Migros Ticaret A.s. · BIST:MGROS
Migros Ticaret A.s — Q1 2026 Earnings Presentation
34 slides from Migros Ticaret A.s's earnings presentation, 2026
Slide 1: Company Presentation 1Q 2026
Omni-channel, multi format retailer Company Presentation 1Q 2026
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 regulations o
Slide 3: Contents
Contents Financial Overview Operational Update Summary & Guidance Appendix 3
Slide 4: Market Share Evolution
Market Share Evolution Total FMCG Market Share * Modern FMCG Market Share * (%) (%) +250 bps +160 bps 16.8 10.1 9.9 9.9 15.2 15.2 14.3 Migros maintained its 8.5 market share both modern and total FMCG market 2022 2023 2024 2025 1Q 2025 1Q 2026 2022 2023 2024 2025 1Q 2025 1Q 2026 Source: Nielsen * FM
Slide 5: Expansion
Expansion # of Stores Sales Area # of Online Service Stores* (thousand sqm) 170 1,068 3,642 3,812 2,043 2.3% 2,090 2,520 51 new store openings 51 including 4 Macrocenters new 1,452 stores (Total # of Macrocenter in stores: 252) 1Q 2026 1Q 2025 1Q 2026 1Q 2025 1Q 2026 1Q 2025 1Q 2026 *Indicates physi
Slide 6: CAPEX (TL million)
CAPEX (TL million) 7% 29% CAPEX Breakdown 7% 2,670 2,077 2.4% 3.5% New New 3.4% 3.3% Stores DCs 2.0% Self-checkout and 17% 3% 6% Subsidiaries electronic shelf labels investments in 2026 brought forward to the first quarter leading to 2023 2024 2025 1Q 2025 1Q 2026 1Q 2026 40 bps increase in CAPEX/Sa
Slide 7: Real L-f-L Growth Continues
Real L-f-L Growth Continues Inflation (CPI) adjusted 6.4* 5.9 4.4 4.3 4.1 L-f-L 3.0 3.1 Sales Growth (%) Strong basket size growth 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2024 2025 5.7 3.5 4.2 2.7 3.4 3.6 L-f-L Basket Size Negative traffic growth Growth (%) 1.3 in 1Q 2026 due to pausing planned mark
Slide 8: Consolidated Sales (TL million)
Consolidated Sales (TL million) 12.1% 7.3% 6.4% 109,237 102,646 Strong sales growth supported by volume 2023 2024 2025 1Q 2025 1Q 2026 gains 45% 40% 106,912 78% 76,599 2023 2024 2025 1Q 2025 1Q 2026 8
Slide 9: Gross Profit (TL million)
Gross Profit (TL million) 13% 3% 39% 24,887 25,735 24.3% 24.2% 23.6% 23.1% 23.1% 2023 2024 2025 1Q 2025 1Q 2026 Imputed Interest Rate Impact 210 bps 510 bps 480 bps 470 bps 430 bps The transition of Inventory inflation adj. Impact -500 bps -380 bps -250 bps -290 bps -290 bps subcontracted DC employe
Slide 10: OPEX Evolution (TL million)
OPEX Evolution (TL million) with IAS 29 OPEX/Sales OPEX/Sales 24,189 25,498 21.6% 21.1% 20.4% 23.6% 23.3% 19 bps decrease in employee cost in 1Q 2026 driven by efficiency investments 2023 2024 2025 1Q 2025 1Q 2026 21 bps reduction in energy cost OPEX/Sales OPEX/Sales exc. Depreciation & Amortisation
Slide 11: Consolidated EBITDA (TL million)
Consolidated EBITDA (TL million) 32% 10% 5,290 4,825 248% 6.6% 4.8% 4.7% 5.4% 1.7% 2023 2024 2025 1Q 2025 1Q 2026 80 bps OpEx Imputed Interest Rate Impact 210 bps 510 bps 480 bps 470 bps 430 bps improvement outpaces Inventory inflation adj. Impact -500 bps -380 bps -250 bps -290 bps -290 bps 30 bps
Slide 12: Net Profit (TL million)
Net Profit (TL million) 19% 1,610 -49% 1,350 4.9% -21% 1.5% 1.3% Inflation accounting monetary 2.2% gains offset increased 1.6% amortization and net financial income/expenses in 1Q 2026 2023 2024 2025 1Q 2025 1Q 2026 -1% The decline in net profit -4% 86 w/o IAS 29 is driven by 0.1% net financial inc
Slide 13: Net Cash & Free Cash Flow (TL million)
Net Cash & Free Cash Flow (TL million) with IAS 29 Free Cash Flow Net Cash* Cash Conversion Cycle in Days 17% 28,142 1.6 days -37.6 1,163 -36.0 Cash conversion cycle 24,057 improved by 1.6 days 1Q 2025 1Q 2026 Employee payables at the end of March 2026 was higher than usual because of pending union
Slide 14: Operational Update
Online Operations & Operational Update Strategy Update
Slide 15: Core Grocery Operations Highlights, 1Q 2026
Core Grocery Operations Highlights, 1Q 2026 • Fresh categories supported basket expansion Volume growth compensated the traffic decline in 1Q • Traffic declined by 1.1% in 1Q 2026 due to paused promotions in February (mainly proximity stores). April L-f-L traffic is positive • Efficiency investments
Slide 16: Online Operations
Online Operations Inflation (CPI) adjusted TL 25.4 bn TL 3.5 bn 304k 6.3 mn 23.5% Migros One Migros meal Daily Order(2) Unique e-Com Share in GMV GMV Customer(2) Migros (1) Key highlight 23% 54% 23% 800k 240 bps increase Y-o-Y increase Y-o-Y increase Y-o-Y increase Y-o-Y increase Y-o-Y Migros One GM
Slide 17: Fintech Operations: Moneypay
Fintech Operations: Moneypay Inflation (CPI) adjusted TL 37.1 bn 373 k TL 877 mn 5.1 mn Total Payment Daily Revenue # of registered Volume Transaction users Key highlight 148% 64% 154% 1.4 mn increase Y-o-Y increase Y-o-Y increase Y-o-Y increase Y-o-Y MoneyPay has enabled in-store Total Payment Volu
Slide 18: Summary & Guidance
Online Operations & Summary & Guidance Strategy Update
Slide 19: Underlying Performance, Consolidated
Underlying Performance, Consolidated, TL million with IAS 29 Net Sales IAS 29 EBITDA 6.4% 10% 5,290 4,825 102,646 109,237 4.8% 4.7% 1Q 2025 1Q 2026 1Q 2025 1Q 2026 EBITDA* Net Profit 26% 3,678 19% 1,610 2,916 1,350 3.4% 1.5% 2.8% 1.3% 1Q 2025 1Q 2026 1Q 2025 1Q 2026 19 *Exlcluding Imputed Interest R
Slide 20: 2026 Migros Guidance, Consolidated
2026 Migros Guidance, Consolidated with IAS 29 Sales Growth IAS 29 EBITDA Expansion Capex/Sales EBITDA Margin Margin* Target 2026 2026 2026 2026 2026 5-7% 6-7% 4-5% 180-200 2.5-3.0% 200 bps impacts* new stores 2025A 2025A 2025A 2025A 2025A 7.3% 6.6% 4.4% 259 3.3% 230 bps impacts* new stores 20 *Exlc
Slide 21: Appendix
Online Operations & Appendix Strategy Update
Slide 22: Migros at a Glance
Migros at a Glance TL 109.2 bn in Sales 1Q 2026 62,453 employees 3,812 stores as of 1Q 2026 +2,000 suppliers Borsa Istanbul Indices 50.00% AG Anadolu Grubu Holding A.Ş. BIST 30, BIST Sustainability Index & BIST Sustainability 25 Index 50.00% Free float BIST Corporate Governance Index BIST Dividend I
Slide 23: Store Portfolio: Physical & Online Network – 1Q 2026
Store Portfolio: Physical & Online Network –1Q 2026 Instant Needs Daily Puchase Weekly Food Is Professional I Love I Care for Shopping Total (Pop-up) (Top-up) My Passion Needs My Pet Myself (Stock-up) 2,643 740 50 252 27 1 99 Proximity High-end 3,812 Supermarkets Hypermarkets Wholesale Petimo Mion F
Slide 24: Initiatives Supporting Migros' Core Business
Initiatives Supporting Migros’ Core Business Meal production & Energy Online Operations Fintech Solutions Media catering Distribution Fintech financial B2B payment Packed Energy Online grocery & Last-mile delivery Migros’ offline & solutions and collection ready-to-eat procurement, meal business sol
Slide 25: KPIs of Migros Digital Ecosystem
KPIs of Migros Digital Ecosystem without IAS 29 # of active users (million) # of orders Gross Merchandise # of registered users (million) # of transactions Total Payment (million) Value (million) Volume (TL billion) (TL billion) 24.9 6.3 27.1 27.3 22.6 24.5 22.2 23.9 19.3 5.1 36.3 6.0 17.5 4.7 32.4
Slide 26: Financial Overview
Online Operations & Financial Overview Strategy Update
Slide 27: L-f-L Growth Continues (without IAS)
L-f-L Growth Continues without IAS 29 67.9 48.5* 40.1 39.0 37.0 35.1 L-f-L 40.3 Sales Growth (%) 2024 2025 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 63.0 47.5 37.8 37.8 36.4 36.6 L-f-L 39.3 Basket Size Growth (%) 2024 2025 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Avg. Food Inflation 37.9% 33.0% 32.4% 3
Slide 28: Quarterly OPEX Evolution (TL million)
Quarterly OPEX Evolution (TL million) with IAS 29 -19 bps -34 bps -2 bps 61 bps 25,498 24,189 -21 bps -7 bps Margin Margin 23.6% 23.3% 1Q 2025 Employee Cost Rent & IT maintenance Energy Advertising Depreciation & 1Q 2026 Opex Personnel expenses, Common area & Other expenses expenses Amortisation Ope
Slide 29: Inflation-accounting impact on EBITDA & Net Income in 1Q 2026
Inflation-accounting impact on EBITDA & Net Income in 1Q 2026 5,767 -4,735 179 -3,123 8,234 290 bps 530 430 bps bps 5,290 -5,053 -1,576 Margin 7.7% 460 bps 3,123 140 bps Margin -1,206 4.8% 290 110 bps bps 1,610 Margin 1.5% Inventory 1Q 2026 Depreciation Inventory Asset & Due date Financial Tax 1Q 20
Slide 30: IAS 29 Consolidated Income Statement Summary – 1Q 2026
IAS 29 Consolidated Income Statement Summary –1Q 2026 (TL million) 1Q 2025 1Q 2026 Net Sales 102,646 109,237 Cost of Sales -77,759 -83,502 Gross Profit 24,887 25,735 Operating Expenses -24,189 -25,498 Other Operating Expense -4,667 -4,906 Operating Loss -3,969 -4,669 Income / Expense from Investment
Slide 31: IAS 29 Consolidated Balance Sheet Summary – 1Q 2026
IAS 29 Consolidated Balance Sheet Summary –1Q 2026 (TL million) 2025 1Q 2026 Current Assets 83,917 79,482 Non-current Assets 146,708 150,196 Total Assets 230,625 229,678 Current Liabilities 105,924 99,420 Non-current Liabilities 36,766 41,057 Total Liabilities 142,689 140,477 Equity 87,936 89,201 To
Slide 32: IAS 29 Cash Flow – 1Q 2026
IAS 29 Cash Flow- 1Q 2026 (TL million) 1Q 2025 1Q 2026 Net profit 1,350 1,610 Adjustments related to reconciliation of net profit for the period 10,961 11,920 Changes in net working capital 6,629 1,711 Cash flows from operating activities 5,681 11,819 Net cash provided by operating activities -281 6
Slide 33: IAS 29 Impact on Financials
IAS 29 Impact on Financials with IAS 29 without IAS 29 inflation accounting inflation accounting (TL million) 1Q 2025 1Q 2026 1Q 2025 1Q 2026 Selected Balance Sheet Items Total Assets 212,532 229,678 112,216 156,995 Total Liabilities 128,198 140,477 93,335 132,920 Total Equity 84,334 89,201 18,881 2
Slide 34: Thank You
Thank You Capital Markets Day Presentation View PDF Capital Markets Day Presentation Watch Video Migros Corporate Watch Video Watch Video MigrosOne Watch Video 34