Turkey · Delayed Price · Currency is TRY Mavi Giyim Sanayi ve Ticaret A.S. Earnings Call Transcripts
Fiscal Year 2026
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Revenue declined 5% in 2025 amid a challenging Turkish macro environment, but EBITDA margin improved to 18.9% and net cash reached TRY 6.9 billion. 2026 guidance targets 5% revenue growth, continued retail expansion, and strong operational discipline.
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Q3 2025 saw resilient margins and strong cash flow despite a 7% revenue decline year-over-year. Leadership in jeans and retail was maintained, with robust U.S. growth and continued investment in stores and digital. Full-year guidance is unchanged, with 2026 set as an investment year.
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Revenue declined 9% year-over-year in H1 2025 amid macroeconomic headwinds, but margins remained resilient with an 18.2% EBITDA margin and strong cash generation. Guidance for 2025 was revised to 30% nominal growth and a higher EBITDA margin, while US expansion and disciplined capital allocation continue.
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Q1 2025 saw a 14% revenue decline on a high base, but margins and cash flow remained strong. Retail expansion continues in Türkiye and the U.S., with a share buyback signaling confidence. Guidance is unchanged as sales trends improve in Q2.
Fiscal Year 2025
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2024 saw modest sales and profit growth despite inflationary headwinds, with strong gains in digital, omnichannel, and sustainability. Guidance for 2025 targets continued margin strength, new store openings in Türkiye and the US, and further digital investment.
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Sustained growth in Türkiye offset macroeconomic headwinds, with consolidated sales up 4% and net income up 4% year-on-year. Margins faced pressure from inflation and higher costs, prompting revised 2024 guidance and continued focus on disciplined expansion and market share gains.
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Q2 2024 saw resilient gross margins and strong cash flow despite a post-Eid demand slowdown and higher OpEx from wage hikes. International sales declined, but Turkey retail and online channels showed volume growth, and management maintains full-year guidance amid ongoing macroeconomic pressures.
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Q1 2024 saw 20% sales growth, 49% EBITDA growth, and 127% net income growth, driven by strong Turkey retail and online performance, margin gains, and robust customer acquisition. Management maintains a prudent outlook amid inflation risks, with continued investments in omni-channel and digital transformation.