Migros Ticaret A.s.BIST: MGROS

1Q 2026 Investor Presentation

May 5, 2026 at 10:38 PM UTC · Issued by Migros Ticaret A.s.

Omni-channel, multi format retailer

Company Presentation

1Q 2026

Financial Overview

Operational Update

Summary s Guidance

Appendix

Market Share Evolution

Total FMCG Market Share *

(%)

Modern FMCG Market Share * (%)

+160 bps +250 bps

16.8

8.5

10.1 9.9 9.9

14.3

15.2 15.2

Migros maintained its market share both modern and total FMCG market

2022 2023 2024 2025 1Q 2025 1Q 2026 2022 2023 2024 2025 1Q 2025 1Q 2026

Sourcg: Niglsgn

* FMCG: FasЧ Moving Consumgr Goods. Modgrn and ЧoЧal FMCG markgЧs includg all food-rgЧail formaЧs

Expansion

of Stores Sales Area

(thousand sqm)

of Online Service Stores*

3,642

170

3,812

ngw sЧorgs in

ṯǪ 2026

2,043

2.3%

2,090

1,452

1,068

2,520

51 new store openings including 4 Macrocenters (Total of Macrocenter stores: 252)

1Q 2025 1Q 2026

*Indicates physical stores out of which online operations are carried out

CAPEX (TL million)

7% 7% 29%

2.0%

2,077

2,670

2.4%

CAPEX Breakdown

3.5%

3.4%

3.3%

New

Stores

17%

3% 6%

New

DCs

Subsidiaries

Self-checkout and electronic shelf labels investments in 2026 brought forward to the first quarter leading to

2023 2024 2025

42%

3.5%

3.4%

63%

1Q 2025 1Q 2026

68%

2.5%

2,620

2.0%

1,561

44%

Technology s IT,

Self check-outs

s Electronic shelf labels

1Q 2026

30%

Refurbishment

of Stores s DCs

40 bps increase in CAPEX/Sales ratio

3.8%

2023 2024 2025 1Q 2025 1Q 2026

Real L-f-L Growth Continues

Inflation (CPI) adjusted

L-f-L

Sales

Growth (%)

5.9

4.4

6.4*

3.0

4.3 4.1

3.1

Strong basket size

growth

L-f-L

Basket Size

Growth (%)

2024 2025

3.5

2.7

2024 2025

3.0

1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026

5.7

4.2

3.4 3.6

1.3

1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026

1.7

Negative traffic growth in 1Q 2026 due to pausing planned marketing activies because of the labor unrest in our main DCs

L-f-L

Customer Traffic Growth (%)

0.9

0.7*

0.9

0.5

1Q 2026

1Q 2025 2Q 2025 3Q 2025 4Q 2025

2024 2025

NoЧg ṯ: Likg-for-likg calculaЧions arg basgd on rgЧail salgs only, gxcluding wholgsalg

-1.1

NoЧg 2: Likg-for-likg (L-f-L) salgs arg ngЧ salgs ggngraЧgd from Чhg sЧorgs which wgrg opgn aЧ lgasЧ in Чhg lasЧ ṯ2 monЧhs bgforg Чhg currgnЧ rgporЧing pgriod (i.g.sЧorgs opgn sincg ṯ Jan. 2025)

7 *Figurgs gxcluding Чhg lgap ygar impacЧ in ṯǪ 2024 (Fgbruary 29), Including lgap ygar impacЧ: L-f-L Salgs GrowЧh: 5.2%, L-f-L CusЧomgr Traffic GrowЧh: -0.5%

Consolidated Sales (TL million)

12.1% 7.3%

102,646

6.4% 109,237

2023 2024 2025

1Q 2025 1Q 2026

Strong sales growth supported by volume gains

78%

45%

76,599

40%

106,912

2023 2024 2025

1Q 2025 1Q 2026

Gross Profit (TL million)

39%

13%

24.3%

24,887

25,735

23.1%

24.2%

23.6%

23.1%

2023 2024 2025

ImpuЧgd InЧgrgsЧ RaЧg ImpacЧ 2ṯ0 bps 5ṯ0 bps 480 bps InvgnЧory inflaЧion adj. ImpacЧ -500 bps -380 bps -250 bps

Gross Profit Margin exc. Impacts 21.6% 21.8% 22.0%

1Q 2025 1Q 2026

470 bps 430 bps

-290 bps -290 bps

22.4% 22.1%

The transition of subcontracted

26.4%

DC employees to Migros payroll lifted warehousing costs by 20 bps

102%

44%

26.7%

20,756

36%

28,242

23.7%

26.9%

27.1%

2023 2024 2025

ImpuЧgd InЧgrgsЧ RaЧg ImpacЧ 2ṯ0 bps 5ṯ0 bps 480 bps

1Q 2025 1Q 2026

470 bps 430 bps

Gross Profit Margin exc. Impact 21.6% 21.8% 22.0%

22.4% 22.1%

OPEX Evolution (TL million)

with IAS 29

OPEX/Sales

23.3%

21.6%

24,189 25,498

20.4%

23.6%

21.1%

19 bps decrease in employee cost in 1Q 2026 driven by efficiency investments

2023 2024 2025

OPEX/Sales

exc. Depreciation & Amortisation

16.9%

17.7%

2023 2024 2025

1Q 2025 1Q 2026

OPEX/Sales

exc. Depreciation & Amortisation

20,062 20,445

19.5%

18.7%

1Q 2025 1Q 2026

21 bps reduction in energy cost 34 bps reduction in rent cost related with IFRS 16 reclassification

Consolidated EBITDA (TL million)

248%

32%

10%

4.7%

4.8%

6.6%

4,825 5,290

1.7%

5.4%

2023 2024 2025

ImpuЧgd InЧgrgsЧ RaЧg ImpacЧ 2ṯ0 bps 5ṯ0 bps 480 bps InvgnЧory inflaЧion adj. ImpacЧ -500 bps -380 bps -250 bps

EBITDA Margin exc. Impacts 4.6% 4.1% 4.4%

9.1%

44%

9.2%

145%

1Q 2025 1Q 2026

470 bps 430 bps

-290 bps -290 bps

2.8% 3.4%

7.7%

43% 8,234

5,777

80 bps OpEx improvement outpaces 30 bps Gross Profit margin decline

in 1Q 2026 EBITDA

(excluding imputed

interest and IAS 29)

6.7%

7.5%

2023 2024 2025

ImpuЧgd InЧgrgsЧ RaЧg ImpacЧ 2ṯ0 bps 5ṯ0 bps 480 bps

1Q 2025 1Q 2026

470 bps 430 bps

EBITDA Margin exc. Impact 4.6% 4.1% 4.4%

2.8% 3.4%

Net Profit (TL million)

4.9%

-49%

2.2%

-21%

1.6%

1.3%

1,350

19%

1,610

1.5%

Inflation accounting monetary gains offset increased amortization and net financial income/expenses in 1Q 2026

2023 2024 2025

1Q 2025 1Q 2026

-1%

-4%

1.5%

0.1%

1Q 2025

1Q 2026

-0.4%

-379

The decline in net profit w/o IAS 29 is driven by

net financial income/expenses and one-off subcontractor agreement cancellation costs

2.3%

4.1%

2023 2024 2025

Net Cash & Free Cash Flow (TL million)

with IAS 29

Free Cash Flow

Net Cash*

Cash Conversion Cycle

Cash conversion cycle improved by 1.6 days

in Days

1Q 2025

1,163

1Q 2026

24,057

17%

28,142

-36.0

1.6 days -37.6

-4,228

1Q 2025 1Q 2026

*w/o IFRS ṯ6

1Q 2025 1Q 2026

Employee payables at the end of March 2026 was higher than usual because of pending union negatiations

Operational Update

Volume growth compensated the traffic decline in 1Q

Efficiency s Cost Savings Drivers

Fresh categories supported basket expansion
Traffic declined by 1.1% in 1Q 2026 due to paused promotions in February (mainly proximity stores). April L-f-L traffic is positive

Efficiency investments (electronic shelf labels s self-checkout scaled to 1,000+ stores)
continued to enhance operational productivity
Lower electricity costs supported by strong hydroelectric generation and limited increase in oil prices due to government support
Total impact: ~50 bps cost savings in 1Q 2026

Inflation (CPI) adjusted

TL 25.4 bn

Migros One GMV

23%

increase Y-o-Y

TL 3.5 bn

Migros meal GMV

54%

increase Y-o-Y

304k

Daily Order(2)

23%

increase Y-o-Y

6.3 mn

Unique Customer(2)

800k

increase Y-o-Y

23.5%

e-Com Share in Migros (1)

240 bps

increase Y-o-Y

Key highlight

Migros One GMV

(TL billion)

25.4

Daily Order(2)

304k

e-Com Share in Migros(%)(1)

23.5

21.1

of active users(2)

(million)

6.3

+190 bps increase in hybrid customer ratio

Y-o-Y

12.9

0.5

17.3

1.4

20.6

2.3

3.5

Grocery

156k

16k

40k

225k

247k

47k

68k

19.5

17.2

3.6

4.5

5.5

1Q 2023 1Q 2024 1Q 2025 1Q 2026

e-Commerce share denotes total online grocery sales as a percentage of total Migros sales. Without tobacco & alcohol
Annual basis LTM

Fintech Operations: Moneypay

Inflation (CPI) adjusted

TL 37.1 bn

Total Payment Volume

148%

increase Y-o-Y

Total Payment Volume

(TL billion)

37.1

14.9

4.7

373 k

Daily

Transaction

64%

increase Y-o-Y

Daily Transaction

373k

228k

78k

TL 877 mn

Revenue

154%

increase Y-o-Y

Revenue

(TL million)

877

345

121

5.1 mn

of registered users

1.4 mn

increase Y-o-Y

of Registered users

(million)

5.1

3.7

2.3

Key highlight MoneyPay has enabled in-store QR payment feature in Migros App

1Q 2024 1Q 2025 1Q 2026

Summary & Guidance

Underlying Performance, Consolidated, TL million

with IAS 29

Net Sales

6.4%

IAS 29 EBITDA

10% 5,290

102,646

109,237

4,825

1Q 2025

1Q 2026

1Q 2025

1Q 2026

4.7%

4.8%

EBITDA*

26% 3,678

2,916

1Q 2025

1Q 2026

2.8%

3.4%

Net Profit

19%

1,350

1,610

1Q 2025

1Q 2026

1.3%

1.5%

2026 Migros Guidance, Consolidated

with IAS 29

Sales Growth

2026

5-7%

2025A

7.3%

IAS 29

EBITDA Margin

2026

6-7%

2025A

6.6%

EBITDA

Margin*

2026

4-5%

200 bps impacts*

2025A

4.4%

230 bps impacts*

Expansion

Target

2026

180-200

new stores

2025A

259

new stores

Capex/Sales

2026

2.5-3.0%

2025A

3.3%

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