Bizim Toptan Satis Magazalari (BIZIM) Q1 2026 earnings summary

Executive summary

• Largest cash & carry company in Turkey with 168 stores in 73 cities, serving traditional, franchise (SEÇ), out-of-home, and individual segments.

• Revenue for Q1 2026 was 9.58 billion TL, down 16.6% year-over-year; gross profit fell 15.6% to 1.59 billion TL.

• Net loss for the period was 200.7 million TL, improving from a 354.9 million TL loss in Q1 2025.

• EBITDA for Q1 2026 was 280.1 million TL, down from 377.1 million TL in Q1 2025.

• Maintains a debt-free balance sheet with no foreign exchange exposure and strong CRM capabilities.

Financial highlights

• Revenue for 1Q2026 was 9.58 billion TL, down 16.6% year-over-year.

• Gross profit declined 15.6% to 1.59 billion TL, but gross margin improved by 20 bps to 16.6%.

• EBITDA fell 16.9% to 280.1 million TL, with EBITDA margin decreasing by 40 bps to 2.9%.

• Net loss reduced by 44% to -200.7 million TL, with net margin improving from -3.1% to -2.1%.

• Operating loss was 564.6 million TL, compared to a 652.0 million TL loss in Q1 2025.

• Net financial expenses decreased to 380.1 million TL from 509.8 million TL year-over-year.

• Operating expenses decreased by 10.6% despite wage increases, reflecting cost efficiency.

• CAPEX dropped 63.5% to 10.4 million TL, with a focus on existing stores and efficiency.

• Cash and cash equivalents at period end were 616.1 million TL, up from 242.7 million TL at the end of 2025.

Outlook and guidance

• Continued focus on cost efficiency and store portfolio optimization.

• Ongoing efforts to improve sales mix and expand private label and exclusive product penetration.

• Management expects improved profitability through sales growth and cost-saving measures.

• Liquidity and cash management strategies have been revised to strengthen the financial position.

• The parent company, Yıldız Holding, has committed to ongoing financial support.