Migros Ticaret A.s. · BIST:MGROS
Migros Ticaret A.s — FY2025 Earnings Presentation
35 slides from Migros Ticaret A.s's earnings presentation, 2025
Slide 1: Company Presentation 2025
Omni - channel, multi format retailer Company Presentation 202 5
Slide 2: Disclaimer
Disclaimer In accordance with the decision of the Capital Markets Board (CMB) dated 28 .12 .2023 and numbered 81 /1820 , it has been decided that issuers and capital market institutions, which apply Turkish Accounting/Financial Reporting Standards and are subject to the financial reporting regulatio
Slide 3: Contents
Contents Financial Overview Update on Online & Fintech Guidance Appendix 3
Slide 4: Underlying Performance, Consolidated
Underlying Performance , Consolidated with IAS 29 4Q 2025 Sales EBITDA Net Net Sales EBITDA Margin Net Profit Profit Growth Margin TL TL mn 105,068 7.7% TL mn 7,509 7.1% mn 939 0.9% 2025 Sales EBITDA Net Net Sales EBITDA Margin Net Profit Profit Growth Margin TL TL mn 412,756 7.3% TL mn 27,320 6.6%
Slide 5: Improving Market Share
Improving Market Share Migros FMCG * Migros (%) e- commerce FMCG** (%) + 50 bps + 180 bps + 110 bps Space growth of 16.8 2.8% y- o- y 16.3 19.8 21.6 15.2 + 60 bps + 50 bps 9.6 10.1 9.0 Supporting the family budget s with value promotions 2023 2024 2025 2023 2024 2025 2024 2025 681 new online service
Slide 6: Expansion
Expansion # of Stores Sales Area # of Online Service Stores * Our premium footprint (thousand sqm) is expanding. 3,621 171 3,792 27 Macrocenter 2.8 % 681 2,032 2,089 2,103 openings in 2025 259 1,422 new 23 new towns in 2025 s tores Currently active in in 519 towns out of 922 2025 18 stores were clos
Slide 7: CAPEX
C APEX (TL million) 7% 13,813 12,963 20 % of total CAPEX CAPEX Breakdown is for efficiency 3 .4% 3.3% investments New Stores New DCs 19% Electronic price tags 13% and self check outs Solar contributed to 10% 3% Energy Subsidiaries 16 bps OPEX savings 2024 2025 2025 in 2025 12,721 42 % 26% 8,942 3.4
Slide 8: Gaining Customer Traffic on L-f-L Basis
Gaining Customer Traffic on L - f- L Basis Inflation (CPI) adjusted L - f- L Sales Growth (%) 7.6 6.4 * 4.3 4.1 3.0 P ositive L - f- L traffic three years in a row 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 L - f- L Basket Size Growth (%) L - f- L Customer Traffic Growth (%) 5.7 5.7 Macrocenter is the
Slide 9: Consolidated Sales
Consolidated Sales (TL million) 7.7 % 7.3% 412,756 105,068 384,534 Topline growth 97,573 momentum continued in 2025 Online traffic growth is supportive of topline performance 4Q 2024 4Q 2025 2024 2025 43.0 % 45.0 % 104,467 375,276 73,075 258,743 Fresh categories leading the growth 4Q 2024 4Q 2025 20
Slide 10: Gross Profit
Gross Profit (TL million) 23,790 6% 25,162 13 % 100,347 88,787 24 .3 % 24.4 % 23 .9 % 23.1 % Gross profit margin improvement driven by 30 bps reduction in shrinkage in 2025 4Q 2024 4Q 2025 2024 2025 Imputed Interest Rate Impact 570 bps 490 bps 510 bps 480 bps Inventory inflation adj. Impact - 280 bp
Slide 11: OPEX Pressure is Eased by Efficiency Investments
OPEX Pressure is Eased by Efficiency Investments (TL million) with IAS 29 OPEX/Sales OPEX/Sales 48 bps decrease in 20,980 21,903 89,097 employee* cost 81,171 in 4Q 2025 21.6 % 21.5 % 20.8 % 21.1 % 9 bps increase in employee * cost in 2025 *Personnel expenses, Porterage, cleaning & security expenses
Slide 12: Consolidated EBITDA
Consolidated EBITDA (TL million) 7,509 27,320 13 % 32 % 6,652 20,676 6.6 % 120 bps 7 .1% 6.8 % improvement in 5.4 % EBITDA margin in 2025 EBITDA margin ex c. impacts up by 4Q 2024 4Q 2025 2024 2025 50 bps in 4Q 2025 and Imputed Interest Rate Impact 570 bps 490 bps 510 bps 480 bps 30 bps in 2025 Inve
Slide 13: Net Profit
Net Profit (TL million) - 21 % Reversal of inflation 1,000 - 6% 8,605 939 accounting in statutory 6,794 books in 2025 had a limited 2.2 % impact on IFRS accounting 0.9 % 1.0 % 1.6 % +30 bps EBITDA margin [exc. impacts] improvement in 2025 4Q 2024 4Q 2025 2024 2025 - 50 bps 58 % 1,615 5,908 - 4% Depr
Slide 14: Net Cash & Free Cash Flow
Net Cash & Free Cash Flow (TL million) with IAS 29 Net Cash * Cash conversion cycle Free Cash Flow Cash Conversion Cycle improved 1.7 days in 2025 in Days 18,684 - 58% - 42.3 27,929 - 3% - 40.6 1.7 days 27,137 TL 2.6 bn Impact of slowing inflation on NWC in 2025 7,810 TL 5.9 bn One - off Balance She
Slide 15: Update on Online & Fintech
Online Operations & Update on Strategy e- Commerce & Fintech Update
Slide 16: Online Operations are More Efficient
Online Operations are More Efficient Inflation (CPI) adjusted Grocery GMV Grocery # of Orders (TL billion) (million) 23 % 72.1 14 % 77.6 58.8 68.4 110 bps improvement in online grocery operating profitability driven by last mile efficiencies in 2025 on a fully allocated basis 2024 2025 2024 2025 Mig
Slide 17: Online Meal Business, a Gateway to Younger Demographic
Online Meal Business, a Gateway to Younger Demographic Inflation (CPI) adjusted in 81 cities Meal Business Meal Business Gross Merchandise Value # of Orders (TL b illion ) (million ) Around 1/3 of shoppers of Migros 63% meal customers are the 10.1 33 % first - time visitors of the 20.2 Migros app 15
Slide 18: Fintech Subsidiary Moneypay
Fintech Subsidiary Moneypay Inflation (CPI) adjusted Revenue Total Payment Volume (TL million ) (TL b illion ) 83.3 207 % 2,058 182% 3x revenue growth in real terms 29.6 in 2025 671 2024 2025 2024 2025 Banking - as - a - Service products are planned # of Transaction Total Payment Volume Breakdown (T
Slide 19: Guidance
Online Operations & Guidance Strategy Update
Slide 20: 2026 Migros Guidance, Consolidated
202 6 Migros Guidance, Consolidated with IAS 29 2025 2026 Guidance Sales Growth 7.3 % 5- 7% EBITDA Margin 6.6% 6- 7% Imputed Interest Rate and Imputed Interest Rate and 230 bps ~ 200 bps Inventory inflation adj. Impact s* Inventory inflation adj. Impact s* EBITDA Margin without Impacts* 4.4% 4- 5% E
Slide 21: Appendix
Online Operations & Appendix Strategy Update
Slide 22: Ownership Structure
Ownership Structure Direct Shareholding Structure Indirect Shareholding Structure AG Anadolu Grubu AG Anadolu Grubu Free Float Holding A.Ş. Holding A.Ş. 50.00% 100.00% 50.00% MH Perakendecilik ve Free Float Migros Ticaret A.Ş.* Migros Ticaret A.Ş. Ticaret A.Ş. 49.18% 1.64% 49.18% Migros Ticaret A.Ş.
Slide 23: Migros at a Glance
Migros at a Glance TL 412.8 bn in Sales 202 5 55,4 34 employees 3,792 stores as of 2025 +2,000 suppliers Borsa Istanbul Indices BIST 30 , BIST Sustainability Index & BIST Sustainability 25 Index BIST Corporate Governance Index 49 .18 % free float BIST Dividend Index & BIST Dividend 25 Index Subsidia
Slide 24: Store Portfolio: Physical & Online Network
Store Portfolio: Physical & Online Network –2025 Supermarkets Hypermarkets Macrocenter Wholesale Online * 3, 358 52 248 29 2,103 40 sqm - 3,500 sqm 3,500 sqm – 8,500 sqm 250 sqm – 2,000 sqm 200 sqm – 1,600 sqm 2,000 SKU – 40,000 SKU # of Sales area stores (th sqm) Migros 2,167 1,466 (M, MM, MMM) Mig
Slide 25: Initiatives Supporting Migros' Core Business
Initiatives S upport ing Migros’ Core Business Meal production & Energy Online Operations Fintech Solutions Media catering Distribution Fintech B2B payment Packed Energy Online grocery Last - mile Migros’ offline financial and collection ready - to - eat procurement, & meal delivery & online retail
Slide 26: KPIs of Migros Digital Ecosystem
KPIs of Migros Digital Ecosystem without IAS 29 # of active users # of orders Gross Merchandise # of registered users # of transactions Total Payment (million) (million) Value (million) (million) Volume (TL billion) (TL billion) 27.1 22.6 24.5 19.3 6.0 21.5 22.2 23.9 17.5 4.7 33.0 4.4 32.4 15.4 5.8
Slide 27: Online Operations' Gross Merchandise Volume
Online Operations’ Gross Merchandise Volume (TL billion) Inflation (CPI) adjusted 82.2 22.8 26 % 33 % 65.0 17.1 Grocery GMV 28 % 19.5 23 % 72.1 15.3 58.8 77 % 63 % 1.8 3.2 6.2 10.1 4Q 2024 4Q 2025 2024 2025 27
Slide 28: Financial Overview
Online Operations & Financial Overview Strategy Update
Slide 29: Gaining Customer Traffic on L-f-L Basis (without IAS)
Gaining Customer Traffic on L - f- L Basis without IAS 29 L - f- L Sales Growth (%) 57.6 48.5 * 40.1 39.0 37.0 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 L - f- L Basket Size Growth (%) L - f- L Customer Traffic Growth (%) 54.9 1.8 1.7 47.5 37.8 37.8 36.4 0.9 0.7 * 0.5 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4
Slide 30: Quarterly OPEX Evolution
Quarterly OPEX Evolution (TL million) with IAS 29 42 bps - 17 bps 11 bps 21,903 - 48 bps - 39 bps - 13 bps 20,980 Margin Margin 21.5% 20.8% 4Q 2024 Employee Cost Rent & IT maintenance Energy Advertising Depreciation & 4Q 2025 Opex Personnel expenses, C ommon area & Other expenses expenses Amortisati
Slide 31: Inflation-accounting impact on EBITDA & Net Income in 2025
Inflation - accounting impact on EBITDA & Net Income in 2025 3,416 - 10,294 34,198 80 bps 11,032 - 19,637 250 bps 270 480 bps bps 27,320 - 16,070 390 10,294 bps Margin 9.1% 250 bps Margin - 3,628 6.6% 90 bps - 2,517 60 bps 6,794 Margin 1.6% Inventory 202 5 Depreciation Inventory Asset & Due date Fin
Slide 32: IAS 29 Consolidated Income Statement Summary
IAS 29 Consolidated Income Statement Summary –202 5 (TL million) 2024 2025 Net Sales 384,534 412,756 Cost of Sales - 295,747 - 312,410 Gross Profit 88,787 100,347 Operating Expenses - 81,17 1 - 89,0 97 Other Operating Expense - 20,019 - 19,503 Operating Loss - 12,403 - 8,253 Income / Expense from In
Slide 33: IAS 29 Consolidated Balance Sheet Summary
IAS 29 Consolidated Balance Sheet Summary –202 5 (TL million) 2024 2025 Current Assets 75,517 76,260 Non - current Assets 120,898 133,323 Total Assets 196,415 209,583 Current Liabilities 92,951 96,259 Non - current Liabilities 27,963 33,411 Total Liabilities 120,914 129,671 Equity 75,501 79,913 Tota
Slide 34: IAS 29 Cash Flow
IAS 29 Cash Flow - 2025 (TL million) 2024 2025 Net profit 8,605 6,794 Adjustments related to reconciliation of net profit for the period 38,525 41,424 Changes in net working capital 11,830 2,685 Cash flows from operating activities 58,960 50,902 Net cash provided by operating activities 35,816 28,65
Slide 35: IAS 29 Impact on Financials
IAS 29 Impact on Financials with IAS 29 without IAS 29 inflation accounting inflation accounting (TL million) 2024 2025 2024 2025 Selected Balance Sheet Items Total Assets 196,415 209,583 107,585 147,785 Total Liabilities 120,914 129,671 89,004 123,370 Total Equity 75,501 79,913 18,580 24,415 Select