Anadolu Efes (AEFES) Q1 2026 earnings summary

Executive summary

• Achieved 5% consolidated volume growth to 26 million hL, led by soft drinks and international beer, despite geopolitical tensions, high petroleum prices, and inflationary pressures.

• Consolidated top-line increased by 8% year-on-year, reaching TL 62.4 billion, supported by timely pricing, favorable mix, and disciplined discount management.

• EBITDA (BNRI) rose to TL 8.5 billion, with margin expanding to 13.6% due to disciplined OpEx management and improved working capital.

• Free cash flow improved year-on-year, though remained negative due to seasonal working capital build-up.

• Russia beer operations excluded from consolidation as of January 1, 2025, now accounted for as a financial investment.

Financial highlights

• Consolidated sales revenue rose 7.6% year-on-year to TL 62.4 billion; Beer Group revenue declined 8.4% to TL 9.4 billion.

• Gross profit margin expanded to 35.8% from 31.7% year-on-year, with gross profit at TL 22.4 billion.

• Beer Group reported a net loss of TL 327 million, while consolidated net profit attributable to owners was TL 2.0 billion.

• EBITDA (BNRI) for Beer Group was TL 0.76 billion; consolidated EBITDA (BNRI) was TL 8.5 billion.

• Free cash flow improved 66.9% to -TL 7.3 billion; Beer Group free cash flow improved 26.5% to -TL 6.9 billion.

Outlook and guidance

• Maintaining guidance for slight volume growth in Q2, with cautious outlook for the remainder of the year due to a weak start and seasonality.

• Management expects continued volume growth in soft drinks and international beer, focusing on premiumization and portfolio transformation.

• Q1 results are not indicative of full-year performance due to seasonality in beverage consumption.

• No changes to full-year guidance yet; Q2 performance will be key for further updates.

• Efes Family relaunch and transformation initiatives expected to support performance.