Migros Ticaret (MGROS) Q4 2024 earnings summary

Executive summary

• Achieved consolidated net sales of 293.8 billion TRY in 2024, up 12.1% with inflation accounting; 78% growth without adjustment.

• EBITDA margin reached 5.4% (IAS 29) and 9.2% (non-inflation adjusted); EBITDA was 15.86 billion TRY.

• Net profit was 6.6 billion TRY (IAS 29), down from 12.75 billion TRY in 2023, impacted by inflation and higher costs.

• Expanded to 3,621 stores and 1,422 online service stores, with 356 new stores opened in 2024.

• Online operations (Migros One) GMV doubled to 44.3 billion TRY; meal business GMV up 243% to 4.8 billion TRY.

Financial highlights

• Gross profit rose to 68.0 billion TRY (IAS 29), with margin at 23.1% (non-inflation adjusted).

• Like-for-like sales grew 67.9% in 2024; basket size up 63%, customer traffic up 1.8%.

• OPEX margin increased to 21.2% (IAS 29), mainly due to higher personnel and energy costs.

• Net income declined 49% year-over-year (IAS 29) due to lower monetary gain and higher financial expenses.

• Total assets grew to 150.1 billion TRY, with equity attributable to parent at 57.3 billion TRY.

Outlook and guidance

• 2025 sales growth expected at 8–10% (IAS 29), with EBITDA margin around 6%.

• Targeting ~250 new stores and CAPEX/sales ratio of 2.5–3.0% in 2025.

• Subsidiaries projected to continue strong growth: Migros One GMV x1.6, meal business GMV x2, MoneyPay TPV x3.4 in 2025.

• The company continues to focus on expanding its retail footprint and digital operations, with ongoing investments in logistics and technology.

• Inflation accounting and regulatory changes are expected to impact future reporting and tax calculations.