Slides
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MIGROS Omni - channel , multi format retailer Company Presentation 2Q 2026 MIGROS A ANADOLU GROUP
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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, ourcompany’s audited consolidated financial statements for 1H 2025 and 1H 2026 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 1H 2026 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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Contents 3 01 Financial Overview 02 Operational Update 03 Summary & Guidance 04 Appendix
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Financial Overview
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Quarterly Scorecard 2Q 2026 Financial Overview Digital & Expansion + 2.7 % consolidated net sales growth to TL 124.4 bn 4.3% IAS 29 EBITDA margin (2Q 2025: 5.4%) - 0.1 % like - for - like sales growth, with positive basket size growth 15.3% modern FMCG market share; 9.7% total FMCG market share + 64 new stores , reaching 3,830 stores and 2,101 th sqm sales area 23.1% e - C ommerce share in Migros ’ total sales* ; 6.6 mn unique online customers (2Q 2025: 5.8 mn) +21% Migros One real growth, recorded TL 28.5 bn GMV, supported by a 24% increase in daily orders to 327k . +60% Moneypay transaction growth, 500k all - time high daily transactions 105% real growth in TPV On track vs 2026 guidance on margin, expansion and Capex / Sa les (see guidance page 21 ) TL 31. 8 bn N et cash (June 2025: 28.4 bn TL) TL 5.8 bn free cash flow in 1H 2026 *exc. T obacco & A lcohol 5
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Market Share Evolution Total FMCG Market Share * (%) Migros’ total FMCG market share, excluding alcohol, rose by 10 bps in 1H 2026 vs. 1H 2025 9.0 9.3 9.8 9.7 1H 2023 1H 2024 1H 2025 1H 2026 14.2 14.9 15.6 15.3 1H 2023 1H 2024 1H 2025 1H 2026 Modern FMCG Market Share * (%) Source: Nielsen * FMCG: Fast Moving Consumer Goods . Modern and total FMCG market s include all food - retail formats 6 +76 bps +116 bps
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Expansion # of Stores in 2Q 2026 : 64 new store openings incl uding 7 Macrocenters Sales Area ( thousand sqm ) # of Online Service Stores * 7 1,553 2,577 1H 2025 1H 2026 2,054 2,101 1H 2025 1H 2026 3,683 3,830 1H 2025 1H 2026 +147 +2.3% +1,024 115 new stores *Indicates physical stores out of which online operations are carried out 527 1,026 1,450 1,127 Only Click & Collect Stores Online Delivery Stores As part of format optimization program , 19 Mion stores were closed
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19% 3% 32% 41% 5% C APEX (TL million) 6,265 6,298 1H 2025 1H 2026 1H 2026 New Stores New DCs IT , Self check - outs & Electronic shelf labels Refurbishment o f Stores & DCs Subsidiaries With IAS 29 Without IAS 29 4,562 5,953 1H 2025 1H 2026 8 1 % 30 % 2. 7 % 2 . 6 % 2.7 % 2.6 % CAPEX Breakdown Strategic priorities for investments • Core retail expansion – 115 new stores in 1H 2026 • Man - hour savings – Electronic shelf labels, self - checkout; 42 bps OPEX saving s in 1H 2026 • Refurbishment – Renewal of existing stores and DCs to support customer traffic and logistics productivity • Digital ecosystem – Capital light initiatives
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Same Store Sales Performance (L-f-L) Inflation (CPI) adjusted 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. 2025) L-f-L Sales Growth (%) L-f-L Customer Traffic Growth (%) L-f-L Basket Size Growth (%) 4.0 1.4 1H 2025 1H 2026 3.0 4.3 4.1 3.1 - 0.12Q 2025 3Q 2025 4Q 2025 1Q 2026 9 0.7 - 0.9 1H 2025 1.7 0.9 0.5 - 1.1 - 0.8 2Q 2025 3Q 2025 4Q 2025 3.4 2.4 1H 2025 1H 2026 1.3 3.4 3.6 4.2 0.7 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 1Q 2026 2Q 2026 2Q 2026 1H 2026 School year calendar impact on seasonal stores in June Positive L - f - L customer traffic (excl. alcohol) both in 2Q 20 26 & July 2026
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Consolidated Sales (TL million) With IAS 29 Without IAS 29 121,139 116,899 124,399 2Q 2025 1Q 2026 2Q 2026 90,242 106,912 122,876 2Q 2025 1Q 2026 2Q 2026 10 2.7 % 230,985 241,298 1H 2025 1H 2026 4.5% 166,841 229,789 1H 2025 1H 2026 38 % 36 % 2,7% real growth in a period of muted consumption in 2Q 2026
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+ 28,901 27,540 28,213 2Q 2025 1Q 2026 2Q 2026 Gross Profit (TL million) The transition of DC employees to Migros payroll lifted warehousing costs by 20 bps in 1H 2026 With IAS 29 Imputed Interest Rate Impact 510 bps 430 bps 400 bps Inventory inflation adj. Impact - 300 bps - 290 bps - 250 bps Gross Profit Margin exc. Impacts 21.8% 22.1% 21.2% Without IAS 29 490 bps 420 bps 22.1% 21.6% 11 - 2 % Imputed Interest Rate Impact 510 bps 430 bps 400 bps Gross Profit Margin exc. Impact 21.8% 22.1% 21.2% 24,267 28,242 30,921 2Q 2025 1Q 2026 2Q 2026 27% 490 bps 420 bps - 290 bps - 260 bps 22.1% 21.6% 23.9 % 23.6 % 55,534 55,753 1H 2025 1H 2026 0% 45,023 59,163 1H 2025 1H 2026 31% 24.0 % 23.1% 26.9 % 26.4 % 25.2 % 27.0 % 25.7% Promo activities accelerated compared to the same period of last year putting pressure on gross profitability 22.7%
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22,301 21,879 22,906 2Q 2025 1Q 2026 2Q 2026 26,828 27,286 28,776 2Q 2025 1Q 2026 2Q 2026 Opex Evolution (TL million) with IAS 29 OPEX/Sales exc. Depr. & Amortisation 23 bps decrease in energy cost 12 22.1 % 23.3 % 23.1% 52,714 56,062 1H 2025 1H 2026 22.8 % 23.2 % 18.4 % 18.7 % 18.4% 43,771 44,785 1H 2025 1H 2026 18.9 % 18.6% OPEX/Sales in 1H 2026: 24 bps reduction in rent cost related with IFRS 16 reclassification Employee Cost/Sales ratio maintained through disciplined Opex management despite wage increases following the Union Agreement
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< 6,600 5,661 5,307 2Q 2025 1Q 2026 2Q 2026 Consolidated EBITDA (TL million) With IAS 29 Imputed Interest Rate Impact 510 bps 430 bps 400 bps Inventory inflation adj. Impact - 300 bps - 290 bps - 250 bps EBITDA Margin exc. Impacts 3.3% 3.4% 2.8% Without IAS 29 490 bps 420 bps 3.1% 3.0% 13 - 20 % Imputed Interest Rate Impact 510 bps 430 bps 400 bps EBITDA Margin exc. Impact 3.3% 3.4% 2.8% 7,613 8,234 8,300 2Q 2025 1Q 2026 2Q 2026 9 % 490 bps 420 bps - 290 bps - 260 bps 3.1% 3.0% 5.4 % 4.8 % 4.3 % 11,763 10,967 1H 2025 1H 2026 - 7% 13,390 16,534 1H 2025 1H 2026 23% 5.1 % 4.5% 8.4 % 7.7 % 6.8 % 8.0 % 7.2 % EBITDA margin exc. impacts maintained at 3.0% in 1H 2026 50 bps gross margin decline in 1H 2026 largely offset by a 39 bps improvement in OPEX/Sales exc. D&A
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Net Profit (TL million) Net loss in 2Q 2026 mainly reflects : 60 bps decrease in Gross margin exc. impacts 14 bps decrease in net financial income 20 bps net negative impact from depreciation, net monetary gain and tax With IAS 29 Without IAS 29 14 494 1,723 - 645 2Q 2025 1Q 2026 642 - 379 - 795 2Q 2025 0.4 % 1.5 % - 0.5 % 1,939 1,078 1H 2025 1H 2026 728 - 1,174 1H 2025 0.8 % 0.4% 0.7 % - 0.4 % - 0.6 % 0.4 % - 0.5 % 2Q 2026 1Q 2026 1H 2026 2Q 2026 Net profit of TL 1.1 bn , while EBITDA margin remained resilient in 1H 2026
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Net Cash & Free Cash Flow (TL million) with IAS 29 Free Cash Flow Cash Conversion Cycle in Days Net Cash* 15 898 5,766 1H 2025 YTD 1H 2026 28,421 31,755 June 2025 June 2026 12% *w/o IFRS 16 542 % Free Cash Flow – 1H 2026 Operating CF 17,838 Investing CF (6,615) Interest Rec. 2,585 Interest Paid (2,374) Lease Paym. (5,668) Free Cash Flow 5,766 TL million - 41.8 - 37.7 June 2025 June 2026 - 4.2 days Strong operating cash flow generation in 1H 2026
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Operational Update
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Quarterly Highlights: Migros Ecosystem 2Q 2026 e - Commerce Business Migros One Fintech Moneypay +21% real growth Profitable O nline grocery is now a net contributor to profitability +900k increase in unique customers in 12 months, reaching 6.6 mn in total +105% real growth Profitable Fintech business keeps growing noticeably where EBITDA & bottom line are now positive 500k daily transactions, all - time high 17
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Substantial Ecosystem Traffic Growth to Elevate Future Return 18 Key Metrics Highlights & 2026 Expectations Core Retail & Online 2,126 2,325 2,414 2,390 2023 2024 2025 1H 2026 Customer Traffic (k) 2,600k transactions per day Meal Business(1) 32.6 52.3 74.1 98.9 2023 2024 2025 1H 2026 # of transactions (k) 100k transactions per day Fintech Business 36.7 126.6 279.5 400.1 2023 2024 2025 1H 2026 # of transactions (k) 400k transactions per day 2026E Transactions * Per Day ~3.1mn Source: Company data. (1) Includes Gurmepack and Migros Yemek *Cumulative
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Summary & Guidance
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Underlying Performance, Consolidated, TL million with IAS 29 Net Sales *Excluding Imputed Interest Rate and Inventory Inflation Adj. Impacts IAS 29 EBITDA EBITDA* Net Profit 20 121,139 124,399 2Q 2025 2Q 2026 2.7% 230,985 241,298 1H 2025 1H 2026 4.5 % 4,027 3,428 2Q 2025 2Q 2026 - 15 % 3.3 % 2.8% 7,181 7,321 1H 2025 1H 2026 2 % 3.1 % 3.0 % 494 - 645 2Q 2025 0.4 % - 0.5% 1,939 1,078 1H 2025 1H 2026 0.8 % 0.4 % 11,763 10,967 1H 2025 1H 2026 - 7 % 5.1 % 4.5% 6,600 5,307 2Q 2025 2Q 2026 - 20% 5.4 % 4.3 % 2Q 2026 *Excluding Imputed Interest Rate and Inventory Inflation Adj. Impacts
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2026 Migros Guidance, Consolidated with IAS 29 *Excluding Imputed Interest Rate and Inventory Inflation Adj. Impacts 2026 2025A Sales Growth 5%-7% 7.3% 2026 2025A IAS 29 EBITDA Margin 6%-7% 6.6% 2026 200 bps impacts* 2025A EBITDA Margin* 4%-5% 4.4% 230 bps impacts* 2026 Expansion Target 180-200 new stores 2025A 259 new stores 2026 Capex/Sales 2.5%-3.0% 2025A 3.3% 21 Monitor +4. 5 % in 1H 2026 On track 4. 5 % in 1H 2026 On track 3.0% in 1H 2026 On track 115 new stores in 1H 2026 On track 2.6% C apex in 1H 2026 While the growth guidance remains unchanged, current trends suggest that 2026 sales growth is likely to land at t he lower end of the guided range
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Appendix
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2,577 Online stores Online Operations in all formats Store Portfolio: Physical & Online Network – 1H 2026 Instant Needs (Pop-up) 2,657 Proximity Formats 892 th sqm Daily Purchase (Top-up) 749 Supermarkets 852 th sqm Professional Needs 24 Wholesale 21 th sqm I Love My Pet 4 Petimo 0.5 th sqm I Care for Myself 80 Mion 12 th sqm Weekly Shopping (Stock-up) 50 Hypermarkets 223 th sqm Food Is My Passion 266 High-end formats 101 th sqm Total 3,830 2,101 th sqm 23
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Online Operations Inflation (CPI) adjusted 18.6 23.5 28.5 2Q 2024 2Q 2025 2Q 2026 Migros One GMV (TL billion) e-Com Share in Migros(%)(1) Daily Orders # of active users(2) (million) Grocery Quarterly Highlights (1) e - C ommerce share denotes total online grocery sales as a percentage of total Migros sales. Without tobacco & alcohol (2) Annual basis LTM 24 226k 263k 327k 2Q 2024 2Q 2025 2Q 2026 18.5 20.7 23.1 2Q 2024 2Q 2025 2Q 2026 5.1 5.8 6.6 2Q 2024 2Q 2025 2Q 2026 1.9 2.9 5.0 45k 57k 91k Migros One delivered +21% real growth Online grocery is now a net contributor to profitability 677k new customers joined in 2Q 2026 55% of new customers enter via Migros Yemek 57% of orders are delivered in under 45 minutes TL 28.5 bn Migros One GMV 21% increase Y-o-Y TL 5.0 bn Migros meal GMV 70% increase Y-o-Y 23.1% e-Com Share in Migros(1) 240 bps increase Y-o-Y 6.6 mn Unique Customers(2) ~900k increase Y-o-Y
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Fintech Operations: Moneypay Inflation (CPI) adjusted 7.03 19.4 39.8 2Q 2024 2Q 2025 2Q 2026 Total Payment Volume (TL billion) Revenue (TL million) Daily Transaction # of Registered users (million) TL 39.8 bn Total Payment Volume 105% increase Y-o-Y 427k Daily Transaction 60% increase Y-o-Y TL 893 mn Revenue 80% increase Y-o-Y 5.5 mn # of registered users 1.5 mn increase Y-o-Y Quarterly Highlights 25 97k 266k 427k 2Q 2024 2Q 2025 2Q 2026 139 495 893 2Q 2024 2Q 2025 2Q 2026 2.7 4.0 5.5 2Q 2024 2Q 2025 2Q 2026 Moneypay delivered +105% real growth Profitable Fintech business keeps growing noticeably; EBITDA & bottom line are now positive 500k daily transactions, an all - time high
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Financial Overview
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L-f-L Sales Growth (%) L-f-L Customer Traffic Growth (%) L-f-L Basket Size Growth (%) L-f-L Growth Evolution without IAS 29 40.1 39.0 37.0 35.1 32.2 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 43.0 33.5 1H 2025 1H 2026 37.8 37.8 36.4 36.6 33.3 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 42.2 34.8 1H 2025 1H 2026 27 1.7 0.9 0.5 - 1.1 - 0.8 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 0.7 - 0.9 1H 2025 1H 2026 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. 2025)
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Quarterly OPEX Evolution (TL million) 12.38% 2.45% 2.06% 0.61% 0.91% 4.72% 12.16% 2.60% 2.11% 0.85% 0.69% 3.74% 2Q26 2Q25 with IAS 29 2Q 2025 Opex Personnel expenses, Porterage, cleaning & security expenses 2Q 2026 Opex 26,828 - 15 bps 28,776 Margin 22.1% Margin 23.1% - 5 bps - 24 bps 22 bps 22 bps Employee Cost Rent & Common area expenses IT maintenance & Other Energy expenses Advertising expenses 98 bps Depreciation & Amortisation expenses 28
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Inflation-accounting Impact on EBITDA & Net Income in 1H 2026 1H 2026 EBITDA w/o IAS 29 P&L Inflation Adj Inventory inflation adj. (reclassified as Monetary Gain) 1H 2026 EBITDA with IAS 29 Depreciation Due date charges & other Financial Expense Tax 1H 2026 Net Income with IAS 29 Inventory inflation adj. (reclassified as Monetary Gain) Asset & Other monetary gain 0.4% 16,534 808 - 6,374 10,967 1,078 Margin 7.2% Margin 4.5 % 6,374 - 1,584 - 11,277 9,906 - 3,267 - 10,041 260 bps 470 bps 260 bps 410 bps 420 bps 140 bps 70 bps 29 30 bps
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(TL million) 1H 2025 1H 2026 Net Sales 230,985 241,298 Cost of Sales -175,451 -185,545 Gross Profit 55,534 55,753 Operating Expenses -52,714 -56,062 Other Operating Expenses -11,321 -10,549 Operating Loss -8,501 -10,859 Income / Expense from Investment Activities 10 55 Operating Loss Before Finance Income / Expense -8,491 -10,804 Financial Income / Expense -2,488 -3,267 Monetary Gain 14,274 16,733 Income Before Tax 3,295 2,662 Tax Expenses -275 -168 Deferred Tax Income / Expenses -1,082 -1,415 Net Profit 1,939 1,078 Net Profit - Non-controlling Interest 193 67 Net Profit - Equity Holders of Parent 1,745 1,011 EBITDA 11,763 10,967 IAS 29 Consolidated Income Statement Summary – 1H 2026 30
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(TL million) FY 2025 1H 2026 Current Assets 89,803 88,377 Non-current Assets 156,998 161,696 Total Assets 246,801 250,074 Current Liabilities 113,353 110,563 Non-current Liabilities 39,344 45,582 Total Liabilities 152,697 156,145 Equity 94,104 93,928 Total Liabilities and Equity 246,801 250,074 IAS 29 Consolidated Balance Sheet Summary – 1H 2026 31
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IAS 29 Cash Flow - 1H 2026 (TL million) 1H 2025 1H 2026 Net profit 1,939 1,078 Adjustments related to reconciliation of net profit for the period 23,345 25,851 Changes in net working capital -307 1,935 Cash flows from operating activities 24,976 28,865 Net cash provided by operating activities 12,176 17,838 Cash outflows from the purchase of tangible and intangible assets -6,861 -6,713 Cash inflows from the sale of tangible and intangible assets 129 99 Cash flows from investing activities -6,731 -6,615 Free Cash Flow 898 5,766 Cash flows from financing activities -6,868 -6,404 Effect of foreign currency translation differences & monetary losses on cash -4,023 -4,987 Net increase in cash and cash equivalents -5,448 -167 32
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with IAS 29 inflation accounting without IAS 29 inflation accounting (TL million) 1H 2025 1H 2026 1H 2025 1H 2026 IAS 29 Impact on Financials Selected Balance Sheet Items Total Assets 236,388 250,074 125,308 170,652 Total Liabilities 147,334 156,145 106,844 148,013 Total Equity 89,053 93,928 18,463 22,640 Selected Income Statement Items Net Sales 230,985 241,298 166,841 229,789 Gross Profit 55,534 55,753 45,023 59,163 Operating Loss / Profit -8,501 -10,859 1,940 1,052 Profit before tax 3,295 2,662 141 -2,009 Net Profit 1,939 1,078 728 -1,174 Depreciation & Amortisation -8,943 -11,277 -3,252 -5,440 EBITDA 11,763 10,967 13,390 16,534 33