Q2 2026 Anadolu Efes Biracilik ve Malt Sanayii AS Earnings Call Transcript
Key Points
- Consolidated volumes increased by over 7% in Q2, driven by strong soft drink performance.
- International beer operations returned to growth (up 1.2% excluding Georgia restructuring), with Kazakhstan delivering four consecutive quarters of volume expansion.
- Soft drink business showed robust growth, with international volumes up 15.4%, led by Pakistan (+17%) and Uzbekistan (+21.1%).
- Consolidated net debt-to-EBITDA improved to 1.2 times, reflecting strong cash generation and balance sheet strengthening.
- Strategic expansion progressed with licensed production in Azerbaijan and toll-filling agreements in Uzbekistan and China, supporting asset-light growth.
- Turkey beer volumes declined 12.5% in Q2 due to persistent affordability pressures and unfavorable weather, leading to a slower-than-expected recovery.
- Beer group EBITDA margin contracted 475 basis points in Q2, driven by gross margin erosion and higher selling expenses from the Efes relaunch.
- Full-year Beer group guidance was revised to a low single-digit volume decline (from growth), with EBITDA margin expected to decline by around 150 basis points.
- Beer group net debt-to-EBITDA remained elevated at 4.7 (3.3 excluding TAS 29), with plans for bond refinancing and a conservative dividend approach.
- Geopolitical uncertainties in the Middle East and higher oil prices continue to pressure consumer sentiment and input costs, adding downside risk to margins.
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Ladies and gentlemen, welcome to Anadolu Efes first half 2026 financial results conference call and webcast. I'm Aslı Kılıç Demirel and together with our presenters today, our CEO, Mr. Onur Altürk; and our CFO, Ms. Yasemen Ãayırezmez.
(Event Instructions) 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 Altürk, Anadolu Efes CEO. Sir.
Aslı, thank you. Good morning and good afternoon, everyone, and welcome to Anadolu Efes first
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