BIM Birlesik Magazalar (BIMAS) Q1 2025 earnings summary

Executive summary

• Net sales reached TRY 148 billion in Q1 2025, up 3% year-over-year on an inflation-adjusted basis; nominal sales growth was 44% year-over-year.

• Net income was TRY 2.7 billion (1.8% margin) with inflation accounting, down 49% year-over-year.

• EBITDA margin was 3.6% with inflation accounting, 6.7% without; EBITDA stood at TRY 5.3 billion.

• Store count grew to 13,809 with 226 new stores opened in Q1, reflecting 8% year-over-year growth.

• Inflation accounting (TAS 29) was applied for the first time, restating prior period figures.

Financial highlights

• Like-for-like sales grew 35% year-over-year; basket size increased 40%; customer traffic declined 3.7%.

• Gross margin improved to 17.5% (inflation-adjusted), up 30 bps year-over-year; 20.7% without inflation accounting.

• OpEx to sales ratio increased to 18.1% (inflation-adjusted), mainly due to higher personnel expenses after wage hikes.

• Net cash position reached TRY 24 billion, driven by strong cash flow, working capital improvement, and postponed payments.

• CapEx was TRY 4.6 billion (3.1% of net sales), below full-year guidance due to postponed investments.

Outlook and guidance

• Guidance for 2025 revenue growth and EBITDA margin remains unchanged; expect operating leverage to improve margins in coming quarters.

• Expect normalization in sales growth and cash position in subsequent quarters as base effects and seasonal factors subside.

• Management monitors inflationary impacts and adjusts pricing and cost controls accordingly.