Bizim Toptan Satis Magazalari (BIZIM) Q3 2025 earnings summary

Executive summary

• Largest cash & carry company in Turkey with 169 stores in 73 cities as of 30 September 2025, down from 182 stores in 72 cities at year-end 2024, and a diversified customer base.

• Maintains a debt-free balance sheet with no foreign exchange exposure, though net debt increased to TL 1.36 billion and net debt/equity ratio rose to 525.2%.

• Focus on multi-channel sales, including digital platforms and a strong franchising system (SEÇ).

• Store portfolio optimization continued with closures of underperforming stores and opening of new Bizim Gross stores.

• Revenue for the nine months ended 30 September 2025 was TL 28.76 billion, down from TL 36.25 billion year-over-year, with a net loss of TL 858.5 million compared to TL 1.31 billion in the prior year.

Financial highlights

• 3Q2025 revenue was TL 9.4 billion, down 19.8% year-over-year; 9M2025 revenue was TL 28.8 billion, down 20.7%.

• Gross margin improved to 17.2% in 3Q2025 from 13.8% in 3Q2024 (+340 bps); 9M gross margin rose to 16.6% from 12.8%.

• EBITDA for 9M2025 was TL 1.22 billion, a significant improvement from negative TL 76.6 million in the prior year; EBITDA margin increased to 6.1% in 3Q2025 from 1.2% in 3Q2024.

• Net loss narrowed to TL -50.3 million in 3Q2025 from TL -413.3 million in 3Q2024; 9M net loss improved to TL -858.5 million.

• Operating expenses decreased by 23.9% in 3Q2025 and 19.3% in 9M2025 year-over-year, totaling TL 4.76 billion, down from TL 5.9 billion.

Outlook and guidance

• OPEX mitigation initiatives and store optimization are expected to continue improving margins.

• Management expects revenue and operating profit to increase in the coming periods due to revenue-enhancing and cost-saving measures.

• Focus remains on growing individual and out-of-home consumption channels.

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