Mavi Giyim Sanayi ve Ticaret (MAVI) investor relations material

Executive summary

• 2025 saw a challenging macroeconomic environment in Turkey, with moderated consumer demand, vibrant competition, and anti-inflationary policies impacting sales across all channels.

• Consolidated revenue for FY2025 was TRY 47.729 billion, down 5% year-over-year, with EBITDA at TRY 9.009 billion and a margin of 18.9%, up 40 bps from 2024.

• Net income was TRY 2.058 billion (4.3% margin), with a net cash position of TRY 6.9 billion at year-end.

• Strategic focus included brand strength, customer acquisition, operational agility, omnichannel integration, and significant investments in retail, digital, and international expansion, especially in the U.S.

• Sustainability, diversity, and technology (AI-driven analytics and customer engagement) were emphasized as core pillars for long-term growth.

Financial highlights

• Consolidated revenue declined 5% year-over-year to TRY 47.729 billion in 2025; Turkey retail and online sales both declined 4%.

• EBITDA margin improved by 40 bps to 18.9%; net income was TRY 2.058 billion with a 4.3% margin.

• Gross margin expanded by 70 bps to 51% for the year.

• Operational cash generation was strong, totaling TRY 8.6 billion for the year.

• CapEx totaled TRY 2.6 billion (5.5% of sales), with 25% as a one-off for new Istanbul HQ and 20% for U.S. retail.

Outlook and guidance

• 2026 guidance: consolidated revenue growth of 5% ±1%, EBITDA margin of 18% ±0.5%, and CapEx at ~6% of revenue.

• Plans to open net 15 stores, expand 15, and upgrade 30 in Turkey; 6 new U.S. stores planned.

• Inflation assumption for 2026 is 25%; external risks (e.g., Middle East unrest, energy costs) could impact results.

• Q1 2026 trading update: February retail sales in Turkey grew 27% yoy; early March up 74% due to Ramadan, adjusted growth ~26%.

• The company is evaluating the effects of new and upcoming Turkish Financial Reporting Standards on future financial statements.