Mavi Giyim (MAVI) 4Q25 Financial Results

We view Mavi’s 4Q25 results as neutral. The company reported TL11.9 billion in revenue, TL1.9 billion in EBITDA, and a net loss of TL60 million in the quarter. While revenue was flat year-on-year, EBITDA margin improved from 12.8% to 16.0% thanks to strong cost discipline. Nevertheless, a TL208 million monetary loss and a TL422 million deferred tax expense weighed on net profit. For full-year 2025, revenue declined by 5% in real terms, while EBITDA margin improved from 18.2% to 18.5%. After incorporating the company’s 2026 guidance into our model and rolling our valuation forward by one year, we raise our 12-month target price to TL60.80 from TL58.00 and maintain our BUY recommendation.