Bizim Toptan Satis Magazalari (BIZIM) Q2 2025 earnings summary

Executive summary

• Largest cash & carry company in Turkey by store count and geographic reach, with 171 stores in 73 cities as of June 2025, down from 182 at year-end 2024.

• Only Borsa İstanbul-listed company focused on out-of-home consumption market.

• Debt-free balance sheet, no foreign exchange exposure, and strong CRM capabilities.

• Shareholder structure: 66.6% Yıldız Holding, 33.4% public.

• Revenue for 1H2025 was TL 18.0 billion, down from TL 22.8 billion year-over-year, with a net loss of TL 751.7 million compared to TL 834.8 million in the prior year.

Financial highlights

• 2Q2025 revenue: 8.7 billion TL, down 22.8% year-over-year; 1H2025 revenue: 18.0 billion TL, down 21.1%.

• Gross margin improved to 16.4% in 2Q2025 from 11.8% in 2Q2024 (+460 bps).

• EBITDA margin turned positive: 3.3% in 2Q2025 vs. -1.2% in 2Q2024 (+450 bps); EBITDA for 1H2025 was TL 597.1 million, up from negative TL 204.2 million.

• Net loss narrowed to -470.2 million TL in 2Q2025 from -751.7 million TL in 2Q2024.

• Operating expenses decreased by 16.3% year-over-year in 2Q2025; total OPEX for 1H2025 was TL 3.1 billion, down from TL 3.7 billion.

Outlook and guidance

• Focus on cost efficiency and store portfolio optimization, including closure of 5 low-performing stores.

• Management expects revenue and operating profit to increase in coming periods, supported by revenue-enhancing and cost-saving measures.

• Continued emphasis on margin improvement and operational efficiency.

• No material uncertainty is anticipated regarding the company’s ability to continue as a going concern.