BIM reported a net profit of TRY5.3bn in 3Q25, exceeding consensus of TRYL4.5bn and our estimate of TRY4.6bn (post- IAS29)
in 3Q25. The earnings beat stems from the 19% higher EBITDA at TRY13.2bn than consensus estimates. Revenues were in line at TRY180bn. Net cash rose 38% q/q to TRY18.9bn (excluding lease liabilities), thanks to operational improvement and lower capex/sales at 2.6% in 3Q25 (3.3% in 2Q25).
Revenue growth accelerated to 7% y/y in 3Q25, versus 4% growth in 2Q25, mainly driven by the 6% y/y growth in number of stores.
Total store count reached 14,231 (BIM: 12,568, File: 329, Morocco:
898, Egypt 329), with 156 net new store openings in 3Q25 and 648 in 9M25. EBITDA (post IAS29) increased by 83% y/y, translating into a 305bps y/y EBITDA margin accretion to 7.4%.
PBT increased by 19% y/y, implying a more moderate increase, due to higher financial expenses on lease liabilities and lower monetary gain y/y. Effective tax rate was 46% in 3Q25 vs. 31% in 3Q24,
resulting in a 9% y/y lower net profit. This negative tax effect is expected to reverse in 4Q25.
Pre-IAS29 results indicate a 42% y/y revenue growth, supported by sales area growth and 32% LFL growth, driven by 35% basket size growth, 470bps above BIM’s internal inflation at 29%. Traffic decline at BIM stores moderated to -2.2% in 3Q25 vs. -4.4% in 2Q25.
Note that LFL figures do not include File stores, which likely delivered a better LFL growth and by our estimates had a 10%
revenue share. EBITDA margin was up by 110bps y/y at 8.6%.
2025 guidance is maintained: BIM keeps 2025 guidance of post IAS29: 8% (+-2%) revenue growth, 5% (+-0.5%) EBITDA margin and 3.5-4% capex/sales, pre IAS29: 45% (+-5%), 7.5% (+-0.5%) EBITDA margin. 9M figures indicate post IAS 29: 5% revenue growth and 5.7% EBITDA margin, pre IAS29: 43% revenue growth and 7.6%
EBITDA margin. BIM will distribute TRY5 DPS on December 17.
We re-initiate coverage with a Target Price of TRY826 per share and Outperform Rating: The normalization in LFL growth at BIM stores, continued expansion in store count, rising contribution from File stores with stronger growth metrics, improving profitability in Morocco operations, and easing OPEX pressures are expected to be key growth drivers for 4Q25 and 2026. For 2026, we factor in 7% real revenue growth (34% pre-IAS29). BIM trades at USD-based 2026E P/E multiple of 14x, slightly below 10-year average.
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