Bizim Toptan Satis Magazalari (BIZIM) Q4 2025 earnings summary

Executive summary

• Largest cash & carry company in Turkey with 169 stores in 73 cities and a diversified customer base, including traditional, franchise (SEÇ), out-of-home, and individual segments.

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

• Shareholder structure: 66.6% Yıldız Holding, 33.4% public; included in BIST Sustainability Index since 2020.

Financial highlights

• FY2025 consolidated sales revenue was TL 39.4 billion, down 21.2% year-over-year; Q4 sales down 22.9% year-over-year.

• Gross margin improved to 16.9% in Q4 2025 (up 60 bps year-over-year) and 16.7% for FY2025 (up 300 bps year-over-year).

• EBITDA margin rose to 5.8% in Q4 2025 (up 80 bps) and 4.6% for FY2025 (up 350 bps).

• Net income turned positive in Q4 2025 at TL 72.3 million (vs. a loss of TL 861 million in Q4 2024); FY2025 net loss improved to TL 823.6 million from TL 2,228.9 million in FY2024.

• OPEX decreased by 18.2% in Q4 2025 and 19.1% for FY2025, though OPEX/sales ratio increased due to lower sales.

Outlook and guidance

• Focus on efficiency, cost control, and capital expenditure discipline.

• Continued emphasis on profitable product categories and customer mix improvement.