Mavi Giyim Sanayi ve Ticaret (MAVI) Q1 2026 earnings summary

Executive summary

• Q1 2025 revenue declined 14% year-over-year to TRY 9.78 billion amid economic headwinds and a high base, but gross and EBITDA margins remained strong at 52.2% and 20.6%, respectively.

• Net income was TRY 810 million, with an 8.3% margin, and net cash position increased to TRY 6.1 billion.

• Strategic focus on brand strength, agile pricing, and disciplined inventory management supported resilience.

• Share buyback program launched to reinforce confidence and support share price stability.

• Continued investment in retail expansion, with plans for 20 new stores and 15 expansions in Türkiye, and 8 new stores in North America.

Financial highlights

• Consolidated revenue declined 14% year-over-year to TRY 9.78 billion in Q1 2025; EBITDA was TRY 2.01 billion with a 20.6% margin.

• Net income reached TRY 810 million, with an 8.3% margin; net cash position increased to TRY 6.1 billion.

• Türkiye retail sales fell 13–14% and online sales dropped 11% year-over-year.

• EBITDA margin declined 340 bps due to higher OpEx-to-sales ratio and lower leverage.

• CapEx was TRY 428 million, 4.4% of sales.

Outlook and guidance

• FY2025 guidance unchanged: low to mid single-digit revenue growth (IAS29), 20 net new stores and 15 expansions in Türkiye, 8 new stores in North America.

• EBITDA margin expected above 20% (17%+ excluding IFRS16); net cash position to be maintained.

• May 2025 saw Türkiye retail sales up 41–46% and online sales up 35% year-over-year.