	321.6	281.9
Current Trade Payables to Third Parties	36,613.5	35,884.7
to Related Parties	1,425.9	1,718.1
Other Current Payables	19,647.2	23,264.5
Provision for Corporate Tax	680.3	1,381.2
Provisions	2,056.8	2,065.6
Other Liabilities	2,112.9	1,794.1
TOTAL CURRENT LIABILITIES	90,322.2	95,467.7
Long-term Borrowings	40,616.0	38,055.3
Long term lease obligations (IFRS 16)	1,227.3	1,336.3
Non Current Trade Payables	2.5	2.1
Deferred Tax Liability	22,260.9	21,597.4
Derivative Instruments	3.4	5.9
Other Non Current Liabilities	1,304.4	1,200.1
TOTAL NON-CURRENT LIABILITIES	65,414.3	62,197.2
TOTAL EQUITY	149,442.7	146,610.5
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY	305,179.3	304,275.4

Note 1: "Financial Investments" in Current Assets includes the time deposits with a original maturity more than three months.

BEER GROUP

Consolidated Income Statements for the Three-Months Period Ended 31.03.2023 and 31.03.2024 Prepared in accordance with TAS/TFRS as per CMB Regulations TAS 29 (Financial Reporting in Hyperinflationary Economies) implemented

(TL mn)

	2023/03	2024/03
Sales Volume (mhl)	7.2	8.1
Sales Revenue	14,983.1	16,204.2
Cost of Sales (-)	-9,015.9	-9,602.2
Gross Profit from Operations	5,967.2	6,602.0
EBIT (BNRI)	-34.2	-308.2
Operating Profit Before Finance Income/(Expense)	-107.1	-332.6
Profit Before Tax from Continuing Operations	2,319.2	1,549.3
Income/(Loss) for the Period	1,965.9	2,272.4
Equity Holders of the Parent	1,439.9	1,646.5
EBITDA (BNRI)*	1,601.7	1,094.7

*Non-recurring items amounted to TL 24.9 million in 1Q2024

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

BEER GROUP

Consolidated Balance Sheets as of 31.12.2023 and 31.03.2024 Prepared in accordance with TAS/TFRS as per CMB Regulations TAS 29 (Financial Reporting in Hyperinflationary Economies) implemented

(TL mn)

	2023/12	2024/03
Cash & Cash Equivalents	22,397.8	19,935.9
Financial Investments	0.0	138.4
Derivative Instruments	27.9	3.6
Trade Receivables	7,348.5	8,639.3
Other Receivables	344.8	371.1
Inventories	13,606.2	11,364.6
Other Current Assets	4,031.8	5,320.2
TOTAL CURRENT ASSETS	47,757.1	45,773.0
Trade Receivables	1.5	1.3
Financial Investments	12.5	12.5
Investments in Associates	11,279.0	11,294.3
Property, Plant and Equipment (incl. inv properties)	21,435.6	20,128.7
Right of Use Assets	786.8	710.9
Other Intangible Assets	24,392.8	22,601.4
Goodwill	8,946.0	8,250.5
Deferred Tax Assets	5,372.3	6,036.1
Other Non-Current Assets	1,959.4	1,677.6
TOTAL NON-CURRENT ASSETS	74,185.9	70,713.2
TOTAL ASSETS	121,943.0	116,486.2
Current portion of long term borrowings	1,940.4	348.0
Short-term Borrowings	4,137.3	7,406.7
Current portion of term lease obligations (IFRS 16)	428.0	377.6
Derivative Instruments	0.0	56.2
Current Trade Payables	23,275.3	20,787.1
Other Current Payables	9,906.9	9,540.4
Provision for Corporate Tax	216.8	83.0
Provisions	936.8	668.5
Other Liabilities	1,128.4	797.2
TOTAL CURRENT LIABILITIES	41,969.9	40,064.8
Long-term Borrowings	19,157.1	18,089.1
Long term lease obligations (IFRS 16)	356.8	296.3
Deferred Tax Liability	5,540.7	5,032.0
Other Non Current Liabilities	383.4	351.3
TOTAL NON-CURRENT LIABILITIES	25,437.9	23,768.8
TOTAL EQUITY	54,535.2	52,652.6

SOFT DRINK OPERATIONS (CCI)

Prepared in accordance with TAS/TFRS as per CMB Regulations Consolidated Income Statements For the Three-Months Period Ended 31.03.2023 and 31.03.2024 TAS 29 (Financial Reporting in Hyperinflationary Economies) implemented

(TL mn)

	2023/03	2024/03
SALES VOLUME (UC millions)	352.6	341.4
SALES REVENUE	26,450.4	27,229.9
Cost of Sales (-)	-18,313.5	-18,180.4
GROSS PROFIT FROM OPERATIONS	8,137.0	9,049.5
Selling, Distribution and Marketing Expenses (-)	-3,924.1	-4,389.1
General and Administrative Expenses (-)	-1,095.0	-1,499.3
Other Operating Income /Expense (net)	36.2	50.6
EBIT	3,154.1	3,211.7
Income / Expense From Investing Activities (net)	25.4	-16.4
Income / (Loss) from Associates	-15.9	-2.2
OPERATING PROFIT BEFORE FINANCE INCOME/(EXPENSE)	3,163.5	3,193.1
Financial Income / Expenses (net)	-767.9	-1,145.0
Monetary Gain / Loss	2,282.6	2,536.9
PROFIT BEFORE TAX FROM CONTINUING OPERATIONS	4,678.2	4,585.0
-Deferred Tax Income/(Expense)	17.7	-146.1
-Current Period Tax Expense	-1,449.1	-1,729.2
INCOME/(LOSS) FOR THE PERIOD	3,246.8	2,709.8
Profit/(Loss) Attributable to:
Non-Controlling Interest	-66.5	6.1
Equity Holders of the Parent	3,180.3	2,715.9
EBITDA	4,399.1	4,463.8

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 31.12.2023 and 31.03.2024

(TL mn)

	2023/12	2024/03
Cash and Cash Equivalents	25,031.8	18,781.4
Investments in Securities	432.4	484.1
Derivative Financial Instruments	162.7	194.2
Trade Receivables	10,142.3	17,382.9
Other Receivables	138.7	160.2
Inventories	14,938.2	14,270.6
Prepaid Expenses	2,147.7	2,815.5
Tax Related Current Assets	730.5	703.7
Other Current Assets	1,799.2	3,041.3
TOTAL CURRENT ASSETS	55,523.5	57,833.8
Derivative Financial Instruments	38.5	44.4
Other Receivables	155.2	155.5
Right of Use Asset	623.8	555.1
Property, Plant and Equipment	40,542.3	43,890.8
Intangible Assets	22,207.6	21,507.5
Goodwill	5,344.7	5,417.4
Prepaid Expenses	1,400.6	1,145.9
Deferred Tax Asset	668.2	1,070.8
Other Non Current Asset	247.8	15.4
TOTAL NON-CURRENT ASSETS	71,228.7	73,802.8
TOTAL ASSETS	126,752.2	131,636.6
	2023/12	2024/03
Short-term Borrowings	9,818.6	9,569.2
Current Portion of Long-term Borrowings	10,740.3	10,878.3
Financial lease payables	225.5	220.4
Trade Payables	21,397.6	24,016.5
Payables Related to Employee Benefits	415.7	641.0

Current Portion of Long-term Borrowings	10,740.3	10,878.3
Financial lease payables	225.5	220.4
Trade Payables	21,397.6	24,016.5
Payables Related to Employee Benefits	415.7	641.0
Other Payables	2,869.4	6,289.5
Derivative Financial Instruments	320.3	222.8
Provision for Corporate Tax	470.6	1,298.2
Current Provisions	1,112.0	1,387.2
Other Current Liabilities	390.7	385.4
TOTAL CURRENT LIABILITIES	47,760.7	54,908.5
Long-term Borrowings	21,300.5	19,926.4
Financial lease payables	534.3	471.8
Trade and Other Payables	5.7	3.5
Provision for Employee Benefits	842.0	786.7
Deferred Tax Liability	4,527.8	4,409.3
Derivative Financial Instruments	3.4	5.9
Other Non-Current Liabilities	51.0	37.1
TOTAL NON-CURRENT LIABILITIES	27,264.8	25,640.8
TOTAL EQUITY	51,726.8	51,087.3
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY	126,752.2	131,636.6

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, 8 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 Plantation and Fresh Products, deriving 65% of its sales from exports, produces high-quality, sustainable, and safe food while also running social projects that support regional development.

Anadolu Etap Beverage 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 70% of Anadolu Etap İçecek's sales from exports.

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, Russia, the CIS countries, Central Asia and the Middle East with a total of 18,770 employees, including both beer & soft drink operations. Anadolu Efes, listed at Borsa İstanbul (AEFES.IS), is an operational entity under which the Türkiye beer operations are managed, as well as a holding entity which is 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 31.03.2023 and 31.03.2024 as well as the balance sheets as of 31.12.2023 and 31.03.2024.

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.

BEER OPERATIONS' 1Q2024 RESULTS PRESENTATION & WEBCAST

Anadolu Efes – 1Q2024 Results Presentation will be held on Friday 24 th of May 2024 at 15:30 (Istanbul) 13:30 (London) 08:30 (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 http://www.anadoluefes.com/ or you may contact;

Aslı Kılıç Demirel Nihal Tokluoğlu

tel: +90 216 586 80 72 tel: +90 216 586 80 09 e-mail: asli.kilic@anadoluefes.com e-mail: nihal.tokluoglu@anadoluefes.com

(Investor Relations & Risk Management Director) (Investor Relations & Risk Management Supervisor)