BIM Birlesik Magazalar (BIMAS) Q1 2026 earnings summary

Executive summary

• Net sales reached 212.9 billion TL in 1Q26, up 10% year-over-year with inflation accounting (TAS 29), and 208.3 billion TL, up 44% year-over-year without inflation accounting.

• Net income rose to 6.6 billion TL with inflation accounting (up 85% YoY) and 9.1 billion TL without inflation accounting (up 95% YoY).

• EBITDA was 10.1 billion TL (4.8% margin) with inflation accounting and 16.2 billion TL (7.8% margin) without inflation accounting.

• Store network expanded to 14,576 locations, with 103 new stores opened in 1Q26, reflecting 6% YoY growth.

• The Group employed 103,351 people as of March 31, 2026.

Financial highlights

• Gross profit increased 19% YoY to 40.3 billion TL with inflation accounting and 53% YoY to 45.7 billion TL without inflation accounting.

• Gross margin was 20.3% with inflation accounting and 21.7% without inflation accounting.

• Capex was 5.7 billion TL, representing 2.7% of sales.

• Free cash flow for the quarter was 5.3 billion TL.

• Cash and cash equivalents rose to 4.98 billion TL from 3.81 billion TL at year-end 2025.

Outlook and guidance

• Double-digit sales growth is expected to continue, supported by ongoing store expansion and strong cash conversion.

• Inflation accounting (TAS 29) applied for the first time, restating prior periods for hyperinflation.

• Management continues to monitor new accounting standards effective from 2026 and 2027, assessing their impact.