BIM Birlesik Magazalar (BIMAS) Q4 2024 earnings summary

Executive summary

• Annual net sales reached 520 billion TL in 2024, up 10% year-over-year in real terms, with 1,101 new stores opened during the year.

• EBITDA margin was 4.3% with inflation accounting (TAS 29) and 7.5% without, matching guidance despite elevated operating expenses.

• Net income for 2024 was 18.9 billion TL (3.6% margin), with a net cash position of 8.2 billion TL at year-end.

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

• Double-digit real growth and robust operational expansion across all segments.

Financial highlights

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

• Gross margin in Q4 was 18.2% with inflation accounting (up 500 bps YoY) and 21.1% without (up 156 bps YoY).

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

• Q4 net income was 3.9 billion TL with inflation accounting and 5.7 billion TL without, up 34% YoY.

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

Outlook and guidance

• 2025 guidance: 45% top-line growth excluding inflation accounting (±5%), 8% with inflation accounting.

• EBITDA margin expected at 7.5% (±0.5%) in 2025 (non-inflation adjusted); slight improvement with inflation accounting.

• 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.