Migros Ticaret (MGROS) Q2 2025 earnings summary

Executive summary

• Consolidated net sales reached TL 174,844 million in 1H 2025, up 7.0% year-over-year under IAS 29 inflation accounting.

• EBITDA for 1H 2025 was TL 8.8 billion, up from TL 5.3 billion year-over-year, with margin at 5.1%.

• Net profit for 1H 2025 was TL 1,467 million, while net income attributable to equity holders was TL 1.32 billion, down from TL 2.63 billion in the prior year.

• Market share in total FMCG increased by 60 bps year-over-year to 16.8% in 1H 2025; modern FMCG share rose by 50 bps to 10.2%.

• Store network expanded by 193 new stores and workforce increased to 56,422 employees as of June 2025.

Financial highlights

• Gross profit margin was 24.0% in 1H 2025, up from 21.6% year-over-year.

• OPEX/Sales ratio improved to 18.4% in 2Q 2025 from 19.5% in 1Q 2025, mainly due to lower employee costs.

• Net cash position (excluding IFRS 16) was TL 5,259 million at 2Q 2025; free cash flow for 1H 2025 was TL 692 million.

• Total equity reached TL 67,409 million and total financial debt (excluding IFRS 16) was TL 665 million at 1H 2025.

• Cash and cash equivalents at period end were TL 22.2 billion, down from TL 26.3 billion at year-end 2024.

Outlook and guidance

• 2025 sales growth guidance is 8–10% (vs. 12% in 2024), with slight downside risk.

• EBITDA margin expected at ~6.0% for 2025 (vs. 5.4% in 2024); capex/sales ratio targeted at 2.5–3.0%.

• Plans to open approximately 250 new stores in 2025 and expand digital services.