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Anadolu Efes
Anadolu Efes (AEFES) investor relations material
Anadolu Efes Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary6 Mar, 2026
Executive summary
FY2025 consolidated volume grew 7% to 105.1 mhl, with topline revenue at TL 243.8 billion, supported by strong soft drink growth in Central Asia and effective price increases, while beer group volume was flat year-over-year due to the exclusion of Russian operations from consolidation as of January 1, 2025.
EBITDA (BNRI) for FY2025 was TL 40.5 billion (16.6% margin), down 2.5% year-over-year, with consolidated net profit at TL 8.96 billion; Q4 saw a net loss due to lower monetary gains and tax adjustments.
Free cash flow was negative for the year but improved to TL -4.18 billion, supported by prudent capex and lower tax payments.
Dividend proposal of TL 0.34 per share announced.
Challenging macroeconomic and geopolitical environment impacted demand and profitability, but diversification and portfolio expansion supported resilience.
Financial highlights
FY2025 consolidated sales revenue reached TL 243.8 billion, up 2.5% year-over-year; Q4 revenue was TL 47.0 billion, up 18.6%.
Gross profit margin for FY2025 was 37.7%; EBITDA (BNRI) margin 16.6%.
Net income attributable to shareholders was TL 8.96 billion; EPS at TL 1.51.
Net debt to EBITDA (BNRI) at 1.4x; excluding TAS 29, at 1.2x.
Free cash flow improved year-over-year, though remained negative.
Outlook and guidance
FY2026 expects mid-single-digit consolidated sales volume growth, low-single-digit beer group growth, and mid-single-digit soft drinks growth.
Revenue per hl/uc to grow low-single digits with inflation accounting, mid-teens on FX-neutral basis.
EBITDA and EBIT margins expected to remain flat; capex as a percentage of sales to stay at high single digits.
Positive free cash flow targeted by Q4 2026, but full-year 2026 free cash flow expected to be negative.
Management continues to monitor geopolitical and macroeconomic risks, especially in Russia and Ukraine.
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Next Anadolu Efes earnings date
Q1 20267 May, 2026
Anadolu Efes
Next Anadolu Efes earnings date
Q1 20267 May, 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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