Mavi Giyim Sanayi ve Ticaret (MAVI) Q3 2026 earnings summary

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.