Investor Presentaiton

+1 Robust financial performance in 3Q... ■ ☐ ■ Volume growth driven by both business segments International beer volumes grew by 6.2%; mostly driven by Russia Turkey beer volume showed a significant improvement compared to 1H Price increases & revenue growth management initiatives VOLUMES 3Q 9M +2.5% -2.7% REVENUE ■ Higher volumes 3Q 9M ■ +24.2% +12.5% Positive currency translation EBITDA (Margin) ■ 3Q 9M +47.8% +22.0% (+382bps) (+149bps) ■ Net Income 3Q 9M TL460 mn TL728 mn Significant margin expansion in 3Q, backed by; Robust volumes growth in both businesses Prudent cost and expense management EBITDA margin up by 149 bps to 19.1% in 9M Higher operational profitability in 3Q however, bottomline declined; Investment income in 3Q2019 related to FX gains supported bottomline (-21.4%) (-13.1%) Free Cash Flow 3Q TL1,904 mn 9M ☐ TL2,896 mn (+TL 1,104mn) (+TL 1,460mn) Both business segments reported positive free cash flow FCF in 3Q more than doubled; driven by " Significant improvement in core working capital & savings in capex *9M2019 financials are restated to exclude Doğadan as per the announcement made by Coca Cola İçecek on April 1st, 2020; therefore, the percent changes are given on a proforma basis. "EFES

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