Migros Ticaret (MGROS) investor relations material

Executive summary

• 9M26 IAS 29-adjusted net sales rose 4.1% to TL398,013.958m; EBITDA margin was 5.9% and net profit margin 1.2%.

• 3Q26 net sales grew 3.3% as trading activity accelerated QoQ despite softer consumption; net profit fell 29.8% YoY to TL3,671.192m.

• 9M26 operating loss widened to TL11,798.674m from TL7,977.953m, while net monetary gains of TL22,911.634m contributed to profit before tax of TL6,099.187m.

Financial highlights

• 9M26 net sales were TL398,013.958m vs TL382,511.660m; Q3 net sales were TL143,275.618m vs TL138,661.059m.

• 9M26 gross profit was TL93,769.027m vs TL93,468.093m; Q3 gross profit was TL34,911.049m vs TL34,841.293m.

• 9M26 EBITDA was TL23,485.748m vs TL24,628.508m; net profit was TL4,809.507m vs TL7,278.721m.

• Q3 net profit margin was 2.6% vs 3.8% YoY, improving 310 bps QoQ; 9M net profit margin was 1.2% vs 1.9%.

• 9M26 operating cash flow was TL28,461.368m vs TL28,920.173m; free cash flow was TL9,701m, down 11% YoY.

Outlook and guidance

• FY26 IAS 29-adjusted sales growth guidance was cut to 4%-5% from 5%-7%, against 9M growth of 4.1%.

• FY26 EBITDA margin target remained 6%-7%, or 4%-5% excluding imputed interest and inventory inflation adjustment impacts; 9M adjusted margin was 4.3%.

• FY26 margin expansion target was 200 bps; capex/sales guidance was 2.5%-3.0% vs 9M actual of 2.2%.

• FY26 store-opening guidance was 180-200; 154 stores had opened by September-end, with another 17 opened in October.