Mavi (MAVI) 3Q25 Financial Results

MAVI reported 3Q25 results, delivering TL12.2bn in revenue, TL2.7bn EBITDA (22.0% margin) and TL969mn net income. The figures came in slightly above consensus expectations (TL12.1bn revenue, TL2.4bn EBITDA, 19.8% margin and TL814mn net income). Overall, we view the quarter positively, as seasonality and tighter cost control helped the operational performance move towards a more balanced quarter-on-quarter trend. Following the results, we maintain our 12-month target price of TL58.00, our BUY rating and the stock’s position in our Model Portfolio.