Anadolu Efes Biracilik ve Malt Sanayii Anonim Sirketi : 9M2023 Conference Call Presentation

9M 2023 CONFERENCE CALL PRESENTATION

November 2, 2023

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.

Anadolu Etap Tarım financial results started to be consolidated in Anadolu Efes' financials as of April 11, 2023. 3Q2023 and 9M2023 consolidated P&L, as well as the balance sheet as of 30.09.2023 incorporate Anadolu Etap Tarım financials. Likewise, Anadolu Etap İçecek financial results started to be consolidated in soft drink operations' as of April 19, 2023. 3Q2023 and 9M2023 consolidated P&L along with the balance sheet as of 30.09.2023 include Anadolu Etap İçecek figures. All operational performance metrics presented in this earnings release are on a reported basis (including Anadolu Etap Tarım and Anadolu Etap İçecek), except indicated otherwise.

2

GENERAL

OVERVIEW

&

OPERATING ENVIRONMENT

CAN ÇAKA

CEO & Beer Group President

Remarkable 3Q results drive another guidance upgrade…

Outstanding topline performance in the most significant quarter

EBITDA BNRI margin expansion despite cycling record high profitability levels

7 consecutive quarters of margin growth

in beer group

Strong cash generation with improved EBIT & prudent capex spending

FY2023 guidance upgrade with robust results since the beginning of the year

4

With continued surge in beer volumes…

• Beer volume up 7.7% in 3Q; outpacing strong 2Q performance

• Solid momentum in Russia & Türkiye

• International beer volume up 8.6%

• Russian volume growth of low-to-mid-single digits

• Ukraine volume improved, yet below 2021

• Türkiye beer volume up 5.0%

Volume Breakdown By Country*

	Moldova	Ukraine	Turkey
	Georgia	5%
	17%
	3%
Kazakhstan	2%
7%

Russia

63%

*Breakdown on combined basis	5

Russia

• Russian beer market was flat vs last year;
• • Supported by favorable price levels
• Russian operation volume up around 4% with;
• • Well-balancedpricing
  • Execution of portfolio strategy & sales initiatives
  • Innovative product launches
  • Low base of September 2022
• Market leadership* in value basis sustained
• Energy drink category registered double digit growth
• • VOLT entered TOP 10 energy drinks
• Non-alcoindustry growth ahead of beer market in 9M2023

* Based on Nielsen data

6

GeorgiaCIS

• CIS volume down mid-single digit in total;

• Profitability focus in Kazakhstan & Georgia

• Moldova volume down; yet slower pace vs previous two quarters

Türkiye

• Turkish beer market was strong despite;

• High base of last year

• Challenging operating landscape

• Türkiye beer volume up by 5.0%; 8th consecutive quarter of growth

• Strong portfolio play

• Effective pricing

• Strong tourism activities in the country

*Retail Audit	7
*Tobacco and Alcohol Market Regulatory Authority (TAPDK)
**Tobacco and Alcohol Market Regulatory Authority (TAPDK)

Soft Drinks

Soft Drinks

• Consolidated volume up 3.0%;
• Türkiye volume up by 12.1%;
• • Effective marketing campaigns
  • Favorable weather conditions
• International volume down 2.5%;
• • Pakistan down 19.0%; due to challenging macro dynamics
  • High-singledigit growth in Central Asia
  • Mid-teensgrowth in Middle East

BreakdownVolume		Others
Country*By	Iraq	7%
8%
		Uzbekistan 10%	Turkey
		37%

Kazakhstan 13%

	25%
	Pakistan	8
*Breakdown on combined basis

Record-high bottom line and cash

generation…

Anadolu Efes

Beer Group

NET REVENUE

3Q	9M	3Q	9M	•	Volume growth

+67.3%	+65.1%	+43.7%	+51.7%	•	Effective pricing
CCR*:+44.2%	CCR*:+42.8%	CCR*:30.5%	CCR*:+29.7%
•	FX translation impact

EBITDA BNRI %

24.9%	22.3%	26.5%	22.8%	•	Moderate increase in COGS/hl
(+231 bps)	(+183 bps)	(273 bps)	(308 bps)	•	Cautious marketing & sales pending versus initial plans

NET INCOME

TL4,732 mn	TL8,012 mn	TL2,576 mn	TL4,182 mn	• Strong operational profitability
(+2,650 mn)	(+4,637 mn)	(+1,404.mn)	(+2,342.mn)	• FX gains realized from hard currency cash

CASHFREE FLOW	TL6,813 mn	TL10,840 mn	TL3,185 mn	TL8,015 mn	•	Better EBIT performance
•	Improved working capital management
	(+4,451 mn)	(+3,760 mn)	(+2,446mn)	(+2,258mn) •	Consolidated Net Debt/EBITDA (BNRI): 0.5x

* Constant currency rate

9

FINANCIAL OVERVIEW

GÖKÇE YANAŞMAYAN

Chief Financial Officer