Mavi Giyim Sanayi Ve Ticaret A.s. · BIST:MAVI
Mavi Giyim Sanayi Ve Ticaret A.s — H1 2026 Earnings Presentation
27 slides from Mavi Giyim Sanayi Ve Ticaret A.s's earnings presentation, Sep 16, 2026
Slide 1: H1 2026 Results Presentation
H1 2026 Results Presentation September 16, 2026
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 2026 Highlights
Q2 2026 HIGHLIGHTS
Slide 4: Q2 2026 Business Overview
Q2 2026 Business Overview GROUP HIGHLIGHTS1 Business Overview › Navigated the challenging macro environment through strong brand execution, continuous 12,553 TRYm 2,065 TRYm customer engagement and agile product and pricing strategies resulting in gross margin Revenue EBITDA improvements › Disciplin
Slide 5: H1 2026 Highlights
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Slide 6: H1 2026 Highlights
H1 2026 Highlights GROUP HIGHLIGHTS1 TÜRKİYE HIGHLIGHTS › Consolidated revenue declined 1.1% yoy in H1 2026 25,832 TRYm 4,679 TRYm (0.0%) (2.9%) and realized at 25,832 TRYm Revenue EBITDA Retail Sales Online Sales Growth Growth › EBITDA for the period is 4,679 TRYm resulting in 18.1% EBITDA margin 2
Slide 7: Sales Channels
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Slide 8: Revenue Evolution in Sales Channels
Revenue Evolution in Sales Channels Global Revenue (TRYm) Türkiye Revenue (TRYm) (1.1%) (0.5%) 26,128 25,832 Channel Growth 23,736 23,616 2,447 2,391 0.4% 1,895 1,841 (0.4%) 5,393 5,122 (2.3%) 3,877 3,819 11,468 11,519 (2.9%) 12,599 12,553 851 (5.0%) 861 (1.5%) 1,128 1,113 1,346 1,342 17,964 17,957
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. 7 16 8 0 Sqm/ 519sqm 535sqm 547sqm 559sqm Stores Retail Store 197 201 352 360 360 189 336 174 2023 2024 2025 H1 2026 2023 2024 2025 H1 2026 › With four openings and four closures in H1 2026, number of re
Slide 11: Like-for-Like Stores Sales Performance
Like-for-Like Stores Sales Performance 99.8% 17.3% 58.8% Transaction1 # Growth 0.7% 25.8% 30.0% w/out IAS 29 0.2% (%) 31.1% (5.9%) 1.6% (1.3%) with IAS 29 (6.7%) 2023 2024 2025 H1 2026 2023 2024 2025 H1 2026 70.4% › In Q2 2026, LFL sales grew 31.3% in nominal terms and declined 0.6% 57.8% in real TR
Slide 12: Sales in Denim & Lifestyle Categories
Sales in Denim & Lifestyle Categories Denim Products (TRYm) Lifestyle Products (TRYm) 38% Knits/Jerseys 25% Shirts 11% Jackets 3% (2%) (8%) (2%) 6,981 6,843 2,080 2,047 535 491 (4%) 4,769 4,577 H1 2025 H1 2026 H1 2025 H1 2026 Accessories Non-Denim Bottoms 8% 11% 8% 8% H1 2025 H1 2026 H1 2025 H1 2026
Slide 13: Online Business
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 7.8% 10.0% 8.0% 10.3% 1,895 (2.8%) 1,842 2,699 2,593 (3.9%) Channel 251 200 Growth 855 808 969 913 (20.4%) (5.5%) 1,040 1,034 (5.8%) (0.6%) 1,478 1,479 0.1% H1 2025 H1 2026 H1 2025 H1 2
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) 50.4% 52.8% 51.3% 53.1% (1.1%) (0.4%) 2.3% 26,128 25,832 4.5% 13,407 13,710 Inflation Accounting 12,599 12,553 6,346 6,632 With IAS 29 Q2 2025 Q2 2026 H1 2025 H1 2026 Q2 2025 Q2 2026 H1 2025 H1 2026 Imputed Interest Rate
Slide 17: Consolidated EBITDA
Consolidated EBITDA EBITDA (TRYm) 15.7% 16.4% 18.2% 18.1% The main drivers impacting EBITDA margin in Q2’26 are: Accounting Pre - IAS 29 (2%) 4,767 4,679 › 240 bps improvement in gross margin 4% Accounting 29 1,980 2,065 › 200 bps increase in opex/sales (exc. D&A) mainly due to 29 IAS softer sales m
Slide 18: Consolidated Net Income
Consolidated Net Income Net Income (TRYm) 1.7% 1.9% 5.1% 3.1% › PBT (profit before tax) increased 117% yoy in Q2’26 Accounting Pre - IAS 29 › Effective tax rate in Q2’26 is 53% vs 6% in Q2’25 resulting from the cancellation of inflation accounting in statutory financials (40%) Accounting and signifi
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 90% TRYm 2025 H1 2025 H1 2026 63% Trade & Other Receivables 3,345 3,168 2,896 % LTM Sales 6.1% 5.8% 5.3% Inventories 6,691 8,710 8,074 TRYm H1 2025 H1 2026 % LTM COGS 25.0% 31.8% 3
Slide 20: Capex and Leverage Ratios
Capex and Leverage Ratios CAPEX (TRYm) Debt Breakdown (31 July 2026) % Sales 6.1% 5.1% Average Cost of Debt 14% USD with IAS29 1.600 USD 6.5% 1.325 CAD 16% RUB RUB 18.6% w/out IAS 29 1,265 1,184 CAD 5.9% 70% H1 2025 H1 2026 Blended 8.1% Net Cash exc.IFRS16 (TRYm) › All of non-TRY debt is carried by
Slide 21: FY2026 Guidance Revised Reflecting the Change in Inflation Assumption
FY2026 Guidance Revised Reflecting the Change in Inflation Assumption Inc. IAS29 Initial – 17.03.2026 Revised – 16.09.2026 Revenue Growth 5% ± 1% Low single digit decline to Flat 15 net new stores in Türkiye 15 net new stores in Türkiye 15 store expansions in Türkiye 15 store expansions in Türkiye R
Slide 22: New Share Buy-Back Program
New Share Buy-Back Program Board Decision to start a new Share Buy-Back Program › Board of Directors has decided to initiate a second phase of share buy-back transactions with the aim of protecting the interests of all our stakeholders, supporting sound price formation and share price stability and
Slide 23: Thank You
Thank You Contact : investorrelations@mavi.com : duygu.inceoz@mavi.com
Slide 24: Financial Statements Income Statement
Financial Statements Income Statement TRYm Q2 2025 Q2 2026 Change (%) H1 2025 H1 2026 Change (%) Revenue 12,599 12,553 (0%) 26,128 25,832 (1%) Cost of Sales (6,253) (5,922) (5%) (12,721) (12,121) (5%) Gross Profit 6,346 6,632 5% 13,407 13,710 2% Gross Margin 50.4% 52.8% 51.3% 53.1% Administrative Ex
Slide 25: Financial Statements Balance Sheet
Financial Statements Balance Sheet TRYm 31 January 2026 31 July 2026 Change (%) Assets Current Assets Cash and Cash Equivalents 9,723 9,470 (3%) Financial Investments 15 15 (4%) Trade Receivables 3,252 2,784 (14%) Inventories 6,691 8,074 21% Other Current Assets 850 1,126 32% Total Current Assets 20
Slide 26: Financial Statements Cash Flow Statement
Financial Statements Cash Flow Statement TRYm H1 2025 H1 2026 Profit¹ 1,340 807 Adjustments 4,655 4,785 Cash Flow from Operating Activities 5,995 5,592 Δ in Net Working Capital² (1,774) (462) Income Tax Paid (745) (865) Net Cash from Operating Activities 3,476 4,264 Capex (1,600) (1,325) Interest Re
Slide 27: Global Operations as of 31 July 2026
Global Operations as of 31 July 2026 497 428 69 5 30 Monobrand Mono-Brand International ~4,000 6,048 HQ Countries Stores in Mono-Brand Points of Sale Employees Stores Turkey Stores TÜRKİYE RUSSIA EUROPE Retail stores: 360 Retail stores: 15 Wholesale doors: ~575 Franchise stores: 68 Franchise stores:
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