Mavi Giyim Sanayi ve Ticaret (MAVI) Q4 2025 earnings summary

Executive summary

• 2024 was marked by macroeconomic headwinds, notably inflation in Türkiye, impacting consumer demand and purchasing power.

• Consolidated revenue reached TRY 38,519 million in FY2024, up 3% year-over-year, with EBITDA at TRY 7,145 million and net income at TRY 2,675 million, growing 7% year-over-year.

• Strategic focus on premium product expansion, digital innovation, and omnichannel integration drove customer acquisition and market share gains.

• Sustainability achievements included top global rankings, expanded eco-friendly collections, and All Blue collection sales comprising 27% of total revenue and 58% of denim revenue.

• 1.5 million new customers acquired in 2024; active loyalty card members reached 5.9 million and Mavi App users 8 million.

Financial highlights

• Consolidated sales reached TRY 38,519 million, up 3% year-over-year.

• EBITDA was TRY 7,145 million with an 18.5% margin (22.2% without IAS29); net income grew 7% to TRY 2,675 million, with a 6.9% margin.

• Türkiye retail sales grew 5%, online sales 8%; international revenue contracted 2.2% year-over-year.

• Gross margin improved to 50.3% in 2024 from 48.2% in 2023.

• Operating cash flow was TRY 6,305 million, with an 88% cash conversion ratio and net cash position of TRY 5,417 million.

Outlook and guidance

• 2025 guidance: low to mid-single-digit revenue growth with 17.5%+ EBITDA margin (reported), or 35%+ revenue growth and 20%+ EBITDA margin (excluding inflation accounting).

• Plans to open 20 net new stores and expand 15 in Türkiye, plus 8 new stores in North America.

• CapEx to be 5% of revenue, including new headquarters and North America retail investments.

• Early FY2025 trading update: February retail sales in Türkiye up 20% and online up 41% year-over-year; March (first 17 days) retail up 42% and online up 61%.