Mavi Giyim Sanayi Ve Ticaret A.s. · BIST:MAVI
Mavi Giyim Sanayi Ve Ticaret A.s — H1 2025 Earnings Presentation
26 slides from Mavi Giyim Sanayi Ve Ticaret A.s's earnings presentation, Sep 17, 2025
Slide 1: H1 2025 Results Presentation
H1 2025 Results Presentation September 17, 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: Q2 2025 Highlights
Q2 2025 Q2 2025 HIGHLIGHTS HIGHLIGHTS
Slide 4: Q2 2025 Business Overview
Q2 2025 Business Overview Business Overview › Tackling macroeconomic challenges with strong brand strategy, continuous communication and dynamic product / price positioning yielding healthy gross margin levels › Efficient inventory and working capital management › Generated 937 TRYm operational cash
Slide 5: H1 2025 Highlights
H1 2025 HIGHLIGHTS
Slide 6: H1 2025 Highlights
H1 2025 Highlights GROUP HIGHLIGHTS1 TÜRKİYE HIGHLIGHTS › Consolidated revenue realized at 19,833 TRYm, 19,833 TRYm 3,618 TRYm (8%) (9%) decreasing 9% yoy Revenue EBITDA Online Sales Retail Sales Performance Performance › EBITDA for the period is 3,618 TRYm resulting in 18.2% EBITDA margin (18,696 T
Slide 7: Sales Channels
SALES CHANNELS
Slide 8: Revenue Evolution in Sales Channels
Revenue Evolution in Sales Channels Global Revenue (TRYm) Türkiye Revenue (TRYm) (8%) (9%) Channel Growth 19,671 18,017 21,897 1,574 19,833 (9%) 3,210 1,438 (4%) 2,043 (4%) 2,943 (9%) 1,858 4,667 9,024 8,705 4,094 (12%) 696 654 (8%) 9,917 9,564 1,103 1,021 14,888 13,636 (9%) (8%) 907 856 7,226 7,030
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 (1) Sqm/ 510sqm 519sqm 535sqm 543sqm Retail Store 189 190 168 174 329 336 352 351 2022 2023 2024 H1 2025 2022 2023 2024 H1 2025 › With 3 openings and 4 closures in H1 2025, number of retail
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 22.3% w/out IAS 29 (%) 0.7% (8.9%) 31.1% 1.6% (10.8%) with IAS 29 2022 2023 2024 H1 2025 2022 2023 2024 H1 2025 › In Q2 2025, LFL sales decreased 5.4% in real TRY terms and grew 86.7% 1.2% in volume. Number o
Slide 12: Sales in Denim & Lifestyle Categories
Sales in Denim & Lifestyle Categories Denim Products (TRYm) Lifestyle Products (TRYm) 39% Knits/Jerseys 26% Shirts 12% Jackets 3% (13%) 10% (10%) 1,823 5,902 1,579 5,299 (11%) 368 406 4,076 3,620 H1 2024 H1 2025 H1 2024 H1 2025 Accessories Non-Denim Bottoms 7% 10% (4%) 7% H1 2024 H1 2025 1,012 1,447
Slide 13: Online Business
| a |\e = / ur, i my | — ¥ ONLINE BUSINESS
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% 10.3% 8.0% 10.1% 2,217 1,574 (9%) 2,048 1,438 (8%) Channel 174 Growth 191 740 649 834 10% (12%) 736 834 789 (5%) (12%) 1,209 1,122 (7%) H1 2024 H1 2025 H1 2024 H1 2025 Internationa
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) 51.0% 50.4% 51.8% 51.3% (9%) Inflation Accounting (10%) (4%) 21,897 19,833 11,348 (5%) 10,177 With IAS 29 9,917 9,564 5,062 4,817 Q2 2024 Q2 2025 H1 2024 H1 2025 Q2 2024 Q2 2025 H1 2024 H1 2025 Imputed Interest Rate Impa
Slide 17: Consolidated EBITDA
Consolidated EBITDA EBITDA (TRYm) 16.4% 15.7% 20.6% 18.2% Accounting › EBITDA margin includes 70 bps negative impact of imputed InflationAccounting Pre - IAS 29 4,501 (20%) interest in Q2 2025 and 50 bps in H1 2024 compared to same 3,618 periods last year (8%) 29 IAS29 1,628 › Opex/sales ratio (exc.
Slide 18: Consolidated Net Income
Consolidated Net Income Net Income (TRYm) 6.3% 1.7% 9.3% 5.1% › In Q2 2025, net income includes 137 TRYm negative impact Accounting InflationAccounting Pre - IAS 29 from IAS39 - non-cash accounting adjustment on trade (50%) payables 29 2,028 › There is 344 TRYm lower financial income in Q2 2025 vs s
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 99% TRYm 2024 H1 2025 63% Trade & Other Receivables 2,403 2,404 % LTM Sales 5.5% 5.8% Inventories 5,796 6,611 H1 2024 H1 2025 % LTM COGS 26.7% 31.8% TRYm EBITDA 4,501 3,618 Trade &
Slide 20: Capex and Leverage Ratios
Capex and Leverage Ratios CAPEX (TRYm) Debt Breakdown (31 July 2025) % Sales 3.1% 6.1% Average Cost of Debt 1,215 20% USD TRY 47.0% 28% with IAS 29 678 CAD RUB 22.7% 1,184 TRY USD 6.9% w/out IAS 29 438 RUB H1 2024 H1 2025 15% CAD 6.6% 37% Blended 24.9% Net Cash exc.IFRS16 (TRYm) › All of non-TRY deb
Slide 21: FY2025 Guidance Revision
FY2025 Guidance Revision Initial Revised With IAS29 Without IAS29 With IAS29 Without IAS29 Low to mid single digit Revenue Growth 35% + Low single digit decline 30% growth 10 net new stores in Türkiye 20 net new stores in Türkiye 12 store expansions in Türkiye Retail Stores 15 store expansions in Tü
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 Q2 2024 Q2 2025 Change (%) H1 2024 H1 2025 Change (%) Revenue 9,917 9,564 (4%) 21,897 19,833 (9%) Cost of Sales (4,855) (4,747) (2%) (10,549) (9,656) (8%) Gross Profit 5,062 4,817 (5%) 11,348 10,177 (10%) Gross Margin 51.0% 50.4% 51.8% 51.3% Administrative
Slide 24: Financial Statements Balance Sheet
Financial Statements Balance Sheet TRYm 31 January 2025 31 July 2025 Change (%) Cash and Cash Equivalents 7,178 5,884 (18%) Financial Investments 5 5 (2%) Trade Receivables 2,329 2,292 (2%) Inventories 5,796 6,611 14% Other Current Assets 743 796 7% Total Current Assets 16,051 15,588 (3%) Property a
Slide 25: Financial Statements Cash Flow Statement
Financial Statements Cash Flow Statement TRYm H1 2024 H1 2025 Profit¹ 2,028 1,017 Adjustments 3,388 3,534 Cash Flow from Operating Activities 5,415 4,550 Δ in Net Working Capital² (35) (1,346) Income Tax Paid (807) (566) Net Cash from Operating Activities 4,574 2,638 Capex (678) (1,215) Other Invest
Slide 26: Global Operations as of 31 July 2025
Global Operations as of 31 July 2025 478 418 60 5 33 Monobrand Mono-Brand International ~4,000 5,938 HQ Countries Stores in Mono-Brand Points of Sale Employees Stores Türkiye Stores TÜRKİYE RUSSIA EUROPE Retail stores: 351 Retail stores: 16 Wholesale doors: ~730 Franchise stores: 67 Franchise stores
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