Anadolu Efes (AEFES) Q1 2026 earnings summary

Executive summary

• Consolidated volume grew 5–5.3% to 25.6–26 million hL, led by soft drinks and international beer, despite challenges from geopolitical tensions, high petroleum prices, and inflation.

• Revenue rose 7.6–8% to TL 62.4 billion, with topline growth outpacing volume, supported by pricing, mix, and disciplined discount management.

• EBITDA (BNRI) increased 57.6% to TL 8.5 billion, with margin expanding to 13.6%, driven by disciplined OpEx and improved cost management.

• Net income declined 11% year-over-year to TL 2.0 billion, impacted by a high prior-year base.

• Free cash flow improved year-on-year but remained negative due to seasonal working capital build-up.

Financial highlights

• Gross profit rose 21.5% to TL 22.4 billion, with margin up to 35.8–35.9%.

• EBIT (BNRI) increased 260.7% to TL 4.3 billion; margin expanded to 6.9%.

• Beer Group revenue declined 8.4% to TL 9.4 billion, with EBITDA (BNRI) margin at -8.1%.

• Beer Group net loss was TL 327 million, compared to net income last year.

• Free cash flow improved 26.5% year-on-year for Beer Group.

Outlook and guidance

• Management expects continued volume growth in soft drinks and international beer, with ongoing focus on premiumization and portfolio transformation.

• Cautious outlook for Türkiye beer market due to soft demand, adverse weather, and affordability challenges.

• Q1 results are not indicative of full-year performance due to seasonality; Q2 performance will be key for updates.

• Strategic initiatives and the Efes Family relaunch are expected to support performance.