Migros Ticaret A.s. · BIST:MGROS
Migros Ticaret A.s — Q3 2025 Earnings Presentation
42 slides from Migros Ticaret A.s's earnings presentation, 2025
Slide 1: Company Presentation 3Q 2025
Omni-channel, multi format retailer Company Presentation 3Q 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 Financial Overview Operational Overview Guidance Appendix 3
Slide 4: Underlying Performance, Consolidated
Underlying Performance, Consolidated with IAS 29 inflation accounting 3Q 2025 Net Sales Sales Growth EBITDA Margin Net Profit Margin TL 106,883 7.7% 8.8% 3.8% mn 9M 2025 Net Sales Sales Growth EBITDA Margin Net Profit Margin TL 294,848 7.2% 6.4% 1.9% mn 4
Slide 5: Improving Market Share
Improving Market Share Migros FMCG Migros Market Share* e-commerce FMCG Omni (%) Market Share** channel & (%) Multi +60 bps +190 bps +110 bps format 16.8 22.0 16.2 20.1 15.2 Expanding +50 bps +50 bps footprint 10.1 Market 9.0 9.5 penetration Share Gain Price Investments 9M 9M 9M 9M 9M 9M 9M 9M 2023
Slide 6: Sales Area Expansion
Sales Area Expansion # of Stores Sales Area # of Online Service Stores* (thousand sqm) 180 3,730 1,881 3,550 3.0% 592 2,005 2,064 1,289 187 459 new new stores stores in 9M in 9M 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 Due to building safety concerns, 22 stores were closed in İstanbul region
Slide 7: CAPEX (TL million)
CAPEX (TL million) 8,094 5% 8,515 2.9% 2.9% with IAS 29 CAPEX Breakdown inflation accounting New New Stores DCs 17% 17% 9M 2024 9M 2025 Solar 4% Subsidiaries 8% Energy 9M 2025 22% 50% 31% 7,895 Refurbishment of Stores & DCs without IAS 29 5,273 2.9% IT, R&D, Self check-outs inflation & Electronic pr
Slide 8: Gaining Customer Traffic on L-f-L Basis
Gaining Customer Traffic on L-f-L Basis Inflation (CPI) adjusted L-f-L Sales Growth (%) 7.6 6.0 6.3* 4.2 3.0 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 L-f-L Basket Size Growth (%) L-f-L Customer Traffic Growth (%) 5.9 1.8 5.5 5.7 1.6 3.4 0.8 0.5 0.5* 1.3 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 3Q 2024
Slide 9: Consolidated Sales (TL million)
Consolidated Sales (TL million) with IAS 29 7.7% 7.2% inflation accounting 106,883 99,287 294,848 274,985 3Q 2024 3Q 2025 9M 2024 9M 2025 43.9% 45.9% without IAS 29 103,968 270,809 inflation accounting 72,232 185,668 3Q 2024 3Q 2025 9M 2024 9M 2025 9
Slide 10: Gross Profit (TL million)
Gross Profit (TL million) 26,856 72,047 with IAS 29 24,245 11% 62,284 16% inflation accounting 25.1% 24.4% 24.4% 22.7% 3Q 2024 3Q 2025 9M 2024 9M 2025 Imputed Interest Rate Impact 500 bps 440 bps 480 bps 470 bps Gross Profit Margin Inventory inflation adj. Impact -300 bps -200 bps -420 bps -260 bps
Slide 11: Improvement in OPEX/Sales in 3Q 2025 vs 2Q 2025
Improvement in OPEX/Sales in 3Q 2025 vs 2Q 2025 with IAS 29 inflation accounting OPEX/Sales OPEX/Sales 21,832 21,494 19,684 64,390 57,679 22.1% 20.1% 21.8% 19.8% 21.0% 3Q 2024 2Q 2025 3Q 2025 9M 2024 9M 2025 OPEX/Sales OPEX/Sales exc. Depreciation & Amortisation exc. Depreciation & Amortisation 18,1
Slide 12: Efficiency Focus
Efficiency Focus Decrease in OPEX Savings OPEX Savings Through shrinkage ratio Through Automation Solar Investments 30 bps annualized 30 bps annualized 35 bps 3Q 2025 OPEX savings from OPEX savings 35 bps 9M 2025 investments in self- expected after checkouts and completing solar plant electronic pri
Slide 13: Consolidated EBITDA (TL million)
Consolidated EBITDA (TL million) 9,412 18,984 24% 41% with IAS 29 inflation accounting 7,577 8.8% 13,438 6.4% 7.6% 4.9% 3Q 2024 3Q 2025 9M 2024 9M 2025 Imputed Interest Rate Impact 500 bps 440 bps 480 bps 470 bps Inventory inflation adj. Impact -300 bps -200 bps -420 bps -260 bps EBITDA Margin exc.
Slide 14: Net Profit (TL million)
Net Profit (TL million) with IAS 29 -9% -23% inflation accounting 4,410 7,287 4,033 0.3%* 0.7%* 10% -14% 5,611 3,681 3.8% 6,558 1.9% 3.7% 2.4% 3Q 2024 3Q 2025 9M 2024 9M 2025 *One-off gains from two asset divestitures *One-off gains from two asset divestitures 0% 3,322 3,322 4,883 -17% 1.1%* 31% 3.2
Slide 15: Net Cash & Free Cash Flow (TL million)
Net Cash & Free Cash Flow (TL million) with IAS 29 inflation accounting Free Cash Flow Cash Conversion Cycle Net Cash* in Days 3.5 days -13% -44.5 4% 8,818 -41.0 29,637 28,425 7,653 2,360* %19 6,457 3Q 2024 3Q 2025 3Q 2024 3Q 2025 3Q 2024 3Q 2025 *One-off cash inflows from two asset divestitures *w/
Slide 16: Total Equity & Total Financial Debt (TL million)
Total Equity & Total Financial Debt (TL million) Total Equity Financial Debt* with IAS 29 5% inflation accounting 2,113 -30% 72,559 76,406 1,445 9M 2024 9M 2025 9M 2024 9M 2025 *w/o IFRS 16 Total Equity Financial Debt* 30% -9% without IAS 29 21,934 1,585 inflation accounting 16,886 1,445 9M 2024 9M
Slide 17: Operational Overview
Online Operations & Operational Update Strategy Update
Slide 18: Online Operations are More Efficient
Online Operations are More Efficient Inflation (CPI) adjusted Grocery GMV Grocery Merchandise # of Orders (TL billion) (million) 21% 12% 56.7 50.3 50.8 41.7 Migros’ Online Grocery 9M 2024 9M 2025 140 bps 9M 2024 9M 2025 increase Migros Grocery Sales Breakdown* operating profitability Online Grocery
Slide 19: Online Meal Business, a Gateway to Younger Demographic
Online Meal Business, a Gateway to Younger Demographic Inflation (CPI) adjusted in 81 cities Meal Business Meal Business Gross Merchandise Value # of Orders (TL billion) (million) 57% 6.6 Around 1/3 of 25% 13.9 shoppers of Migros meal customers are the 11.1 4.2 first time visitors of the Migros app
Slide 20: Strong Growth in Moneypay Supporting Migros Ecosystem
Strong Growth in Moneypay Supporting Migros Ecosystem Inflation (CPI) adjusted Revenue Total Payment Volume (TL million) (TL billion) 193% 1,188.0 166% 47.9 405.1 18.1 9M 2024 9M 2025 9M 2024 9M 2025 # of Transaction Total Payment Volume Breakdown (million) (TL) 70.0 140% 25.2 POS bn 9M 2025 21.4 Wa
Slide 21: Guidance
Online Operations & Guidance Strategy Update
Slide 22: 2025 Migros Guidance, Consolidated
2025 Migros Guidance, Consolidated with IAS 29 inflation accounting Initial Guidance New Guidance Sales Growth 8-10% 6-7% EBITDA Margin ~ 6.0% 6.5% Expansion ~ 250 ~ 250 Target new stores new stores Capex/Sales 2.5-3.0% 2.5-3.0% ▪ Our implied nominal top-line growth target remains unchanged ▪ New gu
Slide 23: Appendix
Online Operations & Appendix Strategy Update
Slide 24: Ownership Structure
Ownership Structure Direct Shareholding Structure Indirect Shareholding Structure AG Anadolu Grubu AG Anadolu Grubu Free Float Holding A.Ş. Holding A.Ş. 50.00% 100.00% 50.00% MH Perakendecilik ve Free Float Migros Ticaret A.Ş.* Migros Ticaret A.Ş. Ticaret A.Ş. 49.18% 1.64% 49.18% Migros Ticaret A.Ş.
Slide 25: Migros at a Glance
Migros at a Glance TL 294.8 bn in Sales 9M 2025 55,872 employees 3,730 stores as of 9M 2025 +2,000 suppliers Borsa Istanbul Indices BIST 30, BIST Sustainability Index & BIST Sustainability 25 Index BIST Corporate Governance Index 49.18% free float BIST Dividend Index & BIST Dividend 25 Index Subsidi
Slide 26: Store Portfolio: Physical & Online Network – 9M 2025
Store Portfolio: Physical & Online Network – 9M 2025 Supermarkets Hypermarkets Macrocenter Wholesale Online* 3,312 52 231 29 1,881 40 sqm - 3,500 sqm 3,500 sqm – 8,500 sqm 250 sqm – 2,000 sqm 200 sqm – 1,600 sqm 2,000 SKU – 40,000 SKU # of Sales area stores (th sqm) Migros 2,130 1,448 (M, MM, MMM) M
Slide 27: Initiatives Supporting Migros’ Core Business
Initiatives Supporting Migros’ Core Business Online grocery Last-mile Fintech B2B payment Packed Migros’ offline Charging & meal delivery financial and collection ready-to-eat & online retail services for business solution solutions services meal production media assets electric vehicles & catering
Slide 28: KPIs of Migros Digital Ecosystem
KPIs of Migros Digital Ecosystem without IAS 29 inflation accounting # of active users # of orders Gross Merchandise # of registered users # of transactions Total Payment (million) (million) Value (million) (million) Volume (TL billion) (TL billion) 24.5 19.3 23.9 17.5 5.8 5.8 15.4 18.7 12.9 4.4 25.
Slide 29: Online Operations’ Gross Merchandise Volume (TL billion)
Online Operations’ Gross Merchandise Volume (TL billion) Inflation (CPI) adjusted 56.9 24% 19.9 45.9 27% 15.7 Grocery GMV 24% 17.7 21% 50.3 14.3 41.7 56% 57% 1.4 2.2 4.2 6.6 3Q 2024 3Q 2025 9M 2024 9M 2025 29
Slide 30: Financial Overview
Online Operations & Financial Overview Strategy Update
Slide 31: 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 (%) 63.8 57.6 48.1* 40.0 38.9 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 L-f-L Basket Size Growth (%) L-f-L Customer Traffic Growth (%) 63.0 1.8 54.9 1.6 47.4 37.8 37.8 0.8 0.5 0.5* 3Q 2024 4Q 2024 1Q 2025 2Q
Slide 32: Quarterly OPEX Evolution (TL million)
Quarterly OPEX Evolution (TL million) with IAS 29 inflation accounting 75 bps -17 bps 23 bps -23 bps -6 bps 19,684 -24 bps 21,494 Margin Margin 19.8% 20.1% 3Q 2024 Employee Cost Rent & IT maintenance Energy Advertising Depreciation & 3Q 2025 Opex Personnel expenses, Common area & Other expenses expe
Slide 33: Inflation-accounting impact on EBITDA & Net Income in 9M
Inflation-accounting impact on EBITDA & Net Income in 9M 1,940 -7,588 24,632 70 bps 9,551 -13,766 260 bps 320 470 bps bps 18,984 -11,327 380 bps 7,588 Margin 9.1% 260 bps -2,738 Margin 90 bps 6.4% -2,682 90 bps 5,611 60 bps Margin 1.9% Inventory 9M 2025 Depreciation Inventory Asset & Due date Financ
Slide 34: IAS 29 Consolidated Income Statement Summary – 9M 2025
IAS 29 Consolidated Income Statement Summary –9M 2025 (TL million) 9M 2024 9M 2025 Net Sales 274,985 294,848 Cost of Sales -212,701 -222,801 Gross Profit 62,284 72,047 Operating Expenses -57,679 -64,390 Other Operating Expense -13,558 -13,807 Operating Loss -8,953 -6,150 Income / Expense from Invest
Slide 35: IAS 29 Consolidated Balance Sheet Summary – 9M 2025
IAS 29 Consolidated Balance Sheet Summary – 9M 2025 (TL million) 2024 9M 2025 Current Assets 72,366 70,271 Non-current Assets 115,853 125,127 Total Assets 188,219 195,398 Current Liabilities 89,072 87,034 Non-current Liabilities 26,796 31,957 Total Liabilities 115,868 118,991 Equity 72,351 76,406 To
Slide 36: IAS 29 Cash Flow – 9M 2025
IAS 29 Cash Flow- 9M 2025 (TL million) 9M 2024 9M 2025 Net profit 7,287 5,611 Adjustments related to reconciliation of net profit for the period 26,001 28,860 Changes in net working capital 9,819 3,198 Cash flows from operating activities 43,108 37,669 Net cash provided by operating activities 27,10
Slide 37: IAS 29 Impact on Financials
IAS 29 Impact on Financials with IAS 29 without IAS 29 inflation accounting inflation accounting (TL million) 9M 2024 9M 2025 9M 2024 9M 2025 Selected Balance Sheet Items Total Assets 180,177 195,398 93,242 135,390 Total Liabilities 107,618 118,991 76,355 113,456 Total Equity 72,559 76,406 16,886 21
Slide 38: Sustainability
Online Operations & Sustainability Strategy Update
Slide 39: Sustainable Energy Investments
Sustainable Energy Investments Operating since Kırşehir, Malatya, Operating since March 2025 September 2025 34.4 MWp 16 MWp 13% of total energy 20% targeted energy self- consumption is sufficiency ratio with new from company-owned solar investments by the end of 2025 plants as of September 2025 ~1/3
Slide 40: Sustainability Targets
Sustainability Targets 1 Reducing Greenhouse Gas Emission 42% 50% 2 Reducing Food Waste by 2030 year-end by 2030 year-end (base year 2020) (base year 2018) 3 Increasing Women Participation in Top 27-33% 10% 4 Reducing Water Consumption Management by 2026 year-end by 2030 year-end (base year 2018) (b
Slide 41: Migros Better Future Plan
Migros Better Future Plan ECOSYSTEM SUSTAINABILITY THROUGH TRANSPARENT, RESPONSIBLE, ETHICAL GOVERNANCE A Better Future A Better Future through Transformative A Better Future for Our Customers A Better Future for for Our Planet A and Stakeholders Our Employees - Innovation EXTENSIVE Goop AND COMBAT
Slide 42: Waste Management & Biodiversity Conservation
Waste Management & Biodiversity Conservation Preventing Food Waste Reducing Plastic Waste Good Agricultural Practices Prevented food loss with Expiry GAP certified F&V Date discounts* 16,643 tons of food * 2024 data Bag-Free Shopping Movement* 1.7 million tons in 14 years Food donation GAP certified