Anadolu Efes (AEFES) Q2 2026 earnings summary

Executive summary

• Consolidated sales volume grew 7.4% year-over-year, driven by strong soft drink and international beer operations, despite persistent inflation and weaker domestic demand in Türkiye.

• Net sales revenue reached TL 154.3 billion for 1H2026, up 4.8% year-over-year, with EBITDA (BNRI) rising to TL 27.1 billion (+22.7% y-o-y); net profit was TL 7.3 billion, down 6.6% year-over-year.

• Free cash flow declined to TL 1,959.2 million in 2Q2026, mainly due to weaker working capital contribution and higher tax payments.

• Domestic beer operations in Türkiye faced significant challenges from inflation, affordability, and unfavorable weather, resulting in a 12.5% volume decline in Q2.

• Strategic milestones included the acquisition of a majority stake in Tariş Üzüm and the relaunch of the Efes Family brand in Türkiye.

Financial highlights

• 2Q2026 consolidated net sales revenue: TL 87,491.2 million (+2.8% y-o-y); EBITDA (BNRI): TL 17,961.2 million (+10.3% y-o-y); net income: TL 5,124.6 million (-4.6% y-o-y).

• Beer group Q2 sales revenue declined 6% year-over-year to nearly TRY 20 billion, mainly due to Türkiye's 12.5% volume drop; international beer revenue rose 2% to TRY 8.3 billion.

• Gross profit for 1H2026 was TL 58.5 billion, up from TL 52.3 billion year-over-year; gross profit margin for 1H2026 was 37.9%, up 236bps year-over-year.

• Free cash flow for 1H2026 was -TL 5.8 billion, a 61.5% improvement year-over-year.

• Excluding TAS 29, 1H2026 net revenue rose 38.5% to TL 152,496.1 million; EBITDA (BNRI) up 56.3% to TL 29,967.0 million.

Outlook and guidance

• FY2026 Beer Group guidance revised: sales volumes expected to decline by low-single digits (previously: grow low-single digits); EBITDA margin to decline by 150 bps under TAS 29 and 100 bps excluding inflation accounting.

• Consolidated sales volume expected to grow mid-single digits; soft drinks volume to grow mid-single digits; Türkiye beer and soft drinks volumes to decline or grow only slightly.

• Free cash flow for Beer Group expected to be break-even for the year; capex as a percentage of sales to remain in high-single digits.

• Deferred tax calculations reflect a future reduction in the Turkish corporate tax rate for production income to 12.5% starting 2027.