Q3 2025 Anadolu Efes Biracilik ve Malt Sanayii AS Earnings Call Transcript
Key Points
- Anadolu Efes Biracilik ve Malt Sanayi AS (AEBZY) achieved a 7% increase in consolidated volumes on a pro forma basis compared to the same quarter last year, driven by strong performance in soft drinks operations.
- The company recorded an expansion in EBITDA margin due to improved gross profit and strict management of operational expenses.
- Positive cash flow generation of TRY9.4 billion was achieved, driven by strong operational profitability.
- The company has made strategic geographical and categorical expansions, including starting distribution of Marian raku spirit and signing a licensing agreement with Salyan Food Products in Azerbaijan.
- Kazakhstan and Ukraine showed solid growth in beer volumes, supported by strong portfolio execution and ongoing recovery, respectively.
- The company faced challenges with volume momentum, particularly in the beer group, where domestic markets impacted performance.
- Revenue per activity was pressured due to a focus on affordability and increased discount rates.
- Consolidated beer volumes declined by around 5% year on year, with significant declines in Turkey and international operations.
- Higher financial expenses and lower monetary gains weighed on earnings, resulting in a decline in Beer Group earnings.
- The company generated a negative free cash flow of TRY1.3 billion in the Beer Group due to softer profitability and temporary deterioration in working capital.
Ladies and gentlemen, welcome to Anadolu Efes' third quarter 2025 financial results conference call and webcast. Our presenters today, our CEO Mr. Onur Alturk; and our CFO, Gokce Yanasmayan. The first part of this call, will be in listen-only mode. Afterwards we will open the floor for a Q&A session. You may submit your questions at any time using the question box on your screen.
However, we kindly encourage you to do so before the Q&A session begins to ensure we have adequate time to review and address them. Unless explicitly stated otherwise. All financial information disclosed in this presentation are presented in accordance with TAS 29. Just to remind you, this conference call is being recorded, and the link will be available online.
Before we start, I would kindly request you to refer to our notes in our presentation regarding forward-looking statements. Now I'm leaving the ground to Mr. Onur Alturk to another letter to CEO, so.
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