Bizim Toptan Satis Magazalari (BIZIM) Q1 2025 earnings summary

Executive summary

• Largest cash & carry company in Turkey by store count and geographic reach, with 176 stores in 73 cities as of March 2025.

• Diversified customer base including traditional retailers, HORECA, and individuals, supported by multi-channel sales and strong CRM.

• Debt-free balance sheet and strong shareholder structure (66.6% Yıldız Holding, 33.4% public), with no new cash loans and non-cash loan liabilities transferred to Yıldız Holding.

• SEÇ franchising system and g2m subsidiary drive penetration and growth in traditional and out-of-home consumption markets.

• Revenue for Q1 2025 was TL 8.78 billion, down 19.5% year-over-year, with a net loss of TL 265.6 million, compared to a net loss of TL 310.9 million in Q1 2024.

Financial highlights

• Revenue for 1Q2025 was TL 8.78 billion, down from TL 10.90 billion in 1Q2024.

• Gross profit rose 2.4% to TL 1.44 billion, with gross margin improving from 12.9% to 16.4% (+350 bps).

• EBITDA turned positive at TL 288.2 million (3.3% margin), up from -60.2 million TL (-0.6% margin) in 1Q2024.

• Net loss narrowed by 14.6% to TL -265.6 million, with net margin at -3.0%.

• EPS: TL -3.37 (Q1 2025) vs. TL -3.78 (Q1 2024).

Outlook and guidance

• Continued focus on cost efficiency and store portfolio optimization, including closure of underperforming stores and conversion to Bizim Gross format.

• Ongoing store optimization and new Bizim Gross stores planned for 2Q2025.

• The company expects to publish its first TSRS-compliant sustainability report by August 2025.

• Inflation accounting (TAS 29) continues to impact reported figures, with cumulative inflation rates above 250%.