Revenue declined 2 per cent year on year (YoY) during the quarter, while the company delivered EBITDA of TL 2.5 billion, resulting in an EBITDA margin of 19.7 per cent. Mavi ended the quarter with a net cash position of TL 7 billion (~$154 million), supported by continued cash generation from operations and disciplined cost management.
Turkiye’s Mavi has reported Q1 2026 revenue of TL 12.7 billion (~$279.4 million) and net profit of TL 543 million (~$11.95 million), despite a 2 per cent decline in sales amid weaker consumer demand.
The company posted a 19.7 per cent EBITDA margin and a TL 7 billion (~$154 million) net cash position.
Mavi added 344,000 customers and expanded its retail network.
Commenting on the results, Mavi’s CEO Cuneyt Yavuz said: “We entered 2026, Mavi’s 35th anniversary, with strong momentum. The first quarter was marked by weaker consumer demand alongside measures to address inflation and broader macroeconomic uncertainties. In this environment, we managed every factor within our control with discipline and efficiency, drawing on our deep industry experience.”
The company’s performance was underpinned by strong brand management, customer-focused communication, agile product planning and pricing strategies, and tight control over operating expenses, Mavi said in a press release.
Mavi added 344,000 new customers during the quarter, taking its active customer base to 6.2 million. The number of Mavi App users reached 5.5 million, while membership of Kartus Genc, the retailer’s loyalty programme for consumers under 24 years of age, increased to 436,000.
The company currently serves customers through 496 stores and nearly 4,000 points of sale across 32 countries. During the quarter, Mavi opened two new stores in the United States and completed three store expansions and seven store renovations in Turkiye as part of its ongoing retail and omnichannel investments.
“As a result, we preserved our strong balance sheet and sustained robust, consistent levels of operational profitability. We began the new year in Turkiye with confidence and a debt-free position. Throughout the quarter, we continued generating strong cash flow and earnings from operations, reaching a net cash position of TL 7 billion 37 million,” added Yavuz.
Mavi targets further retail expansion in 2026
Looking ahead, Yavuz said the company remains focused on its long-term growth strategy. By the end of 2026, Mavi plans to open 15 net new stores and expand 15 existing locations in Turkiye, upgrade 30 stores to its new format and open six new stores in the United States.
He noted that the company’s strategy of offering the “right product, right price and premium quality”, combined with efficient inventory management and disciplined cost controls, helped strengthen customer trust and reinforce Mavi’s leadership in the Turkish denim market.
The company also continued to invest in marketing and brand-building activities during the quarter. It expanded its youth-focused outreach through partnerships with Turkish tennis player Zeynep Sonmez and football star Kenan Yildiz, while continuing campaigns featuring long-standing brand ambassadors Kivanc Tatlitug and Serenay Sarikaya.
Mavi earns global recognition for sustainability efforts
On sustainability, Yavuz highlighted the company’s growing international recognition. Mavi ranked second globally in the TIME and Statista ‘World’s Best Companies in Sustainable Growth’ survey and retained its leadership in the Apparel, Footwear & Sporting Goods category.
The company also received A ratings in both Climate Change and Water Security programmes from CDP for the third consecutive year and was included in the S&P Global Sustainability Yearbook 2026.
Fibre2Fashion News Desk (SG)
