COCA-COLA İÇECEK A.Ş. — Earnings Release 2021

Jan 10, 2022

Istanbul, 10 January 2022

2021 Volume Announcement

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Robust End to a Successful Year

4Q21 Key Highlights

• Consolidated sales volume up by 17.7% y/y, 6.8% on an organic* basis

• International sales volume up by 26.3% y/y, 6.0% on an organic* basis

• Turkey sales volume up by 7.9% y/y, cycling 7.3% growth

• The sparkling category grew by 15.7% , cycling 20.2% growth

• The outstanding performance of Coca-Cola[TM] , up by 15.4% , cycling 24.8% growth

*throughout the announcement, "organic" refers to sales volume excluding the impact of Uzbekistan in 4Q21

Consolidated Sales Volume

Despite the challenging operational environment led by the ongoing Covid-19 pandemic, CCI had a successful start to the year fueled by its agile, adaptive business model and diverse brand pack portfolio. Pandemic conditions continued in the first half of 2021 with lock-downs and restricted mobility. However, starting from the second half of the year, our business benefited from the increased mobility at on-premise channels with a higher rate of vaccinations, favorable weather conditions, and partial recovery of the tourism sector. By rapidly adapting to evolving consumer trends, leveraging our diverse brand pack portfolio, and our strong execution capabilities, we registered healthy volume performance across all our operations in FY21.

4Q21 showed sound volume growth of 17.7% y/y on a consolidated basis. Turkey's sales volume grew by 7.9%, while international operations grew by 26.3% y/y on a reported basis. Excluding the inorganic impact of Uzbekistan, International operations' organic growth was 6.0%, cycling strong 15.8% growth a year ago. Our core sparkling business continued its solid growth performance with 15.7% growth, on the back of double-digit growth performances of Coca-Cola[TM] and Fanta. Moreover, the stills category delivered 30.2% growth with the support of very strong iced tea, energy drinks, sports drinks, and juice performances. The water category registered 23.8% growth maintaining focus on the IC packages. The growth in the water category is supported by the softer base of the last year.

In FY21 , sales volume increased by 16.2% to 1,376 million unit cases ("UC"). On an organic basis, growth was 14.2%. This growth was broad-based among all operations without exception. Turkey continued its successful growth momentum despite the pandemic-related restrictions affecting the onpremise channel, especially in the first half of the year. Sales volume grew by 13.5% in Turkey in 2021. International operations also delivered robust results with 18.3% sales volume growth. On an organic basis, year-on-year (y/y) growth was 14.7% in International operations.

The sales volume of brand Coca-Cola[TM] increased by 17.3% y/y in FY21, while re-launched Coca-Cola Zero Sugar showed a remarkable 26.0% growth. Accordingly, the sparkling category recorded a 15.9% growth in FY21. On the other hand, the stills category registered a strong recovery in the year and grew by 28.1% y/y, while cycling a 10.8% contraction in the previous year. The water category has also recovered compared to the last year and grew by 11.4% in 2021.

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The newest addition to our operations, Uzbekistan, was consolidated in our total figures starting from the 4[th] quarter contributing 25 million UC volume growth to CCI reported numbers.

As Reported:

As Reported:
Volume (mn UC)	2021	20202021/2020 Δ	4Q214Q204Q21/4Q20 Δ
Consolidated	1,376	1,18416.2%	26722717.7%
Turkey	581	51213.5%	1141067.9%
International	795	67218.3%	15312126.3%
Uzbekistan	25	--	25--

Organic:

Organic:
Volume (mn UC)	2021	20202021/2020 Δ	4Q214Q204Q21/4Q20 Δ
Consolidated	1,352	1,18414.2%	2422276.8%
Turkey	581	51213.5%	1141067.9%
International	770	67214.7%	1281216.0%

Turkey

Turkey registered 7.9% volume growth in 4Q21 y/y. Continued focus on at-home occasions with segmented and targeted marketing campaigns and the recovery in the on-premise channel helped record successful results.

In FY21, Turkey's total sales volume increased by 13.5% y/y to 581 million UC supported by a partial recovery in the on-premise channel, improved tourism activity, favorable weather conditions during summer months, continued focus on at-home occasions, and higher product availability in the e-commerce channel.

The sparkling category registered a growth of 1.0% in 4Q21, cycling 18.1% growth a year ago. Within the sparkling category, Coca-Cola[TM] grew by 3.2% in 4Q21, cycling 24.3% growth. On a full-year basis, Coca-Cola[TM] grew by 15.1%. The re-launch of Coca-Cola Zero Sugar with a new design and revised formulation, together with the excellent growth performance of Sprite, also contributed positively to 11.6% sparkling category growth in 2021. Share of sugar-free in sparkling was at 6.1%.

The stills category continued its momentum in 4Q21 and delivered 19.2% growth y/y. The main drivers were juice and iced tea with 18.6% and 9.0% growth. The energy drinks also continued its strong performance and doubled its sales volume in 4Q21. The stills category grew by 22.3% y/y in FY21. The water category was up by 32.2% y/y in 4Q21, bringing the yearly growth to 16.3%. The recovery also assisted the growth in the water category in the on-premise channel.

International

International operations delivered 26.3% growth in the last quarter of the year. Consolidation of Uzbekistan in our sales volume started from 4[th] quarter, contributing 25 million UC volume to international operations. The organic growth of international operations was 6.0% in Q4 2021.

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In FY21, the consolidated sales volume of international operations grew by 18.3% y/y to 795 million UC, led by a remarkable 18.6% y/y growth of the sparkling category. Organic growth of international operations was 14.6%.

Despite price increases, Pakistan operations continued to deliver successful performance during 4Q21 by leveraging its leadership in the carbonated soft drinks market. Sales volume was up by 4.0% y/y in 4Q21, cycling 32.1% growth a year ago. In FY21, Pakistan's sales volume growth was 17.2%. This growth was led by the higher outlet penetration, which is supported by additional cooler placement, improved route to market capabilities, and improved promotion management together with better execution capabilities. In Pakistan, the sparkling category grew by 17.1% y/y, supported by 19.8% y/y growth in Coca-Cola[TM ] in FY21. The stills and water categories grew 59.6% and 17.0% in the same period, respectively.

Iraq operations showed a robust 10.8% total sales volume growth in 4Q21, led by Coca-Cola[TM] with a growth of 16.1% y/y in the same period. In FY21, sales volume in Iraq grew 2.8%.

In Kazakhstan, sales volume grew by 8.3% in 4Q21 compared to the same period of the last year. FY21 sales volume increased by 14.6% y/y on the back of 10.1% sparkling category growth. Sparkling category performance was mainly supported by a 7.1% growth in Coca-Cola[TM] and a 32.8% growth in Fanta in FY21. The stills category rebounded with 38.1% growth y/y in FY21, cycling a 7.9% contraction in FY20. The water category partially recovered by growing 13.0% y/y in FY21.

Being the newly added country to our operations, Uzbekistan registered 25 million UC sales volume in 4Q21, and 97% of total sales was sparkling beverages, primarily Coca-Cola[TM] and Fanta.

On a proforma basis, assuming that Uzbekistan was included in CCI's financials both in 2020 and 2021, the consolidated sales volume growth was 15.3%.

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2022 GUIDANCE

CCI closed out a solid 2021, delivering results ahead of our guidance. Every country in the CCI portfolio positively contributed to growth in 2021. The underlying fundamentals of our business are strong. However, short-term headwinds continue to weigh. We remain cautiously optimistic for the year ahead.

New variants of Covid-19 create uncertainties regarding the operating environment, while macroeconomic volatilities and supply chain challenges pressure margins.

As we strive to create value for our shareholders, we will continue driving growth with excellent execution, effective revenue growth management, a frugal expense mindset, and a tight fiscal policy.

Our company's expectations for 2022 are as follows (on a reported basis unless specified

otherwise) :

Sales Volume: high single-digit to low-teens volume growth; mid-single-digit growth on a proforma basis (100% consolidation of CCBU for FY2021 and FY222)

• Flattish in Turkey

• High teens growth in the international segment; high single-digit growth on a proforma basis

Net Sales Revenue:

Low to mid 40s percentage FX-neutral NSR growth

EBITDA Margin:

Flat to 100 bps contraction, including Uzbekistan's dilution impact and commodity price pressures

Capex/Sales:

8-10% of consolidated net sales revenue

Working Capital and Free Cash Flow:

Low single-digit Working Capital/Sales

Absolute growth in FCF vs. 2021 despite higher capex spending

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Investor Contact:

Çiçek Uşakligil Özgüneş; Investor Relations and Treasury Director Tel:+90 216 528 40 02

E-mail: cicek.ozgunes@cci.com.tr

Doruk Sazer; Investor Relations Manager

Tel: +90 216 528 4276

E-mail: doruk.sazer@cci.com.tr

Enquiries

Media Contact: Burçun İmir; Group Sustainability and Communications Leader Tel: +90 216 528 4209 E-mail: burcun.imir@cci.com.tr Nazlı İplikçioğlu; Group Corporate Communications Lead Tel: +90 216 528 4209 E-mail: nazli.iplikcioglu@cci.com.tr

Neslihan Topaç; Investor Relations Executive

Tel: +90 216 528 4309

E-mail: neslihan.topac@cci.com.tr

Company Profile

CCI is a multinational beverage company which operates in Turkey, Pakistan, Kazakhstan, Iraq, Uzbekistan, Azerbaijan, Kyrgyzstan, Jordan, Tajikistan, Turkmenistan and Syria. As one of the key bottlers of the Coca-Cola system, CCI produces, distributes and sells sparkling and still beverages of The Coca-Cola Company.

CCI employs around 10,000 people and has a total of 29 plants in 11 countries, offering a wide range of beverages to a consumer base of 430 million people. In addition to sparkling beverages, the product portfolio includes juices, waters, sports and energy drinks, teas and iced teas.

CCI's shares are traded on the Istanbul Stock Exchange (BIST) under the symbol "CCOLA.IS", and Eurobond is traded in the Irish Stock Exchange, under the symbol "CCOLAT".

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Special Note Regarding Forward-Looking Statements

This document contains forward-looking statements including, but not limited to, statements regarding Coca-Cola İçecek’s (CCI) plans, objectives, expectations and intentions and other statements that are not historical facts. Forward-looking statements can generally be identified by the use of words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “plan,” “target,” “believe” or other words of similar meaning. These forward-looking statements reflect the current views and assumptions of management and are inherently subject to significant business, economic and other risks and uncertainties. Although management believes the expectations reflected in the forward-looking statements are reasonable, at this time, you should not place undue reliance on such forward-looking statements. Important factors that could cause actual results to differ materially from CCI’s expectations include, without limitation: changes in CCI’s relationship with The Coca-Cola Company and its exercise of its rights under our bottler's agreements; CCI’s ability to maintain and improve its competitive position in its markets; CCI’s ability to obtain raw materials and packaging materials at reasonable prices; changes in CCI’s relationship with its significant shareholders; the level of demand for its products in its markets; fluctuations in the value of the Turkish Lira and currencies in CCI’s other markets; the level of inflation in Turkey and CCI’s other markets; other changes in the political or economic environment in Turkey or CCI’s other markets; adverse weather conditions during the summer months; changes in the level of tourism in Turkey; CCI’s ability to successfully implement its strategy; and other factors. Should any of these risks and uncertainties materialize or should any of management’s underlying assumptions prove to be incorrect, CCI’s actual results from operations or financial conditions could differ materially from those described herein as anticipated, believed, estimated or expected. Forward-looking statements speak only as of the date of this press release and CCI has no obligation to update those statements to reflect changes that may occur after that date.

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