Anadolu Efes Biracilik ve Malt Sanayii Anonim Sirketi : 3. Quarter 2023 Earnings Release

ANADOLU EFES

9M2023 EARNINGS RELEASE

Istanbul, November 1, 2023

3Q2023 HIGHLIGHTS

• Consolidated sales volume increased by 4.3% to 37.8 mhl
• Consolidated net sales revenue up 67.3% to TL 49,790.4 million
• Consolidated EBITDA Before Non-Recurring Items (BNRI) up 84.5% to TL 12,387.8 million

9M2023 HIGHLIGHTS

• Consolidated sales volume increased by 0.3% to 100.5 mhl
• Consolidated net sales revenue up 65.1% to TL 112,358.5 million
• Consolidated EBITDA Before Non-Recurring Items (BNRI) up 79.9% to TL 25,047.0 million
• Consolidated Free Cash Flow was TL 10,840.1 million in 9M2023 vs. TL 7,080.1 million in 9M2022

MANAGEMENT COMMENTS

"I am delighted to share another exceptional quarter of performance for Anadolu Efes, especially during the most significant period of the year. These robust results are the testament of our agility and resilience in constantly changing business environment, which clearly demonstrate our unwavering dedication to excellence and our commitment to financial discipline. In the third quarter, we have achieved a remarkable net sales revenue growth of 67% coupled with 84% increase in EBITDA (BNRI) on a consolidated basis. This outstanding performance has also resulted in a significant margin expansion of more than 230 basis points, despite the high base from last year. The strong profitability performance along with disciplined CAPEX spending yielded a phenomenal level of cash generation during the quarter, taking up year-to-date Free Cash Flow to record high level of TL 10.8 billion; implying 53% year-on-year increase in TL and 10% increase in USD terms." commented

Mr. Can Çaka, Beer Group President and Anadolu Efes CEO.

Beer group volume growth accelerated in the period outperforming robust momentum in the previous quarter, by registering 8% increase in 3Q driven by the strong growth achieved in Russia and Türkiye. CIS operation's volumes were relatively softer, while demand being affected from strong pricing in these countries as a result of high inflationary environment. In soft drinks business, Pakistan operations continued to be negatively affected from macroeconomic challenges recording in a double-digit decline. Nevertheless, this was largely offset by the strong performance registered in Türkiye, Uzbekistan and Iraq; implying a consolidated volume growth of 3% for CCI.

Russian beer volumes demonstrated a strong improvement in the quarter by growing low-to-mid-single digits, exceeding our expectations. This achievement can be attributed to the positive impact of introducing innovative products, accelerated focus on commercial strategies and a more balanced pricing strategy, all contributing to a much stronger performance compared to previous periods.

Despite a very high base of last year, Türkiye beer volume performance remained very strong amidst a challenging operating landscape with purchasing power being under pressure in a high inflationary environment. Notably, Turkish operation achieved mid-single digit volume growth thanks to strong portfolio play, favorable pricing and also strong tourism activity in the country.

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As third quarter unfolds, marking another success story, we are highly confident in our ability to meet our 2023 expectations. Furthermore, we make another improvement in our outlook as we now expect flattish EBITDA (BNRI) margin despite cycling record high profitability levels in 2022.

I want to take the chance to express my sincere gratitude to my team and our colleagues for their outstanding contributions to make the summer of 2023 another season of remarkable achievements. Their commitment to excellence have been an inspiration to us all. With their continued dedication and determination, I am confident that we will break new record-highs in the years ahead.

SUMMARY FINANCIALS

Consolidated (TL mn)	3Q2022	3Q2023	Change %	9M2022	9M2023	Change %
Volume (mhl)	36.2	37.8	4.3%	100.2	100.5	0.3%
Net Sales Revenue	29,755.2	49,790.4	67.3%	68,053.1	112,358.5	65.1%
Gross Profit	11,469.0	20,975.4	82.9%	25,073.5	45,183.9	80.2%
EBIT (BNRI)	5,409.7	10,495.9	94.0%	11,126.8	20,204.5	81.6%
EBITDA (BNRI)	6,715.6	12,387.8	84.5%	13,925.1	25,047.0	79.9%
Net Income/(Loss)*	2,081.7	4,731.7	127.3%	3,375.6	8,012.3	137.4%
FCF	2,361.4	6,812.8	188.5%	7,080.1	10,840.1	53.1%
			Change (bps)			Change (bps)
Gross Profit Margin	38.5%	42.1%	358	36.8%	40.2%	337
EBIT (BNRI) Margin	18.2%	21.1%	290	16.4%	18.0%	163
EBITDA (BNRI) Margin	22.6%	24.9%	231	20.5%	22.3%	183
Net Income Margin*	7.0%	9.5%	251	5.0%	7.1%	217
Beer Group (TL mn)	3Q2022	3Q2023	Change %	9M2022	9M2023	Change %
Volume (mhl)	9.6	10.4	7.7%	26.8	27.6	2.9%
Net Sales Revenue	12,343.0	17,738.9	43.7%	27,282.4	41,375.9	51.7%
Gross Profit	5,584.1	8,976.3	60.7%	11,677.0	19,876.3	70.2%
EBIT (BNRI)	2,170.7	3,590.9	65.4%	4,119.1	6,362.8	54.5%
EBITDA (BNRI)	2,930.5	4,695.8	60.2%	5,372.8	9,421.4	75.4%
Net Income/(Loss)*	1,171.4	2,575.8	119.9%	1,839.8	4,181.7	127.3%
FCF	739.7	3,185.3	330.6%	5,757.5	8,015.5	39.2%
			Change (bps)			Change (bps)
Gross Profit Margin	45.2%	50.6%	536	42.8%	48.0%	524
EBIT (BNRI) Margin	17.6%	20.2%	266	15.1%	15.4%	28
EBITDA (BNRI) Margin	23.7%	26.5%	273	19.7%	22.8%	308
Net Income Margin*	9.5%	14.5%	503	6.7%	10.1%	336
CCI (TL mn)	3Q2022	3Q2023	Change %	9M2022	9M2023	Change %
Volume (mn u/c)	468.0	482.5	3.1%	1,291.8	1,283.1	-0.7%
Net Sales Revenue	17,412.6	31,734.4	82.3%	40,771.5	70,562.6	73.1%
Gross Profit	5,893.1	11,933.2	102.5%	13,399.0	25,227.0	88.3%
EBIT	3,244.2	6,948.9	114.2%	7,018.0	13,951.5	98.8%
EBITDA	3,785.6	7,686.8	103.1%	8,548.8	15,658.1	83.2%
Net Income/(Loss)*	1,818.9	4,326.6	137.9%	3,682.0	7,749.3	110.5%
FCF	1,223.4	3,366.6	175.2%	1,011.3	2,718.9	168.9%
			Change (bps)			Change (bps)
Gross Profit Margin	33.8%	37.6%	376	32.9%	35.8%	289
EBIT Margin	18.6%	21.9%	327	17.2%	19.8%	256
EBITDA Margin	21.7%	24.2%	248	21.0%	22.2%	122
Net Income Margin*	10.4%	13.6%	319	9.0%	11.0%	195

* Net income attributable to shareholders

Anadolu Etap Tarım financial results started to be consolidated in Anadolu Efes' financials as of April 11, 2023. 3Q2023 and 9M2023 consolidated P&L, as well as the balance sheet as of 30.09.2023 incorporate Anadolu Etap Tarım financials. Likewise, Anadolu Etap İçecek financial results started to be consolidated in soft drink operations' as of April 19, 2023. 3Q2023 and 9M2023 consolidated P&L along with the balance sheet as of 30.09.2023 include Anadolu Etap İçecek figures. All operational performance metrics presented in this earnings release are on a reported basis (including Anadolu Etap Tarım and Anadolu Etap İçecek), except indicated otherwise.

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OPERATIONAL PERFORMANCE - ANADOLU EFES CONSOLIDATED

AEFES Consolidated (TL mn)		3Q2022	3Q2023	% change		9M2022	9M2023	% change
Volume (mhl)		36.2	37.8	4.3%		100.2	100.5	0.3%
Net Sales Revenue		29,755.2	49,790.4	67.3%	68,053.1	112,358.5	65.1%
Gross Profit		11,469.0	20,975.4	82.9%	25,073.5	45,183.9	80.2%
EBIT (BNRI)		5,409.7	10,495.9	94.0%	11,126.8	20,204.5	81.6%
EBITDA (BNRI)		6,715.6	12,387.8	84.5%	13,925.1	25,047.0	79.9%
Net Income/(Loss)*		2,081.7	4,731.7	127.3%	3,375.6	8,012.3	137.4%
FCF		2,361.4	6,812.8	188.5%	7,080.1	10,840.1	53.1%
				Change (bps)				Change (bps)
Gross Profit Margin		38.5%	42.1%	358	36.8%	40.2%	337
EBIT (BNRI) Margin		18.2%	21.1%	290	16.4%	18.0%	163
EBITDA (BNRI) Margin		22.6%	24.9%	231	20.5%	22.3%	183
Net Income Margin*		7.0%	9.5%	251		5.0%	7.1%	217

* Net income attributable to shareholders

Anadolu Efes' consolidated sales volume grew by 4.3% to reach 37.8 million hectoliters in 3Q2023. Both business segments made substantial contributions to this growth. In beer group, the Turkish beer operations continued its remarkable performance for the eighth consecutive quarter, while Russian beer volumes rebounded. Soft drink operations benefitted from solid performance registered in Türkiye, Uzbekistan and Iraq operations while Pakistan operation continued to be affected from headwinds in the country. In 9M2023, consolidated sales volume reached 100.5 mhl, being slightly over last year.

Consolidated net sales revenue was reported at TL 49,790.4 million in 3Q2023 reflecting y-o-y increase of 67.3%. Meanwhile, the FX-Neutral growth rate was recorded at 44.2%. This robust growth in the topline revenue was primarily attributable to both higher sales volume and pricing. In 9M2023, net sales revenue reached TL 112,358.5 million, recording 65.1% increase versus last year. On an organic basis, excluding the Anadolu Etap business, net sales revenue growth was at 63.2% in 9M2023.

Consolidated EBITDA (BNRI) grew significantly by 84.5%, outpacing revenue growth, and reached TL 12,387.8 million with margin expansion of 231 bps in 3Q2023. Relatively moderate increase in COGS/hl together with strong per liter revenue yielded gross margin expansion similar to the previous quarter. Additionally, EBITDA (BNRI) margin was supported by cautious marketing and sales spending compared to initial plans. In 9M2023, consolidated EBITDA (BNRI) grew strongly by 79.9% while margin was recorded at 22.3%. On organic basis, excluding the Anadolu Etap business, EBITDA (BNRI) growth was at 78.4%.

Anadolu Efes' consolidated net profit was recorded at a remarkable level of TL 4,731.7 million in 3Q2023 more than doubling versus a year ago. This substantial increase can be attributed primarily to the improvement in operational profitability and foreign exchange gains realized from excess cash held in hard currencies in operations. Consequently, the bottom line reached a record high level of TL 8,012.3 million in 9M2023.

Anadolu Efes' Free Cash Flow almost tripled compared to a year ago, reaching TL 6,812.8 million in

3Q2023 with positive contribution from both beer group and soft drinks. The year-on-year increase in cash is primarily attributed to improved operational profitability and prudent capex spending. Consolidated Net Debt to EBITDA (BNRI) was at 0.5x as of September 30, 2023.

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OPERATIONAL PERFORMANCE - BEER GROUP

Beer Group (TL mn)		3Q2022	3Q2023	% change		9M2022	9M2023	% change
Volume (mhl)		9.6	10.4	7.7%		26.8	27.6	2.9%
Net Sales Revenue		12,343.0	17,738.9	43.7%	27,282.4	41,375.9	51.7%
Gross Profit		5,584.1	8,976.3	60.7%	11,677.0	19,876.3	70.2%
EBIT (BNRI)		2,170.7	3,590.9	65.4%	4,119.1	6,362.8	54.5%
EBITDA (BNRI)		2,930.5	4,695.8	60.2%	5,372.8	9,421.4	75.4%
Net Income/(Loss)*		1,171.4	2,575.8	119.9%	1,839.8	4,181.7	127.3%
FCF		739.7	3,185.3	330.6%	5,757.5	8,015.5	39.2%
				Change (bps)				Change (bps)
Gross Profit Margin		45.2%	50.6%	536	42.8%	48.0%	524
EBIT (BNRI) Margin		17.6%	20.2%	266	15.1%	15.4%	28
EBITDA (BNRI) Margin		23.7%	26.5%	273	19.7%	22.8%	308
Net Income Margin*		9.5%	14.5%	503		6.7%	10.1%	336

*Net income attributable to shareholders

Beer Group sales volume growth accelerated versus the previous quarters primarily driven by the solid performance observed in Russia and Türkiye. In the third quarter, volumes increased by 7.7% y-o-y and reached

10.4 million hectoliters, contributing to a total beer group sales volume of 27.6 million hectoliters for the first nine months of 2023.

International beer operation's volumes grew by 8.6% to 8.4 mhl in 3Q2023, bringing 9M2023 volumes to 22.8 mhl, 1.4% higher than the previous year. Russian beer industry volumes remained stable in 3Q2023 versus last year and was supported by product's favorable price levels. Our Russian beer volume momentum surpassed the industry and displayed a positive trend during the quarter, with growth in the low-to-mid-single digits. In September, our Russian operation's volumes posted close to 20% growth compared to the previous year. This growth is attributable to well-balanced pricing, proactive sales initiatives, innovative product launches and a low base comparison from the previous year. In Ukraine, the market dynamics were lower than the levels seen in 2021, but there has been a reasonable contribution as the operation continues. The implementation of new sales team structure, launch of new products together with enhanced market penetration in the country contributed to the recovery of volumes. In CIS operations, Kazakhstan and Georgia had relatively softer performances in the quarter versus first half performance, as a result of value generation focused strategy. Moldova volumes were lower versus last year, yet the decline was at a slower pace versus the previous two quarters. Türkiye beer operations continued to demonstrate robust performance in this quarter as well; registering 5.0% volume growth reaching 2.0 mhl on top of the exceptional 24.0% volume growth recorded a year ago. When compared to previous quarters, there has been some deceleration in volume growth, as anticipated, due to price increases at the beginning of the quarter along with a decline in the country's consumer confidence index and purchasing power and high base of 2022.

Beer Group sales revenue showed robust growth, increasing by 43.7% to reach TL 17,738.9 million, with an FX-Neutral growth rate of 30.5% in 3Q2023. The international beer operations' revenue was recorded at TL 12,774.0 million, growing by 30.4% and registering a FX-Neutral growth of 13.8%. The Russian beer operations benefited from both volume growth and a favorable product mix due to focus on premiumization, and positive pricing carry over from last year. Price increases in the CIS operations more than offset volume pressures, resulting in a strong revenue growth and providing substantial support to the international beer operations. However, international beer operation's revenue growth was relatively softer compared to previous quarters due to y-o-y Ruble depreciation in the period. In contrast, sales revenue in Türkiye beer registered a remarkable surge of 97.4% to TL 4,920.1 million in 3Q2023. This growth was supported by volume growth and price increases implemented at the start of July, contributing to improved revenue per hectoliter

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performance compared to the previous quarter. Overall, Beer Group achieved strong revenue growth across all its operations, reaching a total revenue of TL 41,375.9 million in 9M2023, marking a growth of 51.7%.

Beer Group gross profit expanded by 60.7% to TL 8,976.3 million in 3Q2023 while gross margin grew by 536 bps to 50.6%; cycling a very strong expansion of 645 bps last year. Despite operating in a high inflationary environment, the implementation of timely and efficient pricing strategies, favorable product mix, effective management of costs as well as the use of hedging mechanisms led to a gross profit margin expansion in all beer operations with the exception of Russia. Even facing a high base from the previous year, along with increased costs and excise, Russian operation's gross profit margin displayed only a slight decline. This was achieved through effective revenue management strategies and tight cost management. Thanks to the strong gross profitability achieved during the quarter, beer group gross profit reached TL 19,876.3 million in 9M2023 with year-on-year margin improvement of 524 bps, resulting in a margin of 48.0%.

Beer group EBITDA (BNRI) expanded by 60.2% to TL 4,695.8 million while margin grew by 273 bps to 26.5% in 3Q2023. The impressive gross profitability performance in Türkiye beer was accompanied by a decrease in operating expenses as a percentage of sales with continued successful momentum in volumes. Russian operations continued to execute portfolio strategy and sales projects to reinforce volume performance. The outcomes of all innovation launches significantly enhanced performance compared to the previous year. Additionally, the CIS operations saw slight increases in operating expenses as a percentage of sales compared to the previous year. As a result, EBITDA (BNRI) reached 9,421.4 million in 9M2023, with a margin of 22.8%.

Beer Group reported a net income of TL 2,575.8 million, a significant increase compared to the TL

1,171.4 million recorded in the same period the previous year. This improvement in the bottom line was primarily attributed to higher EBIT and a decrease in year-on-year net FX expenses; thanks to the foreign exchange gains realized from the cash held in operations. In 9M2023, beer group net income reached TL 4,181.7 million demonstrating a robust 127.3% growth over the previous year.

Beer Group Free Cash Flow generation amounted to TL 3,185.3 million in 3Q2023 representing a significant increase compared to TL 739.7 million generated in 3Q2022. This impressive performance has boosted the total cash generation for 9M2023 to TL 8,015.5 million. This increase in free cash flow can be primarily attributable to the international beer operations, which have displayed an increase in absolute operational profitability and better working capital management. The increase in capital expenditures as a percentage of sales was modest, realizing below our previous expectations. As a result of impressive cash generation in the quarter, Beer Group Net Debt to EBITDA (BNRI) ratio continued to improve, reaching 0.2x as of September 30, 2023.

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OPERATIONAL PERFORMANCE - SOFT DRINKS GROUP

MANAGEMENT COMMENTS

Karim Yahi, CEO of Coca-ColaIcecek, commented: In 3Q2023, despite a volatile operating context, CCI has been able to deliver strong topline growth, margin improvement and solid free-cash flow generation while improving per capita Non-AlcoholicReady-to-Drink (NARTD) consumption in our markets. As the new CEO, my objective is to continue building on the successful track record my predecessor Burak Başarır and the team have created.

Our 3Q2023 operational and financial results are yet another example of CCI's capabilities in action. In the third quarter of 2023, CCI improved its sales volume by 3%, reaching 482 million unit cases (uc) and recorded

31.7 billion TL net sales revenue (NSR) with 82% y-o-y improvement on a reported basis. While FX-neutral NSR growth was quite strong with 52%, NSR/uc in USD terms also peaked new highs with 2.5$ per uc, up by 18% y- o-y, which marks the highest third quarter USD NSR/uc in the last 10 years.

In Türkiye, we have generated a robust 12% volume growth, recording the highest ever 3Q performance in our history with 201 million uc. Effective marketing campaigns, disciplined execution at the point of sale and favorable weather conditions have paved the way to make up for the slower first half performance in volumes. Timely pricing actions, optimized trade spend combined with proactive hedging initiatives have also supported the quality growth algorithm in the quarter. Accordingly, Türkiye recorded a gross profit margin improvement of 395bps y-o-y to 41.4% in 3Q2023.

In international operations, Uzbekistan and Iraq have been the main contributors to the volume growth with 27% and 20% y-o-y increase, respectively. Pakistan, on the other hand, continues to get impacted by historically low consumer confidence and purchasing power levels on the back of volatile macro-economic environment. Sales volume declined by 19% y-o-y in 3Q2023 yet showing gradual improvement vis-à-vis the second quarter. The industry decline has been comparably more severe in the first nine months of the year in Pakistan, yet we have gained more than 200bps* value market share. This proves the success of our strong marketing initiatives, execution capabilities and diverse portfolio. In total, despite high single-digit growth of the Central Asia and mid-teens growth of the Middle East, international operations' volume declined by 2% y- o-y to 282 million uc.

In the volatile macro backdrop, proactive revenue growth management (RGM) actions and disciplined cost & opex management have yielded a robust 248bps EBITDA margin expansion in 3Q2023. As a result, CCI's consolidated EBITDA margin reached 24.2% - its second highest level in history.

Despite macroeconomic uncertainty and natural disasters, CCI has once again demonstrated its resilience and flexibility to navigate emerging and frontier markets, adhering to its quality growth algorithm. Our year-to-date performance indicates that we are in a very good position to overdeliver on profitability with softer sales volume than initially expected in the full year. We are dedicated to unlocking the enormous growth potential of our geographies via leveraging our diverse brand portfolio, top-notch execution capabilities, digital strategy, great people, and sustainability commitments.

*Source: Pakistan Retail Audit, Urban Value Share as of August 2023

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Coca-Cola İçecek (TL mn)		3Q2022	3Q2023	% change		9M2022	9M2023	% change
Volume (mn u/c)		468.0	482.5	3.1%		1,291.8	1,283.1	-0.7%
Net Sales Revenue		17,412.6	31,734.4	82.3%	40,771.5	70,562.6	73.1%
Gross Profit		5,893.1	11,933.2	102.5%	13,399.0	25,227.0	88.3%
EBIT		3,244.2	6,948.9	114.2%	7,018.0	13,951.5	98.8%
EBITDA		3,785.6	7,686.8	103.1%	8,548.8	15,658.1	83.2%
Net Income/(Loss)*		1,818.9	4,326.6	137.9%	3,682.0	7,749.3	110.5%
FCF		1,223.4	3,366.6	175.2%	1,011.3	2,718.9	168.9%
				Change (bps)				Change (bps)
Gross Profit Margin		33.8%	37.6%	376	32.9%	35.8%	289
EBIT Margin		18.6%	21.9%	327	17.2%	19.8%	256
EBITDA Margin		21.7%	24.2%	248	21.0%	22.2%	122
Net Income Margin*		10.4%	13.6%	319		9.0%	11.0%	195

* Net income attributable to shareholders

For the full text of Coca-Cola İçecek's 9M2023 Earnings Release, please refer to the link below:

www.cci.com.tr/en/investor-relations/financial-information/financial-results

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FY2023 REVISED OUTLOOK

Cycling the most important quarter of the year with very robust results, we are revising our full year outlook. The better than expected results and increased optimism for the remainder of the year have led to this revision.

We now expect;

Total Beer volume is to grow by low-to-mid single digit versus last year (previously: grow by low-singledigit)

Consolidated Net Sales Revenue is expected to grow in the upper end of the expectation of high-thirties on

FX-Neutral basis

Total Beer revenue is to grow by mid-to-high twenties on FX-Neutral basis (previously: grow by low-twenties

on FX-Neutral basis)

Consolidated EBITDA Margin to be flat (previously: decline around 100 bps)

Total Beer EBITDA margin to be flat (previously: decline around 100 bps)

*FY2023 outlook reflects management expectations and is based upon currently available data. Actual results are subject to future events and uncertainties including but not limited to macro-economic, financial, geopolitical and political risks, which could materially impact the Company's actual performance.

**The FY2023 Outlook above includes Anadolu Efes Beer Group and Soft Drinks Group operations and does not include the performance of "Anadolu Etap Tarım" and "Anadolu Etap İçecek".

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ANADOLU EFES CONSOLIDATED FINANCIAL PERFORMANCE

EBITDA (TL mn)	9M2022	9M2023
Profit/loss from Operations	10,778.9	20,146.0
Depreciation and amortization	2,943.4	3,875.5
Provision for retirement pay liability	97.2	150.0
Provision for vacation pay liability	66.6	144.0
Foreign exchange gain/loss from operating activities	-334.6	616.9
Rediscount interest income/expense from operating activities	-0.1	2.2
Other	25.8	53.9
EBITDA	13,577.2	24,988.5
EBITDA (BNRI*)	13,925.1	25,047.0

*Non-recurring items amounted to TL 347.9 million in 9M2022 and TL 58.5 million in 9M2023.

Financial Income / (Expense) Breakdown (TL mn)		9M2022	9M2023
Interest income	383.1	1,213.5
Interest expense	-2,085.6	-3,581.7
Foreign exchange gain /(loss)	601.3	1,091.6
Other financial expenses (net)	-207.2	-874.0
Gain/(loss) on derivative transactions	-695.8	450.4
Net Financial Income /(Expense)	-2,004.2	-1,700.2
Free Cash Flow (TL mn)		9M2022	9M2023
EBITDA (BNRI)	13,925.1	25,047.0
Change in Working Capital	-944.3	-3,344.8
Income Taxes & Employee Benefits Paid	-1,873.0	-3,134.2
Payments of Lease Liabilities	-167.1	-338.2
CAPEX, net	-3,146.0	-6,514.6
Net Financial Income /(Expense)	-758.6	-816.4
FCF	7,080.1	10,840.1
Other investing activities
(Acquisitions, Disposals and Share Capital Increases)	-474.0	-472.4
FCF (after investing activities)	6,606.1	10,367.7

	Consolidated Gross Debt	Cash & Cash Equivalents	Net Cash/(Debt) Position
AEFES Consolidated (TL mn)	54,593.5	41,402.5	-13,191.0
Beer Group (TL mn)	21,730.3	19,388.7	-2,341.6
Türkiye Beer (TL mn)	21,168.0	2,087.8	-19,080.2
EBI (TL mn)	562.3	17,232.6	16,670.3
CCI (TL mn)	32,215.0	21,882.6	-10,332.4

Net Debt / EBITDA (BNRI)	9M2022	9M2023
Anadolu Efes Consolidated	0.7	0.5
Beer Group	0.7	0.2

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PLEASE CLICK TO ACCESS ALL TABLES IN EXCEL FORMAT

ANADOLU EFES

Consolidated Income Statements for the Nine-Months Period Ended 30.09.2022 and 30.09.2023

Prepared in accordance with TAS/TFRS as per CMB Regulations

(TL mn)

	2022/9	2023/9
SALES VOLUME (mhl)	100.2	100.5
SALES REVENUE	68,053.1	112,358.5
Cost of Sales (-)	-42,979.6	-67,174.6
GROSS PROFIT FROM OPERATIONS	25,073.5	45,183.9
Selling, Distribution and Marketing Expenses (-)	-10,531.0	-17,656.7
General and Administrative Expenses (-)	-4,026.2	-6,886.2
Other Operating Income /Expense (net)	262.6	-495.0
EBIT (BNRI)	11,126.8	20,204.5
Income /Expense from Investing Activities (net)	-340.6	1,152.2
Income / (Loss) from Associates	-23.3	-138.2
OPERATING PROFIT BEFORE FINANCE INCOME/(EXPENSE)	10,415.0	21,160.0
Financial Income / Expense (net)	-2,004.2	-1,700.2
PROFIT BEFORE TAX FROM CONTINUING OPERATIONS	8,410.8	19,459.8
Continuing Operations Tax Income/(Expense)
- Current Period Tax Expense (-) / Income	-2,293.4	-4,140.3
- Deferred Tax Expense (-) / Income	-690.3	-1,714.4
INCOME/(LOSS) FOR THE PERIOD	5,427.1	13,605.2
Attributable to:
Non-Controlling Interest	2,051.4	5,592.8
EQUITY HOLDERS OF THE PARENT	3,375.6	8,012.3
EBITDA (BNRI)*	13,925.1	25,047.0
*Non-recurring items amounted to TL 347.9 million in 9M2022 and TL 58.5 million in 9M2023

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

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