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Investor Relations14 Oct 2025
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Migros Ticaret (MGROS) investor relations material
Migros Ticaret Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary13 Aug, 2025
Executive summary
Consolidated net sales reached TL 174,844 million in 1H 2025, up 7.0% year-over-year under IAS 29 inflation accounting.
EBITDA for 1H 2025 was TL 8.8 billion, up from TL 5.3 billion year-over-year, with margin at 5.1%.
Net profit for 1H 2025 was TL 1,467 million, while net income attributable to equity holders was TL 1.32 billion, down from TL 2.63 billion in the prior year.
Market share in total FMCG increased by 60 bps year-over-year to 16.8% in 1H 2025; modern FMCG share rose by 50 bps to 10.2%.
Store network expanded by 193 new stores and workforce increased to 56,422 employees as of June 2025.
Financial highlights
Gross profit margin was 24.0% in 1H 2025, up from 21.6% year-over-year.
OPEX/Sales ratio improved to 18.4% in 2Q 2025 from 19.5% in 1Q 2025, mainly due to lower employee costs.
Net cash position (excluding IFRS 16) was TL 5,259 million at 2Q 2025; free cash flow for 1H 2025 was TL 692 million.
Total equity reached TL 67,409 million and total financial debt (excluding IFRS 16) was TL 665 million at 1H 2025.
Cash and cash equivalents at period end were TL 22.2 billion, down from TL 26.3 billion at year-end 2024.
Outlook and guidance
2025 sales growth guidance is 8–10% (vs. 12% in 2024), with slight downside risk.
EBITDA margin expected at ~6.0% for 2025 (vs. 5.4% in 2024); capex/sales ratio targeted at 2.5–3.0%.
Plans to open approximately 250 new stores in 2025 and expand digital services.
How does TAS 29 affect reported equity?
What is the new Moneypay subsidiary's focus?
Total contractual cash outflow for borrowings?
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Next Migros Ticaret earnings date
Q3 20253 Nov, 2025
Next Migros Ticaret earnings date
Q3 20253 Nov, 2025
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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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