Turkey · Delayed Price · Currency is TRY BIM Birlesik Magazalar A.S. Earnings Call Transcripts
Fiscal Year 2025
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Net sales grew 6% in real terms and 43% nominally in 2025, with EBITDA margin at 6% (inflation-adjusted) and 7.7% (unadjusted). Over 800 new stores are planned for 2026, with stable profitability and CapEx guidance, while geopolitical risks are being closely monitored.
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Net sales grew 3% year-over-year on an inflation-adjusted basis, with EBITDA margin at 3.6% and net cash reaching TRY 24 billion. Store expansion continued, FLEŞ's share of sales rose, and guidance for 2025 remains unchanged despite ongoing weak traffic and a high effective tax rate.
Fiscal Year 2024
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Annual net sales grew 10% in real terms to TRY 520 billion, with EBITDA margin at 7.5% (ex-inflation). FİLE operations will be spun off, and 2025 guidance targets 45% top-line growth (ex-inflation) and continued high investment in expansion and sustainability.
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Q3 2024 saw 9% year-on-year sales growth (inflation-adjusted), margin normalization, and strong cash flow, with continued store expansion and robust FİLE performance. Guidance for full-year sales and EBITDA margin is maintained, despite a challenging consumer environment and stiff competition.
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Q2 2024 saw 8% real sales growth, 333 new stores, and strong margin expansion, despite higher personnel costs from wage hikes and expansion. Guidance for 75% sales growth and 7.5–8% EBITDA margin is maintained, with continued focus on operational efficiency and store growth.
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Q1 2024 saw 17% year-over-year sales growth (inflation-adjusted), robust store expansion, and margin improvement, with guidance maintained for the year. Competitive pressures and cost increases from wage hikes are expected to normalize margins in coming quarters.