Migros Ticaret (MGROS) Q2 2026 earnings summary

Executive summary

• Net sales grew 2.7% year-over-year in Q2 2026, reaching TL 124.4 billion, and 4.5% in H1 2026 to TL 241.3 billion, with online channels contributing 23.1% of sales and 6.6 million unique digital customers over 12 months.

• EBITDA margin (IAS 29) was 4.3% in Q2 2026 and 4.5% in H1 2026, with EBITDA at TL 11.0 billion, while net profit for H1 2026 was TL 1,078 million despite a net loss in Q2.

• Free cash flow generation was strong at TL 5.8 billion in H1 2026, with a net cash position of TL 31.8 billion as of June 2026.

• Store network expanded by 115 new stores in H1 2026, totaling 3,830 locations and 2.1 million m² sales area.

• E-commerce and fintech operations delivered strong growth and are now profitable, with Migros One GMV up 21% year-over-year and Moneypay TPV up 105%.

Financial highlights

• Q2 2026 net sales were TL 124.4 billion (+2.7% y-o-y); H1 2026 net sales reached TL 241.3 billion (+4.5% y-o-y).

• Gross margin declined to 22.7% in Q2 2026 and 23.1% in H1 2026, mainly due to increased promotions and warehousing costs.

• EBITDA for H1 2026 was TL 11.0 billion (4.5% margin), with underlying margin at 3.0% excluding inflation impacts.

• OPEX/Sales ratio improved to 22.1% in Q2 2026, with underlying OPEX efficiency up by 30-40 basis points.

• Free cash flow in H1 2026 was TL 5.8 billion; net cash position at TL 31.8 billion.

Outlook and guidance

• Full-year 2026 sales growth guidance maintained at 5%-7%, likely at the lower end, with EBITDA margin target at 6%-7% (IAS 29) and 4%-5% underlying.

• Expansion target for 2026 is 180–200 new stores, with 115 opened in H1 2026.

• CapEx guidance remains at 2.5%-3% of sales, prioritizing digitalization, automation, and ecosystem development.

• Management and auditors confirm going concern assumption and compliance with Turkish Financial Reporting Standards.