Migros Ticaret A.s. · BIST:MGROS
Migros Ticaret A.s — 2Q 2026 Earnings Presentation
33 slides from Migros Ticaret A.s's earnings presentation, 2026
Slide 1: Company Presentation 2Q 2026
Omni -channel, multi format retailer Company Presentation 2Q 202 6
Slide 2: Disclaimer
2 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
Slide 3: Contents
3 Contents 01 Financial Overview 02 Operational Update 03 Summary & Guidance 04 Appendix
Slide 4: Financial Overview
Financial Overview ANADOLU GROUP SS -
Slide 5: Quarterly Scorecard
Quarterly Scorecard 5 2Q 2026 Financial Overview Digital & Expansion e-C ommerce share in Migros ’ total sales* ; consolidated net sales growth to + 2.7 % TL 124.4 bn 23.1% 6.6 mn unique online customers (2Q 2025: 5.8 mn) Migros One real growth, recorded 4.3% IAS 29 EBITDA margin (2Q 2025: 5.4%) +21
Slide 6: Market Share Evolution
6 Market Share Evolution Total FMCG Market Share * Modern FMCG Market Share * (%) (%) +116 bps +76 bps 15.6 15.3 9.8 9.7 14.9 9.3 14.2 9.0 Migros’ total FMCG market share, excluding alcohol, rose by 10 bps in 1H 2026 vs. 1H 2025 1H 2023 1H 2024 1H 2025 1H 2026 1H 2023 1H 2024 1H 2025 1H 2026 Source:
Slide 7: Expansion
7 Expansion # of Stores Sales Area # of Online Service (thousand sqm ) Stores * +147 +2.3% +1,024 3,830 2,101 2,577 3,683 2,054 in 2Q 2026 : 115 1,450 new 64 new store stores openings incl uding 1,553 7 Macrocenters 527 1,127 As part of format 1,026 optimization program , 19 Mion stores were closed
Slide 8: CAPEX
8 C APEX (TL million) With IAS 29 1% Strategic priorities 6,265 6,298 for investments CAPEX Breakdown 2. 7% New • Core retail expansion – 2 .6 % Subsidiaries Stores 115 new stores in 1H 2026 • Man -hour savings – 5% 19% New Electronic shelf labels, self - DCs checkout; 42 bps OPEX saving s in 1H 202
Slide 9: Same Store Sales Performance (L-f-L)
Same Store Sales Performance (L-f-L) 9 Inflation (CPI) adjusted 4.0 4.3 4.1 3.0 3.1 L-f-L Sales 1.4 Growth (%) 2Q 2026 1H 2025 1H 2026 2Q 2025 3Q 2025 4Q 2025 1Q 2026 -0.1 School year calendar impact 3.4 4.2 on seasonal 2.4 3.4 3.6 stores in June L-f-L Basket Size 1.3 Growth (%) 0.7 Positive L -f-L
Slide 10: Consolidated Sales (TL million)
10 Consolidated Sales (TL million) With 2.7 % 4.5% IAS 29 230,985 241,298 121,139 124,399 116,899 2,7% real growth in a period of muted 2Q 2025 1Q 2026 2Q 2026 1H 2025 1H 2026 consumption Without IAS 29 in 2Q 2026 36 % 38 % 122,876 229,789 106,912 166,841 90,242 2Q 2025 1Q 2026 2Q 2026 1H 2025 1H 20
Slide 11: Gross Profit (TL million)
Gross Profit (TL million) 11 -2% 0% With IAS 29 28,901 27,540 28,213 55,534 55,753 23.9 % 24.0 % 23.6 % 23.1% Promo activities 22.7% accelerated compared to the same period of last year putting pressure on gross profitability 2Q 2025 1Q 2026 2Q 2026 1H 2025 1H 2026 Imputed Interest Rate Impact 510 b
Slide 12: Opex Evolution (TL million)
Opex Evolution (TL million) 12 with IAS 29 OPEX/Sales 52,714 56,062 27,286 28,776 26,828 23.2 % in 1H 2026: 22.8 % 23.3 % 23.1% 24 bps reduction 22.1 % in rent cost related with IFRS 16 reclassification 2Q 2025 1Q 2026 2Q 2026 1H 2025 1H 2026 23 bps decrease in energy cost Employee Cost/Sales OPEX/S
Slide 13: Consolidated EBITDA (TL million)
Consolidated EBITDA (TL million) 13 -20 % -7% With 6,600 IAS 29 5,661 11,763 5,307 10,967 5.4 % 4.8 % 5.1% 4.3 % 4.5% 50 bps gross margin decline in 1H 2026 largely offset by a 39 bps improvement 2Q 2025 1Q 2026 2Q 2026 1H 2025 1H 2026 in OPEX/Sales Imputed Interest Rate Impact 510 bps 430 bps 400 b
Slide 14: Net Profit (TL million)
Net Profit (TL million) 14 With IAS 29 1,723 1,939 Net profit of TL 1.1 bn ,while EBITDA margin 0.8 % 1,078 remained resilient 1.5% in 1H 2026 494 0.4% 0.4 % 2Q 2026 Net loss in 2Q 2026 2Q 2025 1Q 2026 1H 2025 1H 2026 mainly reflects : -0.5 % Without 60 bps decrease IAS 29 -645 in Gross margin 642 7
Slide 15: Net Cash & Free Cash Flow (TL million)
Net Cash & Free Cash Flow (TL million) 15 with IAS 29 Free Cash Flow Net Cash* Cash Conversion Cycle in Days 542 % 12% -4.2 days 5,766 31,755 -41.8 28,421 -37.7 Strong operating cash flow generation in 1H 2026 898 1H 2025 1H 2026 YTD June 2025 June 2026 June 2025 June 2026 *w/o IFRS 16 Free Cash Flo
Slide 16: Operational Update
Operational Update i Cm ay) —_~s
Slide 17: Quarterly Highlights: Migros Ecosystem
Quarterly Highlights: Migros Ecosystem 17 2Q 2026 e-Commerce Business Fintech Migros One Moneypay +21% real growth +105% real growth O nline grocery is now a net Fintech business keeps growing Profitable contributor Profitable noticeably where EBITDA & bottom to profitability line are now positive i
Slide 18: Substantial Ecosystem Traffic Growth to Elevate Future Return
Substantial Ecosystem Traffic Growth to Elevate Future Return 18 Core Retail & Online Meal Business(1) Fintech Business 98.9 400.1 2,325 2,414 2,390 Key Metrics 2,126 74.1 279.5 52.3 32.6 126.6 36.7 2023 2024 2025 1H 2026 2023 2024 2025 1H 2026 2023 2024 2025 1H 2026 Customer Traffic (k) # of transa
Slide 19: Summary & Guidance
( Z a f g Summary & Guidance ANADOLU GROUP.
Slide 20: Underlying Performance, Consolidated, TL million
Underlying Performance, Consolidated, TL million 20 with IAS 29 2.7% Net Sales 4.5 % -20% IAS 29 EBITDA -7% 6,600 11,763 121,139 124,399 230,985 241,298 5,307 10,967 5.4 % 5.1% 4.5% 4.3 % 2Q 2025 2Q 2026 1H 2025 1H 2026 2Q 2025 2Q 2026 1H 2025 1H 2026 -15% EBITDA* 2% Net Profit 7,181 7,321 494 4,027
Slide 21: 2026 Migros Guidance, Consolidated
2026 Migros Guidance, Consolidated 21 with IAS 29 IAS 29 EBITDA Expansion Sales Growth EBITDA Margin Margin* Target Capex/Sales 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% new stores 230 bps impacts* M
Slide 22: Appendix
Appendix
Slide 23: Store Portfolio: Physical & Online Network – 1H 2026
Store Portfolio: Physical & Online Network – 1H 2026 23 Instant Needs Daily Purchase Weekly Food Is Professional I Love I Care for Total (Pop-up) (Top-up) Shopping My Passion Needs My Pet Myself (Stock-up) 2,657 749 50 266 24 4 80 Proximity Supermarkets Hypermarkets High-end Wholesale Petimo Mion 3,
Slide 24: Online Operations
Online Operations 24 Inflation (CPI) adjusted 23.1% 6.6 mn Quarterly Highlights TL 28.5 bn TL 5.0 bn e-Com Share in Unique Migros One GMV Migros meal GMV Migros(1) Customers(2) Migros One delivered 21% 240 bps +21% real growth 70% ~900k increase Y-o-Y increase Y-o-Y increase Y-o-Y increase Y-o-Y Onl
Slide 25: Fintech Operations: Moneypay
Fintech Operations: Moneypay 25 Inflation (CPI) adjusted TL 893 mn 5.5 mn Quarterly Highlights TL 39.8 bn 427k Revenue # of registered Total Payment Daily Transaction users Volume 105% 60% 80% 1.5 mn Moneypay delivered increase Y-o-Y increase Y-o-Y increase Y-o-Y increase Y-o-Y +105% real growth Pro
Slide 26: Financial Overview
Financial Overview ANADOLU GROUP SS -
Slide 27: L-f-L Growth Evolution
L-f-L Growth Evolution 27 without IAS 29 43.0 33.5 40.1 39.0 37.0 35.1 L-f-L 32.2 Sales Growth (%) 1H 2025 1H 2026 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 42.2 37.8 37.8 36.4 36.6 34.8 33.3 L-f-L Basket Size Growth (%) 1H 2025 1H 2026 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 L-f-L 0.7 1.7 Customer Tr
Slide 28: Quarterly OPEX Evolution (TL million)
Quarterly OPEX Evolution (TL million) 28 with IAS 29 98 bps 28,776 22 bps -15 bps -5 bps -24 bps 22 bps 26,828 Margin Margin 22.1% 23.1% 2Q 2025 Employee Cost Rent & IT Energy Advertising Depreciation & 2Q 2026 Opex Personnel Common maintenance expenses expenses Amortisation Opex expenses, area & Ot
Slide 29: Inflation-accounting Impact on EBITDA & Net Income in 1H 2026
Inflation-accounting Impact on EBITDA & Net Income in 1H 2026 29 16,534 808 -6,374 30 bps 260 9,906 -10,041 bps 410 420 bps bps 10,967 -11,277 Margin 470 Margin 7.2% bps 4.5 % 6,374 -3,267 260 bps 140 bps -1,584 70 bps 1,078 0.4% Inventory 1H 2026 Depreciation Inventory Asset & Due date Financial Ta
Slide 30: IAS 29 Consolidated Income Statement Summary – 1H 2026
IAS 29 Consolidated Income Statement Summary – 1H 2026 30 (TL million) 1H 2025 1H 2026 Net Sales 230,985 241,298 Cost of Sales -175,451 -185,545 Gross Profit 55,534 55,753 Operating Expenses -52,714 -56,062 Other Operating Expenses -11,321 -10,549 Operating Loss -8,501 -10,859 Income / Expense from
Slide 31: IAS 29 Consolidated Balance Sheet Summary – 1H 2026
IAS 29 Consolidated Balance Sheet Summary – 1H 2026 31 (TL million) FY 2025 1H 2026 Current Assets 89,803 88,377 Non-current Assets 156,998 161,696 Total Assets 246,801 250,074 Current Liabilities 113,353 110,563 Non-current Liabilities 39,344 45,582 Total Liabilities 152,697 156,145 Equity 94,104 9
Slide 32: IAS 29 Cash Flow - 1H 2026
IAS 29 Cash Flow - 1H 2026 32 (TL million) 1H 2025 1H 2026 Net profit 1,939 1,078 Adjustments related to reconciliation of net profit for the period 23,345 25,851 Changes in net working capital -307 1,935 Cash flows from operating activities 24,976 28,865 Net cash provided by operating activities 12
Slide 33: IAS 29 Impact on Financials
IAS 29 Impact on Financials 33 with IAS 29 without IAS 29 inflation accounting inflation accounting (TL million) 1H 2025 1H 2026 1H 2025 1H 2026 Selected Balance Sheet Items Total Assets 236,388 250,074 125,308 170,652 Total Liabilities 147,334 156,145 106,844 148,013 Total Equity 89,053 93,928 18,4