Mavi Giyim Sanayi Ve Ticaret A.s. · BIST:MAVI
Mavi Giyim Sanayi Ve Ticaret A.s — Q1 2026 Earnings Presentation
25 slides from Mavi Giyim Sanayi Ve Ticaret A.s's earnings presentation, Jun 9, 2026
Slide 1: Q1 2026 Results Presentation
Q1 2026 Results Presentation June 9, 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: Q1 2026 Highlights
Q1 2026 HIGHLIGHTS
Slide 4: Management Notes on Q1 2026
Management Notes on Q1 2026 › Mavi maintains strong performance through effective brand strategy, agile pricing and sourcing capabilities, and disciplined inventory and working capital management, defending its strong operational margins and keeping a robust balance sheet › Focused on long-term sust
Slide 5: Q1 2026 Highlights
Q1 2026 Highlights GROUP HIGHLIGHTS1 TÜRKİYE HIGHLIGHTS › Consolidated revenue declined 1.9% yoy in Q1 2026 and 12,701 TRYm 2,500 TRYm (0.8%) (4.3%) Revenue EBITDA Retail Sales Online Sales realized at 12,701 TRYm Growth Growth › EBITDA for the period is 2,500 TRYm resulting in 19.7% 12,093 TRYm (2,
Slide 6: Sales Channels
SALES CHANNELS
Slide 7: Revenue Evolution in Sales Channels
Revenue Evolution in Sales Channels Global Revenue (TRYm) Türkiye Revenue (TRYm) 12,941 12,701 Channel 11,735 11,571 (1.9%) (1.4%) Growth 1,262 1,223 989 947 3,217 3,069 (3.1%) 2,421 2,369 (4.3%) (4.6%) (2.2%) 8,325 8,256 8,463 8,409 (0.6%) (0.8%) Q1 2025 Q1 2026 Q1 2025 Q1 2026 International Revenu
Slide 8: Türkiye Retail
TÜRKİYE RETAIL
Slide 9: Türkiye Retail Operations
Türkiye Retail Operations # of Retail Stores Gross Selling Space in Türkiye (Sqm K) Net New Avg. 7 16 8 (3) Sqm/ 519sqm 535sqm 547sqm 553sqm Stores Retail Store 189 197 197 336 352 360 357 174 2023 2024 2025 Q1 2026 2023 2024 2025 Q1 2026 › With no openings and three closures in Q1 2026, number of r
Slide 10: Like-for-Like Stores Sales Performance
Like-for-Like Stores Sales Performance 99.8% 17.3% 58.8% Transaction1 # Growth 0.7% 25.8% 28.6% w/out IAS 29 (%) (3.7%) 31.1% (5.9%) 1.6% (2.1%) with IAS 29 (6.7%) 2023 2024 2025 Q1 2026 2023 2024 2025 Q1 2026 70.4% › In Q1 2026, LFL sales grew 28.6% in nominal terms resulting in 2.1% 57.8% decline
Slide 11: Sales in Denim & Lifestyle Categories
Sales in Denim & Lifestyle Categories Denim Products (TRYm) Lifestyle Products (TRYm) 42% Knits/Jerseys 22% Shirts 11% Jackets 5% 6% (10%) (2%) 860 908 3,518 3,460 499 450 (12%) 2,014 1,771 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Accessories Non-Denim Bottoms 7% 10% 11% 8% 797 Q1 2025 Q1 2026 607 721 Q1 202
Slide 12: Online Business
ONLINE BUSINESS
Slide 13: Online Sales Growth inc. Wholesale Partners
Online Sales Growth inc. Wholesale Partners Global Online Sales (TRYm) Türkiye Online Sales (TRYm) % Sales % Sales 8.2% 10.3% 8.4% 10.7% 989 (4.3%) 947 1,381 1,314 (4.9%) Channel 119 90 Growth 438 405 495 (7.6%) 463 (25%) 551 543 (1.5%) (6.6%) 767 761 (0.8%) Q1 2025 Q1 2026 Q1 2025 Q1 2026 Internati
Slide 14: Consolidated Financial Results
CONSOLIDATED FINANCIAL RESULTS
Slide 15: Consolidated Revenue Growth and Gross Margin
Consolidated Revenue Growth and Gross Margin Revenue (TRYm) Gross Profit (TRYm) 52.2% 53.3% (1.9%) Inflation Accounting 12,941 12,701 0.2% 6,754 6,771 With IAS 29 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Imputed Interest Rate Impact 380 bps 280 bps Inventory Inflation -230 bps -230 bps Adjustment Impact Reve
Slide 16: Consolidated EBITDA
Consolidated EBITDA EBITDA (TRYm) 20.6% 19.7% The change in EBITDA margin was driven by; Accounting InflationAccounting Pre - IAS 29 2,666 › 210 bps improvement in underlying gross margin (6%) 2,500 29 › 100 bps negative impact of imputed interest WithIASIAS29 Inflation › 250 bps increase in opex/sa
Slide 17: Consolidated Net Income
Consolidated Net Income Net Income (TRYm) 8.3% 4.3% › The impact of inflation accounting on net income is 830 Accounting InflationAccounting Pre - IAS 29 TRYm, 60% of pre-IAS29 bottom-line (49%) 1,072 › This is partly due to 53% effective tax rate vs 27% last year 29 driven by the cancellation of in
Slide 18: Operational Cash Flow and Working Capital Management
Operational Cash Flow and Working Capital Management Cash Conversion & Operational Cash Flow Main Working Capital Items 73% TRYm 2025 Q1 2025 Q1 2026 66% Trade & Other Receivables 3,200 3,815 3,732 % LTM Sales 6.1% 7.2% 7.2% Inventories 6,400 8,237 6,831 TRYm Q1 2025 Q1 2026 % LTM COGS 25.0% 31.2% 2
Slide 19: Capex and Leverage Ratios
Capex and Leverage Ratios CAPEX (TRYm) Debt Breakdown (30 April 2026) % Sales 4.4% 5.3% Average Cost of Debt 15% 669 USD USD 6.5% with IAS29 567 CAD RUB 19.2% 650 19% w/out IAS 29 422 RUB CAD 5.9% 66% Q1 2025 Q1 2026 Blended 8.3% Net Cash exc.IFRS16 (TRYm) › All of non-TRY debt is carried by Mavi US
Slide 20: FY2026 Guidance Unchanged
FY2026 Guidance Unchanged Trading Update for Q2 2026 (without IAS 29) › The Eid Holiday season sales were strong with 40% sales growth and 15% volume growth in Türkiye retail (w16-17 2026 vs. w17-18 2025) › In the period May 1, 2026 – June 7, 2026, Türkiye retail sales grew 37,5% and online sales gr
Slide 21: Thank You
Thank You Contact : investorrelations@mavi.com duygu.inceoz@mavi.com
Slide 22: Financial Statements: Income Statement
Financial Statements Income Statement TRYm Q1 2025 Q1 2026 Change (%) Revenue 12,941 12,701 (2%) Cost of Sales (6,187) (5,930) (4%) Gross Profit 6,754 6,771 0% Gross Margin 52.2% 53.3% Administrative Expenses (882) (906) 3% Selling and Marketing Expenses (3,892) (4,194) 8% R&D Expenses (219) (246) 1
Slide 23: Financial Statements: Balance Sheet
Financial Statements Balance Sheet TRYm 31 January 2026 30 April 2026 Change (%) Assets Current Assets Cash and Cash Equivalents 9,300 9,253 (1%) Financial Investments 15 14 (5%) Trade Receivables 3,110 3,647 17% Inventories 6,400 6,831 7% Other Current Assets 813 933 15% Total Current Assets 19,638
Slide 24: Financial Statements: Cash Flow Statement
Financial Statements Cash Flow Statement TRYm Q1 2025 Q1 2026 Profit¹ 1,072 543 Adjustments 2,285 2,147 Cash Flow from Operating Activities 3,357 2,690 Δ in Net Working Capital² (899) (670) Income Tax Paid (113) (346) Net Cash from Operating Activities 2,345 1,674 Capex (567) (669) Interest Received
Slide 25: Global Operations as of 30 April 2026
Global Operations as of 30 April 2026 496 425 71 5 32 Monobrand Mono-Brand International ~4,000 6,297 HQ Countries Stores in Mono-Brand Points of Sale Employees Stores Turkey Stores TÜRKİYE RUSSIA EUROPE Retail stores: 357 Retail stores: 15 Wholesale doors: ~575 Franchise stores: 68 Franchise stores
Mavi Giyim Sanayi Ve Ticaret A.S. — Q1 2026 Earnings Presentation on 6ix