BIM Birlesik Magazalar (BIMAS) Q4 2025 earnings summary

Executive summary

• Annual net sales reached 721 billion TL in 2025, up 6% year-over-year in real terms and 43% nominally, with a strong EBITDA margin of 6.0%.

• Net income was 18.6 billion TL, with profit before tax up to 31.6 billion TL and a net margin of 2.6%.

• Opened 890 new stores in 2025, growing store count to 14,473, a 7% increase year-over-year.

• Capital expenditures accounted for 2.9% of revenues in 2025, below guidance due to deferred investments.

• Sustainability initiatives included emission reduction targets, expanded solar power, reduced packaging waste, and a 0.20% gender pay gap.

Financial highlights

• EBITDA margin was 6% (inflation-adjusted) and 7.7% (unadjusted) for 2025.

• Net cash position at year-end was 14.2 billion TL.

• Q4 revenues rose 10% year-over-year in real terms; full-year sales grew 6% real, 43% nominal.

• Gross profit increased 17% to 139.4 billion TL (with inflation accounting), with a gross margin of 19.3%.

• Net income was 18.6 billion TL (with inflation accounting), down 23% year-over-year; without inflation accounting, net income was 29.2 billion TL, up 49%.

Outlook and guidance

• 2026 net sales projected to grow ~6% year-over-year (inflation-adjusted), with EBITDA margin expected at 6–6.5% (inflation-adjusted), 7.5% (unadjusted).

• CapEx to remain at 3–3.5% of net sales, with over 800 new store openings planned.

• FİLE and S-FİLE to open 60 stores, Morocco 150, Egypt 70 in 2026.

• 2025 actuals met or exceeded guidance for sales growth and EBITDA margin.