Mavi Giyim Sanayi Ve Ticaret A.s. · BIST:MAVI
Mavi Giyim Sanayi Ve Ticaret A.s — 9M 2025 Earnings Presentation
26 slides from Mavi Giyim Sanayi Ve Ticaret A.s's earnings presentation, Dec 10, 2025
Slide 1: 9M 2025 Results Presentation
9M 2025 Results Presentation December 10, 2025
Slide 2: Disclaimer
Disclaimer This document does not constitute or form part of any offer to sell or issue or invitation to purchase or subscribe for, or any solicitation of any offer to purchase or subscribe for, any securities of the Company. The information, statements and opinions contained in this presentation do
Slide 3: Q3 2025 Highlights
Q3 2025 HIGHLIGHTS
Slide 4: Q3 2025 Business Overview
Q3 2025 Business Overview Business Overview › Delivered 130 bps expansion in gross margin in a challenging macroeconomic and competitive landscape supported by a robust brand strategy, best-in-class targeted communication, and agile product and pricing management › Disciplined cost management led to
Slide 5: 9M 2025 Highlights
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Slide 6: 9M 2025 Highlights
9M 2025 Highlights GROUP HIGHLIGHTS1 TÜRKİYE HIGHLIGHTS › Consolidated revenue realized at 33,580 TRYm, 33,580 TRYm 6,628 TRYm (6%) (5%) decreasing 7% yoy Revenue EBITDA Retail Sales Online Sales Performance Performance › EBITDA for the period is 6,628 TRYm resulting in 19.7% (30,396 TRYm (6,853 TRY
Slide 7: Sales Channels
“SALES” S CHANNELS
Slide 8: Revenue Evolution in Sales Channels
Revenue Evolution in Sales Channels Global Revenue (TRYm) Türkiye Revenue (TRYm) (6%) (7%) Channel Growth 32,268 30,460 35,970 2,560 2,431 33,580 5,703 3,309 (5%) (0%) 5,392 (5%) (1%) 3,130 8,187 7,413 (9%) 11,019 10,998 (5%) 860 877 24,005 22,638 12,317 12,156 (6%) 2,236 2,213 (6%) 1,102 1,123 24,4
Slide 9: Türkiye Retail
TÜRKİYE RETAIL
Slide 10: Türkiye Retail Operations
Türkiye Retail Operations # of Retail Stores Gross Selling Space in Türkiye (Sqm K) Net New Avg. Stores 2 7 16 2 Sqm/ 510sqm 519sqm 535sqm 544sqm Retail Store 189 193 168 174 336 352 354 329 2022 2023 2024 9M 2025 2022 2023 2024 9M 2025 › With seven openings and five closures in 9M 2025, number of r
Slide 11: Like-for-Like Stores Sales Performance
Like-for-Like Stores Sales Performance 141.8% 29.5% 99.8% 17.3% 58.8% Transaction1 # Growth 24.7% w/out IAS 29 (%) 0.7% 31.1% (7.7%) 1.6% (8.2%) with IAS 29 2022 2023 2024 9M 2025 2022 2023 2024 9M 2025 › In Q3 2025, LFL sales decreased 3.2% in real TRY terms and volumes 86.7% were down 2.3%. Number
Slide 12: Sales in Denim & Lifestyle Categories
Sales in Denim & Lifestyle Categories Denim Products (TRYm) Lifestyle Products (TRYm) 38% Knits/Jerseys 26% Shirts 10% Jackets 6% (13%) 14% (7%) 2,736 9,222 2,390 8,615 1,127 1,280 (10%) 6,614 5,933 9M 2024 9M 2025 9M 2024 9M 2025 Accessories Non-Denim Bottoms 7% 10% (2%) 7% 9M 2024 9M 2025 9M 2024
Slide 13: Online Business
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Slide 14: Online Sales Growth inc. Wholesale Partners
Online Sales Growth inc. Wholesale Partners Global Online Sales (TRYm) Türkiye Online Sales (TRYm) % Sales % Sales 8.0% 10.4% 7.9% 10.1% 3,619 3,480 2,560 (5%) 2,431 (4%) Channel 310 350 Growth 1,199 1,060 1,353 1,212 13% (12%) 1,361 1,371 1% (10%) 1,956 1,918 (2%) 9M 2024 9M 2025 9M 2024 9M 2025 In
Slide 15: Consolidated Financial Results
CONSOLIDATED FINANCIAL RESULTS
Slide 16: Consolidated Revenue Growth and Gross Margin
Consolidated Revenue Growth and Gross Margin Revenue (TRYm) Gross Profit (TRYm) 50.7% 52.0% 51.4% 51.6% (7%) Inflation Accounting 35,970 (6%) (1%) 33,580 1% 18,506 17,312 With IAS 29 12,317 12,156 6,248 6,318 Q3 2024 Q3 2025 9M 2024 9M 2025 Q3 2024 Q3 2025 9M 2024 9M 2025 Imputed Interest Rate Impac
Slide 17: Consolidated EBITDA
Consolidated EBITDA EBITDA (TRYm) 19.3% 22.4% 20.1% 19.7% Accounting › EBITDA margin includes 90 bps negative impact of imputed InflationAccounting Pre - IAS 29 7,241 (8%) interest in Q3 2025 and 70 bps in 9M 2025 compared to same 6,628 periods last year 14% 29 IAS29 2,720 › Opex/sales ratio (exc. D
Slide 18: Consolidated Net Income
Consolidated Net Income Net Income (TRYm) 8.0% 8.0% 8.8% 6.2% Accounting InflationAccounting Pre - IAS 29 › There is 282 TRYm lower financial income in Q3 2025 vs same (35%) period last year driven by lower interest rates and lower TRY 3,175 deposits balance 29 IAS29 (2%) 2,067 › Net Income attribut
Slide 19: Operational Cash Flow and Working Capital Management
Operational Cash Flow and Working Capital Management Cash Conversion & Operational Cash Flow Main Working Capital Items TRYm 2024 9M 2024 9M 2025 52% 61% Trade & Other Receivables 2,595 3.549 3,602 % LTM Sales 5.5% 7,5% 8.0% Inventories 9M 2024 9M 2025 6,261 8.243 7,329 TRYm % LTM COGS 26.7% 34,9% 3
Slide 20: Capex and Leverage Ratios
Capex and Leverage Ratios CAPEX (TRYm) Debt Breakdown (31 October 2025) % Sales 3.1% 5.5% Average Cost of Debt 1,831 22% RUB 19.0% with IAS 29 1,099 USD 6.9% 1,736 741 60% CAD 6.2% w/out IAS 29 18% 9M 2024 9M 2025 USD Blended 9.45% CAD RUB Net Cash exc.IFRS16 (TRYm) (36%) › Mavi Türkiye and Mavi Eur
Slide 21: FY2025 Guidance Unchanged
FY2025 Guidance Unchanged Revised in September 2025 With IAS29 Without IAS29 Revenue Growth Low single digit decline 30% 10 net new stores in Türkiye 12 store expansions in Türkiye Retail Stores 8 new stores in North America 18.0% + 21.5% + EBITDA Margin 17.5% + (exc. IFRS16) Cash Position Net cash
Slide 22: Thank You
Thank You Contact : investorrelations@mavi.com : duygu.inceoz@mavi.com
Slide 23: Financial Statements Income Statement
Financial Statements Income Statement TRYm Q3 2024 Q3 2025 Change (%) 9M 2024 9M 2025 Change (%) Revenue 12,317 12,156 (1%) 35,970 33,580 (7%) Cost of Sales (6,069) (5,838) (4%) (17,464) (16,269) (7%) Gross Profit 6,248 6,318 1% 18,506 17,312 (6%) Gross Margin 50.7% 52.0% 51.4% 51.6% Administrative
Slide 24: Financial Statements Balance Sheet
Financial Statements Balance Sheet TRYm 31 January 2025 31 October 2025 Change (%) Cash and Cash Equivalents 7,753 5,705 (26%) Financial Investments 5 5 (6%) Trade Receivables 2,516 3,507 39% Inventories 6,261 7,329 17% Other Current Assets 803 740 (8%) Total Current Assets 17,338 17,286 (0%) Proper
Slide 25: Financial Statements Cash Flow Statement
Financial Statements Cash Flow Statement TRYm 9M 2024 9M 2025 Profit¹ 3,175 2,067 Adjustments 5,031 5,792 Cash Flow from Operating Activities 8,206 7,859 Δ in Net Working Capital² (3,483) (2,566) Income Tax Paid (1,002) (819) Net Cash from Operating Activities 3,721 4,473 Capex (1,099) (1,831) Other
Slide 26: Global Operations as of 31 October 2025
Global Operations as of 31October 2025 488 421 67 5 33 Monobrand Mono-Brand International ~4,000 5,951 HQ Countries Stores in Mono-Brand Points of Sale Employees Stores Türkiye Stores TÜRKİYE RUSSIA EUROPE Retail stores: 354 Retail stores: 16 Wholesale doors: ~730 Franchise stores: 67 Franchise stor
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