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Anadolu Efes (AEFES) investor relations material
Anadolu Efes Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Third quarter 2025 results showed solid profitability and high single-digit consolidated volume growth, mainly from international soft drinks, while Beer Group volumes declined, especially in Türkiye.
Russia operations were excluded from consolidation and are now classified as financial investments, impacting reported results.
Strategic milestones included the launch of Mercan Rakı and a licensing agreement for Efes brands in Azerbaijan.
Net profit attributable to owners was TRL 11.6 billion, with EBITDA BNRI at TRL 33.3 billion for the nine months ended September 30, 2025.
Free cash flow reached TRY 9.4 billion, with net debt-to-EBITDA at 1.5x as of September 30, 2025.
Financial highlights
Consolidated volumes reached 31 million hectoliters, up 7% year-over-year on a pro forma basis, driven by soft drinks.
Consolidated sales revenue for 9M2025 was TL 188.6bn, down 0.7% year-over-year on a pro forma basis excluding Russia.
EBITDA (BNRI) for 9M2025 was TL 33.3bn, down 9% year-over-year; net income was TL 11.6bn, down 23%.
Beer Group sales revenue declined 6.9% to TRY 15.7 billion in Q3 on a pro forma basis; international Beer operations revenue fell 4.5%.
Beer Group EBITDA was TRY 3.4 billion (22% margin) in Q3; nine-month EBITDA was TRY 6.4 billion (15.4% margin).
Outlook and guidance
Free cash flow generation remains a top priority, with ongoing focus on working capital improvement, especially in Türkiye.
Management expects continued pressure on domestic beer volumes due to inflation and affordability focus, while international soft drinks and beer operations are expected to sustain growth, especially in Central Asia and Iraq.
Initial expectations for 2026 indicate a slow decline in inflation, which should be reflected in COGS per hectoliter.
Management will provide more detailed guidance for 2026 towards year-end or early next year.
Results are affected by seasonality, with higher beverage consumption in summer months.
Russia operations: impact on future earnings
Mikolayiv brewery damage: production mitigation plan
Uzbekistan tax audit: basis for no provision
Reassess Russia disclosure approach: What triggers it?
Beer Group working capital improvement targets
M&A criteria for Azerbaijan/Uzbekistan beer ops
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Next Anadolu Efes earnings date
Q4 202527 Feb, 2026
Next Anadolu Efes earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
Anadolu Efes Biracılık ve Malt Sanayii A.Ş. is a Turkey-based beverage company engaged in the production, distribution, and sale of beer and soft drinks. The company operates breweries and bottling facilities across multiple countries, serving domestic and international markets. Its product portfolio includes various beer brands and non-alcoholic beverages, distributed through partnerships and subsidiaries. Anadolu Efes also collaborates with global beverage companies for production and marketing agreements. The company is headquartered in Istanbul, Turkey, and its shares are listed on the BIST.
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