Anadolu Efes Biracilik ve Malt Sanayii Anonim Sirketi : 1Q2024 Conference Call Presentation

1Q2024 CONFERENCE CALL PRESENTATION

24 MAY 2024

Forward-Looking Statements

This presentation may contain certain forward-looking statements concerning our future

performance and should be considered as good faith estimates made by the Company. These forward-looking statements reflect management expectations and are based upon currently available data. Actual results are subject to future events and uncertainties, which could materially impact the Company's actual performance.

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Important Disclaimer Regarding TAS29

As stipulated by the decree of the Capital Markets Board, the financial statements for the

1Q2024 have been presented in accordance with TAS29 (Turkish Accounting Standard 29:

Financial Reporting in Hyperinflationary Economies), and retrospective adjustments have been

made for prior periods in alignment with the same standard.

In this presentation, certain financial items and metrics may be presented without inflation

adjustment in order to ensure comparability with previous quarters and to facilitate analysis of our performance relative to our 2024 guidance. It is important to note that the financials presented without the impact of TAS 29 are unaudited.

Unless explicitly stated otherwise, all financial information disclosed in this presentation are presented in accordance with TAS 29.

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GENERAL

OVERVIEW

• OPERATING ENVIRONMENT

ONUR ALTÜRK

CEO & Beer Group President

Robust Start to the Year

2023 in a nutshell…

with Strong Beer Volume

1 Double-digitvolume growth in beer with slight increase in AEFES

1. Solid topline growth exceeding volume increase
2. Effective management of top line leading to gross profitability margin expansion

4 EBITDA BNRI margin dilution in line with initial expectations

5 Consolidated Net Debt to EBITDA (BNRI) of 1.0x as of March 31, 2024

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Beer Group Volume Growth Remains Strong

• Consolidated beer volume up by 12.4% in 1Q2024
• • Strong performances in Türkiye and Russia
• Türkiye beer volume up 12.0%
• International beer volume up by 12.5%
• • Russian volume up mid-teens
  • CIS countries' volume down mid-single digit on average

Volume Breakdown	Moldova	Ukraine
By Country*
Georgia			Türkiye
		5% 13%
	Kazakhstan	3%
		5%
		1%

Russia

*Breakdown on combined basis

72%

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Russia

• Solid growth in Russian beer market in 1Q2024
• • Industry growth of high-single digit in 1Q
• Own volume outperformed the industry; despite challenging competitive landscape
• • Mid-teensincrease in total volume
• Market share gain both in value and volume
• Value share reaching historical-highs
• • Strengthened position in premium segment
• New extensions released in March 2024 in near-beer categories

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CIS

• CIS volume down by mid-single digit on average
• • Moldova and Georgia registered a growth
  • Softer performance in Kazakhstan;
  • • Market decline
    • Ramadan impact and unfavorable weather conditions

Türkiye

• Strong volume performance
• • Volume up 12.0%; outperforming beer market
  • Softer January volume with accelerating performance in February & March
  • Despite the impact of Ramadan
  • Strong growth achieved in "Efes Pilsen" and "Efes Malt"

*Nielsen	8

Soft Drinks

• Consolidated volume down 3.2% in 1Q2024;
• Türkiye volume up 5.4%
• • Effective trade promotions and incentives
• International volume down 7.2%
• • Pakistan down; macroeconomic headwinds and high base of LY
  • Kazakhstan down 10.8%
  • Uzbekistan up by 22.5%; thanks to improvement in penetration

Volume Breakdown
By Country*	Others
	14%	Turkiye
	Uzbekistan 10%
	32%

14%

Kazakhstan

Pakistan

30%

*Breakdown on combined basis

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Solid Top & Bottom line in 1Q2024…

NET	REVENUE
EBITDA	BNRI %
NET	INCOME
FREE CASH	FLOW

Anadolu Efes	Beer Group
1Q	1Q
TL43,562 mn	TL16,204 mn
+5.1%	+8.1%
12.7%	6.8%
(-183 bps)	(-393bps)
TL3,141 mn	TL1,646 mn
(+TL115mn)	(+TL207mn)
TL-8,746 mn	TL-4,022 mn
(-TL2,862 mn)	(-TL2,983 mn)

• Successful RGM Initiatives
• Favorable mix
• Price adjustments
• Robust gross profitability yet;
• OPEX increasing ahead of revenue growth
• Higher net FX gains
• TAS29 Effect - Tax income & Monetary Gains
• Negative FCF due to seasonality;
• • to be normalized year to go
• Consolidated Net Debt to EBITDA (BNRI) → 1.0x

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