Mavi Giyim stock reports stronger margins despite weaker sales

Published on 10/04/2026 at 19:41 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Mavi Giyim stock posted H1 2026 revenue of TRY 25,832 million and an 18.1 percent EBITDA margin. The board approved a TRY 1 billion buyback on September 16.

Mavi Giyim, TREMAVI00037, Illustration mit AI erstellt.

Mavi Giyim stock was last at TRY 37.50 on Borsa Istanbul on October 2, 2026, while the company carried a market capitalization of TRY 29.4 billion. The latest operating picture combines a 1.1 percent H1 revenue decline with wider gross margins and a new buyback program.

Margins widen as sales soften

According to Investing.com on September 17, 2026, Mavi reported H1 2026 consolidated revenue of TRY 25,832 million, down 1.1 percent from the prior-year period. EBITDA reached TRY 4,679 million, equal to an 18.1 percent margin, compared with TRY 4,767 million and an 18.2 percent margin in H1 2025.

The sharper contrast appears in gross profit. Under IAS 29 inflation accounting, gross margin expanded to 53.1 percent from 51.3 percent, while gross profit increased 2.3 percent to TRY 13,710 million despite the revenue decline.

Buyback adds a capital return angle

CNBCE reported on September 16, 2026, that Mavi Giyim approved a share buyback with a maximum fund of TRY 1 billion. The program covers up to 39,725,600 B-group shares, equivalent to 5 percent of issued capital, and has a maximum duration of one year.

The capital action comes alongside a weaker bottom line. CNBCE said net income for February 1 through July 31, 2026, was TRY 980.3 million, down 33 percent from TRY 1.46 billion a year earlier. The buyback therefore supports the equity story while earnings remain exposed to Turkish consumer conditions.

Stock remains below its yearly high

Mavi Giyim stock stood 26.1 percent below its 52-week high of TRY 50.75 and 12.6 percent above its 52-week low of TRY 33.30 on October 2, 2026. Trading volume reached 6,433,356 shares, and the session range was TRY 36.84 to TRY 37.72.

The market is weighing two different signals: H1 revenue was lower year over year, but the 53.1 percent gross margin and the buyback point to continued attention on profitability and capital allocation.