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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
Financials are reported under IAS 29/TAS 29, reflecting hyperinflationary adjustments in Turkish Lira as of October 31, 2025.
Despite a challenging macroeconomic and competitive environment, resilient results were achieved through strategic focus and operational agility.
Ranked 2nd globally for sustainable growth by TIME and Statista, leading the global apparel industry.
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.
Financial highlights
Consolidated revenue declined 7% year-over-year in the first nine months of 2025, reaching TL 33.6 billion.
EBITDA was TL 6.63 billion with a 19.7% margin; net income reached TL 2.07 billion for the nine months, with a 6.2% net income margin.
Gross margin expanded by 130 basis points in Q3 to 52%, and was 51.6% for nine months.
Operating cash flow was TL 4.06 billion in nine months, with TL 1.5 billion generated in Q3.
Net cash position stands at TL 4.25 billion, with no outstanding debt in Türkiye.
Outlook and guidance
Full-year 2025 guidance maintained: low single-digit revenue decline and EBITDA margin above 18% expected.
Early Q4 trends show strong nominal growth in Türkiye retail (27%) and online (20%) sales in November, with positive like-for-like growth continuing into December.
2026 expected to be an investment year with increased store openings and technology upgrades; more detailed guidance to be provided in March.
Nine-month results are not indicative of full-year performance due to seasonality.
Management is evaluating the impact of new Turkish Financial Reporting Standards, including TFRS 17 and TFRS 18.
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 202615 Mar, 2026
Next Mavi Giyim Sanayi ve Ticaret earnings date
Q4 202615 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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