Migros (MGROS) 4Q25 Financial Results

Migros reported 4Q25 results above market expectations. Revenues came in at TL105.1bn (Expectation: TL102.7bn), EBITDA at TL7.5bn (Expectation: TL7.0bn), and net income at TL939mn (Expectation: TL777mn). Continued market share gains, the increasing contribution of digital channels, and still-strong 2026 guidance further support our investment case. Reflecting the updated figures in our model and rolling our valuation forward by one year, we raise our 12-month target price to TL945 from TL715 and maintain our Buy recommendation. We continue to keep the company in our model portfolio.