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Forward Looking Evaluations
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In 2024, we navigated a complex operating environment characterized by macroeconomic challenges, the cumulative impact of years of inflation, and ongoing geographical sensitivities caused by the spill-over from the conflict in the Middle-East, all contributing to the decline in consumer purchasing power and demand. We assume that context in our geographies will remain challenging in 2025 yet we remain committed delivering quality growth.

Based on our learnings from 2024, we will continue to focus on what we can control to create volume growth, and we will therefore focus on disciplined daily execution, smart pricing to ensure our products remain affordable to consumers across our markets and quality mix management.

Last but not the least, in line with our principle to invest ahead of demand and demonstrating our belief in the long-term potential of our markets, we will plan to open two new plants in Iraq and Azerbaijan to be operational in 2025.

Our company's volume expectations for 2025 are as follows:

Sales Volume*:

Mid-single-digit volume growth on a consolidated basis

· Low to mid-single-digit growth in Türkiye

· Mid to high-single-digit growth in the international operations

* excluding Bangladesh (organic growth)