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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.Q2 2025 earnings summary13 Aug, 2025
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.
Assess impact of Ukraine war on Mikolayiv brewery.
Explain the Russia beer operation consolidation change.
What is the rationale for EBITDA BNRI metric?
What drives Turkiye beer capacity expansion?
Why is Turkiye tourism season softer?
How will FCF generation be improved?
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Next Anadolu Efes earnings date
Q3 20255 Nov, 2025
Next Anadolu Efes earnings date
Q3 20255 Nov, 2025
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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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