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Mavi Giyim Sanayi ve Ticaret
Mavi Giyim Sanayi ve Ticaret (MAVI) investor relations material
Mavi Giyim Sanayi ve Ticaret Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary11 Dec, 2025
Executive summary
Delivered resilient results in a challenging Turkish macro environment, maintaining leadership in jeans with over 25% market share and ranking among the top three apparel brands in Türkiye.
Ranked 2nd globally for sustainable growth by TIME and Statista, and leads the apparel industry in this area.
Operates in 33 countries with 488 monobrand stores and nearly 6,000 employees.
Revenue for the nine months ended 31 October 2025 was TL 33.6 billion, down from TL 36.0 billion year-over-year.
Net profit attributable to owners was TL 2.21 billion, a decrease from TL 3.22 billion in the prior year period.
Financial highlights
Consolidated revenue for 9M 2025 was TL 33,580 million, down 7% year-over-year.
EBITDA was TL 6,628 million with a 19.7% margin; net income totaled TL 2,067 million for nine months.
Gross margin expanded by 130 bps in Q3 to 52%; nine-month gross margin at 51.6%, up 20 bps year-over-year.
Operating cash flow for 9M 2025 was TL 4,062 million, with TL 1.5 billion generated in Q3.
Net cash position at TL 4,254 million as of period end; no outstanding debt in Türkiye.
Outlook and guidance
Full-year 2025 guidance maintained: low single-digit revenue decline and 18%+ EBITDA margin, with net cash position maintained.
Confident in meeting guidance targets, with Q4 expected to show strong nominal growth in retail and online.
2026 expected to be an investment year with increased store openings and technology upgrades; more details to be provided in March.
November and early December 2025 saw strong retail and online sales growth in Türkiye.
Nine-month results are not indicative of full-year performance due to seasonality.
Analyze 9M 2025 monetary loss drivers
Detail 9M 2025 capital structure changes
What drove the 9M 2025 operating cash flow change?
Gross margin outlook for Q4 and 2026
Turkey store opening strategy for 2026
US market growth strategy and long-term vision
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Next Mavi Giyim Sanayi ve Ticaret earnings date
Q4 202613 Mar, 2026
Mavi Giyim Sanayi ve Ticaret
Next Mavi Giyim Sanayi ve Ticaret earnings date
Q4 202613 Mar, 2026
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Frequently asked questions
Mavi Giyim Sanayi ve Ticaret A.Ş. is a Turkey-based company specializing in the design, production, and retail of denim and fashion apparel. The company offers a wide range of clothing products, including jeans, shirts, jackets, and accessories, catering to men, women, and children. Mavi operates through a network of company-owned stores, franchised outlets, and e-commerce platforms, serving customers in domestic and international markets. It is headquartered in Istanbul, Turkey, and its shares are listed on Borsa Istanbul (BIST).
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