Tab Gıda 3Q24 Financial Results

We attended Tab Gıda's analyst meeting to evaluate the company's 3Q24 financial results, current operations, and future outlook. Despite the economic slowdown, Tab Gıda recorded revenue growth in the first nine months of 2024. The company achieved TL22.9bln in revenue with a real increase of 1.9%; excluding the application of IAS 29, net sales grew by 67% to TL20.3bln. Gross profit stood at TL4.0bln, while adjusted EBITDA was recorded at TL4.9bln. Although the company revised its year-end revenue forecast downward to TL28bln, it maintained its EBITDA margin expectation at 21%. Tab Gıda continues its operational performance in line with new restaurant openings and growth targets for 2024.