Mavi Giyim Sanayi Ve Ticaret A.s. · BIST:MAVI
Mavi Giyim Sanayi Ve Ticaret A.s — FY2024 Earnings Presentation
32 slides from Mavi Giyim Sanayi Ve Ticaret A.s's earnings presentation, Mar 18, 2025
Slide 1: FY 2024 Results Presentation
FY 2024 Results Presentation March 18, 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: 2024 Strategy Highlights
2024 STRATEGY HIGHLIGHTS
Slide 4: Elevated Brand Positioning and Focus on Customer Attraction
Elevated Brand Positioning and Focus on Customer Attraction Premium Quality, Right Product, Right Price Denim-Centric Casual Brand Lifestyle Brand Appeal • Investing in premium product segments to • «The Jean is Mavi» positioning. Market leader. • Collaborative collections with Wunder, elevate brand
Slide 5: Seamless Customer Experience
Seamless Customer Experience CX @ Retail • New Retail Store Concept : Physical store experience is upgraded to strenghten premium perception • Organization and field operation model revisited in line with new service model CX @ Online Happiest Mavi • Mavi.com UI/UX projects continue : Jean Finder, C
Slide 6: Growing Retail, Online and Omnichannel
Growing Retail, Online and Omnichannel Growing Retail • 8% retail space growth : 16 net new store openings, 15 existing stores sqm expansions Growing Mavi Online • 8 million Mavi App users (up from 5.7m in 2023) • 92% of traffic, 83% of sales from mobile • Mavi.com Turkey expanding sales to GCC and
Slide 7: CRM and Digitalization at the Core of Strategy
CRM and Digitalization at the Core of Strategy CRM Strategy is upgraded with the new segment management approach • Customers are tracked and targeted in 8 main segment categories and 18 segments • Designed and implemented over 300 targeted & personalized campaigns in 2024 (vs 100 in 2023) • Customer
Slide 8: People & Community Oriented Culture
People & Community Oriented Culture Mavi is Strong with its Employees • 60% of workforce, 52% of management team, and 50% of board of directors is women, reinforcing strong commitment to gender diversity and inclusion • Launched 360-Degree Feedback & Competency Assessment • Developed the 9-Box Talen
Slide 9: All Blue. Timeless Quality. For All.
All Blue. Timeless Quality. For All. • Ranked 8th on TIME’s List of the World’s Best 500 Mavi Once Again Named a Global Climate Companies in Sustainable Growth, leading the Leader! apparel industry Mavi remains the first and only Turkish apparel company on CDP’s Global A List with a Double A Rating
Slide 10: FY2024 Highlights
FY2024 HIGHLIGHTS
Slide 11: FY2024 Highlights
FY2024 Highlights GROUP HIGHLIGHTS1 TÜRKİYE HIGHLIGHTS › Consolidated revenue realized at 38,519 TRYm, 38,519 TRYm 7,145 TRYm 5% 8% growing 3% yoy Revenue EBITDA Retail Sales Online Sales Growth Growth › EBITDA for the period is 7,145 TRYm resulting in 18.5% EBITDA margin (32,632 TRYm (7,259 TRYm w/
Slide 12: Sales Channels
SALES CHANNELS
Slide 13: Revenue Evolution in Sales Channels
Revenue Evolution in Sales Channels Global Revenue (TRYm) Türkiye Revenue (TRYm) 6% 3% Channel Growth 2024 34,640 32,711 37,368 38,519 2,804 3,032 2% 0.8% 8% (1%) 3,863 3,928 5,336 5,846 8,321 8,349 0% 10% 8,229 8,291 24,570 25,763 4% 882 941 5% 9,241 9,147 1,097 1,189 25,183 26,242 6,249 6,161 1,21
Slide 14: Türkiye Retail
TÜRKİYE RETAIL
Slide 15: Türkiye Retail Operations
Türkiye Retail Operations # of Retail Stores in Türkiye Gross Selling Space in Türkiye (Sqm K) Net New Avg. Stores 7 2 7 16 Sqm/ 501sqm 510sqm 519sqm 535sqm Retail Store 188.5 167.7 174.5 352 164.0 327 329 336 2021 2022 2023 2024 2021 2022 2023 2024 › With 18 openings and two closures in 2024, numbe
Slide 16: Like-for-Like Stores Sales Performance
Like-for-Like Stores Sales Performance 42.7% 141.8% 29.5% 99.8% Transaction1 17.3% 73.3% 58.8% w/out IAS 29 # Growth (%) 0.7% 31.1% 2021* 2022 2023 2024 1.6% with IAS 29 2021* 2022 2023 2024 86.7% › In Q4 2024, LFL sales contracted 3.9% in TRY terms and 3% in volume. 70.4% Including the new space to
Slide 17: Sales in Denim & Lifestyle Categories
Sales in Denim & Lifestyle Categories Denim Products (TRYm) Lifestyle Products (TRYm) 38% Knits/Jerseys 26% Shirts 10% Jackets 8% 7% (8%) 2% 9,573 9,787 2,619 2,454 2,266 2,083 2% 6,710 6,833 2023 2024 2023 2024 Accessories Non-Denim Bottoms 7% 9% 25% 13% 2,203 2023 2024 2023 2024 1,712 1,521 1,763
Slide 18: Online Business
ONLINE BUSINESS
Slide 19: Online Sales Growth inc. Wholesale Partners
Online Sales Growth inc. Wholesale Partners Global Online Sales (TRYm) Türkiye Online Sales (TRYm) % Sales % Sales 8.8% 11.1% 8.6% 11.5% 4,298 4,263 8% 3,032 (1%) Channel 2,804 435 334 Growth 1,400 1,375 2% 1,632 1,571 (23%) 1,632 14% (4%) 1,430 2,231 2,357 6% 2023 2024 2023 2024 International Onlin
Slide 20: Consolidated Financial Results
CONSOLIDATED FINANCIAL RESULTS
Slide 21: Consolidated Revenue Growth and Gross Margin
Consolidated Revenue Growth and Gross Margin Revenue (TRYm) Gross Profit (TRYm) 45.4% 46.6% 48.2% 50.3% 3% Inflation Accounting 37,368 38,519 (1%) 8% 2% 18,011 19,371 With IAS 29 9,241 9,147 4,193 4,260 Q4 2023 Q4 2024 2023 2024 Q4 2023 Q4 2024 2023 2024 Imputed Interest Rate Impact 310 bps 340 bps
Slide 22: Consolidated EBITDA
Consolidated EBITDA EBITDA (TRYm) 12.7% 13.5% 19.1% 18.5% Accounting › EBITDA margin expansion in Q4 2024 is mainly driven by 120 bps InflationAccounting Pre - IAS 29 0% GM expansion 7,127 7,145 › Diciplined opex management with Opex/sales ratio (exc. 29 IAS29 5% D&A) increasing only 30 bps in Q4 20
Slide 23: Consolidated Net Income
Consolidated Net Income Net Income (TRYm) 0.1% 0.9% 6.7% 6.9% Accounting InflationAccounting Pre - IAS 29 7% 2,675 29 2,497 WithIASIAS29 Inflation With 11 82 Note: Net Income attributable to owners of the company is 95 TRYm in Q4 2024 and Q4 2023 Q4 2024 2023 2024 2,724 TRYm in 2024 Net Income (TRYm
Slide 24: Operational Cash Flow and Working Capital Management
Operational Cash Flow and Working Capital Management Cash Conversion & Operational Cash Flow Main Working Capital Items 90% 88% TRYm 2023 2024 Trade & Other Receivables 1,902 2,119 % LTM Sales 5.1% 5.5% Inventories 5,130 5,112 2023 2024 % LTM COGS 26.5% 26.7% TRYm EBITDA 7,127 7,145 Trade & Other Pa
Slide 25: Capex and Leverage Ratios
Capex and Leverage Ratios CAPEX (TRYm) Debt Breakdown (31 January 2025) % Sales 2.3% 3.7% Average Cost of Debt 1,430 23% 19% CAD TRY 47.0% with IAS 29 847 RUB 25.6% TRY 1,268 548 RUB CAD 5.9% w/out IAS 29 2023 2024 Blended 34.4% 58% Net Cash exc.IFRS16 (TRYm) › All of non-TRY debt is carried by Mavi
Slide 26: FY2024 Guidance Realizations
FY2024 Guidance Realizations (Without IAS 29 Inflation Accounting) Previous (14.03.2024) Revised Realizations Revenue Growth 70% ± 5% 60% + 61% 15 net new stores 17 net new stores 16 net new stores Turkiye Retail Stores 10 store expansions 15 store expansions 15 store expansions 20% ± 0.5% (exc. IFR
Slide 27: FY2025 Guidance
FY2025 Guidance With IAS29 Without IAS29 Revenue Growth Low to Mid Single Digit Growth 35% + 20 net new stores in Türkiye Retail Stores 15 store expansions in Türkiye 8 new stores in North America 17.5% + 20.0% + EBITDA Margin (17.0% + exc. IFRS16) Cash Position Net cash position maintained 5% of co
Slide 28: Thank You
Thank You Contact : investorrelations@mavi.com duygu.inceoz@mavi.com
Slide 29: Financial Statements Income Statement
Financial Statements Income Statement TRYm Q4 2023 Q4 2024 Change (%) 2023 2024 Change (%) Revenue 9,241 9,147 (1%) 37,368 38,519 3% Cost of Sales (5,048) (4,888) (3%) (19,356) (19,148) (1%) Gross Profit 4,193 4,260 2% 18,011 19,371 8% Gross Margin 45.4% 46.6% 48.2% 50.3% Administrative Expenses (74
Slide 30: Financial Statements Balance Sheet
Financial Statements Balance Sheet TRYm 31 January 2024 31 January 2025 Change (%) Cash and Cash Equivalents 6,899 6,331 (8%) Financial Investments 89 4 (95%) Trade Receivables 1,865 2,054 10% Inventories 5,130 5,112 (0%) Other Current Assets 436 656 50% Total Current Assets 14,419 14,158 (2%) Prope
Slide 31: Financial Statements Cash Flow Statement
Financial Statements Cash Flow Statement TRYm 2023 2024 Profit¹ 2,497 2,675 Adjustments 5,744 5,496 Cash Flow from Operating Activities 8,241 8,171 Δ in Net Working Capital² (702) (840) Income Tax Paid (1,021) (1,115) Net Cash from Operating Activities 6,517 6,216 Capex (847) (1,430) Other Investing
Slide 32: Global Operations as of 31 January 2025
Global Operations as of 31January 2025 485 422 63 5 34 Monobrand Mono-Brand International ~4,000 5,872 HQ Countries Stores in Mono-Brand Points of Sale Employees Stores Türkiye Stores TÜRKİYE RUSSIA EUROPE Retail stores: 352 Retail stores: 16 Wholesale doors: ~730 Franchise stores: 70 Franchise stor
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