Migros Ticaret (MGROS) Q2 2025 earnings summary

Executive summary

• Consolidated net sales reached TL 174.8 billion in 1H 2025, up 7.0% year-over-year under IAS 29 inflation accounting.

• EBITDA for 1H 2025 was TL 8.9 billion (5.1% margin), with net profit at TL 1,467 million; retail operations accounted for 97% of gross sales.

• 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%.

• Online and digital payment solutions saw significant growth, with online channels contributing 20.7% of total sales and grocery GMV up 58% year-over-year in 1H 2025.

• Store network expanded to 3,683 stores, with 122–193 new stores opened and 22 closed for safety reasons; workforce reached 56,422 employees.

Financial highlights

• Gross profit margin was 24.0% in 1H 2025 (IAS 29), up from 21.7% in 1H 2024.

• EBITDA margin was 5.1% in 1H 2025; net profit margin was 0.8% in 1H 2025.

• Net cash position (excluding IFRS 16) was TL 21.5 billion at 1H 2025; financial debt (excluding IFRS 16) decreased 68% year-over-year to TL 665 million.

• Free cash flow for 1H 2025 was TL 692 million.

• Total equity reached TL 67,409 million; total assets increased to TL 178.9 billion.

Outlook and guidance

• 2025 sales growth guidance is 8–10% (IAS 29), with EBITDA margin expected at ~6.0% and capex/sales ratio targeted at 2.5–3.0%.

• Plans to open approximately 250 new stores and hire over 8,000 new employees in 2025.

• Continued focus on retail expansion, digital services, and sustainability investments.