Mavi Giyim Sanayi Ve Ticaret A.s. · BIST:MAVI
Mavi Giyim Sanayi Ve Ticaret A.s — Q1 2025 Earnings Presentation
25 slides from Mavi Giyim Sanayi Ve Ticaret A.s's earnings presentation, Jun 10, 2025
Slide 1: Q1 2025 Results Presentation
Q1 2025 Results Presentation June 10, 2025
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 2025 Highlights
Q1 Q1 2025 2025 Q1 2024 HIGHLIGHTS HIGHLIGHTS HIGHLIGHTS
Slide 4: Management Notes on Q1 2025
Management Notes on Q1 2025 › Mavi maintains strong performance through effective brand strategy, agile pricing and sourcing capabilities, and disciplined inventory and working capital management, defending margins and keeping a robust balance sheet › Focused on long-term sustainable growth targets,
Slide 5: Q1 2025 Highlights
Q1 2025 Highlights GROUP HIGHLIGHTS1 TÜRKİYE HIGHLIGHTS › On a very high base, consolidated revenue declined 9,777 TRYm 2,014 TRYm (14%) (11%) Revenue EBITDA Retail Sales Online Sales 14% yoy in Q1 2025 and realized at 9,777 TRYm Growth Growth › EBITDA for the period is 2,014 TRYm resulting in a str
Slide 6: Sales Channels
SALES SALES CHANNELS CHANNELS
Slide 7: Revenue Evolution in Sales Channels
Revenue Evolution in Sales Channels Global Revenue (TRYm) Türkiye Revenue (TRYm) 11,405 (14%) Channel 1,082 9,777 Growth (13%) 10,136 953 2,893 836 8,865 (12%) (11%) 2,430 2,006 747 1,829 (16%) (9%) 7,430 (14%) 7,294 6,289 (14%) 6,393 Q1 2024 Q1 2025 Q1 2024 Q1 2025 International Revenue (TRYm) Reta
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. 2 7 16 (2) Sqm/ 510sqm 519sqm 535sqm 539sqm Stores Retail Store 188.5 188.8 167.7 174.5 329 336 352 350 2022 2023 2024 Q1 2025 2022 2023 2024 Q1 2025 › With 1 opening and 3 closures in Q1 2025, number of
Slide 10: Like-for-Like Stores Sales Performance
Like-for-Like Stores Sales Performance 141.8% 29.5% 99.8% 17.3% Transaction1 58.8% # Growth 0.7% 16.3% w/out IAS 29 (%) (14.3%) 31.1% 1.6% (15.9%) with IAS 29 2022 2023 2024 Q1 2025 2022 2023 2024 Q1 2025 86.7% › In Q1 2025, LFL sales decreased 15.9% in TRY terms and 13.4% in 70.4% volume on very hi
Slide 11: Sales in Denim & Lifestyle Categories
Sales in Denim & Lifestyle Categories Denim Products (TRYm) Lifestyle Products (TRYm) 42% Knits/Jerseys 24% Shirts 10% Jackets 6% (20%) 15% (14%) 3,089 815 650 377 2,657 (20%) 329 1,896 1,521 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Accessories Non-Denim Bottoms 7% 9% (15%) 0% 639 Q1 2024 Q1 2025 Q1 2024 Q1
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 8.4% 10.7% 8.2% 10.4% 836 (11%) 747 1,188 1,042 (12%) Channel 106 Growth 391 89 331 (15%) 437 (17%) 374 445 416 (6%) (14%) 644 579 (10%) Q1 2024 Q1 2025 Q1 2024 Q1 2025 International On
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) 52.5% 52.2% (14%) Inflation Accounting 11,405 9,777 (15%) 5,985 5,103 With IAS 29 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Imputed Interest Rate Impact 420 bps 380 bps Inventory Inflation -390 bps -230 bps Adjustment Impact Reven
Slide 16: Consolidated EBITDA
Consolidated EBITDA EBITDA (TRYm) 24.0% 20.6% Accounting InflationAccounting Pre - IAS 29 2,736 340 bps detorioration in EBITDA margin includes: (26%) 2,014 › 40 bps negative impact of imputed interest WithIAS 29 IAS29 › 320 bps increase in opex/sales (exc. Depreciation) mainly Inflation due to lowe
Slide 17: Consolidated Net Income
Consolidated Net Income Net Income (TRYm) 11.7% 8.3% Accounting InflationAccounting Pre - IAS 29 (39%) 1,336 29 IAS29 810 WithIAS Inflation With Note: Net Income attributable to owners of the company is 837 TRYm in Q1 2025 Q1 2024 Q1 2025 Net Income (TRYm) Net Income exc.IFRS16 (TRYm) Accounting IAS
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 TRYm 2024 Q1 2025 105% Trade & Other Receivables 2,287 2,882 66% % LTM Sales 5.5% 7.2% Inventories 5,518 6,223 % LTM COGS 26.7% 31.2% TRYm Q1 2024 Q1 2025 Trade & Other Payables 5,
Slide 19: Capex and Leverage Ratios
Capex and Leverage Ratios CAPEX (TRYm) Debt Breakdown (30 April 2025) % Sales 2.7% 4.4% Average Cost of Debt 428 22% 14% USD TRY 47.0% with IAS29 304 CAD USD 6.8% 17% 422 TRY w/out IAS 29 171 RUB 25.6% RUB Q1 2024 Q1 2025 CAD 5.8% 47% Blended 29.7% Net Cash exc.IFRS16 (TRYm) › All of non-TRY debt is
Slide 20: FY2025 Guidance Unchanged
FY2025 Guidance Unchanged Trading Update for Q2 2025 (without IAS 29) › In May 2025, Türkiye retail sales grew 46% (LFL : 41%) and online sales grew 35% (mavi.com : 42%) 19
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 2024 Q1 2025 Change (%) Revenue 11,405 9,777 (14%) Cost of Sales (5,421) (4,674) (14%) Gross Profit 5,985 5,103 (15%) Gross Margin 52.5% 52.2% Administrative Expenses (664) (666) 0% Selling and Marketing Expenses (3,086) (2,941) (5%) R&D Expenses (128) (
Slide 23: Financial Statements: Balance Sheet
Financial Statements Balance Sheet TRYm 31 January 2025 30 April 2025 Change (%) Assets Current Assets Cash and Cash Equivalents 6,833 7,198 5% Financial Investments 5 5 (1%) Trade Receivables 2,217 2,794 26% Inventories 5,518 6,223 13% Other Current Assets 708 820 16% Total Current Assets 15,280 17
Slide 24: Financial Statements: Cash Flow Statement
Financial Statements Cash Flow Statement TRYm Q1 2024 Q1 2025 Profit¹ 1,336 810 Adjustments 1,478 1,726 Cash Flow from Operating Activities 2,814 2,536 Δ in Net Working Capital² 127 (679) Income Tax Paid 227 (85) Net Cash from Operating Activities 3,168 1,771 Capex (304) (428) Other Investing Cash F
Slide 25: Global Operations as of 30 April 2025
Global Operations as of 30 April 2025 481 420 61 5 36 Monobrand Mono-Brand International ~4,000 5,896 HQ Countries Stores in Mono-Brand Points of Sale Employees Stores Turkey Stores TÜRKİYE RUSSIA EUROPE Retail stores: 350 Retail stores: 16 Wholesale doors: ~730 Franchise stores: 70 Franchise stores
Mavi Giyim Sanayi Ve Ticaret A.S. — Q1 2025 Earnings Presentation on 6ix