BİM Birleşik Mağazalar (BIMAS) 4Q25 Financial Results

BIM reported better-than-expected results across all three key line items in 4Q25, with sales of TL186.0bn (consensus: TL182.8bn), EBITDA of TL12.8bn (consensus: TL9.6bn), and net income of TL6.9bn (consensus: TL4.2bn). Strong real revenue growth on a year-on-year basis and the positive momentum in operational margins support our investment thesis. Incorporating the latest results into our model and rolling our valuation period forward by one year, we raise our 12-month target price to TL927 from TL705 and maintain our BUY rating.