Corporate

Message of the Chairman


Dear Stakeholders,

It has always been a profound source of pride and joy for me to be a part of Anadolu Group, an institution founded by our visionary leaders, Kamil Yazıcı and the late İzzet Özilhan, and brought to where it stands today under the inspiring leadership of Mr. Tuncay Özilhan.

For over half a century, Mr. Özilhan has been one of our Group’s most valued pillars, embodying human values, virtuous stance, and strategic foresight. With unwavering dedication, he has led Anadolu Group to its current strength. I am deeply honored to assume the role of Chairman from such a distinguished leader, who will continue to guide us with his wisdom as our Honorary Chairman.

Anadolu Group is more than a collection of companies; it is the bearer of a deep-rooted culture, shared values, and enduring principles. Since our founding, we have remained true to what defines us and have focused on creating sustainable value through collective intelligence. Preserving and advancing this culture is the most meaningful tribute we can offer to the leaders who paved our way.

As we enter this new chapter of our 75-year journey, we are shaping our Vision 2035 and developing strategies that will carry us further. Anchored in innovation and technology, this long-term path draws strength from our heritage, institutional and financial resilience, trusted partnerships, and commitment to collective intelligence.

Having served as a Board Member and Vice Chairman since 2017, I now take over the position of Chairman of the Board of Directors at Migros. Our Group's strong representative in the food retail sector, Migros is growing with a pioneering vision that shapes the sector in Türkiye. It is expanding its service range by opening new stores, expanding its online channels and establishing new business lines. In the last few years, Migros has not only enhanced its core business of food retailing, but also built a very strong ecosystem with new subsidiaries and initiatives. With its experience, Migros implements innovative solutions that create efficiency and simplify the daily lives of its customers. Migros always focuses on adding more value for its stakeholders, employees, customers and shareholders. In 2024, Migros ranked 1st in the “Top 50 Strongest European Grocery Retailers” report prepared by Brand Finance and European Supermarket Magazine, another indicator of its pioneering position in innovative services both in retail and beyond retail.

Migros successfully achieved its targets last year despite all challenging conditions. The Company increased its real sales, expanded its market share and delivered a strong performance. While continuing its growth and investments, Migros created 10,000 new jobs. Including indirect employment, the Company’s number of employees reached 75,000. Migros continues to grow confidently and steadily in the organized grocery retail sector.

As we sail toward our centennial, I wish for Anadolu Group star to always shine bright and illuminate our path toward even greater achievements.

With sincere regards,

Kamil Süleyman Yazıcı

Chairman

Message of the CEO


Driven by a combination of physical store expansion and significant investment in online channels that intensified the already competitive landscape, the food retailing industry remained dynamic throughout 2024.

In an effort to provide our customers with more affordably-priced goods in the face of challenging economic conditions, we maintained our competitive stance all year long. Customer-value driven initiatives increased footfall at our stores in 2024. Although consumer spending shifted towards more affordable options in certain categories, the inflation-adjusted growth observed in shopping-cart value shows that customers appreciate our market positioning. According to Nielsen data, Migros’ share of Türkiye’s overall FMCG market sales increased by 40 basis points and reached 9.8% in 2024.

Financial & Operational Performance

As was the case in 2023, 2024 was another year in which our sales growth outpaced that of the overall sector. Migros delivered a solid operational performance in 2024, achieving its sales growth, EBITDA margin and new store opening targets which it had set for the year. The 356 new stores that we opened last year brought the total number in the portfolio to 3,621. In addition to opening physical stores, we also continued to invest in online channels, supply chains, energy, and technological infrastructure.

According to our financial results with IAS 29 inflation accounting, Migros’ consolidated turnover grew by 12.1% year-on-year and reached TL 293.8 billion in value in 2024. Strong growth momentum was registered across all of our retailing formats. Benefitting from our omnichannel and multiformat approach, our online channels experienced growth rates that surpassed even the highly successful ones achieved by our physical stores. Not only did the share of consolidated turnover contributed by online sales continue to increase last year but there were improvements in online channel profitability performance as well.

With IAS 29, Migros’ EBITDA (earnings before interest, taxes, depreciation, and amortization) amounted to TL 15.8 billion in value in 2024. This corresponds to an EBITDA margin on the order of 5.4%. The pressure on our operational expenses in the first half of the year, mainly due to personnel costs, eased in the second half of the year. Migros booked a net profit of TL 6.6 billion in 2024. This corresponds to a net profit margin of 2.2%.

Operations and Strategies

While focusing on its principal business activity–food retailing–Migros also continues to invest in the omnichannel and multiformat aspects of its operations. We are continuing to open new physical stores; but we are also expanding the dimensions of our online operations. To provide the logistical support needed by the increase in physical store numbers, we are investing in new distribution centers as well. 16 distribution centers of varying sizes that we opened in 2024 not only significantly expanded our overall storage capacity but also improved operational efficiency. We will be opening more distribution centers in 2025. Also, we reduced our inventory levels through more prudent inventory management.

Migros is constantly on the lookout for ways to further expand its service-channel reach. We have both the technological resources and the logistical capabilities to deliver online service through each and every one of our retailing formats. We intend to extend the effective format-management practices developed for our Mion personal-care stores, the category-specialized format Macrokiosk, and packed ready meal operations into other business lines as well.

There are two areas in which we will be investing more in 2025: expanding the use of electronic shelf price tags and increasing the number of self-checkouts in our stores. These investments are intended to improve customer service while also increasing operational productivity. We will likewise continue to invest in digitalization and technological infrastructure.

The ecosystem which we have built up through our subsidiaries and new initiatives continues to develop and nourish our core business. The improving profitability of our subsidiaries encourages us to keep investing in them as we move forward. At the same time, the support which our subsidiaries provide for our core business, food retailing, through the synergies that they generate is becoming increasingly more beneficial and significant. This ecosystem has even more to contribute to our company’s sales growth and our ability to create even more long term value for our stakeholders.


A Sustainable Future

In line with Migros’ medium and long-term sustainability and productivity goals, we intensified our investments in solar energy. A solar power plant that we built in Kırşehir began generating electricity in March 2025. With the addition of this investment to existing capacity provided by solar power arrays installed on the roofs of some of our distribution centers, we are now in a position to generate a tenth of all the energy consumed by Migros and its subsidiaries from company-owned renewable sources. Our goal is to supply a third of that energy requirement from company-owned solar by the end of 2026.

Migros has been awarded an “A” rating–the highest possible–in both the “Climate Change” and the “Water Security” programs of the Carbon Disclosure Project (CDP), a highly respected global environmental reporting platform, thus achieving “Global A Leader” status for the second year in a row. Also, the Science Based Targets initiative (SBTi), a leading global authority on climate action, fully approved our company’s carbon reduction initiatives aimed at addressing climate change. Having examined our 2030 carbon-reduction and 2050 net-zero goals, SBTi confirmed that the goals are consistent and methodologically sound. Migros is the first food retailer in Türkiye to receive such confirmation.

Migros: Europe’s Strongest Grocery Retail Brand

Migros has become the hub of an extensive stakeholder group and ecosystem consisting of employees, customers, suppliers, subsidiaries, and investors. We are proud of the fact that for seven decades our company has been contributing to the growth and development of Türkiye’s food retailing industry and national economy. We are focused and enthusiastic about creating value for all stakeholders. I’m therefore delighted to share some good news we had last year about the success of our efforts in this direction.

In the “Top 50 Strongest European Grocery Retailers” report released by ESM: European Supermarket Magazine and Brand Finance in September 2024, Migros was named the strongest grocery retail brand in Europe. Recognitions such as these are what encourage us to work even harder to achieve our long-term goals.

In 2025 we plan to open about 250 new physical stores and to increase the number of stores serving online. We anticipate that these investments will create new employment opportunities for another 8,000 people.

I feel confident when I say that when I come before you again next year it will be to tell you that we have achieved all the goals we set for 2025 and that once again we and all of our stakeholders can view the future with confidence.

Ö. Özgür TORT

Board Member & CEO

Migros Ticaret A.Ş.