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Omni-channel, multi format retailer Company Presentation 3Q 2025
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In accordance with the decision of the Capital Markets Board (CMB) dated 28.12.2023 and numbered 81/1820, it has been decided that issuers and capital market institutions, which apply Turkish Accounting/Financial Reporting Standards and are subject to the financial reporting regulations of CMB, shall apply inflation accounting by implementing the provisions of IAS 29 starting from their annual financial statements for the fiscal years ending on 31.12.2023. In this context, our company’s unaudited consolidated financial statements for 9M 2024 and 9M 2025 have been adjusted for the effect of inflation in accordance with the relevant standard and published comparatively. This presentation of our Company's financial results for 9M 2025 has been prepared by applying inflation accounting in accordance with the provisions of IAS 29. Non-inflationary and unaudited data for selected key items used in the Company's presentations in previous periods are also included in this presentation for informational purposes only. This presentation has been prepared to provide information about Migros' operations and financial results and includes inflation- adjusted data and estimates as well as non-inflation-adjusted data and estimates for informational purposes. This presentation contains certain forward-looking statements, opinions and estimates. They reflect Migros management's current views on the future of the Company and involve certain assumptions. Actual results may differ depending on the development and realization of the variables and assumptions that form future expectations and estimated figures. The Company, the members of the Board of Directors, employees or any other person shall not be held responsible for any damages that may arise from the content of this presentation. Disclaimer 2
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Financial Overview Operational Overview Guidance Appendix Contents 3
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Underlying Performance, Consolidated TL 106,883 mn 8.8%7.7% 3.8% 4 Net Sales Sales Growth EBITDA Margin Net Profit Margin with IAS 29 inflation accounting TL 294,848 mn 6.4%7.2% 1.9% 3Q 2025 9M 2025 Net Sales Sales Growth EBITDA Margin Net Profit Margin
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9.0 9.5 10.1 15.2 16.2 16.8 9M 2023 9M 2024 9M 2025 9M 2023 9M 2024 9M 2025 Improving Market Share Source: Nielsen * FMCG: Fast Moving Consumer Goods. Modern and total FMCG markets include all food-retail formats ** E-commerce market includes : [marketplaces, organized retailers, speciality stores, personal care chains & other N/F operators] under the coverage of Nielsen Migros FMCG Market Share * (%) +50 bps Total FMCG Modern FMCG +60 bps +50 bps +110 bps 5 20.1 22.0 9M 2024 9M 2025 E-Commerce Migros e-commerce FMCG Market Share ** (%) +190 bps Omni channel & Multi format Market Share Gain Price Investments Expanding footprint penetration
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1,289 1,881 9M 2024 9M 2025 2,005 2,064 9M 2024 9M 2025 3,550 3,730 9M 2024 9M 2025 Sales Area Expansion 180 3.0% 592 # of Stores Sales Area (thousand sqm) # of Online Service Stores* 187 new stores in 9M 6 *Indicates physical stores out of which online operations are carried outDue to building safety concerns, 22 stores were closed in İstanbul region in the last 12 months 459 new stores in 9M
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8,094 8,515 9M 2024 9M 2025 5,273 7,895 9M 2024 9M 2025 CAPEX (TL million) 2.9%2.9% 2.9% 2.8% 5% 50% CAPEX Breakdown 17% 4% 22% 31% 8% 17% New Stores New DCs Subsidiaries IT, R&D, Self check-outs & Electronic price tags Refurbishment of Stores & DCs 7 Solar Energy 9M 2025 without IAS 29 inflation accounting with IAS 29 inflation accounting
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0.5 1.8 0.5* 1.6 0.8 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Gaining Customer Traffic on L-f-L Basis 6.0 7.6 6.3* 3.0 4.2 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 L-f-L Sales Growth (%) L-f-L Customer Traffic Growth (%) 5.5 5.7 5.9 1.3 3.4 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 L-f-L Basket Size Growth (%) 8 Note 1: Like-for-like calculations are based on retail sales only, excluding wholesale Note 2: Like-for-like (L-f-L) sales are net sales generated from the stores which were open at least in the last 12 months before the current reporting period (i.e.stores open since 1 Jan. 2024) *Figures excluding the leap year impact in 1Q 2024 (February 29), Including leap year impact: L-f-L Sales Growth: 5.1%, L-f-L Customer Traffic Growth: -0.7% Inflation (CPI) adjusted
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185,668 270,809 9M 2024 9M 2025 274,985 294,848 9M 2024 9M 2025 Consolidated Sales (TL million) without IAS 29 inflation accounting with IAS 29 inflation accounting 45.9% 7.2% 9 99,287 106,883 3Q 2024 3Q 2025 7.7% 72,232 103,968 3Q 2024 3Q 2025 43.9%
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49,771 73,223 9M 2024 9M 2025 62,284 72,047 9M 2024 9M 2025 Gross Profit (TL million) 16% 10 480 bps 470 bps -420 bps -260 bps 22.0% 22.3% 480 bps 470 bps 22.0% 22.3% 24.4% 22.7% 26.8% 27.0% Imputed Interest Rate Impact 500 bps 440 bps Inventory inflation adj. Impact -300 bps -200 bps Gross Profit Margin exc. Impacts 22.4% 22.8% Imputed Interest Rate Impact 500 bps 440 bps Gross Profit Margin exc. Impact 22.4% 22.8% without IAS 29 inflation accounting with IAS 29 inflation accounting 19,790 28,200 3Q 2024 3Q 2025 27.4% 27.1% 24,245 26,856 3Q 2024 3Q 2025 11% 25.1% 24.4% Gross Profit Margin Improvement Mainly Driven by 35 bps decrease in shrinkage ratio
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16,667 18,148 17,444 3Q 2024 2Q 2025 3Q 2025 48,846 53,063 9M 2024 9M 2025 Improvement in OPEX/Sales in 3Q 2025 vs 2Q 2025 11 OPEX/Sales exc. Depreciation & Amortisation 16.8% 18.4% 16.3% 17.8% 18.0% with IAS 29 inflation accounting OPEX/Sales exc. Depreciation & Amortisation 57,679 64,390 9M 2024 9M 2025 19,684 21,832 21,494 3Q 2024 2Q 2025 3Q 2025 OPEX/Sales 21.0% 21.8%20.1%22.1% 19.8% OPEX/Sales
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Efficiency Focus 12 30 bps annualized OPEX savings from investments in self- checkouts and electronic price tags in the next 12 months 30 bps annualized OPEX savings expected after completing solar plant investments next year 35 bps 3Q 2025 35 bps 9M 2025 Decrease in shrinkage ratio OPEX Savings Through Automation OPEX Savings Through Solar Investments Actual Target Target
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16,878 24,632 9M 2024 9M 2025 13,438 18,984 9M 2024 9M 2025 Consolidated EBITDA (TL million) 46% 41% 13 6.4% 4.9% 9.1% 9.1% 480 bps 470 bps 4.2% 4.4% Imputed Interest Rate Impact 500 bps 440 bps EBITDA Margin exc. Impact 5.6% 6.4% without IAS 29 inflation accounting with IAS 29 inflation accounting 7,630 11,242 3Q 2024 3Q 2025 7,577 9,412 3Q 2024 3Q 2025 47% 24% 8.8% 7.6% 10.6% 10.8% 480 bps 470 bps -420 bps -260 bps 4.2% 4.4% Imputed Interest Rate Impact 500 bps 440 bps Inventory inflation adj. Impact -300 bps -200 bps EBITDA Margin exc. Impacts 5.6% 6.4%
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4,883 4,050 9M 2024 9M 2025 7,287 5,611 9M 2024 9M 2025 Net Profit (TL million) -17% -23% 14 1.9% 2.4% 2.2% 1.5% 40 bps one-off asset sale gain in 9M 2024 50 bps rise in depr. & amort. expense y-o-y 110 bps one-off asset sale gain in 3Q 2024 50 bps rise in depr. & amort. expense y-o-y without IAS 29 inflation accounting with IAS 29 inflation accounting 3,322 3,322 3Q 2024 3Q 2025 0% 3.5% 3.2% 4,410 4,033 3Q 2024 3Q 2025 -9% 3.8% 3.7% 0.7%* 0.3%* 1.1%* 0.4%* -14% 10% 31% -1% 3,681 6,558 4,0942,533 *One-off gains from two asset divestitures *One-off gains from two asset divestitures *One-off gains from two asset divestitures *One-off gains from two asset divestitures
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-41.0 -44.5 3Q 2024 3Q 2025 Net Cash & Free Cash Flow (TL million) Cash Conversion Cycle in Days 15 with IAS 29 inflation accounting 8,818 7,653 3Q 2024 3Q 2025 Free Cash Flow 3.5 days -13% 2,360* 6,457 *One-off cash inflows from two asset divestitures 28,425 29,637 3Q 2024 3Q 2025 Net Cash* *w/o IFRS 16 4% %19
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72,559 76,406 9M 2024 9M 2025 2,113 1,445 9M 2024 9M 2025 1,585 1,445 9M 2024 9M 2025 16,886 21,934 9M 2024 9M 2025 Total Equity & Total Financial Debt (TL million) -30% -9% 5% 30% Total Equity Financial Debt* *w/o IFRS 16 *w/o IFRS 16 16 Financial Debt*Total Equity without IAS 29 inflation accounting with IAS 29 inflation accounting
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Online Operations & Strategy Update Operational Update
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Online Operations are More Efficient 18 41.7 50.3 9M 2024 9M 2025 21% Grocery GMV (TL billion) 50.8 56.7 9M 2024 9M 2025 12% Grocery Merchandise # of Orders (million) *exc. tobacco & alcohol Ultra fast delivery Scheduled delivery 40.4% 59.6% Online Grocery Sales Breakdown Migros Grocery Sales Breakdown* 9M 2025 Inflation (CPI) adjusted 140 bps increase operating profitability 9M 2025 y-o-y Migros’ Online Grocery 15.6% 17.0% 18.5% 20.4% 2022 2023 2024 9M 2025
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11.1 13.9 9M 2024 9M 2025 4.2 6.6 9M 2024 9M 2025 57% 25% Meal Business Gross Merchandise Value (TL billion) Meal Business # of Orders (million) Online Meal Business, a Gateway to Younger Demographic in 81 cities 19 Inflation (CPI) adjusted Around 1/3 of shoppers of Migros meal customers are the first time visitors of the Migros app
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21.4 bn 1.3 bn 25.2 bn 405.1 1,188.0 9M 2024 9M 2025 18.1 47.9 9M 2024 9M 2025 166% Total Payment Volume (TL billion) Strong Growth in Moneypay Supporting Migros Ecosystem 20 Total Payment Volume Breakdown (TL) POS Lending facilitations Wallet (Card & QR) TPV: TL 47.9 bn 9M 2025 Inflation (CPI) adjusted 29.2 70.0 9M 2024 9M 2025 140% # of Transaction (million) 193% Revenue (TL million)
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Online Operations & Strategy Update Guidance
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Sales Growth EBITDA Margin with IAS 29 inflation accounting 2025 Migros Guidance, Consolidated Expansion Target Capex/Sales 22 Initial Guidance New Guidance 6-7%8-10% ~ 6.0% ~ 250 new stores 2.5-3.0% 6.5% 2.5-3.0% ~ 250 new stores ▪ Our implied nominal top-line growth target remains unchanged ▪ New guidance indicates a higher cash EBITDA generation compared to the amount the initial sales growth guidance indicates
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Online Operations & Strategy Update Appendix
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Ownership Structure (*): Migros purchased its own shares due to the merger in 2018 in accordance with relevant CMB legislation AG Anadolu Grubu Holding A.Ş. 100.00% MH Perakendecilik ve Ticaret A.Ş. 49.18% Free Float 49.18% Migros Ticaret A.Ş.* 1.64% Direct Shareholding Structure Indirect Shareholding Structure Migros Ticaret A.Ş. AG Anadolu Grubu Holding A.Ş. 50.00% Migros Ticaret A.Ş. Free Float 50.00% 24
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Migros at a Glance TL 294.8 bn in Sales 9M 2025 55,872 employees +2,000 suppliers3,730 stores as of 9M 2025 49.18% free float Borsa Istanbul Indices BIST 30, BIST Sustainability Index & BIST Sustainability 25 Index BIST Corporate Governance Index BIST Dividend Index & BIST Dividend 25 Index Money CardSubsidiaries 13.8 mn households 23.1 mn active cards 25
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Store Portfolio: Physical & Online Network – 9M 2025 Supermarkets 3,312 Hypermarkets 52 Macrocenter 231 Wholesale 29 Online* 1,881 3,500 sqm – 8,500 sqm40 sqm - 3,500 sqm 250 sqm – 2,000 sqm 200 sqm – 1,600 sqm 2,000 SKU – 40,000 SKU # of stores Sales area (th sqm) Migros (M, MM, MMM) 2,130 1,448 Migros Jet 1,182 256 5M 52 231 Wholesale 29 23 Macrocenter 231 91 Mion 105 15 Petimo 1 0.1 Total 3,730 2,064 81 cities 35 cloud kitchens 2 kitchens 15+ own brands *Indicates physical stores out of which online operations are carried out26
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Initiatives Supporting Migros’ Core Business Migros is investing in the future of retail to enhance long-term growth & profitability Online grocery & meal business Last-mile delivery solution Migros’ offline & online retail media assets Charging services for electric vehicles Fintech financial solutions Packed ready-to-eat meal production & catering ▪ Active in 81 cities with ▪ Scheduled delivery ▪ Ultra fast delivery ▪ 7,000+ riders ▪ 750+ vehicle fleet ▪ E-wallet, BNPL, B2C, B2B financial solutions ▪ Ready meals offering in ~800 stores ▪ Digital, Insight, Online, Instore, Content ▪ 95 EV stations 27 B2B payment and collection services ▪ Digital platform for B2B payments and collections
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KPIs of Migros Digital Ecosystem without IAS 29 inflation accounting 20.9 21.5 22.2 23.9 24.5 # of orders (million) Gross Merchandise Value (TL billion) 11.5 12.9 15.4 17.5 19.3 5.3 5.5 5.5 5.8 5.8 # of active users (million) 3.2 3.5 3.7 4.0 4.4 # of registered users (million) 13.4 17.0 20.6 24.1 25.3 # of transactions (million) 5.7 8.1 11.2 14.5 18.7 Total Payment Volume (TL billion) 28 LTM # of active users
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45.9 56.9 9M 2024 9M 2025 15.7 19.9 3Q 2024 3Q 2025 Online Operations’ Gross Merchandise Volume (TL billion) 29 24% Inflation (CPI) adjusted 4.2 6.6 57% 1.4 2.2 56% 14.3 17.7 41.7 50.3 21% 24% 27% Grocery GMV
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Online Operations & Strategy Update Financial Overview
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0.5 1.8 0.5* 1.6 0.8 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Gaining Customer Traffic on L-f-L Basis 63.8 57.6 48.1* 40.0 38.9 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 L-f-L Sales Growth (%) L-f-L Customer Traffic Growth (%) without IAS 29 inflation accounting 63.0 54.9 47.4 37.8 37.8 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 L-f-L Basket Size Growth (%) 31 Note 1: Like-for-like calculations are based on retail sales only, excluding wholesale Note 2: Like-for-like (L-f-L) sales are net sales generated from the stores which were open at least in the last 12 months before the current reporting period (i.e.stores open since 1 Jan. 2024) *Figures excluding the leap year impact in 1Q 2024 (February 29), Including leap year impact: L-f-L Sales Growth: 46.4%, L-f-L Customer Traffic Growth: -0.7% Avg. Food Inflation (Turkish Statistical Institute) 48.9% 45.8% 37.9% 33.0% 32.4%
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Quarterly OPEX Evolution (TL million) 10.25% 2.50% 2.04% 1.06% 0.47% 3.79% 10.49% 2.66% 1.81% 1.30% 0.53% 3.04% 3Q25 3Q24 with IAS 29 inflation accounting 32 3Q 2024 Opex Personnel expenses, Porterage, cleaning & security expenses 3Q 2025 Opex 19,684 -17 bps 21,494 Margin 19.8% Margin 20.1% 23 bps -23 bps -6 bps-24 bps Employee Cost Rent & Common area expenses IT maintenance & Other Energy expenses Advertising expenses 75 bps Depreciation & Amortisation expenses
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Inflation-accounting impact on EBITDA & Net Income in 9M 9M 2025 EBITDA w/o IAS 29 P&L Inflation Adj Inventory inflation adj. (reclassified as Monetary Gain) 9M 2025 EBITDA with IAS 29 Depreciation Due date charges & other Financial Expense Tax 9M 2025 Net Income with IAS 29 Inventory inflation adj. (reclassified as Monetary Gain) Asset & Other monetary gain 70 bps 60 bps Margin 1.9% 33 24,632 1,940 -7,588 18,984 5,611 Margin 9.1% Margin 6.4% 7,588 -2,682 -11,327 9,551 -2,738 -13,766 260 bps 380 bps 260 bps 320 bps 470 bps 90 bps 90 bps
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(TL million) 9M 2024 9M 2025 Net Sales 274,985 294,848 Cost of Sales -212,701 -222,801 Gross Profit 62,284 72,047 Operating Expenses -57,679 -64,390 Other Operating Expense -13,558 -13,807 Operating Loss -8,953 -6,150 Income / Expense from Investment Activities 772 41 Operating Loss Before Finance Income / Expense -8,181 -6,109 Financial Income / Expense -1,514 -2.738 Monetary Gain 19,394 17,139 Income Before Tax 9,698 8,292 Tax Expenses -773 -1,165 Deferred Tax Income / Expenses -1,687 -1,516 Net profit from discontinued operations 48 - Net Profit 7,287 5,611 Net Profit - Non-controlling Interest 248 241 Net Profit - Equity Holders of Parent 7,040 5,369 EBITDA 13,438 18,984 IAS 29 Consolidated Income Statement Summary –9M 2025 34
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(TL million) 2024 9M 2025 Current Assets 72,366 70,271 Non-current Assets 115,853 125,127 Total Assets 188,219 195,398 Current Liabilities 89,072 87,034 Non-current Liabilities 26,796 31,957 Total Liabilities 115,868 118,991 Equity 72,351 76,406 Total Liabilities and Equity 188,219 195,398 IAS 29 Consolidated Balance Sheet Summary – 9M 2025 35
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IAS 29 Cash Flow- 9M 2025 (TL million) 9M 2024 9M 2025 Net profit 7,287 5,611 Adjustments related to reconciliation of net profit for the period 26,001 28,860 Changes in net working capital 9,819 3,198 Cash flows from operating activities 43,108 37,669 Net cash provided by operating activities 27,106 21,905 Cash outflows from the purchase of tangible and intangible assets -8,904 -8,515 Cash inflows from the sale of tangible and intangible assets 1,361 134 Cash flows from investing activities -6,364 -8,381 Free Cash Flow 17,563 8,398 Cash flows from financing activities -5,981 -6,262 Effect of foreign currency translation differences & monetary losses on cash -66 6 Net increase in cash and cash equivalents 8,156 2,783 36
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with IAS 29 inflation accounting without IAS 29 inflation accounting (TL million) 9M 2024 9M 2025 9M 2024 9M 2025 IAS 29 Impact on Financials Selected Balance Sheet Items Total Assets 180,177 195,398 93,242 135,390 Total Liabilities 107,618 118,991 76,355 113,456 Total Equity 72,559 76,406 16,886 21,934 Selected Income Statement Items Net Sales 274,985 294,848 185,668 270,809 Gross Profit 62,284 72,047 49,771 73,223 Operating Loss / Profit -8,953 -6,150 4,911 6,679 Profit before tax 9,698 8,292 4,779 4,215 Net Profit 7,287 5,611 4,883 4,050 Depreciation & Amortization -8,883 -11,327 -2,747 -5,288 EBITDA 13,438 18,984 16,878 24,632 37
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Online Operations & Strategy Update Sustainability
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Sustainable Energy Investments Kırşehir, 34.4 MWp Malatya, 16 MWp 20% targeted energy self- sufficiency ratio with new investments by the end of 2025 13% of total energy consumption is from company-owned solar plants as of September 2025 Operating since March 2025 Operating since September 2025 ~1/3 of total energy consumption expected to be generated from Migros’ owned solar plants by the end of 2026 39
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Sustainability Targets 40 by 2030 year-end (base year 2020) 42% 1 Reducing Water Consumption 2 Reducing Food Waste Reducing Greenhouse Gas Emission 4Increasing Women Participation in Top Management by 2030 year-end (base year 2018) 50% by 2026 year-end (base year 2018) 27-33% by 2030 year-end (base year 2023) 10% 3
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42 Waste Management & Biodiversity Conservation Prevented food loss with Expiry Date discounts* Preventing Food Waste 16,643 tons of food Food donation 24,265 tons of food Fresh leftovers to stray animals 9,384 tons of food Reducing Plastic Waste Bag-Free Shopping Movement* 2,018,247 eco friendly reusable bags Good Agricultural Practices GAP certified F&V 1.7 million tons in 14 years GAP certified poultry products 316 checkpoints GAP certified fisheries 193 checkpoints * 2024 data * 2024 data