Anadolu Efes (AEFES) Q4 2025 earnings summary

Executive summary

• FY2025 results exclude Russian operations; consolidated volume rose 7.0% to 105.1 mhl and proforma net sales revenue increased 2.5% to TL 243,847.1 million.

• EBITDA (BNRI) declined 2.5% to TL 40,509.5 million, with a 16.6% margin; net profit was TL 8,956.9 million.

• Geographic and portfolio diversification supported resilience amid macroeconomic and geopolitical headwinds.

Financial highlights

• 4Q2025 sales volume rose 4.6% to 18.9 mhl; revenue increased 18.6% to TL 47,010.2 million and EBITDA (BNRI) rose 69.8% to TL 5,739.2 million.

• FY2025 consolidated free cash flow was negative TL 4,179.6 million, improving from negative TL 5,678.8 million in FY2024.

• Excluding TAS 29, FY2025 net revenue grew 36.4% and EBITDA (BNRI) rose 28.5%.

• Dividend proposal of TL 0.34 per share.

Outlook and guidance

• FY2026 consolidated volume growth expected in the mid-single digits; beer low-single digits and soft drinks mid-single digits.

• Revenue per hl/uc expected to grow low-single digits with inflation accounting and mid-teens on an FX-neutral basis without inflation accounting.

• 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, though full-year free cash flow is expected to remain negative; priorities include working-capital improvement.

• Beer Group net debt to EBITDA expected at 2.8x for 2026, excluding TAS 29.