BIM Birlesik Magazalar (BIMAS) Q4 2025 earnings summary

Executive summary

• Annual net sales reached 721.1 billion TL in 2025, up 6% year-over-year in real terms, with a strong EBITDA margin of 6.0% (inflation-adjusted).

• Net income was 18.6 billion TL, with a 2.6% margin (inflation-adjusted), and profit before tax was 31.6 billion TL.

• Opened 890 new stores in 2025, bringing the total to 14,473, a 7% increase year-over-year.

• Like-for-like sales per store per day increased by 32.4% annually, while customer traffic per store declined slightly.

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

Financial highlights

• Net sales rose to 721.1 billion TL (inflation-adjusted), up 6% year-over-year; without inflation accounting, net sales were 655.7 billion TL, up 43%.

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

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

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

• Dividend payments totaled 8.1 billion TL, distributed in three installments.

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.

• Plans for a capital increase to 1.2 billion TL from internal resources and bonus share distribution are underway, pending regulatory approval.