BIM Birlesik Magazalar (BIMAS) Q2 2025 earnings summary

Executive summary

• Net sales reached 153.2 billion TL in 2Q25, up 4% YoY, with strong operating margins despite a high effective tax rate due to reporting standards.

• Revenue for the six months ended June 30, 2025 reached TRY 309.8 billion, up from TRY 299.5 billion YoY.

• Store network expanded to 14,075 with 266 new openings in the quarter, reflecting 7% YoY growth.

• Like-for-like sales in Türkiye rose 28.2% YoY, driven by a 34.1% increase in basket size, while customer traffic per store declined 4.4%.

• The financial statements were prepared under inflation accounting (TAS 29) due to hyperinflationary conditions in Turkey.

Financial highlights

• EBITDA was 9.4 billion TL with a 6.1% margin (with TAS 29), up 91% YoY; net income was 2.7 billion TL, with a 1.8% margin.

• Gross profit for 2Q25 was 31.5 billion TL, with a gross margin of 20.5% (with TAS 29).

• Gross profit for the six-month period was TRY 58.9 billion, up from TRY 50.9 billion YoY.

• Operating profit for the period was TRY 2.4 billion, compared to TRY 3.8 billion in the prior year.

• Earnings per share for the period were TRY 9.32, down from TRY 19.74 YoY.

Outlook and guidance

• Guidance and investor analysis are based on financials excluding inflation accounting (TAS 29), with continued focus on operational efficiency and expansion.

• The Group is assessing the impact of new and upcoming Turkish and international accounting standards, including TFRS 18 and TFRS 19, on future financial reporting.

• Inflation accounting will continue to affect reported results as long as hyperinflationary conditions persist.