Operator

Ladies and gentlemen, welcome to Anadolu Efes First Quarter 2026 Financial Results Conference Call and Webcast.

I'm together with our presenters today, our CEO, Mr. Onur Alturk, and our CFO, Ms. Yasemen Guven.

[Operator Instructions]

Unless explicitly stated otherwise, all financial information disclosed in this presentation is presented in accordance [indiscernible] 29. Just to remind you, this call is being recorded, and the link will be available online.

Before we start, I would kindly request that you refer to our note in our presentation regarding forward-looking statements. Now I'm leaving the ground to Onur Alturk. Sir?

Onur Alturk
Chief Executive Officer

And good afternoon, everyone, and welcome to Anadolu Efes First Quarter 2026 Operational and Financial Results Conference Call.

We started the year in a challenging operating environment, which was further heightened by geopolitical tensions in the Middle East, elevated petroleum prices, and ongoing inflationary pressures.

Against this backdrop, our first quarter performance reflected a mixed set of results across all our operations. Despite the challenges, we delivered a solid 5% volume growth, reaching 26 million hectoliters on the Anadolu Efes consolidated basis.

This performance was mainly driven by our soft drink and international beer operations.

Again, on a consolidated basis, we delivered a solid top-line performance with an increase of 8%, which is higher than the volume growth. This performance was supported not only by solid volumes, but also by better revenue quality, driven by timely pricing actions, a more favorable portfolio mix, and disciplined discount management.

This also supported our EBITDA NOI margin, which was recorded at 13.6% with a strong margin expansion of