Anadolu Efes Biracilik ve Malt Sanayii Anonim Sirketi : FY2023 Conference Call Presentation

FULL YEAR 2023 CONFERENCE CALL PRESENTATION

22 MARCH 2024

1

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.

2

Important Disclaimer Regarding TAS29

As stipulated by the decree of the Capital Markets Board, the financial statements for the FY2023 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 2023 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.

3

GENERAL OVERVIEW & OPERATING ENVIRONMENT

ONUR ALTÜRK

CEO & Beer Group President

Solid Performance Marks

2023 in a nutshell…

Another Successful Year…

1 Strengthened positions across the board

1. Strong revenue performance with effective portfolio play and PRGM
2. Effective management of costs leading to impressive gross profitability
3. Prudent OPEX management despite low base of LY

1. Outstanding cash generation with strong profitability and effective WC management
2. Dividend proposal of TL 2.35/share

5

Consolidated Volume Resilient Despite

Many Challenges Across The Board…

FY2023 Volume (y-o-y)

		Anadolu Efes
Beer	Soft Drinks	Consolidated
+5.0%	-2.6%	-0.5%

6

With Impressive

Performance In Beer…

• Consolidated beer volume up by 5.0% in FY2023
• • Türkiye, Russia and Georgia highly contributed
• International beer volume up by 4.2%
• • Russian volume up by low-single digit
  • CIS countries' volume down by low-single digit on average
• Türkiye beer volume up 9.1%

Volume Breakdown

By Country*

Moldova	Ukraine	Türkiye
Georgia
		5%	17%
Kazakhstan7%	3%
	2%

Russia

66%

*Breakdown on combined basis

7

Russia

• Slight increase* in Russian beer market in FY2023
• • 2H2023 relatively stronger
• Our volumes up by low-single digits percentage despite challenging competitive landscape
• Market leadership* both in value and volume share
• • Strengthened position in premium segment
• Non-alcovolumes up low-single digits
• Cider volumes up double digits

*Rosstad	8
**Company estimate

Kazakhstan

• Kazakh beer market down mid-single digits in FY2023;
• • Challenging economic and political situation
• Our volumes better than the market
• • Sustained market leadership* with market share gain
• Kruzhka Svezhego; one of the highest growing brand
• • #1 Brand of the market
• Karagandinskoye volume turnaround and market share gain

*Nielsen	9

Georgia

• Georgian beer market flattish in FY2023 versus LY
• Our volumes grew by low-to-mid single digit; despite high base
• • Sustained market leadership* with market share gain
  • Karva & Natakhtari gained share
• Solid growth recorded in premium brands
• Premium craft beer brand "Taati" launched

Moldova

• Moldovan beer market down in FY2023
• Our volume performance below the market
• Kept market leadership* despite;
• • Lagged pricing by competitors
  • New competitors entering into market
• New brand Finch became #2 brand in the market

*Retail Audit	10