BIM Birlesik Magazalar (BIMAS) Q4 2024 earnings summary

Executive summary

• Annual net sales reached TRY 520 billion in 2024, up 10% year-over-year in real terms, with 1,101 new stores opened, bringing the total to 13,583.

• EBITDA margin was 4.3% with inflation accounting and 7.5% without, matching guidance despite elevated operating expenses.

• Net income for 2024 was TRY 18.9 billion (3.6% margin), with a decline from the prior year due to hyperinflation adjustments.

• FİLE operations are being spun off into a separate company, but will remain fully consolidated.

• Consolidated financials were prepared under Turkish Financial Reporting Standards and adjusted for hyperinflation as per IAS 29.

Financial highlights

• Fourth quarter revenues increased 5% year-over-year in real terms and 54% excluding inflation accounting, reaching TRY 128 billion.

• Gross profit for 2024 was TRY 90.8 billion (17.5% margin with inflation accounting, 20.6% without), up from TRY 74.6 billion.

• Q4 EBITDA was TRY 7 billion (5.4% margin with inflation accounting, 8.3% without).

• Net cash position at year-end was TRY 8.2 billion, up from TRY 7 billion last year.

• Free cash flow improved to TRY 14.3 billion; capex was TRY 18.1 billion, representing 3.5% of sales.

Outlook and guidance

• 2025 guidance: 45% top-line growth excluding inflation accounting, 8% with inflation accounting; EBITDA margin expected at 7.5% (non-inflation adjusted).

• CapEx to sales ratio expected between 2.5% and 4% in 2025.

• Store expansion pace to remain similar to 2024 across all geographies.

• Guidance for 2024 sales growth and EBITDA margin was achieved.

• Continued investment in sustainability and supply chain efficiency, with new entities established in 2024.