Anadolu Efes (AEFES) Q3 2026 earnings summary

Executive summary

• Q3 consolidated volume rose 6.5% to 33.0mhl, while revenue declined 0.6% to TL88,759.7m and EBITDA (BNRI) fell 16.7% to TL16,597.7m.

• 9M volume increased 6.5% to 91.8mhl; revenue rose 2.8% to TL251,648,315 thousand and EBITDA (BNRI) grew 4.5% to TL45,177,824 thousand.

• Q3 free cash flow rose 35.1% to TL16,500.7m; consolidated net debt/EBITDA was 0.9x at September-end.

Financial highlights

• Q3 net income attributable to shareholders fell 35.8% to TL4,373.6m; 9M net income attributable to owners declined 19.8% to TL12,054,058 thousand.

• Q3 operating profit was TL12,065,320 thousand versus TL15,532,382 thousand a year earlier; 9M operating profit was TL30,500,763 thousand versus TL29,232,605 thousand.

• 9M free cash flow was TL10,333.7m versus an outflow of TL3,789.5m a year earlier.

• Excluding TAS 29, 9M consolidated revenue grew 34.7% to TL245,740.8m and EBITDA (BNRI) rose 33.9% to TL48,935.8m; net profit was TL8,526.0m.

Outlook and guidance

• FY26 Beer Group volume guidance was revised to a mid-single-digit decline; EBITDA margin is expected to contract 250 bps including TAS 29 and 200 bps excluding it.

• Türkiye beer volume outlook is a high-single-digit decline; reported consolidated net revenue per hectoliter is expected to decline by a low-single digit.

• Soft drinks volume guidance was raised to high-single-digit growth; international growth is expected in the low teens, with reported net revenue per unit case down a low-single digit.

• Beer Group aims for at least free cash flow breakeven, though FY cash flow may remain slightly negative.