Anadolu Efes (AEFES) Q4 2025 earnings summary

Executive summary

• FY2025 consolidated volume grew 7% to 105.1 mhl, with topline revenue at TL 243.8 billion, supported by strong soft drink growth in Central Asia and effective price increases, while beer group volume was flat year-over-year due to the exclusion of Russian operations from consolidation as of January 1, 2025.

• EBITDA (BNRI) for FY2025 was TL 40.5 billion (16.6% margin), down 2.5% year-over-year, with consolidated net profit at TL 8.96 billion; Q4 saw a net loss due to lower monetary gains and tax adjustments.

• Free cash flow was negative for the year but improved to TL -4.18 billion, supported by prudent capex and lower tax payments.

• Dividend proposal of TL 0.34 per share announced.

• Challenging macroeconomic and geopolitical environment impacted demand and profitability, but diversification and portfolio expansion supported resilience.

Financial highlights

• FY2025 consolidated sales revenue reached TL 243.8 billion, up 2.5% year-over-year; Q4 revenue was TL 47.0 billion, up 18.6%.

• Gross profit margin for FY2025 was 37.7%; EBITDA (BNRI) margin 16.6%.

• Net income attributable to shareholders was TL 8.96 billion; EPS at TL 1.51.

• Net debt to EBITDA (BNRI) at 1.4x; excluding TAS 29, at 1.2x.

• Free cash flow improved year-over-year, though remained negative.

Outlook and guidance

• FY2026 expects mid-single-digit consolidated sales volume growth, low-single-digit beer group growth, and mid-single-digit soft drinks growth.

• Revenue per hl/uc to grow low-single digits with inflation accounting, mid-teens on FX-neutral basis.

• EBITDA and EBIT margins expected to remain flat; capex as a percentage of sales to stay at high single digits.

• Positive free cash flow targeted by Q4 2026, but full-year 2026 free cash flow expected to be negative.

• Management continues to monitor geopolitical and macroeconomic risks, especially in Russia and Ukraine.