Financials Anadolu Efes Biracilik ve Malt Sanayii Anonim Sirketi

Equities

Market Closed - Borsa Istanbul Other stock markets 10:09:52 2026-02-13 am EST			5-day change	1st Jan Change
21.90 ^TRY	+1.77%		+8.52%	+39.40%

Jan. 12	Anadolu Efes says it expects 2026 consolidated sales volume growth to be at mid-single digits	RE
Jan. 12	Anadolu Efes says 2025 sales volume up 7% YoY	RE

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	26,743	39,296	90,504	159,877	231,354	236,978	308,415	395,163
Change	-	46.94%	130.31%	76.65%	44.71%	2.43%	30.15%	28.13%
EBITDA ¹	5,094	7,024	17,419	27,045	38,191	39,717	54,959	74,929
Change	-	37.89%	147.99%	55.27%	41.21%	3.99%	38.38%	36.34%
EBIT ¹	2,717	4,393	12,175	19,892	26,737	28,295	46,736	61,874
Change	-	61.67%	177.15%	63.38%	34.41%	5.83%	65.17%	32.39%
Interest Paid	-717.3	-507.7	-2,836	-5,194	-	-	-	-
Earnings before Tax (EBT) ¹	2,067	3,803	9,340	41,453	30,996	27,910	35,339	45,792
Change	-	83.99%	145.59%	343.84%	-25.23%	-9.96%	26.62%	29.58%
Net income ¹	814.8	1,068	3,429	22,129	13,117	11,772	13,960	-
Change	-	31.12%	220.98%	545.33%	-40.72%	-10.25%	18.59%	-
Announcement Date	2/25/21	2/23/22	2/28/23	3/21/24	3/5/25	-	-	-

¹TRY in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3
Net sales ¹	6,419	6,159	10,387	11,787	10,962	13,769	24,536	29,767	22,432	24,566	38,002	49,790	47,519	43,562	60,508	62,195	51,818	44,346	64,393	68,860	45,535	57,371	86,724	99,260
Change	-	-4.05%	68.64%	13.48%	-7%	25.6%	78.2%	21.32%	-24.64%	9.51%	54.69%	31.02%	-4.56%	-8.33%	38.9%	2.79%	-16.68%	-14.42%	45.21%	6.94%	-33.87%	25.99%	51.16%	14.46%
EBITDA ¹	1,212	715.2	2,048	2,355	1,883	2,251	5,690	6,662	3,493	3,886	8,303	12,388	2,469	5,341	12,347	13,240	5,874	3,696	12,071	15,366	6,625	7,027	17,071	22,468
Change	-	-41.01%	186.36%	14.99%	-20.04%	19.53%	152.8%	17.08%	-47.56%	11.24%	113.68%	49.2%	-80.07%	116.33%	131.17%	7.23%	-55.63%	-37.07%	226.58%	27.29%	-56.88%	6.07%	142.93%	31.61%
EBIT ¹	-	-	-	-	1,017	-	-	-	1,396	2,757	-	-	-581.4	2,926	9,646	10,313	2,464	-	8,942	11,987	3,307	2,908	12,659	17,726
Change	-	-	-	-	-	-	-	-	-	97.48%	-	-	-	603.24%	229.68%	6.92%	-76.11%	-	-	34.05%	-72.41%	-12.07%	335.35%	40.02%
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	86.34	-	-	-	-198.4	-132	1,426	2,082	53.43	408.5	2,872	4,732	14,117	3,141	3,955	5,600	-499.4	1,725	4,065	5,253	800.5	210.5	5,051	7,506
Change	-	-	-	-	-	33.47%	1,180.25%	45.99%	-97.43%	664.62%	603.04%	64.75%	198.34%	-77.75%	25.94%	41.59%	-108.92%	445.45%	135.64%	29.21%	-84.76%	-73.7%	2,299.27%	48.61%
Announcement Date	2/25/21	5/5/21	8/12/21	11/4/21	2/23/22	5/9/22	8/10/22	11/2/22	2/28/23	5/3/23	8/8/23	11/1/23	3/21/24	5/23/24	8/20/24	11/5/24	3/5/25	5/13/25	8/12/25	11/5/25	-	-	-	-

¹TRY in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	3,617	10,912	13,015	17,420	1,399	67,477	62,555	46,661
Change	-	201.69%	19.27%	33.85%	-91.97%	4,722.29%	-7.29%	-25.41%
Announcement Date	2/25/21	2/23/22	2/28/23	3/21/24	3/5/25	-	-	-

¹TRY in Million

Estimates

Fiscal Period: December	2020	2021	2023	2024	2025	2026	2027
CAPEX ¹	1,746	3,116	10,601	18,971	16,208	20,433	23,292
Change	-	78.47%	-	78.95%	-14.56%	26.07%	13.99%
Free Cash Flow (FCF) ¹	3,211	4,957	11,731	-	-	-	-
Change	-	54.36%	-	-	-	-	-
Announcement Date	2/25/21	2/23/22	3/21/24	3/5/25	-	-	-

¹TRY in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	19.05%	17.87%	19.25%	16.92%	16.51%	16.76%	17.82%	18.96%
EBIT Margin (%)	10.16%	11.18%	13.45%	12.44%	11.56%	11.94%	15.15%	15.66%
EBT Margin (%)	7.73%	9.68%	10.32%	25.93%	13.4%	11.78%	11.46%	11.59%
Net margin (%)	3.05%	2.72%	3.79%	13.84%	5.67%	4.97%	4.53%	-
FCF margin (%)	12.01%	12.61%	-	7.34%	-	-	-	-
FCF / Net Income (%)	394.11%	463.98%	-	53.01%	-	-	-	-
Profitability
ROA	1.69%	1.58%	3.13%	8.3%	-	3%	3%	-
ROE	6.27%	6.78%	-	34.28%	14.8%	13.1%	16.56%	18.97%
Financial Health
Leverage (Debt/EBITDA)	0.71x	1.55x	0.75x	0.64x	0.04x	1.7x	1.14x	0.62x
Debt / Free cash flow	1.13x	2.2x	-	1.49x	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	6.53%	7.93%	-	6.63%	8.2%	6.84%	6.63%	5.89%
CAPEX / EBITDA (%)	34.27%	44.36%	-	39.2%	49.67%	40.81%	37.18%	31.09%
CAPEX / FCF (%)	54.37%	62.86%	-	90.37%	-	-	-	-
Items per share
Cash flow per share ¹	0.8372	1.363	-	3.772	5.474	6.475	7.738	9.049
Change	-	62.85%	-	-	45.14%	18.29%	19.49%	16.95%
Dividend per Share ¹	0.1935	0.1854	-	0.235	-	0.2623	0.3111	0.2903
Change	-	-4.15%	-	-	-	-	18.6%	-6.69%
Book Value Per Share ¹	2.163	3.161	-	10.9	14.19	16.28	22.32	29.13
Change	-	46.15%	-	-	30.18%	14.72%	37.11%	30.49%
EPS ¹	0.1376	0.1804	0.5791	3.737	2.215	1.956	2.313	-
Change	-	31.12%	220.99%	545.34%	-40.72%	-11.71%	18.26%	-
Nbr of stocks (in thousands)	5,921,053	5,921,053	5,921,053	5,921,053	5,921,053	5,921,053	5,921,053	5,921,053
Announcement Date	2/25/21	2/23/22	2/28/23	3/21/24	3/5/25	-	-	-