Mavi Giyim Sanayi ve Ticaret (MAVI) Q1 2026 earnings summary

Executive summary

• Q1 2025 revenue was TL 9,776.7 million, down from TL 11,405.2 million year-over-year, reflecting a contraction in sales and a high base, with external headwinds such as anti-inflationary measures and cooler weather.

• Strategic focus on brand strength, agile pricing, and disciplined inventory management helped defend margins and balance sheet strength.

• Continued leadership in jeans with over 25% market share and a top-three position in total apparel in Türkiye.

• Share buyback program initiated to reinforce confidence in long-term growth and support share price stability.

• Capital increase and dividend of TL 931.2 million paid after the reporting period.

Financial highlights

• Consolidated revenue declined 14% year-over-year to TL 9,776.7 million in Q1 2025; EBITDA was TL 2,013.9 million with a 20.6% margin.

• Net income was TL 810 million, with an 8.3% net income margin; net profit attributable to owners was TL 837.5 million.

• Net cash position increased to TL 7,198.1 million; cash and cash equivalents rose from TL 6,833.1 million sequentially.

• Gross margin was 52.2%, nearly flat year-over-year; operating profit margin declined to 15.4%.

• Türkiye retail sales fell 13–14% and online sales dropped 11% year-over-year.

Outlook and guidance

• FY2025 guidance unchanged: low to mid single-digit revenue growth (with IAS29), 20 net new stores and 15 expansions in Türkiye, 8 new stores in North America.

• May 2025 saw Türkiye retail sales up 41–46% and online sales up 35% year-over-year.

• U.S. store openings and new US subsidiary expected to contribute to revenue growth from next year.

• Three-month results are not indicative of the full year due to seasonality.