Quarterly Report • Nov 6, 2025
Quarterly Report
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CONVENIENCE TRANSLATION INTO ENGLISH OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE INTERIM PERIOD 1 JANUARY - 30 SEPTEMBER 2025
(ORIGINALLY ISSUED IN TURKISH)
| INTERIM CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME |
||
|---|---|---|
| INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY |
||
| INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||
| NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
9-41 | |
| NOTE 1 | ORGANISATION AND NATURE OF OPERATIONS | |
| NOTE 2 | BASIS OF PRESENTATION OF CONDENSED INTERIM CONSOLIDATED | |
| FINANCIAL STATEMENTS | 10-15 | |
| NOTE 3 | PROPERTY, PLANT AND EQUIPMENT | 16-17 |
| NOTE 4 | INTANGIBLE ASSETS | 18-19 |
| NOTE 5 | RIGHT OF USE ASSETS | |
| NOTE 6 | INVENTORIES | |
| NOTE 7 | BORROWINGS | 21-24 |
| NOTE 8 | PROVISIONS, CONTINGENT ASSETS AND LIABILITIES | 24-25 |
| NOTE 9 | EMPLOYEE BENEFITS OBLIGATION | 26-27 |
| NOTE 10 | REVENUE | |
| NOTE 11 | NATURE OF EXPENSES | |
| NOTE 12 | OTHER OPERATING INCOME AND EXPENSES | |
| NOTE 13 | INCOME AND EXPENSES FROM INVESTMENT ACTIVITIES | |
| NOTE 14 | FINANCIAL INCOME | |
| NOTE 15 | FINANCIAL EXPENSES | |
| NOTE 16 | TAX ASSET AND LIABILITIES | 30-32 |
| NOTE 17 | CAPITAL, RESERVES AND OTHER EQUITY ITEMS | 33-34 |
| NOTE 18 | RELATED PARTY DISCLOSURES | 34-35 |
| NOTE 19 | EARNINGS PER SHARE | |
| NOTE 20 | EXCHANGE RATE RISK AND FOREIGN CURRENCY POSITION | 36-39 |
| NOTE 21 NOTE 22 |
FINANCIAL INSTRUMENTS EXPLANATIONS REGARDING NET MONETARY POSITION GAINS/(LOSSES) |
(Amounts expressed in thousands of TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| Notes | Unaudited 30 September 2025 |
Audited 31 December 2024 |
|
|---|---|---|---|
| ASSETS | |||
| Current assets: | |||
| Cash and cash equivalents | 31,034,865 | 28,252,282 | |
| Financial investments | 46,816 | 26,998 | |
| Trade receivables | 2,179,056 | 1,753,597 | |
| -Trade receivables from related parties | 18 | 95,861 | 79,130 |
| -Trade receivables from third parties | 2,083,195 | 1,674,467 | |
| Other receivables | 857,445 | 1,365,980 | |
| -Other receivables from third parties | 857,445 | 1,365,980 | |
| Derivative instruments | |||
| Inventories | 6 | 34,389,127 | 39,074,142 |
| Prepaid expenses | 1,548,990 | 1,627,129 | |
| Current income tax assets | 16 | 111,506 | 192,925 |
| Other current assets | 102,703 | 72,532 | |
| Total current assets | 70,270,508 | 72,365,585 | |
| Non-current assets: | |||
| Financial investments | 4,116,159 | 4,267,857 | |
| Other receivables | 38,038 | 43,799 | |
| -Other receivables from third parties | 38,038 | 43,799 | |
| Property, plant and equipment | 3 | 43,518,853 | 40,543,093 |
| Right of use assets | 5 | 47,629,449 | 41,180,149 |
| Intangible assets | 28,254,759 | 27,761,353 | |
| -Goodwill | 25,171,294 | 25,171,294 | |
| -Other intangible assets | 4 | 3,083,465 | 2,590,059 |
| Prepaid expenses | 1,569,894 | 2,057,024 | |
| Total non-current assets | 125,127,152 | 115,853,275 | |
| Total assets | 195,397,660 | 188,218,860 |
(Amounts expressed in thousands of TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| Notes | Unaudited 30 September 2025 |
Audited 31 December 2024 |
|
|---|---|---|---|
| LIABILITIES | |||
| Current liabilities: | |||
| Short term borrowings | 160,249 | 810,017 | |
| -Bank loans | 7 | 160,249 | 810,017 |
| Short term portion of long term borrowings | 5,659,817 | 5,240,037 | |
| -Bank loans | 7 | 338,507 | 436,992 |
| -Lease liabilities | 5 | 5,321,310 | 4,803,045 |
| Trade payables | 72,887,411 | 72,383,945 | |
| -Trade payables to related parties | 18 | 3,884,804 | 2,509,873 |
| -Trade payables to third parties | 69,002,607 | 69,874,072 | |
| Payables related to employee benefits | 9 | 3,309,291 | 2,921,956 |
| Other payables | 1,467,831 | 3,223,710 | |
| -Other payables to third parties | 1,467,831 | 3,223,710 | |
| Deferred income | 1,622,148 | 2,182,399 | |
| Short term provisions | 1,927,617 | 2,310,285 | |
| -Short term provisions for employee benefits | 9 | 1,443,425 | 1,697,428 |
| -Other short term provisions | 8 | 484,192 | 612,857 |
| Total current liabilities | 87,034,364 | 89,072,349 | |
| Non-current liabilities: | |||
| Long term borrowings | 25,102,544 | 20,410,209 | |
| -Bank loans | 7 | 946,347 | 268,651 |
| -Lease liabilities | 5 | 24,156,197 | 20,141,558 |
| Other payables | 38,524 | 32,681 | |
| -Other payables to third parties | 38,524 | 32,681 | |
| Deferred income | 43,179 | 265,473 | |
| Long term provisions | 964,523 | 1,738,176 | |
| -Long term provisions for employee benefits | 9 | 964,523 | 1,738,176 |
| Deferred tax liabilities | 16 | 5,808,202 | 4,349,191 |
| Total non-current liabilities | 31,956,972 | 26,795,730 | |
| Total liabilities | 118,991,336 | 115,868,079 |
(Amounts expressed in thousands of TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| Notes | Unaudited 30 September 2025 |
Audited 31 December 2024 |
|
|---|---|---|---|
| EQUITY | |||
| Attributable to equity holders of parent | 75,697,388 | 71,883,032 | |
| Share capital | 17 | 181,054 | 181,054 |
| Adjustment to share capital | 17 | 4,259,858 | 4,259,858 |
| Treasury shares | 17 | (1,080,670) | (1,080,670) |
| Other comprehensive income | |||
| not to be classified to profit or loss | (689,230) | (626,667) | |
| -Defined benefit plans re-measurement losses | (3,603,486) | (3,603,486) | |
| -Revaluation fund of property, plant and eqiupment | 2,914,256 | 2,976,819 | |
| Other accumulated comprehensive income | |||
| to be classified to profit or loss | 2,458,051 | 2,672,266 | |
| -Gains on financial assets measured at | |||
| fair value through other comprehensive income | 2,458,051 | 2,672,266 | |
| Dividend advanced paid | - | (648,130) | |
| Restricted reserves | 234,908 | - | |
| Other capital reserves | 2,108,901 | 2,170,595 | |
| Accumulated gains | 62,855,119 | 57,002,786 | |
| Net income for the period | 5,369,397 | 7,951,940 | |
| Non-controlling interest | 708,936 | 467,749 | |
| Total equity | 76,406,324 | 72,350,781 | |
| Total liabilities and equity | 195,397,660 | 188,218,860 |
(Amounts expressed in thousands of TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| Notes | Unaudited 1 January - 30 September 2025 |
Unaudited 1 July - 30 September 2025 |
Unaudited 1 January - 30 September 2024 |
Unaudited 1 July - 30 September 2024 |
|
|---|---|---|---|---|---|
| Revenue | 10 | 294,847,578 | 106,883,211 | 274,985,203 | 99,286,986 |
| Cost of sales (-) | 10,11 | (222,800,517) | (80,026,726) | (212,700,915) | (75,042,470) |
| Gross profit | 72,047,061 | 26,856,485 | 62,284,288 | 24,244,516 | |
| General administrative expenses (-) | 11 | (5,515,912) | (1,740,157) | (5,067,778) | (1,694,807) |
| Marketing expenses (-) | 11 | (58,873,852) | (19,753,661) | (52,611,555) | (17,989,032) |
| Other operating income | 12 | 2,359,361 | 843,881 | 2,239,898 | 793,709 |
| Other operating expenses (-) | 12 | (16,166,220) | (5,438,359) | (15,798,270) | (5,912,323) |
| Operating profit (loss) | (6,149,562) | 768,189 | (8,953,417) | (557,937) | |
| Income from investment activities | 13 | 69,097 | 36,034 | 784,786 | 728,920 |
| Expenses from investment activities (-) | 13 | (28,442) | (3,322) | (12,804) | (2,080) |
| Operating profit (loss) before financial expenses | (6,108,907) | 800,901 | (8,181,435) | 168,903 | |
| Financial income Financial expenses (-) |
14 15 |
6,124,122 (8,862,188) |
2,359,579 (3,073,218) |
5,887,011 (7,400,815) |
2,839,665 (2,558,588) |
| Net monetary position gains | 22 | 17,139,407 | 5,524,179 | 19,393,728 | 5,462,743 |
| Net profit before tax from continuing operations | 8,292,434 | 5,611,441 | 9,698,489 | 5,912,723 | |
| Tax expense from continuing operations | (2,681,850) | (1,578,323) | (2,459,221) | (1,502,945) | |
| Income tax expense (-) | 16 | (1,165,384) | (941,972) | (772,639) | (591,365) |
| Deferred tax expense | 16 | (1,516,466) | (636,351) | (1,686,582) | (911,580) |
| Net income for the contiuning operations | 5,610,584 | 4,033,118 | 7,239,268 | 4,409,778 | |
| Net income for the discontiuned operations | - | - | 48,131 | - | |
| Net income for the period | 5,610,584 | 4,033,118 | 7,287,399 | 4,409,778 | |
| Net income attributable to: | |||||
| - Non-controlling interest | 241,187 | 84,006 | 248,179 | 201,955 | |
| - Equity holders of parent | 19 | 5,369,397 | 3,949,112 | 7,039,220 | 4,207,823 |
| Profit per share ("TRY") from contiuning operations Profit per share ("TRY") from discontiuned operations |
19 | 30.99 - |
21.81 - |
39.98 0.24 |
23.24 - |
(Amounts expressed in thousands of TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| Unaudited 1 January - |
Unaudited 1 July - 30 September 2025 30 September 2025 |
Unaudited 1 January - 30 September 2024 30 September 2024 |
Unaudited 1 July - |
|
|---|---|---|---|---|
| Net profit for the period | 5,610,584 | 4,033,118 | 7,287,399 | 4,409,778 |
| Items that not to be reclassified to profit or loss | - | - | - | - |
| -Tangible fixed asset revaluation decreases | - | - | - | - |
| Taxes on other comprehensive income that will not be reclassified to profit or loss |
19,651 | 5,567 | 118,158 | 103,773 |
| -Tangible fixed asset revaluation decreases, tax effect |
19,651 | 5,567 | 118,158 | 103,773 |
| Items to be reclassified to profit or loss | (252,019) | (117,910) | 1,340,853 | 1,894,885 |
| - Other comprehensive income on financial assets at fair value through other comprehensive expense -Currency translation differences |
(252,019) - |
(117,910) - |
1,895,792 (554,939) |
2,172,808 (277,923) |
| Taxes on other comprehensive income that will be reclassified to profit or loss |
37,804 | 17,687 | 131,139 | (126,924) |
| - Tax effect other comprehensive expense on financial assets at fair value through other comprehensive income |
37,804 | 17,687 | 131,139 | (126,924) |
| Other comprehensive income (expense), after tax | (194,564) | (94,656) | 1,590,150 | 1,871,734 |
| Total comprehensive income | 5,416,020 | 3,938,462 | 8,877,549 | 6,281,512 |
| Allocation of total comprehensive income | 5,416,020 | 3,938,462 | 8,877,549 | 6,281,512 |
| -Non-controlling interests -Equity holders of parent |
241,187 5,174,833 |
84,006 3,854,456 |
248,179 8,629,370 |
201,955 6,079,557 |
(Amounts expressed in thousands of TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| Other comprehensive income and expenses not to be reclassified to profit or loss |
Other comprehensive income and expenses to be reclassified |
to profit or loss | Retained earnings | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Share capital Share adjustment capital differences reserves |
Other | Treasury shares |
Defined benefit plans revaluation and measurement losses |
revaluation fund of property plant and equipment |
Increase of Gains on financial assets at fair value through other translation comprehensive income differences |
Currency | Rectricted reserves |
Dividend advanced paid |
Retained earnings |
Net profit for the period |
Attributable to equity the parents |
Non holders of controlling interests |
Total equity |
||
| Balances as of 1 January 2024 | 181,054 | 4,259,858 1,795,808 (1,080,670) | (2,974,501) | 3,333,510 | 1,171,873 | 554,939 | - | - | 42,007,180 | 15,988,170 | 65,237,221 416,187 65,653,408 | ||||
| Transfers Transaction with non-controlling interests Acquisition of a subsidiary Dividend paid |
- - - - |
- - - |
- 453,420 - - (78,633) |
- - - - |
- - - - |
(662,031) - (448,732) - |
- - - - |
- - - - |
- - - - |
- - - - |
16,196,781 - 555,716 (1,791,949) |
(15,988,170) - - - |
- 106,984 (1,870,582) |
- - (204,753) - - |
- (204,753) 106,984 (1,870,582) |
| Total comprehensive income | - | - | - | - | - | 118,158 | 2,026,931 | (554,939) | - | - | - | 7,039,220 | 8,629,370 | 248,179 | 8,877,549 |
| Net income for the period Foreign currency translation differences Revaluation and measurement losses/(gains) Gain on revaluation and measurement |
- - - |
- - - |
- - - |
- - - |
- - - |
- - - |
- - 2,026,931 |
- (554,939) - |
- - - |
- - - |
- - - |
7,039,220 - - |
7,039,220 248,179 (554,939) 2,026,931 |
- - |
7,287,399 (554,939) 2,026,931 |
| property, plant and equipment | - | - | - | - | - | 118,158 | - | - | - | - | - | - | 118,158 | - | 118,158 |
| Balances as of 30 September 2024 Balances as of 1 January 2025 |
181,054 181,054 |
4,259,858 2,170,595 | 4,259,858 2,170,595 (1,080,670) (1,080,670) |
(2,974,501) (3,603,486) |
2,340,905 2,976,819 |
3,198,804 2,672,266 |
- - |
- - |
- | 56,967,728 (648,130) 57,002,786 |
7,039,220 7,951,940 |
71,883,032 | 72,102,993 459,613 72,562,606 467,749 72,350,781 |
||
| Transfers Dividend paid |
- - |
- - |
35,097 (96,791) |
- - |
- - |
(82,214) - |
- - |
- - |
234,908 | 648,130 | 7,116,019 (1,263,686) |
(7,951,940) - |
- (1,360,477) |
- - |
- (1,360,477) |
| Total comprehensive income | - | - | - | - | - | 19,651 | (214,215) | - | - | - | - | 5,369,397 | 5,174,833 | 241,187 | 5,416,020 |
| Net income for the period Revaluation and measurement losses/(gains) Gain on revaluation and measurement |
- - |
- - |
- - |
- - |
- - |
- - |
- (214,215) |
- - |
- - |
- - |
- - |
5,369,397 - |
5,369,397 (214,215) |
241,187 - |
5,610,584 (214,215) |
| property, plant and equipment | - | - | - | - | - | 19,651 | - | - | - | - | - | - | 19,651 | - | 19,651 |
| Balances as of 30 September 2025 | 181,054 | 4,259,858 2,108,901 | (1,080,670) | (3,603,486) | 2,914,256 | 2,458,051 | - | 234,908 | - | 62,855,119 | 5,369,397 | 75,697,388 | 708,936 76,406,324 |
(Amounts expressed in thousands of TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| Notes | Unaudited 1 January - 30 September 2025 |
Unaudited 1 January - 30 September 2024 |
|
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net profit for the period | 5,610,584 | 7,287,399 | |
| Net income for the contiuning operations | 5,610,584 | 7,239,268 | |
| Net income for the discontiuned operations | - | 48,131 | |
| Adjustments related to reconciliation of net profit for the period |
28,859,968 | 26,001,326 | |
| Adjustments for depreciation and amortisation expenses | 11 | 11,326,846 | 8,833,057 |
| Adjustments for impairment on receivables | 12 | 60,023 | 35,542 |
| Adjustments for inventory provisions | 94,394 | 168,016 | |
| Adjustments for impairment on property, plant and equipment | 3,13 | 28,442 | 12,804 |
| Adjustments for provision for employee benefits | 9 | 600,017 | 610,184 |
| Adjustments for provision for litigation | 12 | 175,124 | 229,261 |
| Adjustments for other provisions | (116,080) | 88,491 | |
| Adjustments for interest income | 14 | (5,678,784) | (5,145,102) |
| Adjustments for interest expense | 15 | 8,525,606 | 7,092,685 |
| Adjustments for deferred financing | |||
| due to forward purchases expenses | 12 | 15,692,546 | 15,311,884 |
| Adjustments for unearned finance income from sales | 12 | (1,779,362) | (1,982,076) |
| Adjustments for unrealized foreign exchange losses related to bank borrowings |
7 | 1,159 | 18,021 |
| Adjustments for fair value losses arising from derivatives | 15 | - | (78,176) |
| Adjustments for income tax expense | 16 | 2,681,850 | 2,459,221 |
| Gains on sale of property plant and equipment | 13 | (69,097) | (235,300) |
| Adjustments related to gains from disposal of subsidiaries | 13 | - | (549,486) |
| Adjustments for monetary position gains | (2,682,716) | (867,700) | |
| Changes in net working capital | 3,198,360 | 9,818,891 | |
| Adjustments for increase/(decrease) in trade receivables | (420,794) | (1,004,965) | |
| Adjustments for decrease/(increase) in inventories | 4,590,621 | 5,670,156 | |
| Adjustments for decrease/(increase) in other receivables | |||
| related with operations | 1,069,091 | 4,359,211 | |
| Adjustments for increase in trade payables | 138,892 | 741,618 | |
| Adjustments for increase/(decrease) in | |||
| other payables related with operations | (2,179,450) | 52,871 | |
| Cash flows from operating activities | 37,668,912 | 43,107,616 | |
| Employee benefits paid | 9 | (945,481) | (1,258,521) |
| Interest received | 1,777,944 | 2,071,441 | |
| Interest paid | (15,327,972) | (16,059,122) | |
| Taxes paid | (1,229,995) | (589,689) | |
| Other provisions paid | (38,596) | (165,915) | |
| Net cash provided by operating activities | 21,904,812 | 27,105,810 |
(Amounts expressed in thousands of TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| Notes | Unaudited 1 January - 30 September 2025 |
Unaudited 1 January - 30 September 2024 |
|
|---|---|---|---|
| Investing activities | |||
| Cash outflows from the purchase of | |||
| tangible and intangible assets Cash inflows from the sale of |
3,4 | (8,515,191) | (8,094,140) |
| tangible and intangible assets | 134,457 | 1,360,512 | |
| Cash inflows from sale of subsidiaries | - | 999,822 | |
| Increase in share capital of subsidiaries | |||
| cash outflows | - | (630,053) | |
| Cash flows from investing activities | (8,380,734) | (6,363,859) | |
| Financing activities | |||
| Proceed from borrowings | 7 | 760,123 | 3,267 |
| Cash outflows from repayments of borrowings | 7 | (529,048) | (1,001,403) |
| Cash inflows/(outflows) from repayment of derivative | |||
| instruments | - | 71,760 | |
| Interest received | 14 | 5,678,784 | 5,145,102 |
| Interest paid | (5,052,804) | (4,488,678) | |
| Dividends paid | (1,360,477) | (1,870,582) | |
| Cash outflows from payments | |||
| of lease liabilities | (5,758,865) | (3,840,649) | |
| Cash flows from financing activities | (6,262,287) | (5,981,183) | |
| Monetary loss on cash and cash equivalents | (4,485,650) | (6,538,511) | |
| Effect of foreign currency translation | |||
| differences on cash and cash equivalents | 6,442 | (66,257) | |
| Net increase in cash and cash equivalents | 2,782,583 | 8,156,000 | |
| Cash and cash equivalents at the begining of the period | 28,252,282 | 22,373,796 | |
| Cash and cash equivalents at the end of the period | 31,034,865 | 30,529,796 |
(Amounts expressed in thousands of TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
Migros Ticaret AŞ, (collectively referred to as "Migros" or the "Company"), was established on 19 March 2008 and is registered in Istanbul, Turkey under the Turkish Commercial Code. Migros Türk Ticaret Anonim Şirketi, which was established in 1954, merged with its parent company Moonlight Perakendecilik ve Ticaret Anonim Şirketi ("Moonlight Perakendecilik") on 30 April 2009 and the trade name of Moonlight Retailing was changed as Migros Ticaret A.Ş.
The Company and its subsidiaries together will be referred as "the Group".
The Company is controlled by AG Anadolu Grubu Holding A.Ş., its parent company. AG Anadolu Grubu Holding A.Ş. is controlled by AG Sınai Yatırım ve Yönetim A.Ş., and AG Sınai Yatırım ve Yönetim A.Ş. is a management company that ultimately manages, with equal representation of and by way of equal management by the Süleyman Kamil Yazıcı family and the Özilhan family, the affiliates of AG Anadolu Grubu Holding A.Ş and subsdiaries. AG Anadolu Grubu Holding A.Ş. holds a 50% indirect share.
The Group is mainly engaged in retail sales in food and beverages, consumer goods and wholesale. Other than that the Group is also engaged in online food retailing, takeout food, payment and e-money services, logistic (motorcycle courier) services, media (marketing of media assets) and shopping mall management.
As of 30 September 2025, the Group has a total sales area of 2,064,313 m2 (31 December 2024: 1,930,340 m2) with a retail store area of 2,041,740 m2 and a wholesale store area of 22,573 m2, 3,701 retail stores and 29 wholesale stores, operates in a total of 3,730 (31 December 2024: 3,621) stores. As of the end of the period as of 30 September 2025, the total number of employees of the Group is 55,872 (31 December 2024: 53,328). Retailing is the Group's core business, accounting for approximately 97% (31 December 2024: 97%) of gross sales.
The address of the registered office is as follows:
Migros Ticaret A.Ş. Atatürk Mah., Turgut Özal Blv. No: 7 Ataşehir İstanbul
These interim condensed consolidated financial statements have been approved for issue by the Board of Directors ("BoD") on 6 November 2025 and signed by Ömer Özgür Tort, Migros Group CEO, and Ferit Cem Doğan, Migros Group Executive Committee member (CFO), on behalf of the BoD. The owners of the Company and regulatories have the power to amend the interim condensed consolidated financial statements after the issue in the General Assembly meeting of the Company.
(Amounts expressed in thousands of TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
The Company has the following subsidiaries (the "Subsidiaries"). The nature of the business of the Subsidiaries and for the purpose of the interim condensed consolidated financial statements, their respective geographical segments are as follows:
| 30 September | 31 December | ||||
|---|---|---|---|---|---|
| Subsidiaries | Country of incorporation |
Geographical segment |
Nature of business |
2025 (%) |
2024 (%) |
| Moneypay Finansal Teknoloji ve | Corporate | ||||
| Yapay Zeka A.Ş. (**) | Turkey | Turkey | payment service | 63.0 | - |
| Mimeda Medya Platform A.Ş. | Turkey | Turkey | Media | 100.0 | 100.0 |
| Services limited | |||||
| by e-money | |||||
| Moneypay Ödeme ve Elektronik Para Hizmetleri A.Ş. | Turkey | Turkey | legislation | 80.0 | 80.0 |
| Paket Lojistik ve Teknolojik A.Ş. | Turkey | Turkey | Logistics | 98.7 | 98.7 |
| Online | |||||
| Dijital Platform Gıda Hizmetleri A.Ş. | Turkey | Turkey | food retaling | 93.0 | 93.0 |
| Migen Enerji ve Elektrikli | Charging | ||||
| Şarj Hizmetleri A.Ş. (*) | Turkey | Turkey | service | 100.0 | 100.0 |
| CRC Danışmanlık ve | Packaged | ||||
| Organizasyon A.Ş. | Turkey | Turkey | food production | 48.6 | 48.6 |
(*) Considering the concept of monetary significance, it has not been included in the scope of consolidation.
The companies of the Group operating in Turkey keep their accounting records and legal financial statements in accordance with the accounting and financial reporting standards ("CMB Financial Reporting Standards") accepted by the Capital Markets Board ("CMB"), Turkish Commercial Code ("TCC") and in Turkish Lira in accordance with the provisions of the Tax Legislation and the requirements of the Uniform Chart of Accounts published by the Ministry of Finance. The subsidiary operating abroad, on the other hand, prepares its accounting records and statutory financial statements in accordance with the laws and regulations of the country in which it operates.
(**) In March 2025, a new subsidiary titled "Moneypay Finansal Teknoloji ve Yapay Zeka A.Ş." was established to operate in the field of corporate payment services including third party distributor payment, supplier financing, etc. Migros and Moneypay own 55% and 10% of the new subsidiary, respectively. Considering the concept of monetary significance, it has not been included in the scope of consolidation.
(Amounts expressed in thousands of TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
The interim condensed consolidated financial statements are based on the statutory financial statements of the Group's subsidiaries and presented in Turkish Lira in accordance with the CMB financial reporting standards with certain adjustments and reclassifications for the purpose of fair presentation. Such adjustments are primarily related to application of consolidation accounting, accounting for deferred taxes on temporary differences, accounting for employment termination benefits on an actuarial basis and accruals for various expenses. Except for the financial assets carried from their fair values and assets and liabilities, interim condensed consolidated financial statements are prepared on historical cost basis.
The interim condensed consolidated financial statements have been prepared in accordance with the provisions of the Capital Markets Board's Communiqué Series II, No. 14.1 "Principles of Financial Reporting in the Capital Markets" ("Communiqué") published in the Official Gazette dated 13 June 2013 and numbered 28676. Pursuant to Article 5, the Turkish Financial Reporting Standards, which were put into effect by the Public Oversight, Accounting and Auditing Standards Authority, and their annexes and comments are taken as basis.
In the scope of the CMB's "Communiqué on Financial Reporting in Capital Market" Numbered II- 14.1 (Communiqué), the Group has prepared condensed consolidated interim financial statements in accordance with TAS 34 "Interim Financial Reporting". The financial statements and explanatory notes are presented using the compulsory standard formats as published by the Communiqué. In accordance with the TAS, the entities are allowed to prepare a complete set of interim financial statements in accordance with TAS 34, "Interim Financial Reporting". In this respect the Group has preferred to prepare condensed consolidated financial statements in the interim periods and prepared the aforementioned condensed consolidated financial statements in compliance with CMB Financial Reporting Standards. Interim condensed consolidated financial statements do not include all the information required for the annual financial statements and therefore they should be read in conjunction with the annual consolidated financial statements for the year ended 31 December 2024.
Furthermore in accordance with the Communiqué and announcements regarding the explanations of the Communiqué, guarantee pledge, mortgage table, foreign currency position table, total export and total import amounts and hedging amount of total foreign currency liabilities are presented in the interim condensed consolidated financial statements disclosures (Note 8, 20).
The consolidated financial statements of the Group are prepared comparatively with the previous period in order to enable the determination of financial position and performance trends. In order to comply with the presentation of the current period consolidated financial statements, comparative information is reclassified when it is necessary and significant differences are disclosed.
As of September 30, 2025, in order to ensure compliance with the presentation of interim summary consolidated financial statements, a total of TL 300,666 has been classified between the cost of sales and marketing expenses in the consolidated income statement for the period ending September 30, 2024, and this has no effect on the Group's total equity.
(Amounts expressed in thousands of TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
In case of changes and errors in accounting policies and accounting estimates, significant changes and significant accounting errors are applied retrospectively and the previous period financial statements are restated. Changes in accounting estimates are applied in the current period if the change is made for only one period, and both in the period when the change is made and prospectively if it is related to future periods.
Items included in the interim condensed consolidated financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates ("the functional currency"). The consolidated financial statements are presented in TRY, which is the functional currency of the Company and the reporting currency of the Group.
The results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:
The consolidated financial statements of the Group have been prepared assuming that the Company and subsidiaries will continue as a going concern on the basis that entity will be able to realize its assets and discharge its liabilities in the normal course of business.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.
(Amounts expressed in thousands of TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
The Group prepared its consolidated financial statements as at and for the period ended 30 September 2025 by applying TAS 29 "Financial Reporting in Hyperinflationary Economies" in accordance with the announcement made by POA on 23 November 2023 and the "Application Guidance on Financial Reporting in Hyperinflationary Economies". TAS 29 is applied to the financial statements, including the consolidated financial statements, of any entity whose functional currency is the currency of a hyperinflationary economy. According to the standard, financial statements prepared in the currency of a hyperinflationary economy are presented in terms of the purchasing power of that currency at the balance sheet date. Prior period financial statements are also presented in the current measurement unit at the end of the reporting period for comparative purposes. Therefore, the Group has presented its consolidated financial statements as of 30 September 2024 and 31 December 2024 on a purchasing power basis as of 30 September 2025.
Pursuant to the decision of the Capital Markets Board ("SPK") dated 28 December 2023 and numbered 81/1820, it has been decided that issuers and capital market institutions subject to financial reporting regulations that apply Turkish Accounting/Financial Reporting Standards will apply inflation accounting by applying the provisions of IAS 29 starting from their annual financial reports for the periods ending on 31 December 2023.
The adjustments made in accordance with IAS 29 were made using the adjustment coefficient obtained from the Consumer Price Index (CPI) of Turkey published by the Turkish Statistical Institute (TSI). As of 30 September 2025, the indices and adjustment coefficients used in the adjustment of the consolidated financial statements are as follows:
| Date | Index | Coefficient | Three year compound interest rate |
|---|---|---|---|
| 30 September 2025 | 3,367.22 | 1.00000 | 222% |
| 31 December 2024 | 2,684.55 | 1.25430 | 291% |
| 30 September 2024 |
2,526.16 | 1.33294 | 343% |
The main elements of the Group's adjustment process for financial reporting in hyperinflationary economies are as follows:
(Amounts expressed in thousands of TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
(Amounts expressed in thousands of TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
These changes are not expected to have a significant impact on the financial status and performance of the Group.
(Amounts expressed in thousands of TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
Movement of property, plant and equipments period ended at 30 September 2025 is as follows;
| Impairment | 30 September | |||||
|---|---|---|---|---|---|---|
| 1 January 2025 | Additions | Disposals (-) | loss (*) | Transfers | 2025 | |
| Cost | ||||||
| Lands | 2,671,700 | - | - | - | 270,696 | 2,942,396 |
| Buildings | 5,814,068 | 489,133 | - | - | 17,904 | 6,321,105 |
| Leasehold improvements | 22,685,583 | 269,232 | (41,835) | (41,140) | 886,854 | 23,758,694 |
| Machinery and equipments | 30,218,785 | 258,531 | - | - | 1,164,587 | 31,641,903 |
| Motor vehicles | 1,077,267 | 53,696 | (59,427) | - | 18,853 | 1,090,389 |
| Furniture and fixtures | 14,263,536 | 222,401 | (70,916) | - | 2,616,333 | 17,031,354 |
| Construction in progress | 2,623,328 | 6,142,263 | - | - | (4,975,227) | 3,790,364 |
| 79,354,267 | 7,435,256 | (172,178) | (41,140) | - | 86,576,205 | |
| Accumulated depreciation | ||||||
| Buildings | (567,659) | (126,576) | - | - | - | (694,235) |
| Leasehold improvements | (15,177,543) | (1,473,396) | 41,612 | 12,698 | - | (16,596,629) |
| Machinery and equipments | (15,056,797) | (1,842,178) | - | - | - | (16,898,975) |
| Motor vehicles | (420,069) | (92,130) | 50,549 | - | - | (461,650) |
| Furniture and fixtures | (7,589,106) | (831,414) | 14,657 | - | - | (8,405,863) |
| (38,811,174) | (4,365,694) | 106,818 | 12,698 | - | (43,057,352) | |
| Net book value | 40,543,093 | 43,518,853 |
(*) Impairment loss amounting to TRY28,442 consists of leasehold improvements of the stores closed in 2025 (Note 13).
(Amounts expressed in thousands of TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
Movement of property, plant and equipments period ended at 30 September 2024 is as follows;
| Consolidated for | Impairment | Currency translation |
Sale of | 30 September | |||||
|---|---|---|---|---|---|---|---|---|---|
| 1 January 2024 | Additions | the first time | Disposals (-) | loss (*) | Transfers | differences | subsidiary | 2024 | |
| Cost | |||||||||
| Lands | 3,454,887 | - | - | (682,942) | - | 2,458 | (89,426) | (427,014) | 2,257,963 |
| Buildings | 6,781,382 | 20,785 | - | (396,162) | - | 552,990 | (153,360) | (1,158,574) | 5,647,061 |
| Leasehold improvements | 20,212,437 | 202,240 | 1,577 | - | (29,566) | 532,380 | - | - | 20,919,068 |
| Machinery and equipments | 26,421,073 | 308,829 | 132,461 | (417,086) | - | 1,533,910 | (10,568) | (37,013) | 27,931,606 |
| Motor vehicles | 1,077,211 | 30,339 | 3,300 | (10,513) | - | 5,422 | - | - | 1,105,759 |
| Furniture and fixtures | 12,246,699 | 168,036 | 12,583 | (55,257) | - | 553,713 | (2,878) | (11,588) | 12,911,308 |
| Construction in progress | 1,729,394 | 6,848,571 | 30,455 | - | - | (3,180,873) | (39,655) | - | 5,387,892 |
| 71,923,083 | 7,578,800 | 180,376 | (1,561,960) | (29,566) | - | (295,887) | (1,634,189) | 76,160,657 | |
| Accumulated depreciation | |||||||||
| Buildings | (519,681) | (116,558) | - | 7,839 | - | - | (119,816) | 221,430 | (526,786) |
| Leasehold improvements | (13,593,858) | (1,142,412) | (1,356) | - | 16,762 | - | - | - | (14,720,864) |
| Machinery and equipments | (13,805,022) | (1,550,554) | (56,847) | 416,940 | - | - | 7,395 | 27,664 | (14,960,424) |
| Motor vehicles | (298,073) | (121,303) | (3,602) | 9,646 | - | - | - | - | (413,332) |
| Furniture and fixtures | (6,954,409) | (594,426) | (8,014) | 44,660 | - | - | 2,433 | 10,214 | (7,499,542) |
| (35,171,043) | (3,525,253) | (69,819) | 479,085 | 16,762 | - | (109,988) | 259,308 | (38,120,948) | |
| Net book value | 36,752,040 | 38,039,709 |
(*) Impairment loss amounting to TRY12,804 consists of leasehold improvements of the stores closed in 2024 (Note 13).
(Amounts expressed in thousands of TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
Movement of intangible assets period ended at 30 September 2025 and 2024 is as follows;
| 1 January 2025 | Additions | Disposals (-) | Currency translation differences |
30 September 2025 |
|
|---|---|---|---|---|---|
| Cost | |||||
| Trademark | 13,662 | - | - | - | 13,662 |
| Rent agreements | 191,808 | - | - | - | 191,808 |
| Rights | 6,374,425 | 912,322 | - | - | 7,286,747 |
| Other intangible assets | 2,746,080 | 167,613 | - | - | 2,913,693 |
| 9,325,975 | 1,079,935 | - | - | 10,405,910 | |
| Accumulated amortisation | |||||
| Rent agreements | (191,808) | - | - | - | (191,808) |
| Rights | (4,361,083) | (575,411) | - | - | (4,936,494) |
| Other intangible assets | (2,183,025) | (11,118) | - | - | (2,194,143) |
| (6,735,916) | (586,529) | - | - | (7,322,445) | |
| Net book value | 2,590,059 | 3,083,465 |
(Amounts expressed in thousands of TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| Currency | |||||||
|---|---|---|---|---|---|---|---|
| 1 January 2024 | Additions | Consolidated for the first time |
Disposals (-) | translation differences |
Sale of subsidiary |
30 September 2024 |
|
| Cost | |||||||
| Trademark | 13,661 | - | - | - | - | - | 13,661 |
| Rent agreements | 191,806 | - | - | - | - | - | 191,806 |
| Rights | 5,076,829 | 460,655 | 2,706 | (42,337) | - | - | 5,497,853 |
| Other intangible assets | 2,648,189 | 54,685 | 24 | - | (44) | (15,310) | 2,687,544 |
| 7,930,485 | 515,340 | 2,730 | (42,337) | (44) | (15,310) | 8,390,864 | |
| Accumulated amortisation | |||||||
| Rent agreements | (191,805) | - | - | - | - | - | (191,805) |
| Rights | (3,601,477) | (505,770) | (1,896) | - | - | - | (4,109,143) |
| Other intangible assets | (2,183,801) | (12,186) | (24) | - | (56) | 15,096 | (2,180,971) |
| (5,977,083) | (517,956) | (1,920) | - | (56) | 15,096 | (6,481,919) | |
| Net book value | 1,953,402 | 1,908,945 |
Amortisation expenses related to intangible assets have been accounted under marketing expenses.
(Amounts expressed in thousands of TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
For the periods ended on 30 September 2025 and 2024, movement on right of use assets is as follows:
| 1 January 2025 | Additions | Disposals | 30 September 2025 | |
|---|---|---|---|---|
| Cost | ||||
| Buildings | 69,074,448 | 13,361,658 | (922,852) | 81,513,254 |
| 69,074,448 | 13,361,658 | (922,852) | 81,513,254 | |
| Accumulated Amortisation | ||||
| Buildings | (27,894,299) | (6,374,623) | 385,117 | (33,883,805) |
| (27,894,299) | (6,374,623) | 385,117 | (33,883,805) | |
| Net book value | 41,180,149 | 47,629,449 | ||
| 1 January 2024 | Additions | Disposals | 30 September 2024 | |
| Cost Buildings |
51,485,078 | 14,947,728 | (1,203,562) | 65,229,244 |
| 51,485,078 | 14,947,728 | (1,203,562) | 65,229,244 | |
| Accumulated Amortisation | ||||
| Buildings | (22,100,822) | (4,789,848) | 654,745 | (26,235,925) |
| (22,100,822) | (4,789,848) | 654,745 | (26,235,925) | |
| Net book value | 29,384,256 | 38,993,319 |
Amortisation expenses related to right of use asset have been accounted under marketing expenses.
The Group earned revenue of TRY225,900 (2024: TRY179,381 ) from sub-leasing transactions.
| 30 September 2025 |
31 December 2024 | |
|---|---|---|
| Lease liabilities | 5,321,310 | 4,803,045 |
| 5,321,310 | 4,803,045 | |
| Long-term lease liabilities | 30 September 2025 |
31 December 2024 |
| Lease liabilities | 24,156,197 | 20,141,558 |
| 24,156,197 | 20,141,558 |
(Amounts expressed in thousands of TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Finished goods and commodities | 33,952,964 | 38,545,053 |
| Work in progress | 553,953 | 704,056 |
| Raw materials | 500,866 | 372,120 |
| Other | 128,897 | 106,072 |
| Less: Provision for impairment on inventory | (747,553) | (653,159) |
| 34,389,127 | 39,074,142 | |
| Movement of impairment on inventory is as follows: | ||
| 2025 | 2024 | |
| Beginning balance, as of 1 January, | 653,159 | 825,584 |
| Charge for the period | 702,248 | 649,294 |
| Provisions released (-) | (607,854) | (481,278) |
| Closing balance, as of 30 September, | 747,553 | 993,600 |
| 30 September 2025 | ||||
|---|---|---|---|---|
| Effective interest rate (%) |
In original currency |
Total TRY equivalent |
||
| Short term borrowings | ||||
| Fixed interest rate - TRY | 17.10 | 160,249 | 160,249 | |
| Total short term borrowings | 160,249 | |||
| Current portion of long term borrowings | ||||
| Floating interest rate - TRY | 49.89 | 326,745 | 326,745 | |
| Fixed interest rate - USD | 1.00 | 39 | 1,916 | |
| Floating interest rate - EUR | 4.66 | 237 | 9,846 | |
| Total current portion of long term borrowings | 338,507 | |||
| Total short term borrowings | 498,756 | |||
| Long term borrowings | ||||
| Floating interest rate - TRY | 49.89 | 209,072 | 209,072 | |
| Fixed interest rate - USD | 1.00 | 5,070 | 210,424 | |
| Floating interest rate – EUR | 4.66 | 10,807 | 526,851 | |
| Total long term borrowings | 946,347 | |||
| Total financial liabilities | 1,445,103 |
(Amounts expressed in thousands of TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
The redemption schedule of borrowings with effective interest rate at 30 September 2025 is as follows:
| USD Loan TRY equivalent |
EUR Loan TRY equivalent |
TRY Loan | Total TRY equivalent |
|
|---|---|---|---|---|
| 1 October 2025 - 30 September 2026 1 October 2026 - 30 September 2027 |
1,916 39,988 |
9,846 96,820 |
486,994 209,072 |
498,756 345,880 |
| 1 October 2027 - 30 September 2028 | 39,210 | 96,361 | - | 135,571 |
| 1 October 2028 - 30 September 2029 | 38,438 | 95,903 | - | 134,341 |
| 1 October 2029 - 30 September 2030 | 37,678 | 95,447 | - | 133,125 |
| 1 October 2030 - 30 September 2031 | 36,929 | 94,993 | - | 131,922 |
| 1 October 2031 - 19 December 2031 | 18,181 | 47,327 | - | 65,508 |
| 536,697 | 212,340 | 696,066 | 1,445,103 |
The fair value of borrowings at 30 September 2025 is TRY1,275,166.
The redemption schedule of principal amounts of borrowings at 30 September 2025 is as follows:
| USD Loan TRY equivalent |
EUR Loan TRY equivalent |
TRY Loan | Total TRY equivalent |
|
|---|---|---|---|---|
| 1 October 2025 - 30 September 2026 | - | - | 341,023 | 341,023 |
| 1 October 2026 - 30 September 2027 | 38,542 | 97,504 | 235,408 | 371,454 |
| 1 October 2027 - 30 September 2028 | 38,542 | 97,502 | - | 136,044 |
| 1 October 2028 - 30 September 2029 | 38,542 | 97,502 | - | 136,044 |
| 1 October 2029 - 30 September 2030 | 38,542 | 97,502 | - | 136,044 |
| 1 October 2030 - 30 September 2031 | 38,542 | 97,502 | - | 136,044 |
| 1 October 2031 - 19 December 2031 | 19,271 | 48,751 | - | 68,022 |
| 211,981 | 536,263 | 576,431 | 1,324,675 |
The redemption schedule of contractual cash outflows, which consists of principal and interest, of borrowings at 30 September 2025 is as follows:
| USD Loan TRY equivalent |
EUR Loan TRY equivalent |
TRY Loan | Total TRY equivalent |
|
|---|---|---|---|---|
| 1 October 2025 - 30 September 2026 | 1,923 | 9,859 | 520,558 | 532,340 |
| 1 October 2026 - 30 September 2027 | 40,588 | 97,502 | 294,788 | 432,878 |
| 1 October 2027 - 30 September 2028 | 40,203 | 97,502 | - | 137,705 |
| 1 October 2028 - 30 September 2029 | 39,812 | 97,502 | - | 137,314 |
| 1 October 2029 - 30 September 2030 | 39,421 | 97,502 | - | 136,923 |
| 1 October 2030 - 30 September 2031 | 39,031 | 97,502 | - | 136,533 |
| 1 October 2031 - 19 December 2031 | 19,369 | 48,751 | - | 68,120 |
| 220,347 | 546,120 | 815,346 | 1,581,813 |
The Group has the obligation to comply with the various credit commitments in the loan agreement in the interest of the said bank credits. The financial ratios calculated on the interim condensed consolidated financial statements as of 30 September 2025 are in line with the provisions of the bank loan agreement.
(Amounts expressed in thousands of TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
The movement schedule of borrowings as of 30 September 2025 and 2024 is as follows;
| 2025 | 2024 | ||
|---|---|---|---|
| Beginning balance, as of 1 January, | 1,515,659 | 3,656,580 | |
| Proceeds of borrowings | 760,123 | 3,267 | |
| Payments (-) | (529,048) | (1,001,403) | |
| Foreign exchange losses | 1,159 | 18,021 | |
| Interest accrual | (164,527) | 271,366 | |
| Disposal of subsidiary | - | (50,502) | |
| Monetary gain | (138,263) | (784,225) | |
| Closing balance, as of 30 September, | 1,445,103 | 2,113,104 | |
| 31 December 2024 | |||
| Effective | In original | Total TRY | |
| interest rate (%) | currency | equivalent | |
| Short term borrowings | |||
| Fixed interest rate - TRY | 27.49 | 810,017 | 810,017 |
| Total short term borrowings | 810,017 | ||
| Current portion of long term borrowings | |||
| Floating interest rate - TRY | 60.07 | 436,992 | 436,992 |
| Total current portion of long term borrowings | 436,992 | ||
| Total short term borrowings | 1,247,009 | ||
| Long term borrowings | |||
| Floating interest rate - TRY | 60.07 | 268,651 | 268,651 |
| Total long term borrowings | 268,651 | ||
| Total financial liabilities | 1,515,660 |
The redemption schedule of borrowings with effective interest rate at 31 December 2024 is as follows:
| TRY Loan | Total TRY equivalent |
|
|---|---|---|
| 1 January 2025 - 31 December 2025 |
1,247,009 | 1,247,009 |
| 1 January 2026 - 14 December 2026 |
268,651 | 268,651 |
| 1,515,660 | 1,515,660 |
(Amounts expressed in thousands of TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
The fair value of borrowings at 31 December 2024 is TRY1,252,495.
The redemption schedule of principal amounts of bank borrowings at 31 December 2024 is as follows:
| TRY Loan | Total TRY equivalent |
|
|---|---|---|
| 1 January 2025 - 31 December 2025 |
1,032,187 | 1,032,187 |
| 1 January 2026 - 14 December 2026 |
295,273 | 295,273 |
| 1,327,460 | 1,327,460 |
The redemption schedule of contractual cash outflows, which consists of principal and interest of borrowings at 31 December 2024 is as follows:
| TRY Loan | Total TRY equivalent |
|
|---|---|---|
| 1 January 2025 - 31 December 2025 |
1,484,105 | 1,484,105 |
| 1 January 2026 - 14 December 2026 |
474,615 | 474,615 |
| 1,958,720 | 1,958,720 |
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Provision for litigation | 417,963 | 388,406 |
| Provision for customer loyalty programs | 58,277 | 16,381 |
| Provision for expense accruals | 7,952 | 208,070 |
| 484,192 | 612,857 |
There are various lawsuits filed against or in favour of the Group. Receivables, rent or labour disputes constitute the majority of these lawsuits. The Group management estimates the outcomes of these lawsuits and estimates their financial impact according to which the necessary provisions are accounted.Movements in the provision for litigation during the period are as follows:
| 2025 | 2024 | |
|---|---|---|
| Beginning balance, as of 1 January, | 388,406 | 262,221 |
| Increase during period | 175,124 | 229,261 |
| Payments (-) | (68,952) | (71,224) |
| Monetary gain | (76,615) | (80,821) |
| Closing balance, as of 30 September |
417,963 | 339,437 |
(Amounts expressed in thousands of TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| Total | ||||
|---|---|---|---|---|
| TRY equivalent | TRY | USD | EUR | |
| A. CPM given on behalf of the Company's legal personality |
3,788,566 | 3,752,945 | 598 | 220 |
| B. CPM given on behalf of fully consolidated subsidiaries |
- | - | - | - |
| Total collaterals, pledges and mortgages | 3,788,566 | 3,752,945 | 598 | 220 |
| 31 December 2024: | ||||
| Total TRY equivalent |
TRY | USD | EUR | |
| A. CPM given on behalf of the Company's legal personality |
4,182,157 | 4,168,732 | 354 | 25 |
| B. CPM given on behalf of fully consolidated subsidiaries |
- | - | - | - |
| Total collaterals, pledges and mortgages | 4,182,157 | 4,168,732 | 354 | 25 |
| Guarantees given at 30 September 2025 | and 31 December 2024 are as follows: |
|
|---|---|---|
| 30 September 2025 | 31 December 2024 | |
| Letter of guarantees given | 3,788,566 | 4,182,157 |
| 3,788,566 | 4,182,157 | |
| Guarantees received at 30 September 2025 | and 31 December 2024 are as follows: |
|
| Guarantees obtained from customers Mortgages obtained from customers |
30 September 2025 3,945,562 868,842 |
31 December 2024 2,347,246 359,905 |
(Amounts expressed in thousands of TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
Payables within the scope of employee benefits as of 30 September 2025 and 31 December 2024 are as follows:
| 3,309,291 | 2,921,956 | |
|---|---|---|
| Payables to employees Social security premiums payables |
2,381,210 928,081 |
1,941,265 980,691 |
| 30 September 2025 | 31 December 2024 |
Employee benefits are as of 30 September 2025 and 31 December 2024 as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Provision for unused vacation | 1,443,425 | 1,697,428 |
| Provision for employment termination benefits | 964,523 | 1,738,176 |
| 2,407,948 | 3,435,604 |
Movement of provision for unused vacation for the periods ended in 30 September 2025 and 2024 is as follows:
| 2025 | 2024 | |
|---|---|---|
| Beginning balance, as of 1 January, | 1,697,428 | 1,698,198 |
| Provision for the year | 298,842 | 312,063 |
| Used in year (-) | (186,038) | (270,054) |
| Monetary gain | (366,807) | (456,207) |
| Closing balance, as of 30 September, | 1,443,425 | 1,284,000 |
Movement of provision for employee termination benefits for the periods ended in 30 September 2025 and 2024 is as follows:
| 2025 | 2024 | |
|---|---|---|
| Beginning balance, as of 1 January, | 1,738,176 | 2,164,691 |
| Service cost | 112,511 | 124,614 |
| Interest cost | 188,664 | 173,507 |
| Payments (-) | (759,443) | (988,467) |
| Monetary gain | (315,385) | (487,311) |
| Closing balance, as of 30 September, | 964,523 | 987,034 |
(Amounts expressed in thousands of TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
Under the Turkish Labour Law, the Company is required to pay termination benefits to each employee who has completed one year of service and who reaches the retirement age, whose employment is terminated without due cause, is enlisted for military service or passed away. The termination benefit to be paid is one month wage per a service year up to the maximum employment termination benefit.
In the condensed interim consolidated financial statements as of 30 September 2025 and consolidated financial statements as of 31 December 2024, the Group reflected a liability calculated using the projected unit credit method and based upon factors derived using their experience of personnel terminating their services and being eligible to receive retirement pay and discounted by using the current market yield at the balance sheet date on government bonds.
The principal assumption is that the maximum liability for each year of service will increase in line with inflation. Thus, the discount rate applied represents the expected real rate after adjusting for the anticipated effects of future inflation. As the maximum liability is revised once every six months, the maximum amount of full TRY53,919.68 effective from 1 July 2025 has been taken into consideration in calculating the reserve for employment termination benefit of the Group.
| 1 January - 30 September 2025 |
1 July - 30 September 2025 |
1 January - 30 September 2024 30 September 2024 |
1 July - | |
|---|---|---|---|---|
| Sales revenue: | ||||
| Domestic sales Other sales |
298,003,854 591,685 |
107,822,761 144,948 |
277,705,874 480,060 |
100,101,389 94,304 |
| Gross sales | 298,595,539 | 107,967,709 | 278,185,934 | 100,195,693 |
| Discounts and returns (-) | (3,747,961) | (1,084,498) | (3,200,731) | (908,707) |
| Sales revenue, net | 294,847,578 | 106,883,211 | 274,985,203 | 99,286,986 |
| Cost of sales (-) | (222,800,517) | (80,026,726) | (212,700,915) | (75,042,470) |
| Gross profit | 72,047,061 | 26,856,485 | 62,284,288 | 24,244,516 |
Details of domestic sales before other sales, discounts and returns are as follows:
| 1 January - 30 September 2025 |
1 July - 30 September 2025 |
1 January - | 1 July - 30 September 2024 30 September 2024 |
|
|---|---|---|---|---|
| Retail sales revenue | 290,313,036 | 104,994,907 | 268,260,115 | 97,155,646 |
| Wholesale revenue | 6,493,088 | 2,398,921 | 8,253,159 | 2,442,976 |
| Rent income | 1,197,730 | 428,933 | 1,192,600 | 502,767 |
| 298,003,854 | 107,822,761 | 277,705,874 | 100,101,389 |
(Amounts expressed in thousands of TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| 1 January - 30 September 2025 |
1 July - 30 September 2025 |
1 January - 30 September 2024 |
1 July - 30 September 2024 |
|
|---|---|---|---|---|
| Personnel expenses | 31,861,982 | 10,027,280 | 29,051,979 | 9,569,427 |
| Depreciation and amortisation | 11,326,846 | 4,049,523 | 8,833,057 | 3,016,713 |
| Rent and common area (*) | 7,538,063 | 2,666,998 | 7,151,533 | 2,644,980 |
| Energy expenses | 2,768,508 | 1,138,051 | 2,981,918 | 1,287,768 |
| Porterage and cleaning expenses | 2,123,729 | 692,253 | 1,909,438 | 629,965 |
| Information technology maintenance expenses | 2,015,565 | 664,653 | 1,646,142 | 628,453 |
| Advertising expenses | 1,881,448 | 504,268 | 1,618,794 | 525,291 |
| Repair and maintanence expenses | 960,265 | 425,414 | 766,170 | 188,487 |
| Security expenses | 747,067 | 236,712 | 635,692 | 212,044 |
| Taxes and other fees | 270,510 | 79,261 | 217,885 | 63,959 |
| Communication expenses | 252,576 | 103,224 | 181,201 | 60,827 |
| Other | 2,643,205 | 906,181 | 2,685,524 | 855,925 |
| 64,389,764 | 21,493,818 | 57,679,333 | 19,683,839 |
(*) 5,913 million TRY of rent expenses in 2025 is related to variable leases, 759 million TRY is related to short-term leases, 256 million TRY is related to low value leases and 610 million TRY is related to common area expenses.
| Marketing expenses | 1 January - 30 September 2025 |
1 July - 30 September 2025 |
1 January - 30 September 2024 |
1 July - 30 September 2024 |
|---|---|---|---|---|
| Personnel expenses | 27,859,258 | 8,767,660 | 25,110,176 | 8,165,380 |
| Depreciation and amortisation | 11,326,846 | 4,049,523 | 8,833,057 | 3,016,713 |
| Rent and common area | 7,368,499 | 2,626,811 | 7,072,323 | 2,610,619 |
| Energy expenses | 2,747,851 | 1,131,476 | 2,957,565 | 1,277,094 |
| Porterage and cleaning expenses | 2,061,305 | 672,089 | 1,857,857 | 613,286 |
| Advertising expenses | 1,881,443 | 504,267 | 1,618,458 | 524,955 |
| Information technology maintenance expenses | 1,641,307 | 545,343 | 1,501,989 | 693,033 |
| Repair and maintanence expenses | 931,534 | 414,142 | 747,595 | 180,557 |
| Security expenses | 713,932 | 226,087 | 609,813 | 203,877 |
| Taxes and other fees | 227,490 | 66,042 | 183,242 | 53,357 |
| Communication expenses | 221,156 | 93,977 | 160,666 | 52,730 |
| Other | 1,893,231 | 656,244 | 1,958,814 | 597,431 |
| 58,873,852 | 19,753,661 | 52,611,555 | 17,989,032 | |
| General administrative expenses | ||||
| 1 January - 30 September 2025 |
1 July - 30 September 2025 |
1 January - 30 September 2024 |
1 July - 30 September 2024 |
|
| Personnel expenses | 4,002,724 | 1,259,620 | 3,941,803 | 1,404,047 |
| Other | 1,513,188 | 480,537 | 1,125,975 | 290,760 |
Expenses by nature in cost of sales for the periods 1 January - 30 September 2025 and 2024 are asfollows:
5,515,912 1,740,157 5,067,778 1,694,807
| 1 January - | 1 July - | 1 January - | 1 July - | |
|---|---|---|---|---|
| 30 September 2025 | 30 September 2025 | 30 September 2024 | 30 September 2024 | |
| Cost of goods sold | 220,907,935 | 79,834,218 | 211,150,473 | 74,893,434 |
| Cost of service rendered | 1,892,582 | 192,508 | 1,550,442 | 149,036 |
| 222,800,517 | 80,026,726 | 212,700,915 | 75,042,470 |
Cost of trade goods include discounts, incentives and volume rebates obtained from suppliers. Service costs comprise energy, advertising, cleaning, security and administrative expenses incurred in the Group's shopping malls.
(Amounts expressed in thousands of TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| Other operating income | 1 January - 30 September 2025 |
1 July - 30 September 2025 |
1 January - 30 September 2024 |
1 July - 30 September 2024 |
|---|---|---|---|---|
| Interest income on term sales | 1,779,362 | 615,847 | 1,982,076 | 750,195 |
| Other | 579,999 | 228,034 | 257,822 | 43,514 |
| 2,359,361 | 843,881 | 2,239,898 | 793,709 | |
| Other operating expenses | 1 January - 30 September 2025 |
1 July - 30 September 2025 |
1 January - 30 September 2024 |
1 July - 30 September 2024 |
| Interest expense on term purchases(*) | 15,692,546 | 5,287,278 | 15,311,884 | 5,755,108 |
| Litigation provision expense | 175,124 | 90,071 | 229,261 | 71,821 |
| Bad debt provision expense | 60,023 | 28,451 | 35,542 | 6,741 |
| Other | 238,527 | 32,559 | 221,583 | 78,653 |
| 16,166,220 | 5,438,359 | 15,798,270 | 5,912,323 |
(*) Term purchases are discounted to the present value with the relevant government securities interest rates for each month, and as a result, forward purchase interest expenses are calculated. Average interest rate in 2025 is 43.8% ( 2024 47.8%)
| 1 January - 30 September 2025 |
1 July - 30 September 2025 |
1 January - 30 September 2024 |
1 July - 30 September 2024 |
|
|---|---|---|---|---|
| Gain on sale of property, plant and | ||||
| equipment | 69,097 | 36,034 | 235,300 | 179,434 |
| Subsidiary sales profit | - | - | 549,486 | 549,486 |
| 69,097 | 36,034 | 784,786 | 728,920 | |
| Expense from investing activities | ||||
| 1 January - 30 September 2025 |
1 July - 30 September 2025 |
1 January - 30 September 2024 |
1 July - 30 September 2024 |
|
| Losses from leasehold improvements of closed stores (Note 3) |
28,442 | 3,322 | 12,804 | 2,080 |
| 1 January - 30 September 2025 |
1 July - 30 September 2025 |
1 January - 30 September 2024 |
1 July - 30 September 2024 |
|
|---|---|---|---|---|
| Interest income on bank deposits | 5,678,784 | 2,307,001 | 5,145,102 | 2,629,500 |
| Foreign exchange gains | 445,338 | 52,578 | 663,733 | 229,267 |
| Financial income on derivatives | - | - | 78,176 | (19,102) |
| 6,124,122 | 2,359,579 | 5,887,011 | 2,839,665 |
(Amounts expressed in thousands of TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| 1 January - 30 September 2025 |
1 July - 30 September 2025 |
1 January - 30 September 2024 |
1 July - 30 September 2024 |
|
|---|---|---|---|---|
| Credit card commision expenses Interest expense on lease liabilities |
4,684,913 3,637,328 |
1,670,181 1,261,633 |
3,950,317 2,332,640 |
1,433,667 878,527 |
| Interest expense on bank borrowings | 203,365 | 30,977 | 809,728 | 143,929 |
| Interest expense on provision for | ||||
| employment termination benefits | 188,664 | 59,052 | 173,507 | 53,007 |
| Foreign exchange losses | 74,078 | 28,495 | 31,387 | 1,250 |
| Other | 73,840 | 22,880 | 103,236 | 48,208 |
| 8,862,188 | 3,073,218 | 7,400,815 | 2,558,588 |
| 30 September 2025 | 31 December 2024 |
|
|---|---|---|
| Corporate and income taxes payable | 1,101,189 | 772,639 |
| Less: Prepaid current income taxes | (1,212,695) | (965,564) |
| Current tax liabilities | (111,506) | (192,925) |
| 30 September 2025 | 31 December 2024 |
|
| Deferred tax assets | 1,982,403 | 2,892,534 |
| Deferred tax liabilities | (7,790,605) | (7,241,725) |
| Deferred tax liabilities, net | (5,808,202) | (4,349,191) |
The Group is taxed in the scope of the tax regulations and laws of the countries in which the Group operates. Tax legislation in Turkey does not allow a principal company and its subsidiaries to fill out a consolidated tax return. Therefore the tax provisions reflected on consolidated financial statements were calculated for separate companies.
The corporate income tax rate in Turkey is 25% (31 December 2024: 25%).
The Group calculates its assets and liabilities related to deferred income by considering the temporary timing differences between taxable legal financial statements and financial statements prepared according to TFRS. As of 30 September 2025, the rate applied for the deferred tax assets and liabilities calculated according to the liability method for temporary differences occurring in future periods for Turkey is 25% (2024: 25%).
(Amounts expressed in thousands of TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
Earnings from the Group's investments subject to incentive certificates are subject to corporate tax at reduced rates from the accounting period in which the investment starts to be operated partially or fully until the investment contribution amount is reached. In this context, as of 30 September 2025, tax advantage amounting to TRY33,896 that the Group will benefit from in the foreseeable future is reflected in the financial statements as deferred tax asset (31 December 2024: TRY36,411). As a result of the recognition of the tax advantage as of 30 September 2025, deferred tax expense amounting to TRY515 has been recognized in the statement of profit or loss for the period 1 January - 30 September 2025.
Within the scope of the incentive certificates summarized above, a reduced corporate tax advantage has not been used in the current period statutory tax provision (31 December 2024: TRY24,177).
The Group capitalizes the R&D expenditures it has made within the scope of the law numbered 5746 in its legal books. According to the provisions of the same law, the Group makes calculations over the R&D expenditures made within the framework of the relevant legislation and uses R&D deduction exemption for the part of the expenditures permitted by the law.
As of 30 September 2025, the Group has used the R&D discount exemption of TRY134,534 (30 September 2024: TRY134,534) in return for legal tax.
The details of taxation on income for the periods ended 30 September 2025 and 2024 are as follows:
| 1 January - 30 September 2025 |
1 July - 30 September 2025 |
1 January - 30 September 2024 |
1 July - 30 September 2024 |
||
|---|---|---|---|---|---|
| Current period income tax expense | (1,165,384) | (941,972) | (772,639) | (591,365) | |
| Deferred tax expense/(income) | (1,516,466) | (636,351) | (1,686,582) | (911,580) | |
| Current period tax expense/(income) | (2,681,850) | (1,578,323) | (2,459,221) | (1,502,945) |
(Amounts expressed in thousands of TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
The composition of cumulative temporary differences and the related deferred income tax assets and liabilities in respect of items for which deferred income tax has been provided as of 30 September 2025 and 31 December 2024 using the currently enacted tax rates, is as follows:
| Cumulative temporary differences |
Deferred tax assets/(liabilities) |
||||
|---|---|---|---|---|---|
| 30 September 2025 | 31 December 2024 | 30 September 2025 | 31 December 2024 | ||
| Deferred tax assets: | |||||
| Inventories | 2,876,592 | 5,349,354 | 719,148 | 1,337,338 | |
| Short term provisions | 1,902,223 | 2,334,405 | 475,556 | 583,602 | |
| Provision for employee | |||||
| termination benefits | 2,147,494 | 2,928,816 | 536,559 | 732,204 | |
| Finance income not | |||||
| accrued from future sales | 33,300 | 34,718 | 8,325 | 8,680 | |
| Other | 971,260 | 926,145 | 242,815 | 230,710 | |
| 1,982,403 | 2,892,534 | ||||
| Deferred tax liabilities: | |||||
| Right of use assets | (18,190,509) | (16,491,932) | (4,547,627) | (4,122,983) | |
| Property, plant and equiment | |||||
| and intangible assets | (11,777,650) | (10,837,941) | (2,171,041) | (1,850,388) | |
| Finance expense not accrued | |||||
| from future sales | (2,825,574) | (3,190,148) | (706,393) | (797,537) | |
| Financial investment fair value change |
(2,560,542) | (3,144,284) | (365,544) | (470,817) | |
| (7,790,605) | (7,241,725) | ||||
| Deferred tax liabilities, net | (5,808,202) | (4,349,191) | |||
| Movements of deferred tax assets and liabilities are as follows: | |||||
| 2025 | 2024 | ||||
| Beginning balance, as of 1 January, | (4,349,191) | (3,447,788) | |||
| Deferred tax expense | from continuing operations | (1,516,466) | (1,686,582) | ||
| Recognized on other comprehensive income | 57,455 | 249,297 | |||
| -Financial investment fair value difference | 37,804 | 131,139 | |||
| -Property plant and equipment revaluation increases | 19,651 | 118,158 | |||
| Closing balance, as of 30 September, | (5,808,202) | (4,885,073) |
(Amounts expressed in thousands of TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
The Group applies the registered capital system granted to companies registered in the CMB and has set a ceiling for its registered capital representing registered shares with a nominal value of 1 Kr. The Group's registered capital and issued capital are as follows:
30 September 2025 31 December 2024
| Common shares 1 Kr par value | ||
|---|---|---|
| - Registered capital ceiling |
500,000 | 500,000 |
| - Issued capital |
181,054 | 181,054 |
The shareholders of the Company and their shareholdings stated at historical amounts at 30 September 2025 and 31 December 2024 are stated below:
| 30 September 2025 | 31 December 2024 | |||
|---|---|---|---|---|
| TRY | Share | TRY | Share | |
| MH Perakendecilik ve Ticaret A.Ş. | 89,046 | 49.18% | 89,046 | 49.18% |
| Migros Ticaret A.Ş. | 2,962 | 1.64% | 2,962 | 1.64% |
| Other | 89,046 | 49.18% | 89,046 | 49.18% |
| Nominal paid capital | 181,054 | 100.00% | 181,054 | 100.00% |
| Share capital adjustment differences (*) | 4,259,858 | 4,259,858 | ||
| Adjusted share capital | 4,440,912 | 4,440,912 | ||
| Treasury shares | (1,080,670) | (1,080,670) |
(*) Share capital adjustment differences refer to the difference between the total amounts of cash and cash equivalent additions to capital adjusted in accordance with IFRS published by the KGK and their pre-adjustment amounts. Capital adjustment differences have no use other than being added to capital.
As of 30 September 2025 breakdown of the equity in the financial statements prepared in accordance with the Tax Procedure Law are as follows.
| 30 September 2025 | ||||||
|---|---|---|---|---|---|---|
| PPI Indexed Legal Records |
CPI Indexed Records |
Amounts followed in Accumulated Profit/Loss |
||||
| Share capital adjustment differences | 5,652,828 | 4,259,858 | (1,392,970) | |||
| Other reserves | 3,649,508 | 2,108,901 | (1,540,607) |
(Amounts expressed in thousands of TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
Publicly traded companies make dividend distributions in accordance with the Capital Markets Board Communiqué on Dividends No. II-19.1 enacted on 1 February 2014.
Partnerships distribute profits with a decision from the general board, within the framework of profit distribution policies determined by the general assemblies and in accordance with related legislation provisions. As per the related Communique, a minimum distribution rate was not set. Companies pay dividends as specified in their articles of association or profit distribution policies. Also, dividends may be paid in equal or unequal instalments and dividend advances may be distributed in cash based on the profit in the interim financial statements.
If legal reserves and dividends determined for shareholders in articles of association or dividend distribution policies are not allocated as per the TCC, no other legal reserve can be allocated or transferred until the following year, and no dividend is distributed to beneficial interest certificate holders, members of the board of directors, employees of the partnership or those other than shareholders. Also, no dividend is distributed to such parties unless the dividends determined for the shareholders are not paid in cash.
In the general board meeting of 15 April 2025, from other sources planned to be distributed, after deducting the dividend advance of wTRY648 million distributed in November 2024, the general board decision was made to pay non-resident shareholders who earn dividends via a workplace in Turkey or a permanent establishment a TRY 6.9040087 gross=net cash dividend of 690.40087% for shares with a nominal worth of TRY 1.00, to pay other shareholders a TRY 6.9040087 gross cash dividend of 690.40087% for shares with a nominal worth of TRY 1.00, a TRY 5.8684074 net cash dividend of 586.84074% out of other resources planned to be allocated. It was decided that this total payment of TRY 1,384 million (TRY 1,360 million excluding repurchased shares) shall be made in on 29 May 2025.
As of 30 September 2025 and 31 December 2024, due from and due to related parties are as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Coca Cola Satış ve Dağıtım A.Ş. | 2,040 | 47,594 |
| Anadolu Efes Spor Kulübü | 1,422 | 2,468 |
| Anadolu Etap Penkon Gıda ve İçecek Ürünleri San. Ve Tic. A.Ş. | 122 | 200 |
| Colendi Yapay Zeka ve Büyük Veri Teknolojileri Hizmet A.Ş | 89,327 | 25,442 |
| Other | 2,950 | 3,426 |
| 95,861 | 79,130 |
(Amounts expressed in thousands of TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Efes Pazarlama ve Dağıtım Ticaret A.Ş. | 1,847,030 | 1,439,041 |
| Coca Cola Satış ve Dağıtım A.Ş. | 1,814,303 | 967,783 |
| Adel Kalemcilik Ticaret ve San. A.Ş. | 143,665 | 37,470 |
| Anadolu Etap Penkon Gıda ve Tarım Ürünleri San. Ve Tic. A.Ş. | 70,978 | 29,125 |
| AG Anadolu Grubu Holding A.Ş. | 4,682 | 26,468 |
| Other | 4,146 | 9,986 |
| 3,884,804 | 2,509,873 |
Significant transactions regarding purchases and sales with related parties for the periods ending on 30 September 2025 and 2024 are as follows:
| 1 January - 30 September 2025 |
1 July - 30 September 2025 |
1 January - | 1 July - 30 September 2024 30 September 2024 |
|
|---|---|---|---|---|
| Coca Cola Satış ve Dağıtım A.Ş. | 5,246,046 | 2,093,122 | 4,857,556 | 2,930,928 |
| Efes Pazarlama ve Dağıtım Ticaret A.Ş. | 4,737,808 | 1,753,543 | 4,259,926 | 1,893,093 |
| AEP Anadolu Etap Penkon Gıda ve | ||||
| Tarım Ürünleri San. ve Tic. A.Ş. | 205,809 | 152,678 | 205,364 | 61,209 |
| Adel Kalemcilik Ticaret ve San. A.Ş. | 353,835 | 144,978 | 176,469 | 136,706 |
| Anadolu Motor | 441 | 441 | - | - |
| 10,543,939 | 4,144,762 | 9,499,315 | 5,021,936 | |
| Other transactions | ||||
| 1 January - 30 September 2025 |
1 July - 30 September 2025 |
1 January - 30 September 2024 |
1 July - 30 September 2024 |
|
| Rent expenses | (25,737) | (8,420) | (32,202) | (9,998) |
| Other transactions, net | (25,737) | (8,420) | (32,202) | (9,998) |
The Group has determined key management personnel as chairman, members of Board of Directors, general manager and vice general managers.
Total compensation provided to key management personnel by Group for the period ended 30 September 2025 and 30 September 2024 is as follows:
| 1 January - 30 September 2025 |
1 July - 30 September 2025 |
1 January - 30 September 2024 |
1 July - 30 September 2024 |
|
|---|---|---|---|---|
| Short term benefits | 482,641 | 145,471 | 575,806 | 171,479 |
| 482,641 | 145,471 | 575,806 | 171,479 |
Key management compensation paid or payable consists of benefits, salaries, premiums, individual pension premiums, vehicle rents and SSI and employer shares.
(Amounts expressed in thousands of TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
Basic earnings per share is calculated by dividing net income for the period by the weighted average number of ordinary shares outstanding during the related period. The Company has no diluted instruments.
| 1 January - 30 September 2025 |
1 July - 30 September 2025 |
1 January - 30 September 2024 |
1 July - 30 September 2024 |
|
|---|---|---|---|---|
| Net profit attributable to shareholders | 5,369,397 | 3,949,112 | 7,039,220 | 4,207,823 |
| Weighted average number of shares with Kr1 face value each('000) |
18,105,233 | 18,105,233 | 18,105,233 | 18,105,233 |
| Earnings per share("TRY") | 29.66 | 21.81 | 38.88 | 23.24 |
There is no difference between basic and diluted earnings per share for any of the periods.
The Group is exposed to foreign exchange risk primarily arising from the borrowings denominated in foreign currencies. Aforementioned foreign exchange risk is monitored and limited with derivative instruments. On 30 September 2025, if Euro, US dollar had appreciated against TRY by 20% and all other variables had remained constant, the profit for the period before tax as a result of foreign exchange rate difference arising out of assets and liabilities denominated in Euro, US Dollar would have been high in the amount of TRY61,160 (31 December 2024: TRY159,442).
(Amounts expressed in thousands of TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| 30 September 2025 | 31 December 2024 | |||||||
|---|---|---|---|---|---|---|---|---|
| Total TRY equivalent |
USD | EUR | Other TRY equivalent |
Total TRY equivalent |
USD | EUR | Other TRY equivalent |
|
| Monetary financial assets | 1,075,457 | 1,240 | 20,589 | 20,250 | 840,493 | 6,945 | 10,640 | 42,890 |
| Current assets | 1,075,457 | 1,240 | 20,589 | 20,250 | 840,493 | 6,945 | 10,640 | 42,890 |
| Total assets | 1,075,457 | 1,240 | 20,589 | 20,250 | 840,493 | 6,945 | 10,640 | 42,890 |
| Trade payables Short term bank loans |
374 11,757 |
9 46 |
- 202 |
- - |
399 - |
9 - |
- - |
- - |
| Current liabilities | 12,131 | 55 | 202 | - | 399 | 9 | - | - |
| Long term bank loans Non-monetary other liabilities |
737,275 - |
5,070 - |
10,807 - |
- - |
- - |
- - |
- - |
- - |
| Non-current liabilities | 737,275 | 5,070 | 10,807 | - | - | - | - | - |
| Total liabilities | 749,406 | 5,125 | 11,009 | - | 399 | 9 | - | - |
(Amounts expressed in thousands of TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| 30 September 2025 | 31 December 2024 | |||||||
|---|---|---|---|---|---|---|---|---|
| Total TRY | Other TRY | Total TRY | Other TRY | |||||
| equivalent | USD | EUR | equivalent | equivalent | USD | EUR | equivalent | |
| Net asset/(liability) position of off-balance sheet derivatives (A-B) |
- | - | - | - | - | - | - | - |
| A. Total amount of off-balance sheet derivative financial assets |
- | - | - | - | - | - | - | - |
| B. Total amount of off-balance sheet derivative financial liabilities |
- | - | - | - | - | - | - | - |
| Net foreign currency asset/(liability) position | 326,051 | (3,885) | 9,580 | 20,250 | 840,094 | 6,936 | 10,640 | 42,890 |
| Net foreign currency asset/(liability) position of monetary items |
326,051 | (3,885) | 9,580 | 20,250 | 840,094 | 6,936 | 10,640 | 42,890 |
| Fair value hedge funds of | ||||||||
| foreign currency | - | - | - | - | - | - | - | - |
| Hedge amount of foreign currency assets | - | - | - | - | - | - | - | - |
| Hedge amount of foreign currency liabilities | - | - | - | - | - | - | - | - |
| Export | - | - | - | - | - | - | - | - |
| Import | 783,294 | 18,596 | - | - | 942,830 | 19,941 | - | - |
Foreign currency sensitivity analysis as of 30 September 2025 and 31 December 2024 is as follows:
| Gain/Loss | ||||
|---|---|---|---|---|
| Foreign exchange appreciation |
Foreign exchange depreciation |
|||
| 20% change in US Dollar exchange rate | ||||
| US Dollar net asset/liability | (32,248) | 32,248 | ||
| 20% change in Euro exchange rate |
||||
| Euro net asset/liability | 93,408 | (93,408) | ||
| Net effect | 61,160 | (61,160) |
| Gain/Loss | |||
|---|---|---|---|
| Foreign exchange appreciation |
Foreign exchange depreciation |
||
| 20% change in US Dollar exchange rate |
|||
| US Dollar net asset/liability | 61,387 | (61,387) | |
| 20% change in Euro exchange rate |
|||
| Euro net asset/liability | 98,055 | (98,055) | |
| Net effect | 159,442 | (159,442) |
Fair value is the amount at which a financial instrument could be exchanged in a current transaction between willing parties, other than in a forced sale or liquidation, and is best evidenced by a quoted market price, if one exists.
| Non-monetary Items | 30 September 2025 |
|---|---|
| Statement of financial position items | 10,143,229 |
| Property, plant and equipment and intangible assets | 14,469,378 |
| Right of use assets | 9,380,337 |
| Financial investments | 876,795 |
| Inventories | 586,950 |
| Treasury shares | 219,098 |
| Dividend advances paid | 131,402 |
| Prepaid expenses | 99,345 |
| Deferred income | 84,297 |
| Non-controlling interests | (11,136) |
| Other comprehensive income/expenses not to be classified to profit or loss | (419,647) |
| Other capital reserves | (419,919) |
| Deferred tax liability | (815,348) |
| Share capital | (900,364) |
| Retained earnings | (13,137,959) |
| Profit or loss statement items | 6,996,178 |
| Revenue | (25,251,169) |
| Cost of sales(-) | 26,167,473 |
| General administrative expenses(-) | 469,998 |
| Marketing expenses(-) | 4,255,466 |
| Other operating income/expenses | 1,145,797 |
| Income/expense from investment activities | (1,469) |
| Financial income/expense | 237,259 |
| Income tax expense | (27,177) |
Net monatary position gains 17,139,407
None.
The Group calculates the EBITDA by deducting general administrative expenses and selling, marketing and distribution expenses and adding depreciation expenses, unused vacation liability paid in current period, employee termination benefit provision expense, unusued vacation liability expense on gross profit amount in consolidated statements of income.
The EBITDA table for the periods ending between 1 January- 30 September 2025 and 2024 are as follows;
| IFRS 16 | IFRS 16 | Before | Before | |||
|---|---|---|---|---|---|---|
| Effect | Effect | IFRS 16 | IFRS 16 | |||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Revenue | 294,847,578 | 274,985,203 | - | - | 294,847,578 | 274,985,203 |
| Cost of goods sold (-) | (222,800,517) | (212,700,915) | 1,511,174 | 730,352 | (224,311,691) | (213,431,267) |
| Gross profit | 72,047,061 | 62,284,288 | 1,511,174 | 730,352 | 70,535,887 | 61,553,936 |
| General administrative | ||||||
| expenses (-) | (5,515,912) | (5,067,778) | - | - | (5,515,912) | (5,067,778) |
| Marketing expenses (-) | (58,873,852) | (52,611,555) | (2,126,932) | (1,679,551) | (56,746,920) | (50,932,004) |
| Addition: Depreciation and | ||||||
| amortisation expenses | 11,326,846 | 8,833,057 | 6,374,623 | 4,789,848 | 4,952,223 | 4,043,209 |
| EBITDA (provisions of | ||||||
| termination and vacation) | 18,984,143 | 13,438,012 | 5,758,865 | 3,840,649 | 13,225,278 | 9,597,363 |
| Addition: Provision for employment termination |
||||||
| benefit and unused vacation | (486,509) | (378,610) | - | - | (486,509) | (378,610) |
| EBITDA | 18,497,634 | 13,059,402 | 5,758,865 | 3,840,649 | 12,738,769 | 9,218,753 |
The EBITDA table for the periods ending between 1 July- 30 September 2025 and 2024 are as follows;
| IFRS 16 Effect |
IFRS 16 Effect |
Before IFRS 16 |
Before IFRS 16 |
|||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Revenue | 106,883,211 | 99,286,986 | - | - | 106,883,211 | 99,286,986 |
| Cost of goods sold (-) | (80,026,726) | (75,042,470) | 1,052,644 | 568,963 | (81,079,370) | (75,611,433) |
| Gross profit | 26,856,485 | 24,244,516 | 1,052,644 | 568,963 | 25,803,841 | 23,675,553 |
| General administrative m | ||||||
| expenses (-) | (1,740,157) | (1,694,807) | - | - | (1,740,157) | (1,694,807) |
| Marketing expenses (-) | (19,753,661) | (17,989,032) | (1,511,683) | (1,155,415) | (18,241,978) | (16,833,617) |
| Addition: Depreciation and | ||||||
| amortisation expenses | 4,049,523 | 3,016,713 | 4,489,331 | 3,318,098 | (439,808) | (301,385) |
| EBITDA (provisions of | ||||||
| termination and vacation) | 9,412,190 | 7,577,390 | 4,030,292 | 2,731,646 | 5,381,898 | 4,845,744 |
| Addition: Provision for employment termination |
||||||
| benefit and unused vacation | (411,608) | (267,219) | - | - | (411,608) | (267,219) |
| EBITDA | 9,000,582 | 7,310,171 | 4,030,292 | 2,731,646 | 4,970,290 | 4,578,525 |
……………………..
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