Migros Ticaret A.s. · BIST:MGROS
Migros Ticaret A.s — 2Q 2025 Earnings Presentation
26 slides from Migros Ticaret A.s's earnings presentation, 2025
Slide 1: Company Presentation 2Q 2025
Omni-channel, multi format retailer Company Presentation 2Q 2025
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 Operational & Financial Overview Guidance Appendix 3
Slide 4: Underlying Performance, Consolidated
Underlying Performance, Consolidated with IAS 29 inflation accounting 2Q 2025 Net Sales Sales Growth EBITDA Margin Net Profit TL 91,696 5.7% 5.4% TL 374 in mn in mn 1H 2025 Net Sales Sales Growth EBITDA Margin Net Profit TL 174,844 7.0% 5.1% TL 1,467 in mn in mn 4
Slide 5: Improving Market Share
Improving Market Share Migros FMCG Market Share Omni channel & (%) Multi format +60 bps +110 bps 16.8 16.2 15.1 +60 bps Expanding +50 bps footprint 9.6 10.2 9.1 Market penetration Share Gain Price Investments 1H 1H 1H 1H 1H 1H 2023 2024 2025 2023 2024 2025 Total FMCG Modern FMCG Source: Nielsen Note
Slide 6: Sales Area Expansion
Sales Area Expansion # of Stores Sales Area # of Online Service Stores* (thousand sqm) 193 3,683 3.7% 368 1,553 3,490 1,980 2,054 1,185 122 new stores 1H 2024 1H 2025 1H 2024 1H 2025 1H 2024 1H 2025 Due to building safety concerns, 22 stores were closed in *Indicates physical stores out of which onl
Slide 7: Gaining Customer Traffic on L-f-L Basis
Gaining Customer Traffic on L-f-L Basis without IAS 29 inflation accounting L-f-L Sales Growth (%) 79.6 63.8 57.6 48.1* 40.0 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 L-f-L Basket Size Growth (%) L-f-L Customer Traffic Growth (%) 71.0 5.0 63.0 54.9 47.4 37.8 1.8 1.6 0.5 0.5* 2Q 2024 3Q 2024 4Q 2024 1Q
Slide 8: Online and Digital Payment Solutions
Online and Digital Payment Solutions Inflation (CPI) adjusted Gross Merchandise Volume (GMV) 17.8 (TL billion) 34.5 14.1 28.1 23% 19% 15.5 30.4 12.6 25.5 Grocery GMV 57% 58% 2.2 2.6 4.1 1.4 2Q 2024 2Q 2025 1H 2024 1H 2025 Total Payment Volume 176% 14.7 (TL billion) 181% 26.8 5.3 9.5 2Q 2024 2Q 2025
Slide 9: Consolidated Sales (TL million)
Consolidated Sales (TL million) with IAS 29 5.7% 91,696 7.0% 174,844 inflation accounting 86,771 83,148 163,434 2Q 2024 1Q 2025 2Q 2025 1H 2024 1H 2025 45.3% 47.1% without IAS 29 90,242 76,599 166,841 inflation accounting 62,106 113,436 2Q 2024 1Q 2025 2Q 2025 1H 2024 1H 2025 9
Slide 10: Gross Profit (TL million)
Gross Profit (TL million) with IAS 29 inflation accounting 10% 21,877 19% 42,036 23.9% 24.0% 20,160 35,385 19,876 22.9% 24.2% 21.7% 2Q 2024 1Q 2025 2Q 2025 1H 2024 1H 2025 Imputed Interest Rate Impact 550 bps 470 bps 510 bps 480 bps 490 bps Inventory inflation adj. Impact -370 bps -290 bps -300 bps
Slide 11: Supply Chain Investments Paying off
Supply Chain Investments Paying off AI Driven Efficiency 16 new Distrubution Centers in 2024 • Fraud detection in stores Decrease in • Fruit & Vegetable Availability shrinkage ratio; 2 Distrubution • Product recognition 40 bps 2Q 2025 Centers in 1H25 • Fulfilment detection 35 bps 1H 2025 • AI-Powere
Slide 12: Improvement in OPEX/Sales in 2Q 2025 vs 1Q 2025
Improvement in OPEX/Sales in 2Q 2025 vs 1Q 2025 with IAS 29 inflation accounting OPEX/Sales without Depreciation & Amortisation 16,881 33,132 16,251 15,341 29,933 18.9% 19.5% 18.4% 17.7% 18.3% Opex increase in 2Q 2025 vs 2Q 2Q 2024 1Q 2025 2Q 2025 1H 2024 1H 2025 2024 is driven by employee cost over
Slide 13: Capex Balances Growth and Efficiency Gains (TL million)
Capex Balances Growth and Efficiency Gains (TL million) 4,921 -4% 4,742 with IAS 29 3.0% 2.7% CAPEX Breakdown inflation accounting New New Stores DCs 16% 16% Return on Efficiency Investments Solar 30 bps cost saving [annualized target] Energy 1% 3% Subsidiaries in OPEX with solar plant investments 1
Slide 14: Consolidated EBITDA (TL million)
Consolidated EBITDA (TL million) with IAS 29 inflation accounting 10% 63% 8,904 4,996 4,535 5.1% 3,908 5,452 5.4% 5.2% 4.7% 3.3% 1H 2024 1H 2025 2Q 2024 1Q 2025 2Q 2025 38% 45% 13,390 7,613 5,512 5,777 8.4% 9,248 without IAS 29 8.0% inflation accounting 7.5% 8.2% Despite 60 bps increase in 8.9% empl
Slide 15: Net Profit (TL million)
Net Profit (TL million) -55% with IAS 29 inflation accounting 1,094 2,677 -45% 823 1.3% 1.6% 1,467 In 2Q 2025 decline in net 0.9% 374 profit vs 1Q 2025 is due to IAS 29 implementation 0.8% impact 0.4% 2Q 2024 1Q 2025 2Q 2025 1H 2024 1H 2025 90 bps decrease in net profit without IAS 29 y-o-y 100 bps
Slide 16: Net Cash & Free Cash Flow (TL million)
Net Cash & Free Cash Flow (TL million) with IAS 29 inflation accounting Net Cash* Free Cash Flow Cash Conversion Cycle in Days 5% 4.8 days -22% 21,513 5,259 -41.8 20,301 19,487 4,111 -37.0 -36.0 1Q 2025 2Q 2024 2Q 2025 2Q 2024 1Q 2025 2Q 2025 -3,419 2Q 2024 1Q 2025 2Q 2025 *w/o IFRS 16 16
Slide 17: Guidance
Online Operations & Guidance Strategy Update
Slide 18: 2025 Migros Guidance, Consolidated
2025 Migros Guidance, Consolidated with IAS 29 inflation accounting Sales Growth EBITDA Margin Expansion Target Capex/Sales 2025E 2025E 2025E 2025E 8-10% ~6.0% ~250 2.5-3.0% new stores 2024: 12% 2024: 5.4% 2024: 356 2024: 3.4% Slight downside risk 18
Slide 19: Appendix
Online Operations & Appendix Strategy Update
Slide 20: Quarterly OPEX Evolution (TL million)
Quarterly OPEX Evolution (TL million) with IAS 29 inflation accounting 59 bps 73 bps 4 bps 0 bps -7 bps 4 bps 20,308 18,072 Increase in depreciation is driven by rental contracts (IFRS 16) & increase in CAPEX Margin Margin 22.1% 20.8% OPEX/Sales ratio decreased by 150 bps in 2Q25 vs 1Q25 mainly driv
Slide 21: Inflation-accounting impact on EBITDA & Net Income in 1H
Inflation-accounting impact on EBITDA & Net Income in 1H 564 -5,050 13,390 -8,562 5,754 290 bps 340 500 bps bps 8,904 -6,769 Margin 5,050 8.0% Margin 390 5.1% bps 290 -1,883 bps 110 bps -1,026 60 bps 1,467 0.8% Inventory 1H 2025 Depreciation Inventory Asset & Due date Financial Tax 1H 2025 1H 2025 P
Slide 22: Total Equity & Total Financial Debt (TL million)
Total Equity & Total Financial Debt (TL million) Total Equity Total Financial Debt* with IAS 29 9% 2,074 -68% inflation accounting 67,409 61,861 665 1H 2024 1H 2025 1H 2024 1H 2025 *w/o IFRS 16 53% 18,463 -57% 1,536 without IAS 29 12,032 inflation accounting 665 1H 2024 1H 2025 1H 2024 1H 2025 *w/o
Slide 23: IAS 29 Consolidated Income Statement Summary – 1H 2025
IAS 29 Consolidated Income Statement Summary –1H 2025 (TL million) 1H 2024 1H 2025 Net Sales 163,434 174,844 Cost of Sales -128,050 -132,808 Gross Profit 35,385 42,036 Operating Expenses -35,343 -39,902 Other Operating Expense -7,851 -8,569 Operating Loss -7,809 -6,435 Income / Expense from Investme
Slide 24: IAS 29 Consolidated Balance Sheet Summary – 1H 2025
IAS 29 Consolidated Balance Sheet Summary – 1H 2025 (TL million) 2024 1H 2025 Current Assets 67,314 64,856 Non-current Assets 107,766 114,077 Total Assets 175,080 178,934 Current Liabilities 82,854 83,469 Non-current Liabilities 24,925 28,056 Total Liabilities 107,780 111,525 Equity 67,300 67,409 To
Slide 25: IAS 29 Cash Flow - 1H 2025
IAS 29 Cash Flow- 1H 2025 (TL million) 1H 2024 1H 2025 Net profit 2,677 1,467 Adjustments related to reconciliation of net profit for the period 15,897 17,671 Changes in net working capital 7,367 -537 Cash flows from operating activities 25,941 18,601 Net cash provided by operating activities 16,181
Slide 26: IAS 29 Impact on Financials
IAS 29 Impact on Financials with IAS 29 without IAS 29 inflation accounting inflation accounting (TL million) 1H 2024 1H 2025 1H 2024 1H 2025 Selected Balance Sheet Items Total Assets 160,003 178,934 81,710 125,308 Total Liabilities 98,142 111,525 69,408 106,844 Total Equity 61,861 67,409 12,302 18,