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COCA-COLA İÇECEK A.Ş.
Interim / Quarterly Report • Nov 4, 2025
5900_rns_2025-11-04_1d3d2d50-e5b5-49c9-99fc-a9b3be552841.pdf
Interim / Quarterly Report
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COCA-COLA İÇECEK A.Ş. INTERIM REPORT
as of September 30, 2025
TABLE OF CONTENTS
| COMMENTS FROM THE CEO, KARIM YAHI | 2 |
|---|---|
| ABOUT CCI | 4 |
| SHAREHOLDING STRUCTURE | 4 |
| BOARD OF DIRECTORS | 4 |
| MANAGEMENT | 5 |
| DEVELOPMENTS DURING THE PERIOD | 6 |
| SUBSEQUENT EVENTS | 28 |
| ADDITIONAL INFORMATION RELATED TO OPERATIONS | 30 |
| SHAREHOLDERS' INFORMATION | 32 |
| SUBSIDIARIES | 33 |
| FINANCIAL AND OPERATIONAL PERFORMANCE | 34 |
COMMENTS FROM THE CEO, KARIM YAHI
Karim Yahi, CEO of Coca-Cola Içecek (CCI), commented:
With the first nine months of 2025 behind us, we continue to execute on our strategic priorities with a clear focus on affordability, balanced volume and value-led growth, as outlined at the beginning of the year. Despite persistent macroeconomic and geopolitical challenges, as well as the stickiness of inflation in several of our markets, our diversified product and country portfolio once again demonstrated resilience, agility, and our ability to successfully navigate the complexities of emerging and frontier markets.
In the face of these challenges, we delivered strong results, achieving high single-digit volume growth on a consolidated level, a clear testament to our strong execution capabilities and broad geographic footprint, while continuing to expand operating profitability and create value, with this quarter marking a stronger improvement compared to previous ones.
In 3Q25, we achieved an 8.9% year-on-year increase in consolidated sales volumes, reaching 477 million unit cases ("uc"). All international markets contributed positively, with Uzbekistan and Kazakhstan maintaining their strong momentum from the previous quarter. Central Asian operations in general delivered a very robust performance by growing 27.0% in total. Despite the impact of floods, Pakistan operations also delivered a positive contribution. Meanwhile, Türkiye operations recorded a modest decline of 1.7%, mainly due to a double-digit decline in water, in line with our multi-year increased focus on value-adding categories. In Türkiye, Coca-Cola™ grew by 1% and the stills category delivered strong double-digit growth, partially offsetting the decline in water. This is the result of our continued focus on creating sustainable value, supported by among other things, product mix optimization as one of the key revenue growth management initiatives.
As mentioned in our previous earnings calls, while the first half of the year was more volume-driven, the focus in the second half has shifted towards value, supported by disciplined execution and revenue growth management actions, a shift clearly reflected in our third quarter results and demonstrating the agility of our business. In the third quarter we delivered quality growth both with and without inflation accounting. With inflation accounting, our operating profit margin expanded by 125 bps year on year. Excluding inflation accounting effects, we also achieved solid margin expansion yearon-year in both gross profit and EBIT. Our pre-inflation EBIT margin of 20.4% in 3Q25, is among the highest 3rd quarter margins in the last decade.
In the first nine months, the combination of strong volume growth and EBIT delivery ranks CCI among the highest within international peers. Without inflation accounting, we reported \$2.72 NSR/uc and \$606 mn EBIT, reflecting a five-year track record of consistency. Over this period, Revenue and EBIT grew at 17% CAGR in USD, driven by 7% volume CAGR, underscoring our focus on delivering sustainable, long-term value.
In October 2025, S&P Global Ratings affirmed CCI's long-term issuer credit rating at BB+ and upgraded its outlook from 'Negative' to 'Stable'. Given the macroeconomic challenges and high cost of borrowing in Türkiye, S&P's outlook revision is the outcome of CCI's ability to effectively leverage its diversified operating footprint and maintain a strong balance sheet discipline. CCI's rating stands two notches above Sovereign and remains one of the highest assigned by S&P in Türkiye.
As we approach the final months of the year, we remain focused on managing volatility and driving profitable growth. We remain confident in delivering our full year EBIT guidance. While NSR/uc performance may come in slightly below our initial expectations, our volume delivery is ahead of our plans, and we expect EBIT margin dilution vs. prior year to remain within the acceptable range of what we characterized as "slight" at the beginning of the year. What truly differentiates us is not only our results, but the passion and purpose of our people and that remains our greatest source of strength as we move forward.
ABOUT CCI
CCI , a subsidiary of Anadolu Group, is a Turkish multinational beverage company which operates in Türkiye, Pakistan, Kazakhstan, Iraq, Uzbekistan, Bangladesh, Azerbaijan, Kyrgyzstan, Jordan, Tajikistan, Turkmenistan, and Syria. CCI produces, distributes and sells sparkling and still beverages of The Coca-Cola Company and Monster Energy Beverage Corporation along with the production of fruit juice concentrate via its affiliate Anadolu Etap İçecek (Anadolu Etap Penkon Gıda ve İçecek Ürünleri Sanayi ve Ticaret Anonim Şirket).
CCI employs more than 10,000 people, has a total of 36 bottling plants, and 3 fruit processing plants in 12 countries, offering a wide range of beverages to a population base of 600 million people. In addition to sparkling beverages, the product portfolio includes juices, waters, sports and energy drinks, iced teas and coffee.
CCI's shares are traded on the Borsa Istanbul Stock Exchange (BIST) under the symbol "CCOLA.IS".
| SHAREHOLDING STRUCTURE | |
|---|---|
| Anadolu Efes Biracılık ve Malt Sanayi A.Ş. | 40.12% |
| The Coca-Cola Export Corporation | 20.09% |
| Efes Pazarlama ve Dağıtım Ticaret A.Ş. | 10.14% |
| Free Float and Other | 29.65% |
| Total | 100.00% |
The Articles of Association of our Company do not stipulate any privileges for the exercise of voting rights.
BOARD OF DIRECTORS
CCI has a Board of Directors consisting of 12 members, 4 of whom are independent. The Board Members, elected to the Board of Directors for 1 year at the Ordinary General Assembly Meeting, which was held on April 8, 2025:
| Kamilhan Süleyman Yazıcı | Chairperson | (Non-executive) |
|---|---|---|
| İlhan Murat Özgel | Vice Chairperson | (Non-executive) |
| Talip Altuğ Aksoy | Member | (Non-executive) |
| İ. İzzet Özilhan | Member | (Non-executive) |
| S. Ahmet Bilgiç | Member | (Non-executive) |
| Burak Başarır | Member | (Non-executive) |
| Mehmet Hurşit Zorlu | Member | (Non-executive) |
| Rasih Engin Akçakoca | Member | (Non-executive) |
| Lale Develioğlu | Member | (Independent) |
| Barış Tan | Member | (Independent) |
| Emin Ethem Kutucular | Member | (Independent) |
| İlhami Koç | Member | (Independent) |
In 9M25, there are no situation which revoked the independence of independent members of the Board of Directors.
Committees established under the Board of Directors
There are four committees active under CCI's Board of Directors: Audit Committee, Corporate Governance Committee, Risk Detection Committee and Sustainability Committee. According to the Board of Directors resolution dated 08.04.2025, the members of the Committees are as follows:
| Independent Member | Executive Member | |
|---|---|---|
| Audit Committee | ||
| Emin Ethem Kutucular - Chairperson |
Yes | No |
| Barış Tan – Member |
Yes | No |
| Corporate Governance Committee | ||
| İlhami Koç – Chairperson |
Yes | No |
| Talip Altuğ Aksoy – Member |
No | No |
| İ. İzzet Özilhan – Member |
No | No |
| S. Ahmet Bilgiç - Member |
No | No |
| M. Hurşit Zorlu – Member |
No | No |
| R. Engin Akçakoca - Member |
No | No |
| Esel Yıldız Çekin – Member* |
No | No |
| Burak Berki – Member* |
No | No |
| Risk Detection Committee | ||
| Lale Develioğlu - Chairperson |
Yes | No |
| İ. İzzet Özilhan – Member |
No | No |
| S. Ahmet Bilgiç - Member |
No | No |
| Burak Başarır – Member |
No | No |
| Emin Ethem Kutucular - Member |
Yes | No |
| Sustainability Committee | ||
| Barış Tan – Chairperson |
Yes | No |
| İ. İzzet Özilhan – Member |
No | No |
| S. Ahmet Bilgiç - Member |
No | No |
| Burak Başarır – Member |
No | No |
| Lale Develioğlu - Member |
Yes | No |
*Not a board member
MANAGEMENT
| Name-Surname | Title |
|---|---|
| Karim Yahi | Chief Executive Officer |
| Çiçek Uşaklıgil Özgüneş | Chief Financial Officer |
| Kerem Kerimoğlu | Chief Supply Chain Officer |
| Burak Gürcan | Chief Human Resources Officer |
| Rüştü Ertuğrul Onur | Chief Legal Officer |
| Ahmet Öztürk | Chief Audit Executive |
| Aslı Kamiloğlu | Chief Digital Technology Officer |
| Ahmet Kürşad Ertin | Chief Operating Officer |
| Erdinç Güzel | Caucasia and Central Asia Region Director |
| Hasan Ellialtı | Türkiye Region Director |
DEVELOPMENTS DURING THE PERIOD
13.01.2025
2024 Volume Announcement
4Q24 Key Highlights
- Consolidated sales volume down by 11.5% y/y
- Consolidated sales volume up by 7.3% y/y
- Türkiye sales volume up by 18.4% y/y
- International sales volume slightly up by 1.4% y/y
- The sparkling category's sales volume up by 6.8% y/y
- The stills category's sales volume up by 8.8% y/y
- Fuse Tea significantly increased by 29.8% y/y
- Immediate Consumption ("IC") mix up by 360 bps y/y, reaching 30.0% in international markets
- Low/No sugar share in sparkling portfolio up by 17pp y/y in CCI consolidated
FY24 Key Highlights
- Consolidated reported sales volume down by 2.6% y/y
- Consolidated reported sales volume down by 2.2% y/y
- Türkiye sales volume slightly up by 0.1% y/y
- International sales volume down by 3.6% y/y
- The sparkling category's sales volume down by 4.4% y/y
- The stills category's sales volume up by 9.4% y/y
- Remarkable volume performance of Fuse Tea, up by 19.7%, cycling 13.3% growth
- IC mix up by 183 bps y/y, reaching 29.2% on a consolidated basis
- Low/No sugar share in sparkling portfolio up by 7pp y/y in Türkiye and by 2pp y/y in CCI consolidated
13.01.2024
2025 Volume Guidance
In 2024, we navigated a complex operating environment characterized by macroeconomic challenges, the cumulative impact of years of inflation, and ongoing geographical sensitivities caused by the spill-over from the conflict in the Middle-East, all contributing to the decline in consumer purchasing power and demand. We assume that context in our geographies will remain challenging in 2025 yet we remain committed delivering quality growth. Based on our learnings from 2024, we will continue to focus on what we can control to create volume growth, and we will therefore focus on disciplined daily execution, smart pricing to ensure our products remain affordable to consumers across our markets and quality mix management. Last but not the least, in line with our principle to invest ahead of demand and demonstrating our belief in the long-term potential of our markets, we will plan to open two new plants in Iraq and Azerbaijan to be operational in 2025. Our company's volume expectations for 2025 are as follows:
Sales Volume*:
Mid-single digit volume growth on a consolidated basis;
- Low to mid-single digit growth both in Türkiye
- Mid to high-single digit growth the international operations
* excluding Bangladesh (organic growth)
17.01.2025
Coupon Payment and Redemption of Debt Instrument
The redemption and final coupon payment of the TL 1.000.000.000 364 days of notes, which had the maturity date of 17.01.2025 and fixed interest rate of 46.50%, issued to domestic investors have been completed as of today.
20.01.2025
Corporate Governance Rating Contract Renewal
Our company has signed an agreement with SAHA Kurumsal Yönetim ve Kredi Derecelendirme Hizmetleri A.Ş. on 20th January 2025 to renew its corporate governance rating for two rating periods. SAHA Kurumsal Yönetim ve Kredi Derecelendirme Hizmetleri A.Ş. is officially authorized to make corporate governance rating assesment in compliance with the Corporate Governance Principles of the Capital Markets Board.
21.01.2025
Coupon Payment of Debt Instrument
Related Issue Limit Info
Currency Unit : USD Limit : 750,000,000 Issue Limit Security Type : Debt Securities
Sale Type : Oversea Domestic / Oversea : Oversea
Capital Market Instrument to Be Issued Info
Type : Bond Maturity Date : 20.01.2029 Maturity (Day) : 2,520 Interest Rate Type : Fixed Rate Interest Rate - Yearly Simple (%) : 4.50 Sale Type : Oversea CMB Approval Date : 30.12.2021 Ending Date of Sale : 20.01.2022 Maturity Starting Date : 20.01.2022 Nominal Value of Capital Market Instrument Sold : 500,000,000 Issue Price : 98.526 Coupon Number : 14 Currency Unit : USD
Redemption Plan of Capital Market Instrument Sold
| Coupon Number | Payment Date | Was The Payment Made? |
|---|---|---|
| 1 | 20.07.2022 | Yes |
| 2 | 20.01.2023 | Yes |
| 3 | 20.07.2023 | Yes |
| 4 | 22.01.2024 | Yes |
| 5 | 20.07.2024 | Yes |
| 6 | 20.01.2025 | Yes |
| 7 | 20.07.2025 |
| 8 | 20.01.2026 | |
|---|---|---|
| 9 | 20.07.2026 | |
| 10 | 20.01.2027 | |
| 11 | 20.07.2027 | |
| 12 | 20.01.2028 | |
| 13 | 20.07.2028 | |
| 14 | 20.01.2029 | |
| Principal/Maturity Date Payment Amount | 20.01.2029 |
31.01.2025
Announcement Regarding New CFO Appointment
The Chief Financial Officer of CCI – Erdi Kurşunoğlu – has decided to leave CCI. Since joining CCI in 2021 first as Finance Director for Pakistan and currently as Chief Financial Officer (CFO), Erdi Kurşunoğlu has effectively led the finance team in maintaining a robust control environment, strategically planning investments and performance, engaging with investors, and delivering solid results.
CCI's Board of Directors has resolved to appoint Çiçek Özgüneş, current Finance Director of CCI's Türkiye operation to replace Mr. Kurşunoğlu effective 1st March 2025.
Çiçek Özgüneş brings 25 years of professional experience with extensive knowledge in corporate finance. Since she has been appointed in 2024 as Türkiye Finance Director, Ms. Özgüneş has been driving financial strategy, operational finance, and regulatory compliance in Türkiye. Prior to her current role, Ms. Özgüneş had a strong background in corporate finance and investor relations, having successfully played a key role at CCI as Investor Relations and Treasury Director between 2020 and 2024.
Ms. Özgüneş has been part of the Anadolu Group for two decades where she has led strategic initiatives in debt and equity capital markets, focusing on public and private offerings, capital structuring, risk and liquidity management, corporate governance, and investor relations. Ms. Özgüneş is fluent in English and German. Ms. Özgüneş holds an MBA degree (2005) from Boğaziçi University and Bachelor of Arts in Business Administration in German (2000) from Marmara University
10.02.2025
Renewal of Liability Insurance Limit
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 25,000,000 USD.
04.03.2025
2024 Earnings Release
Our consolidated financial statements for 01.01.2024 – 31.12.2024 accounting period has been disclosed. Please find the related earning release on Investor Relations website.
04.03.2025
2025 Guidance
2024 was a year marked by a persistent high inflation, combined with the spill-over from the conflict in the Middle East. Yet, our actions and relative improvement in market
dynamics enabled gradual volume recovery in our key markets, Türkiye and Pakistan, particularly in the last quarter of the year.
Cycling a difficult operating environment in 2024, we will remain focused on what we can control in 2025, staying true to our purpose of creating sustainable value. To that effect, we will focus on driving volume growth by prioritizing affordability for consumers, delivering world-class execution with our customers and an overall commitment to operational excellence.
Following the announcement of our 2025 volume guidance, we now offer a more detailed guidance on NSR/uc and EBIT margin, both on a reported basis and excluding TAS 29 adjustments. Additionally, we have incorporated Bangladesh into our 2025 volume expectations, with a limited impact on the previously provided volume guidance. Thus, we continue to uphold our previous volume guidance. This additional information offers further clarity on the financial outlook and demonstrates our ongoing commitment to transparent communication with our stakeholders.
Our company's expectations for 2025 are as follows on a reported basis:
Sales Volume:
Mid-single-digit volume growth on a consolidated basis
- Low to mid-single-digit growth in Türkiye
- Mid to high-single-digit growth in international operations
With inflation accounting, we expect to deliver mid-single-digit NSR/uc growth with flat EBIT margin.
Without the impact of inflation accounting, FX neutral NSR/uc to grow by low twenties with revenue increases in local currencies balancing cost inflation and price affordability to drive volume growth with slight EBIT margin pressure.
04.03.2025
Dividend Distribution Proposal
As per the consolidated financial statements of our company prepared in accordance with CMB accounting standards, in 2024, our Company recorded a net income of TL 14,813,376,000.00. The Board of Directors resolved to propose to the General Assembly the distribution of gross dividends of TL 3,000,099,877.06, after legal liabilities are deducted from 2024 net income starting from 26 May 2025. As per the proposal, the remainder of 2024 net income will be added to the extraordinary reserves. Subject to the approval of the General Assembly, entities which are Türkiye resident taxpayers or entitled to such dividends through a permanent establishment or a permanent representative in Türkiye, will be paid a gross cash dividend of TL 1.0722 (net TL 1.0722) per 100 shares, representing TL 1 nominal value. While other shareholders will receive gross TL 1.0722 (net TL 0.91137) per 100 shares.
The dividend distribution table and informative table on dividend rates are available on the public disclosure.
04.03.2025
2024 Corporate Governance Compliance Report
2024 Corporate Governance Compliance Report has been published. Please find the related report on Investor Relations website and Public Disclosure Platform.
04.03.2025
2024 Corporate Governance Information Form
2024 Corporate Governance Information Form has been published. Please find the related form on Investor Relations website and Public Disclosure Platform.
04.03.2025
2024 Integrated Annual Report
2024 Integrated Annual Report is available at our Company website.
12.03.2025
2024 Sustainability Principles Report
2024 Sustainability Principles Report has been published. Please find the related report on Investor Relations website and Public Disclosures Platform.
13.03.2024
Determination of Independent Audit Company
In accordance with the regulations of the Turkish Commercial Code, the Capital Markets Board, and the Public Oversight, Accounting, and Auditing Standards Authority ("KGK"), our Board of Directors, with the opinion of the Audit Committee, resolved on March 12, 2025, to appoint an independent auditor for the 2025 fiscal year. Within this scope, PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. has been selected to audit the Company's financial statements for the 2025 fiscal year. Additionally, subject to KGK's authorization for independent sustainability assurance, PwC will be responsible for conducting 2024 and 2025 mandatory sustainability assurance audits and other relevant activities under the Turkish Sustainability Reporting Standards ("TSRS"). This appointment will be submitted for the approval of the General Assembly. Furthermore, PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. was authorized by KGK on February 18, 2025, to conduct independent assurance activities in the field of sustainability.
13.03.2025
Invitation to General Assembly Meeting
Our Company's Board of Directors resolved that, Our Company's Shareholders be invited to the 2024 Ordinary General Assembly meeting to be held on 8 April 2025 at 11:00 a.m. at Dudullu OSB Mah. Deniz Feneri Sk. No: 4 Ümraniye 34776 Istanbul to discuss the agenda items specified in the appendix and to apply to the Ministry of Trade of the Republic of Turkey to invite the superintendent and to execute other necessary legal procedures.
20.03.2025
Completion of Bond Issuance
Within the scope of our Company's debt instrument issuance limit of TL 5.000.000.000 approved by the Capital Markets Board's decision dated 05.12.2024 (No. 62/1860), the demand collection process has been conducted for the bond with ISIN code TRFCOLA32615, maturity of 363 days, floating interest rate, coupon payment once every three months, and redemption date of 18.03.2026. The issuance of a nominal TL 1.600.000.000 designated for sale to qualified investors without public offering was successfully completed on 19.03.2025, with the settlement date of 20.03.2025. İş Yatırım Menkul Değerler A.Ş. acted as an intermediary in this transaction.
21.03.2025
Conclusion of the Related Party Transactions Report
The conclusion section of the report with respect to the terms and conditions of the transactions which are common and of a continuous nature between the Company and its subsidiaries and related parties and expected to reach, during 2025, 10% or more of the cost of sales or revenues stated in the publicly disclosed 2024 annual financial statements of the Company, and comparing these transactions with market conditions, is as follows: "As a result of the evaluation made as per paragraph 3 Article 10 of the Capital Markets Board's "Corporate Governance" communiqué (II.17.1), by taking into account also the work undertaken by the Independent Audit Firm with respect to those transactions which are common and of a continuous nature between our Company and The Coca-Cola Export Corporation and its subsidiaries and our subsidiary Coca-Cola Satış ve Dağıtım A.Ş. and expected to reach, during 2025, 10% or more of the cost of sales or revenues stated in the publicly disclosed 2024 annual financial statements of our company, it is concluded that; the transaction conditions of Raw Material purchases which are contemplated to be made by and between our Company and its related parties, The Coca-Cola Export Corporation and its subsidiaries, and sales which are expected to be made to Coca-Cola Satış ve Dağıtım A.Ş. in 2025 shall be consistent with the transactions of previous years and at arm's length when compared with market conditions."
26.03.2025
2nd Coupon Interest Rate Determination for the Bond with the ISIN code of TRSCOLA92612
2nd coupon periodic interest rate has been determined as 12,1152% for the bond with the ISIN code of TRSCOLA92612.
26.03.2025
2nd Coupon Payment for the Bond with the ISIN code of TRSCOLA92612
Related Issue Limit Info
Currency Unit : TRY
Limit : 3,000,000,000
Issue Limit Security Type : Debt Securities
Sale Type : Sale to Qualified Investor
Domestic / Oversea : Domestic
Capital Market Instrument to Be Issued Info
Type : Bond
Maturity Date : 25.09.2026
Maturity (Day) : 730
Interest Rate Type : Floating Rate
Floating Rate Reference : TLREF
Additional Return (%) : 0.90
Sale Type : Sale to Qualified Investor
Approval Date of Tenor Issue Document : 07.12.2023
Ending Date of Sale : 24.09.2024
Maturity Starting Date : 25.09.2024
Nominal Value of Capital Market Instrument Sold : 935,000,000
Issue Price : 1
Coupon Number : 8
Currency Unit : TRY
Redemption Plan of Capital Market Instrument Sold
| Coupon Number | Payment Date |
Record Date |
Payment Date |
Interest Rate - Periodic (%) |
Interest Rate - Yearly Simple (%) |
Interest Rate - Yearly Compound (%) |
Payment Amount |
Exchange Rate |
Was The Payment Made? |
|---|---|---|---|---|---|---|---|---|---|
| 1 | 25.12.2024 24.12.2024 25.12.2024 13,2819 53,2736 64,9063 | 124.185.765 | Yes | ||||||
| 2 | 26.03.2025 25.03.2025 26.03.2025 12,1152 48,5939 58,199 | 113.277.120 | Yes | ||||||
| 3 | 25.06.2025 24.06.2025 25.06.2025 | ||||||||
| 4 | 24.09.2025 23.09.2025 24.09.2025 | ||||||||
| 5 | 24.12.2025 23.12.2025 24.12.2025 | ||||||||
| 6 | 25.03.2026 24.03.2026 25.03.2026 | ||||||||
| 7 | 24.06.2026 23.06.2026 24.06.2026 | ||||||||
| 8 | 25.09.2026 24.09.2026 25.09.2026 | ||||||||
| Principal/Maturity Date Payment Amount |
25.09.2026 24.09.2026 25.09.2026 |
27.03.2025
Coupon Payment of Debt Instrument
Related Issue Limit Info
Currency Unit : TRY
Limit : 2,000,000,000
Issue Limit Security Type : Debt Securities
Sale Type : Sale to Qualified Investor
Domestic / Oversea : Domestic
Capital Market Instrument to Be Issued Info
Type : Bond
Maturity Date : 01.10.2025
Maturity (Day) : 734
Interest Rate Type : Fixed Rate
Interest Rate - Yearly Simple (%) : 47.00
Sale Type : Sale to Qualified Investor
Approval Date of Tenor Issue Document : 20.09.2023
Ending Date of Sale : 28.09.2023
Maturity Starting Date : 28.09.2023
Nominal Value of Capital Market Instrument Sold : 2,000,000,000
Issue Price : 1 Coupon Number : 8
Currency Unit : TRY
Redemption Plan of Capital Market Instrument Sold
| Coupon Number | Payment Date | Was The Payment Made? |
|---|---|---|
| 1 | 28.12.2023 | Yes |
| 2 | 28.03.2024 | Yes |
| 3 | 27.06.2024 | Yes |
| 4 | 26.09.2024 | Yes |
| 5 | 26.12.2024 | Yes |
| 6 | 27.03.2025 | Yes |
| 7 | 26.06.2025 | |
| 8 | 01.10.2025 | |
| Principal/Maturity Date Payment Amount | 01.10.2025 |
08.04.2025
2024 Ordinary General Assembly Results
The Ordinary General Assembly of Coca-Cola İçecek A.Ş. (CCI) relating to the 2024 financial year was held on April 8, 2025, and summary of items discussed and approved are as follows:
-
- Company's Financial Statements for the year 2024 prepared in accordance with the Capital Markets legislation and Integrated Annual Report were approved.
-
- Board Members were individually released from activities and operations of the Company pertaining to the year 2024.
-
- As per the consolidated financial statements of our company prepared in accordance with CMB accounting standards, in 2024, our Company recorded a net income of TL 14,813,376,000.00. The distribution of gross dividends of TL 3,000,099,877.06, after legal liabilities are deducted from 2024 net income starting from 26 May 2025 was approved. As per the decision, the remainder of 2024 net income will be added to the extraordinary reserves.
-
- Kamilhan Süleyman Yazıcı, İlhan Murat Özgel, Talip Altuğ Aksoy, İbrahim İzzet Özilhan, Sadettin Ahmet Bilgiç, Burak Başarır, Mehmet Hurşit Zorlu, Rasih Engin Akçakoca, Lale Develioğlu (Independent), Prof. Dr. Barış Tan (Independent), İlhami Koç (Independent) and Emin Ethem Kutucular (Independent) were elected to the Board of Directors for 1 year and until their successors are elected in the subsequent Ordinary General Assembly. It was approved that an annual gross remuneration of TL 2,700,000 to be paid to each independent board member. No remuneration will be paid to the other board members for their role as a board member.
-
- In accordance with the regulations of the Turkish Commercial Code, the Capital Markets Board, and the Public Oversight, Accounting, and Auditing Standards Authority ("KGK"), our Board of Directors, with the opinion of the Audit
Committee, resolved on March 12, 2025, to appoint an independent auditor for the 2025 fiscal year. Within this scope, PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş as an external independent auditor for the 2025 financial year, was approved.
-
- The shareholders were informed about the Company's donations of TL 92,218,261 to Anadolu Education and Social Aid Foundation and TL 1,196,072 to other charitable associations and tax-exempt foundations.
-
- The shareholders were informed that there were no guarantees, pledges, mortgages and surety issued by the Company in favor of third parties and accordingly there were not any income or benefit obtained by the Company, in accordance with the Capital Markets Board's regulations.
-
- Information was provided to the shareholders that there were no transactions within the context of Article 1.3.6. of Annex-1 of the Corporate Governance Communiqué (II-17.1) of the Capital Markets Board, where shareholders who have a management control, members of the board of directors, managers with administrative liability and their spouses, relatives by blood or marriage up to second degree conduct a significant transaction with the Company or its subsidiaries thereof which may cause a conflict of interest, or/and conduct a transaction on behalf of themselves or a third party which is in the field of activity of the Company or its subsidiaries thereof, or become an unlimited shareholder to a corporation which operates in the same field of activity with the Company or its subsidiaries thereof in 2024.
-
- The granting of authorization to the members of the board of directors within the framework of articles 395 (Prohibition to Transact with and Incur Indebtedness to the Company) and 396 (Non-Competition) of the Turkish Commercial Code was approved.
08.04.2024
Approved Dividend Distribution Proposal at General Assembly Meeting
As per the consolidated financial statements of our company prepared in accordance with CMB accounting standards, in 2024, our Company recorded a net income of TL 14,813,376,000.00. The Board of Directors' resolution to the distribution of gross dividends of TL 3,000,099,877.06, after legal liabilities are deducted from 2024 net income starting from 26 May 2025 was approved at the General Assembly. As per the proposal, the remainder of 2024 net income will be added to the extraordinary reserves. Entities which are Türkiye resident taxpayers or entitled to such dividends through a permanent establishment or a permanent representative in Türkiye, will be paid a gross cash dividend of TL 1.0722 (net TL 1.0722) per 100 shares, representing TL 1 nominal value. While other shareholders will receive gross TL 1.0722 (net TL 0.91137) per 100 shares.
The dividend distribution table and informative table on dividend rates are available on the public disclosure.
25.04.2025
Completion of Bond Issuance
Within the scope of our Company's debt instrument issuance limit of TL 5.000.000.000 approved by the Capital Markets Board's decision dated 05.12.2024 (No. 62/1860), the demand collection process has been conducted for the bond with ISIN code TRFCOLA42614, maturity of 364 days, floating interest rate, coupon payment once every three months, and redemption date of 24.04.2026. The issuance of a nominal TL 1.650.000.000 designated for sale to qualified investors without public offering was successfully completed on 24.04.2025, with the settlement date of 25.04.2025. İş Yatırım Menkul Değerler A.Ş. acted as an intermediary in this transaction.
25.04.2025
Registration of 2024 Ordinary General Assembly Results
The resolutions taken at our Company's 2024 Ordinary General Assembly, held on April 8, 2025, have been registered by Istanbul Trade Registry Office on April 25, 2025.
25.04.2025
Delegation of Authority in Board of Directors
On April 18, 2025, the Coca-Cola İçecek A.Ş. Board of Directors resolved that:
-
- Mr. Kamilhan Süleyman Yazıcı to be appointed as "Chairperson of the Board of Directors" and Mr.Ilhan Murat Ozgel to be appointed as "Vice-Chairperson of the Board of Directors",
-
- Mr. Emin Ethem Kutucular to be appointed as "Chairperson of the Audit Committee" and Mr. Baris Tan to be appointed as "Member of the Audit Committee",
-
- Mr. Ilhami Koc to be appointed as "Chairperson of the Corporate Governance Committee" and Mr. Talip Altug Aksoy, Mr. İbrahim İzzet Özilhan, Mr. Sadettin Ahmet Bilgiç, Mr. Mehmet Hurşit Zorlu, Mr. Rasih Engin Akçakoca, Ms. Esel Yıldız Çekin and Mr. Burak Berki to be appointed as "Members of the Corporate Governance Committee",
-
- Ms. Lale Develioğlu to be appointed as "Chairperson of the Committee for Early Determination of Risks" and Mr. İbrahim İzzet Özilhan, Mr. Sadettin Ahmet Bilgiç, Mr. Burak Başarır and Mr. Emin Ethem Kutucular to be appointed as "Members of the Committee for Early Determination of Risks",
-
- Mr. Barış Tan to be appointed as "Chairperson of the Sustainability Committee" and Mr. İbrahim İzzet Özilhan, Mr. Sadettin Ahmet Bilgiç, Mr. Burak Başarır and Ms. Lale Develioğlu to be appointed as "Members of the Sustainability Committee"
28.04.2025
Coupon Payment and Redemption of Debt Instrument
The redemption and coupon payment of the TL 1.065.000.000 272 days of notes, which had the maturity date of 28.04.2025 and fixed interest rate of 50.50%, issued to domestic investors have been completed as of today.
06.05.2025
Earnings Release for the First Quarter of 2025
Our consolidated financial statements for 01.01.2025 – 31.03.2025 accounting period has been disclosed. Please find the related earning release on Investor Relations website.
22.05.2025
Completion of Bond Issuance
Within the scope of our Company's debt instrument issuance limit of TL 5.000.000.000 approved by the Capital Markets Board's decision dated 05.12.2024 (No. 62/1860), the demand collection process has been conducted for the bond with ISIN code TRFCOLA52613, maturity of 364 days, floating interest rate, coupon payment once every three months, and redemption date of 21.05.2026. The issuance of a nominal TL 1.000.000.000 designated for sale to qualified investors without public offering was successfully completed on 21.05.2025, with the settlement date of 22.05.2025. Garanti Yatırım Menkul Kıymetler A.Ş. acted as an intermediary in this transaction.
02.06.2025
Board Resolution Regarding Debt Instrument Issuance
Our Company has been evaluating various debt instruments to be utilized for general corporate purposes in the upcoming periods. In this context, Coca-Cola İçecek A.Ş. Board of Directors has authorized our Company's management, by resolution dated June 2, 2025, to take the necessary actions, including the application to the Capital Markets Board of Türkiye ("CMB") to issue and sell notes and/or bonds ("Note" and/or "Bond"), with a maturity up to 2 years, without public offering, to be sold to qualified investors and/or through private placement within a period of 1 year from the date of approval of Capital Markets Board, up to an amount of TRY 10,000,000,000 (TRY Ten Billion) with varying maturities and tranches, with terms and conditions such as amount, cost, timing, and the place of issue to be determined in accordance with market conditions at the date of issuance.
10.06.2025
Fitch Affirmed CCI's BBB Rating
Fitch Ratings ("Fitch") has affirmed Coca-Cola İcecek's ("CCI") Long-Term Issuer Default Rating ("IDR") as 'BBB' with stable outlook. Fitch also maintained CCI's Local-Currency Long-Term Issuer Default Rating and Senior Unsecured Long-Term Ratings as 'BBB', while affirming the National Rating of AAA (tur) with Stable Outlook. The affirmation of CCI's ratings reflects continued strong operating profitability with robust execution of the Company's expansion plan, leading to revenue and EBITDA growth. This is supported by CCI's leading positions in its core markets, the resilient nature of the soft drinks business and CCI's strong capital structure. CCI's rating also benefits from strategic support from The Coca-Cola Company as per Fitch's Parent and Subsidiary Linkage Criteria.
10.06.2025
Investigation by The Competition Board
The Competition Board has decided to initiate an investigation on our subsidiary Coca-Cola Satış ve Dağıtım A.Ş. (CCSD) in accordance with Article 41 of the Law No. 4054 on the Protection of Competition to determine whether there has been a violation of Articles 4 and 6.
The fact that the Competition Board has initiated an investigation does not necessarily mean that the company subject to investigation has actually violated The Act on the Protection of Competition No.4054 nor it will be subject to a penalty due to a violation of the Competition Law. Any further developments in the matter will be announced as required by CMB regulations.
18.06.2025
JCR Eurasia Rating Credit Rating Announcement
JCR Eurasia Rating has evaluated and affirmed "AAA (tr)" long term national issuer credit rating and "J1+ (tr)" short term national issuer credit rating which represent the highest notation with "stable" outlook for Coca-Cola içecek A.Ş.
JCR Eurasia Rating has evaluated and affirmed "BBB" long term international foreign and local currency issuer credit ratings with "stable" outlook for Coca-Cola İçecek A.Ş.
JCR Eurasia Rating has evaluated and affirmed "AAA (tr)" long term national issuer credit rating and "J1+ (tr)" short term national issuer credit rating which represent the highest notation with "stable" outlook for Coca-Cola Satış ve Dağıtım A.Ş.
JCR Eurasia Rating has evaluated and affirmed "BBB-" long term international foreign and local currency issuer credit ratings with "stable" outlook for Coca-Cola Satış ve Dağıtım A.Ş.
18.06.2025
1st Coupon Interest Rate Determination for the Bond with the ISIN code of TRFCOLA32615
1st coupon periodic interest rate has been determined as 12.7609% for the bond with the ISIN code of TRFCOLA32615.
19.06.2025
1st Coupon Payment for the Bond with the ISIN code of TRFCOLA32615
Related Issue Limit Info
Currency Unit : TRY
Limit : 5,000,000,000
Issue Limit Security Type : Debt Securities
Sale Type : Sale to Qualified Investor
Domestic / Oversea : Domestic
Capital Market Instrument to Be Issued Info
Type : Bill
Maturity Date : 18.03.2026
Maturity (Day) : 363
Interest Rate Type : Floating Rate
Floating Rate Reference : TLREF
Additional Return (%) : 0.50
Sale Type : Sale to Qualified Investor
Approval Date of Tenor Issue Document : 05.12.2024
Ending Date of Sale : 19.03.2025
Maturity Starting Date : 20.03.2025
Nominal Value of Capital Market Instrument Sold : 1,600,000,000
Issue Price : 1
Coupon Number : 4
Currency Unit : TRY
Redemption Plan of Capital Market Instrument Sold
| Coupon Number | Payment Date |
Record Date |
Payment Date |
Interest Rate - Periodic (%) |
Interest Rate - Yearly Simple (%) |
Interest Rate - Yearly Compound (%) |
Payment Amount |
Exchange Rate |
Was The Payment Made? |
|---|---|---|---|---|---|---|---|---|---|
| 1 | 19.06.2025 18.06.2025 19.06.2025 12,7609 | 51,1838 | 61,8852 | 204.174.400 | Yes | ||||
| 2 | 18.09.2025 17.09.2025 18.09.2025 | ||||||||
| 3 | 17.12.2025 16.12.2025 17.12.2025 | ||||||||
| 4 | 18.03.2026 17.03.2026 18.03.2026 | ||||||||
| Principal/Maturity Date Payment Amount |
18.03.2026 17.03.2026 18.03.2026 |
23.06.2025
Capital Markets Day Presentations
Our company is holding a Capital Markets Day in London on June 23, 2025, jointly organized with Anadolu Group Holding and group companies. The presentation to be made as part of this event has been published on our website.
24.06.2025
3rd Coupon Interest Rate Determination for the Bond with the ISIN code of TRSCOLA92612
3rd coupon periodic interest rate has been determined as 12.8806% for the bond with the ISIN code of TRSCOLA92612.
24.06.2025
CMB Application Regarding Debt Instrument Issuance
As per our public announcement following the Company's Board of Directors' resolution dated 02.06.2025, the Company management has been authorized to take the necessary actions, including the application to the Capital Markets Board of Türkiye ("CMB") to issue and sell notes and/or bonds ("Note" and/or "Bond"), up to an amount of TRY 10,000,000,000 (Ten billion Turkish Lira) with a maturity up to two years. In this regard, an official application has been submitted to CMB on 24.06.2025.
25.06.2025
3rd Coupon Payment for the Bond with the ISIN code of TRSCOLA92612
Related Issue Limit Info
Currency Unit : TRY
Limit : 3,000,000,000
Issue Limit Security Type : Debt Securities
Sale Type : Sale to Qualified Investor
Domestic / Oversea : Domestic
Capital Market Instrument to Be Issued Info
Type : Bond
Maturity Date : 25.09.2026
Maturity (Day) : 730
Interest Rate Type : Floating Rate
Floating Rate Reference : TLREF
Additional Return (%) : 0.90
Sale Type : Sale to Qualified Investor
Approval Date of Tenor Issue Document : 07.12.2023
Ending Date of Sale : 24.09.2024
Maturity Starting Date : 25.09.2024
Nominal Value of Capital Market Instrument Sold : 935,000,000
Issue Price : 1
Coupon Number : 8
Currency Unit : TRY
Redemption Plan of Capital Market Instrument Sold
| Coupon Number | Payment Date |
Record Date |
Payment Date |
Interest Rate - Periodic (%) |
Interest Rate - Yearly Simple (%) |
Interest Rate - Yearly Compound (%) |
Payment Amount |
Exchange Rate |
Was The Payment Made? |
|---|---|---|---|---|---|---|---|---|---|
| 1 | 25.12.2024 24.12.2024 25.12.2024 13,2819 | 53,2736 | 64,9063 | 124.185.765 | Yes | ||||
| 2 | 26.03.2025 25.03.2025 26.03.2025 12,1152 | 48,5939 | 58,199 | 113.277.120 | Yes | ||||
| 3 | 25.06.2025 24.06.2025 25.06.2025 12,8806 | 51,6639 | 62,5756 | 120.433.610 | Yes | ||||
| 4 | 24.09.2025 23.09.2025 24.09.2025 | ||||||||
| 5 | 24.12.2025 23.12.2025 24.12.2025 | ||||||||
| 6 | 25.03.2026 24.03.2026 25.03.2026 | ||||||||
| 7 | 24.06.2026 23.06.2026 24.06.2026 | ||||||||
| 8 | 25.09.2026 24.09.2026 25.09.2026 | ||||||||
| Principal/Maturity Date Payment Amount |
25.09.2026 24.09.2026 25.09.2026 |
26.06.2025
Coupon Payment of Debt Instrument
Related Issue Limit Info
Currency Unit : TRY
Limit : 2,000,000,000
Issue Limit Security Type : Debt Securities
Sale Type : Sale to Qualified Investor
Domestic / Oversea : Domestic
Capital Market Instrument to Be Issued Info
Type : Bond
Maturity Date : 01.10.2025
Maturity (Day) : 734
Interest Rate Type : Fixed Rate
Interest Rate - Yearly Simple (%) : 47.00
Sale Type : Sale to Qualified Investor
Approval Date of Tenor Issue Document : 20.09.2023
Ending Date of Sale : 28.09.2023
Maturity Starting Date : 28.09.2023
Nominal Value of Capital Market Instrument Sold : 2,000,000,000
Issue Price : 1
Coupon Number : 8
Currency Unit : TRY
Redemption Plan of Capital Market Instrument Sold
| Coupon Number | Payment Date | Was The Payment Made? |
|---|---|---|
| 1 | 28.12.2023 | Yes |
| 2 | 28.03.2024 | Yes |
| 3 | 27.06.2024 | Yes |
| 4 | 26.09.2024 | Yes |
| 5 | 26.12.2024 | Yes |
| 6 | 27.03.2025 | Yes |
| 7 | 26.06.2025 | Yes |
| 8 | 01.10.2025 | |
| Principal/Maturity Date Payment Amount | 01.10.2025 |
01.07.2025
CCI's Corporate Governance Rating
SAHA Kurumsal Yönetim ve Kredi Derecelendirme Hizmetleri A.Ş. (SAHA), one of the companies which is certified by the Capital Markets Board of Turkey (CMB) on Corporate Governance Rating, has confirmed Coca-Cola Içecek A.Ş.'s (CCI) Corporate Governance Rating Score at 9.50 (on a scale of 10.00).
According to the Principles issued by the CMB, the Corporate Governance Rating is determined by taking the weighted average of four sections listed below:
| Main Sections | Weight | Rating |
|---|---|---|
| Shareholders | 25% | 89.37 |
| Public Disclosure & Transparency | 25% | 99.01 |
| Stakeholders | 15% | 99.48 |
| Board of Directors | 35% | 94.32 |
| TOTAL | 100% | 95.03 |
21.07.2025
Coupon Payment of Debt Instrument
Related Issue Limit Info
Currency Unit : USD Limit : 750,000,000 Issue Limit Security Type : Debt Securities Sale Type : Oversea Domestic / Oversea : Oversea
Capital Market Instrument to Be Issued Info
Type : Bond Maturity Date : 20.01.2029 Maturity (Day) : 2,520 Interest Rate Type : Fixed Rate Interest Rate - Yearly Simple (%) : 4.50 Sale Type : Oversea CMB Approval Date : 30.12.2021 Ending Date of Sale : 20.01.2022 Maturity Starting Date : 20.01.2022 Nominal Value of Capital Market Instrument Sold : 500,000,000 Issue Price : 98.526 Coupon Number : 14 Currency Unit : USD
Redemption Plan of Capital Market Instrument Sold
| Coupon Number | Payment Date | Was The Payment Made? |
|---|---|---|
| 1 | 20.07.2022 | Yes |
| 2 | 20.01.2023 | Yes |
| 3 | 20.07.2023 | Yes |
| 4 | 22.01.2024 | Yes |
| 5 | 20.07.2024 | Yes |
| 6 | 20.01.2025 | Yes |
| 7 | 21.07.2025 | Yes |
| 8 | 20.01.2026 | |
| 9 | 20.07.2026 | |
| 10 | 20.01.2027 | |
| 11 | 20.07.2027 | |
| 12 | 20.01.2028 | |
| 13 | 20.07.2028 | |
| 14 | 20.01.2029 | |
| Principal/Maturity Date Payment Amount | 20.01.2029 |
24.07.2025
1st Coupon Interest Rate Determination for the Bond with the ISIN code of TRFCOLA42614
1st coupon periodic interest rate has been determined as 12.8533% for the bond with the ISIN code of TRFCOLA42614.
25.07.2025
1st Coupon Payment for the Bond with the ISIN code of TRFCOLA42614
Related Issue Limit Info
Currency Unit : TRY
Limit : 5,000,000,000
Issue Limit Security Type : Debt Securities
Sale Type : Private Placement-Sale to Qualified
Investor
Domestic / Oversea : Domestic
Capital Market Instrument to Be Issued Info
Type : Bill
Maturity Date : 24.04.2026
Maturity (Day) : 364
Interest Rate Type : Floating Rate
Floating Rate Reference : TLREF
Additional Return (%) : 1.00
Sale Type : Sale to Qualified Investor
Approval Date of Tenor Issue Document : 05.12.2024
Ending Date of Sale : 24.04.2025
Maturity Starting Date : 25.04.2024
Nominal Value of Capital Market Instrument Sold : 1,650,000,000
Issue Price : 1
Coupon Number : 4
Currency Unit : TRY
Redemption Plan of Capital Market Instrument Sold
| Coupon Number |
Payment Date |
Record Date |
Payment Date |
Intere st Rate - Period ic (%) |
Intere st Rate - Yearly Simpl e (%) |
Interest Rate - Yearly Compou nd (%) |
Payment Amount |
Exchan ge Rate |
Was The Payme nt Made? |
|---|---|---|---|---|---|---|---|---|---|
| 1 | 25.07.20 25 |
25.07.20 25 |
25.07.20 25 |
12,85 33 |
51,55 46 |
62,4180 | 212.079.4 50 |
Yes | |
| 2 | 24.10.20 25 |
23.10.20 25 |
24.10.20 25 |
||||||
| 3 | 23.01.20 26 |
22.01.20 26 |
23.01.20 26 |
||||||
| 4 | 24.04.20 26 |
22.04.20 26 |
24.04.20 26 |
||||||
| Principal/Mat urity Date Payment Amount |
24.04.20 26 |
22.04.20 26 |
24.04.20 26 |
04.08.2025
CMB Approval Regarding Debt Instrument Issuance
Within the scope of our Company's debt instrument issuance limit of TL 5.000.000.000 approved by the Capital Markets Board's decision dated 05.12.2024 (No. 62/1860), a nominal TL 750.000.000 has been issued with redemption date of 04.02.2026. İş Yatırım Menkul Kıymetler A.Ş. acted as an intermediary in this transaction.
06.08.2025
Completion of Bond Issuance
Within the scope of our Company's debt instrument issuance limit of TL 5.000.000.000 approved by the Capital Markets Board's decision dated 05.12.2024 (No. 62/1860), a nominal TL 750.000.000 has been issued with redemption date of 04.02.2026. İş Yatırım Menkul Kıymetler A.Ş. acted as an intermediary in this transaction.
11.08.2025
Earnings Release for the Second Quarter of 2025
Our consolidated financial statements for 01.01.2025 – 30.06.2025 accounting period has been disclosed. Please find the related earning release on Investor Relations website
15.08.2025
2024 Sustainability Report in Compliance with TSRS
Our Company's 2024 Sustainability Report in Compliance with TSRS, which has been prepared in accordance with the Türkiye Sustainability Reporting Standards (TSRS) pursuant to the regulations of the Public Oversight, Accounting and Auditing Standards Authority of the Republic of Türkiye, and subjected to the mandatory sustainability assurance audit by PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş., is enclosed herewith and has also been made available to the public on our Company's website.
20.08.2025
1st Coupon Interest Rate Determination for the Bond with the ISIN code of TRFCOLA52613
1st coupon periodic interest rate has been determined as 12.3352% for the bond with the ISIN code of TRFCOLA52613.
21.08.2025
1st Coupon Payment for the Bond with the ISIN code of TRFCOLA52613
Related Issue Limit Info
Currency Unit : TRY
Limit : 5,000,000,000 Issue Limit Security Type : Debt Securities
Sale Type : Private Placement-Sale To Qualified Investor
Domestic / Oversea : Domestic
Capital Market Instrument to Be Issued Info
Type : Bill
Maturity Date : 21.05.2026
Maturity (Day) : 364
Interest Rate Type : Floating Rate
Floating Rate Reference : TLREF
Sale Type : Sale to Qualified Investors
Ending Date of Sale : 21.05.2025 Maturity Starting Date : 22.05.2025 Nominal Value of Capital Market Instrument Sold : 1,000,000,000
Coupon Number : 4 Currency Unit : TRY
Redemption Plan of Capital Market Instrument Sold
| Coupon Number | Payment Date |
Record Date |
Payment Date |
Interest Rate - Periodic (%) |
Interest Rate - Yearly Simple (%) |
Interest Rate - Yearly Compound (%) |
Payment Amount |
Exchange Rate |
Was The Payment Made? |
|---|---|---|---|---|---|---|---|---|---|
| 1 | 21.08.2025 20.08.2025 21.08.2025 12,3352 | 49,4764 | 59,4478 | Yes | |||||
| 2 | 20.11.2025 19.11.2025 20.11.2025 | ||||||||
| 3 | 19.02.2026 18.02.2026 19.02.2026 | ||||||||
| 4 | 21.05.2026 20.05.2026 21.05.2026 |
| Principal/Maturity Date Payment Amount |
21.05.2026 20.05.2026 21.05.2026 | ||||
|---|---|---|---|---|---|
17.09.2025
2nd Coupon Interest Rate Determination for the Bond with the ISIN code of TRFCOLA32615
2nd coupon periodic interest rate has been determined as 11.6846% for the bond with the ISIN code of TRFCOLA32615.
18.09.2025
2nd Coupon Payment for the Bond with the ISIN code of TRFCOLA32615
Related Issue Limit Info
Currency Unit : TRY
Limit : 5,000,000,000
Issue Limit Security Type : Debt Securities
Sale Type : Sale to Qualified Investor
Domestic / Oversea : Domestic
Capital Market Instrument to Be Issued Info
Type : Bill
Maturity Date : 18.03.2026
Maturity (Day) : 363
Interest Rate Type : Floating Rate
Floating Rate Reference : TLREF
Additional Return (%) : 0.50
Sale Type : Sale to Qualified Investor
Approval Date of Tenor Issue Document : 05.12.2024
Ending Date of Sale : 19.03.2025
Maturity Starting Date : 20.03.2025
Nominal Value of Capital Market Instrument Sold : 1,600,000,000
Issue Price : 1
Coupon Number : 4
Currency Unit : TRY
Redemption Plan of Capital Market Instrument Sold
| Coupon Number | Payment Date |
Record Date |
Payment Date |
Interest Rate - Periodic (%) |
Interest Rate - Yearly Simple (%) |
Interest Rate - Yearly Compound (%) |
Payment Amount |
Exchange Rate |
Was The Payment Made? |
|---|---|---|---|---|---|---|---|---|---|
| 1 | 19.06.2025 18.06.2025 19.06.2025 12,7609 | 51,1838 61,8852 | 204.174.400 | Yes | |||||
| 2 | 18.09.2025 17.09.2025 18.09.2025 11,6846 | 46,8667 55,7760 | 186.953.599,95 | Yes | |||||
| 3 | 17.12.2025 16.12.2025 17.12.2025 | ||||||||
| 4 | 18.03.2026 17.03.2026 18.03.2026 | ||||||||
| Principal/Maturity Date Payment Amount |
18.03.2026 17.03.2026 18.03.2026 |
23.09.2025
4th Coupon Interest Rate Determination for the Bond with the ISIN code of TRSCOLA92612
4th coupon periodic interest rate has been determined as 11.667% for the bond with the ISIN code of TRSCOLA92612.
24.09.2025
4th Coupon Payment for the Bond with the ISIN code of TRSCOLA92612
Related Issue Limit Info
Currency Unit : TRY
Limit : 3,000,000,000
Issue Limit Security Type : Debt Securities
Sale Type : Sale to Qualified Investor
Domestic / Oversea : Domestic
Capital Market Instrument to Be Issued Info
Type : Bond
Maturity Date : 25.09.2026
Maturity (Day) : 730
Interest Rate Type : Floating Rate
Floating Rate Reference : TLREF
Additional Return (%) : 0.90
Sale Type : Sale to Qualified Investor
Approval Date of Tenor Issue Document : 07.12.2023
Ending Date of Sale : 24.09.2024
Maturity Starting Date : 25.09.2024
Nominal Value of Capital Market Instrument Sold : 935,000,000
Issue Price : 1
Coupon Number : 8
Currency Unit : TRY
Redemption Plan of Capital Market Instrument Sold
| Coupon Number | Payment Date |
Record Date |
Payment Date |
Interest Rate - Periodic (%) |
Interest Rate - Yearly Simple (%) |
Interest Rate - Yearly Compound (%) |
Payment Amount |
Exchange Rate |
Was The Payment Made? |
|---|---|---|---|---|---|---|---|---|---|
| 1 | 25.12.2024 24.12.2024 25.12.2024 13,2819 | 53,2736 | 64,9063 | 124.185.765 | Yes | ||||
| 2 | 26.03.2025 25.03.2025 26.03.2025 12,1152 | 48,5939 | 58,199 | 113.277.120 | Yes | ||||
| 3 | 25.06.2025 24.06.2025 25.06.2025 12,8806 | 51,6639 | 62,5756 | 120.433.610 | Yes | ||||
| 4 | 24.09.2025 23.09.2025 24.09.2025 11,667 | 46,7962 | 55,6776 | 109.086.450 | Yes | ||||
| 5 | 24.12.2025 23.12.2025 24.12.2025 | ||||||||
| 6 | 25.03.2026 24.03.2026 25.03.2026 | ||||||||
| 7 | 24.06.2026 23.06.2026 24.06.2026 | ||||||||
| 8 | 25.09.2026 24.09.2026 25.09.2026 | ||||||||
| Principal/Maturity Date Payment Amount |
25.09.2026 24.09.2026 25.09.2026 |
SUBSEQUENT EVENTS
01.10.2025
Completion of Bond Issuance
Within the scope of our Company's debt instrument issuance limit of TL 10.000.000.000 approved by the Capital Markets Board's decision dated 31.07.2025 (No. 43/1355), a nominal TL 1.000.000.000 has been issued with redemption date of 30.03.2026. İş Yatırım Menkul Kıymetler A.Ş. acted as an intermediary in this transaction.
01.10.2025
Coupon Payment and Redemption of Debt Instrument
The redemption and coupon payment of the TL 2.000.000.000 734 days of notes, which had the maturity date of 01.10.2025 and fixed interest rate of 47.00%, issued to domestic investors have been completed as of today.
15.10.2025
S&P Global Ratings Credit Ratings Announcement
S&P Global Ratings affirmed CCI's long-term issuer credit rating as BB+, while revised its outlook to "Stable" from "Negative".The rating action reflects S&P's forecast that CCI's overall credit metrics should stabilize in the next 12-18 months thanks to resilient operating performance and expected decline in borrowing costs in Türkiye.The stable outlook reflects S&P's view that CCI's credit metrics should improve in the next 12-18 months, thanks to a large and leading product portfolio and resilient demand across most markets. Additionally, anticipated reductions in funding costs and capital expenditures in Türkiye will contribute into solid positive free operation cash flow (FOCF) generation and improving EBITDA interest coverage.S&P continues to factor in CCI's successful pass of their ratings above the sovereign stress test,including transfer and convertibility (T&C) assessments, allowing them to rate it above the foreign currency rating on the Turkish government (BB-/Stable).In addition S&P insulated CCI's credit ratings from that of its majority shareholder Anadolu Efes Biracılık ve Malt San. A.Ş. ("AEFES"), which was previously aligned. Under new context S&P can rate CCI up to a maximum of three notches above AEFES.
23.10.2025
2nd Coupon Interest Rate Determination for the Bond with the ISIN code of TRFCOLA42614
2nd coupon periodic interest rate has been determined as 11.1544% for the bond with the ISIN code of TRFCOLA42614.
24.10.2025
2nd Coupon Payment for the Bond with the ISIN code of TRSCOLA92612
Related Issue Limit Info
Currency Unit : TRY
Limit : 5,000,000,000
Issue Limit Security Type : Debt Securities
Sale Type : Private Placement-Sale to Qualified Investor
Domestic / Oversea : Domestic
Capital Market Instrument to Be Issued Info
Type : Bill
Maturity Date : 24.04.2026
Maturity (Day) : 364
Interest Rate Type : Floating Rate
Floating Rate Reference : TLREF
Additional Return (%) : 1.00
Sale Type : Sale to Qualified Investor
Approval Date of Tenor Issue Document : 05.12.2024
Ending Date of Sale : 24.04.2025
Maturity Starting Date : 25.04.2024
Nominal Value of Capital Market Instrument Sold : 1,650,000,000
Issue Price : 1
Coupon Number : 4
Currency Unit : TRY
Redemption Plan of Capital Market Instrument Sold
| Coupon Number | Payment Date |
Record Date |
Payment Date |
Interest Rate - Periodic (%) |
Interest Rate - Yearly Simple (%) |
Interest Rate - Yearly Compound (%) |
Payment Amount |
Exchange Rate |
Was The Payment Made? |
|---|---|---|---|---|---|---|---|---|---|
| 1 | 25.07.2025 25.07.2025 25.07.2025 12,8533 | 51,5546 | 62,4180 | 212.079.450 | Yes | ||||
| 2 | 24.10.2025 23.10.2025 24.10.2025 11,1544 | 44,7402 | 52,8310 | 184.047.600 | Yes | ||||
| 3 | 23.01.2026 22.01.2026 23.01.2026 | ||||||||
| 4 | 24.04.2026 22.04.2026 24.04.2026 | ||||||||
| Principal/Maturity Date Payment Amount |
24.04.2026 22.04.2026 24.04.2026 |
ADDITIONAL INFORMATION RELATED TO OPERATIONS
Information regarding privileged shares and voting rights
The Articles of Association of our Company do not stipulate any privileges for the exercise of voting rights.
CCI's Articles of Association do not restrict the transfer of Class C shares. However, there are certain stipulations for the transfer of Class A and Class B shares.
Class A and Class B shares have certain privileged rights with respect to management. CCI has a Board of Directors consisting of 12 members, 7 of whom are nominated by Class A shareholders and 1 of whom is nominated by Class B Shareholders. The remaining 4 Directors are independent.
Information on the acquisition of own shares
CCI did not acquire its own shares in 9M25.
Research and development activities
There are no research and development activities and cost during 01.01.2025 – 30.09.2025 period. Research and development activities are conducted by The Coca-Cola Company (TCCC), and CCI benefits from the transfer of TCCC's information and know-how.
Dividend Right
Dividend Policy was submitted to the information of General Assembly on April 15, 2014 and published both in the annual report and on the website.
Dividend Distribution Policy
Our Company carries out dividend distributions pursuant to the provisions of Turkish Commercial Code, Capital Markets Regulations, Tax Regulations and other relevant regulations as well as in accordance with the article on dividend distribution of our Company's Articles of Association. Our Company targets to distribute an amount not to be more than 50% of the distributable profit as cash and/or bonus shares each year. This dividend distribution policy is subject to the investment and other funding needs that may be required for the long-term growth of the Company and any special cases that may arise due to the extraordinary developments in the economic conditions. The Board of Directors adopts a resolution on dividend distribution for each accounting period and submits it for the approval of the General Assembly. Dividend distribution commences on the date to be determined by the General Assembly which shall not be later than the end of the year during which the General Assembly Meeting is held. The Company may consider making advance dividend payment or paying out the dividends in equal or variable installments. Without prejudice to the investment plans and operational requirements, the Board of Directors may propose a dividend distribution at a rate to be higher than the upper limit determined subject to the approval of the General Assembly.
Share groups do not have any privileges with respect to dividends.
Information about the Company's capital and equity structure
Shareholders equity as of 30.09.2025 is TL 72.9 bn and the issued capital is TL 2.8 bn which indicates our strong equity structure.
Measures taken to improve the Company's financial structure
Our Company utilizes long term loans to finance its investments as well as medium and short-term loans to finance its working capital requirements. For a sustainable, healthy financing structure, our main priorities are to diversify the funding sources, to achieve optimum maturity of the funding need, to mitigate the foreign exchange risk diversifying the currencies, to keep good relationships with the financial institutions while closely monitoring the market.
Labor movements, labor agreements, and benefits provided to laborers
Average number of personnel employed during 01.01.2025-30.09.2025 period is 10,717. (30 September 2024: 10,432)
Starting from workforce planning, all human resources processes such as recruitment, performance management, talent management, training and development, compensation and benefit management are based on ensuring, encouraging, and rewarding continuous development and superior performance.
The remuneration policy which was prepared to identify the remuneration system and practices applicable to and the other rights and benefits to the board members and top management, is published on our web site.
SHAREHOLDERS' INFORMATION
Number of Shares: 279.807.860.200,00 (Nominal value of 100 shares is 1 TL.)
IPO date: May 12, 2006 Free-float rate 29.1%
Share Performance
| 1 Jan – 30 September 2025 |
Minimum | Maximum | Average | 30 September 2025 |
|---|---|---|---|---|
| Share price (TL) | 45.50 | 61.20 | 52.22 | 46.00 |
| Market Cap (USD million) | 3,078 | 4,815 | 3,803 | 3,096 |
Independent Auditors:
PWC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş.
Credit Rating:
Fitch Ratings, (10 June 2025):
Foreign Currency Senior Unsecured rating and IDR, 'BBB', Stable Outlook Local Currency Senior Unsecured and IDR, 'BBB', Stable Outlook National Long-Term Rating 'AAA' (tur), Stable Outlook
S&P Rating, (15 October 2024)
Long term credit rating "BB+", Stable Outlook
JCR-ER, (18 June 2025):
Long term national rating "AAA (tr)", Stable Outlook Short term national rating "J1+ (tr)", Stable Outlook
Corporate Governance Rating:
Corporate Governance Rating of 9.50 out of 10 (SAHA Corporate Governance and Credit Rating Services Inc, 1 July 2025)
Contact:
Coca-Cola İçecek A.Ş. Investor Relations / OSB Mah. Deniz Feneri Sk. No: 4, 34776 Dudullu Ümraniye İstanbul, Türkiye
Tel: 0 216 528 40 00 / Faks: 0216 510 70 10 / [email protected]
Share Performance
FINANCIAL AND OPERATIONAL PERFORMANCE
TAS 29 (Financial Reporting in Hyperinflationary Economies) implemented
| Consolidated (million TL) | 3Q25 | 3Q24 | Change % | 9M25 | 9M24 | Change % |
|---|---|---|---|---|---|---|
| Volume (million UC) | 477 | 438 | 8.9% | 1,337 | 1,231 | 8.6% |
| Net Sales | 52,201 | 48,934 | 6.7% | 145,162 | 144,927 | 0.2% |
| Gross Profit | 19,897 | 17,838 | 11.5% | 50,756 | 52,352 | -3.0% |
| EBIT | 9,815 | 8,591 | 14.3% | 20,883 | 23,657 | -11.7% |
| EBIT (Exc. other) | 9,979 | 8,135 | 22.7% | 20,716 | 22,969 | -9.8% |
| EBITDA | 11,654 | 10,457 | 11.4% | 26,805 | 29,559 | -9.3% |
| EBITDA (Exc. other) | 11,774 | 9,922 | 18.7% | 26,592 | 28,771 | -7.6% |
| Profit Before Tax | 9,061 | 8,365 | 8.3% | 18,351 | 25,414 | -27.8% |
| Net Income/(Loss) | 7,181 | 6,895 | 4.2% | 14,065 | 19,021 | -26.1% |
| Gross Profit Margin | 38.1% | 36.5% | 35.0% | 36.1% | ||
| EBIT Margin | 18.8% | 17.6% | 14.4% | 16.3% | ||
| EBIT Margin (Exc. other) | 19.1% | 16.6% | 14.3% | 15.8% | ||
| EBITDA Margin | 22.3% | 21.4% | 18.5% | 20.4% | ||
| EBITDA Margin (Exc. other) | 22.6% | 20.3% | 18.3% | 19.9% | ||
| Net Income Margin | 13.8% | 14.1% | 9.7% | 13.1% | ||
| Türkiye (million TL) | 3Q25 | 3Q24 | Change % | 9M25 | 9M24 | Change % |
| Volume (million UC) | 173 | 176 | -1.7% | 462 | 464 | -0.4% |
| Net Sales | 24,373 | 24,587 | -0.9% | 62,639 | 64,229 | -2.5% |
| Gross Profit | 10,166 | 10,147 | 0.2% | 22,195 | 25,312 | -12.3% |
| EBIT | 15,487 | 10,255 | 51.0% | 23,305 | 19,017 | 22.6% |
| EBIT (Exc. other) | 3,906 | 3,738 | 4.5% | 3,690 | 7,105 | -48.1% |
| EBITDA | 16,427 | 11,248 | 46.0% | 26,053 | 21,754 | 19.8% |
| EBITDA (Exc. other) | 4,756 | 4,598 | 3.4% | 6,438 | 9,773 | -34.1% |
| Net Income/(Loss) | 13,510 | 9,059 | 49.1% | 18,335 | 16,086 | 14.0% |
| Gross Profit Margin | 41.7% | 41.3% | 35.4% | 39.4% | ||
| EBIT Margin | 63.5% | 41.7% | 37.2% | 29.6% | ||
| EBIT Margin (Exc. other) | 16.0% | 15.2% | 5.9% | 11.1% | ||
| EBITDA Margin | 67.4% | 45.7% | 41.6% | 33.9% | ||
| EBITDA Margin (Exc. other) | 19.5% | 18.7% | 10.3% | 15.2% | ||
| Net Income Margin | 55.4% | 36.8% | 29.3% | 25.0% | ||
| International (million TL) | 3Q25 | 3Q24 | Change % | 9M25 | 9M24 | Change % |
| 304 | 262 | 16.1% | 875 | 767 | 14.1% | |
| Volume (million UC) | ||||||
| Net Sales | 27,828 | 24,449 | 13.8% | 82,523 | 80,944 | 2.0% |
| Gross Profit | 9,730 | 7,789 | 24.9% | 28,569 | 27,249 | 4.8% |
| EBIT | 4,686 | 4,425 | 5.9% | 14,896 | 14,824 | 0.5% |
| EBIT (Exc. other) | 5,688 | 4,126 | 37.9% | 15,771 | 14,683 | 7.4% |
| EBITDA | 6,476 | 5,521 | 17.3% | 19,058 | 18,425 | 3.4% |
| EBITDA (Exc. other) | 6,635 | 5,052 | 31.3% | 18,899 | 17,817 | 6.1% |
| Net Income/(Loss) | 3,261 | 3,046 | 7.1% | 10,379 | 9,963 | 4.2% |
| Gross Profit Margin | 35.0% | 31.9% | 34.6% | 33.7% | ||
| EBIT Margin | 16.8% | 18.1% | 18.1% | 18.3% | ||
| EBIT Margin (Exc. other) | 20.4% | 16.9% | 19.1% | 18.1% | ||
| EBITDA Margin | 23.3% | 22.6% | 23.1% | 22.8% | ||
| EBITDA Margin (Exc. other) | 23.8% | 20.7% | 22.9% | 22.0% | ||
| Net Income Margin | 11.7% | 12.5% | 12.6% | 12.3% |
Operational Overview
Acquisition of 100% in Coca-Cola Bangladesh Beverages Limited ("CCBB") was completed on February 20th, 2024, and accordingly CCBB financial results are consolidated in our financials as of 1 March 2024. Therefore, all operational performance metrics presented in this release are on a reported basis (including CCBB), except indicated otherwise. Unit case data is not within the scope of independent audit.
Sales Volume
CCI's consolidated volume in 3Q25 was up by 8.9% at 477 million unit cases ("uc") compared to the same period of last year, bringing the cumulative sales volume for the nine months to 1.3 billion uc, up by 8.6% y/y. In 3Q25, while sales volume in Türkiye declined by 1.7% y/y and Pakistan saw a modest increase of 0.7%, Uzbekistan and Kazakhstan sustained their strong growth momentum from the previous quarter, with volumes surging by 36.5% and 24.2%, respectively. Driven by continued strength in Central Asia, all international markets contributed positively to volume growth in 3Q25. Iraq and Azerbaijan delivered solid performances, with volumes rising by 7.8% and 10.2%, respectively. Although our two largest markets experienced a slower volume trajectory, the strong consolidated volume growth reflects the critical impact of countrylevel dynamics in shaping overall performance. As a result, the share of international operations in total volume rose to 63.7% in 3Q25, marking a 393 basis points increase y/y.
The sparkling category grew by 8.9% in 3Q25 with Coca-Cola™ performance aligning similar with the category trend. Building on a 20.6% increase in the previous quarter, the stills category surged by 26.0% in 3Q25, driven primarily by Fusetea's remarkable 47.9% growth and a strong 42.6% increase in the Energy Drinks segment. In contrast, the water category declined by 6.3% y/y, fully aligned with our strategic intent to gradually scale down lower value-adding segments.
In line with our long-term strategy to elevate mix quality, we continue to strengthen our recruitment efforts by focusing on smaller packs, the on-premise channel, and our nosugar offerings. These areas are essential in addressing evolving consumer preferences and expanding our footprint in high-value segments.
The share of Immediate Consumption ("IC") packages reached 29.4% in 3Q25, with a modest yearly increase of 6 basis points. This follows a strong expansion in 3Q24 and reflects a more balanced growth trajectory. The slower growth in Türkiye - one of our markets with the highest IC mix - also contributed to a modest negative geographical mix in total IC share. On the channel side, our volume share in the on-premise channel rose by 62 basis points y/y to 30.5%, supported by continued momentum across nearly all geographies. Both IC packages and the on-premise channel remain key strategic drivers in enhancing mix quality and capturing incremental consumption occasions.
In 3Q25, volumes in Türkiye declined by 1.7% y/y to 173 million uc, bringing the cumulative nine-month volume to 462 million uc, slight decrease of 0.4% compared to the same period last year. Although sales volumes remained in positive territory during July and August, supported by favorable weather conditions, volumes declined in September due to deteriorating weather conditions and weakening consumer purchasing power. In 3Q25, the sparkling category was flat with Coca-Cola™ growing by 0.7%. The stills category also recorded a solid 12.0% growth. The total volume softness was due to 19.2% decline in water category - a deliberate deprioritization by us to deliver more value. Towards the end of the year, consumers' purchasing power has been weakening, also reflecting the absence of an interim increase in the minimum wage, which poses a challenge for overall consumption.
In Türkiye, we consistently focus on driving mix quality. The share of IC packages remained unchanged at 33.4% in 3Q25 cycling a 181 bps y/y increase recorded in 3Q24. The on-premise channel share in Türkiye increased by 48 basis points, reaching 32.4% in 3Q25. Meanwhile, the traditional trade channel saw a 112 basis points decline in volume share, settling at 38.1% in 3Q25. This reflects ongoing affordability challenges, particularly in Türkiye where the channel is relatively saturated, limiting further growth potential. The no-sugar portfolio also remained as a priority. Its share in total sparkling increased by 60 basis points to 7.2% in 3Q25. The stills category remained relatively strong in 3Q25, supported by Fusetea's continued growth momentum with a solid 29.3% increase. Energy drinks, while still representing a smaller portion of the portfolio, delivered an impressive 35.4% yearly growth, further contributing to the category's overall performance.
International operations maintained its strong sales volume performance, as seen throughout the year, delivering a solid 16.1% growth in 3Q25 and reaching 304 million uc. With this performance, nine-month cumulative sales volume reached 875 million uc, up by 14.1% y/y. The solid performance of international operations in 3Q25 was primarily fueled by strong contributions from Central Asia and Iraq. Despite ongoing geopolitical sensitivities in the Middle East, which continue to weigh on Jordan, Pakistan and Bangladesh, all these markets still delivered positive volume growth, where we remain agile and consumer-focused, proactively adapting to evolving demand patterns and emphasizing our localness. In line with our strategic priorities, the share of the onpremise channel increased by 91 basis points y/y, reaching 29.4% in 3Q25. Similarly, the share of IC packages rose by 52 basis points to 27.2%, reflecting our continued focus on driving mix quality through key consumption formats and channels.
| Change (YoY) | Change (YoY) | Breakdown | |||||
|---|---|---|---|---|---|---|---|
| 3Q25 | 3Q24 | 3Q25 | 9M25 | 9M24 | 9M25 | ||
| Sparkling | 8.9% | -12.0% | 79.5% | 9.6% | -6.4% | 81.4% | |
| Stills | 26.0% | 6.8% | 11.1% | 19.3% | 9.6% | 10.0% | |
| Water | -6.3% | 0.3% | 9.4% | -8.6% | 5.0% | 8.6% | |
| Total | 8.9% | -9.2% | 100% | 8.6% | -4.1% | 100% |
Totals may not add up due to rounding differences.
Although July marked the peak season, operations in Pakistan were temporarily impacted by severe floods, which caused distribution disruptions for approximately one week. In response, we significantly increased our investments in trade promotions to support volume recovery. These efforts helped mitigate the short-term impact, particularly in a market already facing affordability challenges. Our sales volumes in Pakistan increased by 0.7% y/y in 3Q25, reaching 76 million uc. Despite the natural disasters and rising political tensions during the year cumulative volumes for the nine months of the year rose to 280 million uc, representing a 5.1% y/y growth. The overall operating environment remains fragile, largely due to sensitivity around ongoing geopolitical tensions in the Middle East. At the same time, local brands continued to invest aggressively in the market, intensifying competition. In the sparkling category, Coca-Cola™ volumes grew by 5.1% y/y in 3Q25. Innovation continues to act as a key differentiator in this market, as the strong performance of Sprite Lemon Mint positively impacted the whole category. Notably, no-sugar products, Coca-Cola Zero and Sprite Zero delivered strong performances, with volume growth of 40.8% and 32.2% y/y respectively.
Kazakhstan, sales volumes reached 60 million uc in 3Q25, marking a remarkable 24.2% y/y growth. This robust quarterly performance brought the nine-month total to 174 million uc, reflecting a solid 17.4% increase compared to the same period last year. The stills category remained a key growth driver, while the ongoing expansion of our on-premise customer base further contributed to volume momentum. Despite a deliberate reduction in trade promotions, we achieved market share gains. In the third quarter, Kazakhstan's sparkling category grew by 18.2%, while the stills category delivered a stronger performance with a 38.2% increase, largely supported by Fusetea. Sales volumes of Fusetea surged by 54.0% y/y, significantly contributing to the overall growth in the stills category. Innovations introduced in the first half, such as new flavors, continued to support growth in the third quarter. In addition, the share of IC mix in total sales increased by 162 basis points y/y, reaching 12.8%, which drives consumer recruitment and contributes to margin improvement.
Uzbekistan delivered an impressive 36.5% volume growth in 3Q25, building on the already strong 44.8% growth recorded in the second quarter. With this momentum, total sales volumes reached 73 million uc in the third quarter. This strong performance was fueled by two key factors; a supportive macroeconomic environment, with all major indicators showing improvement compared to the previous year, and our strong competitive execution, which enabled us to grow ahead of the industry. While all categories contributed to volume growth, Fusetea stood out with a remarkable performance, nearly tripling its sales volume in 3Q25 compared to the same period last year, supported by the successful launch of new flavors. As we heavily invest in returnable glass bottles - a capability where we have a competitive edge - IC mix share increased by 296 basis points, reaching 18.0%, marking a significant improvement.
Iraq once again delivered solid volume growth of 7.8% y/y in 3Q25, reaching 42 million uc. This marks the tenth consecutive quarter of volume growth in the market, highlighting the consistency of our performance. This strong 3Q performance was primarily driven by the success of Sprite Lemon Mint, which grew by 42.4% and made a significant contribution to the growth in the sparkling category. In addition, it also supported the expansion of the IC mix share in total volume increasing by 194 basis points to reach 71.4%. Iraq currently has the highest IC mix share across all our markets.
Financial Overview
Based on the CMB's decision dated 28 December 2023 and numbered 81/1820 and the "Implementation Guide on Financial Reporting in High Inflation Economies" published by the POA with the announcement made on 23 November 2023, issuers and capital market institutions subject to financial reporting regulations applying Turkish Accounting/Financial Reporting Standards will apply inflation accounting by applying the provisions of TAS 29, starting from their annual financial reports for the accounting periods ending as of December 31, 2023.
As of September 30, 2025, an adjustment has been made in accordance with the requirements of TAS 29 ("Financial Reporting in High Inflation Economies") regarding the changes in the general purchasing power of the Turkish Lira. TAS 29 requirements require that financial statements prepared in the currency in circulation in the economy with high inflation be presented at the purchasing power of this currency at the balance sheet date and that the amounts in previous periods are rearranged in the same way. The indexing process was carried out using the coefficient obtained from the Consumer Price Index in Türkiye published by the Turkish Statistical Institute ("TUIK").
The relevant figures for the previous reporting period are rearranged by applying the general price index so that comparative financial statements are presented in the unit of measurement valid at the end of the reporting period. Information disclosed for previous periods is also presented in the measurement unit valid at the end of the reporting period.
However, certain items from our financials are also presented without inflation adjustment for information purposes in order to give an idea of our performance relative to our 2025 forecasts, which we announced at the beginning of the year and which we stated were based on the financials without inflation adjustment. These unaudited figures are clearly labelled where relevant. All financial figures without such disclosure are reported in accordance with TAS 29.
In 3Q25:
- The net sales revenue ("NSR"), increased by 6.7% y/y and was recorded as TL 52.2 billion. NSR/uc declined by 2.1% y/y during the period. Excluding the effects of inflation accounting, NSR grew by 39.6% y/y reaching TL 55.3 billion. Our commitment to affordability and right pricing, coupled with disciplined discount and mix management, was a key contributor to 3Q25 performance. Additionally, NSR/uc excluding TAS 29 reached \$2.85 in 3Q25, the highest among the third quarters of the last decade, marking a 5.4% y/y increase in USD terms.
- Türkiye operations' NSR declined by 0.9%, while NSR/uc grew by 0.9%, marking a steady improvement trend since the beginning of the year. Excluding TAS 29 adjustments, NSR in Türkiye grew by 32.3% in 3Q25, while NSR/uc reached TL 136.2, reflecting a strong 34.6% y/y increase. In USD terms NSR/uc grew by 10.7% reaching \$3.35, a ten-year peak as well. This performance was driven by our continued focus on efficient revenue growth management initiatives including mix management, supported by close monitoring of consumer purchasing power to ensure affordability, while also keeping a close eye on cost inflation dynamics and optimized trade promotions to sustain competitiveness.
- In international operations, NSR increased by 13.8% y/y to TL 27.8 billion, while NSR/uc was down by 2.0%. Without the impact of TAS 29, NSR increase was 45.1% y/y and NSR/uc improvement was 25.0% y/y. Amid ongoing macroeconomic headwinds and the continued negative impact of the Middle East conflict, price adjustments in our international markets were kept limited or implemented cautiously, in line with our commitment to affordability and supporting volume growth.
•
Net Sales Revenue (TL mn) NSR per U.C. (TL)
| 3Q25 | YoY Change | 3Q25 | YoY Change | |
|---|---|---|---|---|
| Türkiye | 24,373 | -0.9% | 140.5 | 0.9% |
| International | 27,828 | 13.8% | 91.6 | -2.0% |
| Consolidated | 52,201 | 6.7% | 109.4 | -2.1% |
- On a consolidated basis, gross margin expanded by 166 bps to 38.1% in 3Q25. While the gross profit margin of our international operations in 3Q25 expanded by a remarkable 311 bps year-on-year, Türkiye operations gross margin also increased by 44 bps, driven by right pricing, normalized cost base, and effective mix management initiatives. Without the impact of inflation accounting, Türkiye's gross margin remained stable at 44.2% in 3Q25, bringing the cumulative nine-month gross margin to 38.8%. In international operations pre-inflation accounting gross profit margin expansion was 264 bps to 34.9%, supported by solid volume growth across almost all our major markets and disciplined cost control measures.
- Our consolidated EBIT margin reached 18.8% in 3Q25, expanding by 125 bps y/y. Excluding TAS 29 accounting, EBIT margin stood at 20.4%, up 91 bps y/y, marking a remarkable improvement vs. 3Q24.
- The EBITDA margin expanded by 96 bps to 22.3% in 3Q25. Without TAS 29 accounting, EBITDA margin was realized as 23.1% in 3Q25, up by 73 bps compared to last year.
- Net financial expense, including lease payables related to TFRS 16, was TL (2,325) million in 3Q25 compared to TL (2,887) million in 3Q24.
| Financial Income / (Expense) (TL million) | 3Q25 | 3Q24 | 9M25 | 9M24 |
|---|---|---|---|---|
| Interest income | 609 | 732 | 1,519 | 1,722 |
| Interest expense (-) | -3,139 | -2,954 | -9,625 | -8,948 |
| FX gain / (loss) – Borrowings | 49 | -635 | -945 | -1,838 |
| Other | 156 | -31 | 760 | 635 |
| Financial Income / (Expense) Net | -2,325 | -2,887 | -8,291 | -8,430 |
- Non-controlling interest (minority interest) was TL (46) million in 3Q25, compared to TL (28) million in 3Q24.
-
Net profit was recorded at TL 7.2 billion in 3Q25, compared to TL 6.9 billion in the same period last year, growing by 4.2% year-on-year. As inflation levels were lower compared to the prior year, monetary gains declined by 44.9%, which limited net profit growth. This result was supported by improved operating profit and tight financial expense
-
management. Excluding the TAS 29 accounting, net profit amounted to TL 6.9 billion, up by 55.7% over last year.
- The free cash flow ("FCF") was TL 4.8 billion in 9M25 vs TL (2.6) billion in 9M24. Greenfield investments and additional line expansions are on track for completion in 2025. Our new plant in Azerbaijan became operational in the first half of the year, and production at our Iraq plant started in 3Q25, enhancing our ability to serve the region and capture future growth opportunities. Excluding TAS 29 accounting, FCF amounted to TL 7.9 billion.
- Capex was TL 10.4 billion as of September 2025. 30% of the total capital expenditure was related to the Türkiye operation, while 70% was related to international operations. Capex/Sales stood at 7.2% for the period vs. 8.7% in September 2024.
- Consolidated debt was TL 56.3 billion (USD 1.35 billion) by 30 September 2025 and consolidated cash was TL 32.2 billion (USD 775 million), bringing consolidated net debt to TL 24.2 billion (USD 580 million). Net Debt to consolidated EBITDA stood at 0.8x as of September 30, 2025, improving from 1.4x in the previous quarter.
| Financial Leverage Ratios | 9M25 | 2024 |
|---|---|---|
| Net Debt / EBITDA | 0.83 | 1.02 |
| Debt Ratio (Total Fin. Debt / Total Assets) | 29% | 33% |
| Fin. Debt-to-Equity Ratio | 68% | 80% |
- As of September 30, 2025, 54% of our consolidated financial debt is in USD, 5% in EUR, 23% in TL, and the remaining 18% in other currencies. USD&EUR loan portion of total portfolio declined from 87% in 2022 to 59% as of September 30, 2025.
- The average maturity of the consolidated debt portfolio is 2.3 years, and the maturity profile was as follows:
| Maturity Date | 2025 | 2026 | 2027 | 2028 | 2029-30 |
|---|---|---|---|---|---|
| % of total debt | 18% | 26% | 6% | 5% | 45% |
Unaudited Highlighted Items Without the Impact of TAS 29
The following section is presented without the impact of TAS 29 to allow an assessment of the material expectations/assumptions/guidance shared previously and is unaudited.
- Consolidated NSR recorded as TL 55.3 billion in 3Q25, growing by 39.6% y/y and NSR/uc increased by 28.1% y/y.
- In 3Q25, consolidated gross profit margin expanded by 136 bps y/y and reached 38.9%, while EBIT margin improved by 91 bps, reaching 20.4%.
- Net income increased by 55.7% y/y to TL 6.9 billion in 3Q25.
| Consolidated (million TL) | 3Q25 | 3Q24 | Change % | 9M25 | 9M24 | Change % |
|---|---|---|---|---|---|---|
| Volume (million UC) | 477 | 438 | 8.9% | 1,337 | 1,231 | 8.6% |
| Net Sales | 55,263 | 39,596 | 39.6% | 140,302 | 104,116 | 34.8% |
| Gross Profit | 21,491 | 14,858 | 44.6% | 50,989 | 39,361 | 29.5% |
| EBIT | 11,266 | 7,710 | 46.1% | 23,347 | 19,698 | 18.5% |
| EBITDA | 12,757 | 8,849 | 44.2% | 27,568 | 22,861 | 20.6% |
| Net Income/(Loss) | 6,880 | 4,419 | 55.7% | 11,330 | 9,905 | 14.4% |
| Gross Profit Margin | 38.9% | 37.5% | 36.3% | 37.8% | ||
| EBIT Margin | 20.4% | 19.5% | 16.6% | 18.9% | ||
| EBITDA Margin | 23.1% | 22.3% | 19.6% | 22.0% | ||
| Net Income Margin | 12.5% | 11.2% | 8.1% | 9.5% | ||
| Türkiye (million TL) | 3Q25 | 3Q24 | Change % | 9M25 | 9M24 | Change % |
| Volume (million UC) | 173 | 176 | -1.7% | 462 | 464 | -0.4% |
| Net Sales | 23,618 | 17,856 | 32.3% | 57,779 | 43,556 | 32.7% |
| Gross Profit | 10,446 | 7,887 | 32.4% | 22,428 | 19,055 | 17.7% |
| EBIT (Exc. other) | 4,611 | 3,396 | 35.8% | 6,245 | 7,331 | -14.8% |
| EBITDA (Exc. other) | 4,945 | 3,634 | 36.1% | 7,269 | 8,047 | -9.7% |
| Net Income/(Loss) | 12,404 | 5,654 | 119.4% | 14,895 | 7,594 | 96.2% |
| Gross Profit Margin | 44.2% | 44.2% | 38.8% | 43.7% | ||
| EBIT Margin (Exc. other) | 19.5% | 19.0% | 10.8% | 16.8% | ||
| EBITDA Margin (Exc. other) | 20.9% | 20.4% | 12.6% | 18.5% | ||
| Net Income Margin | 52.5% | 31.7% | 25.8% | 17.4% | ||
| International operations (million TL) | 3Q25 | 3Q24 | Change % | 9M25 | 9M24 | Change % |
| Volume (million UC) | 304 | 262 | 16.1% | 875 | 767 | 14.1% |
| Net Sales | 31,646 | 21,813 | 45.1% | 82,523 | 60,726 | 35.9% |
| Gross Profit | 11,045 | 7,038 | 56.9% | 28,569 | 20,443 | 39.8% |
| EBIT (Exc. other) | 6,392 | 3,743 | 70.8% | 15,771 | 11,015 | 43.2% |
| EBITDA (Exc. other) | 7,491 | 4,573 | 63.8% | 18,899 | 13,367 | 41.4% |
| Net Income/(Loss) | 3,758 | 2,706 | 38.9% | 10,379 | 7,475 | 38.9% |
| Gross Profit Margin | 34.9% | 32.3% | 34.6% | 33.7% | ||
| EBIT Margin (Exc. other) | 20.2% | 17.2% | 19.1% | 18.1% | ||
| EBITDA Margin (Exc. other) | 23.7% | 21.0% | 22.9% | 22.0% | ||
| Net Income Margin | 11.9% | 12.4% | 12.6% | 12.3% |
Accounting Principles
The consolidated financial statements and disclosures have been prepared in accordance with the communiqué numbered II-14,1 "Communiqué on the Principles of Financial Reporting in Capital Markets. In accordance with article 5 of the CMB Accounting Standards, companies should apply Turkish Accounting Standards / Turkish Financial Reporting Standards ("TAS" / "TFRS") and interpretations regarding these standards as adopted by the Public Oversight Accounting and Auditing Standards Authority ("POA").
As of September 30, 2025, the list of CCI's subsidiaries and joint ventures is as follows:
| Subsidiaries and Joint Ventures | Country | Consolidation Method |
|---|---|---|
| Coca-Cola Satış ve Dağıtım A.Ş. | Türkiye | Full Consolidation |
| JV Coca-Cola Almaty Bottlers LLP | Kazakhstan | Full Consolidation |
| Azerbaijan Coca-Cola Bottlers LLC | Azerbaijan | Full Consolidation |
| Coca-Cola Bishkek Bottlers Closed J. S. Co. | Kyrgyzstan | Full Consolidation |
| CCI International Holland BV. | Holland | Full Consolidation |
| The Coca-Cola Bottling Company of Jordan Ltd | Jordan | Full Consolidation |
| Turkmenistan Coca-Cola Bottlers | Turkmenistan | Full Consolidation |
| Sardkar for Beverage Industry Ltd | Iraq | Full Consolidation |
| Waha Beverages BV. | Holland | Full Consolidation |
| Coca-Cola Beverages Tajikistan LLC | Tajikistan | Full Consolidation |
| Al Waha LLC | Iraq | Full Consolidation |
| Coca-Cola Beverages Pakistan Ltd | Pakistan | Full Consolidation |
| Coca-Cola Bottlers Uzbekistan Ltd | Uzbekistan | Full Consolidation |
| CCI Samarkand Ltd LLC | Uzbekistan | Full Consolidation |
| CCI Namangan Ltd LLC | Uzbekistan | Full Consolidation |
| Anadolu Etap Penkon Gıda ve İçecek Ürünleri A. Ş | Türkiye | Full Consolidation |
| Syrian Soft Drink Sales and Distribution LLC | Syria | Equity Method |
| Coca-Cola Bangladesh Beverages Ltd. | Bangladesh | Full Consolidation |
EBITDA Reconciliation
The Company's "Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)" definition and calculation is defined as; "Profit/(loss) from operations" plus relevant non-cash expenses including depreciation and amortization, provision for employee benefits like retirement and vacation pay (provision for management bonus not included) and other non-cash expenses like negative goodwill and value increase due to change in scope of consolidation. As of September 30, 2025, and September 30, 2024, the reconciliation of EBITDA to profit / (loss) from operations is explained in the following table:
| EBITDA (TL million) TAS 29 (Financial Reporting in Hyperinflationary Economies) implemented |
3Q25 | 3Q24 | 9M25 | 9M24 |
|---|---|---|---|---|
| Profit / (loss) from operations | 9,815 | 8,591 | 20,883 | 23,657 |
| Depreciation and amortization | 1,681 | 1,633 | 5,289 | 5,195 |
| Provision for employee benefits | 33 | 85 | 360 | 387 |
| Foreign exchange (gain) / loss under other operating income / expense | 43 | 79 | 46 | 99 |
| Right of use asset amortization | 82 | 69 | 227 | 220 |
| EBITDA | 11,654 | 10,457 | 26,805 | 29,559 |
Totals may not foot due to rounding differences.
Foreign Currency Translations
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are recorded in the consolidated income statement of the relevant period, as foreign currency loss or gain. Foreign currency translation rates announced by the Central Bank of the Republic of Türkiye used by the Group's subsidiaries in Türkiye. USD amounts presented in the asset accounts are translated into TL with the official TL exchange rate of USD buying on September 30, 2025, USD 1,00 (full) = TL 41,5068 (December 31, 2024; USD 1,00 (full) = TL 35,2803) whereas USD amounts in the liability accounts are translated into TL with the official TL exchange rate of USD selling on September 30, 2025, USD 1,00 (full) = TL 41,5816 (December 31, 2024; USD 1,00 (full) = TL35,3438). Furthermore, USD amounts in the income statement are translated into TL, at the average TL exchange rate for USD buying for the period is USD 1,00 (full) = TL 38,5442 (January 1 - September 30, 2024; USD 1,00 (full) = TL 32,2299).
| Exchange Rates | 9M25 | 9M24 |
|---|---|---|
| Average USD/TL | 38,5442 | 32,2299 |
| End of Period USD/TL (purchases) | 41,5068 | 34,1210 |
| End of Period USD/TL (sales) | 41,5816 | 34,1825 |
The assets and liabilities of subsidiaries and joint ventures operating in foreign countries are translated at the rate of exchange ruling at the balance sheet date and the income statements of foreign subsidiaries and joint ventures are translated at average exchange rates. Differences that occur in the usage of closing and average exchange rates are followed under currency translation differences classified under equity.
Consolidated Income Statement CCI
TAS 29 (Financial Reporting in Hyperinflationary Economies) implemented
Unaudited
| January 1 - September 30 | July 1 – September 30 | |||||
|---|---|---|---|---|---|---|
| (TL million) | 2025 | 2024 | Change (%) | 2025 | 2024 | Change (%) |
| Sales Volume (UC millions) | 1,337 | 1,231 | 8.6% | 477 | 438 | 8.9% |
| Revenue | 145,162 | 144,927 | 0.2% | 52,201 | 48,934 | 6.7% |
| Cost of Sales | -94,406 | -92,575 | 2.0% | -32,304 | -31,096 | 3.9% |
| Gross Profit from Operations | 50,756 | 52,352 | -3.0% | 19,897 | 17,838 | 11.5% |
| Distribution, Selling and Marketing Expenses |
-22,926 | -22,458 | 2.1% | -7,704 | -7,593 | 1.5% |
| General and Administrative Expenses | -7,114 | -6,925 | 2.7% | -2,214 | -2,109 | 5.0% |
| Other Operating Income | 2,536 | 2,948 | -14.0% | 706 | 744 | -5.1% |
| Other Operating Expense | -2,369 | -2,259 | 4.9% | -869 | -288 | 201.5% |
| Profit/(Loss) from Operations | 20,883 | 23,657 | -11.7% | 9,815 | 8,591 | 14.3% |
| Gain/(Loss) From Investing Activities | -84 | -283 | -70.2% | -30 | -245 | -87.9% |
| Gain/(Loss) from Associates | 5 | -5 | n.m. | -1 | -0 | n.m. |
| Profit/(Loss) Before Financial Income/(Expense) |
20,804 | 23,369 | -11.0% | 9,784 | 8,346 | 17.2% |
| Financial Income | 3,344 | 4,208 | -20.5% | 1,292 | 1,481 | -12.8% |
| Financial Expenses | -11,635 | -12,637 | -7.9% | -3,617 | -4,369 | -17.2% |
| Monetary Gain /(Loss) | 5,839 | 10,475 | -44.3% | 1,601 | 2,907 | -44.9% |
| Profit/(Loss) Before Tax | 18,351 | 25,414 | -27.8% | 9,061 | 8,365 | 8.3% |
| Deferred Tax Income/(Expense) | -252 | -759 | -66.9% | 8 | -1,152 | n.m. |
| Current Period Tax Expense | -3,905 | -5,540 | -29.5% | -1,841 | -291 | 533.5% |
| Net Income/(Loss) Before Minority | 14,194 | 19,114 | -25.7% | 7,227 | 6,922 | 4.4% |
| Minority Interest | -130 | -94 | 38.5% | -46 | -28 | 65.2% |
| Net Income | 14,065 | 19,021 | -26.1% | 7,181 | 6,895 | 4.2% |
| EBITDA | 26,805 | 29,559 | -9.3% | 11,654 | 10,457 | 11.4% |
Türkiye Income Statement
TAS 29 (Financial Reporting in Hyperinflationary Economies) implemented
Unaudited
| January 1 - September 30 | July 1 – September 30 | |||||
|---|---|---|---|---|---|---|
| (TL million) | 2025 | 2024 | Change (%) | 2025 | 2024 | Change (%) |
| Sales Volume (UC millions) | 462 | 464 | -0.4% | 173 | 176 | -1.7% |
| Revenue | 62,639 | 64,229 | -2.5% | 24,373 | 24,587 | -0.9% |
| Cost of Sales | -40,444 | -38,918 | 3.9% | -14,207 | -14,440 | -1.6% |
| Gross Profit from Operations | 22,195 | 25,312 | -12.3% | 10,166 | 10,147 | 0.2% |
| Distribution, Selling and Marketing Expenses |
-13,544 | -13,407 | 1.0% | -4,704 | -4,789 | -1.8% |
| General and Administrative Expenses | -4,961 | -4,800 | 3.4% | -1,556 | -1,620 | -4.0% |
| Other Operating Income | 20,556 | 13,028 | 57.8% | 11,838 | 6,618 | 78.9% |
| Other Operating Expense | -941 | -1,117 | -15.8% | -258 | -102 | 152.1% |
| Profit/(Loss) from Operations | 23,305 | 19,017 | 22.6% | 15,487 | 10,255 | 51.0% |
| Gain/(Loss) From Investing Activities | -16 | -114 | -85.8% | 1 | -77 | n.m. |
| Profit/(Loss) Before Financial Income/(Expense) |
23,289 | 18,903 | 23.2% | 15,487 | 10,178 | 52.2% |
| Financial Income | 1,951 | 3,374 | -42.2% | 798 | 1,252 | -36.3% |
| Financial Expenses | -12,913 | -14,726 | -12.3% | -3,897 | -4,785 | -18.6% |
| Monetary Gain /(Loss) | 5,839 | 10,475 | -44.3% | 1,601 | 2,907 | -44.9% |
| Profit/(Loss) Before Tax | 18,165 | 18,025 | 0.8% | 13,990 | 9,552 | 46.5% |
| Deferred Tax Income/(Expense) | 765 | 187 | 308.0% | 217 | -919 | n.m. |
| Current Period Tax Expense | -594 | -2,126 | -72.0% | -697 | 417 | n.m. |
| Net Income/(Loss) Before Minority | 18,335 | 16,086 | 14.0% | 13,510 | 9,050 | 49.3% |
| Minority Interest | 0 | 0 | n.m. | 0 | 9 | n.a |
| Net Income | 18,335 | 16,086 | 14.0% | 13,510 | 9,059 | 49.1% |
| EBITDA | 26,053 | 21,754 | 19.8% | 16,427 | 11,248 | 46.0% |
International Income Statement
TAS 29 (Financial Reporting in Hyperinflationary Economies) implemented
Unaudited
| January 1 - September 30 | July 1 – September 30 | |||||
|---|---|---|---|---|---|---|
| (TL million) | 2025 | 2024 | Change (%) | 2025 | 2024 | Change (%) |
| Sales Volume (UC millions) | 875 | 767 | 14.1% | 304 | 262 | 16.1% |
| Revenue | 82,523 | 80,944 | 2.0% | 27,828 | 24,449 | 13.8% |
| Cost of Sales | -53,954 | -53,695 | 0.5% | -18,097 | -16,659 | 8.6% |
| Gross Profit from Operations | 28,569 | 27,249 | 4.8% | 9,730 | 7,789 | 24.9% |
| Distribution, Selling and Marketing Expenses |
-9,382 | -9,051 | 3.7% | -3,000 | -2,805 | 7.0% |
| General and Administrative Expenses | -3,416 | -3,515 | -2.8% | -1,042 | -859 | 21.3% |
| Other Operating Income | 554 | 1,284 | -56.8% | -391 | 487 | n.m. |
| Other Operating Expense | -1,429 | -1,143 | 25.0% | -611 | -188 | 225.1% |
| Profit/(Loss) from Operations | 14,896 | 14,824 | 0.5% | 4,686 | 4,425 | 5.9% |
| Gain/(Loss) From Investing Activities | -68 | -170 | -59.8% | -30 | -168 | -82.0% |
| Gain/(Loss) from Associates | 5 | -5 | n.m. | -1 | -0 | n.m. |
| Profit/(Loss) Before Financial Income/(Expense) |
14,833 | 14,649 | 1.3% | 4,654 | 4,256 | 9.4% |
| Financial Income | 1,390 | 918 | 51.5% | 466 | 237 | 96.7% |
| Financial Expenses | -2,695 | -2,658 | 1.4% | -746 | -731 | 2.1% |
| Profit/(Loss) Before Tax | 13,529 | 12,909 | 4.8% | 4,374 | 3,761 | 16.3% |
| Deferred Tax Income/(Expense) | -62 | 54 | n.m. | -7 | -30 | -77.7% |
| Current Period Tax Expense | -2,958 | -2,905 | 1.8% | -1,060 | -649 | 63.4% |
| Net Income/(Loss) Before Minority | 10,509 | 10,057 | 4.5% | 3,307 | 3,083 | 7.3% |
| Minority Interest | -130 | -94 | 38.5% | -46 | -37 | 23.7% |
| Net Income | 10,379 | 9,963 | 4.2% | 3,261 | 3,046 | 7.1% |
| EBITDA | 19,058 | 18,425 | 3.4% | 6,476 | 5,521 | 17.3% |
CCI Consolidated Balance Sheet
TAS 29 (Financial Reporting in Hyperinflationary Economies) implemented
| Unaudited | |||
|---|---|---|---|
| (TL million) | September 30, 2025 | Audited December 31, 2024 |
|
| Current Assets | 83,231 | 76,208 | |
| Cash and Cash Equivalents | 30,325 | 29,167 | |
| Investments in Securities | 1,831 | 120 | |
| Trade Receivables | 26,091 | 16,217 | |
| Other Receivables | 253 | 740 | |
| Derivative Financial Instruments | 34 | 47 | |
| Inventories | 16,683 | 19,293 | |
| Prepaid Expenses | 4,117 | 4,606 | |
| Tax Related Current Assets | 880 | 2,480 | |
| Other Current Assets | 3,017 | 3,538 | |
| Non-Current Assets | 111,230 | 109,839 | |
| Financial Investments | 1 | 0 | |
| Other Receivables | 216 | 231 | |
| Property, Plant and Equipment | 69,810 | 68,053 | |
| Goodwill | 6,659 | 6,920 | |
| Intangible Assets | 30,132 | 30,341 | |
| Right of Use Asset | 905 | 902 | |
| Prepaid Expenses | 2,045 | 2,062 | |
| Deferred Tax Asset | 1,389 | 1,331 | |
| Derivative Financial Instruments | 73 | 0 | |
| Other Non-Current Assets | 0 | 0 | |
| Total Assets | 194,460 | 186,047 | |
| Current Liabilities | 72,182 | 66,463 | |
| Short-term Borrowings | 15,783 | 19,004 | |
| Current Portion of Long-term Borrowings | 7,962 | 7,845 | |
| Bank borrowings | 7,667 | 7,541 | |
| Finance lease payables | 295 | 304 | |
| Trade Payables | 37,703 | 32,133 | |
| Due to related parties | 10,196 | 9,126 | |
| Other trade payables to third parties | 27,507 | 23,006 | |
| Payables Related to Employee Benefits | 587 | 640 | |
| Other Payables | 5,742 | 4,318 | |
| Due to related parties | 321 | 302 | |
| Other payables to third parties | 5,421 | 4,016 | |
| Derivative Financial Instruments | 203 | 4 | |
| Deferred Income | 806 | 528 | |
| Provision for Corporate Tax | 2,002 | 687 | |
| Current Provisions | 1,204 | 1,030 | |
| Other Current Liabilities | 190 | 274 | |
| Non-Current Liabilities | 39,172 | 42,252 | |
| Long-term Borrowings | 31,976 | 34,009 | |
| Financial lease payables | 622 | 783 | |
| Trade Payables | 3 | 5 | |
| Provision for Employee Benefits | 1,147 | 1,111 | |
| Deferred Tax Liability | 5,425 | 6,344 | |
| Derivative Financial Instruments | 0 | 0 | |
| Deferred Income | 0 | 0 | |
| Equity of the Parent | 72,867 | 67,361 | |
| Minority Interest | 10,240 | 9,970 | |
| Total Liabilities | 194,460 | 186,047 | |
| Totals may not add up due to rounding differences. |
CCI Consolidated Cash Flow
TAS 29 (Financial Reporting in Hyperinflationary Economies) implemented
| Unaudited | ||||
|---|---|---|---|---|
| (TL million) | Period End | |||
| September 30, 2025 | September 30, 2024 | |||
| Cash Flow from Operating Activities | ||||
| IBT Adjusted for Non-cash items | 23,388 | 23,159 | ||
| Change in Tax Assets and Liabilities | -1,257 | -5,265 | ||
| Employee Term. Benefits, Vacation Pay, Management Bonus Payment |
-91 | -424 | ||
| Change in Operating Assets & Liabilities | 1,968 | -489 | ||
| Change in other current and non-current assets and liabilities | -889 | -405 | ||
| Net Cash Provided by Operating Activities | 23,119 | 16,575 | ||
| Purchase of Property, Plant & Equipment | -10,142 | -11,998 | ||
| Other Net Cash Provided by/ (Used in) Investing Activities | -1,711 | -899 | ||
| Cash inflow/outflow from acquisition of subsidiary | 0 | -1,086 | ||
| Net Cash Used in Investing Activities | -11,854 | -13,983 | ||
| Change in ST & LT Loans | 761 | -335 | ||
| Interest paid | -9,453 | -8,340 | ||
| Interest received | 1,479 | 1,535 | ||
| Dividends paid (including non-controlling interest) | -3,384 | -3,123 | ||
| Cash flow hedge reserve | -99 | -1,105 | ||
| Change in finance lease payables | -197 | -336 | ||
| Other | 0 | -5,622 | ||
| Net Cash Provided by / (Used in) Financing Activities | -10,893 | -17,326 | ||
| Currency Translation Differences | 1,584 | 921 | ||
| Monetary gain / loss on cash and cash equivalents | -799 | -1,475 | ||
| Net Change in Cash & Cash Equivalents | 1,158 | -15,287 | ||
| Cash & Cash equivalents at the beginning of the period | 29,167 | 39,396 | ||
| Cash & Cash Equivalents at the end of the period | 30,325 | 24,109 | ||
| Free Cash Flow | 4,806 | -2,564 |