Beer Group President And Anadolu Efes CEO Onur Altürk Commented

The first quarter of the year was expected to be challenging; however, it proved to be even more complex due to additional unforeseen developments. While the ongoing tensions in the Middle East and elevated petroleum prices did not directly affect our operations for the time being, we remain mindful of potential implications, including persistent inflationary pressures, elevated interest rates, and softer tourism activity, all of which may weigh on consumer sentiment going forward. Against these developments, we delivered a mixed set of results in 1Q2026, with consolidated volumes of 25.6 mhl and revenues of TL 62,425 mn while EBITDA (BNRI*) reached TL 8,514 mn.

Within the Beer Group, Türkiye operation’s volumes remained under pressure, as anticipated, driven by seasonal factors such as the Ramadan period and an unusually high number of rainy days. These dynamics, combined with continued affordability challenges and softer discretionary spending, weighed on overall beer market performance, resulting in domestic performance that came below our initial expectations. On the other hand, our international operations delivered a very strong performance, with all markets exceeding their respective volume targets, led by particularly strong momentum in Kazakhstan and Georgia.

April marks a significant milestone for both myself and our company. We have officially launched the EFES FAMILY Uplift project, aimed at elevating our value proposition through superior liquid, superior packaging, and best-in-class serve standards. This initiative is supported by portfolio and pack-price optimization, reinforced by consumer-centric segmentation and strengthened in-store execution. We are extremely excited to hear about the initial consumer response, as our new EFES products have been on the shelves just for the past two weeks. To support a smooth transition, we proactively discontinued shipments of old Efes products, ensuring the market is fully aligned with our new portfolio. This also inevitably had some impact, albeit limited, on our 1Q volume performance.

We have also taken important step to support our long-term growth ambitions beyond our core markets. We signed toll-filling agreement in Uzbekistan, marking a meaningful step forward in our Central Asia region strategy. I am particularly excited about our expansion, as Uzbekistan stands out as one of the fastest-growing economies in Central Asia, and offers significant long-term potential for our beer operations. With the shift to local manufacturing, we expect to become significantly more cost efficient by reducing customs duties and logistics costs, while also improving product freshness and responsiveness to local market dynamics. We expect the contribution from localization in Uzbekistan remain limited in 2026, as commercial production will commence following the successful completion of the trial phase. In addition, following the start of local production of our EFES keg products in the UK under a licensing agreement at the beginning of 2025, as of April 2026, our bottled and canned products have also been included in the scope of local production, further enhancing our availability and strengthening our presence, particularly across national retail chains in the UK market. In parallel, we are progressing toward finalization of our toll‑filling agreement with our partner company in China.

Soft drink operations made a solid start to the year, with growth delivered across markets. In Türkiye, performance remained resilient despite a high base, supported by a well-managed balance between affordability and value creation. International operations continued to deliver strong performance across most key markets, while Central Asia remained the key growth engine, building on last year’s strong performance.

The first quarter was marked by a more challenging environment than we had initially anticipated, yet the resilience of our operations and the strategic progress achieved during the period support our confidence for the remainder of the year. We believe these new initiatives will enhance our competitiveness, improve our route to market capabilities, and gradually support the building of more sustainable and scalable operating models in line with our long-term growth strategy.