Mavi Giyim Sanayi ve Ticaret AS
IST:MAVI.E

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Mavi Giyim Sanayi ve Ticaret AS Logo
Mavi Giyim Sanayi ve Ticaret AS
IST:MAVI.E
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Price: 36.98 TRY -0.48% Market Closed
Market Cap: 29.4B TRY

Mavi Giyim Sanayi ve Ticaret AS
Investor Relations

Mavi Giyim Sanayi ve Ticaret AS engages in the design, manufacture, and sale of ready-to-wear denim apparel. The firm offers pants, jackets, shirts, shorts, dresses, skirts, and joggers. The firm operates more than 390 mono-brand Mavi stores with particular presence in Turkey, the United States (following the acquisition of Mavi USA), Canada (following the acquisition of Mavi Canada), Europe (centered on Germany) and Russia, more than 5,000 global points of sale, as well as an online store. The company has a retail base in Turkey with more than 200 mono-brand retail stores, more than 60 franchise-operated mono-brand retail stores and more than 400 multi-brand points of sale across the country. Its wholesale partners include Nordstrom, Bloomingdale’s and Peek & Cloppenburg.

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Last Earnings Call
Fiscal Period
Q2 2026
Call Date
Sep 18, 2025
AI Summary
Q2 2026

Revenue Guidance Cut: Mavi lowered its 2025 full-year revenue growth guidance from 35%+ to 30% nominal, citing soft demand and delayed store openings. This implies a low single-digit revenue decline in inflation-adjusted terms.

Margin Guidance Raised: Despite weaker sales, the company raised its EBITDA margin outlook by 50 bps to above 18%, crediting disciplined planning, efficient inventory, and tight cost control.

Q2 Performance: Q2 saw consolidated revenue and retail/online sales declines, but volume growth in retail (+4.2%), and strong U.S. international sales (+19% YoY in constant currency).

Cash & CapEx: Operational cash flow was TRY 937 million in Q2 and TRY 2.3 billion in H1; 37% of H1 CapEx (TRY 1.2 billion) was a one-off for new headquarters.

Gross Margin: Q2 gross margin was 50.4%, down 60 bps YoY but described as resilient in a tough environment.

Strong Start to Q3: Early Q3 trading showed a rebound, with Turkish retail sales up 36% and online up 43% in the first two weeks of September.

International & U.S. Expansion: International group sales grew 5% in constant currency; U.S. business saw 19% YoY growth, and 7–9 U.S. stores are expected by end of fiscal year.

Key Financials
Consolidated Revenue
TRY 19.833 billion
EBITDA
TRY 3.618 billion
EBITDA Margin
18.2% (H1 2025); 15.7% (Q2 2025)
Net Income
TRY 1.017 billion (H1 2025); TRY 166 million (Q2 2025)
Net Income Margin
5.1% (H1 2025)
Operational Cash Flow
TRY 937 million (Q2 2025); TRY 2.3 billion (H1 2025)
Cash Conversion Ratio
63% (H1 2025)
Gross Margin
50.4% (Q2 2025); 51.3% (H1 2025)
CapEx
TRY 1.2 billion (H1 2025)
CapEx to Sales Ratio
6.1% (H1 2025)
Net Cash Position
Close to TRY 4.5 billion
New Customer Acquisitions
763,000 (H1 2025)
Active Loyalty Card Members
6 million (last 12 months)
App Downloads
9.1 million
Active App Users
Almost 5 million (last 12 months)
International Revenue Share
9% of total consolidated sales (Q2 2025)
Online Share of Total Revenue
10.3% (H1 2025)
International Online Share
33.6% of total international sales (H1 2025)
Other Earnings Calls

Management

Mr. Ahmet Cuneyt Yavuz
CEO & Executive Director
No Bio Available
Mr. Sait Akarlilar
Founder
No Bio Available
Ms. Bige Iscan Aksaray
Chief Financial Officer
No Bio Available
Duygu Inceoz
Senior Director of Investor Relations
No Bio Available
Ms. Fatma Elif Akarlilar
Chief Brand Director & Executive Director
No Bio Available
Mr. Okan Gursan
Chief Commercial Officer of Turkey & Export Markets
No Bio Available

Contacts

Address
Istanbul
Sultan Selim Mahallesi, Eski Buyukdere Cad. No: 53, Kagithane
Contacts
+902123712000
www.mavicompany.com