Mavi Giyim Sanayi Ve Ticaret A.s. · BIST:MAVI
Mavi Giyim Sanayi Ve Ticaret A.s — FY2025 Earnings Presentation
33 slides from Mavi Giyim Sanayi Ve Ticaret A.s's earnings presentation, Mar 17, 2026
Slide 1: FY 2025 Results Presentation
FY 2025 Results Presentation March 17, 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: 2025 Strategy Highlights
2025 STRATEGY HIGHLIGHTS
Slide 4: Elevated Brand Positioning and Focus on Customer Acquisition
Elevated Brand Positioning and Focus on Customer Acquisition Premium Quality, Right Product, Right Price Denim-Centric Casual Brand Lifestyle Brand Appeal • Strengthened lifestyle product offering to grow • «The Jean is Mavi» positioning. Market leader. • Collaborative collection with Kein, attracti
Slide 5: Customer Shopping Experience
Customer Shopping Experience CX @ Retail • New Retail Store Concept : Physical store experience is being upgraded to elevate shopping experience and brand perception • Organization and field operation model upgraded, Happiest Mavi Customer approach is renewed CX @ Online • Mavi.com UI/UX projects co
Slide 6: Growing Retail, Online and Omnichannel
Growing Retail, Online and Omnichannel Growing Retail • 4% retail space growth : 8 net new store openings, 10 existing stores sqm expansions in Türkiye • 11 retail stores opened in USA since August 2025 Growing Mavi Online • 5.2 million Active Mavi App users (up from 4.7m in 2024) • 93% of traffic,
Slide 7: Customer Loyalty at the Core of Growth Strategy
Customer Loyalty at the Core of Growth Strategy CRM Driving Personalized Engagement, Customer Acquisition and Loyalty Customer Segmentation & Personalization • Customer segmentation across revenue, channel, category and product ~6.1 million dimensions enabling more targeted lifecycle management memb
Slide 8: Integrating AI Across the Operations
Integrating AI Across the Operations Embedding AI and advanced analytics across design, merchandising, operations and customer management Trend Detection & Forecasting Accelerating the Design Process Operational Efficiency & Predictive CRM & Next-Generation Automation Customer Management • Fast-sell
Slide 9: People & Community Oriented Culture
People & Community Oriented Culture Strong Organization Culture • 60% of workforce, 53% of management team, and 50% of board of directors is women, reinforcing strong commitment to gender diversity and inclusion • 9-Box Talent Framework used to strengthen leadership capacity and to design effective
Slide 10: All Blue. Timeless Quality.
All Blue. Timeless Quality. • Ranked 2nd on TIME and Statista List of the World’s Best 500 Companies in Sustainable Growth, leading the apparel Mavi Once Again Named a industry Global Climate Leader! Mavi remains the first and only Turkish apparel company on CDP’s Global A List • Included in S&P Glo
Slide 11: FY2025 Highlights
FY2025 HIGHLIGHTS
Slide 12: FY2025 Highlights
FY2025 Highlights GROUP HIGHLIGHTS1 TÜRKİYE HIGHLIGHTS › Consolidated revenue realized at 47,729 TRYm, contracting 5% yoy in real terms 47,729 TRYm 9,009 TRYm (4%) (4%) Revenue EBITDA Retail Sales Online Sales › EBITDA for the period is 9,009 TRYm resulting in 18.9% EBITDA Growth Growth margin and i
Slide 13: Sales Channels
SALES CHANNELS
Slide 14: Revenue Evolution in Sales Channels
Revenue Evolution in Sales Channels Global Revenue (TRYm) Türkiye Revenue (TRYm) (4%) 45,259 43,248 (5%) Channel 3,961 3,797 Growth 50,326 2025 7,638 7,258 (4%) 47,729 5,132 (4%) 4,916 (1%) (5%) 0% 10,908 10,833 10,751 10,038 33,660 32,193 (8%) 1,229 (4%) 1,204 1,554 1,506 (4%) 8,050 8,041 11,951 11
Slide 15: Türkiye Retail
TÜRKİYE RETAIL
Slide 16: Türkiye Retail Operations
Türkiye Retail Operations # of Retail Stores in Türkiye Gross Selling Space in Türkiye (Sqm K) Net New Avg. 2 7 16 8 Sqm/ 510sqm 519sqm 535sqm 547sqm Stores Retail Store 189 197 336 352 360 168 174 329 2022 2023 2024 2025 2022 2023 2024 2025 › With 14 openings and six closures in 2025, number of ret
Slide 17: Like-for-Like Stores Sales Performance
Like-for-Like Stores Sales Performance 141.8% 29.5% 99.8% 17.3% 58.8% Transaction1 # Growth 25.8% w/out IAS 29 (%) 0.7% 31.1% (5.9%) 1.6% (6.7%) with IAS 29 2022 2023 2024 2025 2022 2023 2024 2025 › In Q4 2025, LFL sales grew 28.8% in nominal terms resulting in 1.9% 86.7% decline in real TRY terms.
Slide 18: Sales in Denim & Lifestyle Categories
Sales in Denim & Lifestyle Categories Denim Products (TRYm) Lifestyle Products (TRYm) 37% Knits/Jerseys 26% Shirts 9% Jackets 8% (12%) 0% (5%) 12,787 3,421 12,089 3,016 2,721 2,710 (8%) 8,928 8,246 2024 2025 2024 2025 Accessories Non-Denim Bottoms 8% 9% 1% 9% 2,878 2,916 2024 2025 2024 2025 2,445 2,
Slide 19: Online Business
= y i a! ONLINE BUSINESS
Slide 20: Online Sales Growth inc. Wholesale Partners
Online Sales Growth inc. Wholesale Partners Global Online Sales (TRYm) Türkiye Online Sales (TRYm) % Sales % Sales 8.8% 11.4% 8.8% 11.1% (2%) (4%) 5,569 5,436 3,961 3,797 437 Channel 520 Growth 2,053 1,829 1,640 1,864 19% (10%) (9%) 2,132 2,158 1% 3,079 3,053 (1%) 2024 2025 2024 2024 International O
Slide 21: Consolidated Financial Results
CONSOLIDATED FINANCIAL RESULTS
Slide 22: Consolidated Revenue Growth and Gross Margin
Consolidated Revenue Growth and Gross Margin Revenue (TRYm) Gross Profit (TRYm) 46.6% 49.3% 50.3% 51.0% (5%) Inflation Accounting 0% 50,326 (4%) 47,729 25,309 24,338 5% With IAS 29 11,951 11,904 5,565 5,869 Q4 2024 Q4 2025 2024 2025 Q4 2024 Q4 2025 2024 2025 Imputed Interest Rate Impact 340 bps 230
Slide 23: Consolidated EBITDA
Consolidated EBITDA EBITDA (TRYm) 13.5% 16.3% 18.5% 18.9% › EBITDA margin improved 280 bps in Q4 2025 and 40 bps in 2025 Accounting InflationAccounting Pre - IAS 29 (3%) › Diciplined opex management with Opex/sales ratio (exc. D&A) 9,335 9,009 improving 40 bps in Q4 2025 and increasing only 40 bps F
Slide 24: Consolidated Net Income
Consolidated Net Income Net Income (TRYm) 0.9% (1.2%) 6.9% 4.3% › There is a 424 TRYm one-off negative impact on net income in Q4 2025 regarding the cancellation of inflation accounting in Accounting InflationAccounting Pre - IAS 29 statutory financials (29%)* 3,494 › Net income adjusted for this im
Slide 25: Operational Cash Flow and Working Capital Management
Operational Cash Flow and Working Capital Management Cash Conversion & Operational Cash Flow Main Working Capital Items 88% 95% TRYm 2024 2025 Trade & Other Receivables 2,769 2,926 % LTM Sales 5.5% 6.1% Inventories 6,679 5,853 2024 2025 % LTM COGS 26.7% 25.0% TRYm EBITDA 9,335 9,009 Trade & Other Pa
Slide 26: Capex and Leverage Ratios
Capex and Leverage Ratios CAPEX (TRYm) Debt Breakdown (31 January 2026) % Sales 3.7% 5.5% Average Cost of Debt 2,612 23% USD 6.9% with IAS 29 1,868 USD RUB 20.5% 2,360 CAD 1,268 CAD 6.1% w/out IAS 29 58% 19% RUB 2024 2025 Blended 9.9% Net Cash exc.IFRS16 (TRYm) • All debt is carried by Mavi US, Mavi
Slide 27: FY2025 Guidance Realizations
FY2025 Guidance Realizations (Including IAS 29 Inflation Accounting as Reported) Initial (March 2025) Revised (September 25) Realizations Revenue Growth Low to mid single digit growth Low single digit decline (5%) 20 net new stores in Türkiye 10 net new stores in Türkiye 8 net new stores in Türkiye
Slide 28: FY2026 Guidance and Outlook
FY2026 Guidance and Outlook 2026 Guidance (Including IAS 29 ) Revenue Growth 5% ± 1% 15 net new stores in Türkiye 15 store expansions in Türkiye Retail Stores 30 store upgrades in Türkiye 6 new stores in North America EBITDA Margin 18.0% ± 0.5% Cash Position Net cash position maintained CAPEX 6% of
Slide 29: Thank You
Thank You Contact : investorrelations@mavi.com duygu.inceoz@mavi.com
Slide 30: Financial Statements Income Statement
Financial Statements Income Statement TRYm Q4 2024 Q4 2025 Change (%) 2024 2025 Change (%) Revenue 11,951 11,904 (0%) 50,326 47,729 (5%) Cost of Sales (6,386) (6,034) (6%) (25,018) (23,391) (7%) Gross Profit 5,565 5,869 5% 25,309 24,338 (4%) Gross Margin 46.6% 49.3% 50.3% 51.0% Administrative Expens
Slide 31: Financial Statements Balance Sheet
Financial Statements Balance Sheet TRYm 31 January 2025 31 January 2026 Change (%) Cash and Cash Equivalents 8,272 8,505 3% Financial Investments 5 13 144% Trade Receivables 2,684 2,845 6% Inventories 6,679 5,853 (12%) Other Current Assets 857 744 (13%) Total Current Assets 18,497 17,960 (3%) Proper
Slide 32: Financial Statements Cash Flow Statement
Financial Statements Cash Flow Statement TRYm 2024 2025 Profit¹ 3,494 2,058 Adjustments 7,181 8,577 Cash Flow from Operating Activities 10,675 10,635 Δ in Net Working Capital² (1,098) (423) Income Tax Paid (1,457) (1,341) Net Cash from Operating Activities 8,121 8,871 Capex (1,868) (2,612) Other Inv
Slide 33: Global Operations as of 31 January 2026
Global Operations as of 31January 2026 498 427 71 5 34 Monobrand Mono-Brand International ~4,000 5,957 HQ Countries Stores in Mono-Brand Points of Sale Employees Stores Türkiye Stores TÜRKİYE RUSSIA EUROPE Retail stores: 360 Retail stores: 16 Wholesale doors: ~575 Franchise stores: 67 Franchise stor
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