AEFES Analyst Meeting Notes

We participated in the AEFES teleconference to evaluate the company's Q4 2023 financial results, current operations, and future outlook. Anadolu Efes holds a leading position in the production and marketing of beer, malt, and soft drinks in both Turkey and international markets. The company stands out with its strong operational structure and high export rates, along with its notable ability to generate cash. The management expects to maintain a similar success in 2024 following a performance that exceeded expectations in 2023. The meeting highlighted the unexpectedly positive performance in the last quarter of 2023 and strong operational profitability.