Mavi (MAVI) 2Q25 Financial Results

Following 2Q25, we revise our 12-month target price for Mavi from TL 67.50 to TL 58.00. The change reflects weaker LFL (like-for-like / same-store sales; sales adjusted for store openings/closures) pricing, heavy promotional activity, a more cautious store-opening plan, and updates to our year-end assumptions. At the same time, we maintain our positive stance and keep Mavi in our Model Portfolio on expectations of a gradual recovery in demand in 2H, easing pressure on financial expenses, medium-term support from US investments, a solid net cash position and seasonal tailwinds. The new target price implies ~50% upside to the current share price; we therefore reiterate our Buy rating and keep Mavi in our Model Portfolio.