1. Turkey Stocks

  2. •

    Consumer non-durables

  3. •

    Beverages: alcoholic
Turk Tuborg Bira ve Malt Sanayii A.S.

Turk Tuborg Bira ve Malt Sanayii A.S.

BBIST:TBORG
112.50
TRY
-0.60
(-0.53%)
17.81EPS
7.37P/E
42.35BMarket Cap
Turk Tuborg Bira ve Malt Sanayii A.S.
BIST:TBORG
(Istanbul Exchange)

Recent

price

112.50

P/E

ratio

7.37

div

yld

0.32%

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
TRY
1.07
0.69
1.01
1.43
1.82
2.3
2.99
3.83
5.27
6.73
8.03
11.39
46.95
76.75
122.36
126.85
192.92
Revenue per Share
-0.03
-0.03
0.13
0.26
0.37
0.49
0.73
0.95
1.33
1.36
1.63
3.73
3.18
4.62
16.05
10.47
17.81
Basic EPS, GAAP
-0.2
-0.09
0.28
0.35
0.66
0.29
0.26
0.25
-0.72
0.93
1.68
0.98
1.25
1.11
11.62
-1.14
0.91
Free Cash Flow per Basic Share
- -
- -
- -
- -
- -
- -
- -
0.05
0.18
1.66
- -
0.32
4.54
- -
4.89
8.61
0.36
Dividend per Share
0.61
0.56
0.46
0.72
1.1
1.58
2.32
3.22
4.36
4.05
5.68
9.07
28.76
45.94
71.21
73.14
92.54
Book Value per Share
0.6
0.56
0.46
0.72
1.09
1.56
2.3
3.2
4.33
4.02
5.64
9.03
28.58
45.66
70.75
70.08
89.17
Tangible Book Value per Share
177
313
323
323
323
323
323
323
323
323
323
323
323
323
323
323
323
Basic Weighted Avg Shares
189
214
325
461
586
743
963
1,236
1,700
2,171
2,589
3,675
15,142
24,751
39,462
40,911
62,217
Sales/Revenue/Turnover
-1.75
0.01
11.69
23.31
24.02
23.35
26.31
27.22
24.49
27.52
24.56
25.13
10
9.15
19.06
17.11
16.79
Operating Margin (%)
16
21
26
34
43
58
74
126
137
211
272
357
1,796
3,359
4,200
4,556
4,654
Depreciation Expense
-6
-8
41
84
120
158
237
308
428
437
525
1,204
1,026
1,489
5,177
3,376
5,742
Net Income, GAAP
- -
- -
- -
18.12
20.92
20.68
21.79
19.36
22.06
20.75
22.35
17.21
3.6
48.25
33.12
45.11
40.06
Effective Tax Rate (%)
-3.04
-3.94
12.69
18.1
20.47
21.24
24.61
24.9
25.16
20.15
20.29
32.77
6.78
6.02
13.12
8.25
9.23
Profit Margin (%)
-1
-19
11
62
128
242
400
542
668
420
733
1,498
2,530
4,026
8,581
6,630
10,542
Working Capital
- -
- -
- -
- -
- -
- -
- -
- -
- -
58
33
61
118
254
403
847
1,223
LT Debt
108
100
150
233
353
510
747
1,037
1,405
1,306
1,830
2,927
9,275
14,817
22,965
23,587
29,844
Total Equity
- -
- -
- -
32.7
30.06
24.28
24.27
23.84
20.96
24.11
20.66
22.88
16.79
6.3
18.78
11.18
17.88
Return on Invested Capital (%)
- -
- -
- -
43.63
40.91
36.56
38.94
34.49
34.08
32.7
30.32
46.43
17.92
10.97
24.82
14.44
21.6
Return on Capital (%)
-5.18
-8.14
33.1
43.61
40.91
36.56
37.71
34.49
35.01
32.27
33.5
50.63
16.82
12.36
27.4
14.5
21.86
Return on Common Equity (%)

Capital Structure

TRY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
5,147
5,245
8,740
LT Borrowings
- -
- -
286
LT Finance Leases
847
960
937
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
323
323
323
Market Capitalization
54,504
46,054
42,345

Working Capital

TRY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
26,620
21,247
37,955
Cash, Cash Equivalents & STI
7,723
4,714
11,585
Accounts Receivable, Net
11,238
9,174
17,577
Inventories
6,134
6,290
7,333
Total Current Liabilities
19,990
14,938
27,414
Payables & Accruals
- -
- -
- -
ST Debt
5,147
5,245
8,740
Deferred Revenue
- -
- -
- -

Growth Rates

TRY

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
54.83%
78.85%
2.71%
Free Cash Flow
26.53%
162.95%
-109.82%
Net Income, GAAP
51.38%
74.48%
-34.79%
Sales/Revenue/Turnover
62.31%
96.11%
3.67%
Total Cash Common Dividend
- -
- -
76.16%

Quarterly Revenue

TRY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
4,684
10,444
11,531
9,070
39,462
2025
6,115
15,148
28,096
11,425
40,911
2026
5,964
16,732
- -
- -
- -

Quarterly Earnings Per Share

TRY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
-2.83
8.05
6.97
2.96
16.05
2025
-1.25
10.38
12.4
-1.24
10.47
2026
-2.54
9.19
- -
- -
- -

Quarterly Dividends Per Share

TRY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
0.22
4.89
2025
- -
- -
- -
0.36
8.61
2026
- -
- -
- -
- -
- -
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Business
Turk Tuborg Bira ve Malt Sanayii A.S. operates as a beverage manufacturing and distribution company primarily engaged in the brewing, marketing, and commercial distribution of beer, malt, and associated beverage products. Founded in 1967 and headquartered in Izmir, Turkey, the company operates as a subsidiary of International Beer Breweries Ltd. within the Central Bottling Company Group. Its business operations are structured around integrated brewing, packaging, logistics, and wholesale distribution across domestic and export markets. The company provides a diversified beverage portfolio categorized into: proprietary lager, malt, and specialty beers under the Tuborg trademark, including Tuborg Gold, Tuborg Filtresiz, Tuborg Special, Tuborg Amber, and Tuborg Wave; craft and artisanal beers under the Frederik craft series, including Frederik India Pale Ale, Frederik Marzen, Frederik Wheat IPA, and Frederik Brown Ale; licensed international brand portfolios manufactured under standard licensing agreements, including Carlsberg and Carlsberg Luna; imported premium and specialty beer brands, including Guinness, 1664 Blanc, Weihenstephaner, Grimbergen, Brooklyn Brewery, and Sol; and industrial brewing malt along with agricultural by-products, including spent malt grain for livestock feed. Turk Tuborg operates an integrated brewing and malting plant in Izmir with significant annual production capacity, distributing to both off-premise retail outlets, such as supermarkets and convenience stores, and on-premise hospitality venues, such as restaurants, hotels, and bars, throughout Turkey, while exporting select product lines to international markets across Europe, the Middle East, Asia, and North America. In recent developments, the company has expanded its premium and craft offerings with new flavor variations and extensions under the Frederik and Carlsberg portfolios; implemented significant operational investments in environmental sustainability, including rooftop solar photovoltaic power installations and resource-efficiency upgrades at its Izmir manufacturing facility; and strengthened its nationwide direct-store-delivery logistics and cold-chain distribution infrastructure across key metropolitan and coastal markets.