Migros Ticaret A.s. · BIST:MGROS
Migros Ticaret A.s — Investor Day (March 2026)
57 slides from Migros Ticaret A.s's investor day presentation, Mar 25, 2026
Slide 1: Migros Capital Markets Day, 25 March 2026
MIGROS = (NID 26 25 March 2026
Slide 2: Disclaimer
Disclaimer Migros Ticaret A.S. has prepared this document for the sole purpose of providing information which may include projections and statements about the Company. All opinions and estimates contained in this document constitute Con judgement as of the date of this document and are subject to ch
Slide 3: CMD Introduction
CMD Introduction Soeaker: IR & Risk Management Director, PAD, Affan Nomak iolitvon MiGROS
Slide 4: What we will talk about today?
What we will talk about today? + One of Strongest Brands in the Country + Leading omnichannel model + Every business and in + Very large and active customer base * Ancillary high return digital growth platform empowers Migros’ growth o + Nationwide footprint * Rising share of stomach and share of an
Slide 5: Speakers & Agenda
Speakers & Agenda Ozgiir Tort Migros Group CEO Mehmet Mistehlik MoneyPay General Manager Migros’ vision to grow & deepen customer reach ‘Our new generation ecosystem Migros' outperformance and competitive moat How Migros history has shaped our culture of success, Fintech operations in the ecosystem
Slide 6: CEO Introduction
CEO Introduction Speaker: ; Migros Groupe CEO, PhD, OzguUr Tort sane MiGROS
Slide 7: Moving Beyond Retail
|" Moving “Beyond Fetal » To be the most loved and valuable new-generation retailer in @ PURPOSE: Better Future = »’ TARGET: ¢ VALUE PROPOSITION: Company with the highest customer Omnichannel multi-format retailer targeting to transactions in Turkiye [50% digital] reach all households within 15 minu
Slide 8: Migros Today: The Ecosystem Goes Beyond Retail
Migros Today: The Ecosystem Goes "Beyond Retail” — Experience That Futureproofs Our Migros Group The Ultimate Omnichannel Leveraging physical presence to digital dominance Online facilitating digital high growth and profitable ecosystem Meal eck Traffic +100k() Core Business Online Grocery MiGROSONE
Slide 9: From Organized Retail Pioneer to Omnichannel Leadership
From Organized Retail Pioneer to Omnichannel Leadershi Lan! MIGROS, sanalmarket ANADOLU GROUP | micros TURK 1954 1997 2015 2020 2022 Saar oe aJv One operations strategie _ MonoyPay aed Migros Yerek launched SateNign tek were launc! investment by operations st igen Enos ea Istanbul Municioality Anado
Slide 10: Persistent Market Share Growth
Persistent Market Share Growth... Total FMCG() Market Share (%) | Modern FMCG() Market SI »s (+60 bps| (+50 bps) +60 bps| ee 2022 2023 2024 2025 ‘Note: (1) ast Moving Consumer Goods. Moder and total FMCG markets include all food-retal formats. sane MiGROS
Slide 11: With Faster-than-Market Growth In Online Channel
_ With Faster-than-Market Growth In Online Channel... Migros’ online sales / total sales (%) oe. FMCG Marke 4) ( | +180 bps 4k 19.8 zig | 3.5 ] : | 2019 2022 I Migros) Global Peers' Avg (2) _] Global Peers’ range 2024 2025 ack i rootsgoe norninpercneh tool ineeipan crear ison nor cceishoglt rent a t
Slide 12: And an Exceptional Sales Performance
..And an Exceptional Sales Performance Fastest Revenue Growth (TL mn)@ L-f-L Highest »s | 20% real growth in 2 years —____. 7.6 Migros 384,534 20% ag 343,105 : 1.4 0.9 real growth® 0.1 Le ~9% -0.5 2023 2024 2025 — (wih ias 2) @ Migros L-f-L traffic |) Competitors' L-f-L traffic Migros is the only fo
Slide 13: Substantial Ecosystem Traffic Growth
Substantial Ecosystem Traffic Growth to Elevate € Core Retail & Online Meal Business“) 2.4 a KEY 24 Be 52.3 E 32.6 vemcs i of & 2 2023 2024 2025 2023 2024 2025, 1 Customer Traffic (mn) I # of transactions (k) HIGHUGHTS tant reawae Upto 100k Evolving with 400k | juatech customers & 2026 transactions
Slide 14: Strong Customer Penetration on Superior Service and Product Quality
Strong Customer Penetration on the Back of Supe and Product Quality at Improved Price Perception ior Service > Superior NPS for Migros « Migros household reach 51% 92% Monthly Average® Yearly Average (over 10mn) Households... Households... .-With Further Growth Opportunity from Increasing Frequency
Slide 15: Migros Positioned as a Digitally Strong and Trusted Retailer
Migros Positioned as a Digitally Strong and Trusted 2025 Image Endorsements (%) Stronger in online grocery services i) Its products are high quality It provides ease through digital payments ° ee It is technologically advanced Se ll Market Average ‘Source: Ipsos Brand Health Tracking Study (Migros E
Slide 16: Loyalty Card Membership Penetration
Loyalty Card Memlbershio Penetration | Migros' powerful & high potential customer reach Moneycard Loyalty members spend ~2.5x more compared to no! ( Money Card: 14.3 mn Active Members" } | Online Customers: 6.0 mn Unique Customers" Further growth opportunity in 63 cities where penetration remains re
Slide 17: Strong Corporate Culture and KPI-Based Performance System
Strong Corporate Culture and KPI-Based Performance System Enabling Meritocratic, Driven Work Ethic Coupled with Existing International Management Experience ™ ] Core differentiators Key highlights Sanh + Lowest employee turnover in tI je) re 77k 42% 11 years * Performance and success driven ci ies 1
Slide 18: Migros Core Retail
Migros Core Retail Speaker: Migros General Manager, Mustafa Bartin Seniority 22/31 sane MiGROS
Slide 19: Superior Execution & Operational Excellence
Superior ’ ’ Execution & Operational ~ i) 7 Unrivalled Product Offering & Logistics Capabilities fai Capable of Touching Every Household Through Shopping Instance, Income Level & Geography y @ x Capturing & Loyalty Capabilities Talent & Human Capital en (WN » Excellence: Our Key Fresh & Vertical Int
Slide 20: Unrivalled Product Offering & Logistics Capabilities
Unrivalled Product Offering & Logistics Capabilities Core differentiators Key highlights Impo * Curated mix of proprietary a * Segment based and locally curated Unrivalled i Q) ‘reduce —— 2IKY— 600 Prat Lae sts a a) Is it . Offering inSumizelelseMes ~ Affordability — + Price perception improved sign
Slide 21: Extensive Data Capturing & Loyalty Capabilities
Extensive Data Capturing & Loyalty Capabilities Core differentiators Key highlights 2.6 bn TL@ Money 86% 1.8 bn TL® incremental i + Promotions red by data mor Customer mane . points earned sales are sales through 6.0 mn Powered Dy ie) 6 Loyalty 14.3 mn driving 5.3bn TL@)) made via personalized coupo
Slide 22: Fresh & Vertical Integration as Differentiators
Core differentiators OP vegetables Ready-made Meals Fresh & Vertical Integration as Differentiators Key highlights Highest volume growth Largest fresh 10 handling, packaging Field-to-shelf in the past 3 years food retailer & storage facilities traceability 700+ 100k ton annual processing capacity 10
Slide 23: Best-in-Class & Profitable Online Operations (1/2)
Best-in-Class & Profitable Online Operations (1/2) so Daas : MiGROS
Slide 24: Best-in-Class & Profitable Online Operations (2/2)
Best-in-Class & 35% higher basket size 20bps lower shrinkage Profitable Online Operations (2/2) Se higher gros Hybrid stores are always more efficient A, Prien 9 days y lower inventory days Notes: (1) Hybrid stores vs offine stores in 2025 MiGROS
Slide 25: Capable of Touching Every Household Through Every Instance
Capable of Touching Every Household Through Every ad Instance Physical r meets dig ital at scale {instant — ‘Daily Puchase as Food Is ] ee | (Pop-up) (Top-up) (Stock-up) My Passion hae TE ee vighe -end Rats Supermarkets Hypermarkets erate rare roe M MM macroacenter cop a MIGROS ‘ ee aIGnOS) PET wi m
Slide 26: Every Household Across All Income Levels & Geography
Capable of Touching Every Household Across All Income Levels & Geogral Active in Targeting entirety of population 511 districts in 81 cities, with already 51%() of 462 more to penetrate households 50< #Stores <=200 200+ Stores: 114 114 2016 2025 === Migros === Competitors: 100 Index MiGROS
Slide 27: Capable of Touching Every Household (3/4)
Capable of Touching Every Household Through Shopping Instance, Income Level & Geography (3/4) Core differentiators Key highlights -___ Premium Formats omc 36% higher basket 14.6% online share i (fal zi macroacenter size than Migros (exc. T&A\) kiosk i BLO ain GOOTat Sores Seo Migros Jet: differentia
Slide 28: Capable of Touching Every Household (4/4)
Capable of Touching Every Household Through Shopping Instance, Income Level & Geography (4/4) macroacenter | Significant opportunities for expansion in high-end formats 2025YE Stores: 248 | Samsun (2) sane MiGROS
Slide 29: Talent & Human Capital
Talent & Human Capital 32% of HQ from Gee store : a 26% t Gen Z Q me 42% Female Store Managers 64% Gen Y —- Performance and success driven culture 82% Promotion from blue Rath collar to white collar Ale) Happy place to work® 9 Talent attraction through innovation and xO¥e tech culture fostered by an
Slide 30: AI & Technology's Impact on FC
Al & Technology's Impact on FC z= ‘ eee Al-Backed In-Store Merchandising Digitalization » Soe remcerent ¢ + Electronic shelf label » * Demand for t : ment * Self service check-out * ALassisted orderit * Assortment optimization + 3.8mn man-hours + 8.4 days improver + Price optimization annualized sav
Slide 31: Adaptability to Changing Customer Behavior
Adaptability to Changing Custom er Behavior | Ready to X Meal _ Personal Care & Wellbeing, Pet ( 20% of households are single-person, boosting delivery and ready meal adoption in the country ANADOLU GROUP ‘Ready to X: Ready-to-heat, Ready-to-eat MiGROS
Slide 32: Migros Delivering on Key Retail Challenges
Migros Delivering on 5 Key Retail Challenges") 40 bps B On-shelf 2028-2025 Trading Inventory 8.4 days J Margin Days 2023-2025 —* Conficts sane fon niweaveres MiGROS
Slide 33: Migros One: The Winner in Online
Migros One: The Winner in Online Speaker: Migros One General Manager, Orgun Onat elk MiGROS
Slide 34: Migros One
Migros One Digital [ micros sanalmarxet Everyday Grocery Fast & Scheduled Delivery 20K+ SKU Tazer Dif€KT Farm to Kitchen ‘Scheduled Delivery 3K+ SKU macroaonline Premium Grocery Fast & Scheduled Delivery 10K+ SKU | perIe Pet Food & Accessories Parcel Delivery 5K+SKU Platform for Grocery, Meal & More
Slide 35: Migros One: Fast & Consistent Growth
Migros One: Fast & Consistent Growth € GMv\) € Daily Order € E-com Share in iz | 201 15.5% 15.6% 1771 abl Be 3.5% Z ike 13k 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 ‘Se 36 Monthly Grn a) Core il eee tT] 14mn | Qo7 8380mn 100mn Frequency
Slide 36: Migros One: Digital Mindset & Growth Engine of Migros
Migros One: Digital Mindset & Growth Engine of Migros Loyalty & Retention Strong Market Position * Clear leader in online grocery in Tiirkiye o 6m+ online users ¢ Fast scaling meal delivery platform * Online-offline and grocery-meal hybrid cus * One ecosystem combining grocery, meal and services yy
Slide 37: Migros Yemek: Accelerating Ecosystem Growth
Migros Yemek: Accelerating Ecosystem Growth yemek Customer Acquisition Efficiency & Scale € Attracts new and younger customers 0, of new customers enter 30 % ar via Migros Yemek 35% _ also shop Grocery GMV contribution 0, 43.2% to online grocery 0% operations improve delivery efficiency of orders Mi
Slide 38: Winning the Future Customer Through Hybrid Model
Winning the Future Customer Through Hyorid Model Online & . Online x Offline Offline 17% of all customers are hybrid Spending 2.5x higher tl Frequency 2.1x higher Online Diteless Grocery 21% hybrid customer rate Online BY DrCICUSIOniey & Meal Spending 4.1x higher than pure Hemen Frequency 6.0x highe
Slide 39: Technology as a Competitive Advantage
Technology as a Competitive Advantage y High Margin & Revenue Conversi B (1) Cae oe ene . Efficiency: +24% courier(?) Streams: 2.5x() increase in from Al D 8 my ad revenue share in GMV zt Q _ ] Advanced Picking Last Mile Ad-Tech & Retail ¢ Capabilities 6 Optimization 6 Media 6 i Generative Al across
Slide 40: MoneyPay
MoneyPay Speaker: MoneyPay General Manager, Mehmet Mustehlik Seniority 17/22 sane MiGROS
Slide 41: Fintech Products Well-Positioned to Attract More Consumer Share of Wallet
Fintech Products Well-Positioned to Attract More Consumer Share of Wallet & Facllitate Financing for Suppliers & Distrioutors @ ~ 4 = * Payment Gateway a" \ + Payment SE | . / & * Buy Now Pay Later Physical POS / ge * Virtual POS | «” | Expanding Into: \ * Deposit «Lending 7 A Supplier ~~ (Waxiter —
Slide 42: Product
Product Our Rationale Product = Vision @ Why Customers {, \\ Choose Us? Payment Service Provider Roadmap & Value Architecture and Profitability Employee Benefit B2B Cash Management Monetize Migros & Anadolu BE retaiee Be soe am Capture recurring cash flow Group's vast distributor and empl benefit sA
Slide 43: MoneyPay Contribution to the Group
MoneyPay Contrioution to the Group") @ Today » Value Creati TL 77bn ™ 20% ibn Contribution to Migro B2C Net Profit Margin Monthly 950k Active User B2B 2025 | 2030E Corporate 15k Customer Migros 5 +9 bps —_ > +30-35bps Penetration 15 Yo MiGROS 6 Notes: (1) Without IAS29 adj.
Slide 44: Retail Media: Mimeda
Retail Media: Mimeda Speaker: Mimeda General Manager, Kina Demirel sane MiGROS
Slide 45: Retail Media: 3rd Wave of Media
Retail Media: 3rd Wave of Media In Global >’ Global Media Outlook’ >’ f $173 bn | f $300 bn ) * Retail media burnishes retailers’ a : spaces powered by shopper data + Bringing together consumers and br: the moment of purchase * Fastest-growing ad channel, growing twice as fast as the global market I
Slide 46: Mimeda: Leading Retail Media Player
Mimeda: Leading Retail Media Player 5 Strong Pillars of Mimeda @nm @ff e ® & — | i = ceo Data Analytics | Online Store | | Store | | Digital Content Creator 14.3mn 350mn 3mn Active Money et it SEE impressions /month First party data pnae eee impressions / mont customer visit/day integration to all B
Slide 47: Mimeda Will Continue to Leverage Retail's Data & Advertising Investments
Mimeda Will Continue to Leverage Retail's Powerful Data & Advertising Inve » Expand customer base both to ¢ FMCG & non - FMCG brands Contribution to Mi EBITDA Margin Enhancing customized audience capabilities 2025 | 2030E Expanding value-added services ~0.2% —> ~0. 5% net (9 Manon AS0o MiGROS
Slide 48: Financial Overview & Investment Strategy
Financial Overview & Investment Strategy Speaker: Migros Group CFO, Cem Dogan at MiGROS
Slide 49: Summary of Historical Financials
Summary of Historical Revenues (TRY mn) Aly Ay Financials') e Working Capital / Revenues (%) sg a I I i I J q a 2023 2024 2025 -10.6% — -10.1% [EBITDA —— EBITDA Margin Adjusted EBITDA® (TRY mn) Net income (TRY mn) ’ ¢€ 4.9% 4.6% 41% 4.4% See 2.2% 1.6% 15,880 17,977 16,830 8,773 || 8,605 6,794 |_| =
Slide 50: Capital Allocation & Return on Investment
Capital Allocation & Retum on Investment CapEx / Revenues (%) ©") 3.5% 3.4% 3.3% li | 2015-2020 2028 © 2024-2025 -2026E-2030E average average into a relatively asset-light, return-driven We are coming out of a heavy investment period, with a focus on warehouse infrastructure and OpEx efficiency We h
Slide 51: Growth Drivers & Long-Term Guidance
Growth Drivers & Long-Term Guidance | Revenue Growth New Store Growth CapEx/Sales | EBITDA & Adjusted | ¢ . ¢€ € EBITDA Margins 2025 real growth 2025 2025 2025 Actual 7.3% 259 3.3% 6.6% 4.4% 2026 Guidance 2026 Guidance 2026 Guidance 2026 Guidance 5-7% 180-200 2.5 - 3.0% 6-7% 4-5% 2027-2030 Guidance
Slide 52: Drivers of Profitability & Guidance
Drivers of Profitabil € Operational Improvements ¢ -ARD Cash Flow Management € Higher ROI Ecosystem ty & Guidance * Improving shrinkage levels, logistics efficiencies, warehousing automation opportunities * Sales uplift and in-store efficiencies with the help of technology and data * We see opportun
Slide 53: Sustainability Case Study & Returns
Sustainability Case Study & Returns Speaker: Migros Group CFO, Cem Dogan sane MiGROS
Slide 54: Sustainability Case Study & Returns
Sustainability Case Study & Retums r Kirgehir ) e Malatya @, Erzurum Becomber 2025, 18.4 MWp ( G By es HAYS Ce) Su icrirain 24% of Migros’ total energy 75,000 tons of 1 million m? of land 105.3 MWp consumption is from company-owned carbon emissions almost 140 football Total solar plants solar plants
Slide 55: Closing Remarks
Closing Remarks Soeaker: Migros Group CEO, PhD, Ozgur Tort iolitvon MiGROS
Slide 56: Migros Group Set to Continue to Grow Further by 2030
Migros Group Set to Continue to Grow Further by 20380 on The Back of Our Strong Fu Moving Beyond Historical Grocery Share of Wallet @. fil Giec Core Growth Fresh categories represent growth opportunity as consumption moves to organized trade. Further geographical & format penetration Improving Retur
Slide 57: Thank You
Thank You * MiGROS = (NIP26 sane MiGROS