Migros Ticaret (MGROS) Q3 2025 earnings summary

Executive summary

• Nine-month sales turnover reached TRY 295 billion, up 7.2% year-over-year, with net profit of TRY 5.6 billion and a net margin of 1.9%, supported by resilient Q3 2025 performance and continued market share gains.

• EBITDA for 9M 2025 reached TRY 18.98 billion, with a margin of 6.4% under inflation accounting, and gross profit increased to TRY 72 billion.

• The Group expanded its retail footprint to 3,730 stores, opening 187 new stores in nine months, and increased its workforce to 55,872 employees.

• Net profit for 9M 2025 was impacted by inflation adjustments and one-off asset divestitures.

• Achieved operational resilience despite economic tightening, with strong value proposition and seasonal store contributions.

Financial highlights

• Q3 2025 net sales turnover was TRY 107 billion, a 7.7% increase year-over-year; EBITDA margin reached 8.8%; net profit was TRY 4 billion under IAS 29.

• Free cash flow for 9M 2025 was TRY 8.4 billion, with a net cash position of TRY 29.6 billion at 3Q 2025.

• Total equity increased to TRY 76.4 billion; financial debt reduced to TRY 1.4 billion, down 30% year-over-year.

• Gross margin for the period was 24.4%, up from 22.6% year-over-year.

• OPEX/Sales ratio improved to 19.8% in Q3 2025 from 21.8% in Q3 2024; OpEx to sales (excluding D&A) declined by 50 basis points year-over-year in Q3.

Outlook and guidance

• Revised full-year real top-line growth guidance to 6%-7% (from 8%-10%) due to higher inflation expectations; nominal growth target unchanged.

• Raised EBITDA margin guidance to 6.5% from 6%; store expansion and CapEx guidance unchanged, targeting ~250 new stores.

• Anticipates continued shopper pressure and lower consumption power in Q4 and 2026, with focus on maintaining basket size and traffic.

• Nominal top-line growth target remains unchanged, with higher cash EBITDA generation expected.

• No significant changes in dividend policy; a total dividend of TRY 1,384 million was paid in May 2025.