Coca-Cola Içecek Anonim Sirketi (CCOLA) Investor Presentation summary

Business overview and market presence

• Operates in 12 countries with a population reach of ~600 million and 34 production plants, holding #1 sparkling market position in most markets.

• 2024 sales volume reached 1.5 billion unit cases and revenue $4.2 billion, with 25+ brands and 10,000+ employees.

• International operations contribute 69% of EBITDA, reflecting a diversified portfolio and natural hedge across markets.

• Maintains strong and stable shareholder structure, with major stakes held by Anadolu Grubu, The Coca-Cola Export Corporation, and Anadolu Efes.

• Executive team has deep experience in the Coca-Cola system and beverage industry.

Strategic growth and operational excellence

• Pursues a two-pillar growth strategy: balanced organic growth in core categories and inorganic expansion into new countries and categories.

• Focuses on disciplined revenue growth management, dynamic pricing, and trade optimization to ensure affordability and profitability.

• Unique hybrid route-to-market model leverages both direct distribution and independent, trained distributors for best-in-class execution.

• Invests ahead of demand in production, coolers, and digital infrastructure, with a CapEx/sales ratio averaging ~9.1% in 2024.

• Maintains prudent capital allocation, balancing organic growth, selective M&A, deleveraging, and consistent dividend payouts.

Financial performance and risk management

• 1Q25 net sales revenue was TL 2.9 billion (down 35.2% y/y), EBIT TL 1.3 billion (down 66.0% y/y), and net income TL 1.3 billion (down 66.0% y/y), impacted by inflation accounting and lower monetary gains.

• Without inflation adjustment (TAS 29), NSR grew 33.2% and NSR per unit case rose 17.4% to 92.6 TL in 1Q25.

• Maintains low leverage (net debt/EBITDA 0.6x in 1Q25), strong liquidity, and robust free cash flow generation.

• Dynamic hedging and proactive procurement secure cost base, with high hedging ratios for key inputs like sugar and aluminum.

• Consistent dividend policy, with yields ranging from 1.4% to 3.2% in recent years, and focus on working capital efficiency.