Mavi Giyim (MAVI) 2Q26 Financial Results

Mavi’s 2Q26 results were positive from an operational perspective, supported by the improvement in gross margin and strong cash generation. Management revised its revenue guidance down due to a higher inflation assumption, while keeping its other targets unchanged. For 2026, we forecast TL62.4bn in revenue, TL11.5bn in EBITDA and TL3.1bn in net income. As the impact of our estimate revisions on our valuation is limited, we maintain our TL60.80 target price and BUY recommendation. We also keep Mavi in our Model Portfolio. Our target price offers 61% upside. The stock trades at 2.3x EV/EBITDA and 9.6x P/E based on our 2026 forecasts.