Mavi Giyim (MAVI) 1Q26 Financial Results

Mavi reported TL 12.7 billion in net sales, TL 2.4 billion in EBITDA and TL 686 million in net income attributable to shareholders in 1Q26. Consensus stood at TL 12.6 billion in net sales, TL 2.5 billion in EBITDA and TL 590 million in net income. We view 1Q26 as a neutral quarter. Sales came in line with expectations, while operating profitability saw limited pressure stemming from operating expenses. The year-on-year decline in net income, on the other hand, was largely driven by the higher effective tax rate. Following the results, we are broadly keeping our estimates unchanged. Accordingly, we maintain our 12-month target price of TL 60.80 and reiterate our BUY rating. Our target price points to roughly 40% upside over the last close. Mavi remains in our model portfolio.