Beer Group President And Anadolu Efes CEO Onur Altürk Commented
2025 was shaped by a complex and evolving operating environment. Macroeconomic volatility, persistent inflationary pressures and geopolitical sensitivities continued to weigh on consumer purchasing power, influencing demand dynamics across our markets. In certain geographies, pricing remained a key challenge, while relatively more stiff competition impacted both our operational and financial performance. Against this challenging operating environment, Anadolu Efes delivered consolidated revenues exceeding TL 240 billion. Our EBITDA margin was recorded at 16.6% on a reported basis under TAS 29, and 19.0% excluding the impact of inflation accounting.
Although our beer business was affected by these external headwinds, beer remains a fundamentally resilient category with strong structural drivers. In 2025, we re-identified our purpose more clearly as to bring consumers, customers and our ecosystem together around our best quality products with joy and responsibility. Our long-term strategy remains intact. We continue to see important growth opportunities through portfolio diversification across other alcoholic beverages, expansion into near-beer categories, and geographic expansion through localization in markets with attractive long-term fundamentals.
In 2025, across our Beer Group operations, softer volumes in certain markets were offset by stronger performance in others, highlighting the importance of our geographic diversification. As a result, we delivered stable volume performance for the full year. This result was supported by the strength of our local brands, our diverse beer portfolio across all segments, and our robust distribution and export network, combined with disciplined market execution. In Türkiye, following four consecutive years of volume growth, we closed the year with a slight contraction, in line with our initial expectations amid a challenging consumer environment. In Kazakhstan, as the market stabilized after three consecutive years of contraction, we recorded a modest return to growth. In Moldova, we are pleased to see the strong momentum achieved last year continue into 2025, supported by focused and disciplined commercial actions. In Georgia, restructuring initiatives continued to weigh on volumes, which we anticipate this impact to carry into 2026.
In our soft drinks business, we delivered strong volume growth ahead of guidance, supported by the diversity of our geography and portfolio, as well as agile execution amid complex and challenging operating environment. Our consistent focus on affordability, disciplined mix management, and excellence in execution enabled us to navigate these challenges successfully, with a deliberate focus shift from volume led growth in the first half of the year to value led growth in the second half of the year.
Looking ahead to 2026, I am confident in our ability to deliver sustainable value. We will support topline growth by further developing our export business and entering into new categories, while continuing to strengthen our presence across international markets. While we expect operational profitability ratios to remain broadly in line with last year, we will maintain a clear and disciplined focus on enhancing liquidity and optimizing leverage.
Despite foreseeable challenges ahead, I am confident that, through our agility and the dedication of our people, we will continue to deliver solid and resilient performance in this year as well.