Mavi Giyim Sanayi ve Ticaret (MAVI) Q4 2025 earnings summary

Executive summary

• Revenue reached TRY 38.5 billion in FY2024, up 3–3.1% year-over-year, with net income rising 7–7.5% to TRY 2.72–2.675 billion and EBITDA at TRY 7.15 billion, with an 18.5–18.6% margin.

• Türkiye retail sales grew 5%, online sales 8%, and 1.5 million new customers were acquired; active loyalty card members reached 5.9 million.

• Strategic focus on premium product expansion, digital innovation, and omnichannel integration drove customer acquisition and market share gains.

• Sustainability achievements included top global rankings, expanded eco-friendly collections, and 27% of revenue from All Blue sustainable products.

• The independent auditor issued an unqualified opinion, confirming fair presentation in accordance with TFRS.

Financial highlights

• Consolidated sales reached TRY 38.5 billion, gross margin improved to 50.3% (up from 48.2%), and EBITDA margin was 18.5–18.6%.

• Net income margin was 6.9%, and earnings per share rose to TRY 6.86.

• Operating cash flow was TRY 6.3 billion, with a net cash position of TRY 3.95–5.42 billion as of January 2025.

• CapEx was 3.7% of sales, below the 5% guidance, and total borrowings decreased to TRY 2.38 billion.

• Dividend of TRY 1.04 billion paid in 2024.

Outlook and guidance

• 2025 guidance: low to mid-single-digit revenue growth with 17.5%+ EBITDA margin (reported), or 35%+ revenue growth and 20%+ EBITDA margin (excluding inflation accounting).

• Plans to open 20 net new stores and expand 15 in Türkiye, plus 8 new stores in North America.

• CapEx planned at 5% of revenue, including new headquarters and US store investments.

• Early FY2025 trading update: February retail sales in Türkiye up 20% and online up 41% year-over-year.

• The Group will disclose its Sustainability Report by April, with ongoing analysis of sustainability-related risks.