Anadolu Efes (AEFES) Q2 2026 earnings summary

Executive summary

• Consolidated Q2 volume grew 7.4% year over year, supported by soft drinks and international operations despite weaker Türkiye demand.

• Q2 revenue rose 2.8% to TL 87.5bn; EBITDA BNRI increased 10.3% to TL 18.0bn, with margin up 139 bps to 20.5%.

• Positive free cash flow was generated by both beer and soft-drink businesses; consolidated net debt-to-EBITDA BNRI was 1.2x at June 30.

• Softer-than-expected Türkiye beer demand prompted lower FY2026 beer volume guidance; international beer and soft drinks remained resilient.

Financial highlights

• Q2 consolidated net sales were TL 87,491.2m (+2.8%); EBITDA BNRI was TL 17,961.2m (+10.3%) and net income TL 5,124.6m (-4.6%).

• 1H consolidated net sales were TL 154,294.4m (+4.8%), EBITDA BNRI TL 27,072.2m (+22.7%) and net income TL 7,275.3m (-6.6%).

• Excluding TAS 29, 1H net revenue rose 38.5% to TL 152,496.1m and EBITDA BNRI rose 56.3% to TL 29,967.0m; EBITDA margin was 19.7%, up 223 bps.

• Beer group Q2 revenue declined 6.1%; EBITDA BNRI fell 27.7% to TL 3.1bn, with a 15.9% margin, down 476 bps.

• 1H free cash flow was -TL 5.8bn, a 61.5% improvement year over year; Q2 free cash flow was TL 1,959.2m.

Outlook and guidance

• FY2026 beer group volume guidance shifted to a low-single-digit decline from prior low-single-digit growth; the revision reflects Türkiye, with international beer expectations unchanged.

• Beer group EBITDA margin is expected to decline 150 bps under TAS 29 or 100 bps excluding TAS 29; management cited weaker volume leverage.

• Consolidated volume is expected to grow mid-single digits, with low-single-digit revenue and profitability growth under TAS 29; beer group full-year free cash flow is expected to break even.

• Soft drinks guidance calls for mid-single-digit volume growth and flat EBITDA margin; capex is expected to remain in the high-single digits as a share of sales.