Turkey · Delayed Price · Currency is TRY Migros Ticaret A.S. Earnings Call Transcripts
Fiscal Year 2026
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Net sales grew 2.7% year-over-year in Q2 2026, with online operations up 21% and EBITDA margin at 4.3%. Gross margin declined due to heavy promotions, but management expects margin improvement in H2, maintaining guidance for sales and EBITDA.
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Delivered strong real and nominal sales growth, maintained market share, and expanded online and fintech operations. Despite cost pressures from labor transitions and inflation, profitability and cash flow improved, with guidance and expansion targets reaffirmed.
Fiscal Year 2025
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Q3 2025 saw strong sales, margin, and market share growth despite economic headwinds, with robust online and meal delivery expansion, improved operational efficiency, and a healthy balance sheet. Full-year real growth guidance was revised down due to higher inflation, but profitability outlook improved.