Turkey · Delayed Price · Currency is TRY Anadolu Efes Biracilik ve Malt Sanayii Anonim Sirketi Earnings Call Transcripts
Fiscal Year 2026
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Consolidated Q2 volumes rose over 7% and margins expanded, but Türkiye beer weakness drove a cut to beer guidance. Soft drinks and international beer remained resilient, while full-year beer free cash flow is expected to break even.
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Consolidated volumes grew 5% and revenue rose 8% year-on-year, driven by soft drinks and international beer, despite a challenging environment. Beer Group faced a revenue and volume decline in Turkey, but international and soft drink segments offset some weakness. Net debt-to-EBITDA remains healthy at 1.3x.
Fiscal Year 2025
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Full year 2025 saw 7% consolidated volume growth and TRY 244 billion in revenue, but EBITDA declined 2% and free cash flow remained negative. 2026 guidance targets positive free cash flow by Q4, flat margins, and continued disciplined cost control.
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Third quarter 2025 saw solid profitability and 7% volume growth, driven by Soft Drinks and international markets, while Beer Group volumes and revenues declined due to pressures in Türkiye. Strategic expansion in Azerbaijan and Uzbekistan progressed, with a strong focus on cash flow and working capital.
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Q2 2025 saw solid volume growth in beer and soft drinks, but profitability was pressured by increased discounts, inflation, and a high prior-year base. Free cash flow and deleveraging are top priorities, with ongoing capacity investments in Türkiye and strong performance in Central Asia.
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Consolidated volumes grew 12% year-over-year, led by strong soft drink performance, while beer group revenue and EBITDA declined due to seasonality, high marketing spend, and the exclusion of Russian operations. Outlook remains cautious, with a focus on outperforming markets and maintaining leverage at current levels.
Fiscal Year 2024
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Consolidated volume grew 0.9% in 2024, with strong beer segment performance and robust gross profitability, though soft drinks volumes declined. Net debt to EBITDA remained low at 0.6x, and a TRY 1.27 dividend was proposed. Russian operations face uncertainty due to external management.
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Q3 2024 saw strong beer volume and revenue growth, especially in Russia, offsetting declines in soft drinks and Türkiye. EBITDA margins declined due to higher costs, but leverage remains low and guidance for beer operations was upgraded, while soft drink outlook was lowered.
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Beer Group volumes grew mid-single digits, with strong gains in Russia and Türkiye, while consolidated net income reached TRY 3.9B despite FX and interest headwinds. Guidance for beer revenue growth was raised, but soft drink outlook was trimmed due to weaker demand.