Q2 2025 AG Anadolu Grubu Holding AS Earnings Call Transcript
Key Points
- Ag Anadolu Grubu Holding Anonim Sirketi (IST:AGHOL) achieved top line growth in the first half of 2025, driven by volume increases in beer and soft drinks segments.
- The company's flexible and resilient business models, along with geopolitical and sector diversification, contributed to revenue growth, particularly in Central Asia operations.
- Migros, a key segment, continued to expand its market share in both the overall FMCG sector and modern FMCG retail markets, with a total market share increase to 10.2%.
- The company maintained its full year 2025 guidance, expecting profitability to improve in the second half of the year.
- Despite macroeconomic challenges, the company managed to maintain a healthy leverage ratio, with a consolidated net debt-to-EBITDA ratio of 1.5x.
- Ongoing inflationary pressures and declines in consumer confidence in multiple markets, including Turkey, posed significant challenges.
- Margins were under pressure in the first half, particularly in Turkey, due to weaker purchasing power and higher promotions.
- The deconsolidation of the Russian beer business impacted leverage ratios and financial performance.
- The auto segment faced challenges such as strong Turkish lira impact, increased market competition, and elevated interest rates, affecting profitability.
- Free cash flow generation was negative in key segments like beer and soft drinks, highlighting challenges in working capital management.
Good morning, and good afternoon, everyone, and welcome to the Anadolu Grubu Holding's first half earnings conference call. I am Mehmet Colakoglu, Investor Relations Director at Anadolu Grubu Holding. We have Mr. Burak Basarir, our CEO; and Mr. Onur Cevikel, our CFO, on the call here as well.
As usual, we will first listen to Mr. Burak Basarir, for the key highlights of first half and his general overview. And later on, Mr. Cevikel will provide brief analysis on segmental performance. (Operator Instructions) In addition, in accordance with the decree of the Capital Markets Board, our financials are reported using TAS 29 financial reporting and hyperinflation economy standards.
Accordingly, financial figures in this presentation and all comparative amounts for previous periods have been adjusted according to the changes in purchasing power of the Turkish lira in accordance with TAS 29 and are finally expressed in terms of the purchasing power of the Turkish lira as of June 30, 2025. However, certain items from our
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