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Anadolu Efes (AEFES) investor relations material
Anadolu Efes Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Beer group volumes grew 5.3% and soft drinks 4.7%, but topline and profitability declined due to affordability focus, discounting, and exclusion of Russian beer operations from consolidation as of January 2025.
Free cash flow turned positive in Q2, supported by peak season momentum and disciplined CAPEX, but fell year-over-year.
Net profit attributable to owners was TRL 5.9 billion, down from TRL 9.9 billion year-over-year.
The group operates in Beer and Soft Drinks segments, with significant Türkiye and international presence.
Financial highlights
Consolidated net revenue for 1H2025 was TRL 111.4 billion, down 3.1% year-over-year, with net income at TRL 5.9 billion.
EBITDA (BNRI) declined 19.5% to TRL 16.7 billion; gross profit margin fell to 35.5%.
Free cash flow for 1H2025 was -TRL 11.5 billion, a 74.2% decrease year-over-year.
Cash and cash equivalents at period end were TRL 37.8 billion, down from TRL 63.1 billion at year-end 2024.
Total borrowings increased to TRL 99.0 billion from TRL 88.9 billion at December 31, 2024.
Outlook and guidance
Management expects flat to modest market growth in beer, with a focus on outperforming the market and growing revenue above inflation.
Continued focus on affordability, cost discipline, and free cash flow generation amid challenging macroeconomic and geopolitical conditions.
CapEx for beer group expected at 7-8% of sales, higher in Turkey due to capacity investments.
Results for the first half may not be indicative of full-year performance due to seasonality.
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