Migros Ticaret (MGROS) Q3 2025 earnings summary

Executive summary

• Nine-month 2025 sales reached TRY 294.8 billion, up 7.2% year-over-year under IAS 29 inflation accounting, with net profit at TRY 5.6 billion and net margin of 1.9%.

• EBITDA for 9M 2025 was TRY 19.0 billion, margin 6.4%, with Q3 EBITDA at TRY 9.4 billion and margin 8.8%.

• Market share in modern FMCG trade rose to 16.8%, with e-commerce FMCG share at 22% and online sales comprising 20.4% of total sales.

• 187 new stores opened in 9M 2025, reaching 3,730 total, with workforce expanding to 55,872 employees.

• Continued robust digital and fintech growth, with Migros Yemek GMV up 57% and MoneyPay payment volume up 166%.

Financial highlights

• Q3 2025 net sales were TRY 107 billion (+7.7% y-o-y); gross profit in Q3 was TRY 27 billion (+11% y-o-y); 9M gross profit was TRY 72 billion (+16%).

• Free cash flow in Q3 was TRY 7.6 billion, with 9M free cash flow at TRY 8.4 billion; net cash position at quarter-end was TRY 29.6 billion.

• Total equity increased to TRY 76.4 billion; financial debt reduced to TRY 1.4 billion.

• CapEx for 9M 2025 was TRY 8.5 billion, with a capex/sales ratio of 2.9%.

• Gross margin improved to 24.4% for 9M 2025; EBITDA margin at 6.4% for 9M 2025 and 8.8% for Q3.

Outlook and guidance

• Full-year 2025 real top-line growth guidance revised to 6%-7% (from 8%-10%), with EBITDA margin guidance raised to 6.5%.

• CapEx/sales ratio guidance maintained at 2.5%-3.0%, with a plan to open ~250 new stores and over 9,000 new hires.

• Nominal top-line growth target unchanged; focus remains on digital expansion and operational efficiency.

• Anticipates continued shopper pressure and lower consumption power in Q4 and 2026.