Turkey: Anadolu Efes reports robust third-quarter results

Anadolu Efes reported robust third-quarter results for 2025, surpassing market expectations in both earnings per share (EPS) and revenue. The company posted an EPS of 0.8779, exceeding the forecast of 0.792, marking a surprise of 10.85%. Revenue reached 72.12 billion TRY, surpassing the anticipated 66.94 billion TRY, a surprise of 7.74%. Following the announcement, shares of Anadolu Efes saw a modest increase of 0.34%, closing at 14.79 TRY.

Key Takeaways

• EPS and revenue both exceeded analyst expectations.
• Consolidated volumes increased by 7% year-on-year.
• The company launched several new products and expanded its market presence.
• Market reaction was positive, with a slight uptick in stock price.
• Anadolu Efes is focusing on free cash flow generation and geographical expansion.

Anadolu Efes demonstrated strong performance in Q3 2025, continuing its growth trajectory with consolidated volumes reaching 31 million hectoliters, a 7% increase year-on-year. Despite challenges in the Turkish market due to inflation and weakening consumer purchasing power, the company maintained a robust presence, supported by its international operations. The beer group faced a decline in sales revenue, but overall EBITDA increased by approximately 8%, indicating operational efficiency.

Financial Highlights

• Revenue: 72.12 billion TRY, up from the forecast of 66.94 billion TRY
• Earnings per share: 0.8779, compared to the forecast of 0.792
• Gross profit margin: nearly 50%
• Net debt to EBITDA ratio: 1.5x

Anadolu Efes reported an EPS of 0.8779, significantly higher than the forecasted 0.792, resulting in a 10.85% surprise. Revenue also beat expectations, with a 7.74% surprise. This performance indicates strong operational management and market execution, particularly in challenging economic conditions.

Looking forward, Anadolu Efes is concentrating on generating free cash flow and expanding its geographical footprint, particularly in Azerbaijan and Uzbekistan. The company is also preparing for potential changes in the tax environment in Uzbekistan and aims to improve working capital management. Despite deferring the 2026 volume and profitability outlook, Anadolu Efes has hedged 14% of its exposure for 2026 in Türkiye and CIS countries.