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Migros Ticaret (MGROS) investor relations material
Migros Ticaret Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Nine-month sales turnover reached TRY 295 billion, up 7.2% year-over-year, with net profit of TRY 5.6 billion and a net margin of 1.9%, supported by resilient Q3 2025 performance and continued market share gains.
EBITDA for 9M 2025 reached TRY 18.98 billion, with a margin of 6.4% under inflation accounting, and gross profit increased to TRY 72 billion.
The Group expanded its retail footprint to 3,730 stores, opening 187 new stores in nine months, and increased its workforce to 55,872 employees.
Net profit for 9M 2025 was impacted by inflation adjustments and one-off asset divestitures.
Achieved operational resilience despite economic tightening, with strong value proposition and seasonal store contributions.
Financial highlights
Q3 2025 net sales turnover was TRY 107 billion, a 7.7% increase year-over-year; EBITDA margin reached 8.8%; net profit was TRY 4 billion under IAS 29.
Free cash flow for 9M 2025 was TRY 8.4 billion, with a net cash position of TRY 29.6 billion at 3Q 2025.
Total equity increased to TRY 76.4 billion; financial debt reduced to TRY 1.4 billion, down 30% year-over-year.
Gross margin for the period was 24.4%, up from 22.6% year-over-year.
OPEX/Sales ratio improved to 19.8% in Q3 2025 from 21.8% in Q3 2024; OpEx to sales (excluding D&A) declined by 50 basis points year-over-year in Q3.
Outlook and guidance
Revised full-year real top-line growth guidance to 6%-7% (from 8%-10%) due to higher inflation expectations; nominal growth target unchanged.
Raised EBITDA margin guidance to 6.5% from 6%; store expansion and CapEx guidance unchanged, targeting ~250 new stores.
Anticipates continued shopper pressure and lower consumption power in Q4 and 2026, with focus on maintaining basket size and traffic.
Nominal top-line growth target remains unchanged, with higher cash EBITDA generation expected.
No significant changes in dividend policy; a total dividend of TRY 1,384 million was paid in May 2025.
Impact of net monetary gains on reported profit
Evaluate foreign currency net asset position
Quantify IFRS 16 impact on EBITDA
Quantify future OpEx efficiency from automation
Migros Yemek's role in omnichannel strategy
2026 real basket size growth challenges
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Next Migros Ticaret earnings date
Q4 202527 Feb, 2026
Next Migros Ticaret earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
Migros Ticaret A.Ş. is a Turkish retail company operating a network of supermarkets, hypermarkets, and convenience stores. The company offers a wide range of grocery products, fresh produce, household goods, and personal care items. In addition to its physical stores, Migros Ticaret A.Ş. provides online shopping and home delivery services. The company is headquartered in Istanbul, Turkey, and its shares are listed on the BIST.
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