Anadolu Efes cuts its full-year beer outlook after Turkey volumes fall 14.3%

Anadolu Efes cut its full-year beer volume outlook after a sharp drop in Turkey outweighed continued growth in its international beer business, according to the company’s nine-month results released on Wednesday, November 4.

The Turkish brewer said beer volumes sold in Turkey fell 14.3% from a year earlier in the third quarter to 1.6 million hectoliters. Across the group’s consolidated beer business, volumes declined 5.6% to 3.7 million hectoliters in the quarter.

The weaker performance in its home market led the company to lower its annual guidance for beer volumes. Anadolu Efes had previously expected a low-single-digit decline for the year. It now expects a mid-single-digit decline. The company did not attach a precise percentage to that forecast.

The revision came even as its international beer operations continued to expand. Anadolu Efes said those operations grew 2.1% in the third quarter to 2.1 million hectoliters. That growth, however, was not enough to offset the slump in Turkey, where beer demand showed much steeper weakness than in the group’s other markets.

For the first nine months of 2026, Anadolu Efes reported total beer volumes of 9.5 million hectoliters, down 7.4% from the same period a year earlier. In Turkey, nine-month beer volumes fell 14.8% to 4.1 million hectoliters.

The third-quarter figures also marked a deterioration from the previous quarter. Anadolu Efes had said earlier that it sold 3.8 million hectoliters of beer in the prior quarter, down 8% year over year. The latest quarter therefore showed a deeper contraction at the group level. The company noted that the published volume figures are rounded.

The results released on November 4 focused on physical sales volumes rather than a monetary measure such as revenue. The key change for investors and industry watchers was the adjustment to the full-year beer outlook, which signaled that the weakness in Turkey had become strong enough to change management’s expectations for the rest of 2026.

Anadolu Efes operates in Turkey and in several international beer markets through its consolidated business. Its Russian operations are no longer included in consolidation, a change that has been in place since January 2025. That means the volume figures reported for the current period do not include Russia in the same way as in earlier reporting periods, an important point when comparing the brewer’s scale over time.

The company is one of the best-known industrial businesses within Anadolu Group, the Turkish conglomerate that is its parent company. According to Anadolu Group’s corporate profile, the group employs more than 100,000 people and operates in eight sectors. Anadolu Efes Biracılık ve Malt Sanayii A.Ş., the group’s beer and malt business, ranked 15th globally by beer production in the BarthHaas 2025/2026 industry ranking, with output of 18.9 million hectoliters, with Russian operations counted separately.