Mavi Giyim Sanayi ve Ticaret (MAVI) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2025 was ₺19.833 million, down 9% year-over-year, with EBITDA at ₺3.618 million and net income at ₺1.017 million, reflecting margin pressures and lower sales.

• Maintained leadership in jeans with over 25% market share and top-three position in total apparel, while expanding international presence, especially in the US.

• 763,000 new customers were acquired in H1 2025, active loyalty card members reached 6 million, and app users totaled 9.1 million.

• The company maintained a strong equity position, with total equity at TL 11.87 billion as of 31 July 2025.

Financial highlights

• Gross margin for H1 2025 was 51.3%, slightly down from 51.8% year-over-year.

• EBITDA margin for H1 2025 was 18.2%, with a 20% decline in EBITDA compared to H1 2024.

• Net income margin for H1 2025 was 5.1%, with net income down 50% year-over-year.

• Operational cash flow for H1 2025 was ₺2.3 billion, with a 63% cash conversion rate.

• Net cash position (excluding IFRS16) was ₺4.5 billion as of July 2025.

Outlook and guidance

• Full-year 2025 nominal growth target revised from 35%+ to 30%, implying a low single-digit decline in inflation-adjusted terms.

• EBITDA margin outlook raised by 50 bps to above 18% for the year.

• CapEx expected to be about 6% of consolidated sales, with store opening delays shifting some expansion into 2026.

• Q3 2025 trading update: August retail sales in Türkiye up 30%, online sales up 18%; early September retail up 36%, online up 43%.

• Management notes that the six-month results are not indicative of the full year due to seasonality in operations.