Slides
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\\FIRMWIDE.CORP.GS.COM\IBDROOT\PROJE CTS\IBD- LN\CLASSICAL2016\590222_1\Presentations\6. Analyst Presentation\Graphics\PSD\03 MAVI section 12.psd \\FIRMWIDE.CORP.GS.COM\IBDROOT\PROJE CTS\IBD- LN\CLASSICAL2016\590222_1\Presentations\6. Analyst Presentation\Graphics\JPG PNG\03 MAVI section 12.jpg For Presentation Centre reference (please do not delete) Graphics source files saved at \\FIRMWIDE.CORP .GS.COM\IBDROOT\PROJE CTS\IBD- LN\CLASSICAL2016\590222_1\Presentations\6. Analyst Presentation\Graphics\PSD\03 MAVI section 12.psd \\FIRMWIDE.CORP .GS.COM\IBDROOT\PROJE CTS\IBD- LN\CLASSICAL2016\590222_1\Presentations\6. Analyst Presentation\Graphics\JPG PNG\03 MAVI section 12.jpg Please update these links if updating or moving the files 4 April 2017 H1 2025 Results Presentation September 17, 2025
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181 225 237 143 177 196 212 227 244 225 150 17 158 192 230 78 122 147 247 195 192 120 200 222 49 63 100 255 255 255 222 234 246 46 66 126 Body Text Background Message Box, Table Highlight Primary Eight Chart Colours Secondary Eight Chart Colours 13.54 cm 0.13” / 0.33cm 0.13” / 0.33cm 13.54 cmPage Setup Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) Prints as A4 Page Setup should only be changed if banker requests a specific size. If this is the case, note the banker name and instructions in this box 106 130 201 195 34 25 Arrows 157 164 139 30 149 230 129 162 166 46 66 126 242 184 80 89 176 237 1 This document does not constitute or form part of any offer to sell or issue or invitation to purchase or subscribe for, or any solicitation of any offer to purchase or subscribe for, any securities of the Company. The information, statements and opinions contained in this presentation do not constitute any advice or recommendation regarding the securities of the Company, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. This presentation includes forward-looking statements. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. You can identify forward looking statements by their use of words such as "anticipate", "estimate", "believe", "intend", "plan", "predict", "may", "will", "would", "should", "continue", "expect" and similar expressions, although these expressions are not the exclusive means of identifying forward- looking statements. Forward looking statements involve risks, uncertainties and other important factors over which we may have limited or no control. These factors could cause our actual results, performance or achievements to differ materially from any future circumstances, results, performance or achievements expressed or implied by such statements. As a result, you should not place undue reliance on such statements. Changes in customer tastes and spending patterns; changes in customer traffic; ability to accurately predict customer preferences and demands; ability to successfully implement new store rollout and retail strategy; effectiveness of brand awareness and marketing programmes; difficulties that can be observed in retail fashion and fragility that can be observed in customer loyalty; competitive factors in retail fashion; impact of extreme unseasonal weather conditions on retail fashion; ability to retain key management and personnel; circumstances affecting relationships with major suppliers and distributors; currency and interest rate risks and fluctuations and other changes in financial markets and macro economic conditions; changes in tax rates, applicable laws and government policies and operational disruptions, natural disasters, wars, terrorist activities, work stoppages, slowdowns or strikes are, without any limitation of the foregoing, among these risks, uuncertainties and other important factors. You can find further details of the principal risks and uncertainties affecting the Company in the explanatory notes of financial statements and in the “Risk Management and Internal Control System” section of the Annual Report. The forward-looking statements included in this presentation represent the Company's views as of the date of this presentation. These views could change. In consequence, you should not rely on these forward-looking statements as representing the Company's views as of any date after the date of this presentation. The information and opinions contained in this presentation, including the forward-looking statements described above, are provided as at the date of this presentation. They are subject to change without notice. The Company expressly disclaims any obligation to update any such information or opinions except any obligation arising from applicable capital markets regulations. By reading this presentation or attending or listening to any relevant meeting, conference call or podcast organized by the Company, you represent and warrant that you are a person to whom this presentation may lawfully be distributed, and you agree to be bound by the provisions above. With the Capital Markets Board of Turkey’s Bulletin dated 28.12.2023 numbered 2023/81, CMB announced that issuers and capital market institutions shall prepare their annual financial statements ending on 31.12.2023 or later, in accordance with IAS29 inflationary accounting provisions. Accordingly, this presentation on the financial results contain the Company’s financial information prepared according to Turkish Accounting/Financial Reporting Standards by application of IAS29 inflation accounting provisions, in accordance with CMB’s decision dated 28.12.2023. In addition to these, given that our guidance was presented without the application of inflation accounting, in order to enable investors and analysts to conduct a full-fledged analysis, supplementary historical information for selected key performance indicators used in prior periods’ investor presentations were provided. The supplementary historical (non- inflationary) financial information is unaudited and is included in this presentation for informational purposes only. Disclaimer
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\\FIRMWIDE.CORP.GS.COM\IBDROOT\PROJE CTS\IBD- LN\CLASSICAL2016\590222_1\Presentations\6. Analyst Presentation\Graphics\PSD\03 MAVI section 12.psd \\FIRMWIDE.CORP.GS.COM\IBDROOT\PROJE CTS\IBD- LN\CLASSICAL2016\590222_1\Presentations\6. Analyst Presentation\Graphics\JPG PNG\03 MAVI section 12.jpg For Presentation Centre reference (please do not delete) Graphics source files saved at \\FIRMWIDE.CORP .GS.COM\IBDROOT\PROJE CTS\IBD- LN\CLASSICAL2016\590222_1\Presentations\6. Analyst Presentation\Graphics\PSD\03 MAVI section 12.psd \\FIRMWIDE.CORP .GS.COM\IBDROOT\PROJE CTS\IBD- LN\CLASSICAL2016\590222_1\Presentations\6. Analyst Presentation\Graphics\JPG PNG\03 MAVI section 12.jpg Please update these links if updating or moving the files 4 April 2017 Q2 2025 HIGHLIGHTS Q2 2025 HIGHLIGHTS
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181 225 237 143 177 196 212 227 244 225 150 17 158 192 230 78 122 147 247 195 192 120 200 222 49 63 100 255 255 255 222 234 246 46 66 126 Body Text Background Message Box, Table Highlight Primary Eight Chart Colours Secondary Eight Chart Colours 13.54 cm 0.13” / 0.33cm 0.13” / 0.33cm 13.54 cmPage Setup Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) Prints as A4 Page Setup should only be changed if banker requests a specific size. If this is the case, note the banker name and instructions in this box 106 130 201 195 34 25 Arrows 157 164 139 30 149 230 129 162 166 46 66 126 242 184 80 89 176 237 3 Q2 2025 Business Overview Business Overview › Tackling macroeconomic challenges with strong brand strategy, continuous communication and dynamic product / price positioning yielding healthy gross margin levels › Efficient inventory and working capital management › Generated 937 TRYm operational cash in Q2 2025 Türkiye › Inflation tackling policies are leading to softer consumer demand impacting sales across the market › Retail sales performance is resilient with 4.2% volume growth in Q2 › Online sales were more heavily impacted by heightened industry-wide promotions, most notably on marketplace platforms International › International sales grew 5% in constant currency in Q2 2025 with USA business growing 19% yoy
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\\FIRMWIDE.CORP.GS.COM\IBDROOT\PROJE CTS\IBD- LN\CLASSICAL2016\590222_1\Presentations\6. Analyst Presentation\Graphics\PSD\03 MAVI section 12.psd \\FIRMWIDE.CORP.GS.COM\IBDROOT\PROJE CTS\IBD- LN\CLASSICAL2016\590222_1\Presentations\6. Analyst Presentation\Graphics\JPG PNG\03 MAVI section 12.jpg For Presentation Centre reference (please do not delete) Graphics source files saved at \\FIRMWIDE.CORP .GS.COM\IBDROOT\PROJE CTS\IBD- LN\CLASSICAL2016\590222_1\Presentations\6. Analyst Presentation\Graphics\PSD\03 MAVI section 12.psd \\FIRMWIDE.CORP .GS.COM\IBDROOT\PROJE CTS\IBD- LN\CLASSICAL2016\590222_1\Presentations\6. Analyst Presentation\Graphics\JPG PNG\03 MAVI section 12.jpg Please update these links if updating or moving the files 4 April 2017 H1 2025 HIGHLIGHTS
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181 225 237 143 177 196 212 227 244 225 150 17 158 192 230 78 122 147 247 195 192 120 200 222 49 63 100 255 255 255 222 234 246 46 66 126 Body Text Background Message Box, Table Highlight Primary Eight Chart Colours Secondary Eight Chart Colours 13.54 cm 0.13” / 0.33cm 0.13” / 0.33cm 13.54 cmPage Setup Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) Prints as A4 Page Setup should only be changed if banker requests a specific size. If this is the case, note the banker name and instructions in this box 106 130 201 195 34 25 Arrows 157 164 139 30 149 230 129 162 166 46 66 126 242 184 80 89 176 237 5 763K New Customers TÜRKİYE HIGHLIGHTS H1 2025 Highlights › Consolidated revenue realized at 19,833 TRYm, decreasing 9% yoy › EBITDA for the period is 3,618 TRYm resulting in 18.2% EBITDA margin › Net income realized at 1,017 TRYm with 5.1% net income margin › Total number of monobrand stores2 stands at 478 › Türkiye retail sales declined by 8% and Türkiye online sales declined by 9% in H1 2025 › 763 thousand new customers acquired in H1 2025. Active loyalty card members in Türkiye reached 6 million › With 1.1 million app downloads in H1 2025, the total app users reached 9.1 million and one year - active app users reached 4.9 million GROUP HIGHLIGHTS1 3,618 TRYm EBITDA (4,053 TRYm w/out-IAS29) 1,017 TRYm Net Income (1,863 TRYm w/out- IAS29) 19,833 TRYm Revenue (18,696 TRYm w/out-IAS29) 18.2% EBITDA Margin (21.7% w/out- IAS29) c.39% 478 Monobrand Stores2 4,450 TRYm Net Cash (9%) Online Sales Performance c.61% Lifestyle c.39% Denim All (8%) Retail Sales Performance 6.0m Active Loyalty Card Members3 63% Men 37% Women 1 Including IFRS16 and IAS29 impacts as reported unless otherwise stated 2 Includes global franchise and owned stores 3Active means that the member has made a purchase of Mavi product in the last 12 months *Category and gender mix for Türkiye Retail only
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\\FIRMWIDE.CORP.GS.COM\IBDROOT\PROJE CTS\IBD- LN\CLASSICAL2016\590222_1\Presentations\6. Analyst Presentation\Graphics\PSD\03 MAVI section 12.psd \\FIRMWIDE.CORP.GS.COM\IBDROOT\PROJE CTS\IBD- LN\CLASSICAL2016\590222_1\Presentations\6. Analyst Presentation\Graphics\JPG PNG\03 MAVI section 12.jpg For Presentation Centre reference (please do not delete) Graphics source files saved at \\FIRMWIDE.CORP .GS.COM\IBDROOT\PROJE CTS\IBD- LN\CLASSICAL2016\590222_1\Presentations\6. Analyst Presentation\Graphics\PSD\03 MAVI section 12.psd \\FIRMWIDE.CORP .GS.COM\IBDROOT\PROJE CTS\IBD- LN\CLASSICAL2016\590222_1\Presentations\6. Analyst Presentation\Graphics\JPG PNG\03 MAVI section 12.jpg Please update these links if updating or moving the files 4 April 2017 SALES CHANNELS
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181 225 237 143 177 196 212 227 244 225 150 17 158 192 230 78 122 147 247 195 192 120 200 222 49 63 100 255 255 255 222 234 246 46 66 126 Body Text Background Message Box, Table Highlight Primary Eight Chart Colours Secondary Eight Chart Colours 13.54 cm 0.13” / 0.33cm 0.13” / 0.33cm 13.54 cmPage Setup Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) Prints as A4 Page Setup should only be changed if banker requests a specific size. If this is the case, note the banker name and instructions in this box 106 130 201 195 34 25 Arrows 157 164 139 30 149 230 129 162 166 46 66 126 242 184 80 89 176 237 7 156 137 299 246 525 520 1,457 1,151211 203 469 419893 859 2,226 1,816 Q2 2024 Q2 2025 H1 2024 H1 2025 7,226 7,030 14,888 13,6361,103 1,021 3,210 2,943 696 654 1,574 1,438 9,024 8,705 19,671 18,017 Q2 2024 Q2 2025 H1 2024 H1 2025 Revenue Evolution in Sales Channels › Total revenue consists of 70.0% retail, 20.6% wholesale and 9.4% e-com › 91% of consolidated revenue is from Türkiye › International revenue grew 5% in Q2 and declined 6.4% in H1 2025 in constant currency Global Revenue (TRYm) Türkiye Revenue (TRYm) % Growth 7,382 7,166 15,187 13,8821,628 1,541 4,667 4,094 907 856 2,043 1,858 9,917 9,564 21,897 19,833 Q2 2024 Q2 2025 H1 2024 H1 2025 Retail Wholesale E-com (9%) (12%) (9%) Channel Growth (4%) International Revenue (TRYm) (9%) (8%) (8%) (11%) (21%) (18%) (4%) (4%) (9%) (8%) (18%)
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\\FIRMWIDE.CORP.GS.COM\IBDROOT\PROJE CTS\IBD- LN\CLASSICAL2016\590222_1\Presentations\6. Analyst Presentation\Graphics\PSD\03 MAVI section 12.psd \\FIRMWIDE.CORP.GS.COM\IBDROOT\PROJE CTS\IBD- LN\CLASSICAL2016\590222_1\Presentations\6. Analyst Presentation\Graphics\JPG PNG\03 MAVI section 12.jpg For Presentation Centre reference (please do not delete) Graphics source files saved at \\FIRMWIDE.CORP .GS.COM\IBDROOT\PROJE CTS\IBD- LN\CLASSICAL2016\590222_1\Presentations\6. Analyst Presentation\Graphics\PSD\03 MAVI section 12.psd \\FIRMWIDE.CORP .GS.COM\IBDROOT\PROJE CTS\IBD- LN\CLASSICAL2016\590222_1\Presentations\6. Analyst Presentation\Graphics\JPG PNG\03 MAVI section 12.jpg Please update these links if updating or moving the files 4 April 2017 TÜRKİYE RETAIL
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181 225 237 143 177 196 212 227 244 225 150 17 158 192 230 78 122 147 247 195 192 120 200 222 49 63 100 255 255 255 222 234 246 46 66 126 Body Text Background Message Box, Table Highlight Primary Eight Chart Colours Secondary Eight Chart Colours 13.54 cm 0.13” / 0.33cm 0.13” / 0.33cm 13.54 cmPage Setup Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) Prints as A4 Page Setup should only be changed if banker requests a specific size. If this is the case, note the banker name and instructions in this box 106 130 201 195 34 25 Arrows 157 164 139 30 149 230 129 162 166 46 66 126 242 184 80 89 176 237 9 Türkiye Retail Operations › With 3 openings and 4 closures in H1 2025, number of retail stores in Türkiye stands at 351 as of end-July 2025 › In H1 2025, eight stores were expanded in sqms › Total selling space reached 190K sqm with average sqm per store at 543 # of Retail Stores Gross Selling Space in Türkiye (Sqm K) Avg. Sqm/ Retail Store Net New Stores 329 336 352 351 2022 2023 2024 H1 2025 168 174 189 190 2022 2023 2024 H1 2025 2 510sqm7 519sqm16 535sqm(1) 543sqm
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181 225 237 143 177 196 212 227 244 225 150 17 158 192 230 78 122 147 247 195 192 120 200 222 49 63 100 255 255 255 222 234 246 46 66 126 Body Text Background Message Box, Table Highlight Primary Eight Chart Colours Secondary Eight Chart Colours 13.54 cm 0.13” / 0.33cm 0.13” / 0.33cm 13.54 cmPage Setup Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) Prints as A4 Page Setup should only be changed if banker requests a specific size. If this is the case, note the banker name and instructions in this box 106 130 201 195 34 25 Arrows 157 164 139 30 149 230 129 162 166 46 66 126 242 184 80 89 176 237 10 Transaction1 # Growth (%) Basket Size Growth (%) 86.7% 11.8% 0.9% (2.1%) 2022 2023 2024 H1 2025 29.5% 17.3% 0.7% (8.9%) 2022 2023 2024 H1 2025 31.1% 1.6% (10.8%) 2022 2023 2024 H1 2025 Türkiye retail only, 1Number of transactions refers to number of issued invoices. › In Q2 2025, LFL sales decreased 5.4% in real TRY terms and grew 1.2% in volume. Number of transactions was down 3.7% and basket size was down 1.7%. Total retail volume grew 4.2%. › In H1 2025; LFL sales decreased 10.8% in real TRY terms and 5.8% in volume. Total retail volume decreased 3.2%. › In H1 2025, basket size contracted 2.1% in real terms and grew 34.2% in nominal terms. Clothing and footwear inflation in Türkiye was 10.7% annually as of July 2025 (TSI) Like-for-Like Stores Sales Performance 99.8% with IAS 29 70.4% 58.8% 141.8% w/out IAS 29 57.8% w/out IAS 29 with IAS 29 22.3% 34.2%
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181 225 237 143 177 196 212 227 244 225 150 17 158 192 230 78 122 147 247 195 192 120 200 222 49 63 100 255 255 255 222 234 246 46 66 126 Body Text Background Message Box, Table Highlight Primary Eight Chart Colours Secondary Eight Chart Colours 13.54 cm 0.13” / 0.33cm 0.13” / 0.33cm 13.54 cmPage Setup Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) Prints as A4 Page Setup should only be changed if banker requests a specific size. If this is the case, note the banker name and instructions in this box 106 130 201 195 34 25 Arrows 157 164 139 30 149 230 129 162 166 46 66 126 242 184 80 89 176 237 11 368 406 H1 2024 H1 2025 1,447 1,383 H1 2024 H1 2025 942 1,012 H1 2024 H1 2025 Sales in Denim & Lifestyle Categories Note: Total Lifestyle Category sales decreased 7% Remaining 3% consists of skirts, dresses and kids % Share in H1 2025 Türkiye retail net sales 5,902 5,299 H1 2024 H1 2025 1,823 1,579 H1 2024 H1 2025 4,076 3,620 H1 2024 H1 2025 Accessories 7% JacketsShirtsKnits/Jerseys 26% 12% Denim Products (TRYm) Lifestyle Products (TRYm) (11%) 10% 7% (10%) 39% 3% (13%) Non-Denim Bottoms 10% (4%)
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\\FIRMWIDE.CORP.GS.COM\IBDROOT\PROJE CTS\IBD- LN\CLASSICAL2016\590222_1\Presentations\6. Analyst Presentation\Graphics\PSD\03 MAVI section 12.psd \\FIRMWIDE.CORP.GS.COM\IBDROOT\PROJE CTS\IBD- LN\CLASSICAL2016\590222_1\Presentations\6. Analyst Presentation\Graphics\JPG PNG\03 MAVI section 12.jpg For Presentation Centre reference (please do not delete) Graphics source files saved at \\FIRMWIDE.CORP .GS.COM\IBDROOT\PROJE CTS\IBD- LN\CLASSICAL2016\590222_1\Presentations\6. Analyst Presentation\Graphics\PSD\03 MAVI section 12.psd \\FIRMWIDE.CORP .GS.COM\IBDROOT\PROJE CTS\IBD- LN\CLASSICAL2016\590222_1\Presentations\6. Analyst Presentation\Graphics\JPG PNG\03 MAVI section 12.jpg Please update these links if updating or moving the files 4 April 2017 ONLINE BUSINESS
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181 225 237 143 177 196 212 227 244 225 150 17 158 192 230 78 122 147 247 195 192 120 200 222 49 63 100 255 255 255 222 234 246 46 66 126 Body Text Background Message Box, Table Highlight Primary Eight Chart Colours Secondary Eight Chart Colours 13.54 cm 0.13” / 0.33cm 0.13” / 0.33cm 13.54 cmPage Setup Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) Prints as A4 Page Setup should only be changed if banker requests a specific size. If this is the case, note the banker name and instructions in this box 106 130 201 195 34 25 Arrows 157 164 139 30 149 230 129 162 166 46 66 126 242 184 80 89 176 237 13 Online Sales Growth inc. Wholesale Partners › Investments in digital systems and online customers continue › Omni channel initiatives increase shopping experience and drive incremental sales › Full-price channel strategy across all categories 1,209 1,122 834 736 174 191 H1 2024 H1 2025 mavi.com Marketplace Wholesale E-com 2,048 2,217 Global Online Sales (TRYm) 10.3% 10.1% (7%) (12%) % Sales (8%) 10% Channel Growth 375 333 94 87 174 191 H1 2024 H1 2025 610643 834 789 740 649 H1 2024 H1 2025 1,4381,574 Türkiye Online Sales (TRYm) International Online Sales (TRYm) (5%) (12%) (11%) (8%) 8.0% 8.0% 28.9% % Sales % Sales (9%) (5%) 10% 33.6%
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\\FIRMWIDE.CORP.GS.COM\IBDROOT\PROJE CTS\IBD- LN\CLASSICAL2016\590222_1\Presentations\6. Analyst Presentation\Graphics\PSD\03 MAVI section 12.psd \\FIRMWIDE.CORP.GS.COM\IBDROOT\PROJE CTS\IBD- LN\CLASSICAL2016\590222_1\Presentations\6. Analyst Presentation\Graphics\JPG PNG\03 MAVI section 12.jpg For Presentation Centre reference (please do not delete) Graphics source files saved at \\FIRMWIDE.CORP .GS.COM\IBDROOT\PROJE CTS\IBD- LN\CLASSICAL2016\590222_1\Presentations\6. Analyst Presentation\Graphics\PSD\03 MAVI section 12.psd \\FIRMWIDE.CORP .GS.COM\IBDROOT\PROJE CTS\IBD- LN\CLASSICAL2016\590222_1\Presentations\6. Analyst Presentation\Graphics\JPG PNG\03 MAVI section 12.jpg Please update these links if updating or moving the files 4 April 2017 CONSOLIDATED FINANCIAL RESULTS
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181 225 237 143 177 196 212 227 244 225 150 17 158 192 230 78 122 147 247 195 192 120 200 222 49 63 100 255 255 255 222 234 246 46 66 126 Body Text Background Message Box, Table Highlight Primary Eight Chart Colours Secondary Eight Chart Colours 13.54 cm 0.13” / 0.33cm 0.13” / 0.33cm 13.54 cmPage Setup Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) Prints as A4 Page Setup should only be changed if banker requests a specific size. If this is the case, note the banker name and instructions in this box 106 130 201 195 34 25 Arrows 157 164 139 30 149 230 129 162 166 46 66 126 242 184 80 89 176 237 15 Consolidated Revenue Growth and Gross Margin % Growth % Margin 5,062 4,817 11,348 10,177 Q2 2024 Q2 2025 H1 2024 H1 2025 9,917 9,564 21,897 19,833 Q2 2024 Q2 2025 H1 2024 H1 2025 Gross Profit (TRYm)Revenue (TRYm) 51.0% (4%) (5%) 51.8% With IAS 29 Inflation Accounting Without IAS 29 Inflation Accounting 3,981 5,126 8,435 10,246 Q2 2024 Q2 2025 H1 2024 H1 2025 7,133 9,310 15,036 18,696 Q2 2024 Q2 2025 H1 2024 H1 2025 Gross Profit (TRYm)Revenue (TRYm) 55.8% 31% 29% 56.1% Imputed Interest Rate Impact 430 bps 360 bps 420 bps 370 bps Inventory Inflation Adjustment Impact (480 bps) (470 bps) (430 bps) (350 bps) Imputed Interest Rate Impact 430 bps 360 bps 420 bps 370 bps (9%) (10%) 50.4% 51.3% 24% 21% 55.1% 54.8%
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181 225 237 143 177 196 212 227 244 225 150 17 158 192 230 78 122 147 247 195 192 120 200 222 49 63 100 255 255 255 222 234 246 46 66 126 Body Text Background Message Box, Table Highlight Primary Eight Chart Colours Secondary Eight Chart Colours 13.54 cm 0.13” / 0.33cm 0.13” / 0.33cm 13.54 cmPage Setup Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) Prints as A4 Page Setup should only be changed if banker requests a specific size. If this is the case, note the banker name and instructions in this box 106 130 201 195 34 25 Arrows 157 164 139 30 149 230 129 162 166 46 66 126 242 184 80 89 176 237 16 1,628 1,503 4,501 3,618 Q2 2024 Q2 2025 H1 2024 H1 2025 1,512 1,897 3,716 4,053 Q2 2024 Q2 2025 H1 2024 H1 2025 Consolidated EBITDA % Margin% Growth 1,239 1,441 3,199 3,189 Q2 2024 Q2 2025 H1 2024 H1 2025 EBITDA (TRYm) EBITDA (TRYm) EBITDA exc.IFRS16 (TRYm) 17.4% 16.4% 21.2% 26% 16% (8%) 21.3% 20.6% 24.7% Pre - IAS 29After IAS 29 With IAS 29 Inflation Accounting Without IAS 29 Inflation Accounting › EBITDA margin includes 70 bps negative impact of imputed interest in Q2 2025 and 50 bps in H1 2024 compared to same periods last year › Opex/sales ratio (exc. Depreciation & Amortisation) is flat yoy in Q2 and is 180 bps higher yoy in H1 2025, resulting mainly from lower leverage impact of sales With IAS 29 Inflation Accounting Without IAS 29 Inflation Accounting (20%) 15.7% 18.2% 9% 20.4% 21.7% 0% 15.5% 17.1%
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181 225 237 143 177 196 212 227 244 225 150 17 158 192 230 78 122 147 247 195 192 120 200 222 49 63 100 255 255 255 222 234 246 46 66 126 Body Text Background Message Box, Table Highlight Primary Eight Chart Colours Secondary Eight Chart Colours 13.54 cm 0.13” / 0.33cm 0.13” / 0.33cm 13.54 cmPage Setup Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) Prints as A4 Page Setup should only be changed if banker requests a specific size. If this is the case, note the banker name and instructions in this box 106 130 201 195 34 25 Arrows 157 164 139 30 149 230 129 162 166 46 66 126 242 184 80 89 176 237 17 Consolidated Net Income % Margin% Growth 624 166 2,028 1,017 Q2 2024 Q2 2025 H1 2024 H1 2025 932 670 2,275 1,863 Q2 2024 Q2 2025 H1 2024 H1 2025 Net Income exc.IFRS16 (TRYm)Net Income (TRYm) 6.3% 13.1% (73%) (28%) 9.3% 10.0% 953 700 2,317 1,901 Q2 2024 Q2 2025 H1 2024 H1 2025 Net Income (TRYm) 13.4% (27%) 15.4% Note: Net Income attributable to owners of the company is 231 TRYm in Q2 2025 and 1,111 TRYm in H1 2025 Pre - IAS 29After IAS 29 With IAS 29 Inflation Accounting Without IAS 29 Inflation Accounting With IAS 29 Inflation Accounting Without IAS 29 Inflation Accounting (50%) 1.7% 5.1% (18%) 7.2% 15.1% (18%) 7.5% 10.2% › In Q2 2025, net income includes 137 TRYm negative impact from IAS39 - non-cash accounting adjustment on trade payables › There is 344 TRYm lower financial income in Q2 2025 vs same period last year
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181 225 237 143 177 196 212 227 244 225 150 17 158 192 230 78 122 147 247 195 192 120 200 222 49 63 100 255 255 255 222 234 246 46 66 126 Body Text Background Message Box, Table Highlight Primary Eight Chart Colours Secondary Eight Chart Colours 13.54 cm 0.13” / 0.33cm 0.13” / 0.33cm 13.54 cmPage Setup Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) Prints as A4 Page Setup should only be changed if banker requests a specific size. If this is the case, note the banker name and instructions in this box 106 130 201 195 34 25 Arrows 157 164 139 30 149 230 129 162 166 46 66 126 242 184 80 89 176 237 18 Operational Cash Flow and Working Capital Management Main Working Capital ItemsCash Conversion & Operational Cash Flow TRYm H1 2024 H1 2025 EBITDA 4,501 3,618 Δ in NWC1 (35) (1,346) Operating Cash Flow 4,467 2,272 1 Working Capital as per the cash flow statement, include main working capital items as well as deferred revenues and employee benefits paid among others 99% 63% › Inventory and working capital managed efficiently with dynamic product planning and flexible sourcing capability › Inventory in number of pieces in Türkiye is flat compared to same period last year and comprises of all fresh, new season products › 937 TRYm operational cash was generated in Q2 2025, resulting in 2.3 billion TRY cash generation in H1 2025 with a 63% cash conversion TRYm 2024 H1 2025 Trade & Other Receivables 2,403 2,404 % LTM Sales 5.5% 5.8% Inventories 5,796 6,611 % LTM COGS 26.7% 31.8% Trade & Other Payables 5,732 5,680 % LTM COGS 26.4% 27.3% Main Net Working Capital 2,466 3,335 % LTM Sales 5.6% 8.0%
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181 225 237 143 177 196 212 227 244 225 150 17 158 192 230 78 122 147 247 195 192 120 200 222 49 63 100 255 255 255 222 234 246 46 66 126 Body Text Background Message Box, Table Highlight Primary Eight Chart Colours Secondary Eight Chart Colours 13.54 cm 0.13” / 0.33cm 0.13” / 0.33cm 13.54 cmPage Setup Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) Prints as A4 Page Setup should only be changed if banker requests a specific size. If this is the case, note the banker name and instructions in this box 106 130 201 195 34 25 Arrows 157 164 139 30 149 230 129 162 166 46 66 126 242 184 80 89 176 237 19 Capex and Leverage Ratios Debt Breakdown (31 July 2025) Average Cost of Debt TRY 47.0% RUB 22.7% USD 6.9% CAD 6.6% Blended 24.9% 5,417 4,450 31 Jan. 2025 31 Jul. 2025 Net Cash exc.IFRS16 (TRYm) › All of non-TRY debt (63% of total) is carried by Mavi US, Mavi CA and Mavi RU – mostly denominated in their local currencies (except the USD loan of Mavi CA) › Mavi Türkiye has no foreign currency debt as of end-July 2025 › Keeping no FX position is management priority CAPEX (TRYm) 3.1%% Sales 6.1% 438 1,184 H1 2024 H1 2025 28% 15% 37% 20% USD CAD TRY RUB 6,141 (28%) 678 1,215 with IAS 29 w/out IAS 29 with IAS 29 w/out IAS 29
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181 225 237 143 177 196 212 227 244 225 150 17 158 192 230 78 122 147 247 195 192 120 200 222 49 63 100 255 255 255 222 234 246 46 66 126 Body Text Background Message Box, Table Highlight Primary Eight Chart Colours Secondary Eight Chart Colours 13.54 cm 0.13” / 0.33cm 0.13” / 0.33cm 13.54 cmPage Setup Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) Prints as A4 Page Setup should only be changed if banker requests a specific size. If this is the case, note the banker name and instructions in this box 106 130 201 195 34 25 Arrows 157 164 139 30 149 230 129 162 166 46 66 126 242 184 80 89 176 237 20 FY2025 Guidance Revision Trading Update for Q3 2025 (without IAS 29) › In August 2025, Türkiye retail sales grew 30% and online sales grew by 18% (mavi.com 36%, marketplace (3%)) › The first two weeks of September show 36% growth in Türkiye retail and 43% growth in Türkiye online Initial Revised With IAS29 Without IAS29 With IAS29 Without IAS29 Revenue Growth Low to mid single digit growth 35% + Low single digit decline 30% Retail Stores 20 net new stores in Türkiye 15 store expansions in Türkiye 8 new stores in North America 10 net new stores in Türkiye 12 store expansions in Türkiye 8 new stores in North America EBITDA Margin 17.5% + 20.0% + 17.0% + (exc. IFRS16) 18.0% + 21.5% + 17.5% + (exc. IFRS16) Cash Position Net cash position maintained Unchanged CAPEX/Consolidated Sales 5% 6%
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\\FIRMWIDE.CORP.GS.COM\IBDROOT\PROJE CTS\IBD- LN\CLASSICAL2016\590222_1\Presentations\6. Analyst Presentation\Graphics\PSD\03 MAVI section 12.psd \\FIRMWIDE.CORP.GS.COM\IBDROOT\PROJE CTS\IBD- LN\CLASSICAL2016\590222_1\Presentations\6. Analyst Presentation\Graphics\JPG PNG\03 MAVI section 12.jpg For Presentation Centre reference (please do not delete) Graphics source files saved at \\FIRMWIDE.CORP .GS.COM\IBDROOT\PROJE CTS\IBD- LN\CLASSICAL2016\590222_1\Presentations\6. Analyst Presentation\Graphics\PSD\03 MAVI section 12.psd \\FIRMWIDE.CORP .GS.COM\IBDROOT\PROJE CTS\IBD- LN\CLASSICAL2016\590222_1\Presentations\6. Analyst Presentation\Graphics\JPG PNG\03 MAVI section 12.jpg Please update these links if updating or moving the files 4 April 2017 Thank You Contact : investorrelations@mavi.com : duygu.inceoz@mavi.com
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181 225 237 143 177 196 212 227 244 225 150 17 158 192 230 78 122 147 247 195 192 120 200 222 49 63 100 255 255 255 222 234 246 46 66 126 Body Text Background Message Box, Table Highlight Primary Eight Chart Colours Secondary Eight Chart Colours 13.54 cm 0.13” / 0.33cm 0.13” / 0.33cm 13.54 cmPage Setup Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) Prints as A4 Page Setup should only be changed if banker requests a specific size. If this is the case, note the banker name and instructions in this box 106 130 201 195 34 25 Arrows 157 164 139 30 149 230 129 162 166 46 66 126 242 184 80 89 176 237 22 Financial Statements Income Statement TRYm Q2 2024 Q2 2025 Change (%) H1 2024 H1 2025 Change (%) Revenue 9,917 9,564 (4%) 21,897 19,833 (9%) Cost of Sales (4,855) (4,747) (2%) (10,549) (9,656) (8%) Gross Profit 5,062 4,817 (5%) 11,348 10,177 (10%) Gross Margin 51.0% 50.4% 51.8% 51.3% Administrative Expenses (711) (694) (2%) (1,408) (1,394) (1%) Selling and Marketing Expenses (3,303) (3,227) (2%) (6,544) (6,316) (3%) R&D Expenses (141) (179) 27% (275) (353) 28% Other Income / (Expenses), net 9 (92) n.m. 195 99 (49%) Operating Profit 917 624 (32%) 3,316 2,213 (33%) Profit/(Loss) from Investment Activities (3) (5) 56% 7 (9) n.m. Operating Profit before Financial Income 913 619 (32%) 3,322 2,204 (34%) Operating Margin 9.2% 6.5% 15.2% 11.1% Financial Expenses, Net (197) (389) 97% (614) (710) 16% Monetary Gain/(Loss), Net (25) (54) 117% 84 (152) n.m. Profit Before Tax 691 176 (74%) 2,792 1,342 (52%) Income Tax Expense (67) (10) (85%) (764) (325) (57%) Profit 624 166 (73%) 2,028 1,017 (50%) Profit Margin 6.3% 1.7% 9.3% 5.1% EBITDA 1,628 1,503 (8%) 4,501 3,618 (20%) EBITDA Margin 16.4% 15.7% 20.6% 18.2%
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181 225 237 143 177 196 212 227 244 225 150 17 158 192 230 78 122 147 247 195 192 120 200 222 49 63 100 255 255 255 222 234 246 46 66 126 Body Text Background Message Box, Table Highlight Primary Eight Chart Colours Secondary Eight Chart Colours 13.54 cm 0.13” / 0.33cm 0.13” / 0.33cm 13.54 cmPage Setup Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) Prints as A4 Page Setup should only be changed if banker requests a specific size. If this is the case, note the banker name and instructions in this box 106 130 201 195 34 25 Arrows 157 164 139 30 149 230 129 162 166 46 66 126 242 184 80 89 176 237 23 Financial Statements Balance Sheet TRYm 31 January 2025 31 July 2025 Change (%) Cash and Cash Equivalents 7,178 5,884 (18%) Financial Investments 5 5 (2%) Trade Receivables 2,329 2,292 (2%) Inventories 5,796 6,611 14% Other Current Assets 743 796 7% Total Current Assets 16,051 15,588 (3%) Property and Equipment 2,553 3,154 24% Right of Use Assets 1,925 2,056 7% Intangible Assets 1,611 1,698 5% Other Non-Current Assets 62 388 523% Total Non-Current Assets 6,152 7,296 19% Total Assets 22,202 22,884 3% Short-Term Financial Liabilities 1,040 1,439 38% Short-Term Contractual Lease Liabilities 837 1,088 30% Trade Payables 5,467 5,551 2% Other Current Liabilities 1,991 1,921 (3%) Total Current Liabilities 9,334 10,000 7% Long-Term Financial Liabilities 2 - (100%) Long-Term Contractual Lease Liabilities 817 808 (1%) Other Non-Current Liabilities 236 207 (12%) Total Non-Current Liabilities 1,055 1,014 (4%) Total Liabilities 10,389 11,014 6% Total Equity 11,813 11,870 0% Total Equity & Liabilities 22,202 22,884 3%
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181 225 237 143 177 196 212 227 244 225 150 17 158 192 230 78 122 147 247 195 192 120 200 222 49 63 100 255 255 255 222 234 246 46 66 126 Body Text Background Message Box, Table Highlight Primary Eight Chart Colours Secondary Eight Chart Colours 13.54 cm 0.13” / 0.33cm 0.13” / 0.33cm 13.54 cmPage Setup Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) Prints as A4 Page Setup should only be changed if banker requests a specific size. If this is the case, note the banker name and instructions in this box 106 130 201 195 34 25 Arrows 157 164 139 30 149 230 129 162 166 46 66 126 242 184 80 89 176 237 24 Financial Statements Cash Flow Statement 1Pre non-controlling interest. 2 Working Capital includes main working capital items and employee benefits paid as well as deferred revenues. 3Other Investing Cash Flow includes proceeds from sale of tangible assets, other investing activities and interest received 4 Other Financial Payments include proceeds from derivatives, imputed interest and financial commissions. 5Cash and Cash Equivalents in the Balance Sheet includes interest income accruals as cash. Excluding interest income accruals net cash at the end of the period is equal to Cash and Cash Equivalents on the Balance Sheet for the same fiscal year. TRYm H1 2024 H1 2025 Profit¹ 2,028 1,017 Adjustments 3,388 3,534 Cash Flow from Operating Activities 5,415 4,550 Δ in Net Working Capital² (35) (1,346) Income Tax Paid (807) (566) Net Cash from Operating Activities 4,574 2,638 Capex (678) (1,215) Other Investing Cash Flow³ 1,304 875 Net Cash Flow Used in Investing Activities 626 (339) Debt Issued / (Repaid) 114 440 Payment of Contractual Lease Liabilities (692) (857) Other Financial Cash Outflows ⁴ (1,280) (1,112) Cash outflows from repurchase of own shares - (32) Dividend Paid (1,184) (963) Interest Paid (359) (163) Net Cash Flows Used in Financing Activities (3,400) (2,687) Net Cash Flow 1,800 (388) Adjustments for Monetary Gain/Loss (1,340) (847) Cash and Cash Equivalents at the Beginning of the Period 5 7,786 7,083 Cash and Cash Equivalents at the End of the Period 5 8,246 5,848
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181 225 237 143 177 196 212 227 244 225 150 17 158 192 230 78 122 147 247 195 192 120 200 222 49 63 100 255 255 255 222 234 246 46 66 126 Body Text Background Message Box, Table Highlight Primary Eight Chart Colours Secondary Eight Chart Colours 13.54 cm 0.13” / 0.33cm 0.13” / 0.33cm 13.54 cmPage Setup Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) Prints as A4 Page Setup should only be changed if banker requests a specific size. If this is the case, note the banker name and instructions in this box 106 130 201 195 34 25 Arrows 157 164 139 30 149 230 129 162 166 46 66 126 242 184 80 89 176 237 25 EUROPE Wholesale doors: ~730 Employees: 39 CANADA Retail stores: 4 Wholesale doors: ~640 Employees: 97 US Wholesale doors: ~1.320 Employees: 111 TÜRKİYE Retail stores: 351 Franchise stores: 67 Wholesale doors: 581 Employees: 5.591 OTHER COUNTRIES Franchise stores: 23 Wholesale doors: 30 RUSSIA Retail stores: 16 Franchise stores: 17 Wholesale doors: 100 Employees: 100 5,938 Employees ~4,000 Points of Sale 60 International Mono-Brand Stores 418 Mono-Brand Stores in Türkiye 33 Countries 5 HQ 478 Monobrand Stores Global Operations as of 31 July 2025