Migros Ticaret AS
IST:MGROS.E
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Migros Ticaret AS
Migros Ticaret AS, a prominent player in Turkey's retail sector, has been weaving its growth story since its establishment in 1954. Originally a small-scale cooperative, the company has evolved into one of Turkey's largest grocery and general merchandise retailers. Its expansive network features thousands of stores under various formats, including hypermarkets, supermarkets, and smaller convenience stores, such as Migros Hiper, Migros Super, and Migros Jet. This diversification allows the company to cater to different customer needs and geographical areas, ensuring comprehensive market coverage. With a strategic focus on both urban and suburban locations, Migros provides consumers with a wide range of products, from fresh produce and groceries to household goods and electronics, catering to a broad spectrum of daily needs.
Driving Migros' revenue engine is its adeptness at adapting to changing consumer preferences and technological advancements. The company has embraced digitalization through robust e-commerce platforms and mobile applications, offering customers seamless online shopping experiences alongside its traditional bricks-and-mortar stores. Additionally, Migros has committed to advancing its supply chain efficiency and enhancing customer loyalty programs to retain a competitive edge. This strategic blend of physical and digital retail, accompanied by targeted marketing and promotions, allows Migros to maximize its market penetration and profitability. As the company continues to innovate and expand its operations, its business model remains grounded in addressing the needs of Turkish consumers while maintaining a keen eye on sustainable growth and operational efficiency.
Migros Ticaret AS, a prominent player in Turkey's retail sector, has been weaving its growth story since its establishment in 1954. Originally a small-scale cooperative, the company has evolved into one of Turkey's largest grocery and general merchandise retailers. Its expansive network features thousands of stores under various formats, including hypermarkets, supermarkets, and smaller convenience stores, such as Migros Hiper, Migros Super, and Migros Jet. This diversification allows the company to cater to different customer needs and geographical areas, ensuring comprehensive market coverage. With a strategic focus on both urban and suburban locations, Migros provides consumers with a wide range of products, from fresh produce and groceries to household goods and electronics, catering to a broad spectrum of daily needs.
Driving Migros' revenue engine is its adeptness at adapting to changing consumer preferences and technological advancements. The company has embraced digitalization through robust e-commerce platforms and mobile applications, offering customers seamless online shopping experiences alongside its traditional bricks-and-mortar stores. Additionally, Migros has committed to advancing its supply chain efficiency and enhancing customer loyalty programs to retain a competitive edge. This strategic blend of physical and digital retail, accompanied by targeted marketing and promotions, allows Migros to maximize its market penetration and profitability. As the company continues to innovate and expand its operations, its business model remains grounded in addressing the needs of Turkish consumers while maintaining a keen eye on sustainable growth and operational efficiency.
Top Line Growth: Migros delivered 7.7% real sales growth in Q3 2025 and 7.2% growth for the first nine months, but lowered full-year real growth guidance to 6%-7% due to higher-than-expected inflation and consumer headwinds.
Profitability: Q3 EBITDA margin reached a strong 8.8%, with EBITDA up 24% year-on-year in the quarter and 41% for the first nine months, driven by shrinkage reduction and operating efficiencies.
Market Share Gains: Migros increased its share in FMCG (to 16.8% in modern trade and 10.1% across all markets) and achieved a 190 basis point gain in e-commerce FMCG market share, now reaching 22%.
Cash Generation: Free cash flow in Q3 was TRY 7.6 billion, up 19% year-on-year (excluding one-offs), and the net cash position grew to TRY 29 billion.
Cost and Margin Initiatives: Shrinkage improvements, store automation (self-checkouts, electronic price tags), and solar panel investments contributed to margin gains and are expected to improve efficiency further.
Guidance Updates: Real revenue growth guidance was cut due to inflation and consumer pressure, but EBITDA margin guidance was raised to 6.5% from 6%, reflecting stronger-than-expected profitability.
Operational Expansion: Migros opened 187 new stores in the first nine months, reaching 3,730 locations, and expanded e-commerce and Click & Collect services, while investing in tech and automation.
